US Mulls More Support for Banks While Giving First Republic Time

Bloomberg2023-03-26

(Bloomberg) -- US authorities are considering expanding an emergency lending facility for banks in ways that would give $First Republic Bank(FRC-N)$ more time to shore up its balance sheet, according ...

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Now New Residents Are Facing Layoffs\nBank Chaos Tests Traders’ Nerves and Rewards Those Doing Nothing\nDeutsche Bank Drops in Selloff Citi Describes as Irrational\nCredit Suisse Wouldn’t Have Lasted Another Day, Minister Says\n\nOfficials have yet to decide on what support they could provide First Republic, if any, and an expansion of the Federal Reserve’s offering is one of several options being weighed at this early stage. Regulators continue to grapple with two other failed lenders — Silicon Valley Bank and Signature Bank — that require more immediate attention.\nEven short of that step, watchdogs see First Republic as stable enough to operate without any immediate intervention as the company and its advisers try to work out a deal to shore up its balance sheet, the people said, asking not to be named discussing confidential talks.\nFirst Republic’s stock has plunged more than 90% this month amid concerns that the San Francisco-based lender could fall victim to the same forces that recently caused a trio of US banks to collapse. But while those banks toppled when rapid customer withdrawals forced them to lock in losses on depreciated assets, First Republic has remained open and independent.\nKeeping Tabs\nUS officials have been keeping close tabs on the firm’s health and progress — aiming to stay vigilant in case the situation unexpectedly changes.\nBehind the scenes, they have concluded the bank’s deposits are stabilizing and that it isn’t susceptible to the kind of sudden, severe run that prompted regulators to seize Silicon Valley Bank within just a few days, the people said. \nThough First Republic has structural problems with its balance sheet, it has cash to meet client needs while it explores solutions, the people said. That includes $30 billion deposited by the nation’s largest banks this month.\nRepresentatives for the Fed, FDIC and First Republic declined to comment. The Treasury Department had no immediate comment. \nA potential adjustment to the Federal Reserve’s emergency lending program announced on March 13 is among options authorities have weighed in recent days, according to people with knowledge of the deliberations.\nAny expansion of the Fed’s liquidity offerings would apply to all eligible users, in keeping with banking law that says remedies must be broadly based, rather than aimed at helping a particular bank. But the change could be made in a way to ensure that First Republic benefits, the people said.\n--With assistance from Christopher Condon.\nMost Read from Bloomberg Businessweek\n\nWhat Happens When Sexting Chatbots Dump Their Human Lovers\nHow to Keep Corporate Accounts Safe Amid Bank Collapse Jitters\nIranian Activists Want Tech Companies to Ban the Ayatollah\nChatGPT Advances Are Moving So Fast Regulators Can’t Keep Up\nA Visual Guide to How America Uses Freight Trains\n\n©2023 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322041201"}