BOE: Today's actions will ease strains in global funding markets

The Bank of England (BOE) outgoing Governor Carney and incoming Chief Bailey were out on the wires last minutes, expressing their take on the global central banks’ coordinated rate cuts.

Key quotes

Today's actions will ease strains in global funding markets, support supply of credit to households and businesses.

Major UK banks are well placed to withstand severe market disruption.

Today's global action complements package of measures taken by BoE last Wednesday.

Fed, BOJ, Bank of Canada, ECB and Swiss National Bank have agreed to lower pricing on standing US dollar liquidity swaps by 25 bps.

Central banks will offer US dollar swaps with an 84-day maturity, in addition to existing one-week operations.

Changes will take effect from next scheduled operation.

 New pricing and maturity options will remain in place as long as needed to support the smooth functioning of US dollar funding markets.