Members of the Federal Home Loan Banks increased borrowings in 2013 by 16% over the previous year to $498.6 million, according to a new report by the FHLB System’s Office of Finance.

The elevated borrowings are a sign that member banks, credit unions and life insurance companies—which use FHLB advances to fund their own operations—are significantly increasing their lending operations. In 2012, advances rose only 2% from the previous year.

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