Federal Reserve Bulletin, 1982-04

VOLUME 68 • NUMBER 4 • APRIL 1982 FEDERAL RESERVE Board of Governors of the Federal Reserve System Washington, D.C. PUBLICATIONS COMMITTEE Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield John M. Denkler • Janet O. Hart • James L. Kichline • Edwin M. Truman Naomi P. Salus, Coordinator The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Unit headed by Mendelle T. Berenson, the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Helen L. Hulen. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents 207 U.S. INTERNATIONAL TRANSACTIONS before the Subcommittee on Domestic IN 1981 Monetary Policy of the House Committee on Banking, Finance and Urban Affairs, For 1981 as a whole, the U.S. current March 23, 1982. account registered a moderate surplus and the foreign exchange value of the dollar appreciated sharply. 225 ANNOUNCEMENTS 215 STAFF STUDIES Appointment of Preston Martin as a member and Vice Chairman of the Board of "Costs, Scale Economies, Competition, Governors. and Product Mix in the U.S. Payments Mechanism" provides estimates of econo- Changes in fees for wire transfer of funds mies of scale in Federal Reserve payments- and net settlement services. • ' , J' ' processing operations. Amendment to Regulation D regarding the two-year period for phasing in reserve re- 217 INDUSTRIAL PRODUCTION quirements of new depository institutions. Output declined about 0.8 percent in Amendment to Regulation K permitting March. Edge corporations to engage in the United States in certain economic and investment 219 STATEMENTS TO CONGRESS advisory and investment management serv- Stephen H. Axilrod, Staff Director for Mon- ices. (See Legal Developments.) etary and Financial Policy, Board of Gover- Amendment to Regulation Y adding the nors, discusses the importance of the Treaprovision of management consulting advice sury's management of the public debt to the to unaffiliated nonbank depository institu- Federal Reserve and says that Federal Retions to the list of activities permissible for serve purchases of securities are deterbank holding companies. (See Legal Develmined solely by monetary policy objectives opments.) in light of the division of responsibilities between the Treasury and the Federal Re- Proposed amendments to Regulation E to serve, before the Subcommittee on Domes- assist small financial institutions subject to tic Monetary Policy of the House Commit- the Electronic Fund Transfer Act and othtee on Banking, Finance and Urban Affairs, erwise to reduce the burden of compliance; March 23, 1982. proposal to simplify Regulation T (Credit by Brokers and Dealers) under the Board's 221 Peter D. Sternlight, Senior Vice President, Regulatory Improvement Project; proposed Federal Reserve Bank of New York, amendment to Regulation J to require instioutlines the activities of the Trading Desk at tutions that are closed on regular business the New York Bank in the government days to pay that day for checks drawn on securities market and says that the the closed institution. Treasury has marketed an enormous Meeting of Consumer Advisory Council. volume of debt through a highly efficient mechanism and has also restored a better Publication of the Board's Annual Report maturity balance to the debt structure, for 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Board staff. 237 LEGAL DEVELOPMENTS Issuance of a new statistical release on Amendments to Regulations K and Y; variassets and liabilities of international bank- ous bank holding company and bank merger ing facilities. orders; and pending cases. Admission of four state banks to member- 263 MEMBERSHIP OF THE ship in the Federal Reserve System. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1913-82 229 RECORD OF POLICY ACTIONS OF THE List of appointive and ex officio members. FEDERAL OPEN MARKET COMMITTEE At its meeting on February 1-2, 1982, the 265 DIRECTORS OF THE FEDERAL RESERVE Committee decided to reaffirm the ranges BANKS AND BRANCHES for 1982 that had been tentatively estab- List of directors by Federal Reserve Dislished in mid-1981. Thus the Committee trict. adopted the following ranges for growth of the monetary aggregates from the fourth Ai FINANCIAL AND BUSINESS STATISTICS quarter of 1981 to the fourth quarter of 1982: for Ml, 2VI to 5VI percent; for M2, 6 to A3 Domestic Financial Statistics 9 percent; and for M3, 6V2 to 9V2 percent. A46 Domestic Nonfinancial Statistics The associated range for commercial bank A54 International Statistics credit was 6 to 9 percent. A71 Special Tables In contemplating its objectives for monetary growth over the remainder of the first A69 GUIDE TO TABULAR PRESENTATION, quarter of the new year, the Committee STATISTICAL RELEASES, AND SPECIAL decided to seek behavior of reserve TABLES aggregates associated with no further growth of Ml from January to March and A82 BOARD OF GOVERNORS AND STAFF with growth of M2 at an annual rate of around 8 percent, with a view to bringing A84 FEDERAL OPEN MARKET COMMITTEE growth of both aggregates over time into AND STAFF; ADVISORY COUNCILS their longer-run target ranges for the year. It was also agreed that some decline in Ml, A85 FEDERAL RESERVE BANKS, BRANCHES, which would be associated with a faster AND OFFICES return to its longer-run range, would be acceptable in the context of reduced A86 FEDERAL RESERVE BOARD pressure in the money market. The PUBLICATIONS intermeeting range for the federal funds rate, which provides a mechanism for A88 INDEX TO STATISTICAL TABLES initiating consultation of the Committee, was set at 12 to 16 percent. A90 MAP OF FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 1981 Patrick M. Parkinson of the Board's Division of transactions and produced a small current ac- International Finance prepared this article. count deficit in the fourth quarter. Official capital flows in 1981 were also strongly For 1981 as a whole the U.S. current account influenced by the appreciation of the dollar. The registered a moderate surplus. By the fourth monetary authorities of a number of West Euroquarter, however, the current account was mov- pean countries responded to the sharp depreciaing into deficit. The continuing resolve of the tions of their currencies against the dollar with Federal Reserve to restrain the growth of money sizable intervention sales of dollars in each of the and credit, along with changes in U.S. fiscal first three quarters of the year. The United States policy and political uncertainties abroad, led to a also intervened to sell dollars on a sizable scale substantial increase in the weighted-average val- during the first quarter, partly to accumulate ue of the dollar through early August (chart 1). foreign-currency balances to cover the Trea- The dollar's value receded somewhat thereafter sury's debt denominated in foreign currencies, when interest rates on assets denominated in but in early 1981 a reassessment of U.S. policy dollars fell sharply relative to interest rates on led to the adoption of a policy of reduced interassets denominated in foreign currencies, but it vention. Despite the intervention sales of dollars rebounded strongly late in 1981 and into the early by West European countries, foreign official months of 1982. The appreciation of the dollar reserve assets held in the United States rose has reduced the price competitiveness of U.S. slightly during 1981 because inflows from memexports in foreign markets and has encouraged bers of the Organization of Petroleum Exporting U.S. residents to substitute imports for domesti- Countries continued at a strong pace. cally produced goods. These relative price ef- Private capital flows reflected the growing fects contributed heavily to a growing merchan- integration of international financial markets: dise trade deficit during 1981. The enlargement U.S. nonbank residents sharply increased their of the merchandise trade deficit offset an in- transactions with offshore banking institutions at crease in net receipts from other current account the same time that foreign residents were making more use of U.S. financial markets. As in the 1. Interest rate differential and the exchange value past two years, the usefulness of balance of payments data for analyzing private capital flows March 1973=100 Percent per annum is limited by errors and omissions in the report- 10 ing system, which are reflected in a very large statistical discrepancy (table 1). The large errors and omissions during the past three years are most likely related to greater use of nontraditional channels of international financial intermediation, particularly those that bypass U.S. banks and in principle should be reported by nonbanks. i i i i i i i i i 1 i i 1 5 1980 1981 1982 Exchange value of the U.S. dollar is the index of weighted-average MERCHANDISE TRADE exchange value of the U.S. dollar against currencies of other Group of Ten countries plus Switzerland using 1972-76 total trade weights. Interest rate differential is the interest rate on three-month U.S. For the entire year the U.S. merchandise trade CDs minus the weighted-average foreign three-month interest rate for deficit increased only slightly, to $27.8 billion other G-10 countries plus Switzerland using 1972-76 total trade weights. from $25.3 billion in 1980. However, from the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 Federal Reserve Bulletin • April 1982 1. U.S. international transactions Billions of dollars; capital inflow (+) U.S. current account balance1 -.1 Trade balance. -9.2 Other, net.. 9.1 Foreign official capital flows, net 8.1 Industrial countries 2.5 OPEC 3.1 2.2 Other countries -.4 3.4 U.S. government reserve asset flows, net * .3 U.S. government credits, net1 -1.0 Private capital flows, net 1 -14.8 -1*4 .4 Allocations of special drawing rights 1.1 1.1 Statistical discrepancy2 24.6 10.8 -1.3 7.1 1. Seasonally adjusted. SOURCE. U.S. Department of Commerce, Bureau of Economic 2. Net unrecorded inflow = (+). Analysis. *Less than $50 million. fourth quarter of 1980 to the fourth quarter of U.S. real GNP was also weak last year, it was 1981 the trade deficit nearly doubled (table 2). somewhat stronger than that abroad (chart 3). The primary factor generating the increase in the The appreciation of the dollar had a noticeable trade deficit was the sharp appreciation of the impact on the volume of U.S. nonagricultural dollar. Between the second quarter of 1980 and exports, which declined about 7 percent from the the third quarter of 1981 the weighted-average fourth quarter of 1980 to the fourth quarter of value of the dollar rose about 25 percent, both in 1981. Declines in volume were spread across all nominal terms and on a price-adjusted basis major commodity categories, reflecting the slug- (chart 2). Another factor was the weakness of gish growth abroad as well as the stronger dollar. economic activity in most foreign industrial Reductions in shipments of automotive products, countries in 1981. On average, growth of real especially to Canada, and of civilian aircraft gross national product in those countries was were particularly steep. Despite the sharp deonly slightly positive last year after the weak cline in volume, the value of nonagricultural performance of 1980. Although the growth of exports was about unchanged (fourth quarter to fourth quarter) as their prices rose at about the same rate as inflation in the United States. 2. Average exchange value of the U.S. dollar The volume of agricultural exports expanded about 5 percent from the fourth quarter of 1980 to the fourth quarter of 1981. However, the value declined about 5 percent over that period be- Weighted-average dollar cause prices fell 10 percent. The fall in prices resulted from a combination of the appreciation 100 of the dollar, good crops in a number of major producing countries, and weakening economic conditions in many consuming countries. 90 Non-oil imports reacted strongly to the dol- Price-adjusted lar's appreciation. Volume increased 14 percent dollar from the fourth quarter of 1980 to the fourth 80 quarter of last year, even though U.S. real GNP rose only 0.9 percent over that period. The increase was concentrated in capital goods, con- Price-adjusted dollar is weighted-average dollar multiplied by relasumer goods, and industrial supplies (particulartive consumer prices (U.S. divided by foreign consumer prices). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 1981 209 2. U.S. merchandise trade, international transactions basis Billions of dollars, seasonally adjusted annual rates "" '' JJ 1980 1981 IItteemm '' 11998800 11998811 Q4 Ql Q2 Q3 Q4 Value Exports 224.0 236.3 228.6 244.0 241.5 231.7 228.0 Agricultural 42.2 44.3 44.3 50.8 44.2 40.1 42.0 Nonagricultural 181.7 192.0 184.3 193.2 197.3 191.7 186.0 Imports 249.3 264.1 250.9 262.6 269.1 259.8 265.0 Petroleum 78.9 77.6 77.3 83.1 84.7 71.6 70.9 Nonpetroleum 170.4 186.5 173.6 179.5 184.4 188.2 194.1 Trade balance -25.3 -27.8 -22.3 -18.6 -27.6 -28.1 -36.9 Volume (1972 dollars) Agricultural exports 18.1 18.1 17.5 19.5 17.4 16.8 18.4 Nonagricultural exports 73.4 70.3 71.1 73.1 73.2 69.5 65.9 Petroleum imports 6.8 5.9 6.2 6.3 6.2 5.6 5.6 Nonpetroleum imports 67.6 71.9 66.8 67.6 70.6 73.4 76.1 SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census. ly steel); imports of automobiles declined in for which U.S. steel mills had excess capacity volume. Because prices of non-oil imports actu- grew rapidly. U.S. steel producers charged that ally declined somewhat due to the appreciation foreign steel producers were engaged in dumpof the dollar and a fall in dollar prices of raw ing. And as formal investigations by the U.S. materials, the value of non-oil imports increased government were started, the trigger-price mechonly about 12 percent. anism, which sets a minimum price for imported The sharp increase in steel imports brought the steel, was suspended. share of imports in the total U.S. steel market to The decline in imports of automobiles, which more than 20 percent. Early in the year the ran counter to the general trend for non-oil increase was concentrated in products in short imports, was influenced by two factors. First, supply in the United States, especially oil-drilling economic conditions in the United States deequipment. Later, however, imports of products pressed the overall demand for automobiles. Second, in response to several years of steady 3. Real GNP in major countries increases in the share of foreign cars in total U.S. 1970 = 100 small-car sales, the United States reached an agreement with Japan that limited exports of Japanese passenger cars to the United States. The agreement, which went into effect on April 1, 1981, limited those exports to 1.68 million units for the first year, 8 percent fewer than the 1980 level of 1.82 million units; available data indicate that the 1981 limit was not exceeded. The share of foreign cars in total U.S. small-car sales for 1981 was virtually unchanged from the share a year earlier. The negative impact of the appreciation of the dollar on the trade balance in 1981 was offset to a large extent by a sharp decline in the value of U.S. oil imports during the year. After reaching a Foreign is multilaterally weighted average of the Group of Ten countries plus Switzerland, using 1972-76 total trade weights. peak in April of last year, the price of imported Data for the United States are from the U.S. Department of oil fell almost 10 percent through December. A Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 Federal Reserve Bulletin • April 1982 4. Import price of petroleum and products and tion of the dollar. Overseas earnings of U.S. oil ratio of petroleum consumption to real GNP companies fell quite sharply in the second half of Ratio Dollars per barrel the year because of the weakness in world oil markets. 1.4 30 3. U.S. current account Billions of dollars, seasonally adjusted annual rates 1.3 20 1.2 10 + 1.1 0 The import price of petroleum and products is the average quarterly unit value of U.S. imported oil, measured in dollars per barrel. The ratio of consumption to GNP is a four-quarter moving average of U.S. SOURCE. U.S. Department of Commerce, Bureau of Economic oil consumption (millions of barrels per day) divided by U.S. real Analysis. GNP. Data are from the U.S. Departments of Commerce and Energy. growing surplus on world oil markets forced IMP ACT OF THE APPRECIATION OF THE most oil-exporting countries to cut prices. U.S. DOLLAR ON THE DOMESTIC ECONOMY demand for imported oil declined quite sharply as reduced energy demand and the continuing The appreciation of the dollar from the low point substitution of other energy sources for oil in the reached in the third quarter of 1980 significantly wake of the oil price increases in 1979 and 1980 affected U.S. real GNP and price developments were reflected in a continuing downward trend in in 1981. Simulations performed with the Federal the ratio of oil consumption to GNP (chart 4). On Reserve Board's multicountry model (MCM) balance, from the fourth quarter of 1980 to the suggest that the rise in the dollar's value reduced fourth quarter of 1981, the volume of U.S. oil the level of U.S. real GNP from V2 to 3A percent imports declined almost 10 percent. below what it otherwise would have been last year. Although the dollar's appreciation contributed to the weakness of the U.S. economy in NONTRADE CURRENT ACCOUNT 1981, it also helped bring down the rate of domestic inflation. MCM simulations indicate Net receipts on nontrade current account items that, as a result of the appreciation, the domestic (service transactions and private and govern- price level, as measured by the aggregate expenment transfers) reached $34.4 billion in 1981. The diture deflator, was reduced from V2 to 1 percent increase in this surplus offset the somewhat below what it otherwise would have been last higher merchandise trade deficit and produced a year. This price effect of the appreciation resultcurrent account surplus for the third consecutive ed both from the direct effects of the decline in year (table 3). U.S. net portfolio income rose non-oil import prices and from the indirect efsharply, particularly in the second half, as a fects on prices of domestic goods that compete result of rising net recorded U.S. claims and the with imports. high level of interest rates. In contrast, net direct To the extent that the higher exchange value of investment receipts dropped more than 15 per- the dollar reflected political developments in the cent. The two major factors in the drop were United States and abroad, and changed percepslow economic growth abroad and the apprecia- tions of the effects of policies, the change in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 1981 211 exchange rate itself can be reasonably regarded Monetary Fund by more than $2 billion equivaas a causal factor. However, the dollar appreciat- lent during the year and also received an allocaed partly as a consequence of U.S. macroeco- tion of special drawing rights from the IMF in nomic policies. In this context the appreciation January. An offsetting factor was the repayment of the dollar should be more appropriately by the Treasury of about $2.4 billion equivalent viewed as a channel through which policy, espe- of maturing securities denominated in Swiss cially monetary policy, affects U.S. income and francs and German marks ("Carter notes") durprices. ing the second half of the year. OFFICIAL CAPITAL FLOWS PRIVATE CAPITAL FLOWS Foreign official assets in the United States in- Net recorded outflows of private capital declined creased $5 billion in 1981 (table 1), an increase nearly $10 billion to about $27 billion in 1981. If that was more than accounted for by inflows the errors and omissions are assumed to be from members of OPEC. These inflows contin- unrecorded private capital flows, and are added ued at the strong pace of 1980, despite a decrease to the recorded outflow, the combined net outin the OPEC current account surplus from $100 flow last year was about $3 billion, slightly lower billion in 1980 to an estimated $60 billion in 1981. than the combined net outflow in 1980. Within Most of these funds were placed in Treasury and the recorded total there was a moderate increase federal agency securities. The official assets in in outflows reported by banks; reported net the United States held by industrial countries fell transactions with foreigners involving private considerably last year. Those countries respond- securities showed little overall change. The most ed to the appreciation of the dollar with net striking change in private capital flows was a intervention sales of dollars totaling almost $30 shift in the direct investment category from a net billion. (A large portion of these sales were outflow of $8 billion in 1980 to a net inflow of $12 financed by the use of reserve assets held outside billion in 1981. Foreign direct investment in the the United States and borrowings in the Euro- United States last year totaled about $19 billion, market.) Although this intervention was about an unusually high figure, and included two large twice the level in each of the previous two years, takeovers (Sante Fe International by Kuwaiti by historical standards it was not large in light of interests and Texasgulf by Elf Aquitaine). In the magnitude of the change in the dollar value of contrast, U.S. direct investment abroad fell from the currencies of those countries. By compari- $19 billion in 1980 to $7 billion last year. Factors son, in 1977-78, a period in which the weighted- contributing to the decline included a drop in average value of the dollar declined only 17 reinvested earnings associated with lower profits percent, net intervention purchases of dollars by at foreign affiliates of U.S. corporations and industrial countries totaled more than $60 billion. larger borrowings in the Euromarkets by U.S. U.S. official reserve assets increased about $5 firms through their finance subsidiaries in the billion last year. During the first quarter, U.S. Netherlands Antilles. authorities purchased, net, $2 billion equivalent Private U.S. residents significantly increased of foreign currencies. In April, after consultation their transactions with offshore banking instituwith officials of the Federal Reserve, the Trea- tions in 1981. Holdings of Eurodollars by U.S. sury announced that the United States would nonbank residents rose more than $30 billion last adopt a policy of reduced intervention in foreign year (table 4). At year-end such holdings acexchange markets, intervening only when neces- counted for 3.5 percent of the L measure of sary to counter conditions of severe disorder. liquid asset holdings, compared with 2.4 percent Since then, U.S. authorities have not intervened a year earlier. About half of the increase in in the market, although they were prepared to do Eurodollar holdings was placed in negotiable so on several occasions. The United States in- certificates of deposit at London offices of creased its reserve position in the International banks. Money market mutual funds alone in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 Federal Reserve Bulletin • April 1982 4. Eurodollar holdings of U.S. nonbank residents Nonbank U.S. residents also obtained an in- Billions of dollars, end of period creased amount of credit from offshore banking offices last year. Loans to U.S. nonbank resi- 1981 dents from foreign branches of U.S. banks ap- IItteemm 11997799 1980 Q1 Q2 Q3 Q4 proximately tripled to a level of more than $12 Total holdings 51.3 60.8 66.3 76.8 87.1 92.7 billion at year-end. The growth of these loans is London CDs 20.4 18.0 22.4 26.4 30.6 33.2 one manifestation of the spread of alternatives to Time deposits 30.9 42.8 43.9 50.4 56.5 59.5 MEMO: Holdings of prime-based pricing of business loans to U.S. London CDs by money funds n.a. 5.7 10.0 12.2 14.6 16.8 firms. A growing number of U.S. firms have been offered loan commitments with an option of n.a. Not available. SOURCE. Data on total Eurodollar holdings are obtained from pricing based on a London interbank offered rate member banks, the Bank of England, and the Bank of Canada. Data (LIBOR). LIBOR rates and other interest rates on Eurodollar holdings of money market mutual funds are obtained from the Investment Company Institute. on assets denominated in dollars fluctuated widely last year. In the first quarter and again in the third and fourth quarters, declines in the adcreased their holdings of London CDs issued by ministered prime rate lagged behind declines in branches of U.S. banks by $11 billion. High LIBOR and other market-determined dollar interest rates continued to provide incentives for rates. In those periods a large number of U.S. U.S. households to shift holdings from accounts borrowers reportedly exercised their LIBORat U.S. depository institutions, where yields pricing options. Many U.S. banks book the loans were constrained by regulation, to accounts at offshore when the LIBOR-pricing option is chomoney funds that yielded market rates of inter- sen by the borrower, whereas all appear to book est. Total assets of money funds grew about $105 the loans onshore when pricing is based on the billion in 1981, and the share of London CDs in prime rate. The periods of most rapid growth in money fund portfolios rose from about 7.5 to 9 the branch loans to U.S. residents coincided with percent. the periods when the prime rate was well above LIBOR (chart 5). The other half of the increase in Eurodollar holdings of U.S. nonbank residents was placed in Data on borrowing by U.S. nonbanks frcm nonnegotiable time deposits. Of the $60 billion of non-U.S. offices of foreign banks are not availsuch deposits at year-end, about one-sixth were able on a regular basis; nonetheless, documents overnight deposits at foreign branches of U.S. filed with the Securities and Exchange Commisbanks in London and the Caribbean. Overnight sion in connection with corporate-takeover pro- Eurodollar deposits provide an attractive combi- grams indicate that foreign banks are offering nation of immediate availability and a yield that similar pricing options to U.S. firms and often is not constrained by regulation. Holders of such book the loans offshore, in some cases even deposits include money funds and corporations, when prime pricing is chosen by the borrower. particularly oil companies. Foreign banks were scheduled to provide an During 1981 U.S. banks relied significantly estimated $24 billion of the estimated $47 billion more on the London dollar CD market as a of syndicated credit facilities arranged last sumsource of funds; CDs issued by London branches mer in connection with those takeover programs. rose from 25 to 36 percent of outstanding CDs at Meanwhile, foreign residents were more active domestic offices of large U.S. banks. Late last in U.S. financial markets. Foreigners purchased, year the New York dealers that make a second- net, a record $7 billion of U.S. corporate securiary market for London CDs increased the num- ties in 1981. They also made greater use of U.S. ber of banks considered prime names—those financial markets as a source of credit. Foreign that trade uniformly at the lowest rate in the bond issues in the United States totaled $8 billion market—from four to nine, about the same num- in 1981, about twice the volume offered in 1980. ber as in the secondary market for domestic Many of these issues were floated during Octo- CDs. This change made the investments more ber and November, when U.S. long-term interest liquid and thereby more attractive to U.S. inves- rates temporarily declined. Issuance of commertors, including the money funds. cial paper by foreign entities also was heavy, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 1981 213 5. Offshore branch loans to U.S. residents and end of 1981 and equaled about $100 billion in the prime rate-LIBOR differential March 1982. Nearly all of the growth of IBFs during December was likely accounted for by Percentage points Billions of dollars shifts of existing assets and liabilities from other Loans U.S. and foreign offices of the establishing institutions. For balance of payments purposes IBFs are regarded as domestic offices. Thus transfers of assets or liabilities to IBFs from U.S. offices of the establishing institutions have no effect on U.S. capital inflows or outflows. In addition, transfers to IBFs from offshore have no effect on net capital inflows to the United States. Such transfers act merely to increase both sides of the aggregate U.S. resident balance sheet by, for 1981 1982 example, increasing loans to non-U.S. residents Loans are credit extended to U.S. nonbank residents by offshore and IBF liabilities to affiliated foreign offices by branches of U.S. banks. These data are obtained from required reserve reports. LIBOR is the three-month London interbank offered equal amounts. rate. Information on private international capital particularly in the first half of the year. About flows during 1981 is far from complete. As in the $11 billion of foreign commercial paper was previous two years, a large positive statistical outstanding at year-end, an increase of almost $4 discrepancy appeared in 1981 (table 1). Although billion from the end of 1980. Issues of foreign errors and omissions in the reporting of current banking institutions accounted for 85 percent of account transactions undoubtedly occur, the prethe increase. The number of such institutions dominant part of the recent very large discrepanissuing paper in the U.S. market rose from 21 to cy most likely reflects unrecorded private capital 36 last year. As these foreign institutions have flows. In developments analogous to those in become more familiar to U.S. investors, the domestic financial markets, many recent innovayields on their issues have approached those on tions in international financial markets have redihigh-quality domestic commercial paper, and rected flows of funds to channels outside the they have been well below the rates that the banking system, and many of those channels are institutions must pay for Eurodollar deposits. not adequately covered by the reporting system The opening of international banking facilities for U.S. international transactions. Evidence (IBFs) last December enhanced the United suggests considerable underreporting of interna- States as a center for financial intermediation tional transactions by U.S. nonbank firms. For between foreign residents. The authorizing example, Eurodollar holdings of U.S. nonbank amendments to Federal Reserve Regulations D residents at banks in Canada and the United and Q were designed to reduce the costs of Kingdom increased $15 billion during the first providing international banking services at U.S. three quarters of last year, according to the data offices. In general, the amendments permit an provided by the Bank of Canada and the Bank of IBF to accept deposits of foreign residents and to England, but balance of payments reports filed extend credit to foreign residents, free from by U.S. nonbank firms showed only an $8 billion reserve requirements or interest rate limitations. increase in their Eurodollar holdings in those However, in the case of nonbank foreign resi- countries for that period. This example of unredents, the deposits must support their operations corded capital outflows illustrates that the magoutside the United States, and extensions of nitude of the reporting problem cannot be meacredit must be used to finance non-U.S. opera- sured by the statistical discrepancy. The tions. A number of states have encouraged the discrepancy measures only the extent to which development of IBFs by passing legislation pro- unrecorded inflows exceed unrecorded outflows. viding a favorable state tax environment for the The value of total gross unrecorded inflows and new institutions. outflows may be considerably larger than the value of the statistical discrepancy. IBF assets totaled more than $60 billion at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 Federal Reserve Bulletin • April 1982 OUTLOOK dominated by the lagged effects of the dollar's appreciation during 1980 and 1981 and the pros- In the first quarter of 1982 the weighted-average pect of its continued strength this year. Despite value of the dollar rose sharply, nearing the peak some recovery in the economies of our major level recorded in mid-1981. Despite sluggish eco- trading partners, U.S. exports are likely to renomic activity in the United States, interest rates main weak, whereas U.S. imports will be booston assets denominated in dollars rose during the ed by the relatively strong performance of the first quarter, on balance, while interest rates on domestic economy that will be generated later assets denominated in foreign currencies de- this year, in part, by the enlarged federal governclined. During the rest of this year the widening ment deficit. The impact of the dollar's appreciaof the federal government deficit is likely to tion and the relative strength of the U.S. economaintain upward pressure on dollar interest my on the current account will likely be offset to rates, especially as fiscal year 1983 begins, and some extent by a reduction in the value of U.S. tend to maintain the value of the dollar. oil imports. Although Saudi Arabia reduced its Data on foreign industrial production for the oil production by 30 percent late in 1981 and first few months of 1982 revealed little strength. early 1982, prices were cut by several producers Unemployment rates continued to climb and in the first quarter of 1982; the outlook is for a reached postwar records in most of the major lower U.S. oil bill this year. On balance, the foreign countries. Recently, a perceptible, if lagged effects of the dollar's appreciation and the slight, easing of monetary and fiscal policies has impact of relatively strong domestic demand are occurred in several major foreign countries; likely to predominate; the small current account however, the outlook is still for a very weak deficit that emerged in the final quarter of 1981 is recovery in 1982. U.S. industrial production also likely to widen in 1982. was weak in the first three months of the year, A U.S. current account deficit and the associand unemployment in the United States reached ated net capital inflow will lessen the upward 9 percent. A somewhat stronger recovery in the pressure placed on U.S. interest rates by a wider United States than that abroad is likely in the U.S. government deficit. However, the shift in second half of 1982, when the second stage of the the current account is likely to be only a fraction personal tax cut becomes effective. of the rise in the government deficit now forecast The outlook for the U.S. current account is for fiscal years 1982 and 1983. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

215 Staff Studies The staffs of the Board of Governors of the In all cases the analyses and conclusions set Federal Reserve System and of the Federal forth are those of the authors and do not neces- Reserve Banks undertake studies that cover a sarily indicate concurrence by the Board of Govwide range of economic and financial subjects. ernors, by the Federal Reserve Banks, or by the In some instances the Federal Reserve System members of their staffs. finances similar studies by members of the aca- Single copies of the full text of each of the demic profession. studies or papers summarized in the BULLETIN From time to time, papers that are of general are available without charge. The list of Federal interest to the professions and to others are Reserve Board publications at the back of each selected for the Staff Studies series. These pa- BULLETIN includes a separate section entitled pers are summarized—or, occasionally, printed "Staff Studies" that lists the studies that are in full—in the FEDERAL RESERVE BULLETIN. currently available. STUDY SUMMARY COSTS, SCALE ECONOMIES, COMPETITION, AND PRODUCT MIX IN THE U.S. PAYMENTS MECHANISM David B. Humphrey—Staff, Board of Governors Prepared as a staff paper in 1980 This study provides estimates of economies to Applying these results to the three paymentsscale in Federal Reserve payments-processing related issues raised above yielded the following operations. Three payments services are investi- conclusions. First, average cost pricing of Federgated: paper-check processing, automated clear- al Reserve services is not optimal. Economic inghouses ("electronic check" payments), and efficiency could be improved if prices were lower wire transfer of funds. The information on scale than average costs for ACH services but higher economies and average costs is used to examine than average costs for check services. This conthree payments-related issues: (1) determining an clusion follows directly from the theory of sececonomically optimal pricing strategy for Feder- ond best, the results on scale economies, and al Reserve payments services; (2) assessing the consideration of the likely elasticity of demand potential for and usefulness of private-sector for these services. Second, as long as scale competition in providing these services; and (3) economies exist in ACH operations, private analyzing the likelihood of cost-induced changes competition should be discouraged. In contrast, in the mix of payments services resulting from competition in check-processing services will Federal Reserve pricing. serve to promote more efficient allocation of Scale economies, or falling average costs, resources among suppliers of this service. Last, were found for ACH operations. Wire transfer of the likelihood of changes in the product mix of funds appears to face constant average costs as check, ACH, and wire-transfer services induced volume changes. But check-processing opera- by Federal Reserve pricing currently is greatest tions face diseconomies to scale or rising average between check and ACH services, with the ACH costs as processing volume increases. service substituting for checks in the long run. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

217 Industrial Production Released for publication April 15 equipment was reduced 1.2 percent in March. Declines occurred in all major components of In March, industrial production declined an esti- this grouping, but they were especially large in mated 0.8 percent after a revised increase of 1.2 building and mining equipment because of cutpercent in February and a revised decrease of 2.0 backs in oil-well drilling activity. Output of depercent in January. Reductions in output were fense and space equipment continued to inwidespread in March and were pronounced in durable goods for the home, business equipment, Seasonally adjusted, ratio scale, 1967=100 construction supplies, and durable goods materials. Industrial production in the first quarter of 1982 was 3.3 percent below the fourth quarter of 1981. At 141.2 percent of the 1967 average, the index in March was 8.3 percent below its most recent high in July 1981. In market groupings, output of consumer goods declined 0.3 percent in March, but movements within the grouping were mixed. Consumer durable goods increased 0.6 percent because of a pick-up in autos and utility vehicles; with dealer inventories substantially reduced, auto assemblies were increased to an annual rate of 4.7 million units in March from 4.1 million in February. In contrast, output of home goods declined 1.7 percent—reflecting reductions in appliances, furniture, and carpeting—and production of consumer nondurable goods was reduced 0.6 percent. Continuing its downward Federal Reserve indexes, seasonally adjusted. Latest figures: movement since mid-1981, output of business March. Auto sales and stocks include imports. Major market groupings 1967 = 100 Percentage change from preceding month PPPeeerrrccceeennntttaaagggeee ccchhhaaannngggeee,,, GGGrrrooouuupppiiinnnggg 1982 1981 1982 MMMaaarrr... 111999888111 tttooo MMMaaarrr... Feb." Mar.e Nov. Dec. Jan. Feb. Mar. 111999888222 Total industrial production 142.3 141.2 -1.9 -2.0 -2.0 1.2 -.8 -7.2 Products, total 144.7 143.9 -1.3 -.9 -2.3 1.3 -.6 -4.5 Final products 144.6 143.9 -1.1 -.6 -2.4 1.3 -.5 -3.4 Consumer goods 141.8 141.4 -1.7 -1.4 -1.6 1.5 -.3 -4.7 Durable 125.3 126.0 -4.8 -5.0 -2.7 4.5 .6 -12.3 Nondurable 148.4 147.5 -.5 -.1 -1.3 .5 -.6 -1.7 Business equipment 172.7 170.6 -.8 .0 -3.8 .3 -1.2 -4.9 Defense and space 107.6 108.4 .8 1.6 -1.8 2.4 .7 7.6 Intermediate products 145.3 144.0 -1.8 -1.9 -1.9 1.5 -.9 -8.3 Construction supplies 126.3 124.7 -3.8 -2.4 -2.4 1.9 -1.3 -16.3 Materials 138.6 137.1 -2.6 -3.9 -1.4 1.2 -1.1 -11.2 p Preliminary. e Estimated. NOTE. Indexes are seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 Federal Reserve Bulletin • April 1982 Major industry groupings 1967 = 100 Percentage change from preceding month PPPeeerrrccceeennntttaaagggeee ccchhhaaannngggeee,,, GGGrrrooouuupppiiinnnggg 1982 1981 1982 MMMaaarrr... 111999888111 tttooo MMMaaarrr... Feb." Mar.e Nov. Dec. Jan. Feb. Mar. 111999888222 Manufacturing 140.5 139.7 -2.0 -2.1 -2.6 1.6 -.6 -7.9 Durable 129.6 128.6 -2.5 -2.3 -3.3 2.0 -.8 -9.5 Nondurable 156.4 155.6 -1.5 -1.8 -1.7 1.1 -.5 -5.9 Mining 142.3 138.7 -1.4 -.5 1.2 -1.4 -2.5 -3.1 Utilities 168.7 168.7 .5 -.4 2.1 -1.8 .0 .5 p Preliminary. e Estimated. NOTE. Indexes are seasonally adjusted. crease. Production of both construction and was reduced 0.6 percent in March, after a sharp, business supplies fell in March, after their weath- partially weather-related decline of 2.6 percent in er-associated rebounds in the preceding month. January and a rebound in February of 1.6 per- Output of materials declined 1.1 percent in cent. Production of durable manufactures de- March. Durable materials dropped sharply, re- creased 0.8 percent in March, with an increase in flecting a particularly large cutback in basic motor vehicles and parts and declines in most metals and in equipment parts. Nondurable ma- other durable goods industries. Nondurable manterials declined 0.9 percent in March, as did ufacturing declined 0.5 percent, while mining energy materials. was down 2.5 percent and utility output re- In industry groupings, manufacturing output mained unchanged. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

