Mumbai: The US Federal Reserve has lend a record 437.53 billion per day over the past week as cash-strapped financial institutions, smarting under the pressure of the worst global financial crisis since the Great Depression of the 1930s, run to their lender of the last resort.

Overall direct borrowings from the Fed by banks and dealers averaged a record $437.53 billion per day in the week ended 15 October, topping the previous week's $420.16 billion per day, Fed records showed.

Borrowings through the primary credit discount window averaged $99.66 billion per day for the week ended 15 October, up from $75.0 billion per day the previous week.

Borrowings by primary dealers and other broker dealers rose to $133.87 billion against $122.94 billion the previous week.

'Other credit extensions', including loans to insurer AIG, topped $82.8 billion against $70.30 billion as of 8 October.

Banks borrowed a lesser amount of over $122.7 billion for purchase of asset-backed commercial paper from money market mutual funds as of 15 October, against $139.48 billion the previous week.

Fed sale of Treasury bills were $499.13 billion as of 15 October against $459.25 billion the previous week.

The huge amounts the banks borrow have made analysts comment that the US central bank is lending long term and that the banks' dependence on Fed lending might become difficult to change, said one analyst.