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The damaging effects of these fire sales led to the creation of the TSLF and the PDCF in March 2008.
Las acciones de la Reserva Federal para mejorar la liquidez del sistema bancario han sido, principalmente, la Term Auction Facility (TAF) y la Term Securities Lending Facility (TSLF).
The TALF was designed to support the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration, while also expanding the TAF and the TSLF. The creation of these programs resulted in a tremendous expansion of the Federal Reserve's balance sheet.
Table 1 (5) Estimated impact of selected emergency liquidity measures by major central banks Central banks Programmes Research paper ECB Frontloading policy Cassola and Huetl (2010) Increase open mar- Abbassi and Linzert (2011) ket operations Fed Term Securities Wu (2010) Lending Facility (TSLF) Term Auction Hrung and Seligman (2011) Facility (TAF) RBA Term repurchase Kearns (2009) Liquidity injection Central banks Key results ECB Policy reduces overnight interest rate (EONIA) by 23 basis points (bps).
(describing expiration or closing of MMIFF, AMLF, CPFF, and TSLF
and the Fed created the TSLF and the Primary Dealer Credit Facility
These included loans to primary dealers through the 28-day TSLF and the overnight PDCF and, through the TALF, to investors posting as collateral triple-A-rated asset-backed securities on student loans, auto loans, credit card loans, and Small Business Administration loans.
The Term Securities Lending Facility (TSLF) was a first step in targeting the drivers of the turmoil.
* The Federal Reserve announced schedules for operations under the Term Auction Facility (TAF) and the Term Securities Lending Facility (TSLF) through January 2010.
In March 2008, to address increasing liquidity pressures in funding markets, the Federal Reserve established the Term Securities Lending Facility (TSLF).
The second new facility, announced on March 7 and expanded on March 11, 2008, is the Term Security Lending Facility (TSLF), which began on March 27, 2008.
The two auction facilities, the Term Auction Facility (TAF) and the Term Securities Lending Facility (TSLF), were devised to efficiently provide liquidity support to depository institutions and primary dealers, respectively.
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- Tskhinvali region
- Tskhinvali region
- Tsleil-Waututh First Nation
- TSLP receptor