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LONDON -(Dow Jones)- The Bank of England said Monday that it was watching sterling money markets carefully following developments on Wall Street and was prepared to take action to stabilize them if necessary.
U.S. investment bank Lehman Brothers Holdings Inc. (LEH) announced early Monday that it would file for bankruptcy protection, while Bank of America Corp. (BAC) said it would take over Merrill Lynch & Co. Inc. (MER).
The U.S. Federal Reserve also eased terms on its borrowing facilities and widened the range of assets it accepts as collateral to make it easier for institutions to access liquidity.
"Following the announcements overnight, the Bank of England will be monitoring carefully the conditions in sterling money markets and will take appropriate actions if necessary to stabilise those markets," the BOE said in a statement.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=aprnwPJ%2Bteb%2FqWP%2B8tohNQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
September 15, 2008 03:44 ET (07:44 GMT)
Copyright 2008 Dow Jones & Company, Inc.
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