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US banks launch $85b fund to mitigate liquidity pressures

Staff Reporter 1 minute read

Ten international banks today announced plans to provide $US70 billion ($A85 billion) to help offset a credit crisis, as the likely collapse of Lehman Brothers hangs over Wall Street.

The consortium, which includes Bank of America, Barclays, Citibank, and JPMorgan Chase, said in a joint statement they had "initiated a series of actions to help enhance liquidity and mitigate the unprecedented volatility and other challenges affecting global equity and debt markets".

"The banks are committed to continuing to work closely with one another as well as the US Treasury Department, the Federal Reserve, the Securities and Exchange Commission, governments and regulators around the world, and other market participants, to ensure the industry is doing everything it can to provide additional liquidity and assurance to our capital markets and banking system," they said.

Under the plan, the ten banks would be able to tap into this facility, with any bank eligible for up to one-third of the fund.

The amount may be expanded if more banks join the program.

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Published: 15-09-08

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