Foreign Banks and the Fed

Two years ago the fed created a program to allow borrowing to help banks have liquidity during the financial crisis. This program turned out to have been a big hit for foreign banks to take advantage of the extremely low rates of the funds.
The Bank of China was also involved in the borrowing. The country's oldest bank was the second largest borrower during the period of Aug 2007.
In support of this lending it could be said that the Fed is the global central bank. If a global liquidity freeze occurs, like it did in 07-08, the Fed must extend into this role of a major market lender.

http://www.bloomberg.com/news/2011-04-01/foreign-banks-tapped-fed-s-lifeline-most-as-bernanke-kept-borrowers-secret.html