News from London: Lending rates between banks in the U.S. and Europe fell on Thursday, giving evidence that some credit markets are thawing. Central banks pumped more liquidity into financial systems and some relaxed rules for banks to obtain credit. The interbank lending rate for the three-month Euro Interbank Offered Rate, or Euribor, fell 0.08 percentage points to 5.09% today. The equivalent U.S. rate also dropped,by 0.05 points to 4.50%. Also, the European Central Bank (ECB) and the Bank of England l(BoE) loosened requirements for banks to take out loans with them. The ECB will accept certificates of deposit and lower-rated credit assets. The BoE Thursday will have new borrowing facilities tailored for distressed lenders. Meanwhile, emergency BoE loan penalties will be significantly cut. Interbank rates are still above the benchmark rates of 3.75% in the euro zone and 1.50% in the U.S.
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