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Factors Supplying Reserve Balances: Loans to Depository Institutions: Secondary Credit (WLCFLSCL)

Observation:

2016-11-30: 0  
Updated: Dec 1, 2016

Units:

Millions of Dollars,
Not Seasonally Adjusted

Frequency:

Weekly,
As of Wednesday
1Y | 5Y | 10Y | Max
  EDIT LINE 1
(a) Factors Supplying Reserve Balances: Loans to Depository Institutions: Secondary Credit, Millions of Dollars, Not Seasonally Adjusted (WLCFLSCL)
Secondary credit is a lending program available to depository institutions that are not eligible for primary credit. It is extended on a very short-term basis, typically overnight, at a rate that is 50 basis points above the primary credit rate. In contrast to primary credit, there are restrictions on the uses for secondary credit extensions. Secondary credit is available to meet backup liquidity needs when its use is consistent with a timely return to a reliance on market sources of funding or the orderly resolution of a troubled institution. Secondary credit may not be used to fund an expansion of the borrower's assets. Moreover, the secondary credit program entails a higher level of Reserve Bank administration and oversight than the primary credit program. Reserve Banks typically apply higher haircuts on collateral pledged to secure secondary credit. In addition, the liquidity position of secondary credit borrowers is monitored closely and the Federal Reserve typically is in close contact with the borrower's primary federal regulator.

Factors Supplying Reserve Balances: Loans to Depository Institutions: Secondary Credit

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NOTES

Source: Board of Governors of the Federal Reserve System (US)  

Release: H.4.1 Factors Affecting Reserve Balances  

Notes:

Secondary credit is a lending program available to depository institutions that are not eligible for primary credit. It is extended on a very short-term basis, typically overnight, at a rate that is 50 basis points above the primary credit rate. In contrast to primary credit, there are restrictions on the uses for secondary credit extensions. Secondary credit is available to meet backup liquidity needs when its use is consistent with a timely return to a reliance on market sources of funding or the orderly resolution of a troubled institution. Secondary credit may not be used to fund an expansion of the borrower's assets. Moreover, the secondary credit program entails a higher level of Reserve Bank administration and oversight than the primary credit program. Reserve Banks typically apply higher haircuts on collateral pledged to secure secondary credit. In addition, the liquidity position of secondary credit borrowers is monitored closely and the Federal Reserve typically is in close contact with the borrower's primary federal regulator.

Suggested Citation:

Board of Governors of the Federal Reserve System (US), Factors Supplying Reserve Balances: Loans to Depository Institutions: Secondary Credit [WLCFLSCL], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/WLCFLSCL, December 2, 2016.






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