Published October 30, 2009, 07:38 AM
Banks’ emergency borrowing cut
Banks trimmed their borrowing from the Federal Reserve’s emergency lending program over the past week, evidence that some credit problems are easing as the economy recovers.
WASHINGTON (AP) — Banks trimmed their borrowing from the Federal Reserve’s emergency lending program over the past week, evidence that some credit problems are easing as the economy recovers.
The Fed said Thursday that commercial banks averaged $22.6 billion in daily borrowing over the week that ended Wednesday. That’s down from $23.8 billion in the week ended Oct. 21, and much lower than $112 billion a year ago at the height of the financial crisis.
The identities of the financial institutions are not released.
Tags: us business, business, banks, borrowing, emergency, credit, economy
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