In addition, secondary credit is included in "Loans" in tables 4 and 5 of that release.The Federal Reserve's seasonal credit program assists small depository institutions in managing significant seasonal swings in their loans and deposits.

Institutions may not pledge as collateral any instruments that they or their affiliates have issued.Assets accepted as collateral are assigned a lendable value deemed appropriate by the Reserve Bank; lendable value is determined as the market price of the asset less a haircut or, when a market price is not available, an internally modeled fair market value estimate less a haircut. Haircuts reflect credit risk and, for traded assets, the historical volatility of the asset's price and the liquidity or illiquidity of the market in which the asset is traded; the Federal Reserve's haircuts are generally in line with typical market practice. These transaction data are available at Also as required under the Dodd-Frank Act, on September 28, 2012, the Federal Reserve began the regular publication of detailed information on individual discount window loans. For a broader overview of the Federal Reserve's Discount Window loan collateral program, as well as a listing of the most commonly pledged asset types and the associated lendable values, please refer to As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), on December 1, 2010, the Federal Reserve disclosed detailed information about the entities that received loans or other financial assistance from Federal Reserve special facilities (including the TAF) during the financial crisis.
In addition, the liquidity position of secondary credit borrowers is monitored closely, and the Federal Reserve typically is in close contact with the borrower's primary federal regulator. Between December 2007 and April 2010, the Federal Reserve operated the Term Auction Facility (TAF), which provided credit to depository institutions through an auction mechanism.All discount window loans must be fully collateralized to the satisfaction of the lending Reserve Bank, with an appropriate haircut applied to the collateral; in other words, the value of the collateral must exceed the value of the loan.Primary credit is a lending program available to depository institutions that are in generally sound financial condition. Data before 2012:Q1 for savings institutions are compiled from regulatory reports filed with the Office of Thrift Supervision. Eligible depository institutions may borrow term funds from the discount window during their periods of seasonal need, enabling them to carry fewer liquid assets during the rest of the year and, thus, allow them to make more funds available for local lending. The discount window helps to relieve liquidity strains for individual depository institutions and for the banking system as a whole by providing a source of funding in time of need.


Data are available beginning with 1990:Q1.Please submit questions, suggestions, or ideas for future EFA projects:20th Street and Constitution Avenue N.W., Washington, DC 20551 81. This information, which is made available on a quarterly basis and with an approximately two-year lag, is available at In addition to the lending described above, the Federal Reserve extends credit to depository institutions on an intraday basis to promote effective functioning of the payment system. Detailed information is available on the Seasonal credit outstanding is reported in table 1 of the H.4.1 statistical release. U.S.-chartered depository institutions are financial intermediaries that raise funds through demand and time deposits as well as from other sources, such as federal funds purchases and security repurchase agreements, funds from parent companies, and borrowing from other lending sources.