SVB collapse: Banks borrowed $164.8 billion from Fed in past week

Banks bThe Federal Reserve has provided nearly $165 trillion in emergency funds over the last week.

Record-breaking amounts are up from $4.58 million the week prior. This is due to increased funding pressures after the collapse of Silicon Valley Bank.

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According to The Financial Crisis (2008), the record for emergency cash borrowing was $111 Billion. Bloomberg.

Nearly $12 billion of emergency funds were reportedly borrowed from Fed’s Bank Term Funding Program. It is a program that provides additional liquidity to banks in times when they are most needed. Fed.

This is a brand new program that was launched Sunday.

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As the global financial industry is in turmoil, news of the increase in borrowing comes as a relief. Credit Suisse borrowed more than $50 billion from Swiss National Bank to close SVB.

Thursday saw the announcement of a $30 billion rescue effort by the government to save First Republic Bank, and stop panicking.