U.S. Federal Reserve emergency lending to banks was on balance fairly stable at very high levels as the financial system continued to contend with banking sector stresses, central bank data released on Thursday showed.
As of Wednesday, banks tapped $88.2 billion from the central bank’s discount window lending facility, versus $110.2 billion on March 22.
The discount window is the central bank's main way of providing credit to deposit taking banks and usage of the facility, as well as other Fed credit facilities, has surged in the wake of several bank failures at the start of the month.moved up modestly to $64.4 billion on Wednesday, versus the $53.7 billion seen the week before. The Fed said “other credit” lending, which is tied to credit the Fed extended to Federal Deposit Insurance entities dealing with failed banks stood at $180.
The three facilities extended a total of $332.7 billion to eligible firms on Wednesday, versus $343.7 billion the prior Wednesday. At the start of the month, lending via the discount window was just under $5 billion and the BTFP had yet to launch. Moving borrowing from the discount window to the new BTFP facility had been expected by many analysts given the favorable terms on the new lending tool.
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