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Press Release

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the information through the links provided below.

March 12, 2023

Federal Reserve Board announces it will make available additional
funding to eligible depository institutions to help assure banks have
the ability to meet the needs of all their depositors

For release at 6:15 p.m. EDT

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To support American businesses and households, the Federal Reserve
Board on Sunday announced it will make available additional funding
to eligible depository institutions to help assure banks have the
ability to meet the needs of all their depositors. This action will
bolster the capacity of the banking system to safeguard deposits and
ensure the ongoing provision of money and credit to the economy.

The Federal Reserve is prepared to address any liquidity pressures
that may arise.

The additional funding will be made available through the creation of
a new Bank Term Funding Program (BTFP), offering loans of up to one
year in length to banks, savings associations, credit unions, and
other eligible depository institutions pledging U.S. Treasuries,
agency debt and mortgage-backed securities, and other qualifying
assets as collateral. These assets will be valued at par. The BTFP
will be an additional source of liquidity against high-quality
securities, eliminating an institution's need to quickly sell those
securities in times of stress.

With approval of the Treasury Secretary, the Department of the
Treasury will make available up to $25 billion from the Exchange
Stabilization Fund as a backstop for the BTFP. The Federal Reserve
does not anticipate that it will be necessary to draw on these
backstop funds.

After receiving a recommendation from the boards of the Federal
Deposit Insurance Corporation (FDIC) and the Federal Reserve,
Treasury Secretary Yellen, after consultation with the President,
approved actions to enable the FDIC to complete its resolutions of
Silicon Valley Bank and Signature Bank in a manner that fully
protects all depositors, both insured and uninsured. These actions
will reduce stress across the financial system, support financial
stability and minimize any impact on businesses, households,
taxpayers, and the broader economy.

The Board is carefully monitoring developments in financial markets.
The capital and liquidity positions of the U.S. banking system are
strong and the U.S. financial system is resilient.

Depository institutions may obtain liquidity against a wide range of
collateral through the discount window, which remains open and
available. In addition, the discount window will apply the same
margins used for the securities eligible for the BTFP, further
increasing lendable value at the window.

The Board is closely monitoring conditions across the financial
system and is prepared to use its full range of tools to support
households and businesses, and will take additional steps as
appropriate.

For media inquiries, please email [email protected] or call
202-452-2955.

    Term Sheet: Bank Term Funding Program (PDF)

Last Update: March 12, 2023

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