Accessible Version
Central bank liquidity facilities around the world, Accessible Data
Figure 1. Functions of central bank facilities
The figure classifies the lending facilities of nine central banks into four types:
- Intraday (green)
- Business-as-usual Overnight Liquidity (blue)
- Stress-related Temporary Liquidity (purple)
- ELA (orange)
The nine central banks are: Reserve Bank of Australia (RBA), Banco Central do Brazil (BCB), Bank of Canada (Boc), European Central Bank (ECB), Bank of Japan (BoJ), Banco de Mexico (BdM), Riksbank, Bank of England (BoE), and Federal Reserve (Fed).
The facilities of each central bank are represented by horizontally aligned boxes, which are assigned one or multiple colors.
In the following, each central bank is listed with the facilities that are shown from left to right and the colors/types that are assigned to each facility:
- RBA: Intraday (green), Overnight Standing Repo Facility (blue and purple), ELA (orange)
- BCB: Intraday (green), Rediscount Operations (blue), Immediate Liquidity Facility (purple), Term Liquidity Facility (purple and orange)
- BoC: Intraday (green), Standing Liquidity Facility (blue), Standing Term Liquidity Facility (purple), ELA (orange)
- ECB: Intraday (green), Marginal Lending Facility (blue and purple), ELA (orange)
- BoJ: Intraday (green), Complementary Lending Facility (blue), Prudential Policy Loans (purple) and Special Loans (orange)
- BdM: Intraday (green), Permanent Facility of Liquidity (purple), ELA (orange)
- Riksbank: Intraday (green), Standing Lending Facility (blue), Supplementary Liquidity Facility (blue and purple), ELA (orange)
- Bank of England: Intraday (green), Operational Standing Facility (blue), Discount Window (blue and purple), ELA (orange)
- Federal Reserve: Intraday (green), Discount Window: Primary Credit (blue and purple), Discount Window: Secondary Credit (purple and orange)
Figure 2. Trade-off Frontier
The chart shows a two-dimensional graph with a y-axis titled “Stigma” and an x-axis titled “Moral Hazard”. The graph has a line forming a quarter circle from the middle of the y-axis to the middle of the x-axis which is labeled “Trade-off Frontier”. There are two points indicated and labeled on the circle. One point is on the upper left part of the quarter-circle and is titled “Backstop?”. The other point is located on the bottom right part of the quarter-circle and is titled “BAU?”. The zero origin of the graph is labeled “CB objective”.