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Article: FEDERAL RESERVE, OTHER CENTRAL BANKS ANNOUNCE MEASURES DESIGNED TO ADDRESS ELEVATED PRESSURES IN SHORT-TERM FUNDING MARKETS
- Article from:
- US Fed News Service, Including US State News
- Article date:
- December 12, 2007
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The Federal Reserve Bank issued the following news release:
Today, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing measures designed to address elevated pressures in short-term funding markets.
Federal Reserve Actions
Actions taken by the Federal Reserve include the establishment of a temporary Term Auction Facility (approved by the Board of Governors of the Federal Reserve System) and the establishment of foreign exchange swap lines with the European Central Bank and the Swiss National Bank (approved by the Federal Open Market Committee).
Under the Term Auction Facility (TAF) program, the Federal Reserve ...