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- First Republic Banks faces potential curb in Fed’s borrowing; Dow Jones extends losses
First Republic Banks faces potential curb in Fed’s borrowing; Dow Jones extends losses
“US bank regulators are weighing the prospect of downgrading their private assessments of First Republic Bank — a move that may curb the troubled firm’s access to Federal Reserve lending facilities”, reported Bloomberg.
“The Federal Deposit Insurance Corporation (FDIC) has been giving the bank time to reach a private deal to shore up its finances (…) senior officials are increasingly weighing whether to downgrade their scoring of the firm’s condition (…) that would likely limit the bank’s use of the Fed’s discount window and an emergency facility launched last month”, said Bloomberg.
Market reaction
Wall Street indexes printed fresh lows. The Dow Jones is falling 0.70% and the S&P 500 drops 0.46% while the Nasdaq gains 0.45%. First Republic Bank shares are falling 30% on Wednesday at $5.78. Two months ago, it was trading at 121.00.
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