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As if on cue: ECB Coordinates With Federal Reserve in Lending Dollars to Euro-Area Banks
The Frankfurt-based ECB said that, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, it will conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months. The loans are in addition to the bank's regular seven-day dollar offerings and will be conducted as fixed-rate tenders with full allotment, the ECB said in a statement.


Two banks this week borrowed dollars from the ECB in its regular seven-day operation, a sign they are finding it difficult to gain access to the U.S. currency in markets. The premium European banks pay to borrow in dollars through the swaps market is close to the highest level in almost three years.

The ECB yesterday allotted $575 million in its regular seven-day liquidity providing operations, without naming the banks who borrowed the cash. French

Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Thu Sep 15th, 2011 at 09:39:21 AM EST

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