Today, the Federal Reserve Bank of New York released a set of Frequently Asked Questions (FAQs) pertaining to the $540 billion Money Market Investor Funding Facility (MMIFF) that the Federal Reserve Board announced yesterday. Pursuant to its Section 13(3) lender-of-last-resort authority, the Federal Reserve Board authorized the MMIFF to support a private-sector initiative designed to provide liquidity to U.S. money market investors. The FAQs attempt to address operational questions regarding the facility. The FAQs also clarify a number of issues raised by the initial summary of terms and conditions for the MMIFF. For example, the FAQs note that, although the New York Fed will lend to special purpose vehicles established by the private sector (PSPVs) at the primary credit rate (currently 1.75%), "the Federal Reserve has agreed to subordinate its right to receive certain amounts of potential interest payments. Specifically, if the primary credit rate rises above 2.25 percent, the New York Fed’s right to receive interest above 2.25 percent will be subordinated to the rights of the ABCP holders to receive principal and interest." Further, the New York Fed indicates that the program initially will be limited to fifty financial institutions "chosen by representatives of the U.S. money market mutual fund industry" from "among the largest issuers of highly rated short-term liabilities held by money market mutual funds" and that the group includes "most of the largest global North American and European financial institutions."