InfoAnda - Fed lifts lid on crisis lending to non-US banks

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Fed lifts lid on crisis lending to non-US banks AFP - Thursday, December 2 Send IM Story Print Fed lifts lid on crisis lending to non-US banks WASHINGTON (AFP) - – The US Federal Reserve lifted the lid on the vast scale of help given to foreign banks during the financial crisis, publishing details about trillions of dollars' worth of loans. Unleashing a flood of information about its moves to keep the financial system afloat, the central bank unveiled data on more than 21,000 transactions, many involving non-US firms. Britain's Barclays and Bank of Scotland emerged alongside US banks as major beneficiaries. Barclays borrowed more than 200 billion dollars through one tool alone -- the Term Auction Facility -- via two subsidiaries in New York and one in Delaware. In total, the facility was used over 4,200 times by dozens of firms from around the world between December 2007 and March 2010, when it was closed. The dates span one the most volatile periods in financial history, as banks from Brazil to Japan struggled with fallout from the subprime crisis and looked to the Fed for help. The Term Auction Facility had been established to allow banks confidential access to low-cost Fed loans while avoiding rumors of poor liquidity that could have sparked panic or a run. France's Societe Generale, Switzerland's UBS, Belgium's Dexia, and Germany's Bayerische Landesbank, Dresdner Bank and its now-partner Commerzbank were all frequent users, each drawing down billions of dollars. Many major US banks also used the facility, but the scale of use by non-US banks is likely to fuel anger that US cash aided foreign firms. Watchdogs have already criticized the Treasury Department's parallel relief program, because much of the 700 billion dollars doled out to firms like US insurer AIG went to European counter-parties. The Fed had released the data only after a demand from Congress and stressed Wednesday that the tool was open "only to institutions that are financially sound." Fed critic Bernie Sanders said the disclosure, which he fought for, showed the government bailouts were "pocket change compared to the trillions and trillions of dollars in near zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country. "Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks -- Deutsche Bank and Credit Suisse -- who were the largest beneficiaries of the Fed's purchase of mortgage-backed securities." But other data released Wednesday served to underscore the depths of the financial crisis, and the central role the Fed played to prop up the economy. Another Fed lending tool -- the Commercial Paper Funding Facility -- allowed companies to tap dried-up money markets and helped keep the gears of industry rolling. The facility was used by household names like General Electric, Caterpillar, Harley-Davidson, Verizon, McDonald's and BMW. It was also used repeatedly by entities related to the Bavarian and South Korean governments. As financial conditions have improved the Fed has moved to close most of the facilities, but with data covering transactions taken this year, investors will be poring over the files for signs of frailty. The Fed tried to allay any concerns. "Participation in (these facilities) reflected the severe market disruptions during the financial crisis and generally did not reflect participants' financial weakness," it said. 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