Dollar Funding Costs Decline for Second Day After Swap Rate Cut, By Namitha Jagadeesh - Dec 1, 2011 2:03 AM MT, Bloomberg News

The cost for European banks to borrow in dollars fell for a second day after central banks led by the Federal Reserve cut the cost of emergency dollar loans.

The three-month cross-currency basis swap, the rate banks pay to convert euro payments into dollars, was 121 basis points below the euro interbank offered rate at 9:02 a.m. in London, from minus 131 basis points yesterday. The gap had widened to 162.5 below Euribor yesterday, the most in three years, before the Fed move.
Lenders increased overnight deposits at the European Central Bank, placing 304 billion euros ($408 billion) with the Frankfurt-based ECB yesterday, up from 297 billion euros on Nov. 29. That compares with a year-to-date average of 81 billion euros.
The Fed’s Secret Liquidity Lifelines, Interactive Graphic by David Yanosfsky, Bloomberg News

The US Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010. The emergency loans were intended to help recipients cope with cash shortfalls and keep credit markets from grinding to a halt. Bloomberg News sorted through 29,000 pages of previously secret documents and Fed spreadsheets detailing more than 21,000 loans to compile a database showing which companies got the emergency liquidity, and when.
See loans to foreign governments or banks owned by them.