June 25, 2020 / 8:28 AM / 2 months ago

ECB to provide euro loans to non euro zone central banks

FILE PHOTO: The European Central Bank (ECB) logo is pictured before a news conference on the outcome of the meeting of the Governing Council in Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - The European Central Bank will offer euro loans against collateral to central bank outside the euro area to backstop funding markets amid the coronavirus pandemic, it said on Friday.

Under the Eurosystem repo facility for central banks, the ECB will provide euro liquidity to a broad set of central banks outside the euro area against adequate, euro-denominated marketable collateral, the bank said in a statement.

The new facility, which complements bilateral swap and repo lines, will be available until the end of June 2021.

Reporting by Balazs Koranyi; Editing by Francesco Canepa

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