U.S. banks are borrowing billions of dollars to maintain liquidity following the recent collapse of Silicon Valley Bank (SVB), data published by the Federal Reserve shows.
Banks have borrowed a combined total of $164.9 billion from the central bank in recent weeks amid the banking crisis , according to Fed statistics released Thursday.
During the week ending March 15, banks borrowed $152.85 billion from the central bank using the Fed’s traditional discount window.
Discount window lending provides loans for periods of up to 90 days.That number is up from $4.58 billion the previous week.Elsewhere, about $11.94 billion was borrowed through the newly created Bank Term Funding Program (BTFP).The BTFP was established to support American businesses and households by safeguarding institutions impacted by the collapse of SVB.Announced on Sunday, the BTFP provides loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions.The loans are […]
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