Rather, it was a series of money market stabilisation operations aimed at reducing undesired volatility in short-term interest rates around a given level of official interest rates. I would emphasise that there is a clear distinction between these type of money market operations and monetary policy decisions.
Failure to respond to the interbank liquidity impact of the wider financial market turbulence would have added a serious additional dimension to the problem. For example, financially sound institutions could have found themselves in need of emergency funding simply  2  BIS Review 138/2007  because they could not access sufficient funds.