Banks scramble for fresh cash offers

For the second day running, central banks have pumped vast amounts of liquidity into overnight money markets, as interbank rates soared following the collapse of Lehman Brothers and heightened uncertainty over the health of the financial sector.

European central banks and the Bank of England stepped up the efforts they initiated on Monday as banks scrambled for cash following Lehman Brothers' demise, the unexpected sale of Merrill Lynch to Bank of America, increased uncertainty over large ins

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