The SNB has been able to conduct US dollar repo auctions since December 2007. The operations are carried out in coordination with a number of other central banks. On the basis of a swap arrangement, the US Federal Reserve provides participating central banks with US dollars against their currencies, with the aim of countering undesirable tensions on the financial markets.

The SNB’s repo transactions are covered by collateral eligible for SNB repos. While these measures have no effect on the supply of money in Swiss francs, they enable the SNB’s counterparties to gain easier access to US dollar liquidity.