FACTBOX-Central banks turn to new measures to help economy

June 9 (Reuters) - Central banks throughout the world are turning to or contemplating non-conventional measures such as asset purchases to keep credit flowing as they run out of scope to lower benchmark interest rates any further. [INT/RATE] POLL7

Below are some measures announced so far:

EUROPEAN CENTRAL BANK

- The ECB announced on June 4 details of its plan to buy 60 billion euros ($83.24 billion) covered bonds -- securities issued by banks and backed by mortgages or other loans.

- The ECB will buy the bonds via direct purchases on both primary and secondary markets. Bonds must be eligible for us as collateral in liquidity operations and meet a range of other benchmarks. [ID:nL41049624]

U.S. FEDERAL RESERVE

- The Fed said on March 18 it would buy up to $300 billion in longer-term government bonds in the next six months, the first time it has bought Treasuries since the 1960s. [ID:nN18366605] It started the operation on Mar. 25 [ID:nN25413550]

- The Fed will also boost spending on previously-announced programs, with an additional $750 billion to buy agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year. It will increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion.

- The Fed is also buying highly rated, U.S.-dollar denominated, three-month commercial paper through a special purpose vehicle. The programme started on Oct. 17 and runs until Oct. 30, 2009.

- The Fed has also started a funding facility to help market participants meet the credit needs of households and small businesses. The New York Fed is lending up to $200 billion to holders of some AAA-rated asset-backed securities (ABS) collateralised by student loans and credit card loans.

For factbox, please double-click on [ID:nN03347644]

SWISS NATIONAL BANK

- The Swiss National Bank is buying Swiss franc bonds issued by Swiss private sector borrowers, which could include bonds from banks and covered bonds. The SNB has declined to give details on the size of the possible bond purchases.

- The SNB is also buying foreign currency on the market to prevent a further appreciation of the franc against the euro. EURCHF=

For factbox, please double-click on [ID:nLC507202]

BANK OF ENGLAND

- The Bank of England is increasing spending on its programme to buy assets to 125 billion pounds ($201.1 billion). The program, using new money, mostly medium- and long-dated gilts, has a cap of 150 billion pounds. [ID:nL5365851]

- The BoE started buying short-term corporate paper on Feb. 13, the first stage of a wider 50 billion pound programme focusing on purchases of corporate bonds, commercial paper and paper issued under the Credit Guarantee Scheme.

- The purchases are carried out by a new company set up for that purpose. The company undertakes transactions on instruction from BoE Governor Mervyn King and the central bank conducts the operations on the company's behalf.

For factbox, please double-click on [ID:nL6507663]

BANK OF ISRAEL

- Bank of Israel started buying government debt of different types and maturities on secondary markets on Feb. 17.

- It has said the purchases would eventually total 15 billion to 20 billion Israeli shekels ($4.3 billion - $5.8 billion). For story, please double-click on [ID:nLG18949]

BANK OF JAPAN

- The Bank of Japan is to buy up to 1 trillion yen ($10.17 billion) of corporate bonds maturing within a year. [ID:nT220574]

- The BoJ is to increase purchases of government bonds by nearly a third, to 1.8 trillion yen a month. [ID:nT369733]

- It is also offering up to 1 trillion yen in subordinated loans to banks and buying up to 1 trillion yen worth of shares held by Japanese banks. Shares will be bought only in companies with credit ratings of BBB- or above and trading volume of 20 billion yen or more per year.

- BOJ buys shares from banks that operate globally and banks that hold shares worth more than half of their tier 1 capital, up to 250 billion yen worth of shares each.

- BOJ plans to sell the shares from April 2012 to September 2017. For factbox, please double-click on [ID:nT330254]

SOURCES:

European Central Bank: here

Swiss National Bank: here

Bank of Israel: here

Bank of Japan: here

Federal Reserve: here

New York Fed: here

Bank of England: here (Compiled by Frankfurt newsroom; editing by Stephen Nisbet and Andy Bruce)