FRANKFURT, Germany, Aug. 21 The European Central Bank gave eurozone banks more than $371 billion in extra funds Tuesday, $62 billion more than they need for routine business.
The ECB's move follows other central banks' injections aimed at calming money markets.
The Bank of Japan injected $7 billion into the market Tuesday after pumping in $8.7 billion Monday in the hope of keeping key interest rates from rising amid the U.S. credit concerns.
The Reserve Bank of Australia bought $2.9 billion in short-term securities Tuesday after making a similar move Monday.
The chief executive of Germany WestLB AG bank, partly owned by the German state of North Rhine-Westphalia, said Monday night German banks found it increasingly difficult to secure foreign credit, The Wall Street Journal reported.
"We sense a reluctance on the part of foreign partners to extend credit to German banks," Chief Executive Alexander Stuhlmann told the Journal.
Copyright 2007 by UPI
