Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/247904 
Year of Publication: 
2021
Series/Report no.: 
Staff Reports No. 981
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
The Federal Reserve established a new Primary Dealer Credit Facility (PDCF) in March 2020, to allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households, in the face of deteriorating conditions in the market for triparty repo financing due to the coronavirus pandemic. A similar facility had been established in March 2008 to help restore the orderly functioning of the market, following the near-bankruptcy of Bear Stearns, and to prevent the spillover of distress to other financial firms. This paper provides an overview of the 2020 PDCF and compares it to the 2008 version.
Subjects: 
Primary Dealer Credit Facility
COVID-19 pandemic
Federal Reserve lending facilities
JEL: 
E58
G21
G24
Document Type: 
Working Paper

Files in This Item:
File
Size
330.63 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.