Bank demand down in BoE dollar repos

Tue, Oct 7 2008, 09:12 GMT
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LONDON, Oct 7 (Reuters) - British banks' demand for dollar funds from the Bank of England fell on Tuesday.

The BoE reported that its daily $10 billion overnight repo was covered 0.84 times, down from 1.05 times on Monday.

It said the lowest accepted bid rate at the auction was 1.010 percent, with a weighted average accepted rate of 1.764 percent, versus 1.0 percent and 1.546 percent respectively on Monday.

The BoE reported that its $30 billion repo was covered 0.58 times, down from 1.17 times at the last one-week auction on Oct. 3.

Britain's central bank has offered overnight dollar funds every day for more than two weeks as part of globally coordinated action to ease strains in money markets.

On Monday, it said it would conduct one-week dollar repos on Tuesday and Friday to roll over funds maturing from the previous week's one-week repos.

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(Reporting by UK economics team) Keywords: BOE DOLLAR/OVERNIGHT RESULT

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