Credit and Liquidity Programs and the Balance Sheet
- Crisis response
- Fed's balance sheet
- Fed financial reports
- Federal Reserve liabilities
- Recent balance sheet trends
- Open market operations
- Central bank liquidity swaps
- Lending to depository institutions
- Lending to primary dealers
- Other lending facilities
- Support for specific institutions
Reports and disclosures
Disclosures of Detailed Information on Liquidity Programs and Open Market Operations
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") was signed into law. The Dodd-Frank Act included changes that were designed to promote transparency while protecting monetary policy independence and the efficacy of the Federal Reserve’s liquidity programs and open market operations (OMOs).
As required by the Dodd-Frank Act, on December 1, 2010, the Federal Reserve disclosed detailed information about (i) entities that received loans or other financial assistance under a Section 13(3) credit facility between December 1, 2007, and July 21, 2010; and (ii) persons or entities that participated in the agency mortgage-backed securities (MBS) purchase program, used foreign currency liquidity swap lines, or borrowed through the Term Auction Facility (TAF) during that time frame. This information includes:
- The identity of the entities provided financial assistance under the facility;
- The type of financial assistance provided;
- The value or amount of the assistance;
- The date on which the assistance was provided;
- The specific terms of any repayment expected, including the repayment time period, interest charges, collateral, limitations on executive compensation or dividends, and other material terms; and
- The specific rationale for the facility.
The Federal Reserve's disclosure about these transactions is available at www.federalreserve.gov/newsevents/reform_transaction.htm.
Federal Reserve Lending Disclosures
Testimony by Scott G. Alvarez, General Counsel, Board of Governors of the Federal Reserve System, and Thomas C. Baxter, General Counsel, Federal Reserve Bank of New York, June 1, 2011
The Dodd-Frank Act also established a framework for the delayed disclosure of information on entities that, after July 21, 2010, received a loan from the discount window under Section 10B of the Federal Reserve Act or from a Section 13(3) facility, or participated in OMO transactions. Generally, this framework requires the Federal Reserve to publicly disclose certain information about these discount window borrowers and OMO counterparties approximately two years after the relevant loan or transaction; information about borrowers under future Section 13(3) facilities will be disclosed one year after the authorization for the facility is terminated. The Federal Reserve's disclosures under this framework began on September 28, 2012, and are available at www.federalreserve.gov/newsevents/reform_quarterly_transaction.htm.
Quarterly Reports on Federal Reserve Balance Sheet Developments
The Federal Reserve prepares this quarterly report as part of its efforts to enhance transparency about its balance sheet, financial information, and monetary policy tools, and to ensure appropriate accountability to the Congress and the public.
Federal Reserve System Monthly Reports on Credit and Liquidity Programs and the Balance Sheet
The Federal Reserve prepared these monthly reports from June 2009 to August 2012 as part of its efforts to enhance transparency in connection with its various programs to foster market liquidity and financial stability and to ensure appropriate accountability to the Congress and the public concerning policy actions taken to address the financial crisis. The reports provided detailed information on the new policy tools that were implemented starting in the summer of 2007.
The Federal Reserve files these reports with Congress pursuant to section 129(b) of the Emergency Economic Stabilization Act of 2008. The reports provide updates concerning the lending facilities established by the Board under section 13(3) of the Federal Reserve Act that are currently outstanding.
- January 17, 2014 (PDF)
- November 22, 2013 (PDF)
- September 27, 2013 (PDF)
- August 2, 2013 (PDF)
- June 7, 2013 (PDF)
- April 12, 2013 (PDF)
- February 15, 2013 (PDF)
- December 21, 2012 (PDF)
- October 26, 2012 (PDF)
- From October 2009 to August 2012, the Board incorporated these reports into the "Monthly Report on Credit and Liquidity Programs and the Balance Sheet."
- August 25, 2009 (PDF)
- June 26, 2009 (PDF)
- April 27, 2009 (PDF)
- February 25, 2009 (PDF)
- December 29, 2008 (PDF)
- Secured Credit Facility Authorized for American International Group, Inc., on September 16, 2008 (PDF)
- Securities Borrowing Facility for American International Group, Inc., on October 6, 2008 (PDF)
- Restructuring of the Government's Financial Support to American International Group, Inc., on November 10, 2008 (PDF)
- Restructuring of the Government's Financial Support to American International Group, Inc., on March 2, 2009 (PDF)
Bank of America
- Authorization to Provide Residual Financing to Bank of America Corporation Relating to a Designated Asset Pool (PDF)
- Loan To Facilitate the Acquisition of The Bear Stearns Companies, Inc. by JPMorgan Chase & Co. (PDF)
- Bridge Loan to The Bear Stearns Companies Inc. Through JPMorgan Chase Bank, N.A. (PDF)
- Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (PDF)
- Commercial Paper Funding Facility (PDF)
- Money Market Investor Funding Facility (PDF)
- Primary Dealer Credit Facility and Other Credit for Broker-Dealers (PDF)
- Term Asset-Backed Securities Loan Facility (PDF)
- Term Securities Lending Facility (PDF)