ECB Text: ECB Announces Temporary Swap Facility With BOE

FRANKFURT (MNI) – The following is the verbatim text from the
European Central Bank published on Friday, announcing a temporary swap
facility with the Bank of England:

ECB SIGNS SWAP FACILITY AGREEMENT WITH THE
BANK OF ENGLAND

Within the framework of central bank cooperation, the European
Central Bank (ECB) and the Bank of England are today announcing a
temporary liquidity swap facility, under which the Bank of England could
provide, if necessary, up to GBP 10 billion to the ECB in exchange for
euro. The agreement expires at the end of September 2011.

The agreement allows pounds sterling to be made available to the
Central Bank of Ireland as a precautionary measure, for the purpose of
meeting any temporary liquidity needs of the banking system in that
currency.

The related announcement by the Bank of England is available at:

http://www.bankofengland.co.uk.

[TOPICS: M$$EC$,M$$CR$,M$X$$$,MI$$$$,MMBBE$]