First Republic had just $11bn eligible for Fed’s new facility
The bank held nearly $20bn of municipal bonds, representing over 60% of its securities portfolio
First Republic Bank held just $11.3 billion in securities eligible for the Federal Reserve’s Bank Term Funding Program (BTFP) at the end of last year, Risk Quantum analysis shows.
The Fed’s emergency facility, launched in response to the collapse of Silicon Valley Bank, offers up to one-year loans in exchange for collateral including US Treasuries, US agency securities and US agency mortgage-backed securities (MBSs).
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First Republic’s most recent regulatory filings reveal it held $11.1
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