Subsequent further expansions of these facilities in the United States and Europe have, for all practical purposes, made the dollar liquidity shortage a thing of the past.
(Of course, counterparty risk aversion remains to some extent, which would explain the fact that term spreads remain higher than prior to the crisis – but that reflects questions over the perceived riskiness of the major institutions, rather than liquidity per se.) On top of this, there was also the co ordinated interest rate reduction by the G10 central banks in October.