ECB Extends Swap Facility Agreement With Bank of England
The ECB and the BOE prolonged their liquidity swap arrangement until Sept. 30, 2013, the Frankfurt-based central bank said in an e-mailed statement. The BOE said on its website it would provide the ECB with as much as 10 billion pounds ($16 billion) if needed.
The swap line was established in December 2010 when Irish banks and their U.K. units struggled to raise funding in financial markets amid an outflow of deposits following an 85- billion euro ($137 billion) bailout. Policy makers last year extended the facility until Sept. 28.
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