Term Asset-Backed Securities Loan Facility: non-CMBS

The Federal Reserve created the Term Asset-Backed Securities Loan Facility (TALF), to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by auto loans, student loans, credit card loans, equipment loans, floorplan loans, insurance premium finance loans, loans guaranteed by the Small Business Administration, residential mortgage servicing advances, or commercial mortgage loans. Eligible borrowers must use a TALF Agent, 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.

The following operations announcement pertains to non-mortgage-backed ABS:

Operation Announcement
Subscription Date: January 7, 2010
Closing Date: January 14, 2010
3-Year Maturity Date: January 14, 2013
5-Year Maturity Date: January 14, 2015
Facility Open: January 7, 2010 8:00 a.m. ET
Facility Close: January 7, 2010 3:00 p.m. ET
Administrative Fee: 10.00 basis points
Eligible Collateral: ABS1
Loan Term: 3 or 5 years
Rates for January 7, 2009 Facility:

Sector

Subsector

Fixed 3yr loan
(Avg Life, in years)

Fixed 5 year loan

Floating

<1

1-<2

>=2

Auto

1.6040

2.3215

2.9650

N/A

1.23219

Credit Card

1.6040

2.3215

2.9650

N/A

1.23219

Equipment

1.6040

2.3215

2.9650

N/A

1.23219

Floorplan

1.6040

2.3215

2.9650

N/A

1.23219

Premium Finance

Property and casualty

1.6040

2.3215

2.9650

N/A

1.23219

Servicing Advances

Residential mortgages

1.6040

2.3215

2.9650

N/A

1.23219

Small Business

SBA 7(a) loans

N/A
N/A
N/A

N/A

1.0000

Small Business

SBA 504 loans

2.4650

3.3895

N/A

Student Loan

Private with coupon tied to Prime

N/A
N/A
N/A
N/A

Higher of (Prime rate – 175 bps) and 1%

Student Loan

Other Private

N/A
N/A
N/A
N/A

1.23219

Student Loan

Gov’t guaranteed

N/A
N/A
N/A
N/A

0.73219

Amount of TALF loans requested at January 7, 2010 Facility:

Sector

Amount

Auto

-

Credit Card

$241,879,605

Equipment

-

Floorplan

$492,978,517

Premium Finance

-

Servicing Advances

-

Small Business

$333,127,387

Student Loan

-

Total

$1,067,985,509

Amount of TALF loans settled for January 7, 2010 Facility:

Sector

Amount

Auto

-

Credit Card

$242,156,061

Equipment

-

Floorplan

$492,946,129

Premium Finance

-

Servicing Advances

-

Small Business

$332,391,566

Student Loan

-

Total

$1,067,493,756

1As defined in the terms & conditions
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H 4.1 Factors Affecting Reserve Balances
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