Banks borrow record 367.8 bn/day from Fed

US banks8217; 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.

Banks8217; 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.