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October 13, 2008
Bank of Japan
Further Measures to Improve Liquidity
in Short-Term U.S. Dollar Funding Markets
In order to provide broad access to liquidity and funding to financial institutions,
the Bank of England (BoE), the European Central Bank (ECB), the Federal
Reserve, the Bank of Japan, and the Swiss National Bank (SNB) are jointly
announcing further measures to improve liquidity in short-term U.S. dollar
funding markets.
The BoE, ECB and SNB will conduct tenders of U.S. dollar funding at 7-day,
28-day, and 84-day maturities at fixed interest rates for full allotment. Funds will
be provided at a fixed interest rate, set in advance of each operation.
Counterparties in these operations will be able to borrow any amount they wish
against the appropriate collateral in each jurisdiction. Accordingly, sizes of the
reciprocal currency arrangements (swap lines) between the Federal Reserve
and the BoE, the ECB, and the SNB will be increased to accommodate whatever
quantity of U.S. dollar funding is demanded. The Bank of Japan will be
considering the introduction of similar measures.
Central banks will continue to work together and are prepared to take whatever
measures are necessary to provide sufficient liquidity in short-term funding

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