Release Date: November 25, 2008
For release at 10:00 a.m. EST
On November 24, 2008, the Federal Reserve conducted an auction of $150 billion in 13-day credit through its Term Auction Facility. This was a forward auction designed to provide term funding over year-end--the awarded loans will settle on December 23, 2008. Following are the results of the auction:
|Stop-out rate:||0.380 percent|
|Total propositions submitted:||$31.075 billion|
|Total propositions accepted:||$31.075 billion|
|Number of bidders:||16|
The awarded loans will mature on January 5, 2009. The stop-out rate shown above will apply to all awarded loans.
Institutions that submitted winning bids will be contacted by their respective Reserve Banks by 11:30 a.m. EST on November 25, 2008. Participants have until 12:30 p.m. EST on November 25, 2008, to inform their local Reserve Bank of any error.