MNI BRIEF: No Determination To Extend Fed Bank Lending Program

Boston Fed President Susan Collins said Thursday there has been no determination on whether to extend the Fed's Bank Term Funding Program beyond next March.

"There has not been any determination about whether there would be an extension," she said in Q&A at a Boston Fed community banker event. "There is continued monitoring in terms of how that program is being used and a discussion about what might be helpful and appropriate."

The Fed program initiated in March as Silicon Valley Bank went belly up helped stem a national banking crisis. Usage of the BTFP rocketed at launch and the Fed's most recent data shows banks borrowed USD109 billion in the week ending October 11th. The program is currently scheduled to be in effect until mid-March next year. The Fed used emergency authority found in Section 13(3) of the Federal Reserve Act to create the program.