Banks snub Old Lady's three-month money

The Bank of England received no bids for its additional three-month tender on Wednesday but the European Central Bank (ECB) revealed that it had loaned €3.9 billion the same day from its marginal lending facility.

The Bank's auction set the minimum borrowing rate at 6.75%, one percentage point above the base rate. It was announced last week when the London inter-bank offered rate for three-month sterling stood at 6.75%, but the three-month rate had hit 6.32% by Wednesday.

George Buckley, the

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