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Primary Dealer Credit Facility
On March 17, 2008, in response to the subprime mortgage crisis and the collapse of Bear Stearns, the Federal Reserve announced the creation of a new lending facility, the Primary Dealer Credit Facility (PDCF). Eligible borrowers include all financial institutions listed as primary dealers, and the term of the loan is a repurchase agreement, or "repo" loan, whereby the broker dealer sells a security in exchange for funds through the Fed's discount window. The security in question acts as collateral, and the Federal Reserve charges an interest rate equivalent to the Fed's primary credit rate.〔FRBNY.("Federal Reserve Bank of New York, Primary Dealer Credit Facility FAQ" ). Retrieved March 20, 2008.〕 The facility was intended to improve the ability of broker dealers to access liquidity in the overnight loan market that banks use to meet their reserve requirements.〔FRBNY. ("Understanding Changes to Fed Liquidity Provision" ), May 2008. Retrieved January 30, 2009.〕
The creation of the Primary Dealer Credit Facility constitutes the first time in the history of the Federal Reserve that the Fed has lent directly to investment banks, and it reflects the severity of the financial crisis perceived by Federal Reserve Chairman Ben Bernanke.〔(Portfolio:Should the Fed lend to Investment Banks? ). Retrieved January 30, 2009.〕 Non-bank institutions such as investment banks exist outside the Fed's regulatory structure. A full detail of the nominal value of loans outstanding through the PDCF is available in the Federal Reserve's public balance sheet.〔(Federal Reserve, factors supplying reserve balances ). Retrieved January 30, 2009.〕
During the first three days the facility was open, an average of $13.3 billion was borrowed daily with $28.8 billion in loans outstanding.〔(Forbes ) Thomson Financial News, Investors borrow 28.8 bln usd from Fed's new primary dealer credit facility, Retrieved March 20, 2008〕〔(The Wall Street Journal ), Wall Street Taps Fed's New Loan Program, Sudeep Reddy, March 21, 2008, p. A3, accessed March 21, 2008〕 Lending activity peaked in the first week of October 2008, averaging around $150 billion daily. The facility closed on February 1, 2010. According to the Federal Reserve, all loans extended under this facility were repaid in full, with interest, in accordance with the terms of the facility. In total, $8.95 trillion in loans were made through the Facility.〔() Federal Reserve Transaction data. Retrieved June 23, 2011.〕
==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.〔Federal Reserve.("Press Release, July 30, 2008" ). Retrieved 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.〔Federal Reserve.("Press Release, September 14, 2008" ). Retrieved January 30, 2009.〕 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.〔Federal Reserve.("Press Release, December 2, 2008" ). Retrieved January 30, 2009.〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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