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Term auction facility
(詳細はUnited States Federal Reserve designed to "address elevated pressures in short-term funding markets." Under the program the Fed auctions collateralized loans with terms of 28 and 84 days to depository institutions that are "in generally sound financial condition" and "are expected to remain so over the terms of TAF loans." Eligible collateral is the same as that accepted for discount window loans and includes a wide range of financial assets. The program was instituted in December 2007 in response to problems associated with the subprime mortgage crisis and was motivated by a desire to address a widening spread between interest rates on overnight and term (longer than overnight) interbank lending, indicating a retreat from risk-taking by banks. The action was in coordination with simultaneous and similar initiatives undertaken by the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank.
==Credit Crunch==
(詳細はsubprime crisis began to spread to sectors outside mortgage and real-estate finance. The ECB began distributing funds through a discount window or fine-tuning operation. By August 9, the ECB lent €95 billion ($112 billion in the days conversion) to EU banks, and the Fed distributed $12 billion through repo operations.〔(The Street August 9, 2007 )〕〔(International Herald Tribune August 10, 2007 )〕 Empirical results indicate that the Term Auction Facility had a strong effect in reducing financial strains in the inter-bank money market, primarily through relieving financial institutions' liquidity concerns.〔(Federal Reserve Bank of Dallas, ''On the Effectiveness of the Federal Reserve's New Liquidity Facilities'', May 2008 )〕
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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