End of BTFP curtails Comerica’s contingent funding pool

Decision not to take avail of facility’s paper-loss amnesty showcases US regional banks’ conundrum

The termination of the US Federal Reserve’s Bank Term Funding Program (BTFP) potentially deprived Comerica of significant amounts of readily available liquidity at favourable terms, underscoring the ongoing funding challenges faced by US regional banks, whose investment securities remain battered by fair-value losses.

In February, Comerica disclosed it had pledged $7.7 billion of securities to the Fed at end-2023, allowing it to access up to $9.3 billion from the BTFP – a premium afforded by the

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