While I fully understand and respect the concerns being raised, I am convinced that Ethiopia remains the most appropriate venue for AMLF
1013 for a number of reasons.
And the Tunis AMLF
declaration emphasized the need to continue focusing on
The Fed's total assets reached a peak in the second week of December 2008 and began to fall as the strain in the financial markets eased and the volume of Federal Reserve credit extended through the CPFF, AMLF
, and swap lines declined.
Treasury also provided a temporary guarantee on the share price of MMFs through the Temporary Guarantee Program for Money Market Funds and the Federal Reserve announced another lending program, the Money Market Investor Funding Facility (MMIFF), as a complement to the AMLF
intended to provide nonrecourse loans to money market funds.
Because money funds themselves are not eligible to borrow at the discount window, to borrow under AMLF
they first must sell ABCP to an eligible depository institution.
30 of the AMLF
, the Commercial Paper Funding Facility, the Money Market Investor Funding Facility, the Primary Dealer Credit Facility, and the Term Securities Lending Facility, which is established under the joint authority of the Board and the Federal Open Market Committee.
Total assets reflected in the TCE ratio also exclude commercial paper purchased under the AMLF
and cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves.
As permitted by bank regulations, risk-weighted assets exclude commercial paper purchased under the AMLF
was launched by the Federal Reserve on September 19, 2008.
Operating-basis results for the first quarter of 2009 excluded $(17) million in merger and integration costs associated with the Investors Financial acquisition and $7 million of net interest revenue associated with the Federal Reserve's AMLF
For example, several of the new facilities introduced by the Federal Reserve in the current crisis are available at the discretion of market participants (the PDCF, AMLF
, CPFF, MMIFF, and TALF), while others appear to have been structured to encourage market intermediation of credit.
The increased credit risk that the Fed accepted is attributable to the longer maturity of the loans (up to five years for TALF loans, for example), the nonrecourse nature of the loans in the case of the AMLF
and TALF, and the broader set of counterparties (any U.