Foreign banks await guidance on Fed’s SME lending facility

Term sheet for $600 billion scheme silent on whether foreign banks in US can participate

US Treasury said to have expressed "willingness" to include foreign banks

The Federal Reserve is expected to revise the eligibility criteria of its massive corporate lending programme to clarify whether the subsidiaries and branches of non-US banks can participate, in fresh guidance anticipated this week.

Foreign banking organisations (FBOs) were omitted from a list of eligible lenders given in the term sheet of the $600 billion Main Street Lending Program (MSLP), published on April 9. Instead, the Fed referred only to “US insured depository institutions, US bank

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