219 Statements to Congress Statement by Stephen H. Axilrod, Staff Director in the perspective of an earlier period when the for Monetary and Financial Policy, Board of wall had, in practice, been breached. In the years Governors of the Federal Reserve System, be- during and immediately following World War II, fore the Subcommittee on Domestic Monetary the Federal Reserve had agreed with the Trea- Policy of the Committee on Banking, Finance sury that it would "peg" the level and structure and Urban Affairs, U.S. House of Representa- of interest rates on Treasury securities to the end tives, March 23, 1982. of keeping the interest costs on the federal debt down. This meant that the Federal Reserve, in effect, could not avoid monetizing debt if interest It is a pleasure to appear before this subcommit- rates reached the support level. At that point, the tee to participate in the hearings on debt manage- Federal Reserve would be forced to purchase ment. Management of the public debt is, of securities offered to it on the initiative of market course, the Treasury Department's responsibil- participants, whether banks or the nonbank pubity, not that of the Federal Reserve, although lic, thereby adding to reserves and money. The Federal Reserve Banks do serve as fiscal agents problems with such a less-than-arms-length relafor the Treasury in its financings. The division of tionship between the debt managers and the responsibility whereby the Treasury concen- monetary authority became especially evident trates on debt management and the Federal Re- around the time of the Korean War. At that serve on monetary policy helps ensure that mon- point, it became impossible for the Federal Reetary policy can be implemented without the serve to restrain growth of money and credit in complications, not to say possible temptations, the face of growing inflationary pressures unless that would be involved in an intermingling of the "peg" were removed and the public preventdebt management and monetary responsibilities. ed from turning securities into money at will. Debt management operations are not unimpor- Freedom for the Federal Reserve to manage tant to the Federal Reserve, however, in the bank reserves and money was restored in 1951 sense that an effectively functioning U.S. gov- when the Federal Reserve and the Treasury ernment securities market is needed if we are to reached an accord. Under the accord, the Federbe assured that our open market operations, al Reserve withdrew its wartime commitment to carried out mainly in U.S. government securi- support Treasury financings by "pegging" interties, can be efficiently employed to meet basic est rates. Henceforth, the Treasury would have reserve and money supply objectives. We do to meet the test of the market and pay whatever have such a government securities market now, interest rate was consistent with the underlying and indeed have had one for a very large number balance between credit demand and the public's of years. Thus, the division of responsibilities propensity to save. between the Federal Reserve and the Treasury For a number of years thereafter the Federal has worked well. No pressures have been placed Reserve did have a so-called "even keel" policy on us to, in effect, monetize debt by acquiring in relation to Treasury financings. This meant debt at the initiative of sellers, and we have been that for about a week before and after major able to confine the size of our open market refundings the Federal Reserve would refrain operations to those needed to meet reserve and from making significant changes in money marmoney objectives. ket conditions, which were used at that time as The value of this wall between debt manage- short-run operating guides, so as to avoid unsetment and monetary policy becomes even clearer tling markets while the Treasury was in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 Federal Reserve Bulletin • April 1982 process of selling and the market was in the ages debt; the Federal Reserve manages reserves process of distributing new securities. The im- and money. pact of even keel on monetary policy operations Federal Reserve open market purchases and should not be exaggerated, however. It served at sales of securities are, therefore, determined most only to delay for a very short while, or to solely by the Federal Reserve's target growth accelerate, action that was in train in any event. rates for the monetary aggregates and by the The even keel approach seemed desirable, in relation between those growth rates and the part, because the Treasury was offering notes System's securities portfolio. That relation, in and bonds by subscription, rather than by auc- turn, depends on the mix of money supply as tion, in a Treasury market that was still feared to between currency and bank deposits, on the mix be relatively thin. The subscription technique of deposits as between those that require relainvolved setting a fixed interest rate and price on tively more reserves and those that require relaa Treasury offering at the time the security tively little or none, and on the extent to which offering was announced, which was some days reserves are provided through discount window before subscriptions for the issue were submitted borrowing and certain other sources. The Federby the public. The Treasury, of course, priced al Reserve, of course, has to acquire government the security to sell at the going market rate, but securities on a one-for-one basis to support exeven keel provided some protection against pansion in currency and on a fractional basis to "failure" of an issue in this sensitive market support expansion in deposits, with the fraction area. Moreover, once the dealers obtained the depending on the prevailing reserve requirement issue at the price set by the Treasury, they could structure. When reserve requirements are lowbe generally assured of a few days of relatively ered, as they have been and will be during the stable financing costs to facilitate the process of 1980s as the Monetary Control Act of 1980 is redistributing securities to ultimate investors. phased in, the supply of reserves must be lowered to prevent an undesired increase in the As I mentioned, the practice of even keeling stock of money. Such a reduction in reserves by the Federal Reserve was not an impediment would be accomplished by the sale of securities to attainment of longer-run monetary policy obfrom the portfolio of the Federal Reserve Sysjectives. Nonetheless, it was an operational comtem. plication and its limited role and purposes were often misunderstood. As a result, the Federal Because of changes in the variety of factors Reserve increasingly sought to move away from that influence our securities portfolio—including even so indirect and temporary a connection as noted above borrowing at the discount winbetween its monetary operations and debt man- dow, reserve requirements, and the currency and agement. deposit mix—growth in our holdings is rather The growing depth and resiliency of the U.S. variable from one year to the next. In 1981, these government securities market, and in the early various influences led to a net increase in Federal 1970s adoption by the Treasury of an auction Reserve holdings of securities, largely U.S. govtechnique as the general rule for coupon issue ernment securities, but to a small extent federal financings, facilitated the withdrawal of even agency obligations, of about $9 billion. Of keel. Under the auction technique, there is no course, the total volume of Federal Reserve time lag between the setting of the interest return transactions in securities is many times the net and submission of bids. Moreover, the auction increase in holdings over a year, because transitself provides the mechanism through which an actions are necessarily undertaken in the course underwriting spread would emerge competitively of a year to offset changes in highly volatile to the degree needed to balance the risks to exogenous factors that provide or absorb redealers in distributing new securities to ultimate serves in the short run, such as the Treasury investors. balance at Federal Reserve Banks. Thus, arrangements between the Treasury and With Federal Reserve purchases of securities the Federal Reserve entail a clear and logical determined solely by monetary policy objecdivision of responsibilities. The Treasury man- tives, the Treasury must manage its debt so as to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 221 make its offerings attractive enough in terms of marketed in an orderly fashion at prevailing yield and other characteristics to induce private interest rates. sectors of the economy to acquire them. Last The availability of a large and diverse body of year, for instance, net issuance of U.S. govern- potential investors in U.S. government securities ment debt amounted to $98Vi billion. To market provides the basis for the continuing ability of this net new debt, not to mention refunding a Treasury debt managers to design and sell attracmuch, much greater volume of maturing debt, tive, marketable instruments. The existence of securities were offered in all maturity areas— this market, which eliminates dependence of the short, intermediate, and long—to fit the varying Treasury on the central bank as a buyer of its portfolio needs of banks, other financial institu- securities, also represents a continuing safeguard tions, nonfinancial businesses, trust funds, and against any temptation to erode the clear and individuals. The debt management task was ac- beneficial separation of responsibilities between complished with skill, and the securities were debt management and monetary policy. • Statement by Peter D. Sternlight, Senior Vice ties at the end of last year totaled about $128 President, Federal Reserve Bank of New York, billion. Our Trading Desk also arranges a large before the Subcommittee on Domestic Monetary volume of transactions in government securities Policy of the Committee on Banking, Finance on behalf of foreign central banks. Indeed, some and Urban Affairs, U.S. House of Representa- of the Federal Reserve System's own transactives, March 23, 1982. tions are arranged directly with foreign official accounts, at current market prices. I am pleased to have this opportunity to partici- In addition to actual trading activity, the Tradpate in these hearings on U.S. debt management ing Desk also serves as a channel of information policy. As a senior vice president of the Federal for the Federal Reserve and the Treasury in Reserve Bank of New York and Manager of the respect to developments in the government secu- Federal Reserve System Account for Domestic rities market and related markets. Such informa- Operations, my responsibilities include direction tion is particularly relevant in the formulation of the Federal Reserve's open market operations and implementation of monetary and debt manin the government securities market, in order to agement policies, with implications for other carry out monetary policy under instructions aspects of national economic policy as well. We from the Federal Open Market Committee. In gather, analyze, and report on information peraddition to being involved for a number of years taining to the activities, attitudes, and expectawith the Federal Reserve's open market opera- tions of dealers, investors, and other market tions, I also served for two years as Deputy participants. Our gathering of information in- Undersecretary of the Treasury for Monetary cludes data on prices and interest rates, and on Affairs, where debt management was one of my volume of activity, positions, and financial chief responsibilities. soundness of some three dozen primary dealers In carrying out Federal Reserve monetary in U.S. government securities. Beyond the colpolicy, the Trading Desk at the New York Feder- lection of statistics, we exercise an informal al Reserve Bank is a substantial participant in the surveillance role over the government securities market for Treasury securities. Last year, the market, seeking information on new develop- Federal Reserve System's trading activity in- ments and potential problems. cluded about $23 billion of outright purchase- The Federal Reserve serves as fiscal agent for and-sale transactions, as well as a much larger the Treasury in the placement and redemption of volume of repurchase agreements or matched its debt. These functions are performed at every sale-purchase transactions to effect temporary Federal Reserve Bank and Branch, but the Bank additions or reductions in reserves. The Federal in New York plays a particularly significant role Reserve System's holdings of Treasury securi- because the government securities market is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 Federal Reserve Bulletin • April 1982 centered there. Typically, 70 to 90 percent of been handled well. An enormous volume of debt Treasury issues are awarded in the New York has been marketed through what appears to be a District. New York's share of the total bidding highly efficient mechanism. Primary reliance on for Treasury issues sold at auction is even great- an auction technique, open to a variety of differer, because usually a sizable margin of under- ent types and sizes of participants, provides good writing bids from major financial market partici- assurance, in today's competitive markets, that pants are below the accepted range of prices but the Treasury—and ultimately the public—are are there "just in case." Some underwriting bids well served. This is not to say that, in suitable are, of course, also submitted in other financial circumstances, there could not be a useful place centers. for other selling techniques such as the large Treasury debt management officials and offi- subscription issues undertaken several years cers at the Federal Reserve's Trading Desk have ago. had a long history of close consultation on debt Under the auction technique used most heavimanagement questions. Some of the consultation ly in recent years, primary dealers play a highly is relatively routine, pertaining to the particular important role. Bidding at prices or rates based timing or other technical details of sales of Trea- on their market judgments, the primary dealers sury securities. At times, the type and size of take down, for subsequent distribution to invesissues to be sold, and the techniques to be used tors or other holders, a sizable part of the Treain those sales, are also discussed. Usually, one sury's offerings. Typically, the dealers might or two representatives from the Trading Desk sit account for 35 to 75 percent of the issues on in with the Treasury's debt management staff initial sales to the public. Also of considerable when the Treasury is developing its plans for significance, primary dealers typically feel a quarterly coupon-refunding operations. sense of responsibility to provide "underwriting The Federal Reserve's role in such discussions bids"—again at prices and rates of their own is strictly advisory: The debt management deci- choosing—even at times when current market sions are, of course, those of the Treasury. At prices and rates are not particularly attractive. the same time, worth underscoring is that, This practice tends to assure the Treasury of whereas we at the Trading Desk have some getting its auctions covered, at some price, even concern with the orderly management and mar- when markets are "difficult." keting of the Treasury's debt, our overriding The Treasury has also done well, I believe, to concern is with the implementation of monetary continue seeking the restoration of a better matupolicy, as determined by the Federal Open Mar- rity balance in its debt structure. It has done this ket Committee. Our role as fiscal agent and in recent years by steadily lengthening the averadviser to the Treasury is subordinate to, but in age maturity from the low point reached in my view not inconsistent with, the primary mis- 1975—after several years of not being able to sion of carrying out monetary policy. Most par- issue longer-term debt because of the interest ticularly, I would emphasize that Treasury debt rate ceiling. A very short-term debt structure is issues, in the Federal Reserve's view, must stand somewhat akin to an overabundant money supon their own in the market. ply in leaving the economy with too much liquid- Against this background, I would like to make ity readily at hand. Moreover, the Treasury is a few general comments about Treasury debt left more vulnerable to the willingness and ability management. Obviously, the management of a of the market to roll over its debt, the greater the trillion-dollar, and rapidly growing, debt is no portion that must be refunded each year. I think simple task. A trillion-dollar debt is substantial, the debt managers should continue to be able to even in a three-trillion-dollar economy. Given make progress in extending the average maturity the magnitude, growth, and wide dispersion of of the debt through continued access to the the Treasury debt throughout the national econo- longer term market. my—and indeed the world economy—the Trea- Another desirable feature of debt management sury's debt management policies are of no small practices in recent years has been the establishimportance. On the whole, I believe the job has ment of regular patterns of debt issuance, such as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 223 the cycles of two-, four-, five-year and other note al fiscal or monetary policy. For example, rather maturities, and the fairly regular offerings of than seeking to be contracyclical, debt managecoupon issues in quarterly refundings. When the ment policy is probably better directed, in the market is able to anticipate approximately what long run, to achieving and maintaining an orderly the Treasury is likely to offer, and to some extent structure of the debt, as I think has occurred in prepare for it, market participants are likely to recent years. That debt management "makes have a better appetite for the Treasury's offer- little difference" does not follow, though, beings. This need not freeze the Treasury immuta- cause mismanagement of the debt most assuredbly into a pattern of debt offerings dictated by ly could impact adversely on the financial marmarket expectations, but it does strongly suggest kets and the economy and make it much more that variations be carefully evaluated and sound- difficult for fiscal and monetary policies to ed out ahead of time, if possible, with market achieve desired objectives. For this reason, I participants. would be quite wary of making wholesale In the overall scheme of national economic changes in a debt management approach that I policy, debt management probably has a more believe has been serving the nation reasonably circumscribed role to play compared with gener- well. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

225 Announcements PRESTON MARTIN: APPOINTMENT AS CHANGE IN FEES FOR WIRE TRANSFER OF MEMBER AND VICE CHAIRMAN OF THE FUNDS AND NET SETTLEMENT SERVICES BOARD OF GOVERNORS The Federal Reserve Board has announced the President Reagan on January 11, 1982, an- revision, effective April 29, 1982, of its charges nounced his intention to appoint Preston Martin to depository institutions for wire transfer of as member and Vice Chairman of the Board of funds and net settlement services. Governors of the Federal Reserve System. Mr. The Board acted after reviewing comments on Martin was subsequently confirmed by the Sen- proposals published in January. The Board is ate on March 30. The oath of office was adminis- pricing its services to banks and other depositered by Chairman Volcker on March 31 in the tories in compliance with the Monetary Control Board's offices. The text of the White House Act of 1980. The act requires that the Federal announcement follows: Reserve charge explicitly for its services and that the charges recover the System's costs of providing the priced services plus an adjustment for The President has announced his intention to nomicosts that would have been incurred if the sernate Preston Martin to be a member of the Board of Governors of the Federal Reserve System for a term of vices had been provided by a private business 14 years from February 1, 1982, and to be Vice firm.1 The fees are in accordance with pricing Chairman for a term of four years. He succeeds principles established by the Board and pub- Frederick H. Schultz, term expiring. lished in December 1980. Dr. Martin is a member of the President's Commission on Housing. He founded, organized, and staffed a The 1982 fees for wire transfer services are new Sears company, Seraco Enterprises. Seraco, an generally above those for 1982, reflecting inamalgam of the words "Sears Allstate Companies," is creased costs. The private sector adjustment a holding company that provides capital and overall factor, which the Board adopted in January 1982 planning of five real estate and financial subsidiaries. for use in determining 1982 prices, is 16 percent. He is a member of the board of directors of Sears, Roebuck and Co. In addition, a structural change imposes a charge Dr. Martin is a former member of the Federal Home on receivers of wire transfers. Loan Mortgage Corporation Advisory Committee. He The 1982 wire transfer fee schedule follows: served as Chairman and Chief Operating Officer of the 1. The originator of a wire transfer will pay 65 Federal Home Loan Bank Board in 1969-72. He cents per transfer. served then-Governor Ronald Reagan as his first Savings and Loan Commissioner in 1967-69. In 1954-66 2. The receiver of a wire transfer will also pay he was a principal in homebuilding, shopping center, 65 cents. mortgage finance, and savings and loan "start up" 3. Surcharges for off-line origination of a wire organizations. transfer and for telephone advice of a wire trans- He graduated from the University of Southern Califer will be $3.50 and $2.25 respectively. fornia (B.S., 1947; M.B.A., 1948) and Indiana University (Ph.D., 1952). He was born December 4, 1923, and The Board regards division of charges for wire resides in Atherton, California. transfers equally among senders and receivers as Mr. Martin was appointed from the Twelfth 1. The private sector adjustment factor (PSAF) is an Federal Reserve District (San Francisco) and allocation of imputed costs taking into account taxes that would have been paid and the return on capital that would replaces Frederick H. Schultz, whose term exhave been provided had the services been rendered in the pired in January 1982. private sector. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 Federal Reserve Bulletin • April 1982 appropriate because (1) receivers benefit from requirements, the Board may require a switch to the wire transfer by immediate availability and weekly reporting at any time the institution exirrevocability of funds, (2) receivers may request hibits above-normal growth. that senders use wire transfer, and (3) the private The amendments are designed to limit excepsector wire transfer service most comparable to tions to reserve maintenance and reporting rethat of the Federal Reserve charges both senders quirements to the beneficiaries originally intendand receivers. ed. The two-year phase-in to full reserve The 1982 fee schedule for net settlement ser- maintenance was intended to avoid putting new vices is as follows: $1.30 per settlement entry, institutions at a disadvantage during their startplus $5.00 per off-line settlement, plus $2.25 per up period. The Board believes the phase-in is not telephone advice (if requested). appropriate for institutions that expand rapidly Reserve Banks have the option of charging after establishment. Similarly, the quarterly rehigher fees for net settlement amounts that result porting exception was designed to lighten the in higher or unusual costs. reporting burden of very small institutions and was not designed for, and is not appropriate for, institutions experiencing rapid growth. REGULATION D: AMENDMENT In adopting these amendments the Board noted that since Regulation D was rewritten in 1980 The Federal Reserve Board has made final a to conform to the Monetary Control Act (which temporary amendment of its Regulation D (Re- made many banks and thrift institutions not serves of Depository Institutions) providing that previously subject to Federal Reserve reserve the two-year period for phasing in reserve re- requirements liable for reserves on their transacquirements of new depository institutions applies tions and nonpersonal time deposits) Delaware only to institutions that commenced business on law has been revised to permit out-of-state bank or after November 18, 1981, and that have total holding companies to establish new banks there. reservable liabilities under $50 million. This provision of Delaware law is being used to The amendment, effective April 28, 1982, has avoid higher state and local tax rates in the bank been in effect as a temporary rule since last holding company's home state or to avoid con- November to prevent bank holding companies straining usury laws. Under the 1980 phase-in that open out-of-state banks from avoiding re- rule, deposits moved to these new banks that serve requirements. The Board made the rule would otherwise be liable to full reserve requirefinal after considering comment received on the ments would be subject to lower reserve requiretemporary rule. ments. In its final form the amendment applies, as it The Board has consequently amended Reguladid temporarily, to all institutions that began tion D as noted above to assure that the phase-in business on or after November 18, 1981. The of reserve requirements for new depository insti- Board had requested comment on the questions tutions is not used for reserve avoidance. of whether the amendment should apply only to For reasons of equity the Board did not apply institutions affiliated with another depository in- the phase-in amendment to institutions that bestitution and whether a grandfather date should gan business before November 18, 1981. be included. Also, the Board amended Regulation D's reporting requirements to confirm that weekly re- REGULATION K: AMENDMENT porting of deposits rather than quarterly reporting for purposes of reserve assessment is The Federal Reserve Board has adopted an required by depository institutions that, in the amendment to its Regulation K (International Board's opinion, are experiencing above-normal Banking Activities) permitting Edge corporagrowth. An institution with total deposits of less tions to engage in the United States in certain than $15 million may report quarterly until its economic and investment advisory and investdeposits exceed $15 million for two consecutive ment management services, effective March 12, quarters. Under the amendment to reporting 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 227 The Board acted after consideration of com- holding companies and depository institutions to ment received on its proposal published in Octo- which they provide management consulting. ber 1981. An Edge corporation is a company authorized under provisions of the Federal Reserve Act to PROPOSED ACTIONS engage in international or foreign financial or banking activities and certain incidental activi- The Federal Reserve Board has proposed for ties. The Board's Regulation K specifies those public comment four amendments to its Regulaactivities conducted in the United States that will tion E (Electronic Fund Transfers) to assist small ordinarily be considered incidental to the inter- financial institutions subject to the Electronic national or foreign business of an Edge corpora- Fund Transfer Act and otherwise to reduce the tion. burden of, compliance. Comments must be re- The amendment adds the following to the list ceived by May 7, 1982. of permissible activities: The Board has also proposed a complete over- 1. Investment or financial advice by providing haul of its Regulation T (Credit by Brokers and portfolio investment advice and portfolio man- Dealers) as part of its Regulatory Improvement agement with respect to securities, other finan- Project. The Board asked for comment by June cial instruments, real property interests, and 25, 1982. other investment assets. The Board has also asked for comment on a 2. General economic information and advice, proposal to amend its Regulation J (Collection of general economic statistical forecasting services, Checks and Other Items and Wire Transfers of and industry studies. Funds) to require depository institutions that are Under the amendment, such services provided closed on regular business days to pay that day to U.S. customers must be in connection with for checks drawn on the closed institution. The foreign assets or foreign economies and indus- Board asked for comment by May 20, 1982. tries. MEETING OF CONSUMER ADVISORY REGULATION Y: AMENDMENT COUNCIL The Federal Reserve Board has adopted an The Federal Reserve Board has announced that amendment to Regulation Y (Bank Holding its Consumer Advisory Council met on April 28- Companies and Change in Bank Control) adding 29, 1982. the provision of management consulting advice The Council meets with the Board four times a to unaffiliated nonbank depository institutions to year to advise on the exercise of the Board's the list of activities permissible to bank holding responsibilities under consumer credit protection companies, effective April 20, 1982. laws, and on other nonmonetary issues on which The Board acted after consideration of com- the Board seeks its views. The Council's 30 ment received on its proposal issued in October members represent a wide spectrum of consumer 1981, in connection with an application by Bank- and creditor interests. America Corporation. Under the amendment, management consulting advice could be offered to institutions such as ANNUAL REPORT: PUBLICATION savings and loan associations, mutual savings banks, and other types of depository institutions The Sixty-Eighth Annual Report of the Board of that are not commercial banks. Previously, the Governors of the Federal Reserve System, cov- Board's rules permitted bank holding companies ering operations for the calendar year 1981, is to provide management consulting advice only to available for distribution. Copies may be obcommercial banks. tained on request to Publications Services, The amendment also permits management in- Board of Governors of the Federal Reserve terlocks, under certain conditions, between bank System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 Federal Reserve Bulletin • April 1982 CHANGES IN BOARD STAFF NEW STATISTICAL RELEASE The Board of Governors has announced the The Board of Governors has announced publicafollowing staff actions. tion of a new statistical release, "Weekly Report Dolores S. Smith, Assistant Director in the of Assets and Liabilities of International Banking Division of Consumer and Community Affairs, Facilities" (H.14). The H.14, issued each Monappointed Assistant Secretary of the Board for a day, contains aggregate balance sheets for IBFs six-month period beginning April 1, 1982. Ms. with assets or liabilities of at least $50 million by Smith replaces Theodore E. Downing, Jr., who type of establishing entity both for all states and has returned to the Federal Reserve Bank of for New York State. Chicago. To receive the H.14 release, write to Publica- Frank O'Brien, Jr., Special Assistant to the tions Services, Board of Governors of the Feder- Board, promoted to Deputy Assistant to the al Reserve System, Washington, D.C. 20551. Board in the Office of Board Members, effective April 1, 1982. Naomi P. Salus appointed as Special Assistant SYSTEM MEMBERSHIP: to the Board, in the Office of Board Members, ADMISSION OF STATE BANKS effective April 1, 1982. Ms. Salus, who joined the Board's staff in May 1976, holds a B.A. from the The following banks were admitted to member- University of Michigan. ship in the Federal Reserve System during the period February 11 through March 10, 1982: The Board has also announced the resignation Colorado of Michael E. Bleier, Assistant General Counsel Colorado Springs Liberty State Bank in the Legal Division, effective March 5, 1982, Delaware and the retirement of P.D. Ring, Adviser in the Wilmington Provident of Delaware Bank Division of Federal Reserve Bank Operations, Florida effective April 17, 1982. Delray Beach Central Bank Minnesota Renville Renville County State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

229 Record of Policy Actions of the Federal Open Market Committee Meeting Held on cember, but the level remained be- February 1-2, 1982 low the average for the third quarter. Sales of new domestic automobiles Domestic Policy Directive fell to an annual rate of 4.9 million Preliminary estimates of the Com- units in December, the lowest merce Department indicated that monthly pace in 22 years. Auto sales real gross national product had de- picked up in the first few weeks of clined at an annual rate of about 5'A January, but continued at an exceppercent in the fourth quarter of 1981. tionally low rate. Average prices, as measured by the Private housing starts rose 13 perfixed-weight price index for gross cent in December from the dedomestic business product, in- pressed rate in November, but recreased at an annual rate of about 7 mained below an annual rate of 1 percent, much less rapidly than over million units. Nearly all of the inthe first three quarters of the year. crease was in multifamily units. During 1981, real GNP and nominal Sales of existing homes picked up GNP grew about 3/4 percent and 9V4 somewhat in December, as had sales percent respectively, and the price of new homes in November; neverindex referred to above rose about 9 theless, total home sales in Novempercent. ber were about one-third below their The index of industrial production year-earlier level. fell 2.1 percent further in December, The producer price index for finfor a cumulative decline of about 7 ished goods rose 0.3 percent in Depercent over the last five months of cember, compared with 0.5 percent 1981. The decline in December again in November. During 1981 the index was broadly based, reflecting output rose 7 percent, compared with the reductions for nearly all major prod- increase of nearly 12 percent over uct groupings, and it was particular- 1980. Producer prices of consumer ly sharp for durable consumer goods foods rose only a little during 1981, and both durable and nondurable and the rise in energy prices modergoods materials. Available data, no- ated, as a surge early in the year tably for the automotive and steel after decontrol of oil prices was folindustries, suggested further produc- lowed by some decline in the second tion cutbacks in January. half. Producer prices of other con- Total nonfarm payroll employ- sumer goods and capital equipment ment declined sharply in December also rose less rapidly in 1981 than in for the third consecutive month. Job 1980. The consumer price index rose losses in manufacturing continued 0.4 percent in December; over the sizable, totaling more than 700,000 year the index increased about 9 in the fourth quarter. The unemploy- percent, compared with a rise of ment rate rose an additional 0.5 per- about 12V2 percent over 1980. Incentage point in December to 8.9 creases were smaller in 1981 than in percent. 1980 for all major components of the The nominal value of retail sales index. increased somewhat further in De- The rise in the index of average Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 Federal Reserve Bulletin • April 1982 hourly earnings slowed considerably picked up in January to a rate estiin the final three months of 1981 mated at about 11 percent; the subfrom the pace earlier in the year. stantial growth over the two months Over the year, the index rose about reflected strength in the more liquid %V* percent, compared with an in- of the nontransaction components as crease of about 9Vi percent over well as in Ml.1 Some evidence sug- 1980. gested that the disproportionate In foreign exchange markets the growth in NOW and similar actrade-weighted value of the dollar counts in recent months had resulted against major foreign currencies rose at least in part from a desire of about 4 percent during January, re- individuals to hold liquid balances flecting primarily responses to the because of uncertainties about ecowidening differential between U.S. nomic prospects and interest rates. and foreign interest rates. Foreign The pace of monetary growth in monetary authorities intervened December and January raised reconsiderably to resist the deprecia- quired reserves and generated detion of their currencies. The U.S. mands for reserves considerably in trade deficit increased in the fourth excess of the volume supplied during quarter from the rate in the previous the intermeeting period through Systwo quarters, as nonagricultural ex- tem open market operations. Conseports declined and non-oil imports quently, borrowings from Federal rose. Reserve Banks for purposes of ad- At its meeting on December 21- justing reserve positions expanded 22,1981, the Committee had decided sharply; borrowings averaged nearly that open market operations in the $1.3 billion in the four statement period until this meeting should be weeks ending January 27, compared directed toward behavior of reserve with an average of about $425 milaggregates consistent with growth of Ml and M2 from November 1981 to 1. The growth rates cited are based on March 1982 at annual rates of around revised data for the monetary aggregates, reflecting new benchmarks and revised sea- 4 to 5 percent and around 9 to 10 sonal factors and some minor changes in the percent respectively. In setting the definition of M2, that were published on Febobjective for Ml, the Committee ruary 5. As redefined, M2 no longer includes took account of the relatively rapid institution-only money market mutual funds (which remain in M3) and includes retail regrowth that had already taken place purchase agreements (RPs) in denominations through the first part of December. of less than $100,000 (which were already in The intermeeting range for the feder- M3). al funds rate, which provides a The monetary aggregates are defined as mechanism for initiating consulta- follows: Ml comprises demand deposits at commercial banks and thrift institutions, curtion of the Committee between regurency in circulation, traveler's checks, negolarly scheduled meetings, was set at tiable order of withdrawal (NOW) and auto- 10 to 14 percent. matic transfer service (ATS) accounts at Ml grew at an annual rate of 11V2 banks and thrift institutions, and credit union share draft accounts. M2 contains Ml and percent in December and accelersavings and small-denomination time deposits ated in January to a rate estimated to at all depository institutions, overnight repurbe above 20 percent. Expansion in chase agreements (RPs) at commercial banks checkable deposits other than de- and retail RPs at all depository institutions, mand accounts (other checkable de- overnight Eurodollars held at Caribbean branches of member banks by U.S. residents posits, or OCDs), which accounted other than banks, and money market mutual for a substantial part of the accelera- fund shares other than those restricted to tion of Ml growth in November and institutions. M3 is M2 plus large-denomina- December, apparently was even tion time deposits at all depository institutions, large-denomination term RPs at commore rapid in January. Growth of mercial banks and savings and loan M2 moderated in December to an associations, and institution-only money marannual rate of about VA percent, but ket mutual funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC lion in the four weeks ending De- fixed-weight price index for gross cember 23. The federal funds rate domestic business product, was prorose from around 121/4 percent in the jected to slow further over the year. days preceding the December meet- Views of Committee members ing to about 14 percent in the days concerning economic activity and just before this meeting. prices during 1982 generally differed Against a background of contin- little from the staff projections. The ued rapid growth in monetary aggre- members thought that recovery in gates and large prospective federal activity most likely would begin bedeficits, market interest rates had fore long, although they differed risen on balance since the Commit- somewhat with regard to its probatee's meeting in December: short- ble strength. Their projections of term rates increased about 1 Vi to 2Vz growth in real GNP over the year percentage points and bond yields ending in the fourth quarter of 1982 rose about Vz to 1 percentage point. ranged from Vi percent to 3 percent. The prime rate charged by most However, a number of members excommercial banks on short-term pressed concern about the risk that business loans remained at 153/4 per- the recession might be prolonged by cent during the intermeeting inter- greater weakness in business capital val. Average rates on new commit- investment than currently anticipatments for fixed-rate conventional ed or by other developments. Memhome mortgage loans increased bers were unanimous in the view nearly 3A of a percentage point. that the reduction in the rise in Total credit at U.S. commercial prices was likely to continue: their banks, adjusted for shifts of assets projections for the increase in the from U.S. offices of banks to recent- GNP implicit deflator over the year ly established international banking ranged from 6V2to TU percent, comfacilities (IBFs), expanded at an an- pared with a rise of about 8V2 pernual rate of about 11 percent in De- cent over the year ending in the cember.2 Growth in business loans fourth quarter of 1981. accelerated substantially, and secur- At this meeting, the Committee ity, real estate, and consumer loans completed the review, begun at the also registered sizable gains. From meeting in December 1981, of the the fourth quarter of 1980 to the ranges for growth of monetary agfourth quarter of 1981, bank credit gregates over the period from the expanded 83/t percent. Issuance of fourth quarter of 1981 to the fourth commercial paper by nonfinancial quarter of 1982 within the frameinstitutions was relatively strong in work of the Full Employment and December, but slowed in early Janu- Balanced Growth Act of 1978. At its ary. meeting in July 1981, the Committee Staff projections presented at this had reaffirmed the ranges for growth meeting suggested that real GNP over the year ending in the fourth would decline further in the current quarter of 1981 that it had set in early quarter and then begin to recover in February. These ranges were 3 to the second quarter. The unemploy- 5Vi percent for Ml-A and 3Vi to 6 ment rate was expected to increase percent for Ml-B, abstracting from to a peak in the second quarter, the impact of the introduction of while inflation, as measured by the NOW accounts on a nationwide basis; 6 to 9 percent for M2; and 6V2 to 9Vi percent for M3. The associated 2. International banking facilities began op- range for growth of commercial bank erations on December 3, 1981. The adjust- credit was 6 to 9 percent. For the ment made in calculating growth in bank year ending in the fourth quarter of credit involved adding back assets estimated 1982, the Committee had tentatively to have been transferred from U.S. banking offices to IBFs. agreed that growth of Ml, M2, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

