WASHINGTON -- Banks borrowed slightly more from the Federal Reserve's emergency lending program over the past week, while reducing their use of other credit programs designed to ease the financial crisis.
The Fed says commercial banks averaged $22.6 billion in daily borrowing over the week that ended Wednesday. That's up $32 million from the week ended Oct. 28, but is far less than the $110 billion they borrowed a year ago at the height of the financial crisis.
The identities of the financial institutions are not released. They pay just 0.50 percent in interest for the emergency, overnight loans.
The limited borrowing shows banks are having a slightly easier time getting short-term loans in private markets.
© 2009 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
|
