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The Federal Reserve and the Bank of England have agreed to establish a temporary swap facility in order to facilitate the functioning of financial markets and to provide liquidity in US dollars.
Published on
14 September 2001
Under the terms of the facility, the Bank of England would be able to draw up to $30 billion in exchange for sterling. The US dollar proceeds would, if necessary, be made available to banks in the UK to facilitate the settlement of their US dollar transactions. This temporary arrangement will expire in thirty days.
Press release