27 Federal Reserve Bulletin • April 1982 M3 within ranges of 2Vi to 5l/z per- tion of interest rate ceilings; M3 cent, 6 to 9 percent, and 6V2 to 9Vi grew more than M2 because of a percent respectively would be ap- substantial expansion in large-depropriate.3 nomination CDs, as depository insti- When the Committee reaffirmed tutions increased their managed lithe ranges for 1981 at its meeting in abilities to support expansion in July, it recognized that the diver- loans and investments. gence in growth of the various mone- In contemplating ranges for 1982, tary aggregates was proving to be the Committee continued to face unconsiderably greater than had been usual uncertainties concerning the anticipated at the beginning of the forces affecting monetary growth. It year, even after allowance for the seemed likely that the recent expaneffects of shifts into NOW accounts. sion in NOW accounts would prove Thus it was thought likely and desir- to be mostly a temporary aberration able that growth of Ml-B over the in individuals' liquidity preferences year would be near the lower bound and that the relationship between of its range and that growth of M2 growth of money and of nominal and M3 might well be around the GNP would be closer to historical upper ends of their ranges. patterns. The ongoing changes in The divergence in behavior be- financial technology, which had retween the narrow monetary aggre- duced demand for Ml for most of gate and the broader ones proved to 1981, were generally presumed to be even greater than had been ex- have effects in 1982 consistent with pected at midyear. From the fourth earlier experience, unless such arquarter of 1980 to the fourth quarter rangements as "sweeps" of individof 1981, growth of Ml-B adjusted for ual checking accounts into money shifts into NOW accounts was about market funds or other instruments 2V4 percent, approximately VA per- became widespread. With respect to centage points below the lower end M2, growth could be augmented if of its range. Growth in this aggregate the scheduled reduction in federal over the year was slow in relation to income taxes or other influences growth of nominal GNP, as financial raised the personal saving rate or if innovations and high interest rates depository institutions attracted an induced changes in cash-manage- exceptionally large flow of funds into ment techniques. Growth of M2 and individual retirement accounts M3 over the year was about W2 (IRAs) from sources not included in percent and 11 LA percent respective- M2. ly, about V2 percentage point and VA In the Committee's discussion of percentage points above the upper ranges for monetary growth in 1982, ends of their ranges. The relatively the members were in agreement on strong growth of M2 reflected in part the need to maintain the commitshifts of funds from market instru- ment to the long-standing goal of ments to money market mutual restraining growth of money and funds and the expansion of small credit, thereby contributing to a fursavers certificates at depository in- ther reduction in the rate of inflation stitutions in response to liberaliza- and providing the basis for restoration of economic stability and sus- 3. In looking ahead to 1982, it had been tainable growth in output. Neverthedecided to abandon the compilation of Ml-A less, members differed somewhat in and the shift-adjusted Ml-B (that is, Ml-B their views concerning the particular adjusted to exclude that portion of flows into NOW accounts in 1981 estimated to have ranges most appropriate for the come from other interest-bearing assets rather year. than from demand deposits). The remaining For Ml, most members favored aggregate for Ml is the one formerly labeled Ml-B, which includes the total amount of reaffirming the range of 2Vi to 5'/2 NOW accounts. percent that had been tentatively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC adopted at the meeting in July 1981. ciated range for commercial bank One member advocated a somewhat credit was 6 to 9 percent. higher range, with a view to promot- In setting the range for Ml, the ing more growth of real GNP and a Committee recognized that the relower rate of unemployment. In ad- cent rapid increase in that aggregate dition, some sentiment was ex- placed it in January well above the pressed for retaining the range of 2Vi average in the fourth quarter of 1981 to 5Vi percent but taking the base but that it was too early to judge level of Ml in the fourth quarter of conclusively the extent to which the 1981 to be the lower end of the upsurge reflected temporary influ- Committee's range for last year. ences rather than a basic change in Such an adjustment of the base the amount of money needed to fiwould in effect recognize that the nance growth of nominal GNP. On recent burst in growth of Ml had the assumption that the relationship brought its level more in line with between growth of Ml and the exthe lower end of the 1981 range and, pansion of nominal GNP was likely unless the burst proved to be tempo- to be closer to normal than it had rary, could provide a more appropri- been in 1981, the Committee conate starting point. templated that growth of Ml in 1982 Members differed somewhat more might acceptably be in the upper in their views concerning the broad- part of its range. The lower part of er monetary aggregates. Most de- the range was considered approprisired to reaffirm the tentative range ate to allow for the possibility that of 6 to 9 percent adopted last July. institutional or regulatory changes However, a substantial number ini- would speed the process of econotially favored specification of slight- mizing on the cash balances included ly higher ranges, largely because of in Ml. The Committee also contemtheir assessments of the likely im- plated that growth of M2 was likely pact of various developments that to be high within its range, although would tend to raise growth of M2 growth still would be somewhat berelative to that of Ml. One member low that in 1981. However, growth suggested that in pursuit of its objec- of M2 might appropriately reach or tives during the course of the year even slightly exceed the upper end the Committee give more weight to of its range if personal savings grew M2 than to Ml, because of the vola- much more rapidly in relation to tility of the behavior of the narrower income than anticipated or if deposiaggregate in the short run reflecting, tory institutions attracted an excepamong other things, the response of tionally large flow of funds into IRAs NOW accounts to changing liquidity from sources outside measured M2. preferences and interest rates. More In light of the unusual growth of generally, it was felt that consider- NOW accounts in recent weeks, it able weight should be given to M2 in was emphasized that the Committee interpreting developments during might wish to reconsider the range the year. for Ml should evidence suggest a At the conclusion of the discus- more lasting change in individuals' sion, the Committee decided to reaf- liquidity preferences; in any event, it firm the ranges for 1982 that had would reconsider the ranges in July been tentatively established in mid- within the framework of the Full 1981. Thus the Committee adopted Employment and Balanced Growth the following ranges for growth of Act of 1978. the monetary aggregates from the The Committee adopted the following fourth quarter of 1981 to the fourth ranges for growth in the monetary aggrequarter of 1982: for Ml, 2Vi to 5Vi gates for the period from the fourth quarpercent; for M2, 6 to 9 percent; and ter of 1981 to the fourth quarter of 1982: for M3, 6V2 to 9Y2 percent. The asso- Ml, 2Vi to 5Vi percent; M2, 6 to 9 per- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 Federal Reserve Bulletin • April 1982 cent; and M3, 616 to 914 percent. The some decline in Ml, which would be associated range for bank credit is 6 to 9 associated with a faster return to its percent. longer-run range, would be accept- Votes for this action: Messrs. able in the context of reduced pres- Volcker, Solomon, Boehne, Boykin, sure in the money market. The inter- Corrigan, Gramley, Keehn, Partee, meeting range for the federal funds Rice, Schultz, and Wallich. Vote rate, which provides a mechanism against this action: Mrs. Teeters. for initiating consultation of the Committee, was set at 12 to 16 per- Mrs. Teeters dissented from this cent. action because she believed that The following domestic policy disomewhat higher monetary growth rective was issued to the Federal over the year ahead was needed to Reserve Bank of New York: promote adequate expansion in economic activity and a reduction in the The information reviewed at this meeting indicates that real GNP declined aprate of unemployment. Specifically, preciably in the fourth quarter of 1981 she favored a range for Ml that was and that prices on the average rose much at least xh percentage point higher less rapidly than over the first three than that adopted by the Committee quarters of the year. In December indusand a range for M2 that provided for trial production and nonfarm payroll employment declined sharply for the third somewhat greater growth in the consecutive month, and the unemploybroader aggregate relative to that in ment rate rose an additional 0.5 percent- Ml. age point to 8.9 percent. The nominal In contemplating its objectives for value of retail sales increased somewhat further, but the level was still below the monetary growth over the remainder average for the third quarter. Although of the first quarter of the new year, housing starts expanded, they remained the Committee took account of the at a depressed level. The rise in the index very rapid rise in Ml in recent of average hourly earnings was considermonths, especially in January. Giv- ably less rapid over the fourth quarter of 1981 than on the average earlier in the en the apparent persistence of slow year. growth in nominal GNP in the first The weighted average value of the quarter, it seemed quite likely that dollar against major foreign currencies the demand for money would abate rose substantially during January; forsubstantially over the months ahead. eign monetary authorities intervened considerably to resist the depreciation of Even if Ml grew no further from their currencies. In the fourth quarter the January to March, its income veloci- U.S. foreign trade deficit increased from ty on the average for the first quarter the rate in the previous two quarters. could well decline at a postwar rec- Ml grew rapidly in December and January, reflecting in part rapid expanord rate. While some decline in Ml sion in checkable deposits other than seemed desirable, the Committee demand accounts. Growth of M2 also did not feel that much stronger mea- was substantial, owing to strength in the sures than those already in place more liquid of the nontransaction comwould be necessary or appropriate in ponents as well as in Ml. Short-term market interest rates and bond yields on the period immediately ahead to balance have risen further in recent force such a decline. weeks, and mortgage interest rates have Against this background, the also increased. Committee decided to seek behavior The Federal Open Market Committee seeks to foster monetary and financial of reserve aggregates associated conditions that will help to reduce inflawith no further growth of Ml from tion, promote a resumption of growth in January to March and with growth of output on a sustainable basis, and con- M2 at an annual rate of around 8 tribute to a sustainable pattern of interpercent, with a view to bringing national transactions. The Committee agreed that its objectives would be furgrowth of both aggregates over time thered by growth of Ml, M2, and M3 into their longer-run target ranges from the fourth quarter of 1981 to the for the year. It was also agreed that fourth quarter of 1982 within ranges of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 2Vi to 5V2 percent, 6 to 9 percent, and 6V2 ceptable in the context of reduced presto 9V percent respectively. The associat- sure in the money market. The Chairman 2 ed range for bank credit was 6 to 9 may call for Committee consultation if it percent. appears to the Manager for Domestic The Committee seeks behavior of re- Operations that pursuit of the monetary serve aggregates over the balance of the objectives and related reserve paths durquarter consistent with bringing Ml and ing the period before the next meeting is M2 over time into their longer-run target likely to be associated with a federal ranges for the year. Taking account of funds rate persistently outside a range of the recent surge in growth of Ml, the 12 to 16 percent. Committee seeks no further growth in Ml for the January-to-March period and Votes for this action: Messrs. growth in M2 at an annual rate of around Volcker, Solomon, Boehne, Boykin, 8 percent. Some decline in Ml would be Corrigan, Gramley, Keehn, Partee, associated with more rapid attainment of Rice, Schultz, Mrs. Teeters, and Mr. the longer-run range and would be ac- Wallich. Votes against this action: None. Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board's Annual Report, are made available a few days after the next regularly scheduled meeting and are later published in the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

237 Legal Developments AMENDMENT TO REGULATION K ices for U.S. persons shall be with respect to foreign economies and industries only. The Board of Governors of the Federal Reserve System is amending Regulation K—International Banking Operations (12 CFR Part 211) by adding a new activity to the list of activities permissible for Edge Corpora- AMENDMENT TO REGULATION Y tions in the United States. The amendment would The Board of Governors of the Federal Reserve Syspermit Edge Corporations to offer certain investment tem is amending its Regulation Y—Bank Holding and economic advisory and investment management Companies and Change in Bank Control (12 CFR Part services in the United States to their foreign custom- 225), to include in the list of permissible bank holding ers, and such advice with respect to foreign investcompany activities the activity of offering management ments to their U.S. customers. consulting advice to unaffiliated nonbank depository Effective March 12, 1982, the Board of Governors of institutions. the Federal Reserve System amends 12 CFR Part 211 Effective April 20, 1982, the Board of Governors of as follows: the Federal Reserve System amends 12 CFR Part 225, as follows: Part 211—International Banking Operations Part 225—Bank Holding Companies and Section 211.4—[Amended] Change in Bank Control 2. Section 211.4 is amended as follows: 12 CFR Part 225 is amended as follows: a. In paragraph (e)(4)(xii): delete the "and" at the end of the paragraph. Section 225.4 is amended by revising paragraph b. In paragraph (e)(4)(xiii): change the period (".") (a)(12) to read as follows: at the end of the paragraph to a semi-colon (";"). 3. Section 211.4 is amended by adding the following Section 225.4—Nonbanking Activities paragraphs (e)(4)(xiv) and (xv): Section 211.4—Edge and Agreement (a) * * * Corporations (12) Providing management consulting advice9 to nonaffiliated bank and nonbank depository institutions, including commercial banks, savings and loan associations, mutual savings banks, credit unions, industrial banks, Morris Plan banks, cooperative * * * banks, and industrial loan companies, Provided (xiv) Act as investment or financial adviser by that, providing portfolio investment advice and portfo- (i) Neither the bank holding company nor any of lio management with respect to securities, other its subsidiaries own or control, directly or indifinancial instruments, real property interests and other investment assets,33 provided such services rectly, any equity securities in the client institution; for U.S. persons shall be with respect to foreign (ii) No management official, as defined in 12 CFR assets only; and 212.2(h), of the bank holding company or any of (xv) Provide general economic information and advice, general economic statistical forecasting 9. In performing this activity, bank holding companies are not services and industry studies, provided such servauthorized to perform tasks or operations or provide services to client institutions either on a daily or continuing basis, except as shall be necessary to instruct the client institution on how to perform such services for itself. See also the Board's interpretation of bank manage- 3a. For purposes of this section, management of an investment ment consulting advice (12 CFR 225.131). This interpretation shall portfolio does not include operational management of real property, apply to the performance of management consulting services for industrial and commercial assets. nonbank depository institutions as well as for commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 Federal Reserve Bulletin • April 1982 its subsidiaries serves as a management official of Aktivbanken is the sixth largest banking organizathe client institution except where such interlock- tion in Denmark with total assets of $856 million and ing relationships are permitted pursuant to an total deposits of $403 million. Aktivbanken presently exemption granted under 12 CFR 212.4(b); has no subsidiary, branch, agency or other office in the (iii) The advice is rendered on an explicit fee United States, and does not engage directly or indibasis without regard to correspondent balances rectly in any nonbanking activity in the United States. maintained by the client institution at any deposi- Aktiv BHC is a wholly-owned subsidiary of Aktivbantory institution subsidiary of the bank holding ken organized for the purpose of becoming a bank company; and holding company by acquiring Bank. All shares of (iv) Disclosure is made to each potential client Bank will be held directly by Aktiv BHC. institution of (A) the names of all depository Bank has $32.7 million in deposits and ranks 164th institutions which are affiliates of the consulting of 278 commercial banks in the state of California with company, and (B) the names of all existing client 0.02 percent of the total deposits in commercial banks institutions located in the same county(ies) or in the state.1 Bank ranks 91st of 117 commercial banks SMSA(s) as the client institution.10 in the relevant banking market and controls 0.03 percent of the total deposits in commercial banks in the local market.2 Inasmuch as Applicants control no other banks in the United States, consummation of the BANK HOLDING COMPANY AND BANK MERGER proposed transaction would have no adverse effects on ORDERS ISSUED BY THE BOARD OF GOVERNORS either existing or potential competition and would not Orders Under Section 3 of Bank Holding increase the concentration of resources in any relevant Company Act market. Therefore, competitive considerations are consistent with approval of the applications. Aktivbanken A/S, The financial and managerial resources of Appli- Vejle, Denmark cants and Bank are considered generally satisfactory, and the future prospects of each appear favorable. Aktiv Bank Holding Company, Thus, considerations relating to banking factors are Long Beach, California consistent with approval of the applications. Affiliation with Applicants will permit Bank to de- Order Approving Formation of Bank Holding velop an international banking department as well as Companies to continue its current retail services. Thus, considerations relating to the convenience and needs of the Aktivbanken A/S ("Aktivbanken"), Vejle, Denmark, community to be served are consistent with approval. and its wholly-owned subsidiary, Aktiv Bank Holding Accordingly, the Board has determined that consum- Company ("Aktiv BHC"), Long Beach, California mation of the transaction would be in the public (collectively referred to as "Applicants"), have ap- interest and that the applications should be approved. plied for the Board's approval under section 3(a)(1) of On the basis of the record, the applications are the Bank Holding Company Act (12 U.S.C. approved for the reasons summarized above. The § 1842(a)(1)) to become bank holding companies by transaction shall not be consummated before the thirtiacquiring 100 percent of the voting shares of Nation- eth calendar day following the effective date of this al Bank of Long Beach ("Bank"), Long Beach, Order, or later than three months after the effective California. date of this Order, unless such period is extended Notice of the applications, affording opportunity for for good cause by the Board or by the Federal Reserve interested persons to submit comments and views, has Bank of San Francisco, pursuant to delegated been given in accordance with section 3(b) of the act. authority. The time for filing comments and views has expired By order of the Board of Governors, effective and the Board has considered the applications and all March 2, 1982. comments received in light of the factors set forth in section 3(c) of the act. Voting for this action: Governors Wallich, Partee, Teeters, Rice, and Gramley. Absent and not voting: Chairman Volcker. 10. A bank holding company that has received the Board's prior (Signed) JAMES MCAFEE, approval to engage in offering management consulting advice to [SEAL] Associate Secretary of the Board. nonaffiliated commercial banks as of April 20, 1982, may offer such advice to nonbank depository institutions pursuant to this paragraph without filing an application under section 4(c)(8) of the Bank Holding 1. All banking data are as of December 31, 1980. Company Act for prior approval to engage in the activity, provided 2. The relevant banking market is approximated by the Los Angethat it does not acquire a going concern to provide such advice. les SMSA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 239 Greater Jersey Bancorp., sidiary would control almost 30 percent of the West Patterson, New Jersey market's banking facilities. Bank asserts that consummation of the proposal would result in the elimination Order Approving Acquisition of Bank of a substantial amount of direct competition between Applicant and Bank and that the market would lose an Greater Jersey Bancorp., West Paterson, New Jersey, attractive entry vehicle for banking organizations not a bank holding company within the meaning of the presently in the market. Finally, Bank asserts that Bank Holding Company Act, has applied for the considerations relating to the convenience and needs Board's approval under section 3(a)(3) of the act of the community to be served do not outweigh these (12 U.S.C. § 1842(a)(3)) to acquire up to 100 percent of alleged anticompetitive effects. Bank states that the the voting shares of Anthony Wayne Bank, Wayne, new services that Applicant proposes to offer to New Jersey ("Bank"). Bank's customers currently can be obtained through Notice of the application, affording opportunity for Bank's correspondent banks, and acquisition of Bank interested persons to submit comments and views, has would eliminate those services now offered by Bank to been given in accordance with section 3(b) of the act. its customers (such as free checking and longer hours) The time for filing comments and views has expired, that are not offered by Applicant's subsidiary bank.3 and the Board has considered the application and all The Board believes that the relevant banking market comments received, including those of Bank, in light should consist of the localized area where the banks of the factors set forth in section 3(c) of the act involved offer their services and where local custom- (12 U.S.C. § 1842(c)). ers can practicably turn for alternatives. As the Su- Applicant, the 11th largest banking organization in preme Court has noted in this regard, "the proper New Jersey, controls one subsidiary bank with depos- question is not where the parties to the merger do its of $801 million, representing 2.7 percent of the total business or even where they compete, but where, deposits in commercial banks in the state.1 Upon within the area of competitive overlap, the effect of the acquisition of Bank (deposits of $12 million), Appli- merger on competition will be direct and immediate." cant's share of deposits in commercial banks in New United States v. Philadelphia National Bank, (374 Jersey would increase by only 0.05 percent and Appli- U.S. 321, 357 (1970)). Although the respective service cant would remain the 11th largest banking organiza- areas of banks involved in a transaction are among the tion in the state. Accordingly, consummation of this factors that the Board considers in determining the proposal would not have an appreciable effect upon relevant banking market in which to analyze the the concentration of commercial banking resources in competitive effects of a proposal, the Board does not New Jersey. consider such service areas to be dispositive.4 Bank contends that consummation of the proposal In determining the area within which the effect of would "substantially lessen competition by removing this proposed acquisition on competition will be dione of the few direct competitors of Applicant in the rect, the Board has analyzed a number of factors, relevant geographic markets, and by removing the including deposit, commuter, and population data.5 only possible entry vehicle for other holding companies not currently doing business in such markets."2 3. Bank also requested a hearing regarding this application. Under In making this assertion, Bank contends that the section 3(b) of the act, the Board is required to hold a hearing when definition of the relevant banking market should be the primary supervisor of the bank to be acquired recommends limited to a four-city area (referred to as the "Greater disapproval of the application (12 U.S.C. § 1842(b)). In this case, the Commissioner of Banks for the State of New Jersey indicated by letter Wayne Market") which includes the municipalities of dated January 13, 1982, that he had no objection to approval of the Pompton Lakes, Wayne, Fairfield, and North Cald- application. Thus, there is no statutory requirement that the Board hold a hearing. Moreover, the Board has examined the written well. In proposing this definition, Bank relies on the submissions by Bank and Applicant's response and is unable to fact that the immediate service areas of Applicant's conclude that a hearing would significantly supplement the record subsidiary bank and Bank overlap in this area. Bank before the Board, or resolve issues not already discussed in the written submissions contained in the record before the Board. In view asserts that following consummation of the proposal, of these facts, the Board concludes that the record in this case is the four largest banks of nine in the area (with twenty- sufficiently complete to render a decision and hereby denies Bank's one branches) would control 76 percent of the mar- request for a hearing. 4. See Ellis Banking Corporation, 64 FEDERAL RESERVE BULLETIN ket's banking facilities and Applicant's banking sub- 884 (1978) and Welch Bancshares, Inc., 66 FEDERAL RESERVE BULLE- TIN 789 (1980). 5. The Board noted in this connection that none of the four communities comprising Bank's definition of the relevant geographic 1. All banking data are as of June 30, 1981. market has a population exceeding 50,000, and their combined popula- 2. Applicant proposes to acquire Bank through a tender offer to tion is 73,600. None of these communities is considered to be a central Bank's shareholders. Bank has urged its shareholders to reject city. Bank has not argued that banks outside this area, which contains Applicant's offer because Bank believes the proposed purchase price the overlap between the immediate service areas of Bank and Appliis inadequate. cant's subsidiary bank, do not compete with Bank and Applicant. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 Federal Reserve Bulletin • April 1982 Based on these and other facts of record, the Board's and other facts of record, the Board believes that judgment is that the relevant geographic markets for consummation of the proposal would not have any analyzing the competitive effects of this proposal are significantly adverse effects upon existing or potential the Paterson and Greater Newark banking markets.6 competition or on the concentration of resources in Applicant, through twenty-one offices of its banking any relevant market. subsidiary, is the second largest of twenty-six banking The financial and managerial resources of Appliorganizations competing in the Paterson banking mar- cant, its subsidiary bank and Bank are regarded as ket. It controls $555.1 million in deposits in the mar- generally satisfactory and their future prospects apket, representing 17.3 percent of the market's depos- pear favorable. Accordingly, banking facts are consistits. Bank is the 25th largest banking organization in the ent with, but lend no weight toward, approval of the Paterson banking market, controlling $6.8 million in proposal. deposits in the market, representing 0.2 percent of the Applicant intends to introduce fiduciary services at market's deposits. Consummation of the proposal offices of Bank and will provide expertise necessary would not change Applicant's rank in the market and for Bank to expand into specialized commercial lendwould increase its share of market deposits by a ing activities, including construction and international negligible amount. Following the acquisition, the mar- lending. In response to Bank's contention that conket's four-firm concentration ratio would increase by summation of the proposal would result in a detriment 0.2 percent, to 61.5 percent. The Paterson market to the convenience and needs of the community to be would remain as one of New Jersey's least concentrat- served through the loss of free checking accounts, ed banking markets, with steadily decreasing concen- greater banking hours, and other services offered by tration ratios since the mid-1970's. Furthermore, fol- Bank, Applicant has stated that it will make no lowing the acquisition, three independent banks with changes at Bank, Applicant has stated that it will make deposits of approximately $50 million or less would no changes at Bank in rates charged on checking remain available as possible entry vehicles by outside accounts or loans, interest rates paid on time and banking organizations.7 savings accounts, or in Bank's banking hours where Applicant, through three offices of its banking sub- they compare favorably with those presently available sidiary, is the twenty-seventh largest of thirty-seven at Applicant's subsidiary bank. Applicant's introducbanking organizations in the Greater Newark banking tion of new banking services at Bank's offices would market, controlling $19.3 million in deposits in the make such services more widely available throughout market, representing 0.3 percent of the market's de- the market, would lend slight weight toward approval posits. Bank is the smallest banking organization in the of this application, and would outweigh any anticom- Greater Newark banking market, controlling $3 mil- petitive effects associated with this proposal. lion in deposits, representing 0.05 percent of the Accordingly, on the basis of the record, the applicamarket's deposits. Following consummation of the tion is approved for the reasons summarized above. proposal, Applicant would become the 26th largest The transaction shall not be consummated before the banking organization in the market, with 0.4 percent of thirtieth calendar day following the effective date of the market's deposits. Consummation of the acquisi- this Order, or later than three months after the effection would leave the market's four-firm concentration tive date of this Order, unless such period is extended ratio unchanged at 59.5 percent. Moreover, following for good cause by the Board or the Federal Reserve the acquisition, eight independent banks would remain Bank of New York, pursuant to delegated authority. available as possible entry vehicles by outside banking By order of the Board of Governors, effective organizations.8 Accordingly, on the basis of the above March 4, 1982. Voting for this action: Chairman Volcker and Governors Wallich, Partee, Teeters, and Rice. Absent and not voting: Governor Gramley. 6. The Greater Newark banking market consists of all of Essex County plus portions of Union, Bergen, Hudson, and Morris Counties in New Jersey. The Paterson market is comprised of all of Passaic (Signed) JAMES MCAFEE, County, and portions of Bergen and Morris Counties in New Jersey. [SEAL] Associate Secretary of the Board. Fidelity Union Bancorporation, 66 FEDERAL RESERVE BULLETIN 576 (1980). 7. Although the proposed acquisition would eliminate some direct competition between Bank's main office and one of Applicant's 21 offices in the Paterson banking market, located 2.6 miles away, in the context of the overall competitive situation within the market, this loss of competition is not significant. 8. As in the Paterson market, Applicant and Bank maintain offices eliminate some direct competition. However, the loss of that competiwithin close proximity of each other, and thus the acquisition would tion is not significant in the Greater Newark banking market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 241 Greenstone Financial, Inc., would incur a sizable debt. Applicant proposes to Three Oaks, Michigan service this debt over a 15-year period, through dividends to be declared by Bank, tax savings to be Order Denying Formation of a Bank Holding derived from filing consolidated tax returns, and pro- Company jected improvements in Bank's earnings. Applicant anticipates reaching a debt to equity ratio of less than Greenstone Financial, Inc., Three Oaks, Michigan, 30 percent by the end of the twelfth year, while has applied for the Board's approval under section maintaining an adequate capital level in Bank. Howev- 3(a)(1) of the Bank Holding Company Act (12 U.S.C. er, in light of Bank's performance in recent years and § 1842(a)(1)) of formation of a bank holding company other facts of record, Applicant's overall projections by acquiring 80 percent of the voting shares of The appear overly optimistic. The Board's view is that Bank of Three Oaks, Three Oaks, Michigan ("Bank"). Bank is unlikely to have sufficient earnings to enable Notice of the application, affording opportunity for Applicant to service its debt while maintaining adeinterested persons to submit comments and views, has quate capital in Bank, as well as being able to meet any been given in accordance with section 3(b) of the act. unforeseen problems that might arise at Bank. Accord- The time for filing comments and views has expired, ingly, based on the record in this case, the Board and the Board has considered the application and all concludes that considerations relating to Applicant's comments received in light of the factors set forth in financial resources and future prospects weigh against section 3(c) of the act (12 U.S.C. § 1842(c)). approval of this application. While managerial consid- Applicant, a nonoperating Michigan corporation erations are not inconsistent with approval, the with no subsidiaries, was organized for the purpose of Board's judgment is that Applicant's principals have becoming a bank holding company by acquiring Bank, not established a record of performance sufficient to which holds deposits of $28.8 million.1 Upon acquisi- mitigate the adverse financial considerations of the tion of Bank, Applicant would control the 217th largest application. bank in Michigan and would hold approximately 0.07 Although Applicant's proposal includes several percent of the total commercial deposits in the state. changes in Bank's operations and services, the Bank is the fourth largest of five banking organiza- Board's view is that they do not mitigate the adverse tions in the relevant banking market and holds about financial considerations of the application. According- 7.3 percent of total deposits in commercial banks in ly, convenience and needs factors lend no weight the market.2 Although a principal of Applicant and toward approval of this application. Bank is also a principal in another banking organiza- On the basis of all of the facts of record, the Board tion, it does not compete in the relevant banking concludes that the banking considerations involved in market. From the facts of record, it appears that this proposal present adverse factors bearing upon the consummation of the proposal would not result in ajiy financial resources and future prospects of Applicant adverse effects upon competition or increase the con- and Bank. Such adverse factors are not outweighed by centration of banking resources in any relevant area. any procompetitive effects or by benefits that would Accordingly, the Board concludes that competitive result in better serving the convenience and needs of considerations are consistent with approval of the the community. Accordingly, the Board's judgment is application. that approval of the application would not be in the The Board has indicated on previous occasions that public interest and the application should be denied. a holding company should serve as a source of finan- On the basis of the facts of record, the application is cial and managerial strength to its subsidiary bank(s), denied for the reasons summarized above. and that the Board would closely examine the condi- By order of the Board of Governors effective tion of an applicant in each case with this consider- March 11, 1982. ation in mind. In this case, the Board concludes that the record in this application presents adverse finan- Voting for this action: Chairman Volcker and Governors cial considerations that warrant denial of the proposal Partee, Teeters, Rice, and Gramley. Absent and not voting: to form a bank holding company. Governor Wallich. With regard to financial considerations, the Board notes that in connection with this proposal, Applicant (Signed) JAMES MCAFEE, [SEAL] Associate Secretary of the Board. 1. All bank data are as of December 31, 1980. 2. The relevant banking market is approximated by the Michigan also holds less than 2 percent of the deposits in another banking City RMA and rural areas contiguous thereto. One of bank's branches market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 Federal Reserve Bulletin • April 1982 Hartford National Corporation, percent to 96.8 percent. Thus, it appears that the Hartford, Connecticut proposed acquisition would eliminate substantial existing competition, and increase the concentration Order Denying Acquisition of Bank ratio in a market that is already highly concentrated. Indeed, the Waterbury banking market is the most Hartford National Corporation, Hartford, Connecti- highly concentrated in Connecticut, and this concencut, a bank holding company within the meaning of the tration of banking resources has not shown any ten- Bank Holding Company Act has applied for the dency to decrease during the last five years.4 Board's approval under section 3(a)(3) of the act Furthermore, Applicant's acquisition of Bank would (12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the remove an attractive means of entry for bank holding voting shares of Mattatuck Bank and Trust Company, companies not now in the market. State law prohibits Waterbury, Connecticut ("Bank"). the branching of commercial and savings banks into Notice of the application, affording opportunity for the city of Waterbury, where 70 percent of total interested persons to submit comments and views, has market deposits are based. Currently, only four combeen given in accordance with section 3(b) of the act. mercial banking organizations operate in the city of The time for filing comments and views has expired, Waterbury and the instant proposal would reduce that and the Board has considered the application and all number to three. In addition, Connecticut bank holdcomments received in light of the factors set forth in ing companies have rarely established de novo banks. section 3(c) of the act (12 U.S.C. § 1842(c)). Thus, the proposal would have a significantly adverse Applicant, the second largest banking organization effect on the potential for future deconcentration of the in the State of Connecticut, controls two banks with already highly concentrated Waterbury market. aggregate deposits of about $2.5 billion, representing The Board has also evaluated the impact of thrift 23.3 percent of the total deposits held by commercial institutions within the Waterbury market. Although a banks in the state.1 Acquisition of Bank (deposits of number of thrifts are located in the market, the Board approximately $71.7 million) would increase Appli- is of the opinion that thrift institutions do not compete cant's share of statewide deposits by 0.6 percent. actively with commercial banks over a sufficient range Accordingly, consummation of this proposal would of financial services to consider them full competitors not result in a significant increase in the concentration of commercial banks. Thus, even though thrift instituof commercial banking resources in the state. tions hold a substantial amount of the market's savings The relevant banking market is the Waterbury mar- deposits, and make a large number of the market's ket.2 The Waterbury market is highly concentrated consumer loans, these institutions are insignificant with the four largest banking organizations controlling competitors, in the provision of demand deposit serv- 93.6 percent of the market. Applicant recently has ices and commercial loans.5 In addition, commercial received approval from the Comptroller of the Curren- banks hold the great majority of the market's NOW cy to merge its lead bank, Hartford National Bank, accounts. This fact in particular demonstrates the with Connecticut National Bank. After consummation limited nature of the services provided by thrifts in the of this merger, Applicant will be represented in the Waterbury market. Waterbury market, and will be the fourth largest of In United States v. Connecticut National Bank, 418 eight commercial banking organizations in the market, U.S. 656 (1974), the Supreme Court assessed the with deposits of $54.6 million, representing 7.4 percent competitive impact of thrifts on the provision of bankof the market.3 ing services in Connecticut. The Court ruled that Bank is the third largest commercial banking organization in the market, controlling 9.7 percent of com- [d]espite the strides that savings banks in that state have mercial bank deposits. Acquisition of Bank would make toward parity with commercial banks, the latter continue to be able to provide a cluster of services that the former increase Applicant's market share to 16.7 percent and cannot, particularly with regard to commercial customers, would increase the proportion of market deposits held and this Court has repeatedly held that it is the unique cluster by the four largest banking organizations from 93.6 of services provided by commercial banks that sets them apart for purposes of [the antitrust laws]. 418 U.S. at 664. 1. All banking data are of June 30, 1981. 4. This high concentration ratio, state home office protection laws, 2. The Waterbury banking market includes the towns of Wood- and other characteristics of the Waterbury market distinguish the bury, Bethlehem, Morris, Watertown, and Thomaston in Litchfield instant proposal from the application approved by the Board in County, and the towns of Waterbury, Southbury, Naugatuck, Wol- Barnett Banks of Florida, Inc. (Press Release of February 17, 1982). cott, Middlebury, Prospect, and Beacon Falls in New Haven County. 5. Although a number of finance companies operate in the Water- 3. For purposes of this Order, the Board assumes that consumma- bury market, it appears that they provide little or no commercial credit tion of this merger has taken place. to market borrowers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 243 Moreover, on the basis of the recent performance of Based on the foregoing and other considerations market participants, it does not appear that thrift reflected in the record, the Board's judgment is that institutions are likely to become significant competi- the proposed acquisition is not in the public interest tors in the provision of commercial banking services in and that the application should be, and hereby is, the near future. For these reasons, the Board con- denied. cludes that the market's thrift institutions cannot be By order of the Board of Governors, effective regarded as full competitors with commercial banks. March 22, 1982. Although thrift institutions do not appear to be full competitors with commercial banks in the relevant Voting for this action: Governors Wallich, Partee, Teeters, market, the Board has considered the presence of and Rice. Absent and not voting: Chairman Volcker and Governor Gramley. thrift institutions to be a mitigating factor in other cases.6 However, in this instance the presence of thrifts is not sufficient to overcome the substantially (Signed) JAMES MCAFEE, [SEAL] Associate Secretary of the Board. adverse competitive effects associated with this proposal. The Board believes this conclusion is mandated by the substantial market shares of Applicant and Bank, the highly concentrated nature of the Waterbury InterFirst Corporation, market, the limited opportunities for entry, and the (formerly First International Bancshares, Inc.), small number of competitors in the market. Dallas, Texas In view of the facts of the record, the Board finds that consummation of this proposal is likely to result in Order Approving Acquisition of Bank Holding substantially adverse competitive effects in the Water- Company bury market. The impact on existing competition appears particularly serious because there are only InterFirst Corporation (formerly First International four commercial banks in the City of Waterbury, and Bancshares, Inc.), Dallas, Texas ("InterFirst"), a this proposal would reduce that number to three. In bank holding company within the meaning of the Bank the Board's view, these adverse effects require denial Holding Company Act of 1956, as amended (12 U.S.C. of the application unless they are clearly outweighed in § 1841 et seq.), has applied for the Board's approval the public interest by the probable effect of the trans- under section 3(a)(5) of the act (12 U.S.C. action in meeting the convenience and needs of the § 1842(a)(5)) to acquire the successor by merger to community. Austin Bancshares Corporation, Austin, Texas ("Aus- Applicant proposes to introduce automated teller tin Bancshares"), also a bank holding company. machines, specialized small business loans and inter- Notice of the application, affording opportunity for national banking services to Bank. Applicant would interested persons to submit comments and views, has also expand Bank's trust and advisory services. These been given, under the title of First International Bancimprovements in Bank's services do not appear signifi- shares, Inc., in accordance with section 3(b) of the act. cant because Applicant is a large bank holding compa- The time for filing comments and views had expired ny that is already represented in the market and can and the Board has considered the application and all provide such services through its existing subsidiary comments received in light of the factors set forth in bank. The Board finds that considerations relating to section 3(c) of the act (12 U.S.C. § 1842(c)). the convenience and needs of the community to be InterFirst, the largest banking organization in Texserved do not outweigh the substantially adverse com- as, controls 33 banks with aggregate deposits of about petitive effects of this proposal. The financial and $8.8 billion, representing 9.8 percent of total deposits managerial resources of Applicant and Bank are gener- in commercial banks in the state.1 Austin Bancshares, ally satisfactory and future prospects appear favor- the twelfth largest banking organization in the state, able. However, these factors lend no weight toward controls three banks with total deposits of about approval. In addition, although Applicant's capital $712.4 million, representing .8 percent of total deposits position has improved recently, its capital ratios are in commercial banks in the state. Upon consummastill somewhat less than fully satisfactory. tion, InterFirst would remain the largest banking organization in the state, controlling 10.5 percent of total deposits in commercial banks in the state. 