PrintPress Release
Release Date: December 15, 2008
For release at 10:00 a.m. EDT
On December 15, 2008, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility (www.federalreserve.gov/monetarypolicy/taf.htm).
Description of Offering and Auction Parameters
| Offering Amount: | $150 billion |
| Term: | 28-day loan |
| Bid Submission Date: | December 15, 2008 |
| Opening Time: | 11:00 a.m. EST |
| Closing Time: | 12:30 p.m. EST |
| Notification Date: | December 16, 2008 |
| Settlement Date: | December 18, 2008 |
| Maturity Date: | January 15, 2009 |
| Minimum Bid Amount (per bid): | $5 million |
| Bid Increment: | $100,000 |
| Maximum Bid Amount (per institution): | $15 billion (10% of Offering Amount) |
| Minimum Bid Rate: | 0.28 percent |
| Incremental Bid Rate: | 0.001 percent |
| Minimum Award: | $10,000 |
| Maximum Award: | $15 billion (10% of Offering Amount) |
Submission of Bids
Participants must submit bids by phone to their local Reserve Bank between the opening time and closing time on the bid submission date.
Notification
Summary auction results will be published on the website of the Board of Governors of the Federal Reserve System (www.federalreserve.gov/monetarypolicy/taf.htm) at approximately 10:00 a.m. EST on the notification date. Between 10:00 a.m. and 11:30 a.m. EST on the notification date, Reserve Banks will notify individual institutions in their districts that have submitted winning bids of their awards. Participants have until 12:30 p.m. EST on the notification date to inform their local Reserve Bank of any error.
Rounding Convention
Pro rata awards will be rounded to multiples of $10,000. Normal rounding convention will be used, except that awards under $10,000 will be rounded to $10,000.
