US banks tap $11.8 billion from new Fed facility

Fed set up Bank Term Funding Program in wake of Silicon Valley Bank’s collapse

Central banks and securities lending: A lever for monetary policy and liquidity management

The US Federal Reserve made loans of $11.8 billion by March 15 under its new new liquidity facility, the Bank Term Funding Program.

The Fed made the BTFP operational on March 12, in the wake of Silicon Valley Bank’s collapse. It published data on the programme’s first days on March 16.

The programme offers one-year loans to depository institutions that pledge high-quality assets as collateral.

The rate for term advances from the BTFP is the one-year overnight index swap rate plus an

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