The European Central Bank (ECB), the Federal Reserve and the Swiss National Bank have agreed on coordinated action to pump more liquidity into the distressed financial system.
The three financial institutions have decided to increase the size of dollar currency swaps by almost 50 per cent to 50 billion US dollars and 20 billion dollars, respectively. This money will be used to increase the supply of dollars offshore in Europe. The Fed also raised the amount of lending available in its biweekly Term Auction Facility from 25 billion dollars to 75 billion. That increase will bring the amounts outstanding under the TAF to 150 billion dollars.
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