In a regime of FRFA, banks could borrow the liquidity that they needed, but only against adequate collateral subject to varying haircuts and only if they were financially sound.
Reverse lending operations ("Repos"): 1/ Refinancing operations MPOs (Aug 2007 onward) x MROs at FRFA (Aug 2007 onward) x LTROs (3 months) at FRFA (Aug 2007 x onward) LTROs (6 months) at FRFA (March 2008 x onward) Supplementary LTROs at 1 year x Very long LTROs at 3 years (Nov 11 and Dec x 12) TLTROs (June 2014 and max maturity Sep.
La FRFA, junto con la ampliacion de garantias han sido estudiadas porCIccarelli, Maddaloni y Peydro (201 3), por Lenza, Pili y Relchlin (2010) y Fahr, Motto, Rostagno, Smets y Tristani (2011), y aquella y el cambio del ratio LTRO/MRO son analizados por Carpenter et al (201 3).
(201 3) estiman el efecto de la FRFA por tipo de pais--junto con ampliacion de garantias y el aumento de plazo de las LTRO hasta un anomediante regresiones con variables dependientes la cuantia de LTRO y ciertas variables de la Bank Lending Survey (BLS), entre 2002:04 y 2011 :Q3.
Bini Smaghi (2009) calls the FRFA liquidity policy "endogenous credit easing" because banks' demand for liquidity at the fixed-rate tender determines liquidity.
The SFSOs, like the ECB's FRFA repurchase agreement (repo) auctions, constituted QE because they increased the monetary base.
Based on the test results, the inclusion of the fiber resulted in the increase in the Marshall stability of the FRFA compared to that of the RFA mixture which failed at 60[degrees]C and that of SRFA and RHMA is comparable.
The wet and dry ratio of the indirect tensile strength of the FRFA mixtures improved compared to that of the RFA mixtures and less comparable to the other RFA mixtures.
(338) Among other things, the FRFA
must address the
2001) ("Purely procedural, however, RFA section 604 requires nothing more than that the agency file a FRFA
[Final Regulatory Flexibility Analysis] demonstrating a 'reasonable, good-faith effort to carry out [RFA's] mandate.'" (second bracket in orig.)).
(11) As explained earlier in Footnote 6, this ECB tender procedure to inject liquidity into the money market was called the FRFA
procedure and was formally started on 13 October 2008.
(49) SBREFA amended section 611 of the RFA to allow small entities to obtain judicial review of an agency's noncompliance with sections 601 (definitions of small entities), 604 (FRFAs
), 605(b) (certifications), 608(b) (waiver of FRFAs
) and 610 (periodic review of existing rules) of the Act.