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ECB Plans 40 Billion Euros Tender to Boost Liquidity

The European Central Bank, which has been pumping extra funds into European money markets for two weeks, said Wednesday it plans to auction supplementary three-month funds valued at 40 billion euros ($53.97 billion) to provide more liquidity to cash-starved markets.

The tender is scheduled for August 23 and will not hamper the bank of the 13-nation euro zone's regular call for bids of three-month funds on August 28.

The supplementary tender bid is lower than the 50 billion euros (US$67.46 billion) set for its regular three-month move.

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