Statement

Changes to SOMA Securities Lending Program

October 8, 2008

Effective immediately, the Federal Reserve Bank of New York’s Open Market Trading Desk is making the following temporary changes to the System Open Market Account ("SOMA") securities lending program:

The minimum fee rate is decreased from 0.50 percent to 0.10 percent, and the current dealer aggregate limit of $4 billion is increased to $5 billion. All other program terms remain unchanged.