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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: