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Monday, March 17, 2008

TAF, TSLF, PDCF Explained

Ben Bernanke and the Fed continue to flail desperately. The Fed has now put in place three new and different programs in an attempt to inject liquidity in to the financial system.

Below is everything you ever wanted to know about all of them:

Primary Dealers Credit Facility (PDCF): “The Federal Reserve has announced that the Federal Reserve Bank of New York has been granted the authority to establish a Primary Dealer Credit Facility (PDCF). This facility is intended to improve the ability of primary dealers to provide financing to participants in securitization markets and promote the orderly functioning of financial markets more generally.

The PDCF will provide overnight funding to primary dealers in exchange for a specified range of collateral, including all collateral eligible for tri-party repurchase agreements arranged by the Federal Reserve Bank of New York, as well as all investment-grade corporate securities, municipal securities, mortgage-backed securities and asset-backed securities for which a price is available.

The PDCF will remain in operation for a minimum period of six months and may be extended as conditions warrant to foster the functioning of financial markets.”

PDCF FAQ

Term Securities Lending Facility (TSLF): “In addition to the daily Securities Lending program, the Bank will provide Treasury general collateral financing though a weekly Term Securities Lending Facility (TSLF) to promote liquidity in Treasury and other collateral markets and thus foster the functioning of financial markets more generally. The program offers Treasury securities held by the System Open Market Account (SOMA) for loan over a one-month term against other program-eligible general collateral. Securities loans are awarded to primary dealers based on a competitive single-price auction held on Thursdays at 2:00 pm eastern standard time.”

TSLF FAQ

Term Auction Facility (TAF): “Under the term auction facility (TAF), the Federal Reserve will auction term funds to depository institutions. All depository institutions that are eligible to borrow under the primary credit program will be eligible to participate in TAF auctions. All advances must be fully collateralized. Each TAF auction will be for a fixed amount, with the rate determined by the auction process (subject to a minimum bid rate). Bids will be submitted by phone through local Reserve Banks.”

TAF FAQ

16 comments:

Anonymous said...

Since we're losing, let's change the rules.

Anonymous said...

what's your opinion on the fed cut?

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Anonymous said...

Don't count on it.
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