On August 22nd, Bloomberg reported that the Federal Reserve system lent $1.2 trillion to U.S. and European banks during the financial crisis. Bloomberg analyzed data that it obtained from the Federal Reserve to reach its conclusions concerning the who, what, when, and where of the Federal Reserve's emergency lending. Emergency Lending. On August 23rd, Bloomberg reported on one subset of the Federal Reserve's emergency lending, the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, which was used to back-stop money market mutual funds after the net asset value of the Reserve Primary Fund fell below $1.00. Back-Stop.