Please look at the H.4.1 report which showed average Discount Window borrowings of $4.586 billion last week and the 12/19/07 balance was $4.735 billion.   Last week, I thought that the TAF would likely close the Discount Window.  I was wrong.   The results from the first TAF and the 3:1 bid-to-cover ratio showed there was still excess demand above the $20 billion auction and that’s the likely reason the Discount Window borrowings held on this week, despite the supposed stigma and higher rate.  It will be interesting to watch how many of these TAFs will be required to change things.