6. Indeed, in a number of instances involving less adverse competitive effects, thrift institution competition has been considered sufficient to outweigh such adverse effects. E.g. United Bank Corp. of New York, 67 FEDERAL RESERVE BULLETIN 861 (1981). 1. All banking data are as of December 31, 1980. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 Federal Reserve Bulletin • April 1982 Austin Bancshares, the largest of twenty banking basis of competitive considerations if the application organizations represented in the Austin banking mar- did not contain the divestiture proposal. Accordingly, ket,2 controls three subsidiary banks, all of which are the policy would not apply in those cases, such as the located in that market. The deposits held by Austin Board's recent approval of an application by Florida Bancshares' subsidiary banks represent 27.2 percent National Banks of Florida, Inc., to acquire Alliance of total commercial bank deposits in the market. Corporation5 for which a proposed divestiture was not InterFirst controls one bank in the Austin banking necessary for the Board's approval of the application. market, the North Austin State Bank, Austin, Texas Further, the Board has considered the effect of ("North Austin"). North Austin ranks as the sixth consummation of this proposal upon probable future largest banking organization in the Austin banking competition in the Austin banking market and has market, holding about $83.3 million in deposits, which determined that approval of this application would not represent 3.2 percent of total commercial bank depos- result in anticompetitive effects on the basis of precluits in the market. sion of probable future competition. Based upon the In connection with the proposed acquisition of Aus- condition that the proposed divestiture is completed tin Bancshares, InterFirst has contracted to sell North immediately after consummation of this acquisition, Austin to Texas American Bancshares, Inc., Fort the Board's judgment is that consummation of the Worth, Texas ("Texas American"), a bank holding acquisition and divestiture plan would not have any company that currently is not represented in the significantly adverse effects upon existing or probable Austin banking market. This application has been future competition or on the concentration of reapproved and InterFirst has committed, pursuant to its sources in any relevant market. contract, to divest North Austin immediately upon The financial and managerial resources and future consummation of the instant proposal.3 prospects of InterFirst, Austin Bancshares, and their The combined market shares of North Austin and subsidiary banks are regarded as generally satisfac- Austin Bancshares' banking subsidiaries might nor- tory, and their future prospects appear favorable. mally raise some concern about the elimination of Accordingly, banking factors are consistent with apexisting competition, if InterFirst were to retain North proval of the proposal. Austin after consummation of the proposed acquisi- InterFirst indicates that the acquisition will enable it tion. As indicated above, however, InterFirst has to provide improved international financing, energy contracted to sell North Austin to Texas American financing, and trust services to its customers. It apimmediately upon consummation of InterFirst's acqui- pears that considerations relating to the convenience sition of Austin Bancshares. The Board believes that, and needs of the community to be served are consistin the circumstances of this case, the arrangement ent with and lend slight weight toward approval of this between InterFirst and Texas American regarding the application. Accordingly, on the basis of the record, sale of North Austin adequately mitigates the substan- the application is approved subject to the condition tial adverse effects on existing competition that Inter- that the proposed divestiture be completed immediate- First's acquisition of Austin Bancshares would have ly upon consummation of InterFirst's acquisition of otherwise entailed. Furthermore, this proposed dives- Austin Bancshares. The transaction shall not be made titure plan is in conformance with the policy previous- before the thirtieth calendar day following the effective ly enunciated by the Board in its Order approving the date of this Order, or later than three months after the acquisition of First Marine Banks, Inc. by Barnett effective date of this Order, unless such period is Banks of Florida, Inc.4 In that instance the Board extended for good cause by the Board, or by the stated its general rule that in the case of divestiture Federal Reserve Bank of Dallas, under delegated proposals designed to cure significantly adverse ef- authority. fects on existing competition, such planned divesti- By order of the Board of Governors, effective tures must take place prior to or concurrent with the March 2, 1982. proposed acquisition. The Board wishes to note that this divestiture policy applies only in those cases in Voting for this action: Governors Wallich, Partee, Rice, which the Board would deny an application on the and Gramley. Voting against this action: Governor Teeters. Absent and not voting: Chairman Volcker. (Signed) JAMES MCAFEE, 2. The Austin banking market is approximated by the Austin RMA, [SEAL] Associate Secretary of the Board. which consists of a majority of the areas within Travis County, Texas, and small portions of Hays and Williamson Counties, Texas. 3. Texas American's application to acquire North Austin was approved by the Secretary of the Board, acting pursuant to delegated authority, on January 25, 1982. 4. 68 FEDERAL RESERVE BULLETIN 190 (1982). 5. 68 FEDERAL RESERVE BULLETIN 49 (1982). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 245 Dissenting Statement of Governor Teeters Holding Company Act, has applied for the Board's approval under section 3(a)(3) of the act (12 U.S.C. I believe that consummation of the Applicant's acqui- § 1842(a)(3)) to acquire all of the voting shares of the sition and divestiture plan has significant adverse successor by merger to O'Hare Banc Corp., Chicago, effects on competition. Applicant is the largest bank- Illinois, a registered one-bank holding company, and ing organization in Texas and proposes to acquire the to indirectly acquire its subsidiary, O'Hare Internalargest banking organization in a market in which tional Bank, N.A., Chicago, Illinois ("Bank"). Applicant has an existing banking subsidiary. The Notice of the application, affording opportunity for standards set by the United States Circuit Court of interested persons to submit comments and views, has Appeals for the Fifth Circuit are substantially met by been given in accordance with section 3(b) of the act. this case: the target market is concentrated and non- The time for filing comments and views has expired, competitive; there are a limited number of potential and the Board has considered the application and all entrants into the market; there is a reasonable proba- comments received in light of the factors set forth in bility that the Applicant would enter the market on a section 3(c) of the act (12 U.S.C. § 1842 (c)). de novo or foothold basis if the proposed merger or Applicant is the fourth largest banking organization acquisition is denied; and such de novo or foothold in Illinois, controlling one subsidiary bank in the entry would result in deconcentration of the market or state,1 the Northern Trust Company, Chicago, Illinois, in other significant procompetitive effects. with deposits of $3 billion, representing 3.6 percent of The first two standards of the court are met. As the total deposits in commercial banks in the state.2 regards the third, the Applicant has already demon- Acquisition of Bank, the 79th largest banking organistrated its willingness to enter the market since North zation in Illinois with deposits of $122 million, would Austin Bank is a subsidiary of the Applicant. This increase Applicant's share of deposits in commercial acquisition is neither de novo nor foothold. Appli- banks in Illinois by 0.1 percent and would not alter its cant's plan to divest its present subsidiary and to statewide ranking. Thus, consummation of this proacquire the largest banking organization in the market posal would have no appreciable effect upon the demonstrates its intent to expand its presence in the concentration of banking resources in Illinois. market. Approval of this plan ignores the fact that Bank is the 59th largest of 368 banking organizations there are other less anticompetitive methods by which competing in the Chicago banking market,3 controlling the Applicant could accomplish its objective. For approximately 0.2 percent of the total deposits in example, the Applicant could acquire a smaller bank commercial banks in the market. Applicant is the or establish an additional de novo bank in the market. fourth largest banking organization competing in the Therefore, I believe the third standard is also met. Chicago banking market, controlling approximately Finally, the other methods by which the Applicant 5.2 percent of the total deposits in commercial banks could expand its presence in the market might avert in the market. Acquisition of Bank by Applicant would the anticompetitive effects associated with this pro- result in the elimination of some existing competition posal. Under the Applicant's plan, the largest banking between Applicant and Bank, and accordingly, must organization in the market disappears as an indepen- be carefully analyzed, giving attention to all the facts dent competitor when it becomes a subsidiary of the of record, including the structural characteristics of Applicant. Any argument that North Austin's sale to a the market and the quantitive factors of the proposal. bank holding company not now in the market would be In this instance, consummation of the proposal procompetitive is an illusion because, although there is would increase Applicant's share of market deposits a new bank holding company in the market, the by only 0.2 percent and would not change its rank in number of banks and banking organizations remains the market. The Chicago banking market contains a unchanged. large number of banking organizations and, with a Because I think this case meets the standards of the three-firm concentration ratio of 48.5 percent, is not court, I would deny the case. particularly concentrated. Moreover, as multibank March 2, 1982 holding companies were authorized in Illinois only as Northern Trust Corporation, Chicago, Illinois 1. On February 5, 1982, the Federal Reserve Bank of Chicago, acting pursuant to delegated authority, approved Applicant's applica- Order Approving Acquisition of a Bank Holding tion to retain Security Trust Company of Sarasota, N.A., Sarasota, Florida, subsequent to the expansion of its trust powers to include full Company service commercial banking. 2. All deposits data are as of June 30, 1981, and reflect bank holding company formations and acquisitions as of December 31, 1981. Northern Trust Corporation, Chicago, Illinois, a bank 3. The Chicago banking market includes Cook, DuPage, and Lake holding company within the meaning of the Bank Counties, in Illinois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 Federal Reserve Bulletin • April 1982 of January 1, 1982, virtually all other commercial Security Bancorp, Walnut Creek, California ("Banbanks in the market would remain as possible acquisi- corp") under section 3(a)(1) of the Bank Holding tion candidates for other bank holding companies after Company Act (12 U.S.C. § 1842(a)(1)) for the Board's consummation of this proposal. Accordingly, in light approval of formation of a bank holding company by of all the facts of record, the Board's judgment is that acquiring all of the voting shares (less directors' qualiconsummation of the acquisition would not have any fying shares) of the successor by merger to Security significantly adverse effects upon existing or potential National Bank, Walnut Creek, California ("Bank").1 competition, or on the concentration of resources in In its statement, the Board concluded that it was any relevant market. unable to make a favorable finding with respect to the The financial and managerial resources and future managerial resources of Bancorp or Bank in view of prospects of Applicant, Company, and their subsidiary the fact that the virtually sole shareholder of Bancorp banks are regarded as generally satisfactory and their and Bank, Mr. Adnan Khashoggi, a Saudi Arabian future prospects appear favorable. Accordingly, bank- citizen, had been named as a participant in payments ing factors are consistent with approval of the by American corporations to Saudi Arabian officials proposal. and that Mr. Khashoggi had failed to cooperate with Applicant intends to make available to Bank's cus- the government investigations into his alleged involvetomers new corporate services and expanded commer- ment in such payments. cial lending expertise, including leasing capability, On October 27, 1980, the United States Court of expanded ability to purchase and place industrial Appeals for the Ninth Circuit overturned the Board's revenue bonds, and cash management services. In denial order.2 While the Board's request for reconsidaddition, Applicant will make available to Bank train- eration of the court's opinion was pending, Mr. Khaing and investment management support to enable shoggi agreed to sell his interest in Bank. In January Bank to offer new individual retirement account serv- 1981, Bank was merged into The Hibernia Bank, San ices to its customers, and will assist Bank in installing Francisco, California, a bank unrelated to Mr. Khaautomated teller machines for the convenience of shoggi. Accordingly, Bancorp's application to become Bank's deposit customers. These considerations relat- a bank holding company by acquiring Bank became ing to the convenience and needs of the community to moot. be served lend slight weight toward approval of this After the Board's request that the Court of Appeals application and outweigh any anticompetitive effects vacate its opinion as moot was denied, the Supreme associated with this proposal. Court, by order dated December 14, 1981, vacated the Accordingly, on the basis of the record, the applica- judgment of the Court of Appeals as moot, with tion is approved. The transaction shall not be made instructions that the Court of Appeals remand the case before the thirtieth calendar day following the effective to the Board to vacate the administrative decision of date of this Order, or later than three months after the the Board as moot. effective date of this Order, unless such period is In accordance with the instructions of the Supreme extended for good cause by the Board or by the Court and the Court of Appeals, the Board's order and Federal Reserve Bank of Chicago, pursuant to delegat- statement denying such application are hereby vacated ed authority. as moot. This action should not be viewed as preclud- By order of the Board of Governors, effective ing the Board from adopting, in the context of another March 23, 1982. application, the views set forth in the Board order and statement. Voting for this action: Chairman Volcker and Governors By order of the Board of Governors of the Federal Wallich, Partee, Teeters, and Rice. Absent and not voting: Reserve System, effective March 16, 1982. Governor Gramley. (Signed) JAMES MCAFEE, Voting for this action: Chairman Volcker and Governors [SEAL] Associate Secretary of the Board. Partee, Teeters, Rice, and Gramley. Absent and not voting: Governor Wallich. (Signed) JAMES MCAFEE, Security Bancorp, [SEAL] Associate Secretary of the Board. Walnut Creek, California Order Vacating as Moot Prior Order Denying Formation of Bank Holding Company By order and statement dated April 14, and May 2, 1. 64 FEDERAL RESERVE BULLETIN 405. 1978, respectively, the Board denied the application of 2. Security Bancorp v. Board of Governors, 655 F.2d 164. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 247 Trabanc, heavily concentrated in Applicant's stock. For this Salt Lake City, Utah reason, the Board does not favor such involvement by a bank's employee-benefit plan in the financing of Order Approving Formation of a Bank Holding bank holding company formations. Although it does Company not appear that the investment is expressly prohibited under the Employee Retirement Income Security Act Trabanc, Salt Lake City, Utah ("Applicant"), has of 1974 ("ERISA"), the Board's approval of this applied for the Board's prior approval under section proposal should not be construed as a determination 3(a)(1) of the Bank Holding Company Act (12 U.S.C. with respect to the propriety or the prudence of such § 1842(a)(1)) for the formation of a bank holding an investment by the Trust. Such a determination is company by acquiring 100 percent of the voting shares within the jurisdiction of the Department of Labor, the of Tracy Bancorp, Salt Lake City, Utah ("Company") agency charged with administering ERISA, or of the and to acquire indirectly Company's wholly-owned courts. Applicant has agreed to advise each participant subsidiary, Tracy-Collins Bank and Trust Company, of the Trust's proposed investment in the preferred Salt Lake City, Utah ("Bank"). stock of Applicant prior to consummation of this Notice of the application, affording an opportunity proposal. Further, Applicant's principal has commitfor interested persons to submit comments and views ted to purchase the preferred stock from the Trust in has been given in accordance with section 3(b) of the the event divestiture of such stock is required in the act. The time for filing comments and views has future. Based upon these considerations and other expired and the Board has considered the application commitments in the record, the Board is unable to and all comments received in light of the factors set conclude that the proposed participation of the Trust forth in section 3(a) of the act. in financing Applicant's proposal is a factor so adverse Applicant, a non-operating corporation, was orga- as to warrant denial of the proposal. The financial and nized for the purpose of becoming a bank holding managerial resources and future prospects of Applicompany by acquiring Company and thereby indirect- cant, Company, and Bank are regarded as satisfacly acquiring Bank. tory. Banking considerations are considered consist- Bank, with total deposits of $189.2 million,1 is the ent with approval. 7th largest commercial bank in Utah and controls Applicant does not propose to make any significant approximately 3.3 percent of total deposits in commer- changes in Bank's services or operations. Convecial banks in the state.2 Bank competes in the Salt nience and needs considerations are consistent with Lake City banking market3 where it ranks as the 7th approval. largest commercial bank and controls about 5.6 per- As a part of this transaction, Bank proposes to cent of the market's commercial banks deposits. transfer to Applicant certain parcels of undeveloped This proposal represents a corporate reorganization real estate, condominium units, and certain oil and gas under which two of Company's current sellers would leases. These assets are owned by Bank but are transfer their interests to the remaining principals of impermissible for Bank to hold and are carried on Company. None of Applicant's principals is a princi- Bank's books at nominal value. The transfer of these pal of any other banking organization in the relevant assets to Applicant is intended to facilitate their divesmarket and consummation of the proposal will not titure by Bank. Because the acquisition of such assets result in any significant adverse effects on concentra- is not permissible for a bank holding company, Applition of banking resources or on either existing or cant states that prior to consummation it will place the potential competition. The Board finds competitive impermissible assets in an independent trust that will considerations to be consistent with approval. be directed to dispose of such assets no later than two Applicant will incur indebtedness as result of the years after consummation of this proposal. In light of proposal. However, Applicant should be able to retire these assurances the Board believes that consummasuch indebtedness without impairing the financial con- tion of the proposal would be consistent with the terms dition of Bank. In connection with this proposal, of the act. Bank's Employee Profit Sharing Retirement and Thrift On the basis of record made by Applicant, the Trust (the "Trust") will acquire $2 million of Appli- application is approved for the reasons summarized cant's preferred stock. The Trust's investment portfo- above. The transaction shall not be consummated lio, which is now diversified, would thus become before the thirtieth calendar day following the effective date of this Order, or later than three months after the effective date of this Order, unless such period is 1. Total deposit data are as of December 31, 1981. extended for good cause by the Board or by the 2. Market deposit data are as of December 31, 1980. Federal Reserve Bank of San Francisco, pursuant to 3. The Salt Lake City banking market is approximated by the Salt Lake City, Utah, Ranally Metropolitan Area. delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 Federal Reserve Bulletin • April 1982 By order of the Board of Governors, effective institutions, such as savings and loan associations, March 1, 1982. mutual savings banks, credit unions, industrial banks, Morris Plan banks, cooperative banks, and industrial Voting for this action: Governors Wallich, Partee, Teeters, loan companies. Rice, and Gramley. Absent and not voting: Chairman In order to authorize a bank holding company to Volcker. engage in a nonbank activity pursuant to section 4(c)(8) of the act, the Board must first determine that (Signed) JAMES MCAFEE, the activity is closely related to banking or managing [SEAL] Associate Secretary of the Board. or controlling banks. In a recent action, the Board amended Regulation Y to specifically authorize the activity proposed by Applicant. In taking this action, Orders Under Section 4 of Bank Holding the Board determined that the activity of providing Company Act management consulting advice to nonbank depository institutions is closely related to banking because banks BankAmerica Corporation, traditionally have provided such services to unaffiliat- San Francisco, California ed commercial banks and thus have provided services that are functionally similar to the proposed service. Order Approving Management Consulting Activities The Board has relied on the record compiled in the companion rulemaking proceeding in reaching a deter- BankAmerica Corporation, San Francisco, California, mination that the activity proposed in this application a bank holding company within the meaning of the is closely related to banking. Bank Holding Company Act, has applied for the Before permitting a bank holding company to en- Board's approval, under section 4(c)(8) of the act gage in an activity that it has determined to be closely (12 U.S.C. § 1843(c)(8)), and section 225.4(a) of the related to banking, however, the Board also must Board's Regulation Y (12 C.F.R. § 225.4(a)), to engage examine any public benefits that may reasonably be through its subsidiary, BA Cheque Corporation, in expected to derive from performance of the activity by providing management consulting advice to nonaffili- the bank holding company and weigh them against any ated nonbank depository institutions. possible adverse effects. The Board has determined Notice of the application, affording interested per- that Applicant's proposal can be expected to result in sons an opportunity to submit comments and views on increased efficiency in the depository institution systhe public interest factors, has been duly published tem as a whole as a result of the sharing of operating (46 Federal Register 54,565 (1981)). The time for filing and management expertise. In addition, such activity comments and views has expired, and the Board has would result in increased competition in the consulting considered the application and all comments received industry and would provide additional competitive in light of the public interest factors set forth in section benefits by assisting thrift institutions to fully utilize 4(c)(8) of the act. the powers conferred by the Monetary Control Act. Applicant is a bank holding company by virtue of its Although the provision of management consulting control of Bank of America NT & SA, San Francisco, advice to nonbank depository institutions by a bank California (domestic deposits of $51.2 billion), the holding company could create a potential for conflicts largest banking organization in California, controlling of interests and anticompetitive effects, Regulation Y 36.1 percent of total deposits in commercial banks in imposes certain restrictions on the provision of such that state.' Applicant also engages in other nonbank- advice that is designed to prevent these adverse efing activities, including mortgage banking, commercial fects. These safeguards include the requirement that lending and leasing, and credit-related insurance activ- any bank holding company providing management ities. consulting advice have no common management offi- Applicant presently provides management consult- cials or equity interest in the client institutions, and ing advice to nonaffiliated commercial banks, includ- that the consulting company disclose to each potential ing advice relating to bank operations and marketing, client the names of all banks which are affiliates of the bank personnel operations, and consumer financial company and the names of all existing client instituinformation. These activities have been determined by tions located in the same geographic area as the the Board to be closely related to banking. (12 C.F.R. potential client. In addition, advice must be rendered § 225.4(a)(12)). Applicant proposes to provide the on an explicit fee basis without regard to corresponsame services to nonaffiliated nonbank depository dent balances maintained by the client institution at any depository institution subsidiary of the bank holding company. (12 C.F.R. § 225.4(a)(12)). 1. Banking data are as of June 30, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 249 In view of these restrictions, the Board's view is time for filing comments and views has expired, and that the subject application would produce benefits to the Board has considered the application and all the public that outweigh any potential adverse effects. comments received in light of the public interest There is no evidence in the record to indicate that factors set forth in section 4(c)(8) of the act. Applicant's engaging in the proposed activity would Applicant, the largest banking organization in New lead to any undue concentration of resources, de- York and in the United States, controls two subsidiary creased or unfair competition, conflicts of interests, banks in New York with aggregate deposits of approxunsound banking practices, or other adverse effects. imately $24.3 billion, representing about 13.6 percent Based upon the foregoing and other considerations of total domestic deposits in commercial banks in that reflected in the record, the Board has determined that state. Applicant also controls one subsidiary bank in the balance of the public interest factors that the Board South Dakota with deposits of $174.5 million, repreis required to consider under section 4(c)(8) is favor- senting about 3.6 percent of total deposits in commerable. Accordingly, the application is hereby approved. cial banks in that state.1 This determination is subject to the conditions set Citicorp Government Securities, Inc., seeks approvforth in section 225.4(c) of Regulation Y, and to the al to engage de novo in the activities of soliciting, Board's authority to require such modification or underwriting, dealing in, purchasing, and selling such termination of the activities of a holding company or obligations of the United States, general obligations of any of its subsidiaries as the Board finds necessary to various states and political subdivisions thereof and assure compliance with the provisions of and purposes other obligations, including money market instruments of the act, and the Board's regulations and orders such as bankers acceptances and certificates of deposissued thereunder, or to prevent evasion thereof. it, as state member banks may from time to time be The proposed activity shall be commenced not later authorized to underwrite and deal in. These activities than three months after the effective date of this would be performed from an office of CGSI located in Order, unless such period is extended for good cause New York, New York, and serving the entire United by the Board or by the Federal Reserve Bank of San States. This activity is not included in the list of Francisco, pursuant to delegated authority. permissible activities for bank holding companies con- By order of the Board of Governors, effective tained in section 225.4(a) of Regulation Y. March 16, 1982. In determining whether an activity is permissible under section 4(c)(8) of the act, the Board must first Voting for this action: Chairman Volcker and Governors determine that the activity is "closely related to bank- Wallich, Partee, Teeters, Rice, and Gramley. ing or managing or controlling banks." As the courts have made clear, a proposed activity that does not (Signed) WILLIAM W. WILES, differ significantly from the functions that banks tradi- [SEAL] Secretary of the Board. tionally or generally have provided is closely related to banking within the meaning of section 4(c)(8).2 In 1974, the Board published for comment a notice of Citicorp, proposed rulemaking to add underwriting and dealing New York, New York in government securities and other obligations that a state member bank may be authorized to underwrite or Order Approving Formation of Citicorp Government deal in3 to the list of permissible bank holding activi- Securities, Inc. ties. In orders dated October 20, 1976 and January 26, 1978, the Board determined that such activity is close- Citicorp, New York, New York, a bank holding com- ly related to banking. The Board decided not to add pany within the meaning of the Bank Holding Compa- the activity to the list of permissible activities, howevny Act, has applied for the Board's approval under er, but rather to consider applications to engage in the section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)), and activity on a case-by-case basis. The Board's finding section 225.4(b)(1) of the Board's Regulation Y that the activity is closely related to banking was (12 C.F.R. § 225.4(b)(1)) to form Citicorp Government premised on the facts that national and state member Securities, Inc., a company that seeks approval to banks are expressly authorized by statute to engage in engage de novo in the activities of underwriting and dealing in certain government securities and money market instruments. 1. All banking data are as of June 30, 1981. Notice of the application, affording opportunity for 2. Board of Governors v. Investment Company Institute, 101 S.Ct. 973, 981 (1981); National Courier Association v. Board of Governors, interested persons to submit comments and views, has 516 F.2d 1229, 1237 (D.C. Cir. 1975). been given in accordance with section 4 of the act. The 3. 39 Federal Register 13007 (1974). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 Federal Reserve Bulletin • April 1982 the activity (12 U.S.C. §§ 24 Seventh, 335), and that restrictions on the proposed activity might create the many banks in fact engage in the activity.4 The Board potential for unsound banking practices or conflicts of has reiterated the view that underwriting and dealing interests. Of particular concern is the possibility that a in government securities and other obligations as nonbank dealer subsidiary of a bank holding company authorized by statute for state member banks is close- might be tempted to transfer to affiliated banks, at less ly related to banking in approving several applications than current market value, securities that cannot be to engage in this activity.5 readily distributed. Such transactions are exempt from The Board regards the government securities activi- restrictions in section 23A of the Federal Reserve Act, ties that Citicorp has proposed to engage in as substan- (12 U.S.C. § 371c), limiting transactions between a tially the same as the activities that the Board has member bank and its affiliates.9 approved in its previous orders. In addition, Citicorp Accordingly, in order to obviate the possibility that proposes to deal in bankers acceptances, certificates adverse effects would result from this proposal, the of deposit, and other money market instruments that Board expects the CGSI will conduct the proposed state member banks may from time to time be autho- activities subject to the same restrictions and prudenrized to underwrite and deal in.6 Banks are permitted tial limitations under which Citibank currently conto deal in these money market instruments as an ducts such activities.10 Any breach of these restricincident to the activities expressly authorized by stat- tions by CGSI would constitute an unsafe or unsound ute, and a number of banks currently serve as dealers banking practice that could be the subject of formal in bankers' acceptances and certificates of deposit.7 supervisory action by the Board. Moreover, the The Board regards such activities as closely related to Board's view is that the purchase of any securities banking because banks engage in such functions. from CGSI by any subsidiary bank of Citicorp at other Before permitting a bank holding company to en- than current market values would constitute an unsafe gage in a permissible nonbanking activity, the Board or unsound practice. There is no evidence in the must examine any public benefits that may reasonably record that consummation of the proposal would result be expected to derive from bank holding company in any other effects that would be adverse to the public performance of the activity and weigh them against interest. any possible adverse effects to determine whether the Based upon a consideration of all the relevant facts, activity is a proper incident to banking or managing or the Board concludes that the balance of the public controlling banks. Citicorp's application represents a interest factors that the Board is required to consider corporate reorganization wherein activities currently under section 4(c)(8) is favorable. Accordingly, the performed by its subsidiary bank, Citibank, N.A., will application is hereby approved. This determination is be conducted by CGSI. Because the proposal would subject to the conditions set forth in section 225.4(c) of result in a transfer of an activity within the same Regulation Y, and to the Board's authority to require corporate structure, approval of the application would such modification or termination of the activities of a have no adverse competitive effects. bank holding company or any of its subsidiaries as the The Board notes, however, that as a nonbank sub- Board finds necessary to assure compliance with the sidiary of Citicorp, CGSI would be permitted to en- provisions and purposes of the act and the Board's gage in underwriting and dealing in government securi- regulations and orders issued thereunder, or to preties without being subject to many of the restrictions vent evasion thereof. that currently apply to Citibank's conduct of the The transaction shall be made not later than three activity.8 The Board is concerned that the lack of months after the effective date of this Order, unless such period is extended for good cause by the Board or by the Federal Reserve Bank of New York, pursuant to delegated authority. 4. 41 Federal Register 47083 (1976); 43 Federal Register 5382 (1978). 5. United Oklahoma Bankshares, Inc., 65 FEDERAL RESERVE BUL- LETIN 363 (1979); United Bancorp, 64 FEDERAL RESERVE BULLETIN single issuer held by the bank does not exceed ten percent of the 222 (1978); Stepp, Inc., 64 FEDERAL RESERVE BULLETIN 223 (1978). bank's capital and surplus. (12 U.S.C. § 24 Seventh). Such securities 6. At present, CGSI proposes to deal in only bankers' acceptance are designated "Type II" securities in regulations of the Comptroller and certificates of deposit. These instruments are not regarded as of the Currency. (12 C.F.R. § 1.3 (a)). "securities" subject to the prohibitions in sections 16 and 21 of the 9. In the Board's view, purchases of bankers' acceptances and Glass-Steagall Act. certificates of deposit by a member bank from an affiliate are 7. See Comptroller's Handbook for National Bank Examiners extensions of credit subject to section 23A. § 204, M. Stigum, The Money Market: Myth, Reality and Practice 410 10. For example, CGSI should not underwrite, deal in, or hold and 475 (1978). Type II securities by any issuer in amounts that would not be 8. For example, member banks by statute are permitted to under- permitted if such activities were conducted by Citibank and should not write certain types of public housing and dormitory bonds of states sell securities to trust accounts of affiliated banks except as permitted and municipalities, provided that the amount of such securities of a by regulations of the Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 251 By order of the Board of Governors, effective to engage in certain activities overseas.2 A bank March 2, 1982. holding company may hold shares of a company that engages in activities under both sections 4(c)(8) and Voting for this action: Governors Wallich, Partee, Teeters, 4(c)(1)(C). (1 Federal Reserve Regulatory Service Rice, and Gramley. Absent and not voting: Chairman 1 4-176 (1981)). Volcker. The stated purpose of the proposal is to provide Citicorp with increased flexibility in funding its domes- (Signed) WILLIAM W. WILES, tic operations by allowing CBC to gain access to the [SEAL] Secretary of the Board. offshore wholesale money market. The proposed foreign branches of CBC, by obtaining banking licenses, would have direct access to Eurocurrency interbank Citicorp, markets; the proposed activities of the branches would New York, New York be viewed as an integral part of a large United Statesheadquartered entity with capital resources of $723 Order Approving Establishment of Foreign Branches million. Although the proposed funding operations will of Citicorp Banking Corporation constitute the majority of the branches' operations, Citicorp has stated that other commercial banking Citicorp, New York, New York, a bank holding com- activities are necessary to make the branches competipany within the meaning of the Bank Holding Compa- tive in the offshore interbank markets. The proposed ny Act, has applied for the Board's approval under branches, to be established in Nassau, Bahamas, and section 4(c)(8) of the act (12 U.S.C. § 1843 (c) (8)) and in Luxembourg, would engage in accepting funds in section 225.4(b)(2) of the Board's Regulation Y dollars or foreign currency in wholesale money mar- (12 C.F.R. § 225.4(b)(2)) to retain direct or indirect kets in amounts over $100,000; placing funds with and ownership of its subsidiary, Citicorp Banking Corpo- making loans and advances to subsidiary and affiliated ration ("CBC"), Wilmington, Delaware, after CBC organizations; making commercial loans in amounts establishes branches in Nassau and Luxembourg to over $100,000; foreign exchange transactions; and engage in certain commercial banking activities. These other activities constituting commercial banking outactivities include accepting funds in United States or side the United States. foreign currency in wholesale money markets, making In acting on this application, the Board must first commercial loans, placing funds with and making determine that these activities are closely related to loans and advances to subsidiary and affiliated organi- banking or managing or controlling banks. The lending zations, engaging in foreign exchange transactions, and banking services that the branches would offer are and other activities constituting commercial banking generally offered by commercial banks, and are peroutside the United States. missible activities of foreign branches of domestic Notice of the application, affording an opportunity banks and foreign subsidiaries of bank holding compafor interested persons to submit comments and views nies. In this regard, the Board notes that the "closely on the public interest factors has been duly published related" language of section 4(c)(8) of the act has been (46 Federal Register 37,087 (1981)). The time for filing construed such that an activity engaged in by banks comments and views has expired and the Board has directly would generally qualify as "closely related" considered the application and all comments received to banking or managing or controlling banks within the in light of the public interest factors set forth in section meaning of the statute.3 Moreover, the proposed activ- 4(c)(8) of the act. ities of CBC's branches are substantially similar to CBC, a corporation chartered under the laws of banking and funding activities that the Board has Delaware with total assets of approximately $7.0 bil- previously approved under section 4(c)(8) for the lion,1 holds the shares of a number of nonbanking foreign branches of a New York Investment Company subsidiaries of Citicorp pursuant to section 4(c)(1)(C) incorporated under Article XII of the New York of the act (12 U.S.C. § 1843(c)(1)(C)), which permits a Banking Law.4 The Board also notes CBC does not subsidiary of a bank holding company to perform services for its parent. Citicorp now seeks Board 2. The Board has determined that bank holding companies may approval under section 4(c)(8) of the act to retain the conduct activities outside the United States under section 4(c)(8) of shares of CBC after CBC establishes foreign branches the act. (43 Federal Register 60,261 (1978)). 