2009  2010  2011  2012  2013  2008  2009  2010  other MBS and agency debt lending to financial institutions Gold, SDR  2011  2012  2013  AIG, Bear Stearns lending to financial markets Treasuries  Source: Thomson Reuters. Federal Reserve In the case of the Federal Reserve three phases can be distinguished (Figure 2).
In a first phase, which lasted from early 2008 to early 2009, the balance sheet was mainly driven by new lending programs designed to support banks that had difficulties accessing refinancing markets.