Wednesday, September 12, 2012

BOE, ECB extend swap lines for another year

    The Bank of England (BOE) and the European Central Bank (ECB) have extended their temporary reciprocal swap agreements for another year, until Sept. 30, 2013.
    The swap line was set up in December 2010 to enable the ECB to provide sterling funds to euro area banks. If requested, the BOE would provide the ECB with sterling in exchange for euros up to a limit of 10 billion pounds.
   The swap line was initially authorised until September 2011 and then extended until the end of this month.
    The extension of the swap line was announced by both the ECB and the BOE.


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