Area of the brain that is associated with consolidation of information into long-term memories is called : the hippocampus.
The hippocampus is the catalyst for long-term memory but actual memory traces are encoded at different places in the cortex.
The hippocampus is important for the rapid formation of new memories and for prolonged process of consolidating newly acquired memories into permanent storehouse of autobiographical and world knowledge in the neocortex .
When long-term memories are formed, hippocampus retrieves the information from working memory and starts to change the physical neural wiring of brain. The new connection formed between neurons and synapses stay as long as they are in use.
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