A host of major European banks took out loans from the US Federal Reserve during the recession, it has been revealed. Official data has shown that Barclays, Swiss firm UBS, Royal Bank of Scotland and Belgian bank Dexia all borrowed funds in order to continue trading during the financial crisis. All of the companies have now fully repaid the loans. Barclays took out several loans, including a $47.9 billion (£30.75 billion) loan under the Primary Dealer Credit Facility following its takeover of Lehman Brother's US operations.Furthermore, the UK firm borrowed a further $232 billion (£149 billion) via the Federal Reserve's Term Auction Facility (TAF). "We're talking about huge sums of money going to bail out large foreign banks," Bernie Sanders, the independent senator from Vermont, told the Financial Times. "Has the Federal Reserve of the United States become the central bank of the world?" Bank of America took out the largest single TAF loan, as it borrowed $60 billion (£38.5 billion) in 2009. Posted by Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers
Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated
claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk/search.aspx
Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233,
whose head office and registered office is at Suite 2, Unit 25, The Coda Centre,
Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.
Belmont Thornton Ltd is registered with the Information Commissioners Office. Registration number Z1728023
and holds a Credit Consumer License issued by the Office of Fair Trading license
Please note that calls may be recorded and email traffic monitored for the purposes
of security and staff training.
* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are
no upfront costs to pay. Our fee only becomes payable on a successful outcome of
a claim. A cancellation fee is payable if you decide that having instructed Belmont
Thornton to act on your behalf, and after 14 days of signing your Letter of Authority,
you do not wish to continue pursuing your claim with us. The cancellation fee is
the reasonable costs incurred for the work undertaken. Please see our terms of engagement.
By using our web-site, you agree that we can place the types of cookies described