Global central banks are pumping cash into their banking systems as fears of a broad-based credit crisis take hold in the wake of J.P. Morgan’s emergency buyout of Bear Stearns and the U.S. Federal Reserve’s surprise decision to lower the rate at which it lends directly to banks.

Earlier today, the Bank of England said it would offer £5 billion (US$10.11 billion) of three-day funding today to help bring down overnight interest rates — the rates banks charge each other for overnight loans. U.K. overnight interest rates spiked to around 5.8% earlier this morning, far above the Bank of England’s 5.25% policy rate.

“The Bank will take actions to ensure that the overnight rate is close to Bank rate. Along with other central banks, the Bank of England is closely monitoring market conditions,” the Bank of England said in a statement.

The Bank of England’s move follows emergency injections in Asia. Earlier Monday, the Bank of Japan injected 400 billion yen, after its overnight rate rose as high as 0.52%, above the central bank’s 0.50% target. Overnight rates fell to around 0.505% in the wake of the move.

Australia’s central bank also helped calm money markets by pumping in 383 million Australian dollars.