On November 30, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Fed and the Swiss National Bank announced coordinated actions to increase their capacity to provide liquidity support to the global financial system. Pricing on existing temporary U.S. dollar liquidity swap arrangements will be lowered by 50 basis points to a rate of the U.S. dollar overnight index swap rate plus 50 basis points, and the central banks will establish temporary bilateral liquidity swap arrangements to offer liquidity in non-domestic currencies other than the U.S. dollar. Fed Release.
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Central banks increase liquidity support to global financial system
- Orrick Herrington & Sutcliffe LLP
- Canada, European Union, Japan, Switzerland, United Kingdom, USA
- December 5 2011
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