This page has been archived and commenting is disabled.

Charting Historical Discount Window Borrowings

Tyler Durden's picture





 

While we await the thousands of pages of discount window data to hit the public docket, below we present to our readers the historical borrowings on the Fed's Discount Window, which consists of the Primary Credit, Secondary Credit and Seasonal Facilities. Borrowings across all three peaked at $110,753 million according to the Fed. There is of course, no indication of what type of collateral is used against these borrowings although as Zero Hedge first disclosed over a year ago, many of the stocks pledged by failing companies were those of bankrupt companies. There will hardly be much if anything revolutionary in this incremental disclosure, but it will confirm just how many times Goldman and JPM may have accessed the discount window following repeated claims they did not need to do so. The reason banks no longer use the discount window as can be seen on the chart below, is that with $1.4 trillion in excess reserves there are no liquidity constraints any more as all the capital comes in the form of electronic money allocated as reserves by the banks, which money is fungible and thus banks no longer rely on actual lending by the Fed. Incidentally, combined borrowings across all three Discount Window facilities in the week ended March 23 was $13 million: the lowest since 2004.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 03/31/2011 - 10:43 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Stick save for the bankstas. I can't wait for the new Fed program called "Twin Peaks" to start. Premiering in 4....3....2....

Thu, 03/31/2011 - 10:52 | Link to Comment willien1derland
willien1derland's picture

Nice CD - for today's performance of "Twin Peaks" the roles of David Lynch will be played by Hank Paulson & Mark Frost will be played by Ben Bernacke..and without further ado....

Thu, 03/31/2011 - 12:15 | Link to Comment Ying-Yang
Thu, 03/31/2011 - 10:42 | Link to Comment Hollywood
Hollywood's picture

When the amount "borrowed" decreases, as shown on the above chart, does that mean the money was paid back?

Thu, 03/31/2011 - 10:47 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

The short answer is "no".  The Fed likes to print up all kinds of cute graphs showing all kinds of money porn.  That graph you are looking for may not even exist.

Thu, 03/31/2011 - 11:51 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Just another entry to the invoice for future generations.

Thu, 03/31/2011 - 10:46 | Link to Comment Boilermaker
Boilermaker's picture

Looks normal to me.  Why the drama?

There was trillions in collateral committed...right....right???  Surely, they didn't commit to loans without collateral.

Thu, 03/31/2011 - 10:47 | Link to Comment willien1derland
willien1derland's picture

WTF?! - How the hell would you model that event?! Well you see one fine day we were walking down the Yellow Brick Road when SUDDENLY... 

Thu, 03/31/2011 - 10:47 | Link to Comment benevolous
benevolous's picture

where's the link to the actual data so we can see for ourselves?

Thu, 03/31/2011 - 10:55 | Link to Comment Boilermaker
Boilermaker's picture

Not available...just accept our summary.

Thu, 03/31/2011 - 10:49 | Link to Comment buzzsaw99
buzzsaw99's picture

the fed exists to make the rich richer. that is all.

Thu, 03/31/2011 - 10:48 | Link to Comment buzzsaw99
buzzsaw99's picture

that money was paid back with money they stole from the taxpayers.

Thu, 03/31/2011 - 11:34 | Link to Comment unununium
unununium's picture

They are still finishing the stealing operation.

Observe your 401k to see the thrilling conclusion.

Thu, 03/31/2011 - 10:51 | Link to Comment Boilermaker
Boilermaker's picture

It includes the details up to March 1st...what do you think this shit has been going like absolute hell since the 2nd?

