Poor Lehman.
The Federal Reserve has just released details of its Primary Dealer Credit Facility — the programme that allowed the Fed’s official ‘trading partners’ to borrow from the central bank in return for posting collateral. It was created in March 2008 to help ease liquidity after the credit crunch and the collapse of Bear Stearns.
Lehman had been rumoured to be tapping the PDCF in the spring of 2008 — via its Freedom CLO — and making many of its counterparties nervous. But it turns out the bankrupt bank was far from the worst offender in terms of tapping PDCF liquidity.
In terrible Excel-chart form:
And the numbers (in millions of dollars):
| Bank of America | 638856 |
| Barclays | 410437 |
| Bear Stearns | 960102 |
| BNP Paribas | 66375 |
| Cantor Fitzgerald | 28060 |
| Citigroup | 1756769 |
| Countrywide | 77035 |
| Credit Suisse | 1500 |
| Daiwa | 440 |
| Deutsche Bank | 500 |
| Dresdner | 93 |
| Goldman Sachs | 433608 |
| JP Morgan | 3020 |
| Lehman | 83322 |
| Merrill Lynch | 1487139 |
| Mizuho | 42312 |
| Morgan Stanley | 1364393 |
| UBS | 35400 |
For a cool $8,950,991,000,000 based on total loan amounts.
Update: NB this was partially an overnight facility, so the above number includes rolled-over loans. John Carney has more.
Related links:
Your guide to the Fed’s $3.3 trillion data dump - FT Alphaville
On the trail of the PDCF CLOs - FT Alphaville
Lehman alone in its Fed-Freedom CLO bid? – FT Alphaville