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Global banks pledge $70bn
- Middle East: Monday, September 15 - 2008 at 09:57
A consortium of 10 global commercial and investment banks announced plans Sunday to create a 'collateralized borrowing facility' of $70bn dollars, with each bank contributing $7bn, to help ease access to credit amid an anticipated collapse of Wall Street giant Lehman Brothers. Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, and UBS, said in a joint statement they 'initiated a series of actions to help enhance liquidity and mitigate the unprecedented volatility and other challenges affecting global equity and debt markets', reported AFP.
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Jeff Florian, Senior ReporterMonday, September 15 - 2008 at 09:57 UAE local time (GMT+4)
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