More recently, we have added commercial mortgage-backed securities to the program, with the goal of mitigating a severe refinancing problem in that sector. The TALF has had some success in restarting securitization markets. Rate spreads for asset-backed securities have declined substantially, and we are seeing some market activity that does not use the facility.
The Project is guided by a Steering Committee chaired by the Deputy Governor for Policy & Regulation. The Bank has an internal Working Group and a Unit responsible for microfinance.