March 19, 2020
On March 18, 2020, the Federal Reserve (Fed) announced the creation of a Money Market Mutual Fund Liquidity Facility (MMFLF). The MMFLF will last until September 30, 2020 and applies to money market funds (MMFs) that identify themselves as “prime” MMFs on Form N-MFP. Under the MMFLF, eligible borrowers (certain types of U.S. banks and U.S. branches of foreign banks) would be able to purchase eligible collateral from prime MMFs and receive a loan from the Federal Reserve Bank of Boston (Reserve Bank).
Eligible collateral includes U.S. Treasuries and fully guaranteed agencies, securities issued by U.S. Government Sponsored Entities, highly-rated secured and unsecured commercial paper issued by domestic issuers, and receivables from certain repurchase agreements.
The Fed’s press release and term sheet are available at the links below:
https://www.federalreserve.gov/newsevents/pressreleases/monetary20200318a.htm
https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200318a1.pdf
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The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.
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