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Central Banks
FRANKFURT, Sept 17 (Reuters) - The European Central Bank said it will pump overnight dollar funding into money markets on Thursday in coordination with global central banks in a further bid to calm financial market tensions.
The joint action includes the Federal Reserve, Bank of Japan, the Bank of Canada, the Swiss National Bank and the Bank of England. It aims to "address the continued elevated pressures in short-term US dollar funding markets," the ECB said on information page.
"These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures."
As part of the agreement, the ECB called for bids in a one-day operation to provide up to $40 billion in overnight dollar funds. Bids in the variable-rate tender are due by 0815 GMT on Thursday.
The ECB said this was an extension of its agreement with the U.S. Federal Reserve to lend overnight dollar funds, in addition to existing longer-term loans.
The move follows an injection of 30 billion euros on Monday and 70 billion euros on Tuesday, although the ECB stayed on the sidelines on Wednesday.
Overnight market interest rates remain elevated as investors fret about a fresh wave of problems in the financial sector, including the U.S. Federal Reserve's $85 billion rescue of insurer American International group and the bankruptcy protection filing of Lehman Brothers.
(Reporting by Krista Hughes; editing by David Stamp) Keywords: ECB/FINETUNING ANNOUNCE
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