RBS no longer in debt to US Federal Reserve
Debt has been repaid in full with interest
By CFOWorld.co.uk | CFO UK | Published 12:30, 02 December 10
Royal Bank of Scotland said it had repaid in full its debt with the United States Federal Reserve.
"Like most global banks, we utilised central bank liquidity schemes during the crisis in financial markets. Since then, we have significantly reduced our borrowing from central banks and all money borrowed from the Fed has now been repaid in full with interest," the bank said.
This follows information that the Federal reserve lent more than $1 trillion (£640 billion) to British banks during the crisis which started in December 2007, a figure which represented more than a third of the funds lent by the US authorities.
RBS borrowed a total of $446 billion (£285 million) during the financial crisis, one of many banks to have borrowed money from the US authorities including Barclays who borrowed $863 billion (£552 billion).
The information was released into the public domain because of the Dodd-Frank Wall Street Reform Act which forced the Federal Reserve to disclose details.
Photo credit: Reuters, Luke MacGregor
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