Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Allied Irish Says Reports of Borrowing From Fed Are Exaggerated

Dec. 5 (Bloomberg) -- Allied Irish Banks Plc said a newspaper report it borrowed 27 billion euros ($36 billion) from the U.S. Federal Reserve are exaggerated because each loan was rolled over rather than cumulative.

The Dublin-based lender accessed the money under the Fed’s Term Auction Facility, the Sunday Independent reported today, citing files released by the U.S. central bank. The biggest single borrowing was for $3.3 billion and was taken in July 2009, the newspaper reported.

“Twenty-seven billion dollars is a gross exaggeration of the nature of the funding provided,” Ronan Sheridan, a spokesman for Allied Irish, said by telephone today. “When the money is borrowed for one month, it is replaced the following month. This does not represent an accumulation, it is not a new loan. It is a rollover of an existing facility.”

To contact the reporter on this story: Colm Heatley in Belfast at cheatley@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.