As a quasi-government agency, Federal Home Loan Bank is not widely seen as a lender of last resort.

The Federal Housing Finance Agency is already reviewing the overall purpose of the Home Loan Bank System, which was originally intended to support housing, the report said.

“The housing mission of the Home Loan banks is apparently long gone, since this has nothing to do with housing,” Karen Petrou, managing partner at Federal Financial Analytics, told American Banker. “It has to do with supplementing wholesale funding sources for banks that can’t happen any other way or at greater cost.”

A spokesperson for the Federal Home Loan Bank of San Francisco told the publication that the 11-bank system receives no taxpayer assistance and that the advances to FHLBanks are “secured by high quality collateral in accordance with statute and regulatory requirements.”

Silvergate declined to comment, the article said.

Silvergate said Jan. 5 it laid off 200 people or 40% of its staff and disclosed a $718 million loss on assets it sold to cover $8.1 billion in withdrawals following the collapse of crypto exchange FTX late last year.

Silvergate Capital continues to face questions over deposit-funding concerns, along with the suspension of its stablecoin initiative — both of which put into question the company’s ability to generate positive earnings, BofA Securities analysts said last week.

Silvergate Capital stock fell 3.7% on Wednesday despite gains in the broad market. The stock is now down more than 30% so far this year.

Also Read: Cryptocurrency bank Silvergate has lost 68% of its digital deposits. Here’s what we know about its predicament.

Also Read: Silvergate shares post big losses for second straight day as Wall Street reacts to steep drop in deposits