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ECB injects 70 billion euros into money markets

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Latest update : 2008-09-16

The European Central Bank has pumped 70 billion euros into money markets in a bid to contain fallout from the collapse of Lehman Brothers.

The European Central Bank (ECB) pumped billions into the markets for a second day Tuesday as it joined other central banks in trying to contain the fallout from the collapse of Lehman Brothers.
   
The Frankfurt-based bank said it had provided 70 billion euros (99.8 billion euros) from a one-day tender, a day after allotting 30 billion euros in an emergency operation to keep money markets well supplied with liquidity.
   
Other central banks have conducted similar emergency operations, with the US Federal Reserve providing 70 billion dollars and the Bank of England allotting 5.0 billion pounds (6.3 billion euros, 9.0 billion dollars) on Monday.
   
The Bank of England followed its Monday initiative with another injection of 20 billion pounds (22.5 billion euros, 35.9 billion dollars) on Tuesday.
   
Also Tuesday the Bank of Japan carried out two injections of a combined 2.5 trillion yen (24.1 billion dollars, 16.9 billion euros).
   
The operations came after Lehman Brothers filed for bankruptcy protection on Monday and after fellow Wall Street giant Merrill Lynch was bought by Bank of America to prevent it suffering a similar fate.
   
US insurance giant AIG was also reported to have sought a massive emergency loan to head off its own crisis.
   
The events sent shockwaves through markets and prompted central banks to provide the extra liquidity to keep banks lending to each other and a wider freeze-up of the entire financial system.
 

Date created : 2008-09-16

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