Eleven Banks Unite to Provide $30 Billion Rescue to First Republic
TL;DR Summary
First Republic has secured a $30 billion rescue package from a group of large banks to ensure its financial stability amid the economic uncertainty caused by the COVID-19 pandemic. The package includes a $20 billion loan facility and a $10 billion repurchase agreement, and is aimed at providing liquidity to the bank in case of a potential bank run.
- First Republic secures $30 billion rescue from large banks CNN
- Eleven banks rescue First Republic Bank with $30 billion in uninsured deposits Yahoo Finance
- Eleven Banks Deposit $30 Billion in First Republic Bank The Wall Street Journal
- Bank shares rebound off lows as big banks come to the aid of First Republic CNBC
- Your Thursday Evening Briefing The New York Times
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