NEW YORK: More than 1,600 financial firms and their subsidiaries have tapped the Federal Reserve’s (Fed) emergency lending programme created to support the industry during the regional banking turmoil two years ago.
Beal Bank USA and First Republic Bank took out the biggest loans through the Bank Term Funding Programme (BTFP), which was established in March 2023 to bolster liquidity within the financial system after the collapse of Silicon Valley Bank.
