Fed Programs GFC & COVID-19
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Updated on May 20, 2020GFCCOVID-19
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WhoProgramInitial Announcement Size (billions)Peak Size (billions)ProgramInitial Announcement Size (billions)Peak Size (billions)
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Financial InstitutionsDiscount Window (DW)
*Not 13(3)
No limit$111Discount Window (DW)
*Not 13(3)
No limit$51
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Primary Dealer Credit Facility (PDCF)No limit$147Primary Dealer Credit Facility (PDCF)No limit$33
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Term Auction Facility (TAF)
*Not 13(3)
$40
*Size for only first two auctions announced
$493
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Term Securities Lending Facility (TSLF)$200$236
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Single-Tranche Term Repo Agreement (STTR)$100$80
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Total$240
*Two faciliites with no stated limit, one facility with unspecified future auction sizes
$1,067No stated limit$84
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BusinessesCommercial Paper Funding Facility (CPFF)No limit
*Market size $1.6 trillion at announcement
$348Commercial Paper Funding Facility (CPFF)No limit
*Market size $1.1 trillion at announcement
$4
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Term Asset-Backed Securities Loan Facility (TALF)$200
*Size later increased
$48Term Asset-Backed Securities Loan Facility (TALF)$100n/a
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Primary Market Corporate Credit Facility (PMCCF)$500n/a
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Secondary Market Corporate Credit Facility (SMCCF)$250n/a
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Total$200
*One facility with no stated limit
$396$850
*One facility with no stated limit
$4
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Money MarketsAsset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF)No limit$152Money Market Mutual Fund Liquidity Facility (MMLF)No limit
*Market size $3.6 trillion at announcement
$53
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Money Market Investor Funding Facility (MMIFF)No limit$0
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TotalNo stated limit
*Total market size $3.4 trillion at announcement
$152No stated limit$53
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States and MunicipalitiesMunicipal Liquidity Facility (MLF)$500n/a
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Total$0$0$500$0
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Small BusinessesPaycheck Protection Program Liquidity Facility (PPPLF)$659
*Amount authorized under Congressional allocations
$41
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Total$0$0$659$41
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Medium BusinessesMain Street Lending Program (MSLP)$600n/a
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Total$0$0$600$0
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Foreign CountriesCentral Bank Liquidity Swap Lines (CBLSL)
* Not 13(3)
$24
*Size for only ECB and SNB announced initially
Size later increased
$586Central Bank Liquidity Swap Lines (CBLSL)
* Not 13(3)
No limit on 5 existing swap lines
9 new swap lines
$445
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Temporary Repurchase Agreement Facility for Foreign and International Monetary Authorities (FIMA) *Not 13(3)No limit$1
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Total$24$586No stated limit$446
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Support to a Specific Company Bear Stearns/JPMorgan (Maiden Lane)$29$29
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AIG (Revolving Credit Facility) $85$72
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AIG (Maiden Lane II)$20$20
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AIG Securities Borrowing Facility$38$21
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AIG (Maiden Lane III)$24$24
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AIG AIA Aurora $25$25
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CitiGroup$234$0
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Bank of America$88$0
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Total$543$191$0$0
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Grand Total$2,392$2609
*total excludes programs with no stated limit
$629
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