Monday, March 17, 2008

Bank pumps £5bn into money markets

By Russell Lynch, Monday, 17 March 2008

The Bank of England moved to pump £5bn into frozen money markets today as London's leading shares tumbled on the latest impact of the credit crunch.
Policymakers made the move to ease overnight lending rates between banks spooked by the bail-out and the cut-price sale of troubled investment bank Bear Stearns.
London's FTSE 100 Index fell more than 2.5 per cent as leading banks such as Halifax Bank of Scotland and Barclays bore the brunt of the sell-off.

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