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Bank of England set to widen funding window

In a move which is set to attract a large amount of scepticism it has been revealed that the Bank of England is set to widen its funding window for distressed banks and allow them access to more funding than ever before. In a move to the US style 'discount window', banks will be able to access cheaper funds more frequently in order to keep money markets moving.

More controversially it has also been announced that the Bank will be taking assets of a lesser quality than before as collateral against direct lending. There is grave concern that not only will this put tax payer's money at more risk than ever before but it will affectively reduce the future asset base available to the banking community.

It seems that each and every day we see a new foray into the money markets by the central banks of the world but it is just not having the desired affect as yet. Quite what it will take to get the markets moving again of their own free will remains to be seen but life is tough in the City at the moment. Whenever will this endless flow of rescue deals finally end?

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