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12/30/2015

Printer Version ­ Board of Governors of the Federal Reserve System

Press Release

Release Date: December 2, 2008
For immediate release
In light of continuing strains in financial markets, the Federal Reserve on Tuesday announced the
extension through April 30, 2009, of three liquidity facilities: the Primary Dealer Credit Facility
(PDCF), the Asset­Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF), and
the Term Securities Lending Facility (TSLF). These facilities had previously been authorized
through January 30, 2009.
The extension through April 30 for these facilities is consistent with the term authorized for several
other liquidity­related facilities: the Commercial Paper Funding Facility (CPFF), the Money Market
Investor Funding Facility (MMIFF), and the temporary reciprocal currency arrangements (swap
lines) with 14 other central banks.
The PDCF provides discount window loans to primary dealers. The AMLF provides loans to
depository institutions to purchase asset­backed commercial paper from money market mutual
funds. Under the TSLF, the Federal Reserve Bank of New York auctions term loans of Treasury
securities to primary dealers. The CPFF provides a liquidity backstop to U.S. issuers of commercial
paper. The MMIFF supports a private­sector initiative to provide liquidity to U.S. money market
investors.

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