Nordic banks and RBA join Fed swap club

The Federal Reserve on Wednesday stepped up efforts to counter money market tensions, establishing additional swap lines with the Reserve Bank of Australia and three Scandinavian central banks to meet demand for dollar loans.

The Norwegian, Swedish, Danish and Australian central banks will provide a total of up to $30 billion-worth of dollar loans through swap lines with the Fed.

All of the swap arrangements will expire on 30 January - past the year-end mark when money markets tend to become