On 15 October the Governing Council took a further step with the decision – announced together with Bank of England and the Swiss National Bank – to conduct operations at various maturities at fixed interest rates and with full allotment.
As a result of this decision, euro area counterparties will be able to borrow as much USD liquidity as they wish, also at some term maturities, against eligible euro-denominated collateral, with the supply of USD guaranteed by an unlimited temporary reciprocal currency arrangement between the Federal Reserve and the ECB that will remain in place for as long as needed.