central bank credit facility

A standing credit facility which can be drawn upon by certain designated account holders (e.g. banks) at a central bank. The facility can be used automatically at the initiative of the account holder. The loans typically take the form of either advances or overdrafts on an account holder's current account which may be secured by a pledge of securities or by repurchase agreements.
See also:
 daylight credit (or daylight overdraft, daylight exposure, intraday credit)     
 repurchase agreement