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Three European central banks offer more than $60 billion to floundering markets

Article online since October 5th 2008, 23:00
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Three European central banks offer more than $60 billion to floundering markets

FRANKFURT, Germany - The European Central Bank, the Bank of England and the Swiss National Bank offered more than $60 billion to markets Monday to try to keep the financial sector flush with cash.

The European Central bank offered $50 billion in overnight money, while the Bank of England separately offered $10 billion.

The Swiss National Bank said its overnight dollar offerings also continue, but did not immediately disclose the details of its offer, in keeping with standard policy.

The ECB's Web site said the maximum bid for its offer is $5 billion while the minimum bid is $5 million.

Details on the bidders and rates are to be released later in the day.

According to the Bank of England's Web site, the BoE is offering money to a maximum of 10 bidders in multiples of $1 billion. The minimum bid is $5 million. More details on the offer should be released later Monday.

On the Net:

www.bankofengland.co.uk

www.ecb.int

www.snb.ch

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