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Bank Holidays
Advance Renewal Discount Program Update

We introduced the ARDP in September 2015 in response to members' growing interest in long-term funding. This solution offers an easy way to extend maturities and receive discounts on qualifying advances that roll over into new long-term advances.

We recently made the ARDP even better by increasing the discount for members that borrow additional funds. Originally, advances with terms of at least one year received a discount of three basis points, and those of two or more years realized a discount of eight basis points. Now, new ARDP advances that are at least 125 percent of the maturing advance receive five basis point discounts for terms of at least one year, and 10 basis points for maturities of two years or greater.

To qualify for the program, new advances must be at least 50 percent of the maturing advance, a minimum of $1 million, and have terms of one year or more. Members also need to provide two business days' notice prior to the maturity of the advance to be rolled over.

Since its rollout, more than 40 members have renewed and extended nearly 100 advances - some as far as seven years - totaling almost $1 billion. Most have earned discounts of eight or more basis points while extending the maturities of multiple maturing advances.

Thus far in 2016, long-term borrowing has outperformed last year's pace by more than 30 percent. The ARDP gives members another option for securing discounted, long-term funds. Please contact the Money Desk or your relationship manager to learn more about the program.