Bloomberg reports, First Republic Bank fell about 60% in pre-market trading in New York after the U.S. lender moved to try and quell concern about its liquidity after the failure of Silicon Valley Bank.

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The declines came after the bank said in a statement late Sunday that it had more than $70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co.

“The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversifies, and further strengthens First Republic’s existing liquidity profile,” the bank said.

More liquidity is available through the Fed’s new lending facility, according to the statement.

The announcement came after bank’s liquidity came under pressure along with other regional banks after SVB Financial Group’s banking unit collapsed into receivership on Friday.

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First Published:Mar 13, 2023 3:09 PM IST