Originally set to expire October 31, 2009, the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility ("AMLF"), the Commercial Paper Funding Facility ("CPFF"), the Primary Dealer Credit Facility ("PDCF"), and the Term Securities Lending Facility ("TSLF") were extended through February 1, 2010.
The category includes repurchase agreements, primary credit, foreign currency swaps, the Term Auction Facility (TAF), the Primary Dealer Credit Facility (PDCF), securities lent to dealers (including the Term Securities Lending Facility or TSLF), and credit extended to AIG.
8 trillion)
AMLF: Asset backed commercial paper (ABCP) Money market mutual fund (MMMF) Liquidity Facility
PDCF: Primary Dealer Credit Facility (Expanded Greatly)
AIG: AIG bailout
TAF: Term Auction Facility (Bail out for Banks, and GSE's with bad assets)
To legitimize the process, the Fed puts
- Toxic mortgage notes it bought as "assets,"
- Money it created out of thin air and deposited at Goldman's account as "liability"
I am not sure which of this qualifies as "assets.
For instance, the Fed has started to accept more toxic collateral in its Primary Dealer Credit Facility, which lends cash directly to securities firms.
On a consolidated basis, there is access to secured government facilities such as the primary dealer credit facility (PDCF) and the term securities loan facility (TSLF).
If a borrower is deemed ineligible between the subscription date and the settlement date, the primary dealer is eligible to borrow under the TALF facility or under the Primary Dealer Credit Facility (PDCF) using the underwritten securities as collateral subject to the existing terms and conditions for PDCF borrowing.
To deal with the shortage of collateral, the Federal Reserve introduced two new policies: the Term Securities Lending Facilities (TSLF) and the Primary Dealer Credit Facility (PDCF).
