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NBP & ECB Establish Up to EUR10bn Precautionary Swap Line Until Jan 2023

POLAND
  • NBP and ECB established an up to EUR 10 bln new precautionary swap line until January 15, 2023, the ECB said in a statement.
  • "Under the new swap line, NBP will be able to borrow up to EUR 10 bln from the ECB in exchange for Polish zloty," it added.
  • The new line is aimed at addressing potential liquidity needs in countries from outside the euro zone amid uncertainty caused by Russian invasion on Ukraine and risk of regional spillover, the ECB elaborated.
  • At the same time, adequate means were taken to prevent usage of the line to circumvent EU sanctions against Russia, the ECB noted. - PAP
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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