12/09/2001
Central banks offer cash backing to banking sector
Central banks around the world have said they are willing to provide cash to the banking system, in the hope of preventing financial instability in the wake of the US attacks.
The US Federal Reserve, followed by authorities in Japan and Switzerland, said that funds would be made available to shore up the banking sector.
The European Central Bank has also said it was ready to step in with payments to support markets following the attacks.
The main concern for the central bankers was to reassure markets around the world following the attacks.
The last time the Federal Reserve made such an offer was in 1987, after the collapse of financial markets around the world on ‘Black Monday’. The banking promise served to steady jittery markets. (MB)
The US Federal Reserve, followed by authorities in Japan and Switzerland, said that funds would be made available to shore up the banking sector.
The European Central Bank has also said it was ready to step in with payments to support markets following the attacks.
The main concern for the central bankers was to reassure markets around the world following the attacks.
The last time the Federal Reserve made such an offer was in 1987, after the collapse of financial markets around the world on ‘Black Monday’. The banking promise served to steady jittery markets. (MB)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.