For the first time in eight months no investment banks borrowed from the Federal Reserve Board's discount window in the past week.

In the aftermath of Bear Stearns Cos.' collapse last year, the Fed invited investment banks to borrow from the window; those borrowings topped $146 billion last fall.

Though investment banks have pulled back, the Fed said Thursday that overall borrowing from the discount window grew 9.1% during the past week, to $132 billion. Commercial bank borrowings rose 5.6%, to $41.8 billion, and there were no loans to unhealthy institutions.

Lending against asset-backed commercial paper held by money market mutual funds declined 1.2%, to $28.6 billion. The Fed also said purchases of commercial paper in the week that ended Wednesday fell 3.1%, to $163.2 billion.

The Federal Reserve Bank of New York purchased $27.3 billion of mortgage-backed securities from Fannie Mae, $6 billion from Freddie Mac and $2.3 billion from the Government National Mortgage Association.

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