Commercial Paper Funding Facility

E560323

The Commercial Paper Funding Facility is a special Federal Reserve program created to support the short-term corporate funding markets by purchasing commercial paper during periods of severe financial stress.

All labels observed (2)

How this entity was disambiguated

Statements (45)

Predicate Object
instanceOf Federal Reserve lending facility ⓘ
emergency liquidity facility ⓘ
administeredBy Federal Reserve Bank of New York ⓘ
backstopType liquidity backstop ⓘ
beneficiary U.S. corporations ⓘ
financial institutions ⓘ
money market mutual funds ⓘ
category crisis intervention program ⓘ
monetary policy tool ⓘ
country United States ⓘ
createdBy Board of Governors of the Federal Reserve System ⓘ
createdDuring 2008 financial crisis ⓘ
design special purpose vehicle purchases commercial paper ⓘ
effect helped stabilize short-term funding markets in 2008–2009 ⓘ
eligibility U.S. issuers of commercial paper ⓘ
high-quality commercial paper ⓘ
fundingSource Federal Reserve loans to special purpose vehicle ⓘ
impact improved market liquidity ⓘ
narrowed spreads in commercial paper rates ⓘ
jurisdiction Federal Reserve System ⓘ
launchDate October 2008 ⓘ
legalAuthority Section 13(3) of the Federal Reserve Act ⓘ
mitigatedBy fees and haircuts on commercial paper purchases ⓘ
operator Federal Reserve ⓘ
policyGoal restore market functioning ⓘ
support credit flow to businesses and households ⓘ
purpose help businesses meet short-term funding needs ⓘ
mitigate strains in money markets ⓘ
provide liquidity to short-term corporate funding markets ⓘ
support the commercial paper market ⓘ
reasonForReintroduction address severe disruptions in commercial paper market due to COVID-19 shock ⓘ
reintroducedDuring COVID-19 pandemic ⓘ
reintroductionDate March 2020 ⓘ
relatedTo Money Market Investor Funding Facility ⓘ
Primary Dealer Credit Facility ⓘ
Term Asset-Backed Securities Loan Facility ⓘ
risk credit risk from purchased commercial paper ⓘ
riskMitigation reduce rollover risk in commercial paper markets ⓘ
sector money markets ⓘ
short-term funding markets ⓘ
status temporary facility ⓘ
supportType direct purchases of three-month commercial paper ⓘ
targetInstrument asset-backed commercial paper ⓘ
commercial paper ⓘ
timeHorizon designed as a temporary emergency measure ⓘ

How these facts were elicited

Referenced by (5)

Full triples — surface form annotated when it differs from this entity's canonical label.

Federal Reserve emergency lending programs → component → Commercial Paper Funding Facility ⓘ
Federal Reserve emergency lending programs → component → Commercial Paper Funding Facility (CPFF) ⓘ
linked to: Commercial Paper Funding Facility
Primary Dealer Credit Facility → relatedTo → Commercial Paper Funding Facility ⓘ
Term Securities Lending Facility → relatedProgram → Commercial Paper Funding Facility ⓘ
Money Market Investor Funding Facility → relatedTo → Commercial Paper Funding Facility ⓘ