by Calculated Risk on 7/30/2008 09:15:00 AM

From the Fed: Federal Reserve announces steps to enhance the effectiveness of its existing liquidity facilities

Actions taken by the Federal Reserve include:

Extension of the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) through January 30, 2009.

The introduction of auctions of options on $50 billion of draws on the TSLF.

The introduction of 84-day Term Auction Facility (TAF) loans as a complement to 28-day TAF loans.

An increase in the Federal Reserve's swap line with the European Central Bank to $55 billion from $50 billion.

In light of continued fragile circumstances in financial markets, the Board has extended the PDCF through January 30, 2009, and the Board and the Federal Open Market Committee (FOMC) have extended the TSLF through that same date.
emphasis added

The PDCF program - that allows investment banks access to the discount window - was set to expire in September. The credit crisis continues ...