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British banks account for $640 bn of Federal Reserve bailout money

Fed forced to disclose its lending to financial institutions from December 2007 onwards.

The Federal Reserve has released details of more than 21,000 transactions after being forced by the Dodd-Frank Wall Street Reform Act to disclose which institutions it had bailed out in the financial turmoil since December 2007.

The data reveals that British-based banks accounted for $1 trillion (£640bn) of the money the Fed issued to prop up the financial sector.

Barclays took the biggest chunk of bailout money, borrowing $863bn from the Fed. Almost half of the money came in overnight loans thought the Primary Dealer Credit Facility, a programme intended to help banks dealing in US Treasuries.

Barclays has since paid all of its loans, which came about because of Barclay's $1.75 purchase of Lehman Brothers.

Royal Bank of Scotland borrowed $446bn, Bank of Scotland $181bn, Abbey National $19bn and HSBC less than $10bn. The figures show each institution's total borrowing, not the amount they had outstanding at any one point.