Wednesday, October 29, 2008

Americans Bailing Out New Zealand Banks

Also see: U.S. Taxpayers Also Bailing Out FOREIGN Banks

"Fed OK's $15b swap line with New Zealand bank

The Federal Reserve authorized a $15 billion swap line with New Zealand's central bank to provide US dollars in the country, the 10th such currency exchange program aimed at easing the worldwide credit freeze. The Fed authorized the swap facility with the Reserve Bank of New Zealand through April 30. The Fed authorized a $10 billion swap line last month with Australia's central bank, then tripled it. Earlier this month the bank removed limits on four of the swap lines, including one with the European Central Bank (Bloomberg)."