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Board of Governors of the Federal Reserve System
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Press Release

Federal Reserve Press Release

Release Date: November 25, 2008

For release at 10:00 a.m. EST

On November 24, 2008, the Federal Reserve conducted an auction of $150 billion in 13-day credit through its Term Auction Facility. This was a forward auction designed to provide term funding over year-end--the awarded loans will settle on December 23, 2008. Following are the results of the auction:

Stop-out rate: 0.380 percent
Total propositions submitted: $31.075 billion
Total propositions accepted: $31.075 billion
Bid/cover ratio: 0.21
Number of bidders: 16

The awarded loans will mature on January 5, 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. EST on November 25, 2008. Participants have until 12:30 p.m. EST on November 25, 2008, to inform their local Reserve Bank of any error.

Last update: November 25, 2008