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ECB Plans 40 Billion Euros Tender to Boost Liquidity
Published:
Wednesday, 22 Aug 2007 | 10:45 AM ET
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By: AP
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.
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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