Bank of Canada joins Fed and other central banks in joint liquidity operation as banking fears grow
The move came on the heels of a deal brokered by Swiss authorities to have UBS buy rival Swiss bank Credit Suisse to prevent its disorderly collapse and signals the depth of concern central bankers have over the recent turmoil in the financial system on both sides of the Atlantic.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
Operations will commence on Monday and will continue at least through the end of April, the Fed said. “The network of swap lines among these central banks … serves as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses,” the Bank of Canada press release said on March 19.
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Bank of Canada joins Fed and other central banks in joint liquidity operation as banking fears growThe move came on the heels of UBS buying Credit Suisse and signals growing concerns about turmoil in the financial system. Find out more
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