To reduce liquidity and other strains being experienced by
money market mutual funds, the Board of Governors of the Federal
Reserve System adopted on September 19, 2008, a special lending
facility that enables depository institutions and bank holding
companies to borrow from the Federal Reserve Bank of Boston on a
nonrecourse basis if they use the proceeds of the loan to purchase
certain types of asset-backed commercial paper (ABCP) from money market
mutual funds. This lending facility is referenced to as the ABCP
Lending Facility. To facilitate the ability of national banks to
participate in the program, the Office of the Comptroller of the
Currency (OCC) has adopted, on an interim final basis, an exemption
from its risk-based capital guidelines for ABCP held by a national bank
as a result of its participation in this program.
Document Subtype:
Interim Final Rule
Received Date:
September 26 2008, at 07:10 AM Eastern Daylight Time
Start-End Page:
55704 - 55706
Comment Start Date:
September 26 2008, at 12:00 AM Eastern Standard Time
Comment Due Date:
October 31 2008, at 11:59 PM Eastern Standard Time
Risk-Based Capital Guidelines--Money Market Mutual Funds
Details Information
Comments
Submitter: Tenhundfeld, Mark Posted: 05/11/2009 ID: OCC-2008-0015-0002
Oct 31,2008 11:59 PM ET
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