However, like LCR, banks believe that state supervisors prefer banks to maintain reserves, as they would not be able to smoothly liquidate a considerable cash position in order to maintain critical functions during restoration or liquidation in the workplace. Prior to the 2008 financial crisis, repo operations were used to refine the supply of reserves in the banking system and maintain the Federal Funds rate around the Fed Funds Target set by the FOMC. Currently, the Desk conducts night and term repo operations to support the effective implementation of policies and the proper functioning of short-term funding markets in United States dollars. Repo trades are made with counterparties of the primary broker at a ed. advertised bid amount, a minimum bid rate and a maximum individual offer limit, all available on the «Operational Details» page. . . .