Home / Markets / Economy
Thursday, October 09, 2008
Banks Borrow Record Amount From Fed's Discount Window
FOXBusiness
The Federal Reserve on Thursday said that total borrowing from its expanded discount window hit a record $430.87 billion on Wednesday.
The number for the prior week, $409.52 billion, had also been a record. Total average daily borrowing climbed to $420.16 billion from what had been a record $367.80 billion in the prior week.
The historic amounts reflect just how tight conditions are in the credit markets. With the economy sinking and several high-profile bank and brokerage collapses in recent months, financial institutions have been extremely hesitate to each other and are instead asking the Federal Reserve for capital.
Average daily lending through the primary credit facility, which is used by commercial banks, jumped to $75.01 billion from a record $44.46 billion in the previous week. Average daily borrowing through the Fed's primary dealer credit facility, which is used by investment banks, retreated slightly, falling to $122.94 billion on Wednesday after hitting a record $146.57 billion in the prior week.
Fox Business Video
-
-
The Business of Sports
-
Nov 7, 2009
FOXBusiness.com LIVE
-
-
-
Jim Caviezel: Hollywood and th...
-
Nov 7, 2009
Actor in life in film
-
-
-
Ticker Tape Parade Invades Downtown
-
Nov 7, 2009
Yankees celebrate 27th World Series win
-
-
-
Cavuto Business Report 11-06-09
-
Nov 7, 2009
Business Report: Cavuto
-
-
-
Pro Poker Player: $2M in 2 Months
-
Nov 7, 2009
Pro Poker player on growing success of sport
-
