The Bank of England took decisive action yesterday with the aim of unfreezing wholesale money markets. It announced it would lend £40bn to banks until mid- January and was willing to accept a wider than usual range of collateral.
As the Bank increased its previous three-month lending eightfold, it also joined the European Central Bank and Swiss National Bank in a modification of their US dollar-lending operations, extending the term of loans to cover the approaching end of the quarter.
The central banks' moves came as tensions remained at unprecedented levels in money markets with banks finding it almost impossible to borrow for periods of three months or more.
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