Global central banks extend crisis-lending program (by Greg Robb)
WASHINGTON (MarketWatch) - The Federal Reserve, the European Central Bank and other key central banks announced Wednesday they have extended existing dollar-lending arrangements for another year. The programs were put in place during the financial crisis, to meet the demand for dollars by foreign banks. In addition to the ECB, the Fed has crisis-lending programs with the central banks of England, Canada, Switzerland, and Japan. The agreements had been scheduled to expire Aug. 1. The Bank of Japan will vote on the extension at its next meeting.