The U. S. Supreme Court has ordered the Federal Reserve to disclose details of emergency loans in five days. The emergency loans were given by the banks in 2008 during the financial crisis.

The Federal Reserve’s industry appeal for secrecy was refused by the Supreme Court on Monday. The court has ordered the Federal Reserve to publish the details about the emergency loans.

The disclosure by the Federal Reserve is expected to include the names of nation’s largest banks. It will also disclose that to which extent the banks were dependent on Federal Reserve during the crisis. The banks are less likely to draw the attention of the investors after the disclosure.

The order of the Supreme Court was in favor of the Bloomberg News which had requested the Federal Reserve to disclose the data in 2008.

The Editor-in-Chief of Bloomberg News, Matthew Winkler, said that “The Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny”.