The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing an extension of the existing temporary US dollar liquidity swap arrangements to 1 February 2014. These swap arrangements had previously been authorised to 1 February 2013.
These central banks are also extending to 1 February 2014 the network of temporary bilateral liquidity swap arrangements that enable the provision of liquidity in each jurisdiction in any of their currencies should market conditions so warrant. These bilateral liquidity swap arrangements had previously been authorised to 1 February 2013.
The Bank of Japan will consider the extension of both sets of swap arrangements at its next Monetary Policy Meeting.
The Bank of England will continue its weekly 7-day and monthly 84-day tenders of US dollar funding at fixed interest rates until further notice, with counterparties able to borrow unlimited amounts against eligible collateral. The rate for these operations will continue to be the relevant US dollar overnight index swap (OIS) rate plus 50 basis points.
Information on the actions to be taken by other central banks is available on the following websites:
Federal Reserve System (http://www.federalreserve.gov)
Bank of Canada (http://www.bankofcanada.ca)
Bank of Japan (http://www.boj.or.jp/en)
European Central Bank (http://www.ecb.int)
Swiss National Bank (http://www.snb.ch)