The Fed’s Central Bank Swap Lines and FIMA Repo Facility

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Economic Policy Review

The Fed’s Central Bank Swap Lines and FIMA Repo Facility

Volume 28, Number 1
June 2022

JEL classification: F33, F34, G28

Authors: Mark Choi, Linda S. Goldberg, Robert Lerman, and Fabiola Ravazzolo

Building on the facility design and application experience from the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and introduced the new Foreign and International Monetary Authorities (FIMA) Repo Facility. While these facilities have similarities, they differ in their operations, breadth of counterparties, and range of potential effects. This article provides key details on these facilities and highlights evidence that they can reduce strains in global dollar funding markets and U.S. Treasury markets during extreme stress events.

Available only in PDF

Author Disclosure Statement(s)

Mark Choi
I declare that I have no relevant or material financial interests that relate to the research described in this paper. Moreover, I have reviewed and attest to the Federal Reserve Bank of New York review policy.

Linda Goldberg
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper.

Robert Lerman
I, Robert Lerman, declare that I have no relevant or material financial interests that relate to the research described in this paper.

Fabiola Ravazzolo
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper.

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