Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

Purpose

The Federal Reserve prepares this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public. The Federal Reserve's statutory mandate in conducting monetary policy is to foster maximum employment and stable prices. Financial stability is a critical prerequisite for achieving sustainable economic growth and price stability, and the steps taken since the summer of 2007 were necessary to support the liquidity of important financial markets and institutions in light of the extraordinary strains in financial markets.

This report provides detailed information on the policy tools that have been implemented since the summer of 2007. It also provides financial reporting for 2009 through the third quarter. Figures for the full year of 2009 will be published in this report following the release of the audited financial statements of the Federal Reserve System.

In fulfillment of Section 129 of the Emergency Economic Stabilization Act of 2008, additional information on the status of certain credit facilities implemented in response to the financial crisis is included as Appendix A of this report. Information related to the Federal Reserve's temporary liquidity programs and facilities that have closed or expired is included in Appendix B of this report.

For prior editions of this report and other resources, please visit the Board's public website at www.federalreserve.gov/monetarypolicy/bst_reports.htm.

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