|
|
Article: United Kingdom: Bank of England pours [pounds sterling]5bn into money markets.
- Article from:
- TendersInfo
- Article date:
- September 16, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: sander03
The Bank of England has pumped an extra [pounds sterling]5 billion into money markets in the wake of the crisis at US investment bank Lehman Brothers.The funds were almost five times oversubscribed by banks, which put in bids totalling [pounds sterling]24.1 billion - a sign of the fresh pressure on the financial system following the news. It is the Banks first such move since March, when markets were rocked by the bail-out of fellow investment bank Bear Stearns.
The Bank added: "This action is being taken in response to conditions in the short-term money markets this morning." The three-day auction comes alongside the Banks regular ...