Central banks offer US$70 billion in ready cash

The Associated Press , Frankfurt, Germany | Tue, 10/07/2008 3:58 PM | Business

Central banks around Europe continued to push cash at markets Tuesday in an effort to keep the financial sector flush with ready money.

The European Central Bank said Tuesday it was offering US$50 billion for the second day in a row to the banking sector that has become reluctant to lend.

The ECB said on its Web site the minimum bid amount is US$5 million while the maximum bid limit is US$5 billion, the same parameters as Monday's offer.

The Bank of England also offered US$10 billion in an overnight operation Tuesday, the second day in a row the bank was offering short-term liquidity.

The bank said on its Web site the minimum bid is US$5 million while the maximum bid is 20 percent of the total offer; also the same parameters as Monday. Both the ECB and the BoE offer details on the number of bidders and rates later in the day.

The Swiss National Bank said it was also offering US$10 billion in overnight cash and also publishes results of the offer and bidders later.

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