Bank of China New York Branch Among August 2007 Fed Borrowers
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The New York branch of Bank of China Ltd. was the second-largest borrower from the Federal Reserve’s discount window during a nine-day period in August 2007 as subprime-mortgage defaults first roiled broader markets.
The unit of China’s oldest bank borrowed $198 million on Aug. 17 of that month as two Deutsche Bank AG divisions borrowed $1 billion each, according to a document released today, which covered outstanding credit in the period from Aug. 9 through Aug. 17. The firms were the largest borrowers listed.