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PRESS RELEASE

Measures designed to address
elevated pressures in the short-term
US dollar funding markets

2015

13 October 2008

2014

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 US
dollar funding markets.

2013
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2009
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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 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 US 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 markets.

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Starting on 15 October the Eurosystem will, every Wednesday, conduct a
liquidity providing US dollar operation with a term of 7 days. All future
auctions with a term of 7 days, 28 days and 84 days will be conducted at a
fixed rate with full allotment. The 28-day and 84-day US dollar operations will
be conducted according to the schedule released on 7 October 2008. As of
Thursday 16 October, daily US dollar overnight operations will be conducted
only if necessary in view of market developments. These measures will be in
place as long as needed, and at least until January 2009.
Information on the actions taken by other central banks is available on the

following websites:

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Bank of Japan: http://www.boj.or.jp

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Bank of England: http://www.bankofengland.co.uk

European Central Bank
Directorate General Communications

Media contacts

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany
Tel.: +49 69 1344 7455, E-mail: media@ecb.europa.eu
Website: www.ecb.europa.eu
Reproduction is permitted provided that the source is acknowledged.

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Related documentation

Bank of England

 Tender procedure for US dollar
operations

Bank of Japan

Federal Reserve Board

Swiss National Bank

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