The money was lent at 1% over three years. This was the biggest infusion of hyperinflationary credit by the ECB ever, and represents 5% of the GDP of the whole European Union. In one day.
The move was part of the ECB's package of measures intended to "stabilise" financial markets. The Association of German Banks said at the time that the cash injection would "decisively improve" the liquidity of European Banks, and help ward off potential credit shortages in the Euro zone.
So, has it achieved its objective?