ECB puts $713 billion into circulation The European Central Bank said its emergency liquidity program loaned $713 billion to 800 banks, numbers that exceeded the banks' December loan bonanza. FRANKFURT, Germany, Feb. 29 (UPI) -- The European Central Bank said its emergency liquidity program loaned $713 billion to 800 banks, numbers that exceeded the banks' December loan bonanza. In December, 523 banks participated in a low-interest loan program that put $655 billion into circulation, The New York Times reported Wednesday. The latest round of borrowing involved collateral-backed loans at 1 percent interest with no limit set for the amount borrowed. The terms also included extending the normal one-year duration to three years, a move intended to give banks and investors confidence the liquidity in the financial system will not evaporate soon. The bank has not said whether a third round of lending would be made available. The latest program was offered, in part, to offset a tighter capital market that is expected due to the $170 billion bailout of Greece.