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Banks take advantage of Fed crisis lending programs

March 16, 2023


Financial institutions took billions in short-term loans this week from the Federal Reserve as the industry copes with a serious crisis of confidence and liquidity, the central bank reported Thursday.

Utilizing tools the Fed rolled out Sunday, banks looking for cash infusions borrowed $11.9 billion from the Bank Term Funding Program. Under that facility, banks can take one-year loans under favorable terms in exchange for high-quality collateral.

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