PRESS RELEASE

US dollar liquidity-providing operations of the Eurosystem in the first quarter of 2009

19 December 2008

Today, the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank (ECB), and the Swiss National Bank are announcing schedules for term auctions of U.S. dollar liquidity to be conducted during the first quarter of 2009. These schedules cover operations providing 28-day and 84-day dollar liquidity. Schedules for provision of dollar liquidity at other terms will be announced separately by individual central banks. Central banks will continue to work together to address pressures in global money markets.

ECB decisions

The Governing Council of the ECB has decided, in agreement with other central banks including the Federal Reserve, to continue conducting US dollar liquidity-providing operations at terms of 7, 28 and 84 days. These operations will continue to take the form of repurchase operations against ECB-eligible collateral and to be carried out as fixed rate tenders with full allotment. Given the limited demand, the operations in the form of EUR/USD foreign exchange swaps will be discontinued at the end of January but could be started again in the future, if needed in view of prevailing market circumstances.

The schedule of operations until the end of March 2009 can be obtained from the ECB’s website.

Information on related announcements by other central banks is available at the following websites:

Federal Reserve Board: http://www.federalreserve.gov

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

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

Swiss National Bank: http://www.snb.ch

Monetary Policy

Federal Reserve Board

Bank of England

Bank of Japan

Swiss National Bank

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