The Term Securities Lending Facility: Origin, Design, and Effects

The Federal Reserve launched the Term Securities Lending Facility (TSLF) in 2008 to promote liquidity in the funding markets and improve the operation of the broader financial markets. The facility increases the ability of dealers to obtain cash in the private market by enabling them to pledge secur...

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Veröffentlicht in:	Current issues in economics and finance 2009-02, Vol.15 (2), p.1-10
Hauptverfasser:	Fleming, Michael J, Hrung, Warren B, Keane, Frank M
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset acquisitions Assets Auctions Central banks Collateral Credit risk Federal Reserve monetary policy Federal reserve system Finance Funding Funds Interest rates Loans Markets Repurchase agreements Securities Securities lending Securities markets Statistical data Studies Treasuries Treasury
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Beschreibung
Zusammenfassung:	The Federal Reserve launched the Term Securities Lending Facility (TSLF) in 2008 to promote liquidity in the funding markets and improve the operation of the broader financial markets. The facility increases the ability of dealers to obtain cash in the private market by enabling them to pledge securities temporarily as collateral for Treasuries, which are relatively easy to finance. The TSLF thus reduces the need for dealers to sell assets into illiquid markets as well as lessens the likelihood of a loss of confidence among lenders. [PUBLICATION ABSTRACT]
ISSN:	1936-2374 2163-4513