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Press Office Threadneedle Street London EC2R 8AH T 020 7601 4411 F 020 7601 5460 press@bankofengland.co.uk www.bankofengland.co.uk 21 December 2010 Extension of US dollar swap facility In parallel with other central banks, the Bank of England is today announcing that its temporary swap line with the Federal Reserve has been extended to Monday 1 August 2011. The Bank will continue its weekly tenders of US dollar funding at fixed interest rates each Wednesday until further notice, with counterparties able to borrow unlimited amounts against eligible collateral (see note to editors). The Bank will keep the frequency and maturity of its US dollar repo operations under review, in light of market conditions. US dollar repo operations are subject to the terms of the Sterling Monetary Framework Documentation as supplemented and amended by the Supplementary Terms, which can be found at http://www.bankofengland.co.uk/markets/other/dollarrepo/index.htm. The US dollar term repo operations use the Wider OMO Collateral pool, details of which can also be found at http://www.bankofengland.co.uk/markets/money/wider_omo_collateral.pdf Information on related actions being taken by other central banks 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) Note to Editors The next US dollar repo operation will be conducted on 22 December 2010, with settlement on 23 December. Similar to the final US dollar repo operation of 2009, it will be conducted exceptionally as a 14 day operation to cover the year end. Weekly US dollar repo operations will recommence on 5 January 2011. All releases are available online at www.bankofengland.co.uk/publications/Pages/news/default.aspx
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