First Republic taps Fed facilities in effort to plug funding hole

Discount window and BTFP provide temporary relief as deposits slump $72bn in Q1

First Republic Bank increased its reliance on Federal Reserve advances and other stopgap funding to $105.9 billion in the first quarter, as it rushed to make up for a deposit flight that risked making it the third major US bank to sink in March.

The California-based bank borrowed $63.5 billion through the Fed’s discount window and $13.8 billion via the newly-established Bank Term Funding Program (BTFP), while boosting funding from the Federal Home Loan Bank of San Francisco to $28 billion.

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