3. National Courier Ass'n v. Board of Governors, 516 F.2d 1229 (D.C. Cir. 1975); Alabama Ass'n of Insurance Agents v. Board of Governors, 533 F.2d 224 (5th Cir. 1976), modified on rehearing, 558 F.2d 729 (1977), cert, denied, 435 U.S. 904 (1978). 4. See European American Bancorp, 63 FEDERAL RESERVE BULLE- 1. Financial data are as of December 31, 1980. TIN 595 (1977) and 65 FEDERAL RESERVE BULLETIN 667 (1979). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 Federal Reserve Bulletin • April 1982 propose to engage in any activity that would not be the proposed branches.6 Moreover, Citicorp has compermitted for a separately incorporated foreign subsid- mitted that the liabilities to CBC of any person, other iary of a bank holding company. The Board's view, in than an affiliate, will not exceed 10 percent of the light of the above and other facts of record, is that the capital and surplus of CBC, and that CBC's branches proposed foreign activities of CBC are closely related will not engage in any activity outside the United to banking.5 States that is impermissible for a foreign banking In order to approve this application by Order under subsidiary of Citicorp under the Board's Regulation K section 4(c)(8), the Board is further required to deter- (12 C.F.R. Part 211) or is otherwise prohibited by U.S. mine that CBC's conduct of the proposed foreign law. The Board is of the view that these prudential branch activities is a proper incident to banking or conditions are adequate to meet any supervisory conmanaging or controlling banks. The Board must con- cerns to which the proposal may give rise. In light of sider whether the offering of these foreign branch these and all the facts of record, including the commitservices pursuant to this application "can reasonably ments made by Citicorp with respect to the operations be expected to produce benefits to the public, such as of CBC's branches, the Board has determined that the greater convenience, increased competition or gains in balance of public interest factors that the Board must efficiency, that outweigh possible adverse effects, consider under section 4(c)(8) of the act is favorable such as undue concentration of resources, decreased and that the application should be approved. or unfair competition, conflicts of interests, or un- In approving this application, the Board notes that sound banking practices." As noted above, the pro- the establishment of the proposed branches is subject posal is aimed at providing Citicorp with increased to the necessary licensing requirements of the counflexibility in reducing the funding costs of certain tries involved. In this regard, the Board emphasizes domestic nonbanking operations including companies that CBC is not considered a bank for purposes of conducting activities that previously have been ap- United States law, that it is not regulated as such by proved by the Board under section 4(c)(8). Although the Federal Reserve System or by any domestic au- Citicorp's nonbank subsidiaries currently have access thority regulating depository institutions, and that, as to offshore long and intermediate term markets a nondepository institution, it may not borrow from through other funding vehicles, they lack the direct the Federal Reserve discount window. As a nonbank access that CBC's branches would have to Eurocur- holding company subsidiary of Citicorp, CBC is thus rency interbank markets. The branches' operations to be distinguished from Citicorp's U.S. banking subshould enhance CBC's ability to raise funds at lower sidiaries. rates and thereby would reduce funding costs and In light of the record, the application is approved for increase internally generated capital, which the Board the reasons summarized above. This determination is views as a major benefit of the proposal. subject to the conditions set forth in this Order and in CBC proposes to engage in no banking activities in section 225.4(c) of Regulation Y, and to the Board's the United States. Its only U.S. activities will consist authority to require reports by and make examinations of its indirect nonbanking activities through subsidiar- of bank holding companies and their subsidiaries, and ies (for which Citicorp received prior Board approval) to require such modification or termination of the and funding these subsidiaries through funds raised by activities of a bank holding company or any of its subsidiaries as the Board finds necessary to assure compliance with the provisions and purposes of the act 5. As part of its proposed activities, CBC will make commercial and the Board's Orders and regulations issued thereloans and accept demand deposits only through its foreign branches. Section 2(c) of the act defines bank as "any institution organized under, or to prevent evasion thereof. under the laws of . . . any State of the United States . . . which (1) accepts deposits that the depositor has a legal right to withdraw on demand, and (2) engages in the business of making commercial loans." Because CBC is a Delaware corporation, CBC might be considered to be a "bank" within the meaning of section 2(c). 6. In this connection, Citicorp has committed to: accept no place- However, section 2(c) also excludes from the definition of "bank" ment or deposit from a United States resident, except that a placement Edge and Agreement Corporations and entities that do no banking or deposit received from a foreign branch, office, subsidiary, affiliate business in the U.S. except as is incidental to its foreign business. or other foreign establishment ("foreign affiliate") controlled by one In this connection, CBC will engage in no banking business in the or more domestic corporations is not regarded as a placement or United States. The only U.S. activities of CBC, other than indirect deposit received from a United States resident if such funds are used activities conducted through its subsidiaries, are the funding activities in its foreign business or that of other foreign affiliates of the of the subsidiaries and the holding of the shares of these companies. In controlling domestic corporation(s); and extend no credit to a United light of the history and purposes of section 2(c) of the act and the States resident (other than a subsidiary or affiliated organization) congressional intent to exclude from the definition of "bank" those except that credit extended to a foreign affiliate controlled by one or organizations engaged in international banking activities, the Board more domestic corporations is not regarded as credit extended to a concludes that CBC should not be considered a "bank" under section United States resident if the proceeds will be used in its foreign 2(c) of the act as long as it does not engage in any banking business in business or that of other foreign affiliates of the controlling domestic the United States. corporation(s). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 253 By order of the Board of Governors, effective liabilities of $2.8 million, including $2.3 million in March 4, 1982. deposits. In view of the size of the companies involved, the Board concludes that no adverse competi- Voting for this action: Vice Chairman Schultz, Governors tive effects would be associated with this proposal. Partee, Teeters, and Gramley. Voting against this action: Under section 4(c)(8) of the act, the Board is autho- Governor Wallich. Absent and not voting: Chairman Volcker rized to permit bank holding companies to acquire and Governor Rice. Vice Chairman Schultz was a member of shares of any company the activities of which the the Board at the time this action was taken. Board has determined to be "so closely related to banking or managing or controlling banks as to be a (Signed) JAMES MCAFEE, [SEAL] Associate Secretary of the Board. proper incident thereto." In determining whether a particular activity is a proper incident to banking or managing or controlling banks, the Board is required First Bancorporation, to consider whether performance of the activity by a Salt Lake City, Utah bank holding company can reasonably be expected to produce benefits to the public, such as greater conven- Order Conditionally Approving Acquisition of an ience, increased competition, or gains in efficiency, Industrial Loan Company that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair com- First Bancorporation, Salt Lake City, Utah, a bank petition, conflicts of interests, or unsound banking holding company within the meaning of the Bank practices. Holding Company Act, has applied for the Board's The Board has previously determined that the activapproval under section 4(c)(8) of the act (12 U.S.C. ity of operating an industrial loan company in the § 1843(c)(8)) and section 225.4(a) of the Board's Regu- manner authorized by state law is closely related to lation Y (12 C.F.R. § 225.4(a)(2)) to acquire Beehive banking, "so long as the institution does not both Financial Corporation ("Beehive Financial") and its accept demand deposits and make commercial loans." wholly-owned subsidiary, Beehive Thrift and Loan (12 C.F.R. § 225.4(a)(2)). An institution engaging in Company, Salt Lake City, Utah ("Beehive Thrift"), both activities would be regarded as a "bank" for an industrial loan company. Applicant proposes to purposes of the act. Section 2(c) of the act defines as a engage in lending, industrial loan, leasing, and credit- "bank" any institution that "accepts deposits that the related insurance activities. These activities have been depositor has a legal right to withdraw on demand, and determined by the Board to be closely related to engages in the business of making commercial loans." banking. (12 C.F.R. §§ 225.4(a)(1), (2), (6)(a), and (12 U.S.C. § 1841(c)). The acquisition of a bank is (9)(i)(a)). Industrial loan companies were recently au- subject to approval under section 3 of the act rather thorized under Utah law to offer NOW accounts, and than section 4. Applicant also proposes to engage in this activity. The offering of NOW accounts by an industrial loan Notice of the application, affording opportunity for company raises a question of whether an institution interested persons to submit comments has been duly that offers such accounts and engages in the business published (46 Federal Register 54801). The time for of making commercial loans is a "bank" within the filing comments has expired, and the Board has con- meaning of section 2(c) of the Bank Holding Company sidered the application and all comments received in Act. Institutions that offer NOW accounts generally light of the factors set forth in section 4(c)(8) of the act. reserve the right to require 14-30 days' notice before Applicant, the 31st largest banking organization in permitting withdrawals from these accounts. The no- Utah, controls one bank with total deposits of about tice requirement is rarely invoked by institutions offer- $14.7 million, representing less than 0.5 percent of the ing NOW accounts, however, and in practice the total deposits in commercial banks in that state, and customer is permitted to withdraw funds on demand 0.5 percent of deposits in the Salt Lake City banking by check or draft. Indeed, for purposes of section 2(c), market.1 the Board believes that, until the institution invokes Beehive Financial and its subsidiary, Beehive the notice requirement, the depositor has a right to Thrift, have consolidated assets of $3.3 million and withdraw funds on demand. Moreover, in giving meaning to the demand deposit portion of the definition of "bank", the court in Wilshire Oil Company of Texas v. Board of Governors (3d Cir. 1981) (filed December 31, 1981), ruled that in using the words "deposits that the depositor has a legal right to with- 1. Banking data are as of June 30, 1980. draw on demand," Congress was concerned with the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 Federal Reserve Bulletin • April 1982 substance rather than the form of the deposit. (Slip Bank Holding Company Act.6 An application to ac- Op. at 10-11).2 quire such an institution is subject to approval under The legislative history of section 2(c) demonstrates section 3 of the act rather than section 4. Thus, the that Congress viewed the ability to offer checking subject application under section 4 of the act may be accounts as a critical factor in determining whether an approved only on the condition that Beehive Thrift institution is a commercial bank. In practice, NOW will not both offer NOW accounts and engage in the accounts are advertised as checking accounts and are business of making commercial loans.7 used as such. Moreover, NOW accounts are regarded An industrial bank acquired under section 4 of the as "transaction accounts" under the Depository Insti- act may, however, offer NOW accounts (provided that tutions Deregulation and Monetary Control Act of it also does not engage in the business of making 1980 (Pub. Law No. 96-221; 94 Stat. 132) and, whether commercial loans) because that activity is closely offered by commercial banks or thrift institutions such related to banking since banks in fact offer NOW as savings and loan associations, are subject to the accounts.8 Before the Board may permit a bank holdreserve requirement ratios that apply to demand de- ing company to engage in a closely related activity, posits. (12 U.S.C. § 461). By subjecting NOW ac- however, the Board must also determine that the counts to transaction account reserve requirements, activity can reasonably be expected to produce public Congress recognized that NOW accounts are checking benefits that outweigh possible adverse effects. The accounts.3 In view of the function, substance and Board is concerned that, unless the NOW accounts attributes of NOW accounts, Congress' treatment of offered by Beehive Thrift are subject to interest rate NOW accounts, and the potential for evasion of the limitations and reserve requirements that apply when act associated with NOW accounts,4 the Board has such accounts are offered by commercial banks or determined that offering of NOW accounts must be savings and loan associations, the offering of NOW regarded as falling within the first part of the test of accounts by an industrial loan company subsidiary of a whether an institution is a "bank" under section 2(c) bank holding company can, and is likely to, undermine of the act. the important public policy objectives of the Deposi- Accordingly, a nonbanking subsidiary of a bank tory Institutions Deregulation and Monetary Control holding company may not offer NOW accounts and Act of 1980. In that act, Congress established a policy also engage in the business of making commercial that all transaction accounts at depository institutions loans.5 Such dual activity is not "closely related to should be subject to interest rate ceilings and reserve banking" but in fact is banking for purposes of the requirements.9 Bank Holding Company Act. Thus, the Board regards The Board regards the offering of NOW accounts any industrial banking institution that both offers that are not subject to interest rate ceilings and reserve NOW accounts and engages in the business of making requirements as an adverse effect within the meaning commercial loans as a "bank" for purposes of the of § 4(c)(8) of the Bank Holding Company Act, and concludes that it outweighs the public benefits offered by the proposal.10 Accordingly, the proposal will be approved only if the NOW accounts offered by Appli- 2. Similarly, in First National Bank in Plant City v. Dickinson, 396 cant are subject to the same federal interest rate U.S. 122, 136 (1968), the Supreme Court held that for purposes of branch banking laws, legal rights between private parties are not necessarily decisive in determining whether a deposit has been created when it is clear that the practical effect of a transaction is the 6. Beehive Thrift devotes a substantial portion of its assets to receipt of a deposit. general commercial loans and is engaged in the business of making 3. In authorizing NOW accounts, Congress clearly intended to commercial loans within the meaning of the act. permit the payment of interest on such accounts, notwithstanding the 7. However, if Beehive Thrift secured FDIC insurance, as is general prohibition on the payment of interest on demand deposits. required by section 3(e) of the act, Applicant could acquire Beehive However, there is no indication that by authorizing the offering of Thrift under section 3 of the act, and Beehive Thrift could both offer NOW accounts Congress intended to exempt institutions that provide NOW accounts and make commercial loans under such circumsuch accounts from the definition of "bank" in the Bank Holding stances. Company Act. 8. The board's previous approvals of bank holding company appli- 4. Because NOW accounts generally perform the same function as cations to acquire industrial banking institutions did not authorize the demand deposits, an institution seeking to evade the act might attempt offering of NOW accounts or other types of transaction accounts to use such accounts as a substitute for demand deposits. See Wilshire (such as automatic transfer accounts) by such institutions because Oil, supra. those applications did not reference such accounts. 5. Although savings and loan associations and savings banks also 9. The Board believes that the ownership by bank holding compaoffer NOW accounts, their lending activities historically have been nies of industrial loan institutions that offer NOW accounts could concentrated in home mortgages and their commercial lending activi- undermine the act's objectives by encouraging the growth of transacties are generally quite limited. This and other facts persuade the tion deposits at such institutions and diverting deposits away from Board that the activities of such institutions presently authorized by institutions that are subject to Regulations D and Q. federal statute law generally do not constitute engaging in the business 10. The Board expressly reserves judgment as to whether more of making commercial loans, and that such institutions are not compelling public benefits might be sufficient to outweigh this adverse "banks" for purposes of the act. effect. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 255 limitations and reserve requirements that apply to a does offer NOW accounts, such accounts will be federally insured depository institution. subject to the same interest rate limitations and re- Consummation of the proposal may be expected to serve requirements that would apply to a federally result in public benefits in the form of expanded insured depository institution. services at Beehive Thrift and, if the proposal is Accordingly, the application is hereby approved as modified as indicated above, would not result in any conditioned herein. This determination is also subject undue concentration of resources, conflicts of inter- to the conditions set forth in § 225.4(c) of Regulation Y ests, unsound banking practices, or other adverse and to the Board's authority to require such modificaeffects.11 tion or termination of the activities of a holding Accordingly, based upon the foregoing and all the company or any of its subsidiaries as the Board finds facts of record, the Board has determined that the necessary to assure compliance with the provisions balance of public interest factors that the Board is and purposes of the act and the Board's regulations required to consider under section 4(c)(8) is favorable, and orders issued thereunder, or to prevent evasion provided that Applicant complies with the following thereof. limitations: Applicant, through Beehive, may not both The activities shall be commenced not later than offer NOW accounts and engage in the business of three months after the effective date of this Order, making commercial loans. If Applicant does not en- unless such period is extended for good cause by the gage in the business of making commercial loans, but Board or by the Federal Reserve Bank of San Francisco, pursuant to delegated authority. 11. In determining that the offering of NOW accounts is a permissi- By order of the Board of Governors, effective ble bank holding company activity subject to the conditions specified herein, the Board has taken into consideration the state regulation March 12, 1982. applicable to industrial loan companies in Utah. The Board notes that Utah law provides for insurance of NOW accounts up to $10,000, establishes minimum capital and reserve requirements for industrial Voting for this action: Chairman Volcker and Governors loan companies, and limits the amount of funds that may be loaned to Wallich, Partee, Teeters, and Rice. Absent and not voting: any one borrower. Moreover, the bank commissioner is authorized to Governor Gramley. monitor the affairs of industrial loan companies in order to ensure the safety of the deposits accepted by such institutions. The commissioner is also empowered to limit the investments of industrial loan (Signed) JAMES MCAFEE, companies, and may issue orders to enforce such determinations. [SEAL] Associate Secretary of the Board. Legal Developments continued on next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 Federal Reserve Bulletin • April 1982 ORDERS APPROVING APPLICATIONS UNDER THE BANK HOLDING COMPANY ACT AND BANK MERGER ACT By the Board of Governors During March 1982, the Board of Governors approved the applications listed below. Copies are available upon request to Publications Services, Division of Support Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Section 3 Board action Applicant Bank(s) (effective date) Ballerton Corporation, Totalbank Corporation of Florida, March 9, 1982 Oveido, Spain Miami, Florida Broad National Bancorporation, Broad National Bank, March 1, 1982 Newark, New Jersey Newark, New Jersey Broadway Bancshares, Inc., Broadway National Bank, March 8, 1982 San Antonio, Texas San Antonio, Texas Continental Illinois Corporation, Buffalo Grove National Bank, March 9, 1982 Chicago, Illinois Buffalo Grove, Illinois Flag, Inc., People's State Bank of Cambridge, March 4, 1982 Cambridge, Minnesota Cambridge, Minnesota GRP, Inc., The National Bank of Georgia, March 23, 1982 Atlanta, Georgia Atlanta, Georgia First Commercial Bank, Buford, Georgia Clayton County Bank, Riverdale, Georgia Global Bancorporation, Global Union Bank, March 4, 1982 New York, New York New York, New York Mercantile Texas Corporation, Gessner Southwest Bank & Trust, March 29, 1982 Dallas, Texas Houston, Texas Southwest Bank, Mesquite, Texas Milford, N.V., Totalbank Corporation of Florida, March 9, 1982 Netherlands, Antilles Miami, Florida Texas American Bancshares Inc., First National Bank in Breckenridge, March 29, 1982 Fort Worth, Texas Breckenridge, Texas U.S. Bancorp, Bank of Lake Oswego, March 8, 1982 Portland, Oregon Lake Oswego, Oregon Union Bancorp of West Virginia, Inc., The Union National Bank of Clarksburg, March 18, 1982 Clarksburg, West Virginia Clarksburg, West Virginia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 257 By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are available upon request to the Reserve Banks. Section 3 Reserve Effective Applicant Bank(s) Bank date ABC Bancshares, Inc., American Bank of Commerce, Kansas City February 26, 1982 McAlester, Oklahoma McAlester, Oklahoma A.B.T. Corporation, Atlantic Bank and Trust Com- Atlanta March 5, 1982 Savannah, Georgia pany, Savannah, Georgia Allied Bancshares of Illinois, Inc., East Joliet Bank, Chicago March 22, 1982 Joliet, Illinois Joliet, Illinois BNW Bancorp, Bank of the Northwest, San Francisco March 12, 1982 Eugene, Oregon Eugene, Oregon Bay-Hermann Bancshares, Inc., Bay-Hermann Bank, St. Louis March 2, 1982 Hermann, Missouri Hermann, Missouri Beacon Financial Corporation, Lighthouse National Bank, Atlanta March 26, 1982 Inc., Jupiter, Florida Jupiter, Florida Benbrook Bancshares, Inc., Benbrook State Bank, Dallas March 1, 1982 Fort Worth, Texas Fort Worth, Texas Bowbells Holding Company, The First National Bank of Bow- Minneapolis March 19, 1982 Bowbells, North Dakota bells, Bowbells, North Dakota Bradley Bancshares, Inc., First State Bank of Warren, St. Louis March 25, 1982 Warren, Arkansas Warren, Arkansas Brady National Holding Company, The Brady National Bank, Dallas March 9, 1982 Inc., Brady, Texas Brady, Texas CBC Bancorp, Ltd., Capitol Bank and Trust of Chicago March 4, 1982 Chicago, Illinois Chicago, Chicago, Illinois Capital Bancorp., First Bank of Oakland Park, Atlanta March 25, 1982 North Bay Village, Florida Oakland Park, Florida Carter Bancshares, Inc., The First National Bank of Carter, Kansas City March 4, 1982 Carter, Oklahoma Carter, Oklahoma Central of Illinois, Inc., The Central National Bank of Chicago March 8, 1982 Sterling, Illinois Sterling, Sterling, Illinois Chicago Heights Bancorp, Inc., The Chicago Heights National Chicago February 26, 1982 Crest wood, Illinois Bank, Chicago Heights, Illinois Community Bancshares, Inc., Bank of Dothan, Atlanta March 3, 1982 Dothan, Alabama Dothan, Alabama Coulee Bancshares, Inc., The Coulee State Bank, Minneapolis March 26, 1982 LaCrosse, Wisconsin LaCrosse, Wisconsin Country Bancshares, Inc., State Bank of Hull, St. Louis March 15, 1982 Hull, Illinois Hull, Illinois Country Bank Company, Monroe County Bank, Atlanta March 8, 1982 Forsyth, Georgia Forsyth, Georgia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 Federal Reserve Bulletin • April 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Cullen/Frost Bankers, Inc., Chase National Bank, Dallas March 23, 1982 San Antonio, Texas Austin, Texas Dairy State Financial Services, Dairy State Bank, Chicago March 17, 1982 Inc., Plymouth, Wisconsin Plymouth, Wisconsin DetroitBank Corporation, Huron Valley National Bank, Chicago March 16, 1982 Detroit, Michigan Ann Arbor, Michigan Dewey County Bancorporation, Dewey County State Bank, Kansas City February 26, 1982 Inc., Taloga, Oklahoma Taloga, Oklahoma Earners and Savers Bancorpora- Galena Park State Bank, Dallas March 4, 1982 tion, Galena Park, Texas Galena Park, Texas England Bancorp, Farmers and Merchants Bank, Kansas City February 25, 1982 Axtell, Nebraska Axtell, Nebraska Exchange State Corp., Exchange State Bank, Chicago March 25, 1982 Prairie City, Iowa Collins, Iowa Fairfield Bancshares, Inc., Fairfield State Bank, Dallas March 22, 1982 Fairfield, Texas Fairfield, Texas Fertile Bancshares, Inc., First State Bank of Fertile, Minneapolis March 25, 1982 Fertile, Minnesota Fertile, Minnesota Fifth Third Bancorp, The Farmers and Merchants Bank, Cleveland March 4, 1982 Cincinnati, Ohio Fairborn, Ohio First Abilene Bankshares, Inc., Eastland National Bank, Dallas March 10, 1982 Abilene, Texas Eastland, Texas First Busey Corporation, National Bank of Urbana, Chicago February 23, 1982 Urbana, Illinois Urbana, Illinois First Carrollton Bancshares, Inc., The First National Bank of Car- Kansas City March 2, 1982 Carrollton, Missouri rollton, Carrollton, Missouri First City Bancorp, Inc., Citizens DeKalb Bank, Atlanta March 26, 1982 Marietta, Georgia Clarkston, Georgia First Community Bancorp, Inc., First National Bank and Trust Chicago March 5, 1982 Rockford, Illinois Company of Rockford, Rockford, Illinois North Towne National Bank of Rockford, Rockford, Illinois First Bank of Roscoe, Roscoe, Illinois First Bank of Loves Park, Loves Park, Illinois First Dodge City Bancshares, Inc., First National Bancshares of Kansas City March 15, 1982 Dodge City, Kansas Dodge City, Inc., Dodge City, Kansas First Harvey Banc Corporation, First National Bank in Harvey, Chicago March 11, 1982 River Forest, Illinois Harvey, Illinois First Prague Bancorporation, Inc., First National Bank of Prague, Kansas City February 26, 1982 Prague, Oklahoma Prague, Oklahoma Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 259 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date First San Benito Bancshares, Inc., First National Bank of San Benito, Dallas March 17, 1982 San Benito, Texas San Benito, Texas First Stratford Bancorporation, First American Bank, Kansas City February 26, 1982 Inc., Stratford, Oklahoma Stratford, Oklahoma First Tazewell Bancorp, Inc., The First National Bank in East Chicago March 15, 1982 Peoria, Illinois Peoria, East Peoria, Illinois Gary-Wheaton Corporation, Batavia Investment Company, Chicago March 26, 1982 Wheaton, Illinois Batavia, Illinois Great Lakes Financial Resources, First National Bank of Blue Chicago March 8, 1982 Inc., Island, Blue Island, Illinois Blue Island, Illinois Groos Bancshares, Inc., The Groos National Bank of San Dallas March 16, 1982 San Antonio, Texas Antonio, San Antonio, Texas Guaranty Commerce Corporation, Guaranty Bank & Trust Company Atlanta March 11, 1982 Alexandria, Louisiana of Alexandria, Alexandria, Louisiana Halo Bancorporation, Inc., First National Bank of Devils Minneapolis March 22, 1982 Devils Lake, North Dakota Lake, Devils Lake, North Dakota Heart of Texas Bancshares, Inc., The Peoples National Bank of Dallas March 22, 1982 Lampasas, Texas Lampasas, Lampasas, Texas Indian Springs Bancshares, Inc., Indian Springs State Bank, Kansas City March 9, 1982 Kansas City, Kansas Kansas City, Kansas Ireton Bancorp, Security Savings Bank, Chicago March 11, 1982 Ireton, Iowa Ireton, Iowa Kansas Bancorp II, Inc., Kansas Bancorp, Inc., Kansas City March 11, 1982 Concordia, Kansas Concordia, Kansas First Bank & Trust, Concordia, Kansas Lawton Financial Corp., Citizens Bank, Kansas City February 25, 1982 Lawton, Oklahoma Lawton, Oklahoma League City Bancshares, Inc., League City National Bank, Dallas March 19, 1982 League City, Texas League City, Texas Lubbock Bancorporation, Inc., Bank of the West, Dallas March 2, 1982 Lubbock, Texas Lubbock, Texas Merchants Corporation, Merchants and Manufacturers Chicago March 3, 1982 Chicago, Illinois State Bank, Melrose Park, Illinois National Bancshares Corporation Corpus Christi Bankshares, Inc., Dallas February 25, 1982 of Texas, Corpus Christi, Texas San Antonio, Texas First State Bank of Corpus Christi, Corpus Christi, Texas Ocheyedan Bancorporation, Ocheyedan Savings Bank, Chicago March 26, 1982 Ocheyedan, Iowa Ocheyedan, Iowa Ohnward Bancshares, Inc., Marquoketa State Bank, Chicago March 26, 1982 Maquoketa, Iowa Maquoketa, Iowa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 Federal Reserve Bulletin • April 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Pan American Banks Inc., Peoples Hialeah National Bank, Atlanta February 22, 1982 Miami, Florida Hialeah, Florida Philadelphia National Corporation, The Philadelphia Bank (Delaware), Philadelphia March 5, 1982 Philadelphia, Pennsylvania New Castle County, Delaware Raymondville State Bancshares, Raymondville State Bank, Dallas February 26, 1982 Inc., Raymondville, Texas Raymondville, Texas Republic of Texas Corporation, The Lubbock National Bank, Dallas March 25, 1982 Dallas, Texas Lubbock, Texas Rockwall Finance Corporation, Rockwall Bank, N.A., Dallas February 25, 1982 Rockwall, Texas Rockwall, Texas The Roxton Corporation, Roxton Bancshares, Inc., Dallas March 12, 1982 Roxton, Texas Roxton, Texas The First Bank, Roxton, Texas San Jose Banco, Inc., San Jose Tri-County Bank, Chicago February 23, 1982 San Jose, Illinois San Jose, Illinois San Saba National Corporation, The San Saba National Bank, Dallas March 11, 1982 San Saba, Texas San Saba, Texas Seaport Bancorp, Inc., Seaport Citizens Bank, San Francisco March 22, 1982 Lewiston, Idaho Lewiston, Idaho Security Bancorporation, Inc., Security Bank of Boulder, Kansas City March 19, 1982 Boulder, Colorado Boulder, Colorado Southern Bancorp., Central Bank of Volusia County, Atlanta March 25, 1982 South Daytona, Florida South Daytona, Florida Southwest Missouri Bancorpora- Southwest Missouri Bank, Kansas City March 19, 1982 tion, Inc., Carthage, Missouri Carthage, Missouri Terre Du Lac Bancshares, Inc., Bank of Lead wood, St. Louis March 5, 1982 Chesterfield, Missouri Lead wood, Missouri Traxshares, Inc., First National Bank of Le Center, Minneapolis March 3, 1982 Le Center, Minnesota Le Center, Minnesota Trust Company of Georgia, First National Bank of Athens, Atlanta March 22, 1982 Atlanta, Georgia Athens, Georgia UNB Corporation, Union National Bank, Atlanta March 10, 1982 Fayetteville, Tennessee Fayetteville, Tennessee United Banks of Colorado, Inc., Lorin Investment Company, Kansas City February 26, 1982 Denver, Colorado Brighton, Colorado The First Bank and Trust Company of Brighton, Brighton, Colorado United Southern Bancorp, United Southern Bank, Atlanta March 12, 1982 St. Petersburg, Florida St. Petersburg, Florida Volunteer Bancshares, Inc., Jackson National Bank, St. Louis March 23, 1982 Jackson, Tennessee Jackson, Tennessee The Walnut Valley Corporation, The Walnut Valley State Bank, Kansas City February 26, 1982 El Dorado, Kansas El Dorado, Kansas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 261 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Washington Community Banc- Western Community Bank, N.A., San Francisco March 1, 1982 shares, Inc., Tacoma, Washington Tacoma, Washington West Carroll Bancshares, Inc. West Carroll National Bank of Dallas March 19, 1982 Oak Grove, Louisiana Oak Grove, Oak Grove, Louisiana Section 4 Nonbanking Reserve Effective Applicant company Bank date (or activity) Citizens National Corporation, Chandler Leasing, Inc., Kansas City March 5, 1982 Wisner, Nebraska Omaha, Nebraska Deutsche Bank AG, Fiat Credit Services, Inc., New York March 8, 1982 West Germany Bannockburn, Illinois Fiat Credit Corporation, Bannockburn, Illinois James Madison, Inc., A. E. Landvoigt, Inc., Richmond March 10, 1982 Washington, D.C. Fairfax, Virginia Met-State Corporation, Metropolitan State Industrial Bank, Kansas City March 5, 1982 Brighton, Colorado Commerce City, Colorado Sections 3 and 4 Nonbanking Reserve Effective Applicant Bank(s) company Bank date (or activity) First State Bank Hold- First State Bank, to engage in general in- Chicago March 26, 1982 ing Company, Lynnville, Iowa surance activities in a Lynnville, Iowa town with a population of less than 5,000 Lewellen National First National Bank of Kansas City March 5, 1982 Corp., Lewellen, Lewellen, Nebraska Lewellen, Nebraska C-J Insurance Agency, Lewellen, Nebraska Thurman State Corpo- Thurman State Bank, to engage in general in- Chicago March 11, 1982 ration, Thurman, Iowa surance activities in a Thurman, Iowa community with a population of less than 5,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 Federal Reserve Bulletin • April 1982 ORDERS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Reserve Effective Applicant Bank(s) Bank date The FTB Sixth Bank, The Farmers and Merchants Bank, Cleveland March 4, 1982 Fairborn, Ohio Fairborn, Ohio The Toledo Trust Company, The Peoples Bank, Cleveland February 24, 1982 Toledo, Ohio Carey, Ohio PENDING CASES INVOLVING THE BOARD OF GOVERNORS* *This list of pending cases does not include suits Public Interest Bounty Hunters v. Board of Goveragainst the Federal Reserve Banks in which the Board nors, et al., filed June 1981, U.S.D.C. for the of Governors is not named a party. Northern District of Georgia. Edwin F. Gordon v. John Heimann, et al., filed May Charles G. Vick v. Paul A. Volcker, et al., filed March 1981, U.S.C.A. for the Fifth Circuit. 1982, U.S.D.C. for the District of Columbia. Wilshire Oil Company of Texas v. Board of Gover- Jolene Gustafson v. Board of Governors, filed March nors, et al., filed April 1981, U.S.C.A. for the Third 1982, U.S.C.A. for the Fifth Circuit. Circuit. Darnell Hillard v. Esmond Langley, filed February People of the State of Arkansas v. Board of Gover- 1982, Superior Court of the District of Columbia. nors, et al., filed March 1981, U.S.C.A. for the C. A. Cavendes, Sociedad Financiera v. Board of Western District of Arkansas. Governors, filed January 1982, U.S.C.A. for the First Bank & Trust Company v. Board of Governors, District of Columbia. filed February 1981, U.S.D.C. for the Eastern Dis- First Lakefield BanCorporation v. Board of Gover- trict of Kentucky. nors, et al., filed January 1982, U.S.D.C. for the 9 to 5 Organization for Women Office Workers v. District of Minnesota. Board of Governors, filed December 1980, Christian Educational Association, Inc. v. Federal U.S.D.C. for the District of Massachusetts. Reserve System, filed January 1982, U.S.D.C. for Securities Industry Association v. Board of Goverthe Middle District of Florida. nors, et al., filed October 1980, U.S.D.C. for the Option Advisory Service, Inc. v. Board of Governors, District of Columbia. filed December 1981, U.S.C.A. for the Second Securities Industry Association v. Board of Gover- Circuit. nors, et al., filed October 1980, U.S.C.A. for the Edwin F. Gordon v. Board of Governors, et al., filed District of Columbia. October 1981, U.S.C.A. for the Eleventh Circuit A. G. Becker, Inc. v. Board of Governors, et al., filed (two consolidated cases). October 1980, U.S.D.C. for the District of Colum- Wendall Hall v. Board of Governors, et al., filed bia. September 1981, U.S.D.C. for the Northern District A. G. Becker, Inc. v. Board of Governors, et al., filed of Georgia. October 1980, U.S.C.A. for the District of Colum- Allen Wolf son v. Board of Governors, filed September bia. 1981, U.S.D.C. for the Middle District of Florida. A. G. Becker, Inc. v. Board of Governors, et al., filed Option Advisory Service, Inc. v. Board of Governors, August 1980, U.S.D.C. for the District of Columbia. filed September 1981, U.S.C.A. for the Second Berkovitz, et al. v. Government of Iran, et al., filed Circuit (two cases). June 1980, U.S.D.C. for the Northern District of Bank Stationers Association, Inc., et al. v. Board of California. Governors, filed July 1981, U.S.D.C. for the North- Darnell Hilliard v. G. William Miller, et al., filed ern District of Georgia. September 1976, U.S.C.A. for the District of Columbia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

263 Membership of the Board of Governors of the Federal Reserve System, 1913-82 APPOINTIVE MEMBERS' Federal Reserve Date of initial Other dates and information relating Name District oath of office to membership2 Charles S. Hamlin Boston Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936.3 Paul M. Warburg ... New York do Term expired Aug. 9, 1918. Frederic A. Delano Chicago do Resigned July 21, 1918. W. P. G. Harding .. Atlanta do Term expired Aug. 9, 1922. Adolph C. Miller ... San Francisco do Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.3 Albert Strauss New York .. Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah ....Chicago Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Piatt New York .. June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C.Wills Cleveland .. Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland .. May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis ... May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936.3 Edward H. Cunningham . Chicago do Died Nov. 28, 1930. Roy A. Young Minneapolis Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York .. Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee Kansas City May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas Kansas City .. do Served until Feb. 10, 1936.3 Marriner S. Eccles San Francisco Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick New York .. Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee Cleveland .. do Served until Apr. 4, 1946.3 Ronald Ransom Atlanta do Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison Dallas Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis Richmond .. June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper New York .. Mar. 30, 1938 Served until Sept. 1, 1950.3 Rudolph M. Evans Richmond .. Mar. 14, 1942 Served until Aug. 13, 1954.3 James K. Vardaman, Jr. .St. Louis ... Apr. 4, 1946 Resigned Nov. 30, 1958. Lawrence Clayton Boston Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe Philadelphia Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton Atlanta Sept. 1, 1950 Resigned Jan. 31, 1952. Oliver S. Powell Minneapolis do Resigned June 30, 1952. Wm. McC. Martin, Jr New York .. Apr. 2, 1951 Reappointed in 1956. Term expired Jan. 31, 1970. A. L. Mills, Jr San Francisco Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965. J. L. Robertson Kansas City .. do Reappointed in 1964. Resigned Apr. 30, 1973. C. Canby Balderston Philadelphia .. Aug. 12, 1954 Served through Feb. 28, 1966. Paul E. Miller Minneapolis .. Aug. 13, 1954 Died Oct. 21, 1954. Chas. N. Shepardson Dallas Mar. 17, 1955 Retired Apr. 30, 1967. G. H. King, Jr Atlanta Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell Chicago Aug. 31, 1961 Reappointed in 1962. Served until Feb. 13, 1976.3 For notes, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 Federal Reserve Bulletin • April 1982 Federal Reserve Date of initial Other dates and information relating Name District oath of office to membership2 J. Dewey Daane Richmond Nov. 29, 1963 Served until Mar. 8, 1974.3 Sherman J. Maisel .. San Francisco Apr. 30, 1965 Served through May 31, 1972. Andrew F. Brimmer Philadelphia Mar. 9, 1966 Resigned Aug. 31, 1974. William W. Sherrill . Dallas May 1, 1967 Reappointed in 1968. Resigned Nov. 15, 1971. Arthur F. Burns New York Jan. 31, 1970 Term began Feb. 1, 1970. Resigned Mar. 31, 1978. John E. Sheehan St. Louis Jan. 4, 1972 Resigned June 1, 1975. Jeffrey M. Bucher .... San Francisco June 5, 1972 Resigned Jan. 2, 1976. Robert C. Holland ... Kansas City June 11, 1973 Resigned May 15, 1976. Henry C. Wallich .... Boston Mar. 8, 1974 Philip E. Cold well ... Dallas Oct. 29, 1974 Served through Feb. 29, 1980. Philip C. Jackson, Jr. Atlanta July 14, 1975 Resigned Nov. 17, 1978. J. Charles Partee Richmond Jan. 5, 1976 Stephen S. Gardner . Philadelphia Feb. 13, 1976 Died Nov. 19, 1978. David M. Lilly Minneapolis June 1, 1976 Resigned Feb. 24, 1978. G. William Miller .... San Francisco Mar. 8, 1978 Resigned Aug. 6, 1979. Nancy H. Teeters .... Chicago Sept. 18, 1978 Emmett J. Rice New York June 20, 1979 Frederick H. Schultz Atlanta July 27, 1979 Served through Feb. 11, 1982. Paul A. Volcker Philadelphia Aug. 6, 1979 Lyle E. Gramley Kansas City May 28, 1980 Preston Martin .San Francisco Mar. 31, 1982 Chairmen4 Vice Chairmen4 Charles S. Hamlin .... Aug. 10, 1914-Aug. 9, 1916 Frederic A. Delano Aug. 10, 1914-Aug. 9, 1916 W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922 Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918 Daniel R. Crissinger .. May 1, 1923-Sept. 15, 1927 Albert Strauss Oct. 26, 1918-Mar. 15, 1920 Roy A. Young Oct. 4, 1927-Aug. 31, 1930 Edmund Piatt July 23, 1920-Sept. 14, 1930 Eugene Meyer Sept. 16, 1930-May 10, 1933 J. J. Thomas Aug. 21, 1934-Feb. 10, 1936 Eugene R. Black May 19, 1933-Aug. 15, 1934 Ronald Ransom Aug. 6, 1936-Dec. 2, 1947 Marriner S. Eccles .... Nov. 15, 1934-Jan. 31, 1948 C. Canby Balderston ....Mar. 11, 1955-Feb. 28, 1966 Thomas B. McCabe .. Apr. 15, 1948-Mar. 31, 1951 J. L. Robertson Mar. 1, 1966-Apr. 30, 1973 Wm. McC. Martin, Jr. Apr. 2, 1951-Jan. 31, 1970 George W. Mitchell May 1, 1973-Feb. 13, 1976 Arthur F. Burns Feb. 1, 1970-Jan. 31, 1978 Stephen S. Gardner Feb. 13, 1976-Nov. 19, 1978 G. William Miller Mar. 8, 1978-Aug. 6, 1979 Frederick H. Schultz ....July 27, 1979-Feb. 11, 1982 Paul A. Volcker Aug. 6, 1979- Preston Martin Mar. 31, 1982- EX-OFFICIO MEMBERS^ Secretaries of the Treasury Comptrollers of the Currency W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918 John Skelton Williams ..Feb. 2, 1914-Mar. 2, 1921 Carter Glass Dec. 16, 1918-Feb. 1, 1920 Daniel R. Crissinger Mar. 17, 1921-Apr. 30, 1923 David F. Houston Feb. 2, 1920-Mar. 3, 1921 Henry M. Dawes May 1, 1923-Dec. 17, 1924 Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932 Joseph W. Mcintosh ....Dec. 20, 1924-Nov. 20, 1928 Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933 J. W. Pole Nov. 21, 1928-Sept. 20, 1932 William H. Woodin Mar. 4, 1933-Dec. 31, 1933 J. F. T. O'Connor May 11, 1933-Feb. 1, 1936 Henry Morgenthau, Jr. .Jan 1, 1934-Feb. 1, 1936 1. Under the provisions of the original Federal Reserve Act the Treasury and the Comptroller of the Currency should continue to Federal Reserve Board was composed of seven members, including serve as members until Feb. 1, 1936; that the appointive members in five appointive members, the Secretary of the Treasury, who was ex- the office on the date of that act should continue to serve until Feb. 1, officio chairman of the Board, and the Comptroller of the Currency. 1936, or until their successors were appointed and had qualified; and The original term of office was ten years, and the five original that thereafter the terms of members should be 14 years and that the appointive members had terms of two, four, six, eight, and ten years designation of Chairman and Vice Chairman of the Board should be respectively. In 1922 the number of appointive members was in- for a term of four years. creased to six, and in 1933 the term of office was increased to 12 years. 2. Date after words "Resigned" and "Retired" denotes final day of The Banking Act of 1935, approved Aug. 23, 1935, changed the name service. of the Federal Reserve Board to the Board of Governors of the 3. Successor took office on this date. Federal Reserve System and provided that the Board should be 4. Chairman and Vice Chairman were designated Governor and composed of seven appointive members; that the Secretary of the Vice Governor before Aug. 23, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

