In September 2008, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan and the Swiss National Bank announced co-ordinated measures designed to address continued elevated pressures in US dollar short-term funding markets. These measures, together with other actions taken around that time by individual central banks, were designed to improve the liquidity conditions in global financial markets. The temporary reciprocal swap lines were converted into standing arrangements in October 2013, in place until further notice.
The Bank will keep the frequency and maturity of its US dollar operations under review, in light of market conditions. For further information, see the latest Schedule of Operations.
Consequently, the reciprocal currency arrangement with the Federal Reserve, the Bank is able to obtain US dollar funding to facilitate these operations. The Bank currently offers to lend US dollar funds via fixed rate tenders with full allotment at a term of 7 days.
US dollar repo operations are subject to the terms of the Sterling Monetary Framework Documentation as supplemented and amended by the Supplementary Terms for US Dollar Repo Operations.
US Dollar Repo
Market Notice: US Dollar Repo Operations
17 June 2014
Market Notice: Schedule of Operations
24 January 2014
Market Notice: Live test of US Dollar Liquidity Swap Facility
13 December 2013