Key Points:
To the article, which cited sources with knowledge of the issue, all discussions are in the early stages. Expanding the Federal Reserve’s emergency program is just one of the numerous lending options being considered by officials to help the struggling lender.
Any modifications made to the Fed’s liquidity offerings would affect all eligible users, although First Republic would stand to gain from them.
Federal Deposit Insurance Corporation (FDIC), First Republic Bank, and U.S. Treasury spokespeople declined to comment.
As previously reported, Wall Street executives and U.S. officials are discussing the possibility of First Republic Bank getting government support to forge a deal with potential buyers’ power.
The government could play a role in removing the distressed assets of the First Republic. Other measures discussed by the two sides include providing liability guarantees, more flexible use of capital regulations, and easing equity restrictions.
Following the collapses of Silicon Valley Bank and Signature Bank, American banks have contacted the Federal Reserve for unprecedented sums of emergency liquidity in the previous month.
The economic team of American President Joe Biden collaborated with regulators earlier this month to establish measures to support the banking system. These measures included creating a new facility to give banks access to emergency funds and simplifying the process for banks to borrow money from the Fed in times of need.
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