First Republic Bank Claims $70 Billion in Unused Liquidity
In a statement released on March 12th, First Republic Bank revealed that it has over $70 billion in unused liquidity to fund operations. This amount, which has increased from the earlier revealed $60 billion, does not include funding the bank can receive through the Bank Term Funding Program (BTFP). The bank has also strengthened its liquidity profile through additional borrowing capacity from the Federal Reserve and JPMorgan Chase.
First Republic Bank Assures Customers of Strong Capital and Liquidity Positions
First Republic Bank's Chairman Jim Herbert and CEO Mike Roffler assured customers that the bank's capital and liquidity positions are strong and remain well above the regulatory threshold for well-capitalized banks. The bank has further enhanced and diversified its financial position through additional liquidity from JPMorgan Chase and the Federal Reserve.