PNC drains Fed reserves
Federal Reserve balances at their lowest since Q2 2014
PNC withdrew $4.7 billion of deposits at the Federal Reserve in the three months to June 30, shrinking its quarterly average balance of central bank cash to $20.7 billion – its lowest since the second quarter of 2014.
The Pennsylvania-based bank stated that the drawdowns were used to fund other investments. Fed deposits at end-June made up 5.4% of PNC’s total assets, down from 6.7% at end-March.
In the period since end-2012, PNC’s Fed deposits have fluctuated dramatically, troughing at 0.4% of
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