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The discount window is available to meet liquidity needs.

"You don't want to go in and abuse the privilege of using the discount window," he said.

Historical collection of publications that discuss the use, effect, or possible changes to the mechanics of the discount window.

The Fed also said that bank borrowings at its discount window averaged $523 million for the week, down from an average of $734 million.

Over four days in late August and early September, foreign banks borrowed almost $1.7 billion through the discount window.

But he added that the degree of tightening was overstated by the latest Fed data on borrowing at the discount window.

Through the discount window, the central bank can affect the economic environment, and thus unemployment and economic growth.

Indeed, banks have been borrowing overnight funds from each other at rates as high as 12 percent rather than approach the discount window.

Banks have often shied away from using the discount window because doing so can be taken as a sign of financial difficulties.

The $3.5 billion project was designed to be financed by local banks with access to the Federal Reserve's discount window.