265 Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal each group elects one Class A and one Class B Reserve Banks and Branches as presently constituted. director. Class C directors are selected to represent The list shows, in addition to the name of each the public with due but not exclusive consideration to director, the principal business affiliation, the class of the interests of agriculture, commerce, industry, serdirectorship, and the date when the term expires. Each vices, labor, and consumers, and may not be officers, Federal Reserve Bank has nine directors: three Class directors, employees, or stockholders of any bank. A and three Class B directors, who are elected by the One Class C director is designated by the Board of stockholding member banks, and three Class C direc- Governors as Chairman of the board of directors and tors, who are appointed by the Board of Governors of Federal Reserve Agent and another is appointed Depthe Federal Reserve System. All Federal Reserve uty Chairman. Bank directors are chosen without discrimination on Federal Reserve Branches have either five or seven the basis of race, creed, color, sex, or national origin. directors, of whom a majority are appointed by the Class A directors are representative of the stockhold- board of directors of the parent Federal Reserve Bank ; ing member banks. Class B directors represent the the others are appointed by the Board of Governors of public and are elected with due but not exclusive the Federal Reserve System. One of the directors consideration to the interests of agriculture, com- appointed by the Board of Governors at each Branch merce, industry, services, labor, and consumers, and is designated annually as Chairman of the board of that may not be officers, directors, or employees of any Branch in such a manner as the Federal Reserve Bank bank. may prescribe. For the purpose of electing Class A and Class B In this list of the directorates, a name followed by directors, the member banks of each Federal Reserve footnote reference 1 (') is a Chairman of the Bank's District are classified by the Board of Governors of the board, that by footnote reference 2 (2) is a Deputy Federal Reserve System into three groups, each of Chairman, and that by footnote reference 3 (3) indiwhich consists of banks of similar capitalization, and cates a new appointment. DISTRICT 1—BOSTON Term expires Class A Dec. 31 H. Alan Timm President, Bank of Maine, N.A., Augusta, Maine 1982 Henry S. Woodbridge, Jr. Chairman of the Board and Chief Executive Officer, Rhode Island 1983 Hospital Trust National Bank, Providence, R.I. James Stokes Hatch3 President and Chief Executive Officer, The Canaan National Bank, 1984 Canaan, Conn. Class B Carol R. Goldberg Senior Vice President, The Stop & Shop Companies, Inc., Boston, 1982 Mass. Joseph A. Baute Chairman and Chief Executive Officer, Markem Corporation, 1983 Keene, N.H. George N. Hatsopoulos3 Chairman of the Board and President, Thermo Electron 1984 Corporation, Waltham, Mass. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 Federal Reserve Bulletin • April 1982 Term expires Class C Dec. 31 Thomas I. Atkins2 General Counsel, National Association for the Advancement of 1982 Colored People, New York, N.Y. Michael J. Harrington Harrington, Keefe, and Schork, Inc., Lynnfield, Mass. 1983 Robert P. Henderson' Chairman and Chief Executive Officer, Itek Corporation, 1984 Lexington, Mass. DISTRICT 2—NEW YORK Class A Gordon T. Wallis Chairman of the Board, Irving Trust Company, New York, N.Y. 1982 Peter D. Kiernan Chairman and President, Norstar Bancorp Inc., Albany, N.Y. 1983 Robert A. Rough3 President, The National Bank of Sussex County, Branchville, N.J. 1984 Class B William S. Cook President, Union Pacific Corporation, New York, N.Y. 1982 John R. Opel President and Chief Executive Officer, International Business 1983 Machines Corporation, Armonk, N.Y. Edward L. Hennessy, Jr.3 Chairman of the Board, Allied Corporation, Morristown, N.J. 1984 Class C Boris Yavitz2 Dean, Graduate School of Business, Columbia University, New 1982 York, N.Y. Robert H. Knight1 Senior Partner, Shearman and Sterling, Attorneys, New York, N.Y. 1983 Gertrude G. Michelson Senior Vice President, R. H. Macy & Company, Inc., New York, 1984 N.Y. —BUFFALO BRANCH Appointed by Federal Reserve Bank M. Jane Dickman Partner, Touche Ross & Co., Buffalo, N.Y. 1982 Arthur M. Richardson President and Chief Executive Officer, Security Trust Company, 1982 Rochester, N.Y. Carl F. Ulmer President, The Evans National Bank of Angola, Angola, N.Y. 1983 Edward W. Duffy3 Chairman of the Board and Chief Executive Officer, Marine 1984 Midland Bank, N.A., Buffalo, N.Y. Appointed by Board of Governors Frederick D. Berkeley, IIP Chairman of the Board and President, Graham Manufacturing 1982 Company, Inc., Batavia, N.Y. John R. Burwell President, Rollins Container Corporation, Rochester, N.Y. 1983 George L. Wessel President, Buffalo AFL/CIO Council, Buffalo, N.Y. 1984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches 267 Term DISTRICT 3—PHILADELPHIA expires Dec. 31 Class A Donald J. Seebold President, The First National Bank of Danville, Danville, Pa. 1982 Roger S. Hillas Chairman and President, Provident National Bank, Philadelphia, 1983 Pa. Douglas Eugene Johnson3 Chairman and President, Ocean County National Bank, 1984 Point Pleasant, N.J. Class B Eberhard Faber, IV Chairman of the Board and Chief Executive Officer, Eberhard 1982 Faber, Inc., Wilkes-Barre, Pa. Harry A. Jensen President and Chief Executive Officer, Armstrong World Industries, 1983 Inc., Lancaster, Pa. Richard P. Hauser Chairman and Chief Executive Officer, John Wanamaker, 1984 Philadelphia, Pa. Class C Jean A. Crockett1 Chairman, Professor of Finance, Department of Finance, Wharton 1982 School, University of Pennsylvania, Philadelphia, Pa. Robert M. Landis2 Partner, Dechert Price & Rhoads, Philadelphia, Pa. 1983 George E. Bartol, III3 Chairman of the Board, Hunt Manufacturing Company, 1984 Philadelphia, Pa. DISTRICT 4—CLEVELAND Class A John W. Alford Chairman of the Board and Chief Executive Officer, The Park 1982 National Bank, Newark, Ohio J. David Barnes Chairman of the Board, Mellon Bank, N.A., Pittsburgh, Pa. 1983 Raymond D. Campbell3 Director, The Oberlin Savings Bank Co., Oberlin, Ohio 1984 Class B John W. Kessler President, John W. Kessler Company, Columbus, Ohio 1982 E. Mandell de Windt Chairman of the Board, Eaton Corporation, Cleveland, Ohio 1983 Richard D. Hannan3 Chairman of the Board and President, Mercury Instruments, Inc., 1984 Cincinnati, Ohio Class C W.H. Knoell2 President and Chief Executive Officer, Cyclops Corporation, 1983 Pittsburgh, Pa. John D. Anderson Senior Partner, The Andersons, Maumee, Ohio 1982 J.L. Jackson1 Executive Vice President and President, Coal Unit, Diamond 1984 Shamrock Corporation, Lexington, Ky. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 Federal Reserve Bulletin • April 1982 Term expires —CINCINNATI BRANCH Dec. 31 Appointed by Federal Reserve Bank Oliver W. Birckhead Chairman of the Board and Chief Executive Officer, The Central 1982 Trust Company, N.A., Cincinnati, Ohio O.T. Dorton President, Citizens National Bank, Paintsville, Ky. 1983 Richard Fitton3 President and Chief Executive Officer, First National Bank of 1984 Southwestern Ohio, Hamilton, Ohio Sherrill Cleland President, Marietta College, Marietta, Ohio 1984 Appointed by Board of Governors Sister Grace Marie Hiltz President, Sisters of Charity Health Care Systems, Inc., Cincinnati, 1982 Ohio Clifford R. Meyer1 President and Chief Operating Officer, Cincinnati Milacron Inc., 1983 Cincinnati, Ohio Don Ross3 Owner, Dunreath Farm, Lexington, Ky. 1984 —PITTSBURGH BRANCH Appointed by Federal Reserve Bank William D. McKain President, Wheeling National Bank, Wheeling, W. Va. 1982 Ernest L. Lake President, The National Bank of North East, North East, Pa. 1983 Robert C. Milsom3 President, Pittsburgh National Bank, Pittsburgh, Pa. 1984 James S. Pasman, Jr.3 Executive Vice President of Finance, Aluminum Company of 1984 America, Pittsburgh, Pa. Appointed by Board of Governors Robert S. Kaplan Dean, Graduate School of Industrial Administration, Carnegie- 1982 Mellon University, Pittsburgh, Pa. Milton G. Hulme, Jr.1 President and Chief Executive Officer, Mine Safety Appliances 1983 Company, Pittsburgh, Pa. Quentin C. McKenna3 President and Chief Executive Officer, Kennametal Inc., Latrobe, 1984 Pa. DISTRICT 5—RICHMOND Class A William M. Dickson President & Senior Trust Officer, The First National Bank in 1982 Ronceverte, Ronceverte, W. Va. J. Banks Scarborough Chairman and President, Pee Dee State Bank, Timmonsville, S.C. 1983 Joseph A. Jennings3 Chairman and Chief Executive Officer, United Virginia Bankshares 1984 Inc. and United Virginia Bank, Richmond, Va. Class B James A. Chapman, Jr. Chairman of the Board and Chief Executive Officer, Inman Mills, 1982 Inman, S.C. Leon A. Dunn, Jr. Chairman, President, and Chief Executive Officer, Guardian 1983 Corporation and Subsidiaries, Rocky Mount, N.C. Paul G. Miller3 Chairman of the Board and Chief Executive Officer, Commercial 1984 Credit Company, Baltimore, Md. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches 269 Term expires Class C Dec. 31 Paul E. Reichardt2 Chairman of the Board and Chief Executive Officer, Washington 1982 Gas Light Company, Washington, D.C. Steven Muller1 President, The Johns Hopkins University, Baltimore, Md. 1983 William S. Lee, IIP President and Chief Operating Officer, Duke Power Company, 1984 Charlotte, N.C. —BALTIMORE BRANCH Appointed by Federal Reserve Bank Hugh D. Shires Senior Vice President, First National Bank of Maryland, 1982 Cumberland, Md. A.R. Reppert President, The Union National Bank of Clarksburg, Clarksburg, 1982 W. Va. Joseph M. Gough, Jr. President, The First National Bank of St. Mary's, Leonardtown, 1983 Md. Pearl C. Brackett Deputy Manager, Baltimore Regional Chapter of American Red 1984 Cross, Baltimore, Md. Appointed by Board of Governors Edward H. Covell1 Vice President for Governmental and Industry Affairs, Country 1982 Pride Foods Limited, Easton, Md. Robert L. Tate Chairman, Tate Industries, Baltimore, Md. 1983 Thomas H. Maddux3 Executive Vice President and Chief Operating Officer, Easco 1984 Corporation, Baltimore, Md. —CHARLOTTE BRANCH Appointed by Federal Reserve Bank W.B. Apple, Jr. President, First National Bank of Reidsville, Reidsville, N.C. 1982 Marvin D. Trapp3 President and Chief Executive Officer, The National Bank of South 1982 Carolina, Sumter, S.C. Nicholas W. Mitchell Chairman of the Board, Piedmont Federal Savings and Loan 1983 Association, Winston-Salem, N.C. Hugh M. Chapman Chairman of the Board, The Citizens & Southern National Bank of 1984 South Carolina, Columbia, S.C. Appointed by Board of Governors Naomi G. Albanese1 Dean, School of Home Economics, University of North Carolina at 1982 Greensboro, Greensboro, N.C. Wallace J. Jorgenson3 President, Jefferson-Pilot Broadcasting Co., Charlotte, N.C. 1983 Henry Ponder President, Benedict College, Columbia, S.C. 1984 DISTRICT 6—ATLANTA Class A Dan B. Andrews President, First National Bank, Dickson, Tenn. 1982 Hugh M. Willson President, Citizens National Bank, Athens, Tenn. 1983 Guy W. Botts Chairman of the Board, Barnett Banks of Florida, Inc. 1984 Jacksonville, Fla. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 Federal Reserve Bulletin • April 1982 Term expires Class B Dec. 31 Jean McArthur Davis President, McArthur Dairy, Inc., Miami, Fla. 1982 Harold B. Blach, Jr. President, Blach's Inc., Birmingham, Ala. 1983 Horatio C. Thompson President, Horatio Thompson Investment, Inc., Baton Rouge, La. 1984 Class C John H. Weitnauer, Jr.2 Chairman and Chief Executive Officer, Richway, Atlanta, Ga. 1982 William A. Fickling, Jr.1 Chairman and Chief Executive, Charter Medical Corporation, 1983 Macon, Ga. Jane C. Cousins3 President and Chief Executive Officer, Merrill Lynch Realty/ 1984 Cousins, Miami, Fla. —BIRMINGHAM BRANCH Appointed by Federal Reserve Bank C. Gordon Jones President and Chief Executive Officer, First National Bank of 1982 Decatur, Decatur, Ala. Martha A. Mclnnis Executive Vice President, Alabama Environmental Quality 1982 Association, Montgomery, Ala. Henry A. Leslie President and Chief Executive Officer, Union Bank and Trust 1983 Company, Montgomery, Ala. William M. Schroeder3 Chairman and President, Central State Bank, Calera, Ala. 1984 Appointed by Board of Governors William H. Martin, III1 President and Chief Executive Officer, Martin Industries, Inc., 1982 Florence, Ala. Samuel R. Hill, Jr. President, University of Alabama in Birmingham, Birmingham, Ala. 1983 Louis J. Willie Executive Vice President, Booker T. Washington Insurance Co., 1984 Birmingham, Ala. —JACKSONVILLE BRANCH Appointed by Federal Reserve Bank Whitfield M. Palmer, Jr. Chairman, Mid-Florida Mining Company, Ocala, Fla. 1982 Billy J. Walker President, Atlantic Bancorporation, Jacksonville, Fla. 1982 Gordon W. Campbell President and Chief Executive Officer, Exchange Bancorporation, 1983 Inc., Tampa, Fla. Lewis A. Doman3 President, The Citizens and Peoples National Bank, Pensacola, Fla. 1984 Appointed by Board of Governors Copeland D. Newbern1 Chairman of the Board, Newbern Groves, Inc., Tampa, Fla. 1982 Joan W. Stein Partner, Regency Square Properties, Inc., Jacksonville, Fla. 1983 Jerome P. Keuper President, Florida Institute of Technology, Melbourne, Fla. 1984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches 271 Term expires —MIAMI BRANCH Dec. 31 Appointed by Federal Reserve Bank M.G. Sanchez President and Chief Executive Officer, First Bankers Corporation of 1982 Florida, Pompano Beach, Fla. Daniel S. Goodrum President and Chief Executive Officer, Century Banks, Inc., Ft. 1983 Lauderdale, Fla. Sue McCourt Cobb3 Attorney, Greenberg, Traurig, Askew Hoffman, Lipoff, Quentel and 1984 Wolff, P.A., Miami, Fla. Stephen G. Zahorian3 President, Barnett Bank of Fort Myers, N.A., Fort Myers, Fla. 1984 Appointed by Board of Governors Vacancy 1982 Eugene E. Cohen Chief Financial Officer and Treasurer, Howard Hughes Medical 1983 Institute, Coconut Grove, Fla. Roy Vandegrift, Jr. President, Roy Van, Inc., Pahokee, Fla. 1984 —NASHVILLE BRANCH Appointed by Federal Reserve Bank Charles J. Kane Chairman and Chief Executive Officer, Third National Bank in 1982 Nashville, Nashville, Tenn. John R. King President, The Mason and Dixon Lines, Inc., Kingsport, Tenn. 1982 James F. Smith, Jr. Chairman and Chief Executive Officer, Park National Bank, 1983 Knoxville, Tenn. Michael T. Christian3 President and Chief Executive Officer, First National Bank of 1984 Greeneville, Greeneville, Tenn. Appointed by Board of Governors Cecelia Adkins1 Executive Director, Sunday School Publishing Board, Nashville, 1982 Tenn. Robert C.H. Mathews, Jr. Managing General Partner, R.C. Mathews, Contractor, Nashville, 1983 Tenn. C. Warren Neel3 Dean, College of Business Administration, The University of 1984 Tennessee, Knoxville, Tenn. —NEW ORLEANS BRANCH Appointed by Federal Reserve Bank Patrick A. Delaney Chairman and President, Whitney National Bank of New Orleans, 1982 New Orleans, La. Ben M. Radcliff President, Ben M. Radcliff Contractor, Inc., Mobile, Ala. 1982 Paul W. McMullan Chairman and Chief Executive Officer, First Mississippi National 1983 Bank, Hattiesburg, Miss. Jerry W. Brents3 President and Chief Executive Officer, First National Bank, 1984 Lafayette, La. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 Federal Reserve Bulletin • April 1982 Term expires Appointed by Board of Governors Dec. 31 Sharon A. Perlis3 Attorney, Metairie, La. 1982 Leslie B. Lampton1 President, Ergon, Inc., Jackson, Miss. 1983 Roosevelt Steptoe3 Chancellor, Southern University, Baton Rouge, La. 1984 DISTRICT 7—CHICAGO Class A Patrick E. McNarny President, First National Bank of Logansport, Logansport, Ind. 1982 O.J. Tomson President, The Citizens National Bank of Charles City, 1983 Charles City, Iowa Roger E. Anderson Chairman of the Board, Continental Illinois National Bank and 1984 Trust Company of Chicago, Chicago, 111. Class B Mary Garst Manager of Cattle Division, Garst Company, Coon Rapids, Iowa 1982 Leon T. Kendall Chairman of the Board and Chief Executive Officer, Mortgage 1983 Guaranty Insurance Corp., Milwaukee, Wis. Dennis W. Hunt President, Hunt Truck Lines, Inc., Rockwell City, Iowa 1984 Class C Stanton R. Cook2 President, Tribune Company, Chicago, 111. 1982 John Sagan1 Vice President-Treasurer, Ford Motor Company, 1983 Dearborn, Mich. Edward F. Brabec Business Manager, Chicago Journeymen Plumbers, Chicago, 111. 1984 —DETROIT BRANCH Appointed by Federal Reserve Bank Dean E. Richardson Chairman, Manufacturers National Bank of Detroit, Detroit, Mich. 1982 Lawrence A. Johns President, Isabella Bank and Trust, Mount Pleasant, Mich. 1983 James H. Duncan Chairman and Chief Executive Officer, First American Bank 1984 Corporation, Kalamazoo, Mich. Thomas R. Ricketts Chairman and President, Standard Federal Savings and Loan 1984 Association, Troy, Mich. Appointed by Board of Governors Russell G. Mawby1 President and Trustee, W. K. Kellogg Foundation, Battle Creek, 1982 Mich. Karl D. Gregory Professor; Management and Economic Consultant, School of 1983 Economics and Management, Oakland University, Rochester, Mich. Robert E. Brewer3 Executive Vice President Finance, K Mart Corporation, 1984 Troy, Mich. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches 273 Term expires DISTRICT 8—ST. LOUIS Dec. 31 Class A Donald L. Hunt President, First National Bank of Marissa, Marissa, 111. 1982 Clarence. C. Barksdale Chairman and Chief Executive Officer, Centerre Bank National 1983 Association, St. Louis, Mo. George M. Ryrie President, First National Bank & Trust Co., Alton, 111. 1984 Class B Mary P. Holt President, Clothes Horse, Little Rock, Ark. 1982 Frank A. Jones, Jr. President, Dietz Forge Company, Memphis, Tenn. 1983 Jesse M. Shaver3 Consultant, Allis-Chalmers Corporation, Louisville, Ky. 1984 Class C Armand C. Stalnaker1 Chairman of the Board, General American Life Insurance Co., St. 1982 Louis, Mo. William H. Stroube Associate Dean, Department of Agriculture, Western Kentucky 1983 University, Bowling Green, Ky. W.L. Hadley Griffin2-3 Chairman of the Board and Chief Executive Officer, Brown Group, 1984 Inc., St. Louis, Mo. —LITTLE ROCK BRANCH Appointed by Federal Reserve Bank William H. Bowen Chairman and Chief Executive Officer, The Commercial National 1982 Bank of Little Rock, Little Rock, Ark. William H. Kennedy, Jr. Chairman of the Board, National Bank of Commerce of Pine Bluff, 1983 Pine Bluff, Ark. Gordon E. Parker Chairman of the Board and President, The First National Bank of 1984 El Dorado, El Dorado, Ark. Shirley J. Pine Department of Communicative Disorders, University of Arkansas at 1984 Little Rock, Little Rock, Ark. Appointed by Board of Governors E. Ray Kemp, Jr.1 Vice Chairman of the Board and Chief Administrative Officer, 1982 Dillard Department Stores, Inc., Little Rock, Ark. Richard V. Warner Group Vice President, Wood Products Group, Potlatch 1983 Corporation, Warren, Ark. Sheffield Nelson3 Chairman of the Board, President and Chief Executive Officer, 1984 Arkla, Inc., Little Rock, Ark. —LOUISVILLE BRANCH Appointed by Federal Reserve Bank Howard Brenner Vice Chairman of the Board, Tell City National Bank, Tell City, 1982 Ind. Frank B. Hower, Jr. Chairman and Chief Executive Officer, Liberty National Bank and 1983 Trust Company, Louisville, Ky. R.I. Kerr, Jr.3 President and Managing Officer, Greater Louisville First Federal 1984 Savings and Loan Association, Louisville, Ky. John E. Darnell, Jr.3 Chairman of the Board, President, and Chief Executive Officer, 1984 The Owensboro National Bank, Owensboro, Ky. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 Federal Reserve Bulletin • April 1982 Term expires Appointed by Board of Governors Dec. 31 James F. Thompson1 Professor of Economics, Murray State University, Murray, Ky. 1982 William C. Ballard, Jr.3 Executive Vice President-Finance and Administration, Humana, 1983 Inc., Louisville, Ky. Sister Eileen M. Egan President, Spalding College, Louisville, Ky. 1984 —MEMPHIS BRANCH Appointed by Federal Reserve Bank Earl L. McCarroll President, The Farmers Bank & Trust Co., Blytheville, Ark. 1982 Wayne W. Pyeatt President, Memphis Fire Insurance Company, Memphis, Tenn. 1983 Edgar H. Bailey3 Chairman and President, Leader Federal Savings and Loan 1984 Association, Memphis, Tenn. William M. Matthews, Jr.3 Chairman of the Board and Chief Executive Officer, Union Planters 1984 National Bank of Memphis, Memphis, Tenn. Appointed by Board of Governors Patricia W. Shaw Executive Vice President, Universal Life Insurance Company, 1982 Memphis, Tenn. Donald B. Weis1 President, Tamak Transportation Corp., West Memphis, Ark. 1983 G. Rives Neblett3 Attorney, Neblett, Bobo & Chapman, Shelby, Miss. 1984 DISTRICT 9—MINNEAPOLIS Class A Henry N. Ness Senior Vice President, The Fargo National Bank, Fargo, N.D. 1982 Vera A. Marquardt President, Commercial National Bank of L'Anse, L'Anse, Mich. 1983 Dale W. Fern3 President and Chairman of the Board, The First National Bank of 1984 Baldwin, Wisconsin, Baldwin, Wis. Class B Joe F. Kirby Chairman, Western Surety Company, Sioux Falls, S.D. 1982 Harold F. Zigmund President and Chief Executive Officer, Blandin Paper Company, 1983 Grand Rapids, Minn. William L. Mathers3 President, Mathers Land Co., Inc., Miles City, Mont. 1984 Class C Sister Generose Gervais Administrator, St. Mary's Hospital, Rochester, Minn. 1982 William G. Phillips1 Chairman and Chief Executive Officer, International Multifoods, 1984 Minneapolis, Minn. John B. Davis, Jr.2 3 President, Macalester College, St. Paul, Minn. 1984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches 275 Term expires —HELENA BRANCH Dec. 31 Appointed by Federal Reserve Bank Jase O. Norsworthy President, The N.R.G. Company, Billings, Mont. 1982 Harry W. Newlon President, First National Bank, Bozeman, Mont. 1982 Roger H. Ulrich President, The First State Bank of Malta, Malta, Mont. 1983 Appointed by Board of Governors Ernest B. Corrick1 Vice President and General Manager, Champion International 1982 Corporation, Timberlands—Rocky Mountain Operation, Missoula, Mont. Gene J. Etchart3 Past President, Hinsdale Livestock Co., Glasgow, Mont. 1983 DISTRICT 10—KANSAS CITY Class A Howard K. Loomis President, The Peoples Bank, Pratt, Kans. 1982 Wayne D. Angell President, Council Grove National Bank, Council Grove, Kans. 1983 John D. Woods Chairman and Chief Executive Officer, The Omaha National Bank, 1984 Omaha, Nebr. Class B Charles C. Gates President and Chairman of the Board, Gates Rubber Company, 1982 Denver, Colo. James G. Harlow, Jr. President and Chief Executive Officer, Oklahoma Gas and Electric 1983 Co., Oklahoma City, Okla. Duane Acker3 President, Kansas State University, Manhattan, Kans. 1984 Class C Paul H. Henson1 Chairman, United Telecommunications, Inc., Kansas City, Mo. 1982 John F. Anderson President and Chief Executive Officer, Farmland Industries, Inc., 1983 Kansas City, Mo. Doris M. Drury2 Professor of Economics; Director of Public Affairs Program, 1984 University of Denver, Denver, Colo. —DENVER BRANCH Appointed by Federal Reserve Bank Delano E. Scott President and Chairman, The Routt County National Bank of 1982 Steamboat Springs, Steamboat Springs, Colo. George S. Jenks Chairman and Chief Executive Officer, Albuquerque National 1982 Bank, Albuquerque, N. Mex. Kenneth C. Naramore President, Stockmen's Bank & Trust Company, Gillette, Wyo. 1983 Donald D. Hoffman3 Chairman, Central Bank of Denver, Denver, Colo. 1984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 Federal Reserve Bulletin • April 1982 Term expires Appointed by Board of Governors Dec. 31 Alvin F. Grospiron Denver, Colo. 1982 Caleb B. Hurtt1 President, Denver Aerospace; Vice President, Martin Marietta 1983 Corporation, Denver, Colo. James E. Nielson3 President and Chief Executive Officer, J.N. Inc., Cody, Wyo. 1984 —OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank Marcus R. Tower Vice Chairman of the Board, Chairman of the Credit Policy 1982 Committee, Bank of Oklahoma, Tulsa, Okla. W.L. Stephenson, Jr. Chairman and Chief Executive Officer, Central National Bank and 1982 Trust Company, Enid, Okla. William H. Crawford3 President and Chief Executive Officer, First National Bank and 1983 Trust Company, Frederick, Okla. Appointed by Board of Governors Samuel R. Noble Chairman of the Board, Noble Affiliates, Inc., Ardmore, Okla. 1982 Christine H. Anthony1 Oklahoma City, Okla. 1983 —OMAHA BRANCH Appointed by Federal Reserve Bank Donald J. Murphy Chairman and Chief Executive Officer, United States National 1982 Bank of Omaha, Omaha, Nebr. Joseph J. Huckfeldt President, Gering National Bank and Trust Company, Gering, 1983 Nebr. William W. Cook, Jr. President, Beatrice National Bank and Trust Company, Beatrice, 1983 Nebr. Appointed by Board of Governors Robert G. Lueder1 President, Lueder Construction Company, Omaha, Nebr. 1982 Gretchen S. Velde Chairman of the Board, Swanson Enterprises, Omaha, Nebr. 1983 DISTRICT 11—DALLAS Class A John P. Gilliam President and Chief Executive Officer, First National Bank in 1982 Valley Mills, Valley Mills, Tex. Miles D. Wilson Chairman of the Board & President, The First National Bank of 1983 Bellville, Bellville, Tex. Lewis H. Bond Chairman of the Board and Chief Executive Officer, Texas 1984 American Bancshares Inc., Ft. Worth, Tex. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches 277 Term expires Class B Dec. 31 Robert D. Rogers President, Texas Industries, Inc., Dallas, Tex. 1982 Kent Gilbreath Associate Dean, Hankamer School of Business, Baylor University, 1983 Waco, Tex. J. Wayland Bennett Charles C. Thompson Professor of Agricultural Finance and 1984 Associate Dean, College of Agricultural Sciences, Texas Tech University, Lubbock, Tex. Class C Margaret S. Wilson Chairman of the Board and Chief Executive Officer, Scarbroughs 1982 Stores, Austin, Tex. John V. James2 Chairman of the Board, Dresser Industries, Inc., Dallas, Tex. 1983 Gerald D. Hines1 Owner, Gerald D. Hines Interests, Houston, Tex. 1984 —EL PASO BRANCH Appointed by Federal Reserve Bank Stanley J. Jarmiolowski Chairman of the Board and President, First International Bank in 1982 El Paso, N.A., El Paso, Tex. Claude E. Leyendecker President, Mimbres Valley Bank, Deming, N. Mex. 1983 Ernest M. Schur Chairman of the Executive Committee, The First National Bank of 1984 Odessa, Odessa, Tex. Gerald W. Thomas3 President, New Mexico State University, Las Cruces, N. Mex. 1984 Appointed by Board of Governors A. J. Losee1 Shareholder, Losee, Carson, & Dickerson Professional Association, 1982 Artesia, N. Mex. Chester J. Kesey1 C. J. Kesey Enterprises, Pecos, Tex. 1983 Mary Carmen Saucedo3 Associate Superintendent, El Paso Independent School District, 1984 El Paso, Tex. —HOUSTON BRANCH Appointed by Federal Reserve Bank Will E. Wilson Chairman of the Board and Chief Executive Officer, First Security 1982 Bank of Beaumont, N.A., Beaumont, Tex. Raymond L. Britton Labor Arbitrator and Professor of Law, University of Houston, 1983 Houston, Tex. Ralph E. David President, First Freeport National Bank, Freeport, Tex. 1984 Thomas B. McDade3 Vice Chairman, Texas Commerce Bancshares, Inc., Houston, Tex. 1984 Appointed by Board of Governors Jerome L. Howard1 Chairman of the Board and Chief Executive Officer, Mortgage & 1982 Trust, Inc., Houston, Tex. Paul N. Howell1 Chairman of the Board and President, Howell Corporation, 1983 Houston, Tex. George V. Smith, Sr. President, Smith Pipe & Supply, Inc., Houston, Tex. 1984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 Federal Reserve Bulletin • April 1982 Term expires —SAN ANTONIO BRANCH Dec. 31 Appointed by Federal Reserve Bank George Brannies Chairman of the Board and President, The Mason National Bank, 1982 Mason, Tex. John H. Garner President and Chief Executive Officer, Corpus Christi National 1983 Bank, Corpus Christi, Tex. Charles E. Cheever, Jr. President, Broadway National Bank, San Antonio, Tex. 1984 Joe D. Barbee3 President and Chief Executive Officer, Barbee-Neuhaus Implement 1984 Company, Weslaco, Tex. Appointed by Board of Governors Pat Legan1 Owner, Legan Properties, San Antonio, Tex. 1982 Lawrence L. Crum1 Professor of Banking and Finance, The University of Texas at 1983 Austin, Austin, Tex. Carlos A. Zuniga Zuniga Freight Services, Inc., Laredo, Tex. 1984 DISTRICT 12—SAN FRANCISCO Class A Frederick G. Larkin, Jr. Chairman of the Executive Committee, Security Pacific National 1982 Bank, Los Angeles, Calif. Ole R. Mettler President and Chairman, Farmers & Merchants Bank of Central 1983 California, Lodi, Calif. Robert A. Young Chairman and President, Northwest National Bank, Vancouver, 1984 Wash. Class B Clair L. Peck, Jr. Chairman of the Board, C. L. Peck Contractor, Los Angeles, Calif. 1982 J.R. Vaughan Senior Member, Richards, Watson, Dreyfuss & Gershon, 1983 Los Angeles, Calif. George H. Weyerhauser3 President and CEO, Weyerhauser Company, Tacoma, Wash. 1984 Class C Caroline Leonetti Ahmanson1 Chairman of the Board, Caroline Leonetti, Ltd., Hollywood, Calif. 1982 Alan C. Furth2 President, Southern Pacific Company, San Francisco, Calif. 1984 Fred W. Andrew President and Chief Executive Officer, Superior Farming Company, 1983 Bakersfield, Calif. —Los ANGELES BRANCH Appointed by Federal Reserve Bank Bram Goldsmith Chairman of the Board, City National Bank, Beverly Hills, Calif. 1982 William L. Tooley3 Managing Partner, Tooley and Company Investment Builders, 1982 Los Angeles, Calif. James D. McMahon President, Santa Clarita National Bank, Valencia, Calif. 1983 Robert R. Dockson3 Chairman and Chief Executive Officer, California Federal Savings, 1984 Los Angeles, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches 279 Term expires Appointed by Board of Governors Dec. 31 Togo W. Tanaka President, Gramercy Enterprises, Los Angeles, Calif. 1982 Lola M. McAlpin-Grant Assistant Dean, Loyola Law School, Los Angeles, Calif. 1983 Bruce M. Schwaegler3 President, Bullock's-Bullocks Wilshire, Los Angeles, Calif. 1984 —PORTLAND BRANCH Appointed by Federal Reserve Bank Herman C. Bradley, Jr. President and Chief Executive Officer, Tri-County Banking 1982 Company, Junction City, Oreg. William S. Naito Vice President, Norcrest China Company, Portland, Oreg. 1983 Jack W. Gustavel President and Chief Executive Officer, The First National Bank of 1984 North Idaho, Coeur d'Alene, Idaho John A. Elorriaga3 Chairman of the Board and Chief Executive Officer, United States 1984 National Bank of Oregon, Portland, Oreg. Appointed by Board of Governors Phillip W. Schneider Former Northwest Regional Executive, National Wildlife 1982 Federation, Portland, Oreg. John C. Hampton1 Chairman and President, Willamina Lumber Company, Portland, 1983 Oreg. Carolyn S. Chambers3 Executive Vice President and Treasurer, Liberty Communications, 1984 Inc., Eugene, Oreg. —SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank Fred H. Stringham President, Valley Bank and Trust Company, South Salt Lake, Utah 1982 Albert C. Gianoli President and Chairman of the Board, First National Bank of Ely, 1983 Ely, Nev. Spencer F. Eccles Chairman, President, and Chief Executive Officer, First Security 1984 Corporation, Salt Lake City, Utah Lela M. Ence3 Executive Director, University of Utah Alumni Association, Salt 1984 Lake City, Utah Appointed by Board of Governors Robert A. Erkins Geothermal Agri/Aquaculturist, White Arrow Ranch, Bliss, Idaho 1982 J.L. Terteling President, The Terteling Company, Inc., Boise, Idaho 1983 Wendell J. Ashton1 Publisher, Deseret News, Salt Lake City, Utah 1984 —SEATTLE BRANCH Appointed by Federal Reserve Bank Donald L. Mellish Chairman of the Board, National Bank of Alaska, Anchorage, 1982 Alaska Lonnie G. Bailey Chief Executive Officer and Executive Vice President, Farmers & 1983 Merchants Bank of Rockford, Spokane, Wash. John N. Nordstrom3 Co-Chairman of the Board, Nordstrom Inc., Seattle, Wash. 1984 G. Robert Truex, Jr.3 Chairman, Ranier Bancorporation and Ranier N.B., Seattle, Wash. 1984 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 Federal Reserve Bulletin • April 1982 Term expires Appointed by Board of Governors Dec. 31 Merle D. Adlum President, Puget Sound District Council, Maritime Trades 1982 Department, AFL/CIO, Seattle, Wash. Virginia L. Parks Vice President for Finance and Treasurer, Seattle University, 1983 Seattle, Wash. John W. Ellis3 President and Chief Executive Officer, Puget Sound Power & Light 1984 Company, Bellevue, Wash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A1 Financial and Business Statistics CONTENTS WEEKLY REPORTING COMMERCIAL BANKS Assets and liabilities Domestic Financial Statistics A18 All reporting banks A19 Banks with assets of $1 billion or more A3 Monetary aggregates and interest rates A20 Banks in New York City A4 Reserves of depository institutions, reserve, A21 Balance sheet memoranda bank credit ALL Branches and agencies of foreign banks A5 Reserves and borrowings of depository A23 Commercial and industrial loans institutions A24 Gross demand deposits of individuals, A6 Federal funds and repurchase agreements of partnerships, and corporations large member banks FINANCIAL MARKETS POLICY INSTRUMENTS A25 Commercial paper and bankers dollar A7 Federal Reserve Bank interest rates acceptances outstanding A8 Depository institutions reserve requirements A26 Prime rate charged by banks on short-term A9 Maximum interest rates payable on time and business loans savings deposits at federally insured institutions A26 Terms of lending at commercial banks A10 Federal Reserve open market transactions All Interest rates in money and capital markets A28 Stock market—Selected statistics A29 Selected financial institutions—Selected assets FEDERAL RESERVE BANKS and liabilities All Condition and Federal Reserve note statements A12 Maturity distribution of loan and security FEDERAL FINANCE holdings A30 Federal fiscal and financing operations A31 U.S. budget receipts and outlay MONETARY AND CREDIT AGGREGATES A32 Federal debt subject to statutory limitation A32 Gross public debt of U.S. Treasury—Types and A12 Bank debits and deposit turnover ownership A13 Money stock measures and components A33 U.S. government marketable securities— A14 Aggregate reserves of depository institutions Ownership, by maturity and monetary base A34 U.S. government securities dealers— A15 Loans and securities of all commercial banks Transactions, positions, and financing A35 Federal and federally sponsored credit agencies—Debt outstanding COMMERCIAL BANKS A16 Major nondeposit funds A17 Assets and liabilities, last Wednesday-of-month series Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 Federal Reserve Bulletin • April 1982 SECURITIES MARKETS AND A55 Foreign official assets held at Federal Reserve CORPORATE FINANCE Banks A56 Foreign branches of U.S. banks—Balance sheet A36 New security issues—State and local data governments and corporations A58 Selected U.S. liabilities to foreign official A37 Open-end investment companies—Net sales and institutions asset position A37 Corporate profits and their distribution A38 Nonfinancial corporations—Assets and REPORTED BY BANKS IN THE UNITED STATES liabilities A38 Total nonfarm business expenditures on new A58 Liabilities to and claims on foreigners plant and equipment A59 Liabilities to foreigners A39 Domestic finance companies—Assets and A61 Banks' own claims on foreigners liabilities; business credit A62 Banks' own and domestic customers' claims on foreigners A62 Banks' own claims on unaffiliated foreigners REAL ESTATE A63 Claims on foreign countries—Combined domestic offices and foreign branches A40 Mortgage markets A41 Mortgage debt outstanding REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CONSUMER INSTALLMENT CREDIT A64 Liabilities to unaffiliated foreigners A42 Total outstanding and net change A65 Claims on unaffiliated foreigners A43 Extension and liquidations SECURITIES HOLDINGS AND TRANSACTIONS FLOW OF FUNDS A66 Foreign transactions in securities A44 Funds raised in U.S. credit markets A67 Marketable U.S. Treasury bonds and notes— A45 Direct and indirect sources of funds to credit Foreign holdings and transactions markets INTEREST AND EXCHANGE RATES Domestic Nonfinancial Statistics A67 Discount rates of foreign central banks A46 Nonfinancial business activity—Selected A68 Foreign short-term interest rates measures A68 Foreign exchange rates A46 Output, capacity, and capacity utilization A47 Labor force, employment, and unemployment A48 Industrial production—Indexes and gross value A69 Guide to Tabular Presentation, A50 Housing and construction Statistical Releases, and Special A51 Consumer and producer prices Tables A52 Gross national product and income A53 Personal income and saving Special Tables International Statistics A71 Survey of time and savings deposits at commercial banks, October 28, 1981, and A54 U.S. international transactions—Summary January 27, 1982 A55 U.S. foreign trade All Commercial bank assets and liabilities, A55 U.S. reserve assets December 31, 1981 A78 Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Domestic Financial Statistics A3 1.10 MONETARY AGGREGATES AND INTEREST RATES 1981 1981 1982 Item Q1 Q2 Q3 Q4 Oct. Nov. Dec. Jan. Feb. Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent)1 Reserves of depository institutions 1 Total 5.5 4.2 4.0 3.2 -5.8 1.0 11.3 22.2 -10.2 2 Required 6.4 5.0 3.1 3.5 -1.7 -1.1 12.1 19.4 -6.9 3 Nonborrowed 10.7 -2.4 7.9 10.5 2.5 17.0 12.3 -4.0 -18.8 4 Monetary base2 5.2 5.8 4.3 3.9 .7 3.3 11.3 11.6 3.4 Concepts of money and liquid assets3 5 Ml 4.6 9.2 .3 5.7 4.7 9.7 12.4 21.0 -3.7 6 M2 7.5 12.0 8.3 8.8 7.6 13.7 8.4 12.2r 4.3 7 M3 11.2 12.2 11.2 9.2 7.3 13.1 7.3 8.8 5.8 8 L 11.6 10.6 11.9 10.6 10.3 13.3r 6.8 n.a. n.a. Time and savings deposits Commercial banks 9 Total 16.0 11.9 18.4 8.3 6.2 6.9 1.6 5.0r 11.0 10 Savings4 -28.3 -8.9 -22.7 -11.9 -16.8 8.5 4.6 14.5 .8 11 Small-denomination time5 28.5 16.2 24.3 20.8 22.2 17.4 -.3 4.4r 16.1 12 Large-denomination time6 34.3 19.9 36.0 5.4 .4 -5.2 2.2 1.1 10.4 13 Thrift institutions7 4.0 3.2 2.6 2.7 5.1 4.2 1.3 1.1 5.2 14 Total loans and securities at commercial banks8 11.3 8.4 8.7 3.7 5.6 3.3 -9.2r 4.3 10.5 1981 1982 1981 1982 Q2 Q3 Q4 Q1 Nov. Dec. Jan. Feb. Mar. Interest rates (levels, percent per annum) Short-term rates 15 Federal funds9 17.78 17.58 13.59 14.23 13.31 12.37 13.22 14.78 14.68 16 Discount window borrowing10 13.62 14.00 13.04 12.00 13.03 12.10 12.00 12.00 12.00 17 Treasury bills (3-month market yield)" 14.91 15.05 11.75 12.81 10.86 10.85 12.28 13.48 12.68 18 Commercial paper (3-month)11 12 16.15 16.78 13.04 13.81 12.16 12.12 13.09 14.53 13.80 Long-term rates Bonds 19 U.S. government13 13.49 14.51 14.14 14.27 13.56 13.73 14.57 14.48 13.75 20 State and local government14 10.69 12.11 12.54 13.02 11.89 12.91 13.28 12.97 12.82 21 Aaa utility (new issue)15 15.41 16.82 15.67 15.67 15.56 15.20 15.68 15.93 15.26 22 Conventional mortgages16 16.15 17.50 17.33 n.a. 16.95 17.00 17.30 17.20 n.a. 1. Unless otherwise noted, rates of change are calculated from average amounts L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents outstanding in preceding month or quarter. other than banks, bankers acceptances, commercial paper, Treasury bills and other 2. Includes reserve balances at Federal Reserve Banks in the current week plus liquid Treasury securities, and U.S. savings bonds. vault cash held two weeks earlier used to satisfy reserve requirements at all deposi- 4. Savings deposits exclude NOW and ATS accounts at commercial banks and tory institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, thrifts and CUSD accounts at credit unions. the vaults of depository institutions, and surplus vault cash at depository institu- 5. Small-denomination time deposits—including retail RPs—are those issued in tions. amounts of less than $100,000. 3. Ml: Averages of daily figures for (1) currency outside the Treasury, Federal 6. Large-denomination time deposits are those issued in amounts of $100,000 or Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of non- more. bank issuers; (3) demand deposits at all commercial banks other than those due 7. Savings and loan associations, mutual savings banks, and credit to domestic banks, the U.S. government, and foreign banks and official institutions 8. Changes calculated from figures shown in table 1.23. December 1981 and 1981 less cash items in the process of collection and Federal Reserve float; and (4) Q4 rates reflect shifts of foreign loans and securities from U.S. banking offices to negotiable order of withdrawal (NOW) and automatic transfer service (ATS) ac- international banking facilities. counts at banks and thrift institutions, credit union share draft (CUSD) accounts, 9. Averages of daily effective rates (average of the rates on a given date weighted and demand deposits at mutual savings banks. by the volume of transactions at those rates). M2: Ml plus savings and small-denomination time deposits at all depository 10. Rate for the Federal Reserve Bank of New York. institutions, overnight repurchase agreements at commercial banks, overnight Eu- 11. Quoted on a bank-discount basis. rodollars held by U.S. residents other than banks at Caribbean branches of member 12. Unweighted average of offering rates quoted by at least five dealers. banks, and balances of money market mutual funds (general purpose and broker/ 13. Market yields adjusted to a 20-year maturity by the U.S. Treasury. dealer). 14. Bond Buyer series for 20 issues of mixed quality. M3: M2 plus large-denomination time deposits at all depository institutions and 15. Weighted averages of new publicly offered bonds rated Aaa, Aa, and A by term RPs at commercial banks and savings and loan associations and balances of Moody's Investors Service and adjusted to an Aaa basis. Federal Reserve cominstitution-only money market mutual funds. pilations. 16. Average rates on new commitments for conventional first mortgages on new homes in primary markets, unweighted and rounded to nearest 5 basis points, from Dept. of Housing and Urban Development. