diskontofacilitet

Diskontofacilitet, or discount facility, refers to a central bank lending facility that allows commercial banks to borrow short-term funds by pledging eligible collateral at a discount rate. It serves as a liquidity backstop and a lender of last resort, enabling banks to meet sudden funding needs and helping to smooth monetary conditions.

In operation, a bank presents eligible securities as collateral and borrows a prescribed amount at a rate typically higher than the central bank’s policy rate. The loan is short-term, often overnight, and may be extended at the central bank’s discretion. Collateral requirements are enforced through haircuts, with higher risk collateral receiving larger discounts. The facility is usually a standing facility; banks can access it when other market funding is unavailable.

The discount facility complements open market operations and reserve requirements as tools of monetary policy. It can influence liquidity conditions, act as a signal of policy stance, and help stabilize interest rates during periods of stress. Critics note potential moral hazard, as banks may rely on easy access to central-bank funds rather than managing liquidity risk, and it can blur incentives in times of financial strain.

Examples exist in many central banking systems under different names, such as the discount window in the United States (with various lending categories), the Lombard facility in the euro area, and marginal lending facilities in other jurisdictions. The term appears under various names in different central banks and is widely described in IMF and central-bank literature as a discount facility.