Commercial Paper Funding Facility

Commercial Paper Funding Facility (CPFF) was a system created by the United States Federal Reserve Board during the Global financial crisis of 2008 to improve liquidity in the short-term funding markets. The CPFF was created on October 27, 2008 and funded a special purpose vehicle (SPV) that purchased three-month unsecured and asset-backed commercial paper (CP) from eligible issuers. This resulted in greater availability of credit for firms doing business. It worked under the aegis of the Federal Reserve Bank of New York where the NY Fed finances the purchase of highly-rated unsecured and asset-backed commercial paper from eligible issuers via eligible primary dealers. The facility expired February 1, 2010. The final CP purchased matured on April 26, 2010. All CP notes purchased were repaid in full.

Read more about Commercial Paper Funding Facility:  Explanation, Eligibility

Famous quotes containing the words commercial, paper and/or facility:

    The commercial class has always mistrusted verbal brilliancy and wit, deeming such qualities, perhaps with some justice, frivolous and unprofitable.
    Dorothy Nevill (1826–1913)

    The world is a funny paper read backwards. And that way it isn’t so funny.
    Tennessee Williams (1914–1983)

    In progress of time, when my mind was, as it were, strongly impregnated with the Johnsonian æther, I could, with much more facility and exactness, carry in my memory and commit to paper the exuberant variety of his wit and wisdom.
    James Boswell (1740–1795)