The euro area interbank money market also froze, due to the growing uncertainty, and the ECB had to increase the amount of central bank money on the market by conducting a series of nonstandard refinancing operations.
BIS central bankers’ speeches  3  In the United States, the most famous victim of this phase of the crisis was the investment bank Bear Stearns, whose bankruptcy the US Federal Reserve (Fed) prevented with the help of large refinancing operations in March 2008. Bear Stearns was subsequently merged with another investment bank (JP Morgan).