The Fitch report also identified another avenue of large-scale "credit leakage" whereby banks use a type of repurchase agreement to avoid recording discounted bills a type of trade finance on their balance sheets.

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On a single day in early March, by way of Treasury bills discounted at the Reichsbank, the floating debt was increased by 800 milliards.

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Commercial bills, not government securities, would be discounted and the Fed, like other central banks, would be prohibited from owning sovereign debt (other than short-term revenue anticipation bonds).

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