Board of Governors of the Federal Reserve System

Term Securities Lending Facility

The Term Securities Lending Facility (TSLF) was a weekly loan facility that promoted liquidity in Treasury and other collateral markets and thus fostered the functioning of financial markets more generally. The program offered 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 were awarded to primary dealers based on a competitive single-price auction. The TSLF was announced on March 11, 2008, and the first auction was conducted on March 27, 2008. The TSLF was closed on February 1, 2010.

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Related Press Releases

• Federal Reserve announces Term Auction Facility (TAF) and Term Securities Lending Facility (TSLF) schedules through January 2010 (September 24, 2009)
• Federal Reserve announces extensions of and modifications to a number of its liquidity programs (June 25, 2009)
• Federal Reserve announces extension through October 30, 2009, of its existing liquidity programs that were scheduled to expire on April 30, 2009 (February 3, 2009)
• Federal Reserve announces the extension of three liquidity facilities through April 30, 2009 (December 2, 2008)