Central banks act as busts prompt panic

Central banks pledged to inject an additional $330 billion in dollar funds on Monday after interbank markets froze following a wave of bank failures.

The Federal Reserve said at 10:00am Washington DC time that it would authorise nine central banks to lend up to $620 billion in dollar funds after money-market borrowing costs surged following the collapse of four European banks.

"These steps are being undertaken to mitigate pressures evident in the term funding markets both in the US and abroad