Central Banks
Fed Swap Line Use Hits Just $590.5 Million as ECB, SNB Tap Funds
- Amount tapped by ECB increased marginally from previous usage
- Swiss National Bank in focus because of Credit Suisse problems
This article is for subscribers only.
Major central banks tapped swap lines with their US counterpart for just $590.5 million in the past week even after officials moved to make the facilities available daily in light of global banking concerns.
The European Central Bank accounted for $483.5 million of that, while the Swiss National Bank — which has been in focus amid the crisis around Credit Suisse Group AG — tapped it for $107 million, data from the Federal Reserve show.