|Monthly activity soared at the Federal Home Loan Bank system.
Advances outstanding on Aug. 31 were $769 billion, climbing $110 billion from July 31, according to FHLB’s Office of Finance today.
Advances are collateralized loans to the bank’s 8,100 member institutions used to “to provide primary liquidity to the U.S. housing market,” the report said.
Consolidated obligations outstanding were $1.087 trillion at August’s end, rising $0.110 trillion from the end of July, the statement indicated.
“Members can be comfortable that the triple-A rated Home Loan Bank System is able to efficiently access capital markets to fund advance demand in this period of market stress,” said Chicago FHLB President Mike Thomas in the statement.
The FHLB of Des Moines reported separately that its outstanding advances ended August at $24.7 billion, up $2.0 billion from July’s end.
The 11th District FHLB of San Francisco announced a $53 billion monthly increase to $224 billion on Aug. 31.
The FHLB of Atlanta said its advances outstanding rose by $29.1 billion — though it did not report the total.
The president and chief executive officer of the Atlanta bank, Richard Dorfman, said in the statement, “We provided a reliable and dependable source of liquidity at a critical juncture.”
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