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Term Securities Lending Facility

In addition to the daily Securities Lending program, the Bank provides Treasury general collateral financing through a weekly Term Securities Lending Facility (TSLF) to promote liquidity in Treasury and other collateral markets and thus foster the functioning of financial markets more generally. The program offers Treasury securities held by the System Open Market Account (SOMA) for loan over a one-month term against other program-eligible general collateral. Securities loans are awarded to primary dealers based on a competitive single-price auction held on Thursdays at 2:00 pm eastern standard time.

News and announcements

Federal Reserve, European Central Bank and Swiss National Bank announce an expansion of liquidity measures May 2, 2008

New York Fed Announces Modifications to Terms and Conditions of Term Securities Lending Facility March 20, 2008

New York Fed to Discuss TSLF Terms and Conditions with Primary Dealers March 13, 2008

Statement Regarding System Open Market Account Activity March 11, 2008

Federal Reserve announces expansion of its securities lending program March 11, 2008