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ECB sends more than euro47 billion into banking system

ECB sends more than euro47 billion into banking system

The European Central Bank injected another euro47.67 billion (US$65.3 billion) into the banking system on Monday in a bid to soothe rattled credit markets, but said that market conditions are "normalizing."
European shares were rebounding Monday after sharp declines last week on because of global worries about dubious U.S. mortgages. Earlier Monday, Japan's central bank said it injected 600 billion yen (US$5 billion; euro3.6 billion) into money markets.
The ECB's one-day quick tender Monday was smaller than its previous injections of funds to banks _ euro95 billion (US$130 billion) last Thursday and a further euro61 billion (US$83.6 billion) on Friday. Those moves were made in conjunction with similar efforts by other central banks.
Accompanying Monday's operation, in which the ECB received 59 bids worth a total of euro84.45 billion (US$115.6 billion) was a calming note.
"The ECB notes that money market conditions are normalizing and that the supply of aggregate liquidity is ample," the ECB said. "With this fine-tuning operation, the ECB is further supporting the normalization of conditions in the money market."


Updated : 2021-10-21 19:15 GMT+08:00