Banks' discount window Fed borrowings slip in week

NEW YORK (Reuters) - U.S. banks' direct borrowing from the Federal Reserve via the discount window slipped in the latest week, albeit to still hefty levels, Fed data showed on Thursday.

Discount window borrowings slipped to an average $20.87 billion per day in the week ended Wednesday June 25 from a daily average of $22.02 billion the week before, the Fed said.

Banks' primary credit borrowings rose to an average $14.70 billion per day in the latest week, compared with $13.37 billion per day the week before.

Primary dealers' borrowings via the Primary Dealer Credit Facility (PDCF) slipped to $6.10 billion per day in the latest week from $8.57 billion per day the week before. The PDCF is one of several programs the Fed has started during recent months amid the credit crisis, to help banks secure cheap funding.

(Reporting by John Parry; Editing by Jonathan Oatis)