European central banks offer USD 90B

8th October 2008, Comments 0 comments

Swiss National Bank, European Central Bank and the Bank of England provide money to the troubled US financial sector.

8 October 2008

FRANKFURT -- The European Central Bank, the Bank of England and the Swiss National Bank continued to provide ready cash to markets Wednesday, offering USD 90 billion (EUR 66 billion) in overnight money to banks.

The ECB offered up USD 70 billion, while the BoE and the SNB both offered USD 10 billion.

Terms of the offers are similar to those in the past. Bidder and rate information are to be released later Wednesday.

The ECB, the Bank of England and the Swiss National Bank steadily offered money to the financial sector since the financial crisis began in September in an effort to increase lending.

[AP / Expatica]

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