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    Central banks set new coordinated dollar fund action schedule

    07.10.2008 - 15:43 | Son Güncelleme:

    The European Central Bank announced Tuesday a schedule for new coordinated action it will take with other central banks to expand the provision of U.S. dollars to cash-strapped commercial banks. (UPDATED)

    "In response to continued strains in short-term funding markets, central banks recently announced coordinated actions to expand the provision of U.S. dollar liquidity," an ECB statement said.


    "Today, the central banks are announcing schedules for term and forward auctions of U.S. dollar liquidity during the fourth quarter of this year."


    The timetable included operations that extended beyond the end of the year, when commercial banks will seek extra funds to bolster their balance sheets.


    But the ECB said that "scheduling of the forward auctions is still tentative and may be adjusted in response to financial market conditions."


    Money markets on which banks normally lend to each other have frozen up, in particular for periods of more than one week, and central banks have repeatedly injected funds to ensure that commercial banks continue to extend the credit on which modern economies depend.


    Seven of the nine operations detailed in the statement, which involved loans over periods that ranged from 13 to 85 days, were to come due in 2009.


    "While retaining flexibility to react to changing market conditions, the Eurosystem intends to offer between 40- and 50-billion-dollars in overnight operations, 40 billion in 28-day operations, 20 billion in each one of the 84-day operations and 20 billion in each one of the forward U.S. dollar operations," the statement said.



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