WASHINGTON (Dow Jones)--The U.S. Federal Reserve extended the lifespan Thursday of most of the liquidity facilities put in place to contain the global financial crisis, including swap lines with foreign central banks, but also scaled back some domestic programs proving less necessary as markets gradually recover.
The Fed is extending the swap lines to provide dollars to foreign central banks, as well as most of the facilities set up to help unfreeze U.S. markets, until Feb. 1, 2010. They were all set to expire at the end of October.
"Conditions in financial markets have improved in recent months, but market functioning in many areas remains impaired and seems likely to be strained for some time," the Fed said in a statement.
The swap lines were extended for 13 central banks, including the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Canada, Denmark's Nationalbank, the Bank of England, the European Central Bank, the Bank of Korea, the Banco de Mexico, the Reserve Bank of New Zealand, the Norges Bank, the Monetary Authority of Singapore, the Sveriges Riksbank and the Swiss National Bank. The Bank of Japan will consider the extension at its next monetary policy meeting, it said.
Domestic programs extended include the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF, the Commercial Paper Funding Facility, or CPFF, the Primary Dealer Credit Facility, or PDCF, and the Term Securities Lending Facility, or TSLF.
Dow Jones Newswires
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