/24-7PressRelease/ - LONDON, UK, March 17, 2008 - The Bank of England, the US Federal Reserve, the European Central Bank and the central banks in Canada and Switzerland will infuse billions of dollars into money markets to control the credit situation. All the five central banks will throw more than $200 billion to ease the credit crunch and its impact on the world economy. The news had a positive effect on the share market. In London, the FTSE 100 index of leading shares jumped by 1%.
Earlier, the lenders in the UK revealed a sharp slowdown in the number of home loans owing to the difficulties that many banks were facing in raising the money from commercial money markets.
The Bank of England will offer 10 billion pounds of three-month loans on March 18 and will hold a further auction of undetermined amount on April 15. The move is expected to provide relief to the cash-starved money markets. John Ewan, the BBA director, said: "We would urge the Bank of England to provide greater clarity on the range of acceptable collateral, the minimum bid rate, and whether these operations will continue beyond April."
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk/
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com# # #
Read more Press Releases from Gracy Bonsu:Other Press Release Headlines:
