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Press Office
Threadneedle Street
London EC2R 8AH
T 020 7601 4411
F 020 7601 5460

31 October 2013
News Release - Central banks announce standing swap arrangements

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the
Swiss National Bank announced on Thursday that their existing temporary bilateral liquidity swap arrangements are
being converted to standing arrangements, that is, arrangements that will remain in place until further notice.
The standing arrangements will constitute a network of bilateral swap lines among the six central banks. These
arrangements allow for the provision of liquidity in each jurisdiction in any of the five currencies foreign to that jurisdiction,
should the two central banks in a particular bilateral swap arrangement judge that market conditions warrant such action
in one of their currencies.
The existing temporary swap arrangements have helped to ease strains in financial markets and mitigate their effects on
economic conditions. The standing arrangements will continue to serve as a prudent liquidity backstop.
The Bank of England will keep the frequency and maturity of its US dollar operations under review, in light of market
conditions. For further information on these operations, see the latest Market Notice:
Information on the actions taken by other central banks is available at the following websites:
Bank of Canada:
Bank of Japan:
European Central Bank:
Federal Reserve:
Swiss National Bank:

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