The European Central Bank agreed to provide 489 billion euros in three-year funding to 523 banks overnight. It is the longest term-funding ever offered to banks in the eurozone and is one of many measures intended to shore up the stability of the banking sector after a difficult five months caused by continuing unease over public sector debt loads and the prospect of recession in many markets in Europe in 2012.The ECB also provided 30 billion euros in three-month funds to banks.The demand for long-term funds - equal to around US$640 billion - is a marker of the scarcity of long-term investment by privately managed institutional investors.The ECB plans to offer more three-year funds in a second auction at the end of February.