Lending in US dollars to be discontinued

Date 19/11/2009

The Executive Board of the Riksbank has decided to cancel the auction of loans in US dollars to be held on 8 December. There has been no demand for the Riksbank’s US dollar loans in the recent period and the facility will thus be wound up.

 

The situation on the financial markets has improved during the last six-month period. Access to credits in US dollars has increased at the same time as the cost of these has decreased. This has contributed towards decreased interest in the Riksbank's US dollar loans. Demand for credits in US dollars from the Riksbank has been non-existent during the most recent auctions. Consequently, this facility is being wound up.

 

However, the Riksbank is maintaining readiness and the conditions to rapidly establish a new credit facility in US dollars, should the need arise.

 

Since October 2008, the Riksbank has offered credits in US dollars against collateral. The objective of these loans has been to facilitate banks' access to credits in this currency.

 

The Riksbank is not presently utilising the swap facilities existing with the European Central Bank and the US Federal Reserve.