ECB extends swap line agreement with BoE

handing-over-british-money

The Bank of England and European Central Bank (ECB) on Thursday announced the extension of their temporary reciprocal swap agreement.

The new deal will see the swap line in place until September 28, 2012. The agreement was initially established on December 17, 2010 to enable the ECB to provide sterling liquidity to its counterparties.

Under the agreement, the Bank of England could provide the ECB with sterling in exchange for euro up to a limit of £10 billion ($16.3 billion).

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