WASHINGTON -- The Federal Reserve on Wednesday named the companies that used its emergency loan programs during the financial crisis and revealing how much they borrowed.
Newly released documents show the companies included Goldman Sachs & Co., Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. They also show that foreign banks such as Barclays, Royal Bank of Scotland and Deutche Bank were among the borrowers.
The documents provide details on more than $2 trillion the Fed lent through programs from December 2007 to July this year to ease a credit crisis. The lending programs had never been used before and are now defunct. Most of the loans have been repaid, and none are overdue, Fed officials say.
The documents are a reminder of how crippled the financial system had become during the crisis and how much it's recovered since. Banks earned $14 billion from July through September this year.
The Fed is releasing the data in the form of 21,000 loan transactions. The disclosures are required under the financial overhaul law.