The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversifies, and further strengthens First Republic’s existing liquidity profile. The total available, unused liquidity to fund operations is now more than $70 billion. This excludes additional liquidity First Republic is eligible to receive under the new Bank Term Funding Program announced by the Federal Reserve today.
Gee, if only the rest of us could tap into a bottomless source of liquidity like the Fed when we lose a job or have some other financial stress. I’m so happy all those whale tech depositors’ money is safe while I’ll get hammered for the bank fees sustaining this bailout. /s