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The Federal Reserve's Term Auction Facility

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Author Info
Olivier Armantier
Sandra Krieger
James McAndrews

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Abstract

As liquidity conditions in the term funding markets grew increasingly strained in late 2007, the Federal Reserve began making funds available directly to banks through a new tool, the Term Auction Facility (TAF). The TAF provides term funding on a collateralized basis, at interest rates and amounts set by auction. The facility is designed to improve liquidity by making it easier for sound institutions to borrow when the markets are not operating efficiently.

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Publisher Info
Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): (2008)
Issue (Month): Jul ()
Pages:
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Handle: RePEc:fip:fednci:y:2008:i:jul:n:v.14no.5

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Related research
Keywords: Federal Reserve System ; Bank liquidity ; Banks and banking;

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Adam B. Ashcraft & Morten L. Bech & W. Scott Frame, 2008. "The Federal Home Loan Bank System: the lender of next-to-last resort?," Staff Reports 357, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  2. Peter Hördahl & Michael R King, 2008. "Developments in repo markets during the financial turmoil," BIS Quarterly Review, Bank for International Settlements, December. [Downloadable!]
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This page was last updated on 2009-12-9.

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