2  BIS Review 121/2008  Some firms that could not roll over maturing commercial paper drew on back-up lines of credit with banks just as the banks were finding it even more difficult to raise cash in the money markets.
To address the rapid contraction of financial markets triggered by the failure of Lehman Brothers, the Bank implemented various temporary measures, including extraordinary ones for a central bank such as outright purchases of CP and corporate bonds. At the Monetary Policy Meeting (MPM) held on October 30, the Bank made a decision on the policy rate and those various measures.