Citigroup taps Federal Reserve discount window

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22 August 2007 @ 12:47 pm ET

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NEW YORK - Citigroup, the largest U.S. bank, said on Wednesday it has borrowed $500 million directly from the Federal Reserve using the central bank's discount window program.

The bank said it accessed the window on behalf of clients, and that it intends to continue to access the discount window as market conditions warrant.

Deutsche Bank late last week borrowed funds from the Fed, the Financial Times reported on Monday.

(Reporting by Dan Wilchins)

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