New international measures to address liquidity pressures in funding markets

Date 11/03/2008

Since the coordinated actions taken in December 2007, the G-10 central banks have continued to work together closely and to consult regularly on liquidity pressures in funding markets. Pressures in some of these markets have recently increased again. We all continue to work together and will take appropriate steps to address those liquidity pressures.

To that end, today the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing specific measures.

The Riksbank welcomes these measures that are aimed at maintaining the functioning of the international financial markets.

”In Sweden we do not currently see that the banks have any additional borrowing needs. However, Sweden is also affected by the renewed pressures in the international financial markets. This can be seen, for instance, in the rising interbank rates. We have close and regular contacts with the banks and other market agents and are closely monitoring market developments,” says Governor Stefan Ingves.

Information on actions being taken by other central banks is available at the following websites:

Bank of Canada (http://www.bankofcanada.ca)
Bank of England (http://www.bankofengland.co.uk)
European Central Bank (http://www.ecb.int)
Swiss National Bank (http://www.snb.ch)
Federal Reserve (http://www.federalreserve.gov)

 

Statements by other central banks:

 

Bank of Japan (http://www.boj.or.jp/en)