Financial institutions ramp up use of new Fed facility made through disaster

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Institutions borrowed $53.7 billion from the Lender Term Funding Program as of Wednesday, up sharply from $11.9 billion very last 7 days.
Another class of loans produced mainly to shuttered financial institutions to satisfy obligations to depositors and other fees jumped as nicely. These borrowings jumped to $179.8 billion from $142.8 billion final 7 days.
The new bank funding plan was released March 12 to alleviate very similar strains on banks and other institutions it extends a person-yr financial loans backed by Treasuries or other belongings, having to pay whole price for the belongings even if their industry worth is reduce.

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