Banks borrow $34 billion from central banks |
| MarketWatch - Dec 20, 2007 |
Banks have borrowed $34 billion in short-term credits from three central banks as part of the coordinated effort to alleviate a liquidity crunch at the end of the year.
U.S. banks borrowed $20 billion from the U.S. Federal Reserve for 28 days at 4.65%, the Fed announced Wednesday. The European Central Bank lent $10 billion at 4.65%, and the Swiss National Bank lent $4 billion at an average rate of 4.79%. The interest rates were determined by competitive bids.
Demand for the funds was relatively strong across a wide swath of banks, but did not reflect any desperation to obtain funds, according to analysis. The stop-out interest rates were on the high side of expectations, suggesting healthy demand.
Read Full Article from MarketWatch
- Posted: 2007-12-20 09:30:43
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