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Fed expanding securities lending program
By Ruth Mantell
Last update: 8:31 a.m. EDT March 11, 2008
WASHINGTON (MarketWatch) --
To promote liquidity and "foster the functioning of financial markets more generally," the Federal Reserve said Tuesday it's expanding its securities lending program.
The Fed will lend up to $200 billion of Treasury securities to primary dealers secured for a term of 28 days, rather than overnight, as in the existing program. Securities will be made available through an auction process. Auctions will be held on a weekly basis, beginning on March 27. The Federal Open Market Committee has also authorized increases in its temporary reciprocal currency arrangements with the European Central Bank and the Swiss National Bank.
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