Moguls Mantra to the Markets Message Board

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Non-Tech : Moguls Mantra to the Markets

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To: SunSunM who wrote (141)	9/13/2001 5:12:20 PM
From: $Mogul	Read Replies (1) of 220

Fed boosts Europe banks Central bank swaps $50B for euros in move to steady banking system September 13, 2001: 9:21 a.m. ET WASHINGTON (Reuters) - In another move to calm global financial markets rattled by the terror attacks on the U.S., the Federal Reserve and the European Central Bank agreed Thursday to a swap arrangement aimed at aiding the cash needs of European banks affected by the disaster. Under the arrangement announced by the U.S. central bank, the ECB would be able to draw up to $50 billion, while the Federal Reserve Bank of New York will get an equivalent amount of deposits in euros, the ECB's sponsored currency. "The ECB will make these dollar deposits available to national central banks of the Eurosystem, which will use them to help meet dollar liquidity needs of European banks, whose U.S. operations have been affected by the recent disturbances in the United States," the Fed said in a statement. The swap line is set to expire in 30 days, the Fed said.

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