WASHINGTON, March 17 — The Federal Reserve has lent US banks nearly US$12 billion (RM54 billion) under a new one-year lending programme unveiled Sunday, as authorities moved to...
WASHINGTON, March 17 — The Federal Reserve has lent US banks nearly US$12 billion under a new one-year lending programme unveiled Sunday, as authorities moved to ease stress on the financial system after Silicon Valley Bank’s collapse.
The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California’s SVB. US authorities moved swiftly to protect depositors at SVB and Signature Bank, which also collapsed, as they saw “serious risk of contagion” that could have triggered runs on many banks, Treasury Secretary Janet Yellen told Senators in Congress yesterday.
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