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.
6  BIS Review 121/2009  2.3. Additional measures: covered bonds purchase program  In May 2009 the Eurosystem added a further tool to its set of unconventional measures: the outright purchase of covered bonds. Again, the objective was to support the flow of credit to the economy through the banking sector.