In December 2007, the Fed went further, launching the Term Auction Facility, or TAF, which provided term loans to banks through regular competitive auctions. The competitive nature of the auction and the three-day deferred settlement of the TAF likely signaled that participants did not face an immediate shortage of funds. Thus, TAF loans did not carry the same stigma as primary credit.
BIS central bankers’ speeches  3  Bail-ins will not affect deposits up to € which in no case will be called upon to contribute to the costs of resolution.