World central banks disperse in reaction to a credit crisis

On Wednesday distinctions between leading world central banks in approaches were accurately showed how to react to a credit crisis and abnormally high rates on interbank crediting, writes Financial Times. The European central bank has made injection of 75 billion euro in a financial system for three months to reduce a difference between rates «овернайт» and cost of three-month's credits.

Despite it the rate under these credits in euro continues to fluctuate near 4,75 % — the highest mark since May, 2001 — and it is essential above the target rate «овернайт» ЕЦБ in 4 %, marks The Wall Street Journal. Usually the difference is much less.

Intensity speaks a money-market of Europe two reasons. The European banks are afraid that other banks still hide that have suffered from crisis on a mortgage market of the USA. Besides, the European banks aspire to accumulate money resources for various reasons.

The traders trading in commercial papers, believe that investors completely will return on this market in 4—6 weeks. However already there are signs of improvement of a situation. On Wednesday commercial papers for the sum of 24,85 billion dollars that has exceeded the sum of 21 billion dollars on which the date of disbursement has approached have been manufactured. There is also data that some investors have preferred month and three-month papers to deposits «овернайт».

At the same time central banks of Great Britain and Canada have expressed doubt that the actions similar undertaken ЕЦБ, will bring positive result, underlines Financial Times. The head of Bank of England Mervin King has noticed in a written statement directed committee under the finance of the British parliament that this approach «encourages acceptance of overwork risks and sows seeds of the future financial crisises».

M.King has warned about danger of granting some kind of central bank warranties to those establishments which precipitately distributed credits.

«Liquidity granting in great volumes puts in position those banks which behaved cautiously is more unprofitable, encourages gregarious behaviour and increases scales of the future crises», — M.King considers.

Cost of credits for three months on the London inter-bank market has slightly decreased.

M.King and the head of Bank of Canada David Dodge have declared that banks of commerce possess sufficient liquidity to cope with problems of the investment foundations which are incurring losses.

Acting in London, D.Dodge has told that expects from investors in the future большей care concerning complex financial products. «On the investor responsibility lies, it should make sure that understands degree of riskiness of a product which purchases», — he has underlined.

The Federal Reserve System of the USA takes an intermediate position. It did not begin to increase crediting periods, but has made accessible credits for 30 days through a discount window.

Predictably, politicians will call to большей a transparency in the structured financing at a meeting of Ministers of Finance of EU on Friday. Discussion of possible measures on this problem, including, revision of standards of the capital of banks and association in general fund of problem assets also proceeds.