Bank to pump extra cash into money markets

The Bank of England will today pump an extra $30bn (£16.8bn) into frozen money markets in its latest bid to ease the financial crisis.

The funds - available to banks for one week - come on top of $40bn (£22.5bn) injected since last Friday as banks scared of losses hoard cash.

Related articles

• So where do we go from here?
• Bank shares leap over takeover hopes
• Market update - 1 October
• Lloyds-HBOS merger doubts as shares slump
• Jeremy Warner's Outlook: UK Government may need to guarantee deposits
• How Black Monday will affect you
• Bankers warn £50,000 guarantee is not enough
• UK: £50,000 guarantee for savers hit by crunch
• Europe: Sarkozy acts as panic spreads to Continent
• America: Markets rally as Bush appeals for deal on bailout
• American real-estate market hit by sharpest ever annual drop in prices
• B&B rescue plan sparks mass mortgage product withdrawal
• Household savings fall as credit crunch bites
• McCain tries to repair bailout damage
• Hamish McRae: We're back to the world of tight credit and miserly banks
• Mark Steel: Quick! These bankers need rescuing
• Nancy Pelosi: Reckless Republicans are to blame for this economic catastrophe
• Leading Article: Congress must act, but with more deliberation
• Search the news archive for more stories

The rate at which banks will lend to each other has soared in the current turbulence, and jumped again yesterday after US plans for a $700bn (£392bn) bank rescue was voted down on Monday night.