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Federal Reserve Bank of New York
Current Issues in Economics and Finance
The Federal Reserve's foreign exchange swap lines
Michael J. Fleming
Nicholas Klagge
Abstract

The financial crisis that began in August 2007 disrupted U.S. dollar funding markets not only in the United States but also overseas. To address funding pressures internationally, the Federal Reserve introduced a system of reciprocal currency arrangements, or "swap lines," with other central banks. The swap line program, which ended early this year, enhanced the ability of these central banks to provide U.S. dollar funding to financial institutions in their jurisdictions.


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Michael J. Fleming & Nicholas Klagge, "The Federal Reserve's foreign exchange swap lines" , Federal Reserve Bank of New York, Current Issues in Economics and Finance, volume 16, issue Apr, 2010.
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Keywords: Swaps (Finance) ; Banks and banking; Central ; Federal Reserve System ; International liquidity ; Foreign exchange
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