European central banks offer combined $120 billion

FRANKFURT — European central banks continued to push liquidity at the financial sector Thursday, offering $120 billion to prop up lending between banks.

The European Central Bank, representing the 15 countries that use the euro currency, offered $100 billion, while the Bank of England and the Swiss National Bank each offered $10 billion.

Terms of the offers are similar to those in the past. More information on the offers was expected later in the day.

Thursday's overnight dollar offers follow a surprise announcement Wednesday that the three banks — along with other central banks including the U.S. Federal Reserve and the Bank of Canada — had dropped their interest rates in a coordinated move.

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On the Net:

http://www.ecb.int

http://www.bankofengland.co.uk

http://www.snb.ch

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Bank of England cuts base rate half a point

Associated Press

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