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What is the distinction between “credit” and “liquidity” facilities, and how does it apply in the case of commercial paper (CP) backstop lines?

April 26, 2017backstop Case Commercial CP credit facilities liquidity paper

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What is the distinction between “credit” and “liquidity” facilities, and how does it apply in the case of commercial paper (CP) backstop lines?

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A definition of liquidity facilities is provided on page 17, paragraph 66(c) of the Consultative Proposal.