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Bank of England and ECB take measures to reassure markets

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By Christopher Cummins  with Agencies
Bank of England and ECB take measures to reassure markets

<p>The Bank of England Governor <a href="http://www.bbc.com/news/business-36618560">Mark Carney</a> has said its ready to intervene and provide additional help to prop up financial markets.</p> <p>He delivered a statement designed to reassure markets:<br /> “We are well prepared for this. The Treasury and the Bank of England have engaged in extensive contingency planning.<br /> The Bank will not hesitate to take additional measures as required as those markets adjust and the UK economy moves forward.</p> <blockquote class="twitter-tweet"tw-align-center data-lang="en"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a> | <a href="https://twitter.com/bankofengland"><code>bankofengland</a> Guv: Will take time to establish new relations with <a href="https://twitter.com/hashtag/EU?src=hash">#EU</a> <a href="https://t.co/KyA0cbHse4">pic.twitter.com/KyA0cbHse4</a></p>&mdash; EconomicTimes (</code>EconomicTimes) <a href="https://twitter.com/EconomicTimes/status/746249522649563136">June 24, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than 250 billion of additional funds through its normal facilities.<br /> The Bank of England is also able to provide substantial liquidity in foreign currency, if required.”</p> <blockquote class="twitter-tweet"tw-align-center data-lang="en"><p lang="en" dir="ltr"><span class="caps">LATEST</span>: <span class="caps">ECB</span> is ready to provide liquidity in euros or other currencies after <a href="https://twitter.com/hashtag/Brexit?src=hash">#Brexit</a> vote <a href="https://t.co/NAZX3LubqP">https://t.co/NAZX3LubqP</a> <a href="https://t.co/R1Pb8LzM6b">pic.twitter.com/R1Pb8LzM6b</a></p>— Bloomberg (@business) <a href="https://twitter.com/business/status/746273814309445633">June 24, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>The European Central Bank moved quickly to bolster the words of Mark Carney issuing a statement saying:<br /> “The <span class="caps">ECB</span> stands ready to provide additional liquidity, if needed, in euro and foreign currencies.</p> <p>The <span class="caps">ECB</span> has prepared for this contingency in close contact with the banks that it supervises and considers that the euro area banking system is resilient in terms of capital and liquidity.</p> <p>The <span class="caps">ECB</span> will continue to fulfil its responsibilities to ensure price stability and financial stability in the euro area.”</p>