Fed says 1,804 banks and other institutions tapped emergency lending facility

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Fed says 1,804 banks and other institutions tapped emergency lending facility

(Reuters) – Some 1,804 depository institutions tapped the emergency lending facility set up last March in the wake of Silicon Valley Bank’s collapse, amounting to about 20% of all eligible firms, the Federal Reserve said on Friday. About 95% of the borrowers, which included banks, credit unions, savings associations, and branches and agencies of foreign banks, had less than $10 billion in assets, the U.S. central bank said in its semi-annual…