WASHINGTON (

TheStreet

) - The

Federal Reserve

's data dump on Wednesday offered plenty of detail but few surprises.

In accordance new regulation, the Fed released specifics on 21,000 transactions pertaining to emergency programs it developed in response to the financial crisis. Through those programs, the Fed offered $3.3 trillion in liquidity to loosen up credit conditions.

Most of the programs were gradually wound down in 2009 as private investors returned to the market and expired earlier this year. The Fed released data on six programs targeting collateralized debt markets, as well as mortgage-backed securities, currency swaps and the rescues of Bear Stearns and

American International Group

(AIG) - Get Report

.

As expected, any bank with a major presence on Wall Street utilized the Fed's funding facilities during peak periods of stress, including fallen titans

Bear Stearns

and

Lehman Brothers

to the remaining big six,

Citigroup

(C) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

, Goldman Sachs,

Bank of America-Merrill Lynch

(BAC) - Get Report

and

Morgan Stanley

(MS) - Get Report

. The most troubled banks tapped programs early and often.

Somewhat surprisingly, foreign banks were the dominant players in the Fed's MBS program and a facility that provided liquid Treasury bills in exchange for riskier collateral and a fee - representing 52% and 51% of dollar volume, respectively.

However, foreign banks played a minimal role in the much-larger Primary Dealer Credit Facility, which provided critical short-term loans to broker-dealers. U.S. banks represented 94% of dollar volume in that facility; when excluding their foreign subsidiaries, they took up an even bigger portion of the pie. For instance,

Citigroup's

(C) - Get Report

London-based broker-dealer accessed just $263.5 billion in overnight loans while its U.S. subsidiary accessed $1.8 trillion.

Those numbers are so large because they represent loans that were quickly repaid over the life of the program and do not represent borrowing at any one point in time.

The Fed has released this information because of a requirement in the Dodd-Frank reform bill that became law in July. However, what may be the most interesting part - usage of its overnight lending facility for commercial banks - was excluded due to ongoing litigation.

Bloomberg

won a lawsuit against the Fed in August which would require that the central bank release those data. The reform bill requires the disclosure following a two-year delay as well. But the outcome relies on a Supreme Court decision, after a group of banks appealed lower-court decisions.

The Fed contends that it should be allowed to keep those transactions private because singling out institutions could create a perception issue. In what seems to be a subtle nod to that lawsuit, the Fed said on Wednesday that it created one special lending facility because "many banks were reluctant to borrow at the discount window out of fear that their borrowing would become known and would be erroneously taken as a sign of financial weakness."

Mark Williams, a former Federal Reserve Bank examiner who now teaches finance at Boston University, agrees.

"This release will also change bank borrowing behavior," Williams said on Wednesday. "There is an optics issue. Banks that have enjoyed anonymity will now weigh the cost-benefit of such borrowing."

But Robert Goldberg, a former Wall Street investment banker who teaches finance at Adelphi University doesn't think the Fed needs special privacy protection to function as a central bank.

"My guess is there's probably no financial risk to the system arising from this disclosure but there likely will be more political risk," says Goldberg. " So, once again, a one-sided bet, where banks take risk, things go bad, they get bailed out. Things go good and they reap the rewards. It's a sweet deal."

Here are some notable deals from some of the Fed's credit-market programs and the Wall Street players who used them earliest and most frequently:

1. PRIMARY DEALER CREDIT FACILITY

¿ This facility mimics the Fed's discount window for overnight loans to commercial banks, except for Wall Street banks. It provided critical funding for major firms when confidence had run dry, often backed by questionable collateral.

¿

First users:

Barclays, Bear Stearns,

BNP Paribas

(BNP)

,

Countrywide

,

Deutsche Bank

(DB) - Get Report

and

Morgan Stanley

(MS) - Get Report

borrowed $34.5 billion on March 17, 2009 at a 3.25% rate; Bear Stearns accessed the most funding, at $28 billion, mostly backed by mortgage debt.

¿

Most active user:

Citigroup with 279 transactions between March 2008 and April 2009, worth $2 trillion in total.

¿

Biggest loan:

Barclays, $47.9 billion on Sept. 18, 2008 at a 2.25% rate, backed mostly by mortgages, as well as long-term bonds, junk bonds and equity.

¿

Highest rate:

All the initial loans made on St. Patrick's Day in 2008.

¿

Cheapest rate:

All loans issued from Dec. 2008 through May 2009 were at 0.5%.

2. AGENCY MBS PURCHASE PROGRAM:

¿ The Fed created this facility to grease the wheels of the mortgage market. Buyers and sellers used it to purchase or offload $2.45 trillion in MBS backed by Ginnie Mae,

Fannie Mae

(FNMA.OB)

or

Freddie Mac

(FMCC.OB)

.

¿

First buyer:

Barclays Capital

(BCS) - Get Report

bought $100 million worth of Freddie MBS for 99.03 cents on the dollar on Jan. 5, 2009.

¿

First seller:

Barclays also sold $200 million worth of Fannie MBS for 102.29 cents on the dollar on March 9, 2009.

