BoE Carney and Bailey comment on the coordinated global central bank cuts

Bank of England Carney and Bailey

• today's actions will ease strains in global funding markets, support supply of credit to households and businesses
• say major UK banks are well placed to withstand severe market disruption
• today's global action complements package of measures taken by BoE last Wednesday

• says Fed, BOJ, Bank of Canada, ECB and Swiss National Bank have agreed to lower pricing on standing US dollar liquidity swaps by 25 bps
• says central banks will offer US dollar swaps with an 84-day maturity, in addition to existing one-week operations
• says changes will take effect from next scheduled operation
• says new pricing and maturity options will remain in place as long as needed to support smooth functioning of US dollar funding markets