More specifically, in order to address the concerns of euro area banks on the availability of their funding denominated in US dollars, in December 2007 the ECB agreed with the Federal Reserve System a currency arrangement (swap line) in connection with their US dollar Term Auction Facility (TAF).
Under this agreement, two operations with a maturity of one-month amounting to USD 10 billion each were initially conducted, subsequently renewed in January and expanded in mid March to USD 15 billion each, while announcing that the USD funding operation would continue for as long as needed.