Between December 2007 and March 2010 TAF expanded on a gigantic scale. The maximum outstanding balance in the spring of 2009 was almost $500 billion. If TAF loans of varying duration are converted to a common twenty-eight-day basis, the total sum loaned came to a staggering $6.18 trillion in twenty-eight-day loans. Hundreds of smaller American banks took advantage of TAF, but the biggest beneficiaries were the giant American and European banks with Bank of America, Barclays, Wells Fargo and the Bank of Scotland heading the list. Among the large borrowers the foreign share was well over 50
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