ECB says to cease 3-month dollar operations as of April 2014

FRANKFURT Fri Jan 24, 2014 4:16am EST

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FRANKFURT Jan 24 (Reuters) - The European Central Bank said on Friday that it and other major central banks had decided to end offering 3-month U.S. dollar liquidity as funding strains have eased.

The ECB, together with the central banks of Britain, Japan and Switzerland, started offering U.S. dollar liquidity during the financial crisis to ensure that markets had sufficient access to dollar funds.

"The ECB will cease to conduct three-month US dollar liquidity-providing operations as of April 2014," the ECB said in a statement, adding that U.S. dollar funding conditions had improved considerably.

"US dollar liquidity-providing operations with a maturity of one week will continue to be conducted at least until 31 July 2014," the ECB said and added it would assess the need for one-week dollar operations beyond July 2014 in due course.

(For a copy of the statement, click on: here) (Reporting by Sakari Suoninen and Eva Taylor)

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