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To: Elroy Jetson who wrote (70694)	10/29/2008 2:38:16 AM
From: Maurice Winn	1 Recommendation Respond to of 74559

thanks for that find Elroy. Url here: federalreserve.gov <Release Date: October 28, 2008 For release at 5:00 p.m. EDT Today, the Federal Reserve and the Reserve Bank of New Zealand are announcing the establishment of a temporary reciprocal currency arrangement (swap line) to address ongoing, elevated pressures in U.S. dollar short-term funding markets. This facility, like those already established with other central banks, is designed to help improve liquidity conditions in global financial markets. Federal Reserve Actions The Federal Open Market Committee has authorized the establishment of a new swap facility with the Reserve Bank of New Zealand that will support the provision of U.S. dollar liquidity in amounts of up to $15 billion. This reciprocal currency arrangement has been authorized through April 30, 2009. The FOMC previously authorized temporary reciprocal currency arrangements with nine other central banks: the Reserve Bank of Australia, the Bank of Canada, Danmarks Nationalbank, the Bank of England, the European Central Bank, the Bank of Japan, the Norges Bank, the Sveriges Riksbank, and the Swiss National Bank.> Meanwhile, the Law of Unintended Consequences looms as Axa and other financial institutions in Oz/NZ freeze accounts to prevent a run on their institutions by investors wanting a free government guarantee. That disruption is exactly the sort of thing that can lead to collapse as Axa investors are unable to meet their obligation and buying decisions. nzherald.co.nz Mqurice