Banks borrow record amount from Fed - WKOW 27: Madison, WI Breaking News, Weather and Sports

Banks borrow record amount from Fed

WASHINGTON (AP) -- 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.

Powered by Frankly