As the Turmoil in the banking system calls for more scalps, Central banks around the world announced coordinated action, underscoring the seriousness of the problem at hand.

The Federal Reserve, the US Federal Reserve, the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank on Sunday announced their decision to allow liquidity to be provided through existing US dollar liquidity swap lines improve.

The swap lines are a set of available standing facilities that would serve as a backstop to ease tensions in global funding markets and to mitigate the impact of such tensions on household and corporate credit.

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“To improve the swap lines’ effectiveness in providing US dollar funding, central banks currently offering US dollar operations have agreed to increase the frequency of 7-day operations from weekly to daily increase,” the central banks said in a joint statement.

Those daily operations will begin on Monday and will continue until at least the end of April, they said.

Development is hot on its heels SNB mediates deal with Swiss investment bank UBS Group AG UBS ailing domestic peer to buy Credit Suisse AG CS for $3.2 billion.

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