The Federal Reserve Board announced earlier today that it has approved a basic structure for small-value offerings of term deposits under the Term Deposit Facility (TDF) and has authorized up to five small-value offerings to be conducted in the near future. These small-value offerings are designed to provide eligible institutions with an opportunity to gain familiarity with term deposit procedures, and will have no implications for the near-term conduct of monetary policy. The Federal Reserve has not explicitly defined the size of the offerings. More information about the timing and other details of the TDF offerings will be announced at a later date.