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Final Report Pursuant to Section 129(b) of the Emergency Economic Stabilization Act of 2008: Update on Outstanding Lending Facilities Authorized by the Board Under Section 13(3) of the Federal Reserve Act November 21, 2014 Overview Pursuant to section 129(b) of the Emergency Economic Stabilization Act of 2008 ("EESA"), the Board of Governors of the Federal Reserve System ("the Board") is providing the following final report concerning the Term Asset-Backed Securities Loan Facility (“TALF”), the last remaining lending facility established by the Board under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343) since March 1, 2008. Term Asset-Backed Securities Loan Facility On November 25, 2008, the Board and Treasury announced the establishment of the TALF. The TALF was intended to assist financial markets in accommodating the credit needs of consumers and businesses of all sizes by facilitating the issuance of asset-backed securities (“ABS”) collateralized by a variety of consumer and business loans; it was also intended to improve market conditions for ABS more generally. On June 30, 2010, the Federal Reserve closed the TALF for new loan extensions against newly issued CMBS and, on March 31, 2010, for new loans against all other types of collateral. All TALF loans were extended by the Federal Reserve Bank of New York (“FRBNY”). The Federal Reserve developed and made publicly available extensive information regarding the terms and conditions of the TALF program. This information – including the detailed terms and conditions governing the facility and Frequently Asked Questions about the facility – is available at www.newyorkfed.org/markets/talf.html. In addition, data on the specific loan transactions, including the loan amount, interest rate, maturity, borrower name, and collateral, are available on the Board's public website, at www.federalreserve.gov/newsevents/reform_talf.htm. 1 Final Update On October 29, 2014, the final outstanding TALF loan was repaid in full. Over the life of the program, all TALF loans were repaid in full at or before their respective maturity dates, and as such, the FRBNY did not incur a loss on any TALF loan. On October 31, 2014, TALF LLC, a special purpose vehicle established specifically for the purpose of managing any collateral surrendered by TALF borrowers to the FRBNY, was dissolved and the FRBNY began the wind up process in accordance with and as required by Delaware law and the agreements governing TALF LLC. 1 On November 6, 2014, TALF LLC made its final distributions including final distributions to the Treasury and the FRBNY. 2 There are no longer any loans outstanding under the TALF program, or under any other lending facility authorized by the Board under section 13(3) of the Federal Reserve Act since March 1, 2008. Therefore, this report represents the Board’s final update pursuant to section 129(b) of EESA. 1 As all TALF loans were repaid in full, no TALF collateral was surrendered to the FRBNY, and TALF LLC acquired no such assets during its existence. 2 The Board authorized TALF LLC to make distributions from the accumulated fees and income earned by TALF LLC since inception to the Treasury and FRBNY in the amount by which such fees and income earned exceeded the current outstanding TALF loan balance plus funds reserved for future expenses of TALF LLC. Treasury received 90 percent of the monthly distributions and FRBNY received 10 percent. In the aggregate, TALF LLC paid a total of $745.7 million in such distributions. 2