ECB, BoE and SNB will cooperate with the Fed to provide additional one week USD liquidity to “address the ongoing pressures in funding markets”. The ECB will offer USD 35B in a variable tender today, while the volume of the overnight operations during the week will be USD 30B, rather than the USD 40B this week. Meanwhile the SNB will offer as much as USD 9B in a one-week repo today, and temporarily reduce the maximum amount it allots in the overnight repos to USD 7B from USD 10B. The BoE will today offer USD 10B in an overnight tender and USD 30B with a one-week maturity. The announcement comes after interbank rates rose sharply this week as banks are once again very reluctant to part with cash and lend to each other.