Primary Dealer Credit Facility - Changes To The Facility

Changes To The Facility

On July 30, 2008, the Federal Reserve announced several actions to further increase liquidity, including an extension of the Primary Dealer Credit Facility, through January 30, 2009. On September 14, 2008, in the wake of the collapse of Lehman Brothers, the Federal Reserve announced plans to expand the collateral eligible at the PDCF to include all collateral eligible in tri-party repurchase agreements with the major clearing banks. Originally, only investment-grade debt securities were accepted as collateral through the PDCF. On December 2, 2008, the Federal Reserve announced a further extension of the PDCF through April 30, 2009.