Emergency lending facilities and unconventional tools (2007-2012)

1. Fed announces Term Auction Facility (TAF)

   Dec 12, 2007Labels: Term Auction, Federal Reserve

   • Fed History
   • Fed TAF

2. Fed expands central bank dollar swap lines

   Mar 11, 2008Labels: Dollar swap, Federal Reserve

   • FOMC Minutes
   • Minneapolis Fed

3. Fed establishes Term Securities Lending Facility (TSLF)

   Mar 11, 2008Labels: Term Securities, Primary dealers

   • Fed MPR
   • FOMC Minutes

4. Fed authorizes Primary Dealer Credit Facility (PDCF)

   Mar 16, 2008Labels: Primary Dealer, Primary dealers

   • Fed MPR
   • Fed CLBS

5. New York Fed extends credit to Maiden Lane LLC

   Jun 26, 2008Labels: Maiden Lane, New York

   • Fed H 4
   • Fed CLBS

6. Fed creates Asset-Backed Commercial Paper facility (AMLF)

   Sep 19, 2008Labels: AMLF, Money market

   • Fed AMLF
   • Fed MPR

7. Fed announces Commercial Paper Funding Facility (CPFF)

   Oct 7, 2008Labels: Commercial Paper, Special purpose

   • Fed MPR
   • Fed CLBS

8. Fed announces Money Market Investor Funding Facility (MMIFF)

   Oct 21, 2008Labels: MMIFF, Money market

   • Fed Release
   • Fed OIG

9. Fed announces first large-scale asset purchases (LSAP1)

   Nov 25, 2008Labels: LSAP1, Mortgage-backed securities

   • Fed Timeline
   • Treasury TALF

10. Fed announces Term Asset-Backed Securities Loan Facility (TALF)

    Nov 25, 2008Labels: TALF, Asset-backed securities

    • Treasury TALF
    • Fed OIG

11. New York Fed begins extending credit to Maiden Lane III

    Nov 25, 2008Labels: Maiden Lane, New York

    • Fed H 4
    • Fed CLBS

12. FOMC expands LSAP1 to include Treasuries

    Mar 18, 2009Labels: LSAP expansion, FOMC

    • Fed Timeline
    • NY Fed Policy

13. Fed expands TALF collateral to include CMBS

    May 1, 2009Labels: TALF collateral, CMBS

    • Fed Release
    • GAO TALF

14. Temporary crisis lending facilities close as markets improve

    Feb 1, 2010Labels: Facility closures, Federal Reserve

    • Fed CLBS
    • Fed AMLF

15. TAF holds final auction; credit matures April 8

    Mar 8, 2010Labels: TAF final, Federal Reserve

    • Fed Release
    • Fed TAF

16. FOMC re-establishes temporary dollar swap lines in Europe

    May 10, 2010Labels: Dollar swap, FOMC

    • Fed Release
    • Minneapolis Fed

17. TALF closes to new lending

    Jun 30, 2010Labels: TALF closure, Federal Reserve

    • Treasury TALF
    • GAO Governance

18. FOMC launches second Treasury purchase program (QE2)

    Nov 3, 2010Labels: QE2, FOMC

    • Fed Materials
    • NY Fed Facts

19. FOMC begins Maturity Extension Program (“Operation Twist”)

    Sep 21, 2011Labels: Maturity Extension, Operation Twist

    • Fed Materials
    • FOMC Minutes

20. Coordinated action lowers swap line pricing; extends to 2013

    Nov 30, 2011Labels: Swap line, Major central

    • Fed Annual
    • FOMC Minutes

21. Maturity Extension Program concludes; crisis toolkit largely winds down

    Jun 30, 2012Labels: MEP conclusion, Federal Reserve

    • Fed Materials
    • Fed CLBS