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MNI POLICY: ECB, Croatian NCB Set Up Euro Swap Line

By Luke Heighton
     FRANKFURT (MNI) - The European Central Bank (ECB) and the Croatian National
Bank have set up a precautionary currency agreement (swap line) of up to EUR2
billion in exchange for Croatian kuna
     The measure, which has a maximum maturity of three months for each drawing,
is intended to provide euro liquidity to Croatian financial institutions in
order to address possible market dysfunction. It will remain in place until Dec.
31 2020, unless extended. Croatia is preparing for participation in the exchange
rate mechanism (ERM II), which is a prerequisite for a Member State to join the
euro area.
--MNI Frankfurt Bureau; +49-69-720-146; email:
--MNI London Bureau; +44 203 865 3829; email:
[TOPICS: M$X$$$,M$$EC$]

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