Banks grabbed 530 billion euros at the European Central Bank's second offering of cheap three-year funds on Wednesday, fuelling hopes that more credit will flow to businesses and government borrowing costs will ease further. A total of 800 banks borrowed money at the tender, with demand exceeding the 500 billion euros expected by traders polled by Reuters and well above the 489 billion allotted in the first such operation in late December. "This will increase the level of excess liquidity pretty sharply which is ultimately positive or very positive for risk trades," said Luca Cazzulani at UniCredit. "Italian ... (full story)