A statement released yesterday, entitled, "Federal Reserve and other central banks announce an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012 says, "The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank today announced an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012. The Bank of Japan will consider the extension at its next Monetary Policy Meeting. The swap arrangements, established in May 2010, had been authorized through August 1, 2011. Information on the actions taken by other central banks is available at the following websites: Bank of Canada, Bank of England, European Central Bank, and Swiss National Bank." The ECB's release says, "The Governing Council of the European Central Bank (ECB) has taken a decision, in coordination with the Bank of Canada, the Bank of England and the Swiss National Bank, to extend the liquidity swap arrangements with the Federal Reserve up to 1 August 2012. The Bank of Japan will consider the extension at its next monetary policy meeting. The swap arrangements established in May 2010 had been authorised until 1 August 2011. The Governing Council decided to continue to conduct US dollar liquidity-providing operations with a maturity of seven days. These operations will continue to take the form of repurchase operations against eligible collateral and will be carried out as fixed rate tenders with full allotment. The ECB will keep the necessity, frequency and maturity of its US dollar repo operations under review." See also, L.A. Times' "Money market funds see more outflows on Europe fears".

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