What is unencumbered collateral for PSR purposes, such as pricing?

Unencumbered collateral for PSR purposes is collateral pledged to the Reserve Banks for discount window or PSR purposes that is not securing an advance. Under some circumstances, rules for determining whether collateral is available may differ for PSR and discount window purposes. For example, under term lending (announced July 30, 2008) institutions requesting an advance of more than 28 days will need to hold an additional 33 percent of collateral in excess of the collateral required for the advance.

The additional collateral may not be available for discount window purposes, but would be considered available (unencumbered) for PSR purposes. More.

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