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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.
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