Statement Regarding Change In Limits For SOMA Securities Lending Program

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Press Release

Statement Regarding Change In Limits For SOMA Securities Lending Program

November 26, 2007

NEW YORK—Effective immediately, the Federal Reserve Bank of New York’s Open Market Trading Desk is making the following temporary changes to the System Open Market Account's (SOMA) securities lending program:

Per dealer limit: Primary dealers will be limited to 25 percent of the amount available for borrowing with a maximum of $750 million per issue, versus the prior limit of 20 percent with a maximum of $500 million per issue.

Portfolio limit: The supply available for borrowing each day has been increased from 65 percent of an individual issue to 90 percent of an individual issue.

Securities available for lending: All securities with maturities of greater than six days will be available for borrowing versus the previous limit of securities maturing in greater than 13 days.

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