On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank.
explained that the Federal Reserve had created a Bank Term Funding Program, or BTFP, to help failed banks and their depositors. “With the approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP.
The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds,” the U.S. central bank declared.The Board is carefully monitoring developments in financial markets. The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.
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