From Times Online
October 21, 2008

Fed to inject up to $540bn more liquidity

The Federal Reserve said it would finance up to $540bn in purchases of short-term debt from money market mutual funds

The Federal Reserve could lend as much as $540 billion in a new facility aimed at restoring liquidity for money market mutual funds.

Five special purpose vehicles set up under the new facility would be authorized to fund up to $600 billion in assets. The Fed would provide senior financing up to 90 per cent.

The initiative “should improve the liquidity position of money market investors, thus increasing their ability to meet any further redemption requests and their willingness to invest in money market instruments,â€