As with primary credit, a depository institution is eligible to participate in a TAF auction if the bank is judged to be in generally  6  Similar patterns are evident in the spread between the term federal funds rate and the OIS rate at these maturities.
7  The TAF was introduced as a temporary measure, but the Federal Reserve has left open the possibility that this facility could become permanent (Bernanke, 2008). 4  BIS Review 18/2008  sound financial condition, and a wide variety of collateral can be used to secure the loan.