EUROPEAN central banks continued to push liquidity at the financial sector yesterday, offering US$120 billion in combined overnight operations that were well subscribed.

The European Central Bank, representing the 15 countries that use the euro currency, offered US$100 billion and got bids for more than US$116 billion from 66 bidders. The marginal rate on the money was 5 percent.

The Bank of England offered US$10 billion and said it got bids for US$9.921 billion. The offer was for a maximum of 10 bidders and the weighted average accepted rate on the money was 3.075 percent.

The Swiss National Bank also offered US$10 billion and said it got bids for US$11.2 billion from 14 bidders. The weighted average interest rate on the money was 3.44 percent.

The three European central banks have steadily offered money to the financial sector over recent weeks in an effort to prop up lending between banks. The dollar comes after the three banks dropped their interest rates in a coordinated move on Wednesday.