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翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Commercial Paper Funding Facility ： ウィキペディア英語版 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. == Explanation == The CPFF began operations on October 27, 2008 following the collapse of Lehman Brothers and government bailout of AIG and the global credit freeze that ensued. The CPFF method of short-term funding provided liquidity to U.S. issuers of commercial paper through a special purpose vehicle, aka SPV, which bought unsecured and asset-backed commercial paper for 3-month period from eligible issuers with funds made available by the NY Fed. The commercial paper remained in the custody of the SPV till the CP matured. On maturity, the proceeds from commercial paper and other assets were used to repay the loan that was originally taken from the NY Fed. All purchases of the Commercial Papers by the SPV was done through the New York Fed’s primary dealers. This program lent out a total $738 billion before it was closed. 45 out 81 of the companies participating in this program were foreign firms. Research shows that Troubled Asset Relief Program (TARP) recipients were twice as likely to participate in the program than other commercial paper issuers who did not take advantage of the TARP bailout. The Fed incurred no losses from the CPFF.〔Wilson, Linus and Wu, Yan, Does Receiving TARP Funds Make it Easier to Roll Your Commercial Paper Onto the Fed? (August 22, 2011). Available at SSRN: http://ssrn.com/abstract=1911454〕 This program was created at the same time that the Federal Deposit Insurance Corporation implemented the Temporary Liquidity Guarantee Program to increase liquidity in inter-bank lending. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Commercial Paper Funding Facility」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.