Central banks free up more money for markets

The Swiss National Bank has joined other European central banks in rolling out more funding for the world's hard-hit financial markets.

This content was published on September 22, 2008 minutes

The institution allotted $10 billion (SFr10.94 billion) at an average rate of 2.72 per cent, while the European Central Bank put up $40 billion and the Bank of England $26 billion.

Japan has also pledged to offer about $30 billion later this week.

The United States government sketched out plans over the weekend to buy bank assets no one else wanted. This move helped ease money market tensions worldwide.

The Swiss Bankers Association welcomed the move by Washington which commits the US government to support the financial sector to the tune of $700 billion.

"It is only logical that the big Swiss banks will benefit from this rescue plan," said an association spokesman, referring to UBS and Credit Suisse which have a strong presence in US markets.

There were doubts when the US plan was first announced on Friday whether foreign banks would be included in the scheme.

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