Money Market Investor Funding Facility
E560325
The Money Market Investor Funding Facility was a crisis-era Federal Reserve program designed to support money market mutual funds and stabilize short-term funding markets by providing liquidity to eligible investors.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| Money Market Investor Funding Facility (MMIFF) | 1 |
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
Federal Reserve emergency lending facility
ⓘ
liquidity facility ⓘ |
| administeredBy | Federal Reserve Bank of New York NERFINISHED ⓘ |
| aimedAt |
improving liquidity in term asset-backed commercial paper markets
ⓘ
supporting issuance of bank notes ⓘ supporting issuance of certificates of deposit ⓘ supporting issuance of commercial paper ⓘ |
| announcedBy | Board of Governors of the Federal Reserve System NERFINISHED ⓘ |
| announcedOn | 2008-10-21 ⓘ |
| backedBy | U.S. Treasury credit protection ⓘ |
| beneficiaries |
issuers of short-term funding instruments
ⓘ
money market mutual fund investors ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| createdDuring | global financial crisis of 2007–2009 ⓘ |
| createdInResponseTo | 2008 money market mutual fund turmoil ⓘ |
| designedTo |
help money market mutual funds meet investor redemptions
ⓘ
reduce the need for money market mutual funds to sell assets at fire-sale prices ⓘ |
| eligibleAssets |
U.S. dollar-denominated asset-backed commercial paper
ⓘ
U.S. dollar-denominated bank notes ⓘ U.S. dollar-denominated certificates of deposit ⓘ U.S. dollar-denominated commercial paper ⓘ short-term U.S. dollar-denominated instruments with top-tier ratings ⓘ |
| eligibleInvestors |
U.S. money market mutual funds
ⓘ
other eligible money market investors ⓘ |
| fundingSource | Federal Reserve Bank of New York loans ⓘ |
| geographicScope | United States money markets ⓘ |
| introducedBy | Federal Reserve in coordination with the U.S. Treasury NERFINISHED ⓘ |
| legalAuthority | Section 13(3) of the Federal Reserve Act ⓘ |
| mechanism | FRBNY lent to SPVs that financed purchases of money market instruments ⓘ |
| monetaryPolicyRole | part of Federal Reserve liquidity and credit easing measures in 2008 ⓘ |
| operator | Federal Reserve NERFINISHED ⓘ |
| policyGoal |
restore confidence in money market mutual funds
ⓘ
support the flow of credit to businesses and households via money markets ⓘ |
| purpose |
to provide liquidity to U.S. money markets
ⓘ
to provide liquidity to eligible money market investors ⓘ to stabilize short-term funding markets ⓘ to support money market mutual funds ⓘ |
| relatedTo |
Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
NERFINISHED
ⓘ
Commercial Paper Funding Facility NERFINISHED ⓘ Primary Dealer Credit Facility NERFINISHED ⓘ |
| riskMitigation | SPV assets served as collateral for Federal Reserve loans ⓘ |
| sectorTargeted |
money market mutual fund industry
ⓘ
short-term funding markets ⓘ |
| status | terminated ⓘ |
| structure | provided funding to special purpose vehicles that purchased eligible assets ⓘ |
| timePeriod | late 2008 financial crisis phase ⓘ |
| typeOfSupport | liquidity backstop to private money market investors ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Money Market Investor Funding Facility (MMIFF)