Fed Provides $20 billion in Loans to Banks
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — The Federal Reserve is providing $20 billion in loans to banks as part of an unprecedented auction process to ease a global credit crisis and make sure financial institutions can keep lending to their customers.
The central bank today announced banks’ use of a new auction facility that was created to encourage banks to seek cash directly from the Fed to help them overcome credit problems.
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