- Highest State Foreclosure Rates
- Gold Hits $1,121, Barrick Chief Says Selloff Possible
- Yuan Critics Want Obama to Keep Campaign Promise
- Dollar Trouble, Oil's Bubble Could Derail Recovery
- Jobless, Wal-Mart to Drive Sentiment on Thursday
- Hewlett-Packard to Acquire 3Com for $2.7 Billion in Cash
- AIG CEO: I Remain 'Totally Committed' to Firm
- CNN Anchor Lou Dobbs Says He is Leaving Network
- A Day on the USS Harry S. Truman
- What to Expect From Disney Earnings?
- HP's Shot Across Cisco's Bow
- USC Football Blog Leads All-Access Space
- Clowning Around At Work
- Ahead of Earnings Disney Restructures Studio
- Nov. 11: Unusual Volume Leaders
- 3 'Clear Sailing' Mid-Caps For Investors: Strategist
- Intimate Apparel Sales Heating Up: Maidenform CEO
- A Day On The USS Harry S. Truman
MOST SHARED
- Hewlett-Packard to Acquire 3Com for $2.7 Billion in Cash
- How the Droid and Google Threaten the GPS Makers
- Dollar Trouble, Oil's Bubble Could Derail Recovery
- USC Football Blog Leads All-Access Space
- Addicted to Easy Money?
- HPQ to Acquire 3Com
- Shopping for Answers
- Credit Is Thawing, But Businesses Still Hesitant to Borrow
- CNN Anchor Lou Dobbs Says He is Leaving Network
Text Size 
The European Central Bank made a second move to boost liquidity in the financial market Friday, putting 61.05 billion ($83.6 billion) into the euro money markets, having already injected 94.8 billion euros Thursday.
The central bank set a tender for 3-day variable-rate securities Friday morning, and said accepted 100% of bids at a marginal rate of 4.05% and higher. The average weighted rate of the securities was 4.08%.
Sixty-two banks bid a total of 110.035 billion euros ($150.62 billion), compared to 49 banks which bid on Thursday at a rate of 4%, Reuters reported.
"The liquidity-providing fine-tuning operation follows up on the operation conducted yesterday and aims to assure orderly conditions in the euro money market," the ECB said on its official Web site.
The start date for the securities is Aug. 10 and they expire on Aug. 13. The 94.8 billion euros of securities issued by the ECB on Thursday mature on Friday, the central bank said.
The unprecedented move to ease lending from the governing council comes during an interest-rate tightening cycle for the European Union.
"There is a credit shortage ... what you have to do is cut interest rates," Roger Nightingale, economist at Millennium Global Investments, told CNBC.com, adding that the ECB and Fed "raised rates too late in the period of growth."
The seizing up of corporate credit "has to be psychological," as "money supply is high and growing rapidly … there should be loads of liquidity out there," Nightingale added.
Print
Email
- Bernard and Ruth Madoff's personal possessions will be auctioned this weekend. Click ahead to see.
- US real estate prices have fallen dramatically, but some places are still doing well. See the best-performing zip codes this year.
- An Italian cashmere maker aims to make profits while creating ideal conditions for his workers.
- Just in time for the holidays, the Triumph company of Japan offers the latest innovation in women’s undergarments.
- The real result of health care reform will be bloated government and higher deficits, says Larry Kudlow.
- Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
Data is a real-time snapshot *Data is delayed at least 15 minutes