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
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