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October 31, 2013
Bank of Japan
Introduction of standing liquidity 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.

Information on Related Actions Being Taken by Other Central Banks
Information on the actions taken by other central banks is available at the
following websites:
Bank of Canada (
Bank of England (
European Central Bank (
Federal Reserve (
Swiss National Bank (