First Republic Bank may receive additional support as US authorities reportedly consider options for expanding an emergency credit line for banks.
United States authorities are reportedly deliberating on “expanding” an emergency credit line for banks, which may provide First Republic Bank a time buffer to address balance sheet concerns, according to people familiar with the situation.citing unnamed sources, it was claimed U.S. officials are pondering what support, “if any,” can be provided to First Republic; however, an “expansion of the Federal Reserve’s offering” is one of the options being explored.
First Republic was reportedly deemed “stable enough to operate” by regulators without the need for an “immediate intervention,” as efforts are made by the bank in the meantime to “shore up its balance sheet.” The sources reportedly said that while the Fed’s liquidity offerings would be expanded in accordance with banking laws, which stipulate that it must be “broadly based” and not aimed at benefiting a specific bank, they also warned that the alteration could be “made in a way” that ensures First Republic Bank benefits.
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