Federal Reserve data on Thursday showed a large part of the central bank's emergency lending activities in recent weeks were tied up with the now-shuttered First Republic Bank.
A First Republic Bank branch is seen in New York City, U.S., April 28, 2023. REUTERS/Shannon Stapleton/File Photo
The Fed reported that discount window borrowing fell to $5.3 billion on Wednesday from $73.9 billion the week before, while the BTFP saw loans slip to $75.8 billion, from $81.3 billion on April 26. The still strong takeup at the BTFP might not be fully crisis related, as the facility offers very attractive terms and the Fed has encourged banks to tap its liquidity if needed.
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