US Dollar Liquidity Operations

In order to provide broad access to liquidity and funding to financial institutions, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank (SNB) are jointly announcing further measures to improve liquidity in short-term US dollar funding markets.
Published on 13 October 2008

The Bank of England, ECB and SNB will conduct tenders of US dollar funding at 7-day, 28-day, and 84-day maturities at fixed interest rates for full allotment. Funds will be provided at a fixed interest rate, set in advance of each operation. Counterparties in these operations will be able to borrow any amount they wish against the appropriate collateral in each jurisdiction. Accordingly, sizes of the reciprocal currency arrangements (swap lines) between the Federal Reserve and the Bank of England, the ECB, and the SNB will be increased to accommodate whatever quantity of US dollar funding is demanded. The Bank of Japan will be considering the introduction of similar measures.

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