pa.press.net - 17.03.2008 13:53
Bank pumps £5bn into money markets
The Bank of England has moved to pump £5 billion into frozen money markets as London's leading shares tumbled on the latest impact of the credit crunch.
Policymakers made the move to ease overnight lending rates between banks spooked by the bail-out and the cut-price sale of troubled investment bank Bear Stearns.
London's FTSE 100 Index fell more than 2.5% as leading banks such as Halifax Bank of Scotland and Barclays bore the brunt of the sell-off.