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:
“From a commercial point of view, if Christmas did not exist it would be necessary to invent it.”
—Katharine Whitehorn (b. 1926)
“Two heavy trestles, and a board
Where Sato’s gift, a changeless sword,
By pen and paper lies,
That it may moralise
My days out of their aimlessness.”
—William Butler Yeats (1865–1939)
“The three great ends which a statesman ought to propose to himself in the government of a nation, are,—1. Security to possessors; 2. Facility to acquirers; and, 3. Hope to all.”
—Samuel Taylor Coleridge (1772–1834)