Bank chief throws in billions to prop up the market

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In a surprise move it said the money would be available through an auction next week to encourage City banks to start lending to each other again. It will be followed by more auctions. Economists said it smacked of desperation and suggested the Bank was more worried about the threat to the economy than it has previously admitted. The month-long lending "strike" caused by the US sub-prime mortgage meltdown was the major cause of the Northern Rock drama.

Meanwhile, the stock market rallied again today, amid hopes that the global credit crunch could have bottomed out. The FTSE 100 index was up 153.6 to 6,436.9 by lunchtime. However, rumours of a possible low-price takeover bid set Northern Rock's share price on a rollercoaster ride, at one stage falling by a record 20 per cent before partially recovering.