European central banks have said they will provide as much USD liquidity as is needed in frozen short-term money markets. The BOE, ECB and SNB will conduct auctions of dollar funds in 7, 28 and 84 day maturities at fixed interest rates. In a joint statement with the Fed, the banks said commercial banks “will be able to borrow any amount they wish against appropriate collateral in each jurisdiction.” To accomodate the moves, the Fed is boosting its’ swap lines with the banks to “accomodate whatever quantity of US dollar funding is demanded.”