Reuters reports that the European Central Bank will offer euro loans against collateral to central bank outside the euro area to backstop funding markets amid the coronavirus pandemic, it said on Friday.

Under the Eurosystem repo facility for central banks, the ECB will provide euro liquidity to a broad set of central banks outside the euro area against adequate, euro-denominated marketable collateral, the bank said in a statement.

The new facility, which complements bilateral swap and repo lines, will be available until the end of June 2021.