¿

Most active user:

Deutsche Bank

(DB) - Get Report

was the primary dealer to 1,441 transactions related to $410.8 billion in MBS; $293.3 billion were purchases in a price range of 96.5 to 107.07 cents on the dollar; $117.5 billion were sales in a price range of 98.67 to 107.52 cents on the dollar.

¿

Biggest deals:

Credit Suisse

(CS) - Get Report

was the primary dealer for the two biggest deals, one a sale of $3 billion in Freddie MBS for 101.4 cents on the dollar, and the other a purchase of $3 billion in Fannie MBS for 101.5 cents on the dollar.

¿

Cheapest deals:

Morgan Stanley

(MS) - Get Report

brokered the cheapest purchase of $30 million worth of Fannie MBS for 91.44 cents on the dollar on Aug. 7, 2009;

Goldman Sachs

(GS) - Get Report

brokered the cheapest sale of $350 million in Fannie MBS for 97.56 cents on the dollar on May 6, 2009.

¿

Most expensive deals:

Barclays brokered a sale of $250 million worth of Fannie MBS for 107.52 cents on the dollar on July 14, 2010; Merrill brokered the purchase of $150 million in Fannie MBS for 107.09 cents on the dollar on Dec. 14, 2009.

3. TERM SECURITIES LENDING FACILITY:

¿ This program provided liquidity to financial firms by allowing them to borrow Treasury bills in exchange for riskier collateral.

¿

First user:

The Fed lent $75 billion worth of Treasurys to 15 banks on April 25, 2008, backed mostly by mortgage debt, at a fee of 0.33%.

¿

Most active user:

Citigroup, which borrowed $297.3 billion in 65 transactions at rates of 0.1% to 3.05%.

¿

Biggest loan:

The Fed lent $15 billion worth of Treasurys to Lehman Brothers on Aug. 15, 2008 at a rate of 0.25% and the same amount twice to UBS in separate transactions on April 25, 2008 and May 23, 2008 at rates of 0.25% and 0.33%, respectively.

¿

Highest rate:

Eight banks borrowed $37.5 billion worth of Treasurys at a fee of 3.22% on Oct. 16, 2008

¿

Lowest rate:

Between mid-2008 and March 2009, a host of banks borrowed $260.4 billion worth of Treasurys for a nominal fee of 0.1%

4. TERM ASSET-BACKED SECURITIES LOAN FACILITY:

¿ This program provided loans indirectly to consumers and small businesses by providing funds to issuers of securitized, asset-backed debt.

¿

Biggest loan:

California's pension fund, known as CalPERS, borrowed $1.6 billion on May 12, 2009 at a floating rate pegged to 1-month Libor plus 100 basis points; it repaid the debt on Sept. 1, 2010.

JPMorgan Chase

(JPM) - Get Report

issued the loan using prime credit card debt as collateral.

¿

Biggest loan still outstanding:

A fund called "AG TALF LLC" still owes the Fed $980 million on a $1 billion loan issued on June 9, 2009. The debt matures in June 2012 and carries a floating rate of 100 basis points over the 1-month Libor. It was issued by a Citigroup trust, backed by subprime credit-card debt.

¿

First users:

On March 25, 2009, 136 companies tapped TALF for $4.7 billion. Some of the debt related to prime auto loans and others related to credit card debt related to an array of issuers, including Ford, Nissan and Citibank. Some carried fixed rates of 2.733% and others were floating rates pegged to the 1-month Libor.

¿

Biggest user:

Citigroup entities used TALF on 192 occasions, borrowing $13 billion to fund credit card, auto and commercial mortgage debt. Other large issuers were

Ford

(F) - Get Report

, with 148 transactions, student-loan provider

SLM Corp.

(SLM) - Get Report

(better known as Sallie Mae) and the Small Business Administration with 140 transactions each. Other notable issuers were

General Electric

(GE) - Get Report

, Nissan and

Harley Davidson

(HOG) - Get Report

.

¿

Highest fixed rate:

The Fed charged a rate of 3.8735% to fund $367 million worth of commercial mortgage debt issued by several big banks and mortgage trusts on July 24, 2009.

5. TERM AUCTION FACILITY:

This basic program offered loans to financial institutions through auctions in exchange for collateral. The Fed says it created TAF because "many banks were reluctant to borrow at the discount window out of fear that their borrowing would become known and would be erroneously taken as a sign of financial weakness."

¿

First users:

The Fed issued 31 loans on Dec. 20, 2007 to an array of banks in sums ranging from $5.9 million to $2 billion.

¿

Biggest loans:

Bank of America, Barclays, Citigroup, FIA Card Services, JPMorgan Chase and Wells Fargo were issued 30 loans of $15 billion between October 2008 and June 2009. The loans were backed mostly by commercial and residential mortgages; rates ranged from 0.25% to 1.39%.

¿

Highest rate:

Loans issued on Dec. 20, 2007 carried the highest rate, of 4.67%

-- Written by Lauren Tara LaCapra in New York

.

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Lauren Tara LaCapra

.

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