NEW YORK (CNNMoney) — The European Central Bank on Wednesday announced strong demand for a key bank lending program meant to address the eurozone debt crisis.

The ECB allotted €489.19 billion ($643.18 billion) in the first batch of its 3-year loan program — more than investors expected. The loans will go to 523 banks in the eurozone to support bank lending and liquidity, the central bank said.  Read more