BUSINESS
03/28/2008 02:45 am ET Updated May 25, 2011

Fed Increases Lending To Banks

United States banks on average borrowed $4.83 billion a day directly from the Federal Reserve in the week ended Dec. 26, up from $4.62 billion a day the previous week, Fed data released Thursday showed.

Discount window borrowing totaled $4.54 billion on Wednesday, compared with $4.77 billion a week earlier, according to the Fed.

In addition, the Fed said that banks in the New York area received $16.49 billion of the $20 billion in 28-day loans awarded in its first auction from its Term Auction Facility, which was established this month to ease the global credit squeeze.

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