November 09, 2011

Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility

For release at 1:00 p.m. EST

On Monday, November 14, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. As noted in the Federal Reserve Board's September 8, 2010 release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations.  Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation D, and the terms and conditions of the Term Deposit Facility (

Description of Offering and Competitive Auction Parameters

TDF Auction ID:        A21
Offering Amount: $5,000,000,000
Term:   28 days
Auction Date: Monday, November 14, 2011
Opening Time: 10:00 a.m. ET
Closing Time: 2:00 p.m. ET
Notification Date: Tuesday, November 15, 2011
Settlement Date: Thursday, November 17, 2011
Maturity Date: Thursday, December 15, 2011
Competitive Auction Parameters  
Maximum Number of Bids: 3
Minimum Bid Amount (per bid): $10,000
Bid Increment: $10,000
Maximum Bid Amount (per institution): $1,250,000,000
Maximum Bid Rate: 0.75000%
Incremental Bid Rate: 0.00100%
Award Minimum Amount: $10,000
Award Maximum Amount:    $1,250,000,000


Competitive bids submitted at the stop-out rate will be pro-rated and will be rounded to multiples of $10,000.  Normal rounding convention will be used, except that awards under $10,000 will be rounded to $10,000.

Non-Competitive bids are allowed in this auction.  All non-competitive bids will be automatically awarded in full at the stop-out rate of the competitive auction.  The minimum amount for a non-competitive bid is $10,000; the maximum amount is $5,000,000 and should be submitted in increments of $10,000.  Non-Competitive bids must be submitted between 10:00 a.m. ET and 2:00 p.m. ET on the auction date.

Submission of Bids
Participants must submit bids by accessing the Term Deposit Facility application ( between the opening time and the closing time on the auction date.

Summary auction results will be published on the Board of Governors' website ( at approximately 12:00 p.m. (noon) ET on the notification date.  Soon after, results will be posted on the Term Deposit Facility Resource Center page of the Central Bank Central website (  Participant awards will be posted to the Term Deposit Facility application at approximately 12:00 p.m. ET on the notification date, and participants will be able to view their awards by accessing the Term Deposit Facility application.

Last Update: November 09, 2011