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30 July 2008


Measures to enhance the US dollar
term auction facility
30 July 2008
The European Central Bank (ECB), the Federal Reserve and the Swiss
National Bank are announcing an enhancement of their US dollar liquidity
providing operations.

ECB decisions
The Governing Council of the ECB has decided, in conjunction with the
Federal Reserve, to establish a cycle of 84-day Term Auction Facility
Starting on 8 August, the ECB will conduct 84-day operations under the
Term Auction Facility, while continuing to conduct operations with a
maturity of 28-days. The ECB will conduct bi-weekly operations, alternating
between operations of USD 20 billion of 28-days maturity and operations of
USD 10 billion of 84-days maturity. This means that, following a transition
period, there will be three outstanding 84-day operations and one
outstanding 28-day operation for a total unchanged outstanding amount of
USD 50 billion. During this transition period in August and September, the
ECB will reduce the amount of 28-day operations along with the introduction
of 84-day operations. Also during the transition phase the overall amount of
outstanding US dollar liqudity providing operations in the context of the
Term Auction Facility will remain at USD 50 billion, with the exception of a
temporary increase to USD 55 billion in the first operation of the transition
phase. A document setting out the operational procedures will be made
available on the ECB’s website. The operational details of each auction will



continue to be announced in due time before each tender on the ECB’s wire
services pages and on the ECB’s web site.
It is intended to continue the provision of USD liquidity for as long as the
Governing Council considers it to be needed in view of the prevailing market

Information on Related Actions Being Taken by Other Central
Information on the actions taken by the Federal Reserve and the Swiss
National Bank is available at the following websites:
Federal Reserve (
Swiss National Bank (

European Central Bank
Directorate General Communications
Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany
Tel.: +49 69 1344 7455, E-mail:
Reproduction is permitted provided that the source is acknowledged.

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Tender procedure
 PDF document 64KB

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Swiss National Bank

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