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Four major U.S. banks borrow 2 billion dollars from Federal Reserve
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08:05, August 24, 2007

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The four biggest U.S. banks have borrowed a total of 2 billion dollars from the Federal Reserve to lift market confidence, The Wall Street Journal reported Thursday.

Citigroup Inc., Bank of America Corp., J.P. Morgan Chase & Co. and Wachovia Corp. -- the nation's largest banks as measured by total assets -- said they each borrowed 500 million from the so-called discount window, according to the report.

The move is widely viewed as symbolic, since all of the banks borrowing from the central bank can obtain less-expensive funds elsewhere, said the report.

But it was part of a concerted effort by the Fed to restore confidence to credit markets, where losses on subprime mortgages have rippled across numerous markets and have made investors reluctant to lend to any but the most credit-worthy borrowers, the report added.

Source: Xinhua



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