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Fed Offers $3 Billion in 28-Day Term Deposits Through its Term Deposit Facility

 

Sept 6 - On Sept. 10, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. As noted in the Federal Reserve Board's Sept. 8, 2010, release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation D, and the terms and conditions of the Term Deposit Facility (www.frbservices.org/centralbank/term_deposit_facility.html).

Description of Offering and Competitive Auction Parameters

TDF Auction ID: A26 
Offering Amount: $3,000,000,000 
Term: 28 days 
Auction Date: Sept. 10, 2012 
Opening Time: 10:00 a.m. ET 
Closing Time: 2:00 p.m. ET 
Notification Date: Sept. 11, 2012 
Settlement Date: Sept. 13, 2012 
Maturity Date: Oct. 11, 2012 
     
Competitive Auction Parameters    
Maximum Number of Bids: 3 
Minimum Bid Amount (per bid): $10,000 
Bid Increment: $10,000 
Maximum Bid Amount (per institution): $1,250,000,000           
Maximum Bid Rate: 0.75000% 
Incremental Bid Rate: 0.00100% 
Award Minimum Amount: $10,000 
Award Maximum Amount: $1,250,000,000 

Competitive bids submitted at the stop-out rate will be pro-rated and will be rounded to multiples of $10,000. Normal rounding convention will be used, except that awards under $10,000 will be rounded to $10,000.

Non-competitive bids are allowed in this auction. All non-competitive bids will be automatically awarded in full at the stop-out rate of the competitive auction. The minimum amount for a non-competitive bid is $10,000; the maximum amount is $5,000,000 and should be submitted in increments of $10,000.  Non-Competitive bids must be submitted between 10:00 a.m. ET and 2:00 p.m. ET on the auction date.

Submission of Bids

Participants must submit bids by accessing the Term Deposit Facility application between the opening time and the closing time on the auction date.

Notification

Summary auction results will be published on the Board of Governors' website (www.federalreserve.gov/monetarypolicy/tdf.htm) at noon ET on the notification date. Soon after, results will be posted on the Term Deposit Facility Resource Center page of the Central Bank Central website (www.frbservices.org/centralbank/term_deposit_facility.html). Participant awards will be posted to the Term Deposit Facility application at approximately noon ET on the notification date, and participants will be able to view their awards by accessing the Term Deposit Facility application.



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