No Bailout? Banks Borrow $164.8 Billion From Fed in Rush to Backstop Liquidity

The recent week witnessed a heightened level of funding stress after Silicon Valley Bank’s collapse, as evidenced by the $164.8 billion borrowed by banks from two Federal Reserve backstop facilities.

According to information released by the Fed, in the week ended March 15, borrowing from the discount window, which is the conventional source of liquidity for banks, reached an all-time high of $152.85 billion, up from the previous week’s $4.58 billion.

The previous record high of $111 billion was observed during the 2008 financial crisis, Yahoo News reported per Bloomberg.

Additionally, the information indicated that borrowing from the newly introduced emergency backstop by the Fed, called the Bank Term Funding Program, reached $11.9 billion. The program was launched on Sunday.

"Banks Borrow $164.8 Billion From Fed in Rush to Backstop Liquidity"
READ MORE: https://finance.yahoo.com/news/banks-borrow-164-8-billion-203000220.html

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