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Press Release

Federal Reserve Press Release

Release Date: March 10, 2009

For immediate release

(Note: This release supersedes the release of 10 a.m. EDT March 10, 2009. The figures in the previous release for total propositions submitted, total propositions accepted and the bid/cover ratio have been revised to correct a processing error.)

On March 9, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 0.250 percent
     
Total propositions submitted: $117.872 billion
Total propositions accepted: $117.872 billion
Bid/cover ratio: 0.79
     
Number of bidders: 116

The awarded loans will settle on March 12, 2009, and will mature on April 9, 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. EDT on March 10, 2009. Participants have until 12:30 p.m. EDT on March 10, 2009, to inform their local Reserve Bank of any error.

 
Last update: March 10, 2009