Federal Reserve offers $100 billion more to commercial banks

March 28, 2008
Federal Reserve offers $100 billion more to commercial banks

WASHINGTON: The Federal Reserve announced Friday it will auction an additional $100 billion (€63.31 billion) in April to cash-strapped banks as it continues to combat the effects of a credit crisis.

The central bank said it would make $50 billion (€31.65 billion) available at each of two auctions, on April 7 and April 21.

Through the end of March, the Fed has provided $260 billion (€164.6 billion) in short-term loans to commercial banks through the innovative auction process. It also has employed Depression-era provisions to provide money to investment banks.