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ECB Extends Swap Facility Agreement With Bank of England

The European Central Bank said it extended a swap line with the Bank of England that was originally set up to ease liquidity strains at Irish lenders.

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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