Legal uncertainty means Talf is not working

Author: | Published: 1 May 2009
“Banks are scared to death that the government is going to screw Talf up”

Term Asset-Backed Securities Loan Facility (Talf) subscriptions have fallen as investors fear additional strings will be attached to the government securitisation programme.

The New York Federal Reserve announced on April 14 that requests for Talf help dropped from $4.7 billion upon its initial offering on March 19 2009 to $1.7 billion in the programme's second offering....