And the largest loan given through the Federal emergency loan program during the crisis was…
An astounding $47,942,000,000, given to BarCap on September 18th, 2008.
(Morgan Stanley got a $47,620,400,000 overnight loan on September 26, 2008 that came in a close second.)
The record-breaking nearly $48 billion overnight loan was made to Barclays Capital through the Fed’s PDCF loan program, which was designed to, in the Fed’s words:
Function as an overnight loan facility for primary dealers, similar to the way the Federal Reserve’s discount window provides a backup source of funding to depository institutions. By providing a source of liquidity to primary dealers when funding was not available elsewhere in the market, the program helped to improve financial market conditions more generally.
Basically every bank used these loans, but Barclays wins the prize for needing the biggest.
See all of the banks that received PDCF loans, when they were made, and how much they were for by clicking here >
We found the loan using the WSJ’s neat search function, which you can access by clicking here >
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