The Federal Reserve Bank of New York is ramping up the liquidity it will offer through its repo facilities around the new year, after earlier operations showed banks bracing for a cash crunch.

From now until the end of the year, the New York Fed will offer $120 billion a day in its overnight operations, rising to $150 billion for the operation from December 31 to January 2.

Additionally, it is offering $50 billion in a 32-day term operation to be held on December 16. A previous term operation