Annual Report 2011
|Reserve Bank||Primary credit||Secondary credit||Seasonal credit|
Note: For details on rate changes over the course of 2011, see the section on discount rates in the chapter "Record of Policy Actions of the Board of Governors". Primary credit is available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. Secondary credit is available in appropriate circumstances to depository institutions that do not qualify for primary credit. Seasonal credit is available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intra-yearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged by market sources of funds and is reestablished on the first business day of each two-week reserve maintenance period.