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Credit and Liquidity Programs Archive

The following liquidity facilities were authorized and created by the Board of Governors of the Federal Reserve System under Section 13(3) of the Federal Reserve Act to provide liquidity during a time of financial stress.

Lending Facilities

Commercial Paper Funding Facility The Commercial Paper Funding Facility (CPFF), created in October 2008, provided liquidity in short-term funding markets, thereby contributing to greater availability of credit for businesses and households. The facility expired on February 1, 2010. The CPFF commenced on October 27, 2008 and expired on February 1, 2010.

Money Market Investor Funding Facility The Money Market Investor Funding Facility (MMIFF), created in October 2008, supported a private-sector initiative to provide liquidity to U.S. money market investors. The facility expired on October 30, 2009. The MMIFF commenced on November 24, 2008 and expired on October 30, 2009.

Primary Dealer Credit Facility The Primary Dealer Credit Facility (PFCF), created in March 2008, provided overnight funding to primary dealers in exchange for a specified range of eligible collateral. The facility expired on February 1, 2010. The PDCF commenced on March 16, 2008 and expired on February 1, 2010.

Term Securities Lending Facility Term Securities Lending Facility (TSLF), created in March 2008, provided general collateral financing to promote liquidity in Treasury and other collateral markets. The facility expired on February 1, 2010. The TSLF Options Program, created in July 2008 and suspended in October 2009, offered options to borrow Treasury securities against program-eligible collateral over a short term that crossed key financing dates. The TSLF commenced on March 27, 2008 and expired on February 1, 2010.