	bank of spain provides year record assistance funds the bank of spain provided billion pesetas in assistance funds which bankers said reflected fears of fresh increases in overnight rates the daily auction was the biggest of the year and comes after the previous record set last june of billion pesetas a spokesman for one of spain top five banks said higher overnight call money rates were expected in the short term in view of disappointing money supply figures for february the m money supply measured as liquid assets in public hands rose pct last month against pct in january and compared with this year s eight pct target money supply growth was pct last year the central bank on tuesday raised overnight rates by a quarter of a percentage point to pct on demand for billion pesetas rates stood at pct at the start of the year and have been increased to drain liquidity on rising demand for funds the policy is proving counter productive and rates will have to come down in the long term the bank spokesman said in reply to reuters enquiries he said higher rates were fuelling an influx of short term speculative capital from abroad at least mln dlrs of current excess liquidity in the system is convertible pesetas from west germany and other countries with much lower rates he said reuter 
