![]() ![]() ![]() But it comes at a hefty price: It has to borrow this cash from the Fed and from the Federal Home Loan Banks (FHLBs), and this is expensive money.įor its loans on March 31, the bank’s average borrowing rates were: The bank lined up a lot of cash to cover the past run on the bank and deal with a future run. The deposits began to stabilize at the end of March and have since then hovered just over $100 billion, it said today. Without this influx of $30 billion, deposits would have dropped by 50%. ![]() And it looks like it has handled the run on the bank for now: It’s still standing, though its deposits had plunged by 41% (by $72 billion) by March 31, compared to December 31.īut those deposits include the $30 billion that 11 large banks deposited at the bank in March to prop it up and keep contagion from spreading. ![]() By Wolf Richter for WOLF STREET.įirst Republic, the San Francisco bank that started teetering in March when Silicon Valley Bank was felled by its well-connected big depositors, reported earnings this evening. Shares, after jumping 12% during the day in anticipation of something wonderful, plunged 22% after-hours, now within a hair of the low in March. ![]()
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