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Market News Topics
March 19, 2020 03:39 GMT
MNI: Fed Sets Up Money Mkt Mutual Fund Liquidity Facility: Txt
MNI (London)
WASHINGTON (MNI) - The following is the text of a Federal Reserve release
late Wednesday, as it looks to broaden support for the flow of credit to the
economy:
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Federal Reserve Board broadens program of support for the flow of credit to
households and businesses by establishing a Money Market Mutual Fund Liquidity
Facility (MMLF)
The Federal Reserve Board on Wednesday broadened its program of support for
the flow of credit to households and businesses by taking steps to enhance the
liquidity and functioning of crucial money markets. Through the establishment of
a Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank
of Boston will make loans available to eligible financial institutions secured
by high-quality assets purchased by the financial institution from money market
mutual funds.
Money market funds are common investment tools for families, businesses,
and a range of companies. The MMLF will assist money market funds in meeting
demands for redemptions by households and other investors, enhancing overall
market functioning and credit provision to the broader economy.
The attached term sheet details the types of assets, including unsecured
and secured commercial paper, agency securities, and Treasury securities, that
are eligible, as well as additional information. The MMLF program will purchase
a broader range of assets, but its structure is very similar to the Asset-Backed
Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF, that
operated from late 2008 to early 2010. The MMLF is established by the Federal
Reserve under the authority of Section 13(3) of the Federal Reserve Act, with
approval of the Treasury Secretary. The Department of the Treasury will provide
$10 billion of credit protection to the Federal Reserve in connection with the
MMLF from the Treasury's Exchange Stabilization Fund.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MMUFE$,M$U$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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