ECB Inks Pound Deal With BOE

08:10, December 20, 2010      

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The European Central Bank has signed a temporary swap facility deal with the Bank of England that would allow for pounds to be provided to debt-troubled Ireland if necessary.

The ECB yesterday said the facility? which expires at the end of next September? allows for the Bank of England to provide it with up to 10 billion pounds (US$15.6 billion) in exchange for euros if needed.

It said the pounds would then be made available to the Central Bank of Ireland "as a precautionary measure, for the purpose of meeting any temporary liquidity needs of the banking system in that currency."

Ireland aims to sharply cut its deficit from eurozone-record levels, helped by a European Union-International Monetary Fund bailout fund.

Source: Shanghai Daily/Agencies
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