Fed and ECB set up swap agreement
NEWS
New York – The US Federal Reserve and the European Central Bank (ECB) last Thursday agreed a swap arrangement that will provide dollar liquidity in the aftermath of the World Trade Center disaster.
Under the agreement, the ECB would be eligible to draw up to $50 billion, receiving dollar deposits at the Federal Reserve Bank of New York. In exchange, the Federal Reserve will receive euro deposits of an equivalent amount at the ECB.
A statement from the Federal Reserve said: “The ECB will
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