First, we advised the industry to make the advance arrangements necessary to borrow at the discount window, and many have already done so. And we created an administrative structure to more easily serve the backup needs of credit unions. We also created a special liquidity facility to provide banks and thrift institutions access to funds at a predetermined price.
This borrowing arrangement will be available as from 1 October. Its creation  1  BIS Review 97/1999  sends a clear message: the Fed will be there to provide liquidity should banks need it. That, in turn, will enable banks to offer their customers similar assurance.