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P.O. Box, CH-8022 Zurich
Telephone +41 44 631 31 11
Fax +41 44 631 39 10
Zurich, 10 May 2010

Central Banks re-activate USD liquidity providing operations
In response to the re-emergence of strains in U.S. dollar short-term funding markets in
Europe, the Bank of Canada, the Bank of England, the European Central Bank, the Federal
Reserve and the Swiss National Bank are announcing the re-establishment of temporary US
dollar liquidity swap facilities. These facilities are designed to help improve liquidity
conditions in US dollar funding markets and to prevent the spread of strains to other markets
and other financial centres. The Bank of Japan will be considering similar measures soon.
Central banks will continue to work together closely, as needed, to address pressures in
funding markets.

Swiss National Bank action
The Swiss National Bank (SNB) has decided, in coordination with other central banks, to
resume the U.S. dollar-liquidity-providing operations at terms of 7 days. These operations will
take the form of repo-operations against SNB-eligible collateral and will be carried out as
fixed rate tenders with full allotment. The first operation will be carried out on 11 May 2010.
Further information about the US dollar auction and the technical requirements of the auction
will be posted on the SNB website (, Financial markets / Monetary
operations / Repos).

Press release

Information on related measures taken by other central banks is available on the following

Federal Reserve System
Bank of Canada
Bank of England
European Central Bank
Swiss National Bank