October 2, 2008 / 8:43 PM / in 9 years

Banks borrow record $367.8 bln per day from Fed

NEW YORK, Oct 2 (Reuters) - U.S. banks’ direct borrowing from the Federal Reserve shot to a record in the latest week as financial institutions became almost totally reliant on the lender of last resort amid the most severe financial crisis since the Great Depression.

Banks’ discount window borrowings averaged a staggering $367.80 billion per day in the week ended Oct. 1, nearly double the previous record daily average of $187.75 billion they borrowed the previous week.

Primary credit borrowings averaged a record $44.46 billion per day in the latest week, versus $39.36 billion the previous week. (Reporting by John Parry; Editing by Dan Grebler)

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