European Central Bank tries to calm nerves

FRANKFURT, Germany, Sept. 17 (UPI) -- The European Central Bank has been infusing the financial system with cash to try to stabilize European financial markets and restore consumer confidence.

Meanwhile, European Union finance ministers tried to convince market analysts and consumers that European banks weren't in financial danger, the European Observer reported Wednesday

The Central Bank on Tuesday offered money markets $70 billion in a one-day tender following similar action Monday, when the institution in Frankfurt, Germany, loaned $30 billion to boost liquidity.

Central Bank President Jean-Claude Trichet said the crisis "is an ongoing process and we have to remain extraordinarily alert."

The Bank of England provided an additional $25.2 billion in a two-day tender to lenders in addition to the $9 billion allocated Monday, the Observer said.

The Swiss National Bank also manned the pumps, offering $7.2 billion in a one-day tender. The U.S. Federal Reserve and Bank of Japan also made billions of dollars available to head off a worldwide financial collapse.

"The financial market crisis is very grave, very far-reaching and is of course affecting Germany, too," but "any consequences ... will remain small," Germany's finance minister, Peer Steinbruck, told Parliament Tuesday, the Financial Times reported.