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Central banks release more funds Central banks release more funds
(10 minutes later)
Global central banks are pumping billions of dollars of extra funds into money markets in a co-ordinated move to lift the amount of credit available.Global central banks are pumping billions of dollars of extra funds into money markets in a co-ordinated move to lift the amount of credit available.
The move is the fourth such joint effort since December last year. It will see the US Federal Reserve inject a further $180bn (£99bn).The move is the fourth such joint effort since December last year. It will see the US Federal Reserve inject a further $180bn (£99bn).
The Bank of England is releasing $40bn, while the European Central Bank is to provide a further $55bn.The Bank of England is releasing $40bn, while the European Central Bank is to provide a further $55bn.
The Bank of Japan and Swiss National Bank have announced similar moves.The Bank of Japan and Swiss National Bank have announced similar moves.
'Appropriate steps'
"The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures," said the European Central Bank."The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures," said the European Central Bank.
Obviously it does not tackle the underlying root causes of the problem, but it does help to release some of those immediate tensions that have been building up in the money market Ian Stannard, senior currency strategist at BNP Paribas
The central banks of South Korea, India, Canada and Australia have also released extra funds.
The co-ordinated move comes after four days of almost unprecedented turmoil in the global financial industry.The co-ordinated move comes after four days of almost unprecedented turmoil in the global financial industry.
Firstly, US giant Lehman Brothers filed for bankruptcy protection, while compatriot Merrill Lynch lost its independence in a rescue takeover by Bank of America.Firstly, US giant Lehman Brothers filed for bankruptcy protection, while compatriot Merrill Lynch lost its independence in a rescue takeover by Bank of America.
The US government has also had to bail-out insurance giant AIG, while in the UK, thousands of jobs are predicted to go at banking group HBOS following its sale to rival Lloyds TSB.The US government has also had to bail-out insurance giant AIG, while in the UK, thousands of jobs are predicted to go at banking group HBOS following its sale to rival Lloyds TSB.
Analysts said the latest move by the central banks should help ease immediate fears.Analysts said the latest move by the central banks should help ease immediate fears.
"Obviously it does not tackle the underlying root causes of the problem, but it does help to release some of those immediate tensions that have been building up in the money market," said Ian Stannard, senior currency strategist at BNP Paribas."Obviously it does not tackle the underlying root causes of the problem, but it does help to release some of those immediate tensions that have been building up in the money market," said Ian Stannard, senior currency strategist at BNP Paribas.