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US - Do US banks have a liquidity problem? Or a "good" collateral shortage? QE4 implemented using repo market as excuse - since September 2019 & now what in 2021?......2022
Deal Date: Tuesday, July 06, 2021
Delivery Date: Tuesday, July 06, 2021
Maturity Date: Wednesday, July 07, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 66
Accepted Counterparties: 66
Deal Date: Thursday, July 08, 2021
Delivery Date: Thursday, July 08, 2021
Maturity Date: Friday, July 09, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 72
Accepted Counterparties: 72
Deal Date: Tuesday, July 13, 2021
Delivery Date: Tuesday, July 13, 2021
Maturity Date: Wednesday, July 14, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 73
Accepted Counterparties: 73
Deal Date: Tuesday, July 13, 2021
Delivery Date: Tuesday, July 13, 2021
Maturity Date: Wednesday, July 14, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 73
Accepted Counterparties: 73
Deal Date: Thursday, July 15, 2021
Delivery Date: Thursday, July 15, 2021
Maturity Date: Friday, July 16, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 69
Accepted Counterparties: 69
Deal Date: Wednesday, July 21, 2021
Delivery Date: Wednesday, July 21, 2021
Maturity Date: Thursday, July 22, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 71
Accepted Counterparties: 71
Deal Date: Wednesday, July 21, 2021
Delivery Date: Wednesday, July 21, 2021
Maturity Date: Thursday, July 22, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 71
Accepted Counterparties: 71
I received a comment about this thread today so here is my response. The reason I am maintaining this thread is as a reminder that the banks are stashing huge amounts of money at the fed every night to earn a .05 return at zero risk instead of putting some of that money to work on main street where it might stimulate some growth in the real economy at a much larger interest rate and much larger risk. i.e. The banks see a lot of risk in the real economy.
Deal Date: Thursday, July 29, 2021
Delivery Date: Thursday, July 29, 2021
Maturity Date: Friday, July 30, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 76
Accepted Counterparties: 76
Deal Date: Monday, August 09, 2021
Delivery Date: Monday, August 09, 2021
Maturity Date: Tuesday, August 10, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 70
Accepted Counterparties: 70
Deal Date: Monday, August 23, 2021
Delivery Date: Monday, August 23, 2021
Maturity Date: Tuesday, August 24, 2021
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 76
Accepted Counterparties: 76
Alas, as of this morning when the Fed's latest repo operation was once again oversubscribed, it appears that the repo turmoil is not only not going away, but is in fact (to paraphrase Joe Biden) getting worse, because even with both term and overnight repos in play and with the market now expecting the Fed to start injecting copious liquidity tomorrow with the first Bill POMO, banks are still cash starved.
The names of the banks and the eyebrow-raising amounts they borrowed from the New York Fed do not square with the official story at the time – that the liquidity crisis occurred because U.S. corporations withdrew large amounts from the banks in order to make quarterly tax payments.
The fact that so many huge loans ended up going to foreign banks, as well as Goldman Sachs and JPMorgan Securities, suggests that this was a derivatives counterparty problem, potentially triggered by Deutsche Bank’s crisis at the time.
Deutsche Bank is a major derivatives counterparty to Wall Street mega banks. It was having serious problems throughout 2019. Its attempt to merge with Commerzbank fell through in April 2019. It announced a plan to fire 18,000 workers in July 2019 and had plans to create a good bank/bad bank, isolating off toxic assets that it planned to sell. Deutsche Bank had incurred losses in three of the prior four years. Its share price had lost 90 percent of its value over the prior dozen years and was trading close to an historic low in September 2019. The Monday after the emergency repo loan operations began, Deutsche Bank announced that it would be moving clients and staff from its prime broker unit (that makes loans to hedge funds) to BNP Paribas along with its electronic trading operations.
On September 17, 2019, the first day of emergency repo loan operations, Deutsche Bank borrowed $1.5 billion in a one-day loan. By September 24, Deutsche Bank had upped its one-day repo loans to $7 billion. By September 25, Deutsche Bank increased its one-day borrowing to $9 billion. On September 27, Deutsche Bank took a $3 billion 14-day term loan and rolled over $6 billion in a 3-day loan.
By Pam Martens and Russ Martens: October 13, 2021 ~ The Federal Reserve Bank of New York has quietly posted the names of the banks that grabbed billions
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