The chief financial officer of Goldman Sachs said the US bank will tap the Federal Reserve for funds following the US central bank’s decision to lend directly to securities dealers, the first time it has done so since the 1930s.

David Viniar welcomed the stance by the Fed following the rapid sale of Bear Stearns to JP Morgan as a positive move for the market. He told analysts: “"It will help our liquidity as well as others. We will use it because it is a good source of financing and we always seek to diversify our financing sources."