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P.O. Box, CH-8022 Zurich
Telephone +41 1 631 31 11
Fax +41 1 631 39 10
Zurich, 30 July 2008

Swiss National Bank to offer extended-term US dollar repo
The European Central Bank, the US Federal Reserve and the Swiss National Bank (SNB) are
announcing an enhancement of their operations to provide US dollar liquidity.
Action taken by the SNB
In conjunction with the US Federal Reserve, the SNB has decided to provide extendedterm US dollar liquidity in addition to its current offering. On August 12, the SNB will
begin auctioning 84-day US dollar liquidity, while continuing to auction 28-day US dollar
liquidity. Specifically, the SNB will conduct auctions once every two weeks, alternating
between a term of 84 days for a maximum of USD 2 billion and a term of 28 days for a
maximum of USD 6 billion. The SNB plans to make US dollar liquidity available for as long
as it considers this to be necessary.
Currently, the SNB auctions a maximum of USD 6 billion of 28-day liquidity every two
weeks. During a transition period in August and September 2008, the SNB will reduce the
amount of 28-day liquidity being auctioned, as outstanding amounts of 84-day liquidity
increase. The total amount of outstanding US dollar liquidity will remain at a maximum of
USD 12 billion. A schedule of the auctions will be published at

Press release

The US Federal Reserve will continue to offer the necessary US dollar liquidity through a
reciprocal swap agreement.
Information on related action taken by other central banks
Information on related action taken by the Federal Reserve and the European Central Bank
is available on the following websites:
Federal Reserve System (
European Central Bank (