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 DomesticN onfinancial Statistics • April 1982 1.11 RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT Millions of dollars Monthly averages of daily figures Weekly averages of daily figures for week ending 1982 1982 Jan. Feb.? Mar.p Feb. 17 Feb. 24 Mar. 3 Mar. 10 Mar. 17 Mar. 24p Mar. 31 p SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 152,297 150,554 146,815 151,034 151,376 149,254 144,961 146,815 147,259 146,400 2 U.S. government securities1 127,473 126,948 124,600 127,542 127,471 126.138 122,473 125,074 125,383 124,426 3 Bought outright 126,112 125,599 124,303 125,197 126,697 125,899 122,067 124,631 125,383 124,198 4 Held under repurchase agreements 1,361 1,349 297 2,345 774 239 406 443 0 228 5 Federal agency securities 9,184 9,102 9,035 9,141 9,083 9,046 9,060 9,028 9,013 9,025 6 Bought outright 9,084 9,044 9,017 9,046 9,040 9,027 9,024 9,013 9,013 9,013 7 Held under repurchase agreements 100 58 18 95 43 19 36 15 0 12 8 Acceptances 156 165 47 396 55 33 50 55 0 70 9 Loans 1,526 1,713 1,611 1,908 1,902 1,562 1,446 1,462 1,654 1,653 10 Float 4,485 3,292 2,420 2.427 4,043 3,137 3,138 2,189 2,096 2,055 11 Other Federal Reserve assets 9,473 9,334 9,102 9,622 8,822 9,339 8,794 9,009 9,113 9,172 12 Gold stock 11,151 11,151 11,150 11,151 11,150 11,150 11,150 11,150 11,150 11,150 13 Special drawing rights certificate account... 3,318 3,559 3,568 3,568 3,568 3,568 3,568 3,568 3,568 3,568 14 Treasury currency outstanding 13,777 13,801 13,723 13,710 13,710 13,714 13,717 13,720 13,727 13,729 ABSORBING RESERVE FUNDS 15 Currency in circulation 142,207 140,622 140,951 141,189 140,464 139,980 140,809 141,326 141,058 140,902 16 Treasury cash holdings 448 465 474 465 470 470 471 472 475 481 Deposits, other than reserves, with Federal Reserve Banks 17 Treasury 4,713 5,506 3,312 4,568 6,693 3,928 3,630 3,074 3,329 3,097 18 Foreign 389 304 280 321 276 344 253 287 286 284 19 Other 538 472 560 489 431 973 382 488 448 416 20 Required clearing balances 127 139 156 147 151 157 165 156 160 167 21 Other Federal Reserve liabilities and capital 5,401 5,396 5,121 5,467 5,206 5,787 5,065 5,090 5,050 5,134 22 Reserve accounts2 26,721 26,161 24,401 26,821 26,112 26,048 22,622 24,360 24,899 24,367 End-of-month figures Wednesday figures 1982 1982 Jan. Feb. Mar. Feb. 17 Feb. 24 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 SUPPLYING RESERVE FUNDS 23 Reserve Bank credit outstanding 151,560 147,618 148,729 155,143 148,050 153,146 148,518 150,492 148,483 148,729 24 U.S. government securities1 128,230 125,410 125,589 130,353 126,250 127,420 124,141 126,939 125,407 125,589 25 Bought outright 124,967 125,410 123,992 126,025 126,250 125,752 121,302 126,326 125,407 123,992 26 Held under repurchase agreements 3,263 0 1,597 4,328 0 1,668 2,839 613 0 1,597 27 Federal agency securities 9,192 9,026 9,095 9,218 9,031 9,161 9,265 9,034 9,013 9,095 28 Bought outright 9,058 9,026 9,013 9,046 9,031 9,026 9,013 9,013 9,013 9,013 29 Held under repurchase agreements 134 0 82 172 0 135 252 21 0 82 30 Acceptances 597 0 488 453 0 231 353 143 0 488 31 Loans 2,217 1,180 2,646 1,505 1,414 4,620 3,650 1,959 1,777 2,646 32 Float 1,635 2,959 1,882 4,789 2,400 2,810 2,166 3,259 3,088 1,882 33 Other Federal Reserve assets 9,689 9,043 9,029 8,825 8,955 8,904 8,943 9,158 9,198 9,029 34 Gold stock 11,151 11,150 11,150 11,151 11,150 11,150 11,150 11,150 11,150 11,150 35 Special drawing rights certificate account... 3,318 3,568 3.568 3,568 3,568 3,568 3,568 3,568 3,568 3,568 36 Treasury currency outstanding 14,523 14,579 13.734 13,710 13,710 13,717 13,717 13,723 13,728 13,734 ABSORBING RESERVE FUNDS 37 Currency in circulation 140,475 140,525 141,673 141,492 140,407 140,556 141,547 141,575 141,198 141,673 38 Treasury cash holdings 462 470 484 464 471 472 470 472 479 484 Deposits, other than reserves, with Federal Reserve Banks 39 Treasury 8,285 3,835 2,866 5,541 5,143 3,594 2,932 4,172 2,408 2,866 40 Foreign 333 416 421 271 264 248 305 219 302 421 41 Other 393 414 425 509 350 367 371 526 400 425 42 Required clearing balances 135 139 167 139 141 142 146 155 160 167 43 Other Federal Reserve liabilities and capital 5,539 6,291 4,955 5,488 4,938 5,024 5,081 4,950 4,841 4,955 44 Reserve accounts2 24,931 24,825 26,190 29,668 24,764 31,179 26,101 26,864 27,141 26,190 1. Includes securities loaned—fully guaranteed by U.S. government securities 2. Excludes required clearing balances, pledged with Federal Reserve Banks—and excludes (if any) securities sold and scheduled to be bought back under matched sale-purchase transactions. NOTE. For amounts of currency and coin held as reserves, see table 1.12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Depository Institutions A5 1.12 RESERVES AND BORROWINGS Depository Institutions Millions of dollars Monthly averages of daily figures Reserve classification 1980 1981 1982 Dec. July Aug. Sept. Oct. Nov. Dec. Jan. Feb.? Mar.P 1 Reserve balances with Reserve Banks1 26,664 27,111 27,000 25,499 25,690 25,892 26,163 26,721 26,161 24,401 2 Total vault cash (estimated) 18,149 18,273 18,435 18,925 18,810 18,844 19,538 20,284 19,254 18,758 3 Vault cash at institutions with required reserve balances2 12,602 12,443 12,549 13,041 12,924 12,986 13,577 14,199 13,117 12,617 4 Vault cash equal to required reserves at other institutions 704 1,457 1,477 2,053 2,097 2,073 2,178 2,290 2,187 2,367 5 Surplus vault cash at other institutions3 .. 4,843 4,373 4,409 3,831 3,789 3,785 3,783 3,795 3,950 3,774 6 Reserve balances + total vault cash4 44,940 45,384 45,435 44,424 44,500 44,736 45,701 47,005 45,425 43,164 7 Reserve balances + total vault cash used to satisfy reserve requirements4,5 40,097 41,011 41,026 40,593 40,711 40,951 41,918 43,210 41,475 39,390 8 Required reserves (estimated) 40,067 40,667 40,731 40,177 40,433 40,604 41,606 42,785 40,992 38,879 9 Excess reserve balances at Reserve Banks4 6. 30 344 295 416 278 347 312 425 483 511 10 Total borrowings at Reserve Banks 1,617 1,751 1,408 1,473 1,149 695 642 1,526 1,713 1,611 11 Seasonal borrowings at Reserve Banks 116 248 220 222 152 79 53 75 132 174 12 Extended credit at Reserve Banks , n.a. n.a. 79 301 442 178 149 197 232 309 Weekly averages of daily figures for week ending: 1982 Jan. 27 Feb. 3 Feb. 10 Feb. 17 Feb. 24 Mar. 3 Mar. 10 Mar. 17 Mar. 24? Mar. 31? 13 Reserve balances with Reserve Banks1 26,078 26,443 24,694 26,821 26,112 26,048 22,622 24,360 24,899 24,367 14 Total vault cash (estimated) 21,009 20,449 20,062 19,220 18,155 18,908 19,936 18,796 17,647 18,573 15 Vault cash at institutions with required reserve balances2 14,505 14,055 13,609 12,930 12,462 12,785 13,250 12,560 1122,,118899 1122,,772222 16 Vault cash equal to required reserves at other institutions 2,318 2,286 2,346 2,255 2,089 2,222 2,591 2,354 2,037 2,198 17 Surplus vault cash at other institutions3 .. 4,186 4,108 4,107 4,035 3,604 3,901 4,095 3,882 3,421 3,653 18 Reserve balances + total vault cash4 47,087 46,892 44,756 46,041 44,267 4444,,995566 4422,,555588 4433,,115566 4422,,554499 4422,,994433 19 Reserve balances + total vault cash used to satisfy reserve requirements4,5 42,901 42,784 40,649 42,006 40,663 41,055 38,463 39,274 39,128 39,290 20 Required reserves (estimated) 42,704 42,300 40,532 41,438 40,660 40,542 38,156 38,937 38,865 38,846 21 Excess reserve balances at Reserve Banks4,6 . 197 484 117 568 3 513 307 337 263 444 22 Total borrowings at Reserve Banks 2,469 1,851 1,662 1,908 1,902 1,562 1,446 1,462 1,654 1,653 23 Seasonal borrowings at Reserve Banks 96 110 114 134 146 147 151 187 173 200 24 Extended credit at Reserve Banks 199 212 225 227 222 288 306 301 311 324 1. As of Aug. 13, 1981 excludes required clearing balances of all depository existing member bank, or when a nonmember bank joins the Federal Reserve institutions. System. For weeks for which figures are preliminary, figures by class of bank do 2. Before Nov. 13, 1980, the figures shown reflect only the vault cash held by not add to total because adjusted data by class are not available. member banks. 5. Reserve balances with Federal Reserve Banks which exclude required clearing 3. Total vault cash at institutions without required reserve balances less vault balances plus vault cash at institutions with required reserve balances plus vault cash equal to their required reserves. cash equal to required reserves at other institutions. 4. Adjusted to include waivers of penalties for reserve deficiencies in accordance 6. Reserve balances with Federal Reserve Banks which exclude required clearing with Board policy, effective Nov. 19, 1975, of permitting transitional relief on a balances plus vault cash used to satisfy reserve requirements less required reserves. graduated basis over a 24-month period when a nonmemoer bank merged into an (This measure of excess reserves is comparable to the old excess reserve concept published historically.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 Domestic Nonfinancial Statistics • April 1982 1.13 FEDERAL FUNDS AND REPURCHASE AGREEMENTS Large Member Banks1 Averages of daily figures, in millions of dollars 1982 week ending Wednesday BByy mmaattuurriittyy aanndd ssoouurrccee Feb. 3r Feb. 10' Feb. 17r Feb. 24r Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 One day and continuing contract 1 Commercial banks in United States 53,711 57,156 56.221 52,870 55,596 60,985 58,812 54,579 52,610 2 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 16,495 17,300 19,282 19,211 17,934 18,620 20,379 20,440 19,958 3 Nonbank securities dealers 4,207 4,104 4,114 4,026 3,802 3,241 3,718 4,266 3,938 4 All other 21,766 21,135 20,338 21,992 21,860 22,256 22,767 22,184 23,221 All other maturities 5 Commercial banks in United States 3,744 3,873 4,908 4,062 4,296 4,216 4,048 4,190 4,167 6 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 7,445 7,591 7,550 7,529 77,,558811 7,645 7,735 88,,000000 8,141 7 Nonbank securities dealers 4,177 4,022 4,562 3,739 4,066 4,108 3,726 3,741 3,783 8 All other 8,926 8,761 10,526 9,238 8,934 9,525 9,058 9,203 9,404 MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract 9 Commercial banks in United States 18,477 19,070 19,739 18,974 20,109 21,739 21,082 18,935 17,138 10 Nonbank securities dealers 3,438 3,318 2,959 3,861 3,786 4,361 4,035 4,506 4,449 1. Banks with assets of $1 billion or more as of Dec. 31, 1977. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per annum Current and previous levels Extended credit1 FFFeeedddeeerrraaalll RRReeessseeerrrvvveee SShhoorrtt--tteerrmm aaddjjuussttmmeenntt ccrreeddiitt BBBaaannnkkk aanndd sseeaassoonnaall ccrreeddiitt First 60 days Next 90 days of borrowing of borrowing After 150 days EEffffeeccttiivvee ddaattee ffoorr ccuurrrreenntt rraatteess Rate on Effective Previous Rate on Previous Rate on Previous Rate on Previous 3/31/82 date rate 3/31/82 rate 3/31/82 rate 3/31/82 rate Boston 12 12/4/81 13 12 13 13 14 14 15 12/4/81 New York 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Philadelphia 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Cleveland 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Richmond 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Atlanta 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Chicago 12 12/4/81 13 12 13 13 14 14 15 12/4/81 St. Louis 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Minneapolis 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Kansas City 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Dallas 12 12/4/81 13 12 13 13 14 14 15 12/4/81 San Francisco.... 12 12/4/81 13 12 13 13 14 14 15 12/4/81 Range of rates in recent years2 Range (or F.R. Range (or F.R. Range (or F.l Effective date A le l v l e F l) . — R. Ba o n f k Effective date A le l v l e F l) . — R. Ba o n f k Effective date A le l v l e F l) . — R. Ba 0 Banks N.Y. Banks N.Y. Banks N. In effect Dec. 31, 1972. 41/2 4Vi 1976— Jan. 19. 5Vl-6 5 Vi 1979— Sept. 19 101/5-11 11 1973— Jan. 15 5 5 23. 5 Vi 51/2 21 11 11 F M e a b r . . 26 2 5 5 -5 V V i 5 5 51 V /2 i Nov. 2 2 2 6 . . 5V 5 + 1 - / 5 4 V 5 5 5 V !/ 4 4 Oct. 1 8 0 1 1 1 2 - 12 1 1 2 2 Apr. 23 5V£-53/4 5Vi May 4 53/4 53/4 1977— Aug. 30, 5V4-53/4 5V4 1980—Feb. 15.. 12-13 13 11 53/4-6 6 31. 51/4-53/4 53/4 19 13 13 18 6 6 Sept. 2. 53/4 53/4 May 29 12-13 13 June 11 6-6V2 6 Vi Oct. 26, 6 6 30 12 12 1 5 6'/2 6>/2 June 13 11-12 11 J A u u ly g . 1 2 4 7 7 -7 1/2 7 IV i 1978— Jan. 2 9 0 . , 6 6 - 6 V V L 1 6 6 V VL 1 July 2 1 8 6 10 1 - 1 1 1 1 1 1 0 2 3 7Vz 7 Vi May 11. 6Vz-1 7 29 10 10 12. 1 7 Sept. 26 11 11 1974— Apr. 25 7V5-8 8 July 3. 7-71/4 IV* Nov. 17 12 12 30 July 10 71/4 7V4 Dec. 5 12-13 13 Dec. 9 73/4-8 73/4 Aug. 21. 73/4 73/4 8 13 13 1 6 73/4 73/4 Sept. 22. 1975— Jan. 6 71/4-73/4 73/4 Oct. 2 16 0 . . 8 M -8 S 8V V 5 i 1981— M Ma a y y 8 5 13 1 - 4 1 4 1 1 4 4 10 7W-73/4 71/4 Nov. 1. 8V*s-9V5 9Vi Nov. 2 13-14 13 2 4 71/4 71/4 3. 91H 9Vi Nov 6 13 13 Feb. 5 63/4-7'/4 63/4 Dec. 4 12 12 7 63/4 63/4 1979— July 20. 10 10 Mar. 10 6V4-63/4 61/4 Aug. 17, 10-10V5 10 V5 14 6'/4 6'/4 20. 10 VL 10 Vi May 16 6-61/4 6 23 6 6 In effect Mar. 31, 1982 12 12 1. Applicable to advances when exceptional circumstances or practices involve In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adonly a particular depository institution and to advances when an institution is under justment credit borrowings by institutions with deposits of $500 million or more sustained liquidity pressures. See section 201.3(b)(2) of Regulation A. that had borrowed in successive weeks or in more than 4 weeks in a calendar 2. Rates for short-term adjustment credit. For description and earlier data see quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, the following publications of the Board of Governors: Banking and Monetary 1980. There was no surcharge until Nov. 17, 1980, when a 2 percent surcharge was Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1970-1979, and 1980, adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective Sept. 22, 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula for applying the surcharge was changed from a calendar quarter to a moving 13-week period. The surcharge was eliminated on Nov. 17, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 DomesticN onfinancial Statistics • April 1982 1.15 DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS1 Percent of deposits Member bank requirements Depository institution requirements before implementation of the after implementation of the TTyyppee ooff ddeeppoossiitt,, aanndd ddeeppoossiitt iinntteerrvvaall Monetary Control Act TTyyppee ooff ddeeppoossiitt,, aanndd Monetary Control Act5 iinn mmiilllliioonnss ooff ddoollllaarrss ddeeppoossiitt iinntteerrvvaall Percent Effective date Percent Effective date Net demand2 Net transaction accounts6 7 0-2 7 12/30/76 $0-$26 million 3 11/13/80 2-10 9Vi 12/30/76 1122 1111//1133//8800 10-100 113/4 12/30/76 100-400 12% 12/30/76 . Nonpersonal time deposits8 Over 400 161/4 12/30/76 By original maturity Less than 4 years 3 11/13/80 TTiimmee aanndd ssaavviinnggss22--33 44 yyeeaarrss oorr mmoorree 0 11/13/80 SSaavviinnggss 3 3/16/67 Eurocurrency liabilities Time4 All types 3 11/13/80 0-5, by maturity 30-179 days 3 3/16/67 180 days to 4 years 2Vi 1/8/76 4 years or more 1 10/30/75 Over 5, by maturity 30-179 days 6 12/12/74 180 days to 4 years 2V5 1/8/76 4 years or more 1 10/30/75 1. For changes in reserve requirements beginning 1963, see Board's Annual was reduced to zero beginning July 24, 1980. Managed liabilities are defined as Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report for large time deposits. Eurodollar borrowings, repurchase agreements against U.S. 1976, table 13. Under provisions of the Monetary Control Act. depository insti- government and federal agency securities, federal funds borrowings from nontutions include commercial banks, mutual savings banks, savings and loan asso- member institutions, and certain other obligations. In general, the base for the ciations, credit unions, agencies and branches of foreign banks, and Edge Act marginal reserve requirement was originally the greater of (a) $100 million or (b) corporations. the average amount of the managed liabilities held by a member bank, Edge 2. (a) Requirement schedules are graduated, and each deposit interval applies corporation, or family of U.S. branches and agencies of a foreign bank for the two to that part of the deposits of each bank. Demand deposits subject to reserve statement weeks ending Sept. 26,1979. For the computation period beginning Mar. requirements were gross demand deposits minus cash items in process of collection 20,1980, the base was lowered by (a) 7 percent or (b) the decrease in an institution's and demand balances due from domestic banks. U.S. office gross loans to foreigners and gross balances due from foreign offices (b) The Federal Reserve Act as amended through 1978 specified different ranges of other institutions between the base period (Sept. 13-26, 1979) and the week of requirements for reserve city banks and for other banks. Reserve cities were ending Mar. 12,1980, whichever was greater. For the computation period beginning designated under a criterion adopted effective Nov. 9,1972, by which a bank having May 29,1980, the base was increased by 7'/i percent above the base used to calculate net demand deposits of more than $400 million was considered to have the character the marginal reserve in the statement week of May 14-21, 1980. In addition, of business of a reserve city bank. The presence of the head office of such a bank beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and constituted designation of that place as a reserve city. Cities in which there were balances declined. Federal Reserve Banks or branches were also reserve cities. Any banks having net 5. For existing nonmember banks and thrift institutions at the time of impledemand deposits of $400 million or less were considered to have the character of mentation of the Monetary Control Act, the phase-in period ends Sept. 3, 1987. business of banks outside of reserve cities and were permitted to maintain reserves For existing member banks the phase-in period is about three years, depending on at ratios set for banks not in reserve cities. whether their new reserve requirements are greater or less than the old require- (c) Effective Aug. 24, 1978, the Regulation M reserve requirements on net ments. For existing agencies and branches of foreign banks, the phase-in ends Aug. balances due from domestic banks to their foreign branches and on deposits that 12, 1982. All new institutions will have a two-year phase-in beginning with the date foreign branches lend to U.S. residents were reduced to zero from 4 percent and that they open for business. 1 percent respectively. The Regulation D reserve requirement on borrowings from 6. Transaction accounts include all deposits on which the account holder is unrelated banks abroad was also reduced to zero from 4 percent. permitted to make withdrawals by negotiable or transferable instruments, payment (d) Effective with the reserve computation period beginning Nov. 16, 1978, orders of withdrawal, and telephone and preauthorized transfers (in excess of three domestic deposits of Edge corporations were subject to the same reserve require- per month) for the purpose of making payments to third persons or others. ments as deposits of member banks. 7. The Monetary Control Act of 1980 requires that the amount of transaction 3. (a) Negotiable order of withdrawal (NOW) accounts and time deposits such accounts against which the 3 percent reserve requirement will apply be modified as Christmas and vacation club accounts were subject to the same requirements as annually to 80 percent of the percentage increase in transaction accounts held by savings deposits. all depository institutions on the previous June 30. At the beginning of 1982 the (b) The average reserve requirement on savings and other time deposits before amount was accordingly increased from $25 million to $26 million. implementation of the Monetary Control Act had to be at least 3 percent, the 8. In general, nonpersonal time deposits are time deposits, including savings minimum specified by law. deposits, that are not transaction accounts and in which the beneficial interest is 4. (a) Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent held by a depositor that is not a natural person. Also included are certain transwas imposed on large time deposits of $100,000 or more, obligations of affiliates, ferable time deposits held by natural persons, and certain obligations issued to and ineligible acceptances. This supplementary requirement was eliminated with depository institution offices located outside the United States. For details, see the maintenance period beginning July 24, 1980. section 204.2 of Regulation D. (b) Effective with the reserve maintenance period beginning Oct. 25, 1979. a marginal reserve requirement of 8 percent was added to managed liabilities in NOTE. Required reserves must be held in the form of deposits with Federal excess of a base amount. This marginal requirement was increased to 10 percent Reserve Banks or vault cash. After implementation of the Monetary Control Act, beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980, and nonmembers may maintain reserves on a pass-through basis with certain approved institutions. NOTE TO TABLE 1.16 NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally insured commercial banks, mutual savings banks, and savings and loan associations were established by the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board under the provisions of 12 CFR 217, 329, and 526 respectively. Title II of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish maximum rates of interest payable on deposits to the Depository Institutions Deregulation Committee. The maximum rates on time deposits in denominations of $100,000 or more with maturities of 30-89 days were suspended in June 1970; such deposits maturing in 90 days or more were suspended in May 1973. For information regarding previous interest rate ceilings on all types of accounts, see earlier issues of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal, and the Annual Report of the Federal Deposit Insurance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.16 MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions Percent per annum Commercial banks Savings and loan associations and mutual savings banks (thrift institutions) Type and maturity of deposit In effect Mar. 31, 1982 Previous maximum In effect Mar. 31, 1982 Previous maximum Eff d e a c te ti ve Percent Ef d fe a c te ti ve Percent Ef d fe a c te ti ve Percent Eff d e a c te ti ve 2 1 N Sa e v g i o n t g ia s ble order of withdrawal accounts 2 5 5' '/ /4 4 12 7 /3 /1 1 / / 7 8 9 0 7 1 / / 1 1 / / 7 7 3 4 551 V/4i 12 7 /3 /1 1 / / 7 8 9 0 5 5] /4 1/1/74 Time accounts 3 Fixed ceiling rates by maturity 4 4 5 7 6 8 9 3 9 4 2 6 2 1 1 V 0 4 t t t t o o 5 o o d 8 a t 9 8 2 6 2 o y n s y d y y 4 e e a e t y a o a y a y e r r r e s a s s s 1 ^ a r r 8 8 s ' y s 7 e 7 a r 6 5 6 7i 5 1 3 V ' / / W / 4 4 4 l 12 1 7 / 8 7 1 1 2 / / / / / 3 1 1 1 1 1 / / / / / / 7 7 7 7 8 7 4 3 9 3 0 3 5 5 7 5 5 5 3 3 ' V '/ / / / 4 4 4 > i 1 1 1 1 7 7 / 1 / / 2 2 2 / / / 1 1 1 1 1 1 / / / / / / 7 7 7 7 7 7 0 3 0 3 0 3 6 V 6 6 7 ( V 3 3 / / 2 6 4 4 / ) 2 12 1 / 1 1 2 0 ( / / * 3 1 1 ) ) / / / 7 8 7 4 0 3 (6) 5 5 m 3 3 / / 4 4 "i 1 1 1 i/ / / / l 2 2 2 C ' 1 1 1 /7 / / / ) 7 7 7 3 0 0 0 10 8 years or more 8 73/4 6/1/78 6/1/78 11 Issued to governmental units (all maturities) 10 6/1/78 73/4 '12/23/74' 6/1/78 V3/4 i 2/23/74 12 Individual retirement accounts and Keogh (H.R. 10) plans (3 years or more) 1011 6/1/78 7/6/77 6/1/78 73/4 7/6/77 Special variable ceiling rates by maturity /13l fl31 13 6-month money market time deposits 14 12-month all savers certificates 15 2 Vi years to 4 years Accounts with no ceiling rates 16 Indiv p i l d a u n a s l ( r 1 e 8 t ir m em on e t n h t s a o c r c m ou o n r t e s ) and Keogh (H.R. 10) C7) C7) (1?) C7) C7) C7) 1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loan Bill rate or 4-week Thrift ceiling associations. average bill rate 2. For authorized states only. Federally insured commercial banks, savings and loan associations, cooperative banks, and mutual savings banks in Massachusetts 7.25 percent or below 7.75 percent and New Hampshire were first permitted to offer negotiable order of withdrawal Above 7.25 percent, but below l/i of 1 percentage point plus the higher of (NOW) accounts on Jan. 1, 19/4. Authorization to issue NOW accounts was ex- 8.50 percent the bill rate or 4-week average bill rate tended to similar institutions throughout New England on Feb. 27, 1976, in New 8.50 percent or above, but below 9 percent York State on Nov. 10, 1978, and in New Jersey on Dec. 28, 1979. Authorization 8.75 percent to issue NOW accounts was extended to similar institutions nationwide effective 8.75 percent or above V4 of 1 percentage point plus the higher of Dec. 31, 1980. the bill rate or 4-week average bill rate 3. For exceptions with respect to certain foreign time deposits see the BULLETIN for October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 (p. 167). The maximum allowable rates in March for commercial banks and thrifts based 4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts on the bill rate were as follows: Mar. 2, 13.036; Mar. 9, 12.314; Mar. 16, 13.212; at savings and loan associations was decreased to 14 days and the minimum maturity Mar. 23, 12.923; Mar. 30, 13.493. The maximum allowable rates in March for period for time deposits at savings and loan associations in excess of $100,000 was commercial banks and thrifts based on the 4-week average bill rate were as follows: decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice Mar. 2, 13.693; Mar. 9, 13.226; Mar. 16, 12.877; Mar. 23, 12.871; Mar. 30, 12.986. period for time deposits was decreased from 30 to 14 days at mutual savings banks. 14. Effective Oct. 1, 1981, depository institutions are authorized to issue all 5. Effective Oct. 30, 1980, the minimum maturity or notice period for time savers certificates (ASCs) with a 1-year maturity and an annual investment yield deposits was decreased from 30 to 14 days at commercial banks. equal to 70 percent of the average investment yield for 52-week U.S. Treasury bills 6. No separate account category. as determined by the auction of 52-week Treasury bills held immediately before 7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was the calendar week in which the certificate is issued. A maximum lifetime exclusion required for savings and loan associations, except in areas where mutual savings of $1,000 ($2,000 on a joint return) from gross income is generally authorized for banks permitted lower minimum denominations. This restriction was removed for interest income from ASCs. The annual investment yields for ASCs issued in March deposits maturing in less than 1 year, effective Nov. 1, 1973. (in percent) were as follows: Mar. 21, 10.16. 8. No minimum denomination. Until July 1, 1979, the minimum denomination 15. Effective Aug. 1, 1981, commercial banks may pay interest on any variable was $1,000 except for deposits representing funds contributed to an individual ceiling nonnegotiable time deposit with an original maturity of 2V5 years to less retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the than 4 years at a rate not to exceed >/4 of 1 percent below the average 2'/i-year Internal Revenue Code. The $1,000 minimum requirement was removed for such yield for U.S. Treasury securities as determined and announced by the Treasury accounts in December 1975 and November 1976 respectively. Department immediately before the date of deposit. Thrift institutions may pay 9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or interest on these certificates at a rate not to exceed the average 2Vi -year yield for more with minimum denominations of $1,000 had no ceiling; however, the amount Treasury securities as determined and announced by the Treasury Department of such certificates that an institution could issue was limited to 5 percent of its immediately before the date of deposit. If the announced average 2Vi-year yield total time and savings deposits. Sales in excess of that amount, as well as certificates for Treasury securities is less than 9.50 percent, commercial banks may pay 9.25 of less than $1,000, were limited to the 6V5 percent ceiling on time deposits maturing percent and thrift institutions 9.50 percent for these deposits. These deposits have in 2Vl years or more. Effective Nov. 1,1973, ceilings were reimposeaon certificates no required minimum denomination, and interest may be compounded on them. maturing in 4 years or more with minimum denomination of $1,000. There is no The ceiling rates of interest at which they may be offered vary biweekly. The limitation on the amount of these certificates that banks can issue. maximum allowable rates in March (in percent) for commercial banks were as 10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denom- follows: Mar. 2, 14.05; Mar. 16, 13.85; Mar. 30, 14.05; and for thrift institutions: ination requirements. Mar. 2, 14.30; Mar. 16, 14.10; Mar. 30, 14.30. 11. Effective Jan. 1, 1980, commercial banks are permitted to pay the same rate 16. Between Jan. 1, 1980, and Aug. 1, 1981, commercial banks, and thrift inas thrifts on IRA and Keogh accounts and accounts of governmental units when stitutions were authorized to offer variable ceiling nonnegotiable time deposits with such deposits are placed in the new 2Vi-year or more variable-ceiling certificates no required minimum denomination and with maturities of 2Vi years or more. or in 26-week money market certificates regardless of the level of the Treasury bill Effective Jan. 1, 1980, the maximum rate for commercial banks was 3A percentage rate. point below the average yield on 2'/S-year U.S. Treasury securities; the ceiling rate 12. Must have a maturity of exactly 26 weeks and a minimum denomination of for thrift institutions was 'A percentage point higher than that for commercial banks. $10,000, and must be nonnegotiable. Effective Mar. 1, 1980, a temporary ceiling of ll3/4 percent was placed on these 13. Commercial banks and thrift institutions were authorized to offer money accounts at commercial banks and 12 percent on these accounts at savings and loan market time deposits effective June 1, 1978. These deposits have a minimum de- associations. Effective June 2, 1980, the ceiling rates for these deposits at comnomination requirement of $10,000 and a maturity of 26 weeks. The ceiling rate mercial banks and savings and loans was increased Vi percentage point. The temof interest on these deposits is indexed to the discount rate (auction average) on porary ceiling was retained, and a minimum ceiling of 9.25 percent for commercial most recently issued 26-week U.S. Treasury bills. Interest on these certificates may banks and 9.50 percent for thrift institutions was established. not be compounded. Effective for all 6-month money market certificates issued 17. Effective Dec. 1,1981, depository institutions were authorized to offer time beginning Nov. 1, 1981, depository institutions may pay rates of interest on these deposits not subject to interest rate ceilings when the funds are deposited to the deposits indexed to the higher of (1) the rate for 26-week Treasury bills established credit of, or in which the entire beneficial interest is held by, an individual pursuant immediately before the date of deposit (bill rate) or (2) the average of the four to an IRA agreement or Keogh (H.R. 10) plan. Such time deposits must have a rates for 26-week Treasury bills established for the 4 weeks immediately prior to minimum maturity of 18 months, and additions may be made to the time deposit the date of deposit (4-week average bill rate). Rate ceilings are determined as at any time before its maturity without extending the maturity of all or a portion follows: of the balance of the account. Bill rate or 4-week Commercial bank ceiling For NOTE see opposite page. average bill rate 7.50 percent or below 7.75 percent Above 7.50 percent 'A of 1 percentage point plus the higher of the bill rate or 4-week average bill rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Financial Statistics • April 1982 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars 1981 1982 TTyyppee ooff ttrraannssaaccttiioonn 11997799 11998800 11998811 Aug. Sept. Oct. Nov. Dec. Jan. Feb. U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 15,998 7,668 13,899 1,713 1,753 241 1,765 2,170 0 11,,001177 2 Gross sales 6,855 7,331 6,746 333 945 1,157 0 0 2,756 886688 3 Exchange 0 0 0 0 0 0 0 0 0 0 4 Redemptions 2,900 3,389 1,816 0 500 200 16 0 600 0 Others within 1 year1 5 Gross purchases 3,203 912 317 0 0 0 0 80 0 20 6 Gross sales 0 0 23 0 0 0 0 0 0 0 7 Maturity shift 17,339 12,427 13,794 2,807 628 425 1,389 887 542 2,633 8 Exchange -11,308 -18,251 -12,869 -2,430 -599 0 -3,047 -754 0 -940 9 Redemptions 2,600 0 0 0 0 0 0 0 0 0 1 to 5 years 10 Gross purchases 2,148 2,138 1,702 0 0 0 100 526 0 50 11 Gross sales 0 0 0 0 0 0 0 0 0 0 12 Maturity shift -12,693 -8,909 -10,299 -820 -628 -425 -1,057 -887 -542 -974 13 Exchange 7,508 13,412 10,117 1,724 599 0 2,325 754 0 765 5 to 10 years 14 Gross purchases 523 703 393 0 0 0 0 165 0 0 IS Gross sales 0 0 0 0 0 0 0 0 0 0 16 Maturity shift -4,646 -3,092 -3,495 -1,987 0 0 -332 0 0 -1,659 17 Exchange 2,181 2,970 1,500 400 0 0 400 0 0 100 Over 10 years 18 Gross purchases 454 811 379 0 0 0 0 108 0 0 19 Gross sales 0 0 0 0 0 0 0 0 0 0 20 Maturity shift 0 -426 0 0 0 0 0 0 0 0 21 Exchange 1,619 1,869 1,253 305 0 0 322 0 0 75 All maturities1 22 Gross purchases 22,325 12,232 16,690 1,713 1,753 241 1,865 3,049 0 11,,008877 23 Gross sales 6,855 7,331 6,769 333 945 1,157 0 0 2,756 886688 24 Redemptions 5,500 3,389 1,816 0 500 200 16 0 600 0 Matched transactions 25 Gross sales 627,350 674,000 589,312 54,329 52,055 58,581 42,012 54,098 51,132 28,033 26 Gross purchases 624,192 675,496 589,647 55,917 51,555 58,372 41,900 54,044 51,717 28,258 Repurchase agreements 27 Gross purchases 107,051 113,902 79,920 7,199 0 3,902 9,505 14,180 12,962 18,656 28 Gross sales 106,968 113,040 78,733 8,817 0 3,902 7,709 12,760 12,914 21,919 29 Net change in U.S. government securities 6,896 3,869 9,626 1,350 -192 -1,325 3,534 4,415 -2,724 -2,820 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 853 668 494 0 0 0 494 0 0 0 31 Gross sales 399 0 0 0 0 0 0 0 0 0 32 Redemptions 134 145 108 * 33 15 10 4 68 32 Repurchase agreements 33 Gross purchases 37,321 28,895 13,320 864 0 787 1,607 1,647 800 872 34 Gross sales 36,960 28,863 13,576 1,225 0 787 1,288 1,697 935 1,006 35 Net change in federal agency obligations 681 555 130 -360 -33 -15 802 -54 -203 -166 BANKERS ACCEPTANCES 36 Outright transactions, net 0 0 0 0 0 0 0 0 0 0 37 Repurchase agreements, net 116 73 -582 -453 0 0 744 -549 402 -597 38 Net change in bankers acceptances 116 73 -582 -453 0 0 744 -549 402 -597 39 Total net change in System Open Market Account 7,693 4,497 9,175 536 -225 -1,340 5,080 3,812 -2,524 -3,583 1. Both gross purchases and redemptions include special certificates created NOTE. Sales, redemptions, and negative figures reduce holdings of the System when the Treasury borrows directly from the Federal Reserve, as follows (millions Open Market Account; all other figures increase such holdings. Details may not of dollars): March 1979, 2,600. add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reserve Banks All 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements Millions of dollars Wednesday End of month Account 1982 1982 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 Jan. Feb. Mar. Consolidated condition statement ASSETS 1 Gold certificate account 11,150 11,150 11,150 11,150 11,150 11,151 11,150 11,150 2 Special drawing rights certificate account 3,568 3,568 3,568 3,568 3,568 3,318 3,568 3,568 3 437 448 449 448 432 422 453 432 Loans 4 To depository institutions 4,620 3,650 1,959 1,777 2,646 2,217 1,180 2,646 5 Other 0 0 0 0 0 0 0 0 Acceptances 6 Held under repurchase agreements 231 353 143 0 488 597 0 488 Federal agency obligations 7 Bought outright 9,026 9,013 9,013 9,013 9,013 9,058 9,026 9,013 8 Held under repurchase agreements 135 252 21 0 82 134 0 82 U.S. government securities Bought outright 9 Bills 47,303 42,853 47,877 46,958 45,543 46,588 46,961 45,543 10 Notes 60,359 60,359 60,359 60,359 60,359 59,978 60,359 60,359 11 Bonds 18,090 18,090 18,090 18,090 18,090 18,401 18,090 18,090 12 Total1 125,752 121,302 126,326 125,407 123,992 124,967 125,410 123,992 13 Held under repurchase agreements 1,668 2,839 613 0 1,597 3,263 0 1,597 14 Total U.S. government securities 127,420 124,141 126,939 125,407 125,589 128,230 125,410 125,589 15 Total loans and securities 141,432 137,409 138,075 136,197 137,818 140,236 135,616 137,818 16 Cash items in process of collection 10,139 7,909 10,011 8,781 7,989 8,119 8,672 7,989 17 Bank premises 508 507 507 507 510 502 505 510 Other assets 18 Denominated in foreign currencies2 5,043 5,079 5,080 5,082 4,953 5,112 5,137 4,953 19 All other3 3,353 3,357 3,571 3,609 3,566 4,075 3,401 3,566 20 Total assets 175,630 169,427 172,411 169,342 169,986 172,935 168,502 169,986 LIABILITIES 21 Federal Reserve notes 127,747 128,748 128,773 128,397 128,855 126,835 126,869 128,855 Deposits 22 Depository institutions 31,321 26,247 27,019 27,301 26,357 25,066 24,964 26,357 23 U.S. Treasury—General account 3,594 2,932 4,172 2,408 2,866 8,285 3,835 2,866 24 Foreign—Official accounts 248 305 219 302 421 333 416 421 25 Other 367 371 526 400 425 393 414 425 26 Total deposits 35,530 29,855 31,936 30,411 30,069 34,077 29,629 30,069 27 Deferred availability cash items 7,329 5,743 6,752 5,693 6,107 6,484 5,713 6,107 28 Other liabilities and accrued dividends4 2,226 2,210 2,070 1,982 2,155 2,611 3,341 2,155 29 Total liabilities 172,832 166,556 169,531 166,483 167,186 170,007 165,552 167,186 CAPITAL ACCOUNTS 30 Capital paid in 1,292 1,294 1,296 1,296 1,298 1,287 1,291 1,298 31 Surplus 1,278 1,278 1,278 1,278 1,278 1,278 1,278 1,278 32 Other capital accounts 228 299 306 285 224 363 381 224 33 Total liabilities and capital accounts 175,630 169,427 172,411 169,342 169,986 172,935 168,502 169,986 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 94,610 95,264 92,679 93,550 92,825 94,794 94,816 92,825 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to bank) .... 151,027 151,250 151,587 151,839 152,039 150,605 150,636 152,039 36 LESS: Held by bank5 23,280 22,502 22,814 23,442 23,184 23,770 23,767 23,184 37 Federal Reserve notes, net 127,747 128,748 128,773 128,397 128,855 126,835 126,869 128,855 Collateral for Federal Reserve notes 38 Gold certificate account 11,150 11,150 11,150 11,150 11,150 11,151 11,150 11,150 39 Special drawing rights certificate account 3,568 3,568 3,568 3,568 3,568 3,318 3,568 3,568 40 Other eligible assets 0 325 0 0 64 0 0 64 41 U.S. government and agency securities 113,029 113,705 114,055 113,679 114,073 112,366 112,151 114,073 42 Total collateral 127,747 128,748 128,773 128,397 128,855 126,835 126,869 128,855 1. Includes securities loaned—fully guaranteed by U.S. government securities 3. Includes special investment account at Chicago of Treasury bills maturing pledged with Federal Reserve Banks—and excludes (if any) securities sold and within 90 days. scheduled to be bought back under matched sale-purchase transactions. 4. Includes exchange-translation account reflecting the monthly revaluation at 2. Includes U.S. government securities held under repurchase agreement against market exchange rates of foreign-exchange commitments. receipt of foreign currencies and foreign currencies warehoused for the U.S. Treas- 5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank ury. Assets shown in this line are revalued monthly at market exchange rates. are exempt from tne collateral requirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 DomesticN onfinancial Statistics • April 1982 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings Millions of dollars Wednesday End of month TTTyyypppeee aaannnddd mmmaaatttuuurrriiitttyyy gggrrrooouuupppiiinnngggsss 1982 1982 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 Jan. 29 Feb. 26 Mar. 31 1 Loans—Total 4,620 3,650 1,959 1,777 2,646 2,217 1,180 2,646 2 Within 15 days 4,463 3,571 1,939 1,691 2,552 2,180 1,069 2,552 3 16 days to 90 days 157 79 20 86 94 37 111 94 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Acceptances—Total 231 353 143 0 488 597 0 488 6 Within 15 days 231 353 143 0 488 597 0 488 7 16 days to 90 days 0 0 0 0 0 0 0 0 8 91 days to 1 year 0 0 0 0 0 0 0 0 9 U.S. government securities—Total 127,420 124,141 126,939 125,407 125,589 128,230 125,410 125,589 10 Within 15 days1 6,603 8,399 8,199 5,945 3,889 4,618 2,617 3,889 11 16 days to 90 days 24,403 19,517 22,817 24,915 25,506 24,980 26,558 25,506 12 91 days to 1 year 33,597 33,407 33,105 31,730 33,389 34,221 33,520 33,389 13 Over 1 year to 5 years 35,916 35,916 35,916 35,916 35,903 36,025 35,814 35,903 14 Over 5 years to 10 years 10,193 10,193 10,193 10,193 10,193 11,752 10,193 10,193 15 Over 10 years 16,708 16,709 16,709 16,708 16,709 16,634 16,708 16,709 16 Federal agency obligations—Total 9,161 9,265 9,034 9,013 9,095 9,192 9,026 9,095 17 Within 15 days1 248 252 194 174 326 276 173 326 18 16 days to 90 days 599 598 470 470 400 622 540 400 19 91 days to 1 year 1,368 1,505 1,460 1,460 1,460 1,357 1,369 1,460 20 Over 1 year to 5 years 5,398 5,408 5,408 5,408 5,444 5,404 5,396 5,444 21 Over 5 years to 10 years 976 971 971 970 934 960 976 934 22 Over 10 years 572 531 531 531 531 573 572 531 1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 1.20 BANK DEBITS AND DEPOSIT TURNOVER Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates. 1981 1982 BBaannkk ggrroouupp,, oorr ttyyppee ooff ccuussttoommeerr 11997788 11997799 11998800 Sept. Oct. Nov. Dec. Jan. Feb .P Debits to demand deposits1 (seasonally adjusted) 1111 AAAAllllllll ccccoooommmmmmmmeeeerrrrcccciiiiaaaallll bbbbaaaannnnkkkkssss 40,297.8 49,775.0 63.013.4 87,303.2 83,671.3 82,000.3 86,430.0 83,804.4 85,547.3 2222 MMMMaaaajjjjoooorrrr NNNNeeeewwww YYYYoooorrrrkkkk CCCCiiiittttyyyy bbbbaaaannnnkkkkssss 15,008.7 18,512.7 25.192.5 39,209.4 35,109.8 34,237.6 34,937.3 35,117.6 35,979.8 3333 OOOOtttthhhheeeerrrr bbbbaaaannnnkkkkssss 25,289.1 31,262.3 37,820.9 48,093.8 48,561.5 47,762.6 51,492.7 48,686.8 49,567.5 Debits to savings deposits2 (not seasonally adjusted) 4444 AAAATTTTSSSS////NNNNOOOOWWWW3333 17.1 83.3 158.4 820.2 833.4 753.3 903.5 934.7 837.9 5555 BBBBuuuussssiiiinnnneeeessssssss4444 56.7 77.3 93.4 122.0 117.2 96.3 117.9 104.4 94.9 6666 OOOOtttthhhheeeerrrrssss5555 359.7 515.2 605.3 577.0 581.6 539.7 597.0 636.8 537.2 7777 AAAAllllllll aaaaccccccccoooouuuunnnnttttssss 432.9 675.8 857.2 1,519.2 1,532.2 1,389.2 1,618.4 1,675.8 1,470.0 Demand deposit turnover1 (seasonally adjusted) 8 All commercial banks 139.4 163.5 201.6 309.5 296.2 292.0 309.2 293.4 308.1 9 Major New York City banks. 541.9 646.2 813.7 1,260.1 1,109.8 1,128.3 1,156.8 1,129.0 1.251.9 10 Other banks 96.8 113.3 134.3 191.6 193.6 190.7 206.6 191.2 199.1 Savings deposit turnover2 (not seasonally adjusted) 11 ATS/NOW3 7.0 7.8 9.7 14.5 14.6 12.8 14.6 14.3 13.1 12 Business4 5.1 7.2 9.3 14.3 14.1 11.7 13.9 12.5 12.0 13 Others5 1.7 2.7 3.4 3.9 3.9 3.6 4.0 4.2 3.6 14 All accounts 1.9 3.1 4.2 7.1 7.2 6.4 7.4 7.5 6.6 1. Represents accounts of individuals, partnerships, and corporations, and of NOTE. Historical data for the period 1970 through June 1977 have been estimated; states and political subdivisions. these estimates are based in part on the debits series for 233 SMS As, which were 2. Excludes special club accounts, such as Christmas and vacation clubs. available through June 1977. Back data are available from Publications Services, 3. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts Board of Governors of the Federal Reserve System, Washington, D.C. 20551. authorized for automatic transfer to demand deposits (ATS). ATS data availability Debits and turnover data for savings deposits are not available before July 1977. starts with December 1978. 4. Represents corporations and other profit-seeking organizations (excluding commercial banks but including savings and loan associations, mutual savings banks, credit unions, the Export-Import Bank, and federally sponsored lending agencies). 