Bank failures cause chaos

The financial system has been rocked by a succession of failures and government bail-outs causing stunned counterparties to flee the interbank lending markets.

Despite actions from central banks around the world to inject funds into money markets, three-month dollar Libor was fixed at 4.053% on September 30, compared with 2.81% at the start of the month. Meanwhile, the Ted spread, which tracks the difference between three-month Libor and US Treasury bills, hit 3.537% on September 29.


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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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