The European Central Bank (ECB) injected 94.841 billion euros ($129.65 billion) into euro-zone money markets today to help calm jittery markets roiled by credit problems, according to a report by Reuters.ECB said it had allotted 1-day securities at a fixed rate of 4% to all banks bidding for funds as it had promised earlier in the day when it launched the tender."The liquidity-providing fine-tuning operation aims to assure orderly conditions in the euro money market. ECB intends to allot 100% of the bids it receives," ECB said when it called for bids.ECB said 49 banks participated in the tender.Shortly after the tender results, overnight borrowing rates retreated to around 4.10% - a little above ECB's 4% target rate but down markedly from 4.62%.Earlier, the rates spiked to their highest level since October 2001 on market nervousness that US subprime problems were hitting European banks.
