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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Central banks move to boost market liquidity
Marketwatch - August 09, 2007 2:45 PM ET
LONDON (MarketWatch) - Some of the world's biggest central banks stepped in to assuage fears of a credit-market crunch Thursday, pumping billions of dollars into volatile markets in an effort to boost liquidity.
The European Central Bank loaned 49 firms a total of nearly 95 billion euros ($131 billion) -- the most it has ever provided -- after rising worries about spillover from difficulties in the U.S. subprime mortgage market left banks uneasy regarding lending to each other.
Across the Atlantic, the Federal Reserve carried out a $12 billion one-day repurchase agreement, on top of an earlier $12 billion 14-day repo.
Later Thursday, the Bank of Canada said it also provide liquidity "to support the stability of the Canadian financial system and the continued functioning of financial markets." Read full statement of Bank of Canada
The moves were interpreted as an attempt to boost liquidity after overnight interest rates spiked.
Heino Ruland, a strategist at Steubing AG in Frankfurt, said overnight rates rose around 0.6 of a percentage point.
"The ECB move shows that interbank financing is drying up. The banks don't trust each other any more," he said.
Robert Brusca, chief economist at FAO Economics and a former New York Federal Reserve Bank official, saw the move was an aggressive attempt to boost liquidity.
"It seems to me, based on my experience, that this is meant to be a liquidity injection and doesn't come out of the needs for monetary policy," he said.
Before it provided the loans, the ECB had said it was prepared to meet all the requests that banks made.
In total, the ECB allocated slightly more than 94.84 billion euros in a one-day quick tender at a rate of 4.0%. The tender exceeded the roughly 70 billion euros provided in the immediate aftermath of the U.S. terrorist attacks on Sept. 11, 2001.
"The liquidity providing fine-tuning operations aims to assure orderly conditions in the euro money market," the central bank said in a statement.
Credit worries saw equity markets slump across Europe, with the CAC 40 index losing as much as 3% in Paris after French bank BNP Paribas suspended redemptions in three of its funds because of the credit-market crunch.
BNP said liquidity had "evaporated," making it impossible to calculate an accurate valuation for the funds. See full story.
Underscoring uncertainty about the degree of the problem, privately owned Dutch bank NIBC Holding saw its latest profit virtually wiped out by a loss of 137 million euros linked to its U.S. asset-backed securities portfolio. See full story.
Martin Slaney, head of spread betting at GFT Global Markets, said that while the central banks may be trying to improve liquidity, they may also be legitimizing fears about the credit market by injecting so much money.
"We are not quite at the panic stage yet, but this is beyond jitters. The ripples from the initial subprime stone are expanding. The question is how far will the ramifications go?" he said.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 The European central banks came to rescue: -- ceo/cfo - (3189 Byte) 2007-8-10 周五, 03:15 (1302 reads)
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