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Posted: 4:46 PM Jul 2, 2009
Banks Trim Borrowing From Fed's Emergency Program
Banks borrowed less from the Federal Reserve's emergency lending facility and cut back on other programs designed to ease the financial crisis, encouraging signs that some credit stresses are easing.
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WASHINGTON (AP) -- Banks borrowed less from the Federal Reserve's emergency lending facility and cut back on other programs designed to ease the financial crisis, encouraging signs that some credit stresses are easing.
The Fed says commercial banks averaged $35.9 billion in daily borrowing over the week that ended Wednesday. That was down from $39.1 billion in the week ended June 24.
Investment firms didn't draw any loans for the seventh straight week. The last time they drew any money -- just $482 million -- was in the week that ended May 13.
The identities of the financial institutions are not released. They pay just 0.50 percent in interest for the emergency loans.
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