Federal Reserve press release
Today the Federal Reserve announced a few changes/improvements to the existing liquidity facilities recently created. The full press release can be viewed here. Below are the major changes:
1) Extension of the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) through January 30, 2009.
2) The introduction of auctions of options on $50 billion of draws on the TSLF.
3) The introduction of 84-day Term Auction Facility (TAF) loans as a complement to 28-day TAF loans.
4) An increase in the Federal Reserve’s swap line with the European Central Bank to $55 billion from $50 billion.