My takeaway from online research: unclear if the Fed’s new loan program that collateralizes MBSs and bonds prints new money or if it’s redistributing. 

Waiting for someone to publishing something definite. 

But liquifying bond-locked-up cash makes a lot of unallocated new cash slash around now.

They are buying debt at par with 100% margin.
They are creating money.

If I have a collateral trading at $1 they will give me $2 for it

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new research in old tech

this is exactly the issue with everyone discussing online. I don‘t understand enough. If e.g. the FDIC had a budget in line with how many deposits are insured, then they could take that money and redistribute it to make depositors whole. Is this the case? I don‘t know

or is the offer of credit creating the new money?

An unsecured loan from the Fed is always new money as far as I understand it. This may even be illegal actually.

Furthermore, the depositors at SVB are getting 100%
Foreign banks are eligible for BTFP loans.
The Fed can't just sell all the MBS for cash, that would drive those prices down