(1888PressRelease)
November 27, 2007 - The European Central Bank (ECB) will inject extra funds into the financial markets this week and will continue to provide further money until the end of the year, it has been confirmed.
A statement from the Frankfurt-based bank said the funding is in response to a fresh outbreak of tension in markets, which has in turn prompted banks to hoard money.
"The ECB has noted re-emerging tensions in the euro money market," the statement said.
'The ECB intends to reinforce in the upcoming main refinancing operation as well as in the following ones for as long as it is needed and at least until after the end of the year, its policy of allocating more liquidity than the benchmark amount in main refinancing operations."
News of the bank's plan comes as insurance firm Swiss Re announced a write-down of $1.07 billion in the value of derivatives backed by mortgages loans in the US.
Copyright and Disclaimer:
Copyright 2007, Aranca. All Rights Reserved.
All the contents of this Site are only for general information or use. They do not constitute advice and should not be relied upon in making (or refraining from making) any decision.
Editors/Journalists/Blogs are invited to request republishing/dissemination rights. All requests to republish Aranca material for distribution should be addressed to:
Aranca Syndication Service at syndicate ( @ ) aranca dot com dot
Tel: +91.22.4005 2219 / +91.22.6725 8115
