“This is standard operating procedure, this is something that we do as a matter of course,” commented William Dudley, the president of the Fed’s New York branch. “It’s really important to stress that we’re not focusing on foreign banks any more than we’re focusing on U.S. banks.”
“The French banks have been hit much more than other European banks … They are more reliant on U.S. money-market funds,” remarked Christophe Nijdam, analyst at Alphavalue.
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Max Chen contributed to this article.