ECB and BoE activate swap line ahead of no-deal Brexit

Eugenia Jiménez
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ECB and BoE activate swap line ahead of no-deal Brexit

The European Central Bank and the Bank of England have agreed an emergency currency swap line to keep markets operating in the event of UK's possible departure from the European Union later this month. The agreement, aimed at ensuring banks have access to cash if the UK crashes out of the EU without a deal, means the Bank of England will offer to lend euros to UK banks on a weekly basis while the ECB will receive pounds from the ECB in exchange for euros. "The activation marks a prudent...

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