Fed announces March credit crisis plans
WASHINGTON (AP) - February 29, 2008 The central bank said Friday it will conduct two auctions in the
coming month and will make $30 billion available to cash-strapped
banks at each auction. One will be held on March 10, the second on
March 24.
The central bank began the new auctions in December in hopes
that the increased supply of cash would prompt banks to keep
lending and combat the adverse effects from a severe credit
squeeze.