BANK OF ENGLAND LENDS ONE BILLION STG AT 10 PCT
The Bank of England said it had lent one
billion stg to the discount market for fourteen days at 10 pct.
    This brings the Banks total help today to some 1.34 billion
stg and satisfies the estimated shortage in the system today
which it had earlier estimated at 1.3 billion stg.
    The Bank's announcement this morning that it was willing to
lend two-week money at 10 pct was interpreted by the market as
a sanction for lower U.K. Base lending rates.
    The U.K. Clearing banks swiftly took this up, cutting their
base rates by a half-point to 10 pct. At midday, the central
bank lowered its money market dealing rates by the same amount.
 REUTER
