Banks borrowed combined $164.8 billion from the Federal Reserve in the past week, a sign of escalated strains in SVB fallout. Read more
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Data published by the Fed showed US$152.85 billion in borrowing from the discount window — the traditional liquidity backstop for banks — in the week ended March 15, a record high, up from US$4.58 billion the previous week. The prior all-time high was US$111 billion reached during the 2008 financial crisis.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Taken together, the credit extended through the two backstops show a banking system that is still fragile and dealing with deposit migration in the wake of the failure of Silicon Valley Bank of California andOther credit extensions totalled US$142.8 billion during the week, which reflects lending by the Federal Deposit Insurance Corp. to bridge banks for SVB and Signature Bank.
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