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Thursday May 15, 10:34 AM
BoE 13.8 bln pound weekly money market auction receives 78.3 bln pounds of bids

LONDON (Thomson Financial) - The Bank (TBHS - news) of England's weekly money market auction of 13.8 bln pounds was heavily subscribed with bids totalling 78.3 bln pounds.

The open market operation auctions off money at the BoE's 5.00 percent Bank rate. The large total of bids underscores that commercial banks are still fairly strapped for cash.

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