$400 bn is the cost to rescue teetering global banks

London, March 20 (IANS) Lenders of last resort — central banks — and some of the industrys strongest players provided huge sums of emergency cash to support teetering banks since the global banking crisis began, according to a media report.

More than $400 billion has gone so far in direct central bank support, CNN reported.

In guaranteeing all deposits at Silicon Valley Bank and Signature Bank, the US Federal Reserve is on the hook for $140 billion.

Then there's the $54 billion the Swiss National Bank offered Credit Suisse in the form of an emergency loan, and 209 billion Swiss francs ($225 billion) offered to UBS in loans, guaranteed by the Swiss state, and protection against potential losses, CNN reported.

The US Fed has also agreed to record amounts of loans to other banks this week. Banks borrowed nearly $153 billion from the Fed in recent days, smashing the previous record of $112 billion set during the crisis of 2008.

Banks also drew on nearly $12 billion of loans from the Fed's new emergency lending programme established at the start of the week with the aim of preventing more banks from collapsing.

The $318 billion the Fed has loaned in total to the financial system is about half what was extended during the global financial crisis, CNN reported.

"But it is still a big number," said JPMorgan's Michael Feroli in a note to investors Thursday, CNN reported.

"The glass half-empty view is that banks need a lot of money. The glass half-full take is that the system is working as intended."

The banking industry has also coughed up billions. JPMorgan Chase, Bank of America and Citigroup are among a group of 11 lenders providing the $30 billion cash infusion aimed at shoring up confidence in First Republic Bank.

HSBC has reportedly committed more than $2 billion to SVB's UK business, which it bought on Sunday for 1 pound, CNN reported.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.