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MNI POLICY: ECB lent USD142 Billion Under Covid Swap System 

By Luke Heighton
     FRANKFURT (MNI) - Loans from the Eurosystem to euro area banks under
additional U.S. dollar liquidity operations announced by the ECB on 15 March
2020 stood at USD142 billion as of May 5, the ECB confirmed Monday.
     The facility, which has an 84-day maturity, was part of a coordinated
action taken with the Bank of Canada, the Bank of England, the Bank of Japan,
the Federal Reserve System and the Swiss National Bank in response to the
Covid-19 pandemic.
     "The ECB does not publish a breakdown by country of the take-up in
individual refinancing operations, but only the overall take-up and the number
of banks participating in each operation," the ECB said, in a letter published
Monday in response to a request from MEPs.
     "U.S. dollar operations are conducted as a "fixed rate full allotment"
tender procedure in line with all euro-providing liquidity operations.
     "The allocation of funds across euro area countries reflects the demand for
such funding from banks located in those countries and is not linked to the
ECB's capital key."
--MNI Frankfurt Bureau; +49-69-720-146; email: luke.heighton@marketnews.com
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
[TOPICS: M$X$$$,M$$EC$]
Central Bank NewsPolicy NewsCEEMEAEurozoneGermanyFranceItalySpainEuropean Central Bank (ECB) Market NewsEuropean Central BankRegion
Central Bank NewsPolicy NewsCEEMEAEurozoneGermanyFranceItalySpainEuropean Central Bank (ECB) Market NewsEuropean Central BankRegion
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