Fed Releases Bailout Data
Release Date: December 1, 2010
For immediate release
The Federal Reserve Board on Wednesday posted detailed
information on its public website about more than 21,000 individual
credit and other transactions conducted to stabilize markets during the
recent financial crisis, restore the flow of credit to American families
and businesses, and support economic recovery and job creation in the
aftermath of the crisis.
Many of the transactions, conducted through a variety of
broad-based lending facilities, provided liquidity to financial
institutions and markets through fully secured, mostly short-term loans.
Purchases of agency mortgage-backed securities (MBS) supported mortgage
and housing markets, lowered longer-term interest rates, and fostered
economic growth. Dollar liquidity swap lines with foreign central banks
helped stabilize dollar funding markets abroad, thus contributing to the
restoration of stability in U.S. markets. Other transactions provided
liquidity to particular institutions whose disorderly failure could have
severely stressed an already fragile financial system.
As financial conditions have improved, the need for the
broad-based facilities has dissipated, and most were closed earlier this
year. 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
The Federal Reserve is committed to transparency and has
previously provided extensive aggregate information on its facilities in
weekly and monthly reports. As provided by the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010, transaction-level details
now are posted from December 1, 2007, to July 21, 2010, in the following
- Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF)
- Term Asset-Backed Securities Loan Facility (TALF)
- Primary Dealer Credit Facility (PDCF)
- Commercial Paper Funding Facility (CPFF)
- Term Securities Lending Facility (TSLF)
- TSLF Options Program (TOP)
- Term Auction Facility (TAF)
- Agency MBS purchases
- Dollar liquidity swap lines with foreign central banks
- Assistance to Bear Stearns, including Maiden Lane
- Assistance to American International Group, including Maiden Lane II and III
Additionally, discount window and open market operation
transactions after July 21, 2010, will be posted with a two-year lag.
The data made available Wednesday can be downloaded in multiple formats, including Excel, at www.federalreserve.gov/newsevents/reform_transaction.htm.
The Excel files allow users to search, sort, and filter the data for
each program in multiple categories. The site also provides explanations
of each program as well as definitions for the data elements.
In the case of broad-based facilities, details provided include
the name of the borrower, the amount borrowed, the date the credit was
extended, the interest rate charged, information about collateral, and
other relevant credit terms. Similar information is provided for the
draws of foreign central banks on their dollar liquidity swap lines with
the Federal Reserve. For agency MBS transactions, details include the
name of the counterparty, the security purchased or sold, and the date,
amount, and price of the transaction.