Appendix 8 — The Post-Crisis Backstop of the Shadow Banking System

Appendix 8. Once private credit and liquidity puts were impaired, a run began and central banks stepped in. The Fed’s 13(3) facilities plus Treasury and FDIC guarantee schemes amount to a 360° official backstop, each facility mapping to a functional step: CPFF → origination & warehousing; TALF → ABS issuance; TSLF / Maiden Lane → securities warehouses; Maiden Lane III → AIG-FP’s CDO credit puts; TAF / FX swaps → ABS-intermediary on-boarding; PDCF → tri-party repo; AMLF / MMIFF / Maiden Lane II / Treasury TGP → money-market intermediaries.