Term Asset-Backed Securities Loan Facility

The Term Asset-Backed Securities Loan Facility (TALF) is designed to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration (SBA). Eligible borrowers must use a primary dealer, which will act as agent for the borrower, to access the TALF and must deliver eligible collateral to the New York Fed’s custodian bank.

Operation Announcement
Operation Date: March 17-19, 2009
Settlement Date: March 25, 2009
Maturity Date: March 26, 2012
Facility Open: March 17, 2009, 10:00 a.m. ET
Facility Closed: March 19, 2009, 5:00 p.m. ET
Administrative Fee: 5.00 basis points
Eligible Collateral: ABS1
Term: 3 years
Rates for March 17-19, 2009 Facility:

Sector

Subsector

Fixed

Floating

Auto

2.733

1.523

Credit Card

2.733

1.523

Student Loan

Private

NA

1.523

Student Loan

Gov't guaranteed

NA

1.023

Small Business

SBA loans 7(a) loans

NA

1.000

Small Business

SBA loans 504 loans

2.233

NA

Amount of TALF loans requested at March 17-19, 2009 Facility:

Sector

Amount

Auto

$1,902,404,052

Credit Card

$2,804,490,000

Student Loan

-

Small Business

-

Total

$4,706,894,052
1As defined in the terms & conditions
Related External Content