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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

February 2011 (1.72 MB PDF)

Appendix B

Information about Closed and Expired Credit and Liquidity Facilities and Programs

During the financial crisis that emerged during the summer of 2007, the Federal Reserve took a number of important steps aimed at providing liquidity to important financial markets and institutions to support overall financial stability. Financial stability is a critical prerequisite for achieving sustainable economic growth, and all of the Federal Reserve's actions were directed toward achieving the Federal Reserve's statutory monetary policy objectives. Specifically, the Federal Reserve implemented a number of programs designed to support the liquidity of financial institutions and foster improved conditions in financial markets, and also extended credit to certain specific institutions and committed to extend credit to support systemically important financial firms.

As financial conditions have improved, the need for the broad-based facilities has dissipated, and most were closed in 2010. Specifically, on February 1, 2010, the Federal Reserve closed the AMLF, CPFF, the PDCF, and the TSLF. On April 26, 2010, all remaining commercial paper holdings of the CPFF matured, and the CPFF LLC was dissolved on August 30, 2010, following the payment of expenses and the termination or expiration of existing contractual agreements. Also in April 2010, the credit extended through the last Term Auction Facility (TAF) auction in March matured, marking the close of that facility.

The temporary liquidity swap arrangements between the Federal Reserve and other FCBs also expired on February 1, 2010. However, the Federal Reserve re-established temporary liquidity swap arrangements with a group of FCBs in May 2010 and subsequently authorized and extension of these arrangements in December 2010, enabling them to offer U.S. dollar liquidity to financial institutions in their jurisdictions through August 1, 2011. Information related to these arrangements can be found in the body of this report.

The Federal Reserve followed sound risk-management practices in administering all of these programs, incurred no credit losses on programs that have been wound down, and expects to incur no credit losses on the few remaining programs. These facilities were open to participants that met clearly outlined eligibility criteria; participation in them reflected the severe market disruptions during the financial crisis and generally did not reflect participants' financial weakness.

The Federal Reserve is committed to transparency and has previously provided extensive aggregate information on its facilities in this and other weekly reports. Background information about the closed and expired facilities previously included in this appendix, as well as detailed information on individual loans under the TAF and PDCF, including the identities of borrowers and descriptions of pledged collateral; detailed information on the commercial paper purchased by the CPFF, including the identities of issuers and the issuers' parents/sponsors; detailed information on AMLF loans, including the identities of money market mutual funds (MMMFs) that sold asset-backed commercial paper (ABCP) that was used as AMLF collateral; and information about the support provided to Citigroup and Bank of America, is now available on the Federal Reserve's public website. This detailed data can be downloaded in multiple formats at

Historical data related to these facilities, previously reported on the H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," which includes the weekly publication of the Federal Reserve's balance sheet, is available through the Data Download Program, available at The Data Download Program provides interactive access to Federal Reserve statistical data in a variety of formats. For prior editions of this report and other resources, please visit the Board's public website at

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Last update: August 2, 2013