Central banks around the world on Sunday night announced they would restore currency swap agreements that were introduced during the financial crisis, in an attempt to ease the strain on banks caused by the European sovereign debt crisis. The move by the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Canada, and the Swiss National Bank was part of an audacious coordinated package by global authorities to combat escalating financial market tensions, including an emergency funding facility worth as much as 720bn in loan guarantees and credits.