More Information

Under the Term Auction Facility (TAF), the Federal Reserve will auction term funds to depository institutions. All depository institutions that are eligible to borrow under the primary credit program will be eligible to participate in TAF auctions. All advances must be fully collateralized. Each TAF auction will be for a fixed amount, with the rate determined by the auction process (subject to a minimum bid rate). Bids will be submitted by phone through local Reserve Banks.

• Frequently asked questions (revised January 12, 2009)
• Terms and conditions (revised July 30, 2008)
• Auction schedule, Third Quarter 2009

Current Auctions
August	10	Announcement	Results
	24

2009 - Previous Auctions
January	12	Announcement	Results
	26	Announcement	Results
February	9	Announcement	Results
	23	Announcement	Results
March	9	Announcement	Results
	23	Announcement	Results
April	6	Announcement	Results
	20	Announcement	Results
May	4	Announcement	Results
	18	Announcement	Results
June	1	Announcement	Results
	15	Announcement	Results
	29	Announcement	Results
July	13	Announcement	Results
	27	Announcement	Results

Related Press Releases

• Federal Reserve announces that amounts of Term Auction Facility (TAF) credit offered at each of the two August auctions will be reduced to $100 billion (July 24, 2009)
• Federal Reserve announces extensions of and modifications to a number of its liquidity programs (June 25, 2009)
• Federal Reserve and other central banks announce schedules for term auctions of U.S. dollar liquidity (December 19, 2008)
• Federal Reserve and other central banks announce schedules for term and forward auctions of U.S. dollar liquidity for fourth quarter (October 7, 2008)
• Board announces that it will begin to pay interest on depository institutions' required and excess reserve balances (October 6, 2008)
• Federal Reserve and other central banks announce further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity (September 29, 2008)
• Federal Reserve announces steps to enhance the effectiveness of its existing liquidity facilities (July 30, 2008)
• Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility on July 14 and 28, 2008 (July 1, 2008)
• Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility on June 2, 16, and 30, 2008 (May 29, 2008)
• Federal Reserve, European Central Bank, and Swiss National Bank announce an expansion of liquidity measures (May 2, 2008)
• Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility on April 7 and April 21, 2008 (March 28, 2008)
• Federal Reserve announces two initiatives to address heightened liquidity pressures in term funding markets (March 7, 2008)
• Federal Reserve will offer $30 billion in 28-day credit through its Term Auction Facility on March 10 and March 24, 2008 (February 29, 2008)
• Federal Reserve will conduct two auctions of 28-day credit through its Term Auction Facility in February (February 1, 2008)
• Federal Reserve will conduct two auctions of 28-day credit through its Term Auction Facility in January (January 4, 2008)
• Federal Reserve intends to continue TAF auctions as necessary (December 21, 2007)
• Federal Reserve and other central banks announce measures designed to address elevated pressures in short-term funding markets (December 12, 2007)