In December 2007, reciprocal swap agreements between the Fed and the ECB, BoE and SNB, respectively, were concluded to provide European banks with U.S. dollar funding through the Eurosystem. Since the aggravation of the turmoil in September 2008, the tenders were equally operated with full allotment.
In turn, the ECB signed swap-agreements with several European central banks outside the euro area to provide euro funding to non-euro area banks. 4  Before the crisis, only quick tenders were executed with a restricted set of counterparties. Since October 2008 all Eurosystem counterparties admitted to the main refinancing operations can also take part in quick tenders.