independent

Monday 21 April 2014

Banks to wind down dollar lending

European Central Bank (ECB) President Mario Draghi arrives to testify before the European Parliament's Economic and Monetary Affairs Committee in Brussels December 16, 2013. REUTERS/Francois Lenoir (BELGIUM - Tags: POLITICS BUSINESS)
European Central Bank (ECB) President Mario Draghi

The European Central Bank is to wind down its dollar-lending operations amid improving market conditions.

The ECB, along with the Bank of England, the Bank of Japan and the Swiss National Bank, plans to stop lending dollars to banks for three-month periods at the end of April.

The ECB said that the step was taken "in view of the considerable improvement in US dollar funding conditions and the low demand for US dollar liquidity-providing operations".

The central banks will continue lending dollars over one-week periods until at least July 31. The ECB says it will address "in due course" whether such operations need to continue.

AP

Press Association

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