European Central Bank again offering US dollar liquidity

Today, the Governing Council of the European Central Bank (ECB) has decided, in conjunction with the Federal Reserve and in the context of the Term Auction Facility (TAF), to further offer US dollar liquidity in January, in order to contribute again to satisfying the exceptional needs for dollar funding and to facilitate the further normalisation of conditions in the money market.

The operations will have the same size and will be conducted according to the same procedures as those carried out in December 2007. They will be settled on 17 and 31 January 2008 respectively, with a maturity of 28 days each and for an amount of USD 10 billion each.