BTFP becomes top source of Fed funding

Emergency lending programme accounts for over 54% of loans extended to US dealers by the central bank

The US Federal Reserve’s Bank Term Funding Program (BTFP) became the largest federal credit facility in the second half of September after loans extended to depository institutions placed into Federal Deposit Insurance Corporation (FDIC) receivership dropped significantly.

Fed data shows that between September 13 and September 20, loans to banks classified as other credit extensions (OCEs) plummeted $48.4 billion or 36.3% to $85 billion, their lowest level since March. Over the same week, BTFP

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