Press Release
☷Federal Reserve Board announces the Bank Term Funding Program BTFP will cease making new loans as scheduled on March 11
Federal Reserve System ( By Press Release office)
Jan 26,2024
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The Federal Reserve Board announced on Wednesday that the Bank Term Funding Program ( BTFP ) will stop giving out new loans on March 11 . However , until then , eligible institutions can still access the program for additional liquidity . Last year , during a difficult time , the BTFP played a crucial role in stabilizing the banking system and supporting the economy . After March 11 , banks and other depository institutions can still rely on the discount window for liquidity needs . The interest rate for new BTFP loans has been adjusted to ensure it aligns with the current interest rate environment . This change is effective immediately , while all other terms of the program remain the same . The BTFP was established under Section 13 ( 3 ) of the Federal Reserve Act , with approval from the Treasury Secretary . For media inquiries , please contact [email protected] or call 202 - 452 - 2955 .
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