Tags: ECB | Dollars | Euro | Banks

ECB Coordinates With Fed to Lend Dollars to Euro-Area Banks

Thursday, 15 Sep 2011 02:05 PM

The European Central Bank said it will lend euro-area banks dollars in three separate three-month loans to ensure they have enough of the U.S. currency through the end of the year.

“The Governing Council of the European Central Bank has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year,” the Frankfurt-based ECB said in a statement today.

The loans are in addition to the bank’s regular 7-day dollar offerings and will be conducted as fixed-rate tenders with full allotment.

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