Dealers quick to borrow from Fed under new rules

NEW YORK, March 20 (Reuters) - Primary dealers borrowed more than $13.4 billion a day from the U.S. Federal Reserve in the latest week, according to Federal Reserve data showing brokers wasted no time taking advantage of new rules allowing them to take out loans directly from the U.S. central bank.

Dealers had borrowed nearly $29 billion by Wednesday, the data released Thursday showed.

The Fed data also showed that Bear Stearns Cos BSC.N received an average of $5.53 billion a day over the period of the credit facility arranged for it by J.P.Morgan Chase (JPM.N).

Together, total discount window borrowing came to $19.05 billion a day in the latest week, the data showed.

Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N) and Lehman Brothers LEH.N said they were tapping the discount window to borrow money directly from the Fed this week. (Reporting by John Parry; Editing by Diane Craft)