 For release at 8:00 a.m. EST 
 
 The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions to enhance their capacity to provide liquidity support to the global financial system. The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity. These central banks have agreed to lower the pricing on the existing temporary U.S. dollar liquidity swap arrangements by 50 basis points so that the new rate will be the U.S. dollar overnight index swap (OIS) rate plus 50 basis points. As a contingency measure, these central banks have also agreed to establish temporary bilateral liquidity swap arrangements so that liquidity can be provided in each jurisdiction in any of their currencies should market conditions so warrant. At present, there is no need to offer liquidity in non-domestic currencies other than the U.S. dollar, but the central banks judge it prudent to make the necessary arrangements so that liquidity support operations could be put into place quickly should the need arise. Information on Related Actions Being Taken by Other Central Banks 
 
 Information on the actions to be taken by other central banks is available on the following websites: 
 
 Bank of Canada 
 
 Bank of England 
 
 Bank of Japan (PDF) 
 
 European Central Bank 
 
 Swiss National Bank (PDF) 
 
 Frequently Asked Questions: U.S. Dollar and Foreign Currency Liquidity Swaps 
 
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– Central banks around the world plan to ease the strain on the global financial system by taking coordinated action to prevent a lack of liquidity, they announced in a statement this morning—news that sent stock futures soaring more than 250 points. The Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and the Swiss National Bank join the Fed in the moves, which the AP reports will, as of next Monday, "reduce the cost of temporary dollar loans to banks—called liquidity swaps—by a half percentage point." NPR explains that'll make it easier for financial institutions to get cash, which they'll hopefully then lend at reduced interest rates. The AP reports that these central banks are also working to shore up banks' ability to ready money in any currency if market conditions warrant, though "at present, there is no need to offer liquidity in non-domestic currencies," the Fed's statement noted. "The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," explained the Fed.