Two major US banks that failed last week, Silicon Valley Bank and Signature Bank, were granted nearly half of $300bn in emergency funds available from the US Federal Reserve.
The banks borrowed the money from holding companies set up by the Federal Deposit Insurance Corporation, which took over both banks.
The money was used to pay uninsured depositors with bonds posted as collateral.
An additional $148bn from a long-standing program called the "discount window" was also provided – a record level.
The Federal Reserve has lent $11.9bn from a new lending facility announced on Sunday, which enables banks to raise cash and pay depositors withdrawing funds.
Two major US banks, Silicon Valley Bank and Signature Bank, were granted nearly half of $300bn in emergency funds available from the US Federal Reserve after they failed last week.
The banks borrowed the money from holding companies set up by the Federal Deposit Insurance Corporation, which took over both banks.
The money was used to pay uninsured depositors with bonds posted as collateral.
An additional $148bn from a long-standing program called the "discount window" was also provided – a record level.
The Federal Reserve has lent $11.9bn from a new lending facility announced on Sunday, which enables banks to raise cash and pay depositors withdrawing funds.
The story was reported by The Hill, The Guardian, and The Independent, all with similar or identical information.
However, The Independent included information about the record levels of funding from the "discount window.
" The Hill mentioned that the "holding companies" receiving funds were not named, but The Guardian reported that they "set up" by the Federal Deposit Insurance Corporation.