Those responses are often called a central bank’s functioning of Market Maker of Last Resort. And it can also be said to be a policy that is clearly associated with a macroprudential perspective. It safeguards financial system stability through dealing not with the liquidity provision to individual financial institutions but directly with a decline in overall market liquidity.
As of November 25, the TALF has extended $ billion in loans since its launch on May 20, 2020. Loans have been collateralized by SBA-guaranteed ABS, commercial mortgage-backed securities (CMBS), and ABS secured by insurance premium finance loans or student loans.