June 11, 2010
Federal Reserve offers $1 billion in 14-day term deposits through its Term Deposit Facility
For release at 1:00 p.m. EDT
On Monday, June 14, 2010, the Federal Reserve will offer $1 billion in 14-day term deposits through its Term Deposit Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation D, and the terms and conditions of the Term Deposit Facility.
Description of Offering and Competitive Auction Parameters
| TDF Auction ID: | A11 |
| Offering Amount: | $1,000,000,000 |
| Term: | 14 days |
| Auction Date: | Monday, June 14, 2010 |
| Opening Time: | 10:00 a.m. ET |
| Closing Time: | 3:00 p.m. ET |
| Notification Date: | Tuesday, June 15, 2010 |
| Settlement Date: | Thursday, June 17, 2010 |
| Maturity Date: | Thursday, July 1, 2010 |
| Competitive Auction Parameters | |
| Maximum Number of Bids: | 3 |
| Minimum Bid Amount (per bid): | $10,000 |
| Bid Increment: | $10,000 |
| Maximum Bid Amount (per institution): | $250,000,000 |
| Maximum Bid Rate: | 0.75000% |
| Incremental Bid Rate: | 0.00100% |
| Award Minimum Amount: | $10,000 |
| Award Maximum Amount: | $250,000,000 |
Competitive bids submitted at the stop-out rate will be pro-rated and 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.
Non-Competitive bids are allowed in this auction. All non-competitive bids will be automatically awarded in full at the stop-out rate of the competitive auction. The minimum amount for a non-competitive bid is $10,000; the maximum amount is $5,000,000 and should be submitted in increments of $10,000. Non-Competitive bids must be submitted between 10:00 a.m. ET and 3:00 p.m. ET on the auction date.
Submission of Bids
Participants must submit bids by accessing the Term Deposit Facility application between the opening time and the closing time on the auction date.
Notification
Summary auction results will be published on the Term Deposit Facility Resource Center page of the Central Bank Central website at approximately 12:00 p.m. ET on the notification date. Participant awards will be posted to the Term Deposit Facility application at approximately 12:00 p.m. ET on the notification date, and participants will be able to view their awards by accessing the Term Deposit Facility application.