ECB, Bank of England unveil swap facility for Ireland

17th December 2010, Comments 0 comments

The European Central Bank and Bank of England unveiled Friday a currency swap facility worth 10 billion pounds (11.7 billion euros, 15.5 billion dollars) to aid Ireland.

The facility is to expire at the end of September 2011 and "allows pounds sterling to be made available to the Central Bank of Ireland as a precautionary measure, for the purpose of meeting any temporary liquidity needs of the banking system in that currency," an ECB statement said.

© 2010 AFP

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