The Bank of England have been oversubscribed for 11.4 billion of cheap money with rates from 5.34%.

In a move that is welcomed, its unfortunately only a drop in the ocean.

The rates for 3, 6, 9 and 12 months, at substantially lower than LIBOR have been gobbled up. I guess we need about another £50 billion at these lower levels to have a chance for recovery and for LIBOR to allign itself yet again with Bank Base.

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.