FHLB advances hit record $1trn as banks scramble for funding

Schwab, Truist and First Republic heaviest users of Federal facility in Q1

The Federal Home Loan Bank system extended more than $1 trillion in advances to members in the first quarter of the year, the highest amount on record. FHLB borrowings – which are collateralised by mortgages and other top-quality assets – increased 28% quarter on quarter as demand for liquidity spiked following significant deposit outflows in March.

The FHLBs also grew their investment portfolios by 24% to $450 billion, to maintain liquidity and continue to meet members’ credit needs.




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