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| Version 0 | Version 1 |
|---|---|
| Central banks plan emergency cash | Central banks plan emergency cash |
| (10 minutes later) | |
| Central banks, including the Bank of England, have announced a latest round of co-ordinated auctions to provide extra liquidity to financial markets. | Central banks, including the Bank of England, have announced a latest round of co-ordinated auctions to provide extra liquidity to financial markets. |
| The US Federal Reserve is leading the action, while the European Central Bank (ECB), and central banks of Canada and Switzerland are also involved. | |
| They follow on from similar emergency auctions in December and January. | They follow on from similar emergency auctions in December and January. |
| The aim is to cut the cost of lending between banks, which has been inflated by the credit crunch. | The aim is to cut the cost of lending between banks, which has been inflated by the credit crunch. |
| 'Work together' | |
| The US Federal Reserve is making up to $200bn (£99bn) available to financial institutions for 28 days instead of the usual overnight auctions. | |
| "Pressures in some of these markets have recently increased again," the US central bank said in a statement. | |
| "We all continue to work together and will take appropriate steps to address those liquidity pressures." | |
| It is also extending a "swap lines" scheme, that will provide $30bn and $6bn through the ECB and the Swiss National Bank respectively. | |
| The ECB is also making available another $15bn, despite having said on Friday that it had no plans to do so because the market problems that had made the last auctions necessary were no longer there. |