Circular
Federal Reserve to Offer $20 Billion in 28-day Credit Through Term Auction Facility
December 14, 2007
Circular No. 11919

On December 17, 2007, the Federal Reserve will offer $20 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A and the terms and conditions of the Term Auction Facility.

Description of Offering and Auction Parameters

Offering Amount: $20 billion

Term:

28-day loan

Bid Submission Date:

December 17, 2007

Opening Time:

10 a.m. EST

Closing Time:

1 p.m. EST

Notification Date:

December 19, 2007

Settlement Date:

December 20, 2007

Maturity Date:

January 17, 2008

Minimum Bid Amount (per bid):

$10 million

Bid Increment

$100,000

Maximum Bid Amount (per institution):

$2 billion (10% of Offering Amount)

Minimum Bid Rate:

4.17 percent

Incremental Bid Rate:

0.001 percent

Minimum Award:

$10,000

Maximum Award:

$2 billion (10% of Offering Amount)

Submission of Bids
Participants must submit bids by phone to their local Reserve Bank between the Opening Time and Closing Time on the Bid Submission Date.

Notification
Summary auction results will be published on the website of the Board of Governors of the Federal Reserve System at approximately 10:00 a.m. EST on the Notification Date. Between 10:00 a.m. and noon EST on the Notification Date, Reserve Banks will notify individual institutions in their districts that have submitted winning bids of their awards.Participants have until 3:00 p.m. EST on the Notification Date to inform their local Reserve Bank of any error.

Rounding Convention
Pro rata awards will be rounded to multiples of $10,000. Normal rounding convention will be used, except that awards under $10,000 will be rounded to $10,000.

See the press release for full details.

Press release offsite
Term Auction Facility offsite