FT.com / US / Economy & Fed - European banks took big slice of Fed aid

FT.com / US / Economy & Fed - European banks took big slice of Fed aid: "European banks took big slice of Fed aid
By Robin Harding and Tom Braithwaite in Washington and Francesco Guerrera in New York
Published: December 1 2010 17:30 | Last updated: December 2 2010 00:12
Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.

The revelation of the scale of overseas lenders’ borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the world’s banking sector."