Swaps with foreign cen banks total $60 mln – NY Fed

NEW YORK, Oct 14 (BestGrowthStock) – The Federal Reserve provided
$60 million of liquidity to foreign central banks in the latest
week, the New York Fed said on Thursday.

The European Central Bank was the sole institution to tap
the foreign exchange swap line, swapping the full amount.

The terms for the ECB swap were 7 days at 1.2 percent, the
New York Fed also said.

The Federal Reserve has established swap arrangements with
the Bank of Canada, the Bank of England, the European Central
Bank, the Swiss National Bank, and the Bank of Japan.

The swap facilities respond to the re-emergence of strains
in short term funding markets in Europe. They are designed to
improve liquidity conditions in global money markets and to
minimize the risk that strains abroad could spread to U.S.
markets, by providing foreign central banks with the capacity
to deliver U.S. dollar funding to institutions in their
jurisdictions, according to the Fed.

The full Fed report can be found on:

(Reporting by Vivianne Rodrigues; Editing by Diane Craft)

Swaps with foreign cen banks total $60 mln – NY Fed