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The US Federal Reserve (Fed) announced an expansion of its liquidity measures on Friday to counteract persistent liquidity pressures on term funding markets.
As of today May 5 the amounts auctioned to eligible depository institutions will increase from US$50 billion to US$75 billion.
The Fed also announced an expansion of the range of asset-backed securities allowed to be pledged in its Schedule 2 Term Securities Lending Facility: any triple A rated asset-backed securities will now be eligible.
The wider pool of collateral should promote improved financing conditions in a broader range of financial markets, the central bank said.
In addition to these measures the Fed also increased the sums it will offer the European Central Bank (ECB) and Swiss National Bank (SNB) to improve liquidity for those banks in Europe. The Fed will now provide amounts of up to US$50 billion (from US$30 billion) and US$12 billion (from US$6 billion) to the ECB and SNB.
Published: 05-05-08
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