ECB launches quick tender, volume unspecified

FRANKFURT: The European Central Bank (ECB) announced a call for bids on Tuesday in a one-day refinancing operation to shore up money markets after the collapse of US investment giant Lehman Brothers.

The ECB issued the statement intended for financial markets but did not announce a figure it was seeking for banks in the 15-country eurozone.

The central bank announced Monday that it had injected 30 bn euros (43 bn dollars) into money markets to keep them going after the Lehman collapse.

Such an operation, in a time of great tension, is usually intended to reassure the markets that the central bank is ready to fulfil its role as lender of last resort and to compensate in part for any sudden risk aversion by banks and reluctance to lend to each other.