Fed Gives $20 Billion to Banks in Credit Crisis
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The Federal Reserve is providing the loans as part of an unprecedented auction process to ease a global credit crisis and make sure financial institutions can keep lending to customers.
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Bank announces $18 billion in write-downs as well, also gets infusion of funds from various investors and sovereign wealth funds, but investors fear the worst may be yet to come.
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Two Bear Stearns hedge funds, worth more than $20 billion, teetered on collapse yesterday after absorbing major losses from investments in the subprime mortgage industry.
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Banks in the United States have been quietly borrowing "massive amounts" from the U.S. Federal Reserve in recent weeks, using a new measure the Fed introduced two months ago to help ease the credit crunch, according to a report on the web site of The Financial Times.
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All 12 regional Federal Reserve banks asked the central bank's board to hold the cost of emergency Fed loans steady in April and May, with most bank directors expecting the U.S. economy to resume a moderate expansion over the rest of the year.
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The government says it will cover losses by financial institutions providing money to the troubled bank.
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Merrill Lynch said yesterday it had agreed to buy the First Republic Bank for $1.8 billion in cash and stock to gain clients with an average net worth of $20 million.
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The Federal Reserve launched a concerted effort with central banks around the world to try to get financial institutions to lend money more readily, its latest attempt to help thaw a frozen financial system.
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Investors welcomed the decision by central banks in the United States, Europe and Britain to lend billions of dollars in multiweek loans to help lift struggling credit markets.
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The Federal Reserve on Tuesday slashed benchmark U.S. interest rates by a hefty three-quarters of a percentage point in an emergency bid to lend support to a weak U.S. economy faced with increasing turmoil in global financial markets.
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The Bank of England on Thursday injected 4.4 billion pounds into the financial system amid ongoing turmoil in credit markets.
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Citigroup Inc  and Merrill Lynch & Co Inc  said they raised another $20 billion of capital from investors in Asia, the Middle East, and elsewhere, as the subprime mortgage crisis forced additional massive asset write-downs and devoured more of banks' capital.
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Banks in the United States have been  quietly borrowing "massive amounts" from the U.S. Federal  Reserve in recent weeks, using a new measure the Fed introduced  two months ago to help ease the credit crunch, according to a  report on the web site of The Financial Times.
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China on Monday announced a $20 billion capital injection into China Development Bank, one of the country's three policy lenders, as part of a long-planned transformation of the state-owned company into a commercial bank.
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Barclays  and Royal Bank of Scotland  have lined up emergency funds of up to $30 billion from the U.S. Federal Reserve to bail out American clients caught up in the global credit crunch, a paper said.
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The Federal Reserve, working to combat effects of a serious credit crisis, said Tuesday it had auctioned $30 billion in funds to commercial banks at an interest rate of 3.123 percent.
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Many U.S. banks have made it harder for creditworthy borrowers to get a mortgage, according to a Federal Reserve survey released Monday that underscored the spread of a painful credit crunch.