Friday, 25 May 2012

Where the money came from for RBS? _____________________________________________________________________________________________ The Federal Reserve has released details of more than 21,000 transactions after being forced by the Dodd-Frank Wall Street Reform Act to disclose which institutions it had bailed out in the financial turmoil since December 2007. The data reveals that British-based banks accounted for $1 trillion (£640bn) of the money the Fed issued to prop up the financial sector. Barclays took the biggest chunk of bailout money, borrowing $863bn from the Fed. Almost half of the money came in overnight loans thought the Primary Dealer Credit Facility, a programme intended to help banks dealing in US Treasuries. Barclays has since paid all of its loans, which came about because of Barclay's $1.75 purchase of Lehman Brothers. Royal Bank of Scotland borrowed $446bn, Bank of Scotland $181bn, Abbey National $19bn and HSBC less than $10bn. The figures show each institution's total borrowing, not the amount they had outstanding at any one point.

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