The Federal Reserves Contingency Financing Plan for the Century Date Change

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Current Issues in Economics and Finance

The Federal Reserve’s Contingency Financing Plan for the Century Date Change

December 2000 Volume 6, Number 15

JEL classification: E52

Authors: Evangeline Sophia Drossos and Spence Hilton

With the approach of the new millennium last year, many market participants resolved to limit their exposure to Y2K-related risks by cutting back normal trading activities. The Federal Reserve foresaw that the widespread adoption of such a strategy could lead to serious liquidity problems in key financing markets. Consequently, the Fed undertook to create a Standby Financing Facility that would provide securities dealers with a form of backup funding and ease market anxieties about year-end credit conditions.

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6 pages / 49 kb

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