Thu, 03/31/2011 - 11:06 | Link to Comment AlaricBalth
AlaricBalth's picture

Here are links to the Federal Reserves collateral guidelines in .PDF and a risk collateral margin table in Excel format. The Fed uses an "internal fair market value estimate" when determining the loan amount to the requesting institution. If you notice on page 9 of the .PDF, none of the loans, inclusive of mortgages, which are pledged as collateral for a discount window borrowing can be more than 60 days past due. I wonder if they bent the rules a bit on that one?

http://www.frbdiscountwindow.org/FRcollguidelines.pdf?hdrID=21&dtlID=81

http://www.frbdiscountwindow.org/discountmargins.cfm?hdrID=21&dtlID=83

Thu, 03/31/2011 - 11:11 | Link to Comment bugs_
bugs_'s picture

our money, they got

Thu, 03/31/2011 - 11:50 | Link to Comment Ace Ventura
Ace Ventura's picture

Bloomberg just showed two european banks (one Belgian and one with ties to Ireland?) both received in excess of $25 billion from the Fed. The obvious question the Bloomberg bobbledome asked was:

"If these european banks have received bailout money from the ECB (@50 billion euro), why are they also receiving bailout money from the Fed?"

I had to chuckle....apparently the bobbledomes on FTV don't get it yet.

P.S. Just imagine people....this is the data TPTB are ALLOWING you to see.

Thu, 03/31/2011 - 11:34 | Link to Comment Lord Blankcheck
Lord Blankcheck's picture

Gods work requires no collateral

Thu, 03/31/2011 - 12:00 | Link to Comment Battleaxe
Battleaxe's picture

Wreckless bank, "I'll take $100 billion .... and a shamrock shake."

 

McDonalds girl Ben, "Do you want fries with that?"

 

I am in love with the McDonalds girl....

Thu, 03/31/2011 - 13:29 | Link to Comment Racer
Racer's picture

I have now seen it all...

The Fed MUST be ended

"Fed's Tarullo says bubbles, excessive leverage, crises, cannot be prevented , regulation aimed at reducing incidence, limiting severity"

bubbles, excessive leverage, crises caused by the Fed

increasing incidence, increasing severity... The Fed again causes

Wed, 05/04/2011 - 22:19 | Link to Comment tp123
tp123's picture

MLB Jerseys are Usually Wear by Team Fans to watch MLB Games. Cheap MLB Jerseys and Youth MLB Jerseys are popular in All teams Fans. Those Baseball jerseys are all make with Hight Quality Sewn on Number and name,Personalized Custom Baseball Jerseys are accept too. The NHL is widely considered to be the premier professional ice hockey league in the world, and one of the major professional sports leagues of the United States and Canada. Feel like part of your favorite NHL team by wearing this Jersey - Authentic NHL Jerseys, made of thick, high-quality Pro-Brite fabric for a genuine gridiron look. Our NHL Jersey online shop at present are very hot welcomed by world shoppers, for the acceptable price, excellent quality, risk-free and fast supply methods. It's a very good selection for you, do not skip them. Our store sale many kinds of jerseys, nfl jerseys supply could make your demand with high quality and lowest price. nfljerseyssupply.org supply authentic nfl jerseys, nhl jerseys, mlb jerseys and nba jerseys. Getting your product in here!
The modern Chicago Cubs and Atlanta Braves Jerseys franchises trace their histories back to the National Association of Professional Base Ball Players in the early 1870s. Many believe that the formation of the National League in 1876 is the beginning of Major League Baseball.Players like to wear Detroit Tigers jersey very much. Those who soccer teams who would like to chuckle you probably did producing a fundamental scholarship grant deal with more severe opposition.Duplicate jerseys provide exactly the same doing your hair because the genuine mlb jerseys and San Francisco Giants jerseys cheap, nonetheless include filter imprinted lettering made of your lighter in taste nylon uppers content, making all of them less expensive as well as even more at ease. Darren Rovell at CNBC brings us the list of the top selling (mlb jerseys)Major League Baseball jerseys from 2010, but before we get to that, we should talk about The Jersey Code.
Nowadays, many people especially the women and children like wear the nike shoes, Not only the nike company continuous detrusion popular designs and styles, its’ quality is very good invariably. Now, many stores online all supply various designs cheap nike shoes, if you are free you can go to this shops take a walk, you certainly find the design that you love in here, which economical and reflects your grade. Recently, more popular shoes, such as Nike Kobe Shoes?Nike Shox Shoes are in discount activity in these stores. If you heartbeats accelerating, why not go to nikeoutlets.org to choose what you like now!

Do NOT follow this link or you will be banned from the site!