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Figure 1: Participation of Banks in TDF Operations

Note: This figure shows the average participation rates of commercial banks in TDF operations with a maximum award amount of at least $10 billion. The horizontal axis measures bank assets and the vertical axis measures participation rates. We divide bank-operation pairs in intervals of total assets equal to 0.2ln(7) and depending on whether the operation has an EWF. Then, each point in the chart represents the average participation rate of all bank-operation pairs ij in each interval of assets and EWF status. The curves in the chart are third-order polynomials estimated separately for observations on each side of the $50 billion threshold and for operations with and without an EWF. The solid and the dashed curves show the polynomials estimated with data from operations with and without an EWF, respectively. To estimate these polynomials we restrict the sample to observations from banks with assets between $2 billion and $1,250 billion. The chart does not show observations from banks with assets above $350 billion to maintain the information on participation confidential.

	Participation Rate (Percentage points)
Total Assets ($ Billions)	Without Early Withdrawal Feature (EWF)	With EWF
1.2	0.6	0.6
1.8	0.9	1.4
2.7	4.2	1
4.0	0.4	1.3
5.9	0	1.7
8.7	1.9	2.5
12.8	9.9	17.4
18.9	18	16.2
27.9	3.1	20
41.2	0	0
60.7	15	42.5
89.6	11.9	16.7
132.3	19	40
195.2	29.2	40
288.1	31.3	37.5

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