The Fed has put up a backstop for banks, making $25 billion available to banks to ensure they have enough liquidity to cover depositors.
, the Federal Reserve said it created a $25 billion Bank Term Funding Program offering loans of up to one year to “banks, savings associations, credit unions, and other eligible depository institutions.”
Eligible firms must pledge U.S. Treasurys, agency debt and mortgage-backed securities or other “qualifying assets” as collateral, which will be valued “at par” — the price at which the assets were issued. The Fed added it would be an “additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.”1 year guaranteed liquidity at Fed Funds plus 10 bps posting collateral deep in the mud but valued at par.
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