August 22, 2007	Wednesday	Sha’aban 8, 1428

LONDON, Aug 21: The Bank of England said on Tuesday it has lent 314 million pounds ($622m) to commercial banks through a special borrowing facility amid tightened global credit market conditions.

The BoE said in a statement that it had lent the money from its so-called standing lending facility on Monday.

The facility allows banks in urgent need of short-term credit to borrow from the central bank at 6.75pc -- 100 basis points above the base rate which stands currently at 5.75pc.

The BoE did not disclose who borrowed the money, and did not say whether the loan was taken out by a single bank. A total of 57 British and overseas banks have the right to draw on the BoE’s standing lending facility.—AFP