The Federal Reserve has revealed the names of foreign banks and regional U.S. banks that made use of the emergency discount-lending window during the 2008 financial crisis, The Wall Street Journal reports. For the week that ended Sept. 3, 2008, the primary and secondary credit borrowing by banks from the Fed was $19 billion.
U.S. Bancorp had the single biggest borrowing from the discount window, taking a $3.4 billion overnight loan. Austria’s Erste Group went to the Fed three times, borrowing a total of $5.4 billion. On September 17, primary and secondary borrowing from the discount window increased to $33.4 billion. JPMorgan Chase borrowed at least $5.9 billion from the Fed discount window over six months during the height of the crisis, adds Bloomberg.
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