First Republic Bank, seeking to quell concerns about its financial strength, said it had more than $70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co.
(Bloomberg) — First Republic Bank, seeking to quell concerns about its financial strength, said it had more than $70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co.
“The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversifies, and further strengthens First Republic’s existing liquidity profile,” the bank said in a statement Sunday.
More liquidity is available through the Fed’s new lending facility, according to the statement.
The announcement came after bank’s liquidity came under pressure along with other regional banks after SVB Financial Group’s banking unit collapsed into receivership on Friday.
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