US Fed Reserve offers $50bn funding

The US Federal Reserve has offered $50bn in 28-day funding to banks through a crisis auction today.

The central bank has offered the credit through its Term Auction Facility.

The auction was opened at 11am EDT and will close at 1pm EDT. The maximum bid amount per institution is $5bn.

The minimum amount for a bid is $5m and the funding is being offered at 2.19%.