New York Fed Extends First TALF Subscription - FEDERAL RESERVE BANK of NEW YORK

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Press Release

New York Fed Extends First TALF Subscription

March 13, 2009

New York—The Federal Reserve Bank of New York today announced that it will extend the window for the first subscriptions for funding from the Term Asset-Backed Securities Loan Facility (TALF) by two days. The extension was requested by market participants in order to allow more time for borrowers to complete the documentation associated with the initiation of the program. The New York Fed will begin accepting loan requests starting at 10 a.m. ET on March 17, 2009, as originally published. The window for receipt of TALF loans has been extended through 5 p.m. ET on March 19, 2009. Lending rates on TALF loans will be set on March 19, 2009 at 8 a.m. ET. The settlement date will remain March 25, 2009 and the dates for the April subscription and settlement remain unchanged.

The TALF is designed to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration. Eligible borrowers must use a primary dealer, which will act as agent for the borrower, to access the TALF and must deliver eligible collateral to the New York Fed's custodian bank.

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