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Federal Reserve Unveils Short-Term Loan Plan

JEANNINE AVERSA | 10/ 7/08 08:48 AM | AP

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WASHINGTON — The Federal Reserve is providing more details about when it will make billions of dollars in short-term loans available to squeezed banks.

The loans _ part of an effort to ease intensifying credit stresses _ are made available to banks through auctions. The Fed _ in coordination with other countries' central banks engaged in similar efforts _ laid out dates that it will conduct the auctions through the rest of this year.

To help ease credit stresses, the Fed announced Monday it will provide as much as $900 billion in cash loans to banks. Most of the loans are for 28-days and 84-days. Some are shorter _ 13-day and 17-day loans.