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PRESS RELEASE

ECB and other central banks extend their swap lines with Federal Reserve

25 June 2009

The temporary reciprocal currency arrangements (swap lines) between the Federal Reserve and other central banks have been extended until 1 February 2010.

In particular, the Governing Council of the European Central Bank (ECB) and the Federal Open Market Committee of the Federal Reserve have extended until 1 February 2010 their respective swap lines, whereby the Federal Reserve makes US dollar liquidity available to the ECB while the ECB makes euro liquidity available to the Federal Reserve for distribution, when needed, to their respective counterparties.

The Governing Council has also decided to continue conducting US dollar liquidity-providing operations at terms of 7 and 84 days until at least 30 September 2009. A similar decision has been taken by the Bank of England and the Swiss National Bank. 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 and the improved conditions in funding markets, the US dollar operations at terms of 28 days will be discontinued following the operation to be held on 28 July. As with the EUR/USD foreign exchange swaps which were discontinued at the end of January, the 28-day operations could be started again in the future if required by prevailing market circumstances.

The consolidated calendar for euro, US dollar and Swiss franc operations of the Eurosystem is available on the ECB’s website.

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

Federal Reserve: 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

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Calendars

Consolidated calendar for EUR, USD and CHF operations

Bank of England

Bank of England logo

Bank of Japan

Bank of Japan logo

Federal Reserve Board

Federal Reserve Board

Swiss National Bank

Swiss National Bank logo