U.S. BANK DISCOUNT BORROWINGS 361 MLN DLRS
  U.S. bank discount window borrowings
  less extended credits averaged 361 mln dlrs a day in the week
  to Wednesday, April 8, the Federal Reserve said.
      Total daily borrowings in the week fell 99 mln dlrs to 591
  mln dlrs, with extended credits down 35 mln dlrs at 230 mln
  dlrs. The week was the second half of the two-week statement
  period that ended Wednesday. Net borrowings averaged 425 mln
  dlrs in the first week of the period.
      Commenting on the two-week statement period that ended on
  April 8, the Fed said banks had average net free reserves of
  447 mln dlrs.
      A Fed spokesman told a press conference that there were no
  large one-day net misses in the Fed's estimates of reserves in
  the week ended Wednesday.
      Of the week's borrowings, money center banks accounted for
  65 pct, and small banks for almost 35 pct. On Wednesday, when
  net borrowings were 1.36 billion dlrs and Fed funds averaged a
  high 6.45 pct, money center banks accounted for more than 90
  pct of the borrowing.
      Borrowings in the latest two weeks averaged 393 mln dlrs a
  day, the highest since the statement period ended January 28.
      Float ranged from about 250 mln dlrs on Thursday to between
  one and 1.25 billion dlrs on Monday and Tuesday.
      The spokesman said Monday's float included 500 mln dlrs in
  holdover float at one Fed branch due to mechanical problems.
      About 500 mln dlrs of Tuesday's float reflected
  non-weather-related transportation float in one Eastern Reserve
  bank.
      As-of adjustments ranged from minus 500 mln dlrs on Monday,
  when cash letter errors at two eastern reserve banks were
  corrected, to plus 500 mln dlrs on Thursday, when a correction
  was made to unposted funds at a single bank.
      In the first half of the statement period ended Wednesday,
  banks held excess reserves on the first four days of the week
  but ran a deficit on Wednesday.
      In the second week, they ran a deficit on Thursday, Friday
  and Monday but held excess reserves on the final two days.
  

