BoE issues extra £4.4bn in emergency funding - papers September 14

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British banks have snapped up another £4.4bn in emergency funding offered by the Bank of England yesterday to replenish liquidity and give them more leeway to borrow without penalty to manage daily cash flow, the Scotsman reports.

The Bank, which has so far taken a largely hands-off stance on the crisis engulfing world credit markets, allowed banks to top up the reserves they hold in central bank coffers by £4.4bn, the maximum limit flagged last week. CHANCELLOR ALISTAIR DARLING has shone the spotlight on the role played by credit-rating agencies in the liquidity crisis in a letter to fellow European finance ministers, the Telegraph reports. The controversial role of the agencies will top the agenda when EU ministers meet today in Portugal. Calling for a co-ordinated response to the crisis, Mr Darling said ministe...

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