Fed: Details on which banks use new facility released a year after it ends

FILE PHOTO: The U.S. Federal Reserve building is pictured in Washington

WASHINGTON (Reuters) – Details of which banks tap a new U.S. Federal Reserve liquidity facility will be released only a year after the program ends, tentatively set for March 11, 2024, the Fed said on Monday in an updated information sheet.

Aggregate data about the Bank Term Funding Program, announced Sunday to quell fallout from the failure of Silicon Valley Bank, will be released weekly as part of Fed updates on its balance sheet. Detail on financial institutions’ usage of Fed loan or other programs has typically been delayed to avoid stigmatizing the companies involved or discouraging them from tapping resources they need.

(Reporting by Howard Schneider; Editing by Leslie Adler)