https://sputnikglobe.com/20230316/us-banks-borrow-record-1648bln-from-federal-reserve-over-past-week-media-reports-1108485069.html
US Banks Reportedly Borrowed Record $164.8 Billion From Federal Reserve Over Past Week
US Banks Reportedly Borrowed Record $164.8 Billion From Federal Reserve Over Past Week
Sputnik International
US banks borrowed a record $164.8bln from the Federal Reserve over the past week to mitigate impacts from the fallout of the Silicon Valley Bank closure, US media reported.
2023-03-16T23:21+0000
2023-03-16T23:21+0000
2023-03-16T23:33+0000
economy
us
silicon valley bank collapse
silicon valley bank
us federal reserve
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US media reported on Thursday that US banks borrowed a record $152.8 billion from the discount window over the past week, according to Fed Reserve data. The discount window is a liquidity backstop for banks.In addition, US banks reportedly used $11.9 billion in new facility usage over the first three days of the banking crisis.This new total is up from the $4.58 billion recorded a week prior to the fallout. The last all-time record reached $111 billion during the 2008 financial crisis.On Friday, California regulators shut down Silicon Valley Bank, which became the largest US bank to collapse since the 2008 financial crisis.The bank's collapse is believed to be linked to the increase in interest rates issued by the Federal Reserve, causing the impairment of assets on the balance sheets of many financial institutions. On Sunday, the authorities also closed New York-based Signature Bank because of systemic risks, which was the third largest bank failure in US history.US Treasury Secretary Janet Yellen previously mentioned that rising interest rates from the central bank to combat inflation have been the core issue for Silicon Valley Bank.
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https://sputnikglobe.com/20230316/svb-failure-due-to-bidenflation-bailouts-possibly-considered-in-future-says-us-congressman-1108481764.html
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us, us economy, us banks borrowed 164.8 bln, federal reserve gave 164.8 bln to us banks, how did silicon valley bank closure affect us economy, signature bank fallout aftermath, svb collapse reaction
us, us economy, us banks borrowed 164.8 bln, federal reserve gave 164.8 bln to us banks, how did silicon valley bank closure affect us economy, signature bank fallout aftermath, svb collapse reaction
US Banks Reportedly Borrowed Record $164.8 Billion From Federal Reserve Over Past Week
23:21 GMT 16.03.2023 (Updated: 23:33 GMT 16.03.2023) WASHINGTON (Sputnik) - US banks reportedly borrowed a record $164.8 billion from the Federal Reserve over the past week to mitigate impacts from the fallout of the Silicon Valley Bank closure.
US media reported on Thursday that US banks borrowed a record $152.8 billion from the discount window over the past week, according to Fed Reserve data. The discount window is a liquidity backstop for banks.
In addition, US banks reportedly used $11.9 billion in new facility usage over the first three days of the banking crisis.
This new total is up from the $4.58 billion recorded a week prior to the fallout. The last all-time record reached $111 billion during the 2008 financial crisis.
On Friday, California regulators
shut down Silicon Valley Bank, which became the
largest US bank to collapse since the 2008 financial crisis.
The bank's collapse is believed to be linked to
the increase in interest rates issued by the Federal Reserve, causing the impairment of assets on the balance sheets of many financial institutions. On Sunday, the authorities also closed New York-based Signature Bank
because of systemic risks, which was the third largest bank failure in US history.
US Treasury Secretary Janet Yellen previously mentioned that rising interest rates from the central bank to combat inflation have been the core issue for Silicon Valley Bank.
