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’Behind those Bloomberg banks-profit-from-Fed figures
Bloomberg fought and won a lengthy case against the Federal Reserve to obtain the details of the various US bailout programmes. That was back in the summer. FT Alphaville salutes them for it, as have many others.
IMF to Europe: could you try TAF please?
In this context, it will be essential to bring the unproductive debate about debt re-profiling or restructuring to closure quickly.
We were so distracted by the IMF’s pragmatic controversial application of the word ‘unproductive’ in its Article IV consultation on the eurozone…
Of FARTs and fire sales
As Irish Life & Permanent looks about to complete Ireland’s nationalisation of its entire domestic banking system…
More abbreviation fun on Tuesday with the mooted ECB facility to replace emergency loans from Irish national central banks,
Not-so-TAF-tastic
The Fed’s Term Auction Facility — started in 2007 to boost short-term liquidity amongst commercial banks — carried a number of caveats.
This was one of them:
Under the program, the Federal Reserve auctioned 28-day loans,
Your guide to the Fed’s $3.3 trillion data dump
Cast your minds back to 2007, 2008 and 2009 — and think hard.
You’ll need to. The Federal Reserve has just released the mother-of-all data dumps — showing who received payouts from its circa $3,000bn bailout programmes,
The TAF calendar
Released by the Fed this afternoon.
Each one of the above auctions will offer $150bn. In total then, Q4 TAF will offer $1.35 trillion in liquidity.
Predicting the credit crisis
This is a must-read paper from John Taylor of Stanford University and John Williams of the San Francisco Fed. The gist of it, is that the US Federal Reserve’s Term Auction Facility (TAF) – the market saving plan announced in December – didn’t work.