Fed Discount Lending Rose to Average of $1.2 Billion

August 23 2007 Bloomberg.com The Federal Reserve said U.S. banks borrowed a daily average of $1.2 billion in the past week, swollen by the four biggest lenders seeking to display support for the Fed's discount-rate cut. The number, while the largest since 2001, showed banks are turning to the discount window to supplement the ample funding available to them from their own creditors. Bank of America Corp., Citigroup Inc., Wachovia Corp. and JPMorgan Chase & Co. said yesterday they tapped $500 million each. Other, unidentified firms accounted for the remainder and repaid the money before the week ended.

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