Commercial Paper Funding Facility


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Commercial Paper Funding Facility

A program implemented by the Federal Reserve System in response to the 2008 financial crisis. The New York Federal Reserve Bank (through a special purpose vehicle) purchased commercial paper from U.S.-based issuers in order to promote liquidity and the availability of credit in the wake of collapse of Lehman Brothers and other investment banks. The Commercial Paper Funding Facility expired in 2010.
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3 (AIG) New program portfolio Commercial Paper Funding Facility -- 389.
The general Commercial Paper Funding Facility (CPFF) was initially announced by the Fed on October 7, 2008, as a measure to provide a liquidity backstop to issuers of commercial paper.
This paper offers an overview of the Commercial Paper Funding Facility.
In September 2009, the collapse of Lehman Brothers spurred the formation of the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) and the Commercial Paper Funding Facility (CPFF).
30 of the AMLF, the Commercial Paper Funding Facility, the Money Market Investor Funding Facility, the Primary Dealer Credit Facility, and the Term Securities Lending Facility, which is established under the joint authority of the Board and the Federal Open Market Committee.
Meanwhile, in another extraordinary move, the Fed announced one day earlier the creation of the Commercial Paper Funding Facility (CPFF), which will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets.
HFSG also maintains financial flexibility with approximately $1 billion available in holding company cash following the company's repayment of $375 million borrowed under the Federal Reserve's Commercial Paper Funding Facility.
These include the TALF, the Commercial Paper Funding Facility (CPFF), and the Money Market Mutual Fund Investor Funding Facility (MMIFF).
The net portfolio holdings of the Commercial Paper Funding Facility (CPFF) continue to decline, leaving it well off its peak of $351 billion in late January.
Best believes PFI and its operating subsidiaries have strong liquidity including access to commercial paper programs, committed credit lines, membership in the Federal Home Loan Bank of New York and access to the Federal Reserve's Commercial Paper Funding Facility, which is available through October 2009.
The Fed's Commercial Paper Funding Facility (CPFF) was introduced on October 7 to support the commercial paper market.
The Federal Reserve addressed the stress in this market by creating the Commercial Paper Funding Facility and the Money Market Investor Funding Facility.
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