Banks drew a total of 164.8 billion dollar from 2 Fed Reserve backup facility in the most current week. Indicating increased financing difficulties in the repercussion of Silicon Valley Bank’s fall.
This is an increase from 4.58 billion dollar the week before. The previous record-breaking amount was 111 billion dollar, attained during the financial crisis in 2008.
Additional credit extensions throughout the week totaled 142.8 billion dollar, which includes loans made to bridge banks for Silicon Valley Bank and Signature Bank by the Fed Deposit Insurance Corp.
Over the weekend, the united States Treasury and the Fed Deposit Insurance Corp. intervened and used unique authority to protect every SVB and Signature depositor.