The cash was bid for at auction with most bids accepted with a 5.36 per cent rate of interest. The highest rate doled out was 6.6 per cent, with rates averaging out at 5.949 per cent.
The Bank of England's auction is one of five being held to help take the pressure off stretched financial markets across the world. The four others offering cash are the US, Canada, Switzerland and the EU central bank - with the latter offering up a potential $500bn.
The US Federal Reserve has already made $20bn available but the number of banks bidding for a piece of the loan is yet to be disclosed.
