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Banks Scaling Back Some Loans From Fed

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Oct 22, 2009 4:30 pm US/Eastern

Banks Scaling Back Some Loans From Fed

 Timeline: U.S. Credit Crunch & Financial Failures
WASHINGTON (AP) ― Banks cut back on loans from the Federal Reserve's emergency lending program over the past week, a sign some credit problems are easing as the economy recovers.

The Fed says commercial banks averaged $23.8 billion in daily borrowing over the week that ended Wednesday. That was down from $27.4 billion in the week ended Oct. 14.

The identities of the financial institutions are not released. They pay just 0.50 percent in interest for the emergency, overnight loans.

Banks also trimmed their use of other credit programs set up to ease the financial crisis, another encouraging sign.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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