Banks borrow big time from discount window

Commercial banks borrowed $23.5 billion from the Federal Reserve’s discount window in the one-week period ended Sept. 10 — a record level, according to a report issued by the central bank yesterday.

The $23.5 billion borrowed this week was up 23% from $19.09 billion last week.

The Federal Reserve tracks discount-window loans each week on Wednesday.

Three months ago, New York Federal Reserve President Timothy F. Geithner encouraged banks to utilize its discount window to help add liquidity into the financial markets to stem the tide of the credit crunch.

U.S. Bolsters Fannie, Freddie

Mega-firms pool $70 billion to hedge volatility

Fed to put brakes on dicey loans

Citigroup rebuffs calls for breakup