Central banks combat the credit crisis

August 17, 2007 Along with a 50 basis point (bps) discount rate cut, the US Federal Reserve allows term financing up to 30 days, renewable by the borrower.

August 21 The New York Federal Reserve announces that it will lower the fee charged to primary dealers when they borrow from the Fed.

August 24 The NY Fed affirms that it accepts investment quality asset-backed commercial paper as collateral. The Fed reportedly eliminates statutory limits on how much a bank unit can lend to its affiliated

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