Start hereDictionarySearch
English
日本語English中文ItalianoFrançaisDeutschEspañol
Sign in Fees and how to study
NOMISMA
Read history Money history: the world and JapanBubbles, frauds and financial crisesPeople who changed moneyReadingsSee all of Read history
Understand how money works Banks and depositsInterest, prices and exchange ratesCash and digital paymentsHistory's lessons for today's decisionsSee all of Understand how money works
Look at coins Browse by photoImages, letters and materialsCare, storage and tradingSee all of Look at coins
Start hereDictionarySearch
Fees and how to study Sign in
Language
日本語English中文ItalianoFrançaisDeutschEspañol
BIBLIOGRAPHY

Federal Reserve and other central banks announce measures designed to address elevated pressures in short-term funding markets (December 12, 2007)

Board of Governors of the Federal Reserve System

Claims Supported by This Source

  1. Established the Term Auction Facility (TAF). To supply term funds to depository institutions through an auction process against the same broad range of collateral as the discount window. Fully collateralized.
  2. The first auction was on December 17, 2007, for $20 billion (28-day term, maturing January 17, 2008), the second on December 20 for up to $20 billion (35-day term). The third and fourth were on January 14 and 28. The minimum bid rate was the OIS rate for the same term.
  3. The FOMC authorized temporary currency swap lines (up to 6 months) with the ECB and the SNB. The limits were $20 billion for the ECB and $4 billion for the SNB.
  4. Aimed to help liquidity circulate by injecting term funds with a broader range of counterparties and collateral than open market operations when the unsecured interbank market is under strain. The background was the stigma associated with borrowing from the discount window.

How to read the verification levels. 'Read' means the material was read in its entirety. 'Bibliography and abstract confirmed' means the bibliographic information and abstract were verified. 'Via course material' means the source was referenced through the main text of a book or a country's monetary history. The text hash is the SHA-256 of the main text from the original source page, excluding tags and whitespace, used to detect if the material has been altered.