Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

It doesn’t affect how I come out on this, but if I understand the conversations, if we made an 84-day loan and if during the period we found the institution’s condition deteriorating, we could in the Reserve Bank’s judgment change that to a primary credit loan, call that loan if we felt it necessary, have conversations with the primary supervisor, and deal with that loan whether it was 84 days or 28 days. That is my understanding. Is that correct?

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