FRANKFURT -(Dow Jones)- The European Central Bank said Wednesday that it would widen the scope of its dollar liquidity provisions as long as needed "in view of prevailing market conditions." The ECB will complement its 28-day dollar operations with auctions for 84-day funds, together with the U.S. Federal Reserve and the Swiss National Bank.
The bank said it will offer dollar funds on a bi-weekly basis, alternating between 28-day operations for $20 billion and 84-day operations for $10 billion, beginning Aug. 8.
The ECB's swap line with the Federal Reserve has been extended to $55 billion, from $50 billion formerly.
However, the ECB said the overall amount outstanding in the auctions will remain at $50 billion, with the exception of a temporary increase to $55 billion in the initial phase of the offers.
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