Banks to inject billions into economy

Grovelawn Financial News 12/03/2008

← Banks pay out massive refunds | News For March 2008 | FSA officials quit →

Financial markets handed lifeline

The Bank of England, US Federal Reserve and the European Central Bank have pledged to inject hundreds of billions of dollars in to financial markets in the hope it will halt a worldwide recession. The US bank ploughed the most funds in with a pledge of up to £100billion. The Bank of England will add £10billion. The European bank will lend £7.5billion for up to 28 days. The banks announced in December that they would try to join forces and shore up financial markets in the wake of the credit problems facing banks' ability to borrow money.

The other banks involved include the Bank of Canada and the Swiss National Bank. Banks such as th Swiss bank UBS have had to ask foreign investors to help with extra cash.

← Banks pay out massive refunds | News For March 2008 | FSA officials quit →

The information contained within these news articles may include reference to taxation, legislation, regulation and other issues or concerns that may no longer apply.

Your property may be repossessed if you do not keep up repayments on your mortgage.

For more information on how we are paid for mortgages please click here.

Grovelawn Financial Services, Gemini House, Hargreaves Road, Swindon, Wilts, SN25 5AZ — T: 0845 458 2633 — F: 01793 706 533 — E: enquiries.ignore@grovelawnfinancial.remove.co.uk