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Banks Borrow Record Amount From Fed

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Oct 16, 2008 2:00 pm US/Eastern

Banks Borrow Record Amount From Fed

Timeline: U.S. Credit Crunch & Financial Failures

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WASHINGTON (AP) ―

Click to enlarge 1 of 1: A report from the Federal Reserve shows commercial banks averaged a record $99.7 billion in daily borrowing over the past week.
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The Federal Reserve reports commercial banks borrowed in record amounts from its emergency lending facility over the past week. Investment banks drew loans at a brisk -- though slightly lower -- pace.

The Fed's report shows commercial banks averaged a record $99.7 billion in daily borrowing over the past week. That surpassed the old record -- a daily average of $75 billion -- from the prior week.

For the week ending Wednesday, investment firms drew $131.1 billion. That was down a bit from $134 billion in the previous week. This category was broadened last week to include any loans made to the U.S. and London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Merrill Lynch.