New Zealand sets up $15bn swap line with Fed

The Reserve Bank of New Zealand on Wednesday became the latest institution to arrange a swap line with the Federal Reserve to counter continuing tensions in dollar funding markets.

The Reserve Bank agreed a $15 billion swap line, which is authorised through to 30 April 2009. It viewed the arrangement as a precautionary - rather than necessary - step.

Grant Spencer, the deputy governor and head of financial stability, said: "While there is no need to use the facility right now, it is useful to

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