Term Securities Lending Facility
E560322
The Term Securities Lending Facility was a temporary Federal Reserve program created during the 2008 financial crisis to lend Treasury securities to primary dealers in exchange for less-liquid collateral, aiming to ease strains in short-term funding markets.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
Federal Reserve lending facility
ⓘ
temporary emergency program ⓘ |
| announcementDate | 2008-03-11 ⓘ |
| assetLent | U.S. Treasury securities NERFINISHED ⓘ |
| auctionMethod | single-price auction ⓘ |
| collateralTypeAccepted |
asset-backed securities
ⓘ
federal agency debt ⓘ federal agency mortgage-backed securities ⓘ investment-grade corporate securities ⓘ non-agency mortgage-backed securities ⓘ other investment-grade debt securities ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| createdBy | Board of Governors of the Federal Reserve System NERFINISHED ⓘ |
| createdDuring | 2007–2008 financial crisis ⓘ |
| createdInResponseTo |
disruptions in short-term funding markets
ⓘ
increased demand for Treasury securities as collateral ⓘ liquidity pressures in the repurchase agreement market ⓘ |
| currency |
US dollar
ⓘ
surface form:
United States dollar
|
| eligibleCounterparty | primary dealers of the Federal Reserve Bank of New York ⓘ |
| endDate | 2010-02-01 ⓘ |
| impact |
helped stabilize short-term funding conditions for primary dealers
ⓘ
reduced scarcity of Treasury collateral in repo markets ⓘ supported functioning of securitized credit markets ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| legalAuthority | Section 13(3) of the Federal Reserve Act ⓘ |
| loanMaturity | 28 days ⓘ |
| loanStructure | term securities lending ⓘ |
| location | New York NERFINISHED ⓘ |
| maximumProgramSize | 200000000000 USD ⓘ |
| objective |
to ease strains in short-term funding markets
ⓘ
to improve price discovery for less-liquid collateral ⓘ to promote liquidity in Treasury and other collateral markets ⓘ |
| operatedBy |
Federal Reserve Bank of New York
NERFINISHED
ⓘ
Federal Reserve System NERFINISHED ⓘ |
| partOf | Federal Reserve emergency lending programs during the 2008 financial crisis ⓘ |
| policyType |
credit market intervention
ⓘ
liquidity facility ⓘ |
| relatedProgram |
Commercial Paper Funding Facility
NERFINISHED
ⓘ
Primary Dealer Credit Facility NERFINISHED ⓘ Term Auction Facility NERFINISHED ⓘ |
| riskMitigation |
eligibility restrictions on collateral quality
ⓘ
haircuts on pledged collateral ⓘ limits on individual dealer borrowing ⓘ |
| settlementFrequency | weekly ⓘ |
| startDate | 2008-03-27 ⓘ |
| status | terminated ⓘ |
| supervisedBy | Federal Reserve Bank of New York Markets Group NERFINISHED ⓘ |
| targetUser | primary dealers ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.