ECB injects a further €47.7 billion

After adding €155.9 billion ($212 billion) to money markets late last week, European Central Bank (ECB) lent heavily again on Monday.

But the ECB indicated that the markets are recovering from Thursday's shock, when the closing of three funds by BNP Paribas, the French investment bank, triggered fears that markets were becoming illiquid.

The central bank said: "The ECB notes that money market conditions are normalising and that the supply of aggregate liquidity is ample. With this fine tuning