Posted AT 8:30 AM EST on 17/03/08
Banks scramble for BoE funds as crisis worsens
LONDON — The Bank of England's emergency offer of £5-billion pounds of 3-day loans was nearly five times oversubscribed on Monday as financial institutions scrambled for cash in the face of a global credit crunch.
The central bank's “exceptional” offer was a direct result of much tighter money market conditions and was aimed at bringing overnight interest rates down after a spike higher in the wake of the fire sale of U.S.
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