5. Savings accounts other than NOW; business; and, from December 1978, ATS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary Aggregates A13 1.21 MONEY STOCK MEASURES AND COMPONENTS Billions of dollars, averages of daily figures 1981 1982 IItteemm 1978 1979 1980 1981 Dec. Dec. Dec. Dec. Oct. Nov. Dec. Jan. Feb. Seasonally adjusted MEASURES1 1 Ml 363.2 389.0 414.5 440.9 432.9 436.4 440.9 448.6 447.2 2 M2 1,403.9 1,518.9 1,656.1 1,822.4 1,789.3 1,809.7 1,822.4 L,840.9R 1,847.5 3 M3 1,629.0 1,779.3 1,963.1 2,187.8 2,151.0 2,174.5 2,187.8 2,204.0'' 2,214.3 4 I? 1,938.9 2,153.9 2,370.4 2,643.7 2,599.4 2,628.3' 2,643.7 n.a n.a. SELECTED COMPONENTS 5 Currency 97.4 106.1 116.2 123.1 121.3 121.8 123.1 123.8 124.6 6 Traveler's checks3 3.5 3.7 4.2 4.3 4.3 4.3 4.3 4.3 4.3 7 Demand deposits 253.9 262.2 267.2 236.4 235.7 235.7 236.4 239.3 234.5 8 Other checkable deposits7 8.4 16.9 26.9 77.0 71.6 74.7 77.0 81.1 83.8 9 Savings deposits4 479.9 421.7 398.9 343.6 339.6 340.9 343.6 348.8r 348.6 10 Small-denomination time deposits5 533.9 652.6 751.7 854.7 849.8 856.8 854.7 852.3r 859.5 11 Large-denomination time deposits6 194.6 221.8 257.9 300.4 302.2 300.6 300.4 302.7r 307.9 Not seasonally adjusted MEASURES1 12 Ml 372.5 398.8 424.6 451.2 434.5 439.7 451.2 453.4 437.1 13 M2 1,408.5 1,524.6 1,662.4 1,829.1 1,793.1 1,809.3 1,829.1 l,848.8r 1,842.3 14 M3 1,637.5 1,789.2 1,973.8 2,199.6 2,152.4 2,175.4 2,199.6 2,216.8r 2,215.3 15 L2 1,946.6 2,162.8 2,380.2 2,654.7 2,597.8 2,627.5r 2,654.7 n.a. n.a. SELECTED COMPONENTS 16 Currency 99.4 108.2 118.3 125.4 121.2 122.9 125.4 123.3r 123.0 17 Traveler's checks3 3.3 3.5 3.9 4.1 4.3 4.1 4.1 4.1 4.1 18 Demand deposits 261.5 270.1 275.1 243.3 236.6 237.5 243.3 243.6 228.5 19 Other checkable deposits7 8.4 17.0 27.2 78.4 72.4 75.2 78.4 82.5 81.4 20 Overnight RPs and Eurodollars8 24.1 26.3 35.0 38.1 36.1 36.9 38.1 43.3 43.0 21 Savings deposits4 478.0 420.5 398.0 343.0 343.9 342.2 343.0 346.8 344.5 22 Small-denomination time deposits5 531.1 649.7 748.9 851.7 847.6 851.9 851.7 857.5r 868.5 Money market mutual funds 23 General purpose and broker/dealer 7.1 34.3 61.8 150.8 137.1 144.6 150.8 154.4 155.4 24 Institution only 3.1 9.3 13.9 33.7 29.4 32.0 33.7 32.5 30.5 25 Large-denomination time deposits6 198.6 226.0 262.3 305.5 299.8 301.8 305.5 307.7r 314.1 1. Composition of the money stock measures is as follows: 4. Savings deposits exclude NOW and ATS accounts at commercial banks and Ml: Averages of daily figures for (1) currency outside the Treasury, Federal thrift institutions and CUSDs at credit unions. Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of non- 5. Small-denomination time deposits—including retail RPs—are those issued in bank issuers; (3) demand deposits at all commercial banks other than those due amounts of less than $100,000. to domestic banks, the U.S. government, and foreign banks and official institutions 6. Large-denomination time deposits are those issued in amounts of $100,000 less cash items in the process of collection and Federal Reserve float; and (4) or more and are net of the holdings of domestic banks, thrift institutions, the U.S. negotiable order of withdrawal (NOW) and automatic transfer service (ATS) ac- government, money market mutual funds, and foreign banks and official institucounts at banks and thrift institutions, credit union share draft (CUSD) accounts, tions. and demand deposits at mutual savings banks. 7. Includes ATS and NOW balances at all institutions, credit union share draft M2: Ml plus savings and small-denomination time deposits at all depository balances, and demand deposits at mutual savings banks. institutions, overnight repurchase agreements at commercial banks, overnight Eu- 8. Overnight (and continuing contract) RPs are those issued by commercial rodollars held by U.S. residents other than banks at Caribbean branches of member banks to other than depository institutions and money market mutual funds (general banks, and balances of money market mutual funds (general purpose and broker/ purpose and broker/dealer), and overnight Eurodollars are those issued oy Cadealer). ribbean branches of member banks to U.S. residents other than depository insti- M3: M2 plus large-denomination time deposits at all depository institutions, term tutions and money market mutual funds (general purpose and broker/dealer). RPs at commercial banks and savings and loan associations, and balances of institution-only money market mutual funds. NOTE. Latest monthly and weekly figures are available from the Board's H.6 2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents (508) release. Back data are available from the Banking Section, Division of Reother than banks, bankers acceptances, commercial paper, Treasury bills and other search and Statistics, Board of Governors of the Federal Reserve System, Washliquid Treasury securities, and U.S. savings bonds. ington, D.C. 20551. 3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • April 1982 1.22 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 1981 1982 1978 1979 1980 IItteemm Dec. Dec. Dec. June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 35.08 36.37 39.01 39.62 39.73 39.81 40.31 40.12 40.15 40.53 41.28 40.93 2 Nonborrowed reserves 34.22 34.90 37.32 37.58 38.05 38.39 38.86 38.94 39.49 39.89 39.76 39.14 3 Required reserves 34.85 36.04 38.49 39.28 39.39 39.52 39.90 39.84 39.81 40.21 40.86 40.63 4 Monetary base4 134.7 145.0 158.0 161.7 162.5 162.9 163.7 163.8 164.3 165.8 167.4 167.9 Not seasonally adjusted 5 Total reserves3 35.66 36.97 39.70 39.05 39.64 39.48 40.09 40.22 40.33 41.26 42.70 40.74 6 Nonborrowed reserves 34.80 35.50 38.01 37.02 37.96 38.06 38.63 39.04 39.67 40.63 41.18 38.95 7 Required reserves 35.43 36.65 39.19 38.72 39.30 39.19 39.67 39.94 39.99 40.94 42.28 40.44 8 Monetary base4 137.4 147.9 161.0 161.2 163.3 163.2 163.3 163.8 165.6 168.9 168.5 166.1 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS5 9 Total reserves3 41.68 43.91 40.66 40.44 41.01 41.02 40.59 40.71 40.95 41.92 43.20 41.29 10 Nonborrowed reserves 40.81 42.43 38.97 38.41 39.33 39.60 39.13 39.53 40.29 41.29 41.69 39.50 11 Required reserves 41.45 43.58 40.15 40.10 40.67 40.73 40.18 40.43 40.60 41.60 42.78 40.98 12 Monetary base4 144.6 156.2 162.4 163.3 165.4 165.4 163.9 164.3 166.3 169.7 169.1 166.8 1. Reserve measures from November 1980 to date reflect a one-time increase— 5. Reserves of depository institutions series reflect actual reserve requirement estimated at $550 million to $600 million—in required reserves associated with the percentages with no adjustments to eliminate the effect of changes in Regulation reduction of week-end avoidance activities of a few large banks. D, including changes associated with the implementation of the Monetary Control 2. Reserve aggregates include required reserves of member banks and Edge Act Act. Includes required reserves of member banks and Edge Act corporations and, corporations ana other depository institutions. Discontinuities associated with the beginning Nov. 13, 1980, other depository institutions. Under the transitional phaseimplementation of the Monetary Control Act, the inclusion of Edge Act corporation in program of the Monetary Control Act of 1980, the net changes in required reserves, and other changes in Regulation D have been removed. reserves of depository institutions have been as follows: effective Nov. 13, 1980, 3. Reserve balances with Federal Reserve Banks (which exclude required clear- a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; Mar. 12, ing balances) plus vault cash at institutions with required reserve balances plus 1981, an increase of $75 million; May 14, 1981, an increase of $245 million; Aug. vault cash equal to required reserves at other institutions. 13, 1981, an increase of $245 million; Sept. 3, 1981. a reduction of $1.3 billion; 4. Includes reserve balances and required clearing balances at Federal Reserve and Nov. 19, 1981, an increase of $220 million. Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. NOTE. Latest monthly and weekly figures are available from the Board's H.3(502) Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus statistical release. Back data and estimates of the impact on required reserves and vault cash at depository institutions. changes in reserve requirements are available from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary Aggregates A15 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars; averages of Wednesday figures 1981 1982 1981 1982 „ 1980 1980 Dec. Dec. Nov. Dec.2 Jan.2 Feb.2 Nov. Dec.2 Jan.2 Feb.2 Seasonally adjusted Not seasonally adjusted 1 Total loans and securities3 1,239.6 1,327.5 1,317.3" 1,321.9 1,334.6 1,249.5 1,333.4 1,327.14 1,324.4 1,330.4S 2 U.S. Treasury securities 110.0 110.3 110.9 114.2 115.3s 110.5 109.5 111.4 113.7 115.7s 3 Other securities 214.4 231.2 231.7 232.0 232.75 215.7 231.9 233.1 232.3 232.1s 4 Total loans and leases3 915.1 986.0 974.74 975.6 986.6s 923.3 992.0 982.74 978.5 982.5s 5 Commercial and industrial loans 326.8 363.4 358.54'6 360.9 366.1 328.8 364.8 360.64-6 360.7 364.8 6 Real estate loans 262.6 283.1 285.54 287.3 289.95 263.3 284.4 286.34 287.9 289.6s 7 Loans to individuals 179.6 183.7 185.2 185.9 185.7 180.9 184.9 186.5 186.4 185.1 8 Security loans 18.5 21.0 21.9 20.6 20.8 19.1 21.3 22.7 20.8 20.1 9 Loans to nonbank financial institutions 29.0 30.4 30.24 31.1 31.4 29.9 30.9 31.24 31.2 31.5 10 Agricultural loans 31.5 32.9 33.0 33.2 33.4 31.4 33.1 33.0 32.9 32.9 11 Lease financing receivables 10.9 12.6 12.7 13.0 13.1 10.9 12.6 12.7 13.0 13.1 12 All other loans 56.2 58.9 47.6 43.7 46.2 59.0 60.0 49.7 45.5 45.3 MEMO: 13 Total loans and securities plus loans sold3-7 1,242.3 1,330.3 1,320.14 1324.8 1337.4S 1252.2 1,336.2 1,330.04 1,327.3 1,333.2S 14 Total loans plus loans sold3'7 917.8 988.8 977.54 978.5 989.5s 926.0 994.7 985.54 981.3 985.3s 15 Total loans sold to affiliates7 2.7 2.7 2.8 2.9 2.8 2.7 2.7 2.8 2.9 2.8s 16 Commercial and industrial loans plus loans sold7 328.6 365.5 336600..7744--66 363.2 368.4 330.6 366.9 362.84,6 363.0 367.1 17 Commercial and industrial loans sold7 1.8 2.1 2.2 2.2 2.2 1.8 2.1 2.2 2.2 2.2 18 Acceptances held 7.8 8.8 8.9 8.7 8.9 9.2 9.2 9.8 9.1 9.0 19 Other commercial and industrial loans 319.0 354.5 349.5 352.2 357.3 320.3 355.6 350.8 351.7 355.8 20 To U.S. addressees8 297.6 328.3 335.0 339.6 344.3 297.1 329.2 334.4 338.4 342.9 21 To non-U.S. addressees 21.4 26.3 14.5 12.6 12.9 23.2 26.5 16.4 13.3 12.9 22 Loans to foreign banks 23.4 23.4 19.0 15.4 16.6 25.1 23.2 20.0 16.1 16.2 1. Includes domestically chartered banks; U.S. branches and agencies of foreign 5. The merger of a commercial bank with a mutual savings bank beginning Feb. banks. New York investment companies majority owned by foreign banks, and 24, 1982, increased total loans and securities $1.0 billion; U.S. Treasury securities, Edge Act corporations owned by domestically chartered and foreign banks. $0.1 billion; other securities, $0.1 billion; total loans and leases, $0.8 billion; and 2. Beginning December 1981, shifts of foreign loans and securities from U.S. real estate loans, $0.7 billion. banking offices to international banking facilities reduced the levels (not seasonally 6. An accounting procedure change by one bank reduced commercial and inadjusted) of several items as follows: line 1, $23.2 billion; line 4, $22.8 billion; line dustrial loans by $0.1 billion as of Apr. 1, 1981. 21, $10.9 billion; line 22, $5.9 billion; line 12. $11.8 billion; and line 3, $0.5 billion. 7. Loans sold are those sold outright to a bank's own foreign branches, non- For January 1982, levels were reduced as follows: line 1, $30.2 billion; line 4, $29.6 consolidated nonbank affiliates of the bank, the bank's holding company (if not a billion; line 21, $13.9 billion; line 22, $7.5 billion; line 12, $15.7 billion; and line bank), and nonconsolidated nonbank subsidiaries of the holding company. 3, $0.6 billion. For February 1982, levels were reduced as follows: line 1, $30.5 8. United States includes the 50 states and the District of Columbia. billion; line 4, $29.9 billion; line 21, $14.0 billion; line 22, $7.6 billion; line 12. $15.9 billion; and line 3, $0.6 billion. NOTE. Data are prorated averages of Wednesday estimates for domestically 3. Excludes loans to commercial banks in the United States. chartered banks, based on weekly reports of a sample of domestically chartered 4. Absorption of a nonbank affiliate by a large commercial bank added the banks and quarterly reports of all domestically chartered banks. For foreign-related following to February 1981 figures: total loans and securities, $1.0 billion; total institutions, data are averages of month-end estimates based on weekly reports loans and leases, $1.0 billion; commercial and industrial loans, $.5 billion; real from large agencies and branches and quarterly reports from all agencies, branches, estate loans, $.1 billion; nonbank financial, $.1 billion. investment companies, and Edge Act corporations engaged in banking. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Nonfinancial Statistics • April 1982 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Monthly averages, billions of dollars 1980 1981 1982 SSoouurrccee Dec. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total nondeposit funds 1 Seasonally adjusted2 121.9 113.2 120.1 124.1 122.7 123.3 119.8 116.3 116.2 98.7 89.6 88.0 2 Not seasonally adjusted 122.5 113.4 125.7 126.0 124.6 127.4 125.0 118.3 120.8 99.1 88.0 88.4 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 111.0 110.6 108.7 115.3 113.8 110.5 108.2 109.1 110.1 114.4 116.3 114.0 4 Not seasonally adjusted 111.6 111.4 114.2 117.2 115.7 114.6 113.3 111.1 114.7 114.8 114.7 114.3 5 Net balances due to foreign-related institutions, not seasonally adjusted 8.2 -.7 8.7 5.9 6.2 10.1 8.9 4.5 3.3 -18.5 -29.6 -28.8 6 Loans sold to affiliates, not seasonally adjusted4 2.7 2.7 2.8 2.9 2.7 2.6 2.7 2.7 2.7 2.8 2.9 2.8 MEMO 7 Domestically chartered banks net positions with own foreign branches, not seasonally adjusted5 -14.7 -21.3 -13.6 -14.6 -14.6 -10.2 -12.3 -15.4 -15.0 -22.4 -27.1 -26.1 8 Gross due from balances 37.5 43.0 43.4 42.5 45.0 43.7 44.5 45.5 47.9 54.9 57.1 57.2 9 Gross due to balances 22.8 21.7 29.8 27.8 30.4 33.5 32.2 30.1 32.9 32.5 30.0 31.2 10 Foreign-related institutions net positions with directly related institutions, not seasonally adjusted6 22.9 20.6 22.3 20.6 20.8 20.4 21.2 19.9 18.4 3.9 -2.5 -2.7 11 Gross due from balances 32.5 34.0 35.7 36.9 37.4 38.0 40.1 38.3 39.1 48.1 50.0 50.5 12 Gross due to balances 55.4 54.6 57.9 57.4 58.2 58.4 61.3 58.2 57.4 52.0 47.5 47.8 Security RP borrowings 13 Seasonally adjusted" 64.0 67.0 64.3 70.8 69.2 65.7 63.0 64.9 65.0 70.0 73.0 71.2 14 Not seasonally adjusted 62.3 65.5 67.6 70.5 68.9 67.6 65.9 64.7 67.3 68.2 69.2 69.3 U.S. Treasury demand balances8 15 Seasonally adjusted 9.5 12.1 12.5 11.4 10.9 8.3 9.3 11.1 12.1 11.8 13.5 19.8 16 Not seasonally adjusted 9.0 12.2 12.5 12.5 10.8 7.5 10.9 13.3 9.7 11.3 14.6 17.9 Time deposits, $100,000 or more9 17 Seasonally adjusted 267.0 283.0 294.9 302.4 313.1 321.7 324.7 324.8 323.4 324.0 324.3 326.9 18 Not seasonally adjusted 272.4 283.9 293.9 298.2 304.7 314.8 320.2 322.6 324.6 330.3 330.6 335.0 1. Commercial banks are those in the 50 states and the District of Columbia 5. Averages of daily figures for member and nonmember banks. with national or state charters plus agencies and branches of foreign banks, New 6. Averages of daily data. York investment companies majority owned by foreign banks, and Edge Act cor- 7. Based on daily average data reported by 122 large banks. porations owned by domestically chartered and foreign banks. 8. Includes U.S. Treasury demana deposits and Treasury tax-and-loan notes at 2. Includes seasonally adjusted federal funds, RPs, and other borrowings from commercial banks. Averages of daily data. nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. In- 9. Averages of Wednesday figures. cludes averages of Wednesday data for domestically chartered banks and averages of current and previous month-end data for foreign-related institutions. NOTE. Beginning December 1981, shifts of foreign assets and liabilities from U.S. 3. Other borrowings are borrowings on any instrument, such as a promissory banking offices to international banking facilities (IBFs) reduced levels for several note or due bill, given for the purpose of borrowing money for the banking business. items as follows: lines 1 and 2, $22.4 billion; lines 3 and 4, $1.7 billion; line 5, This includes borrowings from Federal Reserve Banks and from foreign banks, $20.7 billion; line 7, $3.1 billion; and line 10, $17.6 billion. For January 1982, levels term federal funds, overdrawn due from bank balances, loan RPs, and participa- were reduced as follows: lines 1 and 2, $29.6 billion; lines 3 and 4, $2.4 billion; tions in pooled loans. Includes averages of daily figures for member banks and line 5, $27.2 billion; line 7, $4.7 billion; and line 10, $22.4 billion. averages of current and previous month-end data for foreign-related institutions. After January 1982, levels were reduced as follows: lines 1 and 2, $29.9 billion; 4. Loans initially booked by the bank and later sold to affiliates that are still lines 3 and 4, $2.4 billion; line 5, $27.5 billion; line 7, $4.8 billion; and line 10, held by affiliates. Averages of Wednesday data. $22.7 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A17 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS Last-Wednesday-of-Month Series Billions of dollars except for number of banks 1981 1982 May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. DOMESTICALLY CHARTERED COMMERCIAL BANKS1 1 Loans and securities, excluding interbank 1,195.5 1,206.1 1,214.1 1,221.3 1,242.5 1,239.9 1,249.4 1,268.1 1,262.5 1,272.8 1,286.8 2 Loans, excluding interbank 864.5 874.2 881.2 888.7 906.2 902.9 912.8 926.6 920.6 929.9 940.5 3 Commercial and industrial 290.3 295.4 298.3 301.2 308.5 308.5 312.6 320.9 321. V 325.7 332.8 4 Other 574.3 578.8 582.9 587.5 597.8 594.3 600.2 605.7 599.5' 604.2 607.7 5 U.S. Treasury securities 112.1 113.4 113.1 111.3 109.4 110.0 106.7 109.6 111.7 112.5 114.5 6 Other securities 218.8 218.4 219.8 221.4 226.9 227.1 229.9 231.8 230.2 230.4 231.8 7 Cash assets, total 175.9 165.7 156.8 168.4 190.2 149.8 162.8 173.1 155.1 151.3 164.4 8 Currency and coin 19.3 19.0 19.5 20.0 19.2 19.7 18.3 22.0 19.8 19.7 18.9 9 Reserves with Federal Reserve Banks 25.2 25.4 27.0 25.4 26.8 25.3 26.1 28.0 30.2 24.8 25.7 10 Balances with depository institutions . 57.7 56.8 52.7 61.4 68.9 49.3 52.0 54.5 50.1 50.8 55.8 11 Cash items in process of collection ... 73.5 64.5 57.6 61.6 75.4 55.5 66.4 68.7 55.0 56.1 64.0 12 Other assets2 163.1 172.2 162.8 168.3 184.5 175.5 194.4 212.5 197.8 202.5 220.0 13 Total assets/total liabilities and capital... 1,534.4 1,544.0 1,533.7 1,558.0 1,617.2 1,565.2 1,606.7 1,653.7 1,615.4' 1,626.6 1,671.1 14 Deposits 1,169.3 1,164.6 1,160.0 1,181.3 1,224.4 1,177.1 1,206.0 1,241.2 1,206. lr 1,214.0 1,251.6 15 Demand 360.7 350.8 333.7 342.5 378.0 324.0 339.2 364.6 322.6 317.1 338.6 16 Savings 220.4 220.0 219.2 217.2 216.7 214.0 217.9 222.4 223.0 222.5 229.9 17 Time 588.3 593.8 607.2 621.6 629.7 639.1 648.9 654.2 660.6' 674.4 683.0 18 Borrowings 156.8 170.3 160.4 164.4 176.9 174.5 179.3 190.1 191.7 190.9 196.4 19 Other liabilities 82.5 81.8 86.3 89.8 91.4 89.3 95.2 91.7 89.9 92.7 94.5 20 Residual (assets less liabilities) 125.8 127.3 127.0 122.5 124.4 124.3 126.2 130.7 127.7r 129.0 128.7 MEMO: 21 U.S. Treasury note balances included in borrowing 5.5 17.4 7.2 6.4 15.3 13.9 5.6 13.6 16.6 17.0 10.8 22 Number of banks 14,719 14,719 14,719 14,720 14,720 14,740 14,743 14,744 14,690 14,702 14,709 ALL COMMERCIAL BANKING INSTITUTIONS3 23 Loans and securities, excluding interbank 1,291.2 1,297.9 1,306.7 1,334.3 1,324.7 1,335.5 1.330.6 1,322.1' 1,333.0 1,347.0 24 Loans, excluding interbank 955.1 960.8 969.8 993.8 983.6 994.7 984.7 975.5' 985.1 995.9 25 Commercial and industrial 345.5 350.3 354.2 366.3 361.7 365.5 361.4 359.8r 364.7 372.9 26 Other 609.8 610.4 615.6 627.5 621.9 629.2 623.4 615.7' 620.4 623.0 27 U.S. Treasury securities 115.8 115.3 113.5 111.6 111.9 108.8 112.3 114.6 115.7 117.6 28 Other securities 220.4 221.8 223.4 228.9 229.2 232.0 233.6 231.9' 232.1 233.5 29 Cash assets, total 207.5 187.8 205.2 234.5 165.4 179.3 188.0 169.8 165.6 178.8 30 Currency and coin 19.0 19.5 20.1 19.2 19.7 18.3 22.0 19.8 19.7 18.9 31 Reserves with Federal Reserve Banks 26.5 28.0 26.6 28.1 26.5 27.5 29.3 31.3 26.1 26.9 32 Balances with depository institutions . 94.4 81.4 95.7 110.7 62.5 66.0 67.0 62.5 62.8 67.9 33 Cash items in process of collection ... 67.5 58.9 62.9 76.5 56.6 67.4 69.7 56.1 57.1 65.0 34 Other assets2 238.0 228.4 233.7 251.0 244.0 267.0 290.1 275.0 278.7 296.2 35 Total assets/total liabilities and capital.. . 1,736.9 1,714.1 1,745.6 1,819.8 1,734.0 1,781.7 1.808.7 1,766.9' 1,777.3 1,822.0 36 Deposits 1,235.5 1,221.5 1,250.3 1,293.7 1,224.6 1,254.1 1,289.7 1,251.8'" 1,258.6 1,295.8 37 Demand 389.3 362.4 378.3 412.2 337.1 352.6 378.4 335.4 329.7 351.1 38 Savings 220.3 219.5 217.5 216.9 214.3 218.1 222.7 223.2 222.8 230.2 39 Time 625.9 639.7 654.5 664.7 673.1 683.4 688.6 693.2' 706.2 714.5 40 Borrowings 231.6 218.7 223.5 242.7 236.8 246.2 250.8 253.2' 255.8 260.6 41 Other liabilities 140.6 145.0 147.4 157.0 146.4 153.3 135.6 132.3'" 132.0 135.0 42 Residual (assets less liabilities) 129.4 128.9 124.4 126.3 126.3 128.1 132.6 129.6' 130.9 130.5 MEMO: 43 U.S. Treasury note balances included in borrowing 17.4 7.2 6.4 15.3 13.9 5.6 13.6 16.6 17.0 10.8 44 Number of banks 15,188 15,188 15,189 15,189 15,209 15,212 15,213 15,185 15,201 15,214 1. Domestically chartered commercial banks include all commercial banks in the NOTE. Figures are partly estimated. They include all bank-premises subsidiaries United States except branches of foreign banks; included are member and non- and other significant majority-owned domestic subsidiaries. Data for domestically member banks, stock savings banks, and nondeposit trust companies. chartered commercial banks are for the last Wednesday of the month. Data for 2. Other assets include loans to U.S. commercial banks. other banking institutions are for the last day of the quarter until June 1981; 3. Commercial banking institutions include domestically chartered commercial beginning July 1981, these data are estimates made on the last Wednesday of the banks, branches and agencies of foreign banks, Edge Act and Agreement corpo- month based on a weekly reporting sample of foreign-related institutions and quarterrations, and New York State foreign investment corporations. end condition report data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • April 1982 1.26 ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on December 31, 1977, Assets and Liabilities Millions of dollars, Wednesday figures 1982 AAccccoouunntt Feb.3 Feb. 10 Feb. 17 Feb. 24 Mar. 3P Mar. 10P Mar. 17P Mar. 24p Mar. 31 p 1 Cash items in process of collection 48,220 43,508 60,637 44,974 50,416 4455,,446666 4488,,886688 4433,,229911 50,866 2 Demand deposits due from banks in the United States 6,868 6,472 9,131 6,671 6,594 5,998 7,190 6,257 6,878 3 All other cash and due from depository institutions .. 40,816 34,063 37,434 31,099 36,712 33,595 34,533 34,158 33,411 4 Total loans and securities 610,418 603,641 606,932 607,518 610,843 615,430 608,001 603,883 611,791 Securities 5 U.S. Treasury securities 38,090 37,606 38,417 37,645 38,374 37,313 37,459 37,673 38,570 6 Trading account 7,304 6,789 7,606 6,802 7,628 6,656 6,859 6,922 8,224 V Investment account, by maturity 30,785 30,817 30,810 30,843 30,747 30.657 30,600 30,751 30,345 8 One year or less 10,297 10,380 10,177 10,335 10,685 10,665 10,622 10,908 10,519 9 Over one through five years 17,462 17,403 17,710 17,648 17.570 17,538 17,588 17,518 17,577 10 Over five years 3,026 3,034 2,923 2,860 2,492 2,454 2,390 2,326 2,249 11 Other securities 80,413 79,328 79,090 79,146 79,222 81,018 79,768 79,634 79,346 12 Trading account 4,568 3,266 3,101 3,128 3,200 4,758 3,488 3,146 3,040 13 Investment account 75,845 76,062 75,989 76,018 76,022 76,261 76,279 76,487 76,306 14 U.S. government agencies 16,247 16,287 16,306 16,189 16,174 16,223 16,201 16,196 16,196 lb States and political subdivisions, by maturity .... 56,776 56,966 56,882 57,026 57,044 57,224 57,212 57,386 57,227 lb One year or less 7,843 7,901 7,750 7,860 7,967 8,090 8,004 8,072 8,036 17 Over one year 48,934 49,065 49,132 49,167 49,077 49,133 49,208 49,314 49,191 18 Other bonds, corporate stocks and securities .... 2,821 2,809 2,801 2,803 2,803 2,814 2,866 2,906 2,883 Loans 19 Federal funds sold1 37,362 34.520 33,627 35,620 37,516 42,728 35,708 31,900 34,050 20 To commercial banks 26,818 24,247 23,901 24,496 26,802 28,949 25,644 21,530 23,674 21 To nonbank brokers and dealers in securities 7,705 7,578 6,949 8,035 8,012 9,328 7,606 7,986 8,183 22 To others 2,839 2,695 2,777 3,090 2,702 4,452 2,458 2,384 2,194 23 Other loans, gross 467,188 464,868 468,484 467,811 468,450 467,162 467,890 467,390 472,376 24 Commercial and industrial 198,084 198,125 199,071 199,068 198,948 199,154 200,043 200,029 202,620 25 Bankers acceptances and commercial paper 3,959 3,944 4,102 4,351 3,966 4,101 4,144 3,937 4,487 26 All other 194,125 194.182 194,969 194,717 194,982 195,053 195,900 196,092 198,132 27 U.S. addressees 187,814 187,799 188,652 188,305 188,562 188,559 189,323 189,527 191,607 28 Non-U.S. addressees 6,311 6,383 6,317 6,412 6,420 6,494 6,576 6,565 6,526 29 Real estate 126,132 126,252 126,477 126,677 126,815 127,024 127,236 127,348 127,297 30 To individuals for personal expenditures 72,934 72,606 72,679 72,335 72,126 71,954 71,869 71,616 71,860 To financial institutions 31 Commercial banks in the United States 7,313 6,921 7,022 6,456 6,898 6,848 6,655 6,144 6,228 32 Banks in foreign countries 7,577 7,261 8,241 8,191 7,950 7,661 7,399 7,728 7,676 33 Sales finance, personal finance companies, etc... 11,168 10,660 10,453 10,223 10,756 10,511 11,288 11,221 11,635 34 Other financial institutions 15,587 15,897 16,245 15,964 16,001 15,834 15,909 15,989 16,279 35 To nonbank brokers and dealers in securities 6,017 5,462 4,883 6,780 6,455 5,646 5,193 5,131 5,220 36 To others for purchasing and carrying securities2... 2,658 2,677 2,667 2,677 2,707 2,660 2,582 2,573 2,562 37 To finance agricultural production 5,770 5,773 5,765 5,781 5,776 5,827 5,834 5,866 5,923 38 All other 13,948 13,233 14,981 13,660 14,018 14,043 13,882 13,747 15,076 39 LESS: Unearned income 5,898 5,924 5,921 5,932 5,857 5,926 5,948 5,883 5,849 40 Loan loss reserve 6,736 6,757 6,765 6,773 6,863 6,865 6,876 6,830 6,702 41 Other loans, net 454,554 452,187 455,798 455,106 455,730 454,370 455,066 454,677 459,825 42 Lease financing receivables 11,022 11,100 11,090 11,067 11,102 11,104 11,107 11,098 11,135 43 All other assets 106,459 108,135 103,552 104,692 110,113 109,909 107,354 109.293 113,380 44 Total assets 823,804 806,920 828,776 806,020 825,780 821,502 817,054 807,980 827,460 Deposits 45 Demand deposits 170,630 159,310 181,903 161,125 169,273 162,961 165,454 157,854 172,928 46 Mutual savings banks 692 573 683 520 690 557 551 506 679 47 Individuals, partnerships, and corporations 127,407 120,091 133,877 121,147 125,658 124,016 125,228 118,861 131,866 48 States and political subdivisions 5,270 4,479 5,604 4,665 4,492 4,518 4,526 4,564 5,133 49 U.S. government 3,538 2,070 1,916 2,457 3,331 1,868 1,376 2,246 1,133 50 Commercial banks in the United States 19,263 17,631 24,851 17,195 19,762 17,590 18,488 17,218 19,695 51 Banks in foreign countries 6,731 6,601 7,338 7,296 7,396 7,036 6,492 6,769 6,414 52 Foreign governments and official institutions 1,464 1,194 1,110 1,152 967 1,360 1,416 1,265 1,040 53 Certified and officers' checks 6,264 6,671 6,523 6,692 6,977 6,015 7,376 6,425 6,968 54 Time and savings deposits 367,193 366,816 363,745 369,159 370,510 370,377 369,643 371,995 372,461 55 Savings 79,293 78,664 78,769 77,764 79,314 79,308 79,338 79,238 80,434 56 Individuals and nonprofit organizations 75,771 75,153 75,207 74,276 75,877 75,911 76,009 75,880 76,965 57 Partnerships and corporations operated for profit 2,893 2,886 2,857 2,853 2,859 2,874 2,803 2,850 2,885 58 Domestic governmental units 606 603 683 615 554 501 505 491 564 59 All other 23 22 22 20 24 23 21 17 19 60 Time 287,900 288,152 284,976 291,395 291,196 291,069 290,305 292,757 292,027 61 Individuals, partnerships, and corporations 252,226 252,097 249,105 254,110 253,750 253,610 253,382 255,586 255,514 62 States and political subdivisions 20,480 20,834 20,585 21,374 21,367 21,438 21,328 21,512 21,037 63 U.S. government 290 299 296 310 338 360 374 390 401 64 Commercial banks in the United States 10,357 10,435 10,554 11,187 11,180 11,050 1100,,771144 10,831 1100,,772255 65 Foreign governments, official institutions, and banks 4,547 4,486 4,435 4,414 4,562 4,610 44,,550066 44,,443388 44,,334499 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 889 1,283 518 321 3,783 2,693 1,037 694 1,421 67 Treasury tax-and-loan notes 11,955 11,957 12,780 11,932 10,454 8,482 9,076 9,682 8,042 68 All other liabilities for borrowed money3 146,283 141,173 144,496 134,836 145,265 150,420 114455,,229988 114400,,663300 114422,,226622 69 Other liabilities and subordinated notes and debentures 71,514 71,087 70,473 73,876 71,158 71,258 71,581 71,946 74,873 70 Total liabilities 768,466 751,627 773,915 751,249 770,443 766,190 762,089 752,801 771,986 71 Residual (total assets minus total liabilities)4 55,338 55,293 54,860 54,770 55,337 55,312 54,965 55,179 55,474 1. Includes securities purchased under agreements to resell. NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities 2. Other than financial institutions and brokers and dealers. to international banking facilities (IBFs) reduced the amounts reported in some 3. Includes federal funds purchased and securities sold under agreements to items, especially in loans to foreigners and to a lesser extent in time deposits. Based repurchase; for information on these liabilities at banks with assets of$l billion or on preliminary reports, the large weekly reporting banks shifted $4.7 billion of more on Dec. 31, 1977, see table 1.13. assets to their IBFs in the five weeks ending Jan. 13, 1982. Domestic offices net 4. Not a measure of equity capital for use in capital adequacy analysis or for positions with IBFs are now included in net due from or net due to related insti- Digitized for oFthRerA aSnaElyRtic uses. tutions. More detail will be available later. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A19 1.27 LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on December 31, 1977, Assets and Liabilities Millions of dollars, Wednesday figures 1982 AAccccoouunntt Feb. 3 Feb. 10 Feb. 17 Feb. 24 Mar. V Mar. 10P Mar. 17? Mar. 24P Mar. 31P 1 Cash items in process of collection 45,270 40,953 56,786 42,379 47,318 42,910 46,048 40,706 48,004 7 Demand deposits due from banks in the United States.... 6,158 5,848 8,195 6,054 5,907 5,465 6,512 5.579 6,194 3 All other cash and due from depository institutions 38,144 31,761 34,907 28,611 34,062 31,113 32,043 31,565 30,728 4 Total loans and securities 571,099 564,562 567,972 568,937 571,401 576,026 568,753 565,315 572,625 Securities 5 U.S. Treasury securities 34,812 34,391 35,185 34,464 35,278 34,220 34,365 3344..555588 35,465 6 Trading account 7,197 6,713 7,462 6,702 7,531 6,522 6,760 6,820 8,078 7 Investment account, by maturity 27,615 27,678 27,723 27,762 27,746 27,698 27,605 27,739 27,386 8 One year or less 9,231 9,309 9,116 9,279 9,590 9,581 9,495 9.760 9,436 9 Over one through five years 15,674 15,646 15,994 15,931 15,961 15,958 16,016 15,949 15,997 in Over five years 2,711 2,723 2,613 2,551 2,196 2,158 2,094 2,030 1,954 11 Other securities 73,941 72,824 72,650 72,682 72,784 74,597 73,342 73,195 72,946 12 Trading account 4,478 3,172 3,037 3,035 3,098 4,647 3,370 3,010 2,947 13 Investment account 69,463 69,651 69,613 69,647 69,685 69,950 69,973 70,184 69,998 14 U.S. government agencies 15,032 15,051 15,073 14,976 14,967 15,020 15,002 15,002 15,000 15 States and political subdivision, by maturity 51,793 51,974 51,922 52,051 52,097 52,298 52,287 52,459 52,294 16 One year or less 6,982 7,026 6,891 6,993 7,122 7,229 7,205 7,270 7,237 17 Over one year 44,811 44,948 45,030 45,058 44,975 45,069 45,082 45,189 45,057 18 Other bonds, corporate stocks and securities 2,637 2,626 2,618 2,620 2,621 2,632 2,684 2,723 2,705 Loans 19 Federal funds sold1 33,013 30,351 29,578 31,850 32,884 38,057 31,252 28,159 29,949 ?0 To commercial banks 23,332 20,831 20,570 21,444 22,971 25,112 21,970 18,443 20,270 71 To nonbank brokers and dealers in securities 6,919 6,910 6,309 7,370 7,264 8,549 6,923 7,401 7,587 ?? To others 2,763 2,610 2,699 3,035 2,649 4,395 2,358 2,315 2,092 ?3 Other loans, gross 440,978 438,684 442,250 441,652 442,187 440,950 441,624 441,122 445,828 74 Commercial and industrial 188,179 188,196 189,072 189,145 188,957 189,172 190,043 189,937 192,468 75 Bankers acceptances and commercial paper 3,814 3,796 3,968 4,223 3,844 3,981 4,018 3,786 4,315 76 All other 184,365 184,400 185,104 184,922 185,113 185,190 186,025 186,150 188,153 77 U.S. addressees 178,138 178,102 178,872 178,596 178,781 178,788 179,541 179,674 181,708 78 Non-U.S. addressees 6,227 6,298 6,231 6,327 6,332 6,403 6,484 6,477 6,445 79 Real estate 119,095 119,214 119,441 119,632 119,776 119,973 120,188 120,300 120,275 30 To individuals for personal expenditures 65,647 65,336 65,427 65,085 64,895 64,737 64,652 64,445 64,510 To financial institutions 31 Commercial banks in the United States 7,121 6,753 6,855 6,270 6,723 6,662 6,448 5,912 5,982 37 Banks in foreign countries 7,510 7,190 8,170 8,093 7,856 7,591 7,330 7,651 7,594 33 Sales finance, personal finance companies, etc 11.005 10,498 10,288 10,072 10,587 10,333 11,104 11,039 11,451 34 Other financial institutions 15,198 15,492 15,856 15,583 15,615 15,428 15,533 15,597 15,877 35 To nonbank brokers and dealers in securities 5,966 5,412 4,835 6,731 6,405 5,603 5,150 5,086 5,177 36 To others for purchasing and carrying securities2 2,418 2,440 2,442 2,460 2,492 2,448 2,371 2,341 2,333 37 To finance agricultural production 5,625 5,629 5,621 5,636 5,631 5,682 5,693 5,726 5,782 38 All other 13,212 12,522 14,243 12,945 13,248 13,321 13,112 13,086 14,378 39 LESS: Unearned income 5,265 5,289 5,283 5,293 5,228 5,295 5,314 5,246 5,219 40 Loan loss reserve 6,380 6,400 6,408 6,417 6,502 6,504 6,516 6,472 6,344 41 Other loans, net 429,333 426,996 430,559 429,942 430,456 429,152 429,794 429,403 434,265 47 Lease financing receivables 10,689 10,768 10,757 10,733 10,766 10,767 10,768 10,760 10,796 43 All other assets 103,204 104,739 100,120 101,371 106,738 106,435 103,949 105,710 109,654 44 Total assets 774,563 758,631 778,738 758,086 776,192 772,716 768,074 759,636 778,001 Deposits 45 Demand deposits 158,398 148,006 169,205 150,044 157,048 151,626 115533,,779955 114466,,775577 116600,,995522 46 Mutual savings banks 666 554 657 500 658 533 533 489 657 47 Individuals, partnerships, and corporations 118,178 111,299 124,220 112,635 116,377 115,136 116,199 110,356 122,546 48 States and political subdivisions 4,658 3,891 4,998 4,050 3,970 3,979 3,846 3,886 4,546 49 U.S. government 3,199 1,846 1,691 2,231 2,879 1,681 1,181 2,011 994 50 Commercial banks in the United States 17,664 16,304 23,034 15,827 18,158 16,228 17,099 15,862 18,145 51 Banks in foreign countries 6,666 6,544 7,282 7,233 7,333 6,964 6,424 6,713 6,347 57 Foreign governments and official institutions 1,437 1,188 1,092 1,145 964 1,347 1,415 1,260 1,036 53 Certified and officers' checks 5,932 6,380 6,231 6,423 6,708 5,756 7,098 6,180 6,680 54 Time and savings deposits 345,104 344,631 341,580 346,831 347,969 347,720 346,936 349,209 349,524 55 Savings 73,212 72,628 72,719 71,786 73,196 73,171 73,176 73,110 74,181 56 Individuals and nonprofit organizations 69,946 69,363 69,406 68,539 70,011 70,033 70,103 70,008 71,020 57 Partnerships and corporations operated for profit .... 2,673 2,674 2,641 2,643 2,640 2,649 2,584 2,624 2,656 58 Domestic governmental units 570 570 651 584 521 466 467 461 487 59 All other 23 22 22 20 24 23 21 17 19 60 Time 271,892 272,003 268,860 275,045 274,773 274,548 273,760 276,098 275,342 61 Individuals, partnerships, and corporations 238,261 238,022 235,040 239,878 239,426 239,216 238,946 241,075 240,925 67 States and political subdivisions 18,774 19,089 18,854 19,585 19,616 19,681 19,596 19,723 19,313 63 U.S. government 280 288 285 300 304 313 323 339 346 64 Commercial banks in the United States 10,030 10,116 10,246 10,868 10,865 10,728 10,389 10,524 10,409 65 Foreign governments, official institutions, and banks . 4,547 4,486 4,435 4,414 4,562 4,610 4,506 4,438 4,349 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 741 1,217 436 275 3,748 2,595 1,037 661166 1,299 67 Treasury tax-and-loan notes 10,965 10,970 11,723 10,899 9,590 7,808 8,340 8,888 7,389 68 All other liabilities for borrowed money3 137,863 132,827 135,910 126,858 136,774 141,952 136,933 132,502 134,037 69 Other liabilities and subordinated notes and debentures 69,600 69,130 68,492 71,845 69,159 69,153 69,513 69,938 72,796 70 Total liabilities 722,673 706,780 727,344 706,752 724,288 720,855 716,554 707,911 725,997 71 Residual (total assets minus total liabilities)4 51,890 51,851 51,393 51,334 51,904 51,861 51,520 51,725 52,004 1. Includes securities purchased under agreements to resell. 4. Not a measure of equity capital for use in capital adequacy analysis or for 2. Other than financial institutions and brokers and dealers. other analytic uses. 3. Includes federal funds purchased and securities sold under agreement to repurchase; for information on these liabilities at banks with assets of $1 billion or more on Dec. 31, 1977, see table 1.13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Nonfinancial Statistics • April 1982 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures 1982 AAccccoouunntt Feb. 3 Feb. 10 Feb. 17 Feb. 24 Mar. 3? Mar. 10? Mar. 17 P Mar. 24p Mar. 31? 1 Cash items in process of collection 13,040 13,497 16,298 13,066 13,244 14,091 15,251 12,696 1166,,335533 2 Demand deposits due from banks in the United States 964 1,034 1,611 1,385 1,066 995 1,470 1,114 1,155 3 All other cash and due from depository institutions.. 11,408 6,602 11,064 4,762 8,737 7,450 7,945 7,642 6,319 4 Total loans and securities1 136,861 133,774 132,509 134,085 133,642 134,460 132,352 131,281 135,537 Securities s 6 7 Investment account, by maturity 6,655 6,617 6,797 6,694 6,800 6,918 6,887 6,951 7,052 8 One year or less 1,238 1,220 1,181 1,178 1,373 1,586 1,553 1,755 1,768 9 Over one through five years 4,835 4,816 5,030 4,942 4,828 4,733 4,735 4,646 4,735 10 Over five years 582 582 585 574 599 599 599 550 549 11 V 13 Investment account 14,598 14,620 14,612 14,675 14,636 14,750 14,788 14,847 14,583 14 U.S. government agencies 2,281 2,254 2,254 2,229 2,236 2,226 2,219 2,210 2,152 15 States and political subdivision, by maturity .... 11,486 11,530 11,530 11,610 11,587 11,689 11,698 11,760 11,573 16 One year or less 2,038 2,059 2,030 2,119 2,122 2,195 2,175 2,200 2,031 17 Over one year 9,448 9,471 9,500 9,491 9,465 9,494 9,523 9,560 9,542 18 Other bonds, corporate stocks and securities.... 830 836 828 836 813 835 870 878 858 Loans 19 Federal funds sold3 10,620 9,568 6,776 8,738 8,019 9,866 7,216 6,374 8,026 20 To commercial banks 6,035 5,264 2,862 4,316 4,150 4,685 3,757 2,515 4,038 21 To nonbank brokers and dealers in securities 2,899 2,936 2,420 2,772 2,585 3,724 2,481 2,982 3,224 22 To others 1,685 1,368 1,495 1,650 1,284 1,456 978 876 765 23 Other loans, gross 108,562 106,561 107,917 107,609 107,832 106,596 107,155 106,775 109,487 24 Commercial and industrial 56,348 55,913 55,736 55,984 55,529 55,661 56,003 55,372 56,560 25 Bankers acceptances and commercial paper 1,010 912 874 1,320 1,098 1,268 1,445 1,401 1,598 2b All other 55,338 55,001 54,862 54,664 54,432 54,392 54,559 53,971 54,962 27 U.S. addressees 53,925 53,519 53,465 53,152 52,953 52,877 53,036 52,435 53,412 28 Non-U.S. addressees 1,414 1,482 1,396 1,512 1,478 1,515 1,522 1,536 1,550 29 Real estate 17,677 17,680 17,700 17,763 17,788 17,837 17,840 17,824 17,814 30 To individuals for personal expenditures 11,071 11,053 11,096 11,020 11,062 11,084 11,029 11,039 11,106 To financial institutions 31 Commercial banks in the United States 2,179 1,883 1,979 1,653 2,008 2,103 1,954 1,939 2,103 32 Banks in foreign countries 3,221 2,915 3,747 3,530 3,319 2.981 2,823 3,092 3,157 33 Sales finance, personal finance companies, etc... 5,154 4,648 4,536 4,434 4,741 4,547 4,996 4,892 5,316 34 Other financial institutions 4,332 4,328 4,434 4,497 4,480 4,440 4,475 4,558 4,582 35 To nonbank brokers and dealers in securities 3,676 3,330 2,687 3,876 3,648 2,985 3,131 33,,005544 3,261 36 To others for purchasing and carrying securities4 . 649 617 641 669 710 697 633 660088 599 37 To finance agricultural production 414 429 439 415 415 434 438 440 451 38 All other 3,840 3,764 4,923 3,767 4,131 3,828 3,832 3,957 4,537 39 LESS: Unearned income 1,403 1,406 1,407 1,434 1,421 1,444 1,461 1,470 1,453 40 Loan loss reserve 2,171 2,187 2,186 2,197 2,222 2,225 2,234 2,195 2,159 41 Other loans, net 104,989 102,968 104,324 103,978 104,188 102,927 103,461 103,110 105,875 42 Lease financing receivables 2,285 2,339 2,338 2,309 2,307 2,304 2,303 2,303 2,308 43 All other assets5 43,014 43,348 40,705 41,261 44,943 44,819 41,147 42,341 44,882 44 Total assets 207,573 200,593 204,526 196,868 203,941 204,120 200,468 197,376 206,554 Deposits 45 Demand deposits 45,316 42,606 48,696 43,773 43,672 44,659 44,708 41,788 47,751 46 Mutual savings banks 302 276 326 202 277 233 230 219 309 47 Individuals, partnerships, and corporations 30,858 27,574 32,552 29,404 28,864 30,225 30,044 27,682 33,336 48 States and political subdivisions 654 486 619 396 388 649 451 540 682 49 U.S. government 866 582 367 547 844 449 284 514 208 50 Commercial banks in the United States 3,945 4,633 5,746 3,367 3,660 4,037 3,861 3,650 4,671 51 Banks in foreign countries 5,051 5,010 5,379 5,650 5,695 5,356 4,885 5,160 4,795 52 Foreign governments and official institutions 1,195 970 848 915 699 1,125 1,173 996 812 53 Certified and officers' checks 2,443 3,075 2,860 3,290 3,245 2,583 3,780 3,027 2,938 54 Time and savings deposits 68,349 67,764 65,976 66,709 66,537 66,621 66,589 67,334 66,584 55 Savings 9,468 9,411 9,448 9,278 9,398 9,420 9,395 9,383 9,579 56 Individuals and nonprofit organizations 9,111 9,026 9,027 8,903 9,030 9,072 9,061 9,054 9,253 57 Partnerships and corporations operated for profit 234 236 237 235 236 237 233 228 225 58 Domestic governmental units 120 145 180 135 128 107 98 98 99 59 All other 2 3 4 4 4 3 3 2 2 60 Time 58,881 58,353 56,527 57,432 57,139 57,202 57,193 57,952 57,005 61 Individuals, partnerships, and corporations 50,277 49,624 47,868 48,609 48,258 48,405 48,446 49,106 48,258 62 States and political subdivisions 2,263 2,326 2,341 2,399 2,380 2,365 2,364 2,344 2,295 63 U.S. government 57 59 60 87 89 104 115 97 92 64 Commercial banks in the United States 3,997 4,058 3,971 4,081 4,061 4,014 44,,002288 44,,222222 44,,119966 65 Foreign governments, official institutions, and banks 2,286 2,286 2,287 2,255 2,351 22,,331144 22,,224411 22,,118833 22,,116644 Liabilities for borrowed money 66 875 1,540 1,475 201 300 67 Treasury tax-and-loan notes 2,967 2,989 3,024 3,024 2,637 2,243 2,546 2,670 2,224 68 All other liabilities for borrowed money6 46,189 41,973 42,184 39,121 45,109 4444,,770099 4422,,880033 4411,,447711 4411,,994455 69 Other liabilities and subordinated notes and debentures 27,363 27,076 27,336 27,029 26,919 26,916 26,460 26,598 30,179 70 Total liabilities 190,184 183,284 187,216 179,656 186,415 186,623 183,104 180,062 188,983 71 Residual (total assets minus total liabilities)7 17,389 17,310 17,310 17,212 17,526 17,496 17,364 17,313 17,571 1. Excludes trading account securities. 5. Includes trading account securities. 2. Not available due to confidentiality. 6. Includes federal funds purchased and securities sold under agreements to 3. Includes securities purchased under agreements to resell. repurchase. 4. Other than financial institutions and brokers and dealers. 7. Not a measure of equity capital for use in capital adequacy analysis or for other analytic uses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A21 1.29 LARGE WEEKLY REPORTING COMMERCIAL BANKS Balance Sheet Memoranda Millions of dollars, Wednesday figures 1982 AAccccoouunntt Feb. 3 Feb. 10 Feb. 17 Feb. 24 Mar. 3p Mar. 10P Mar. IIP Mar. 24P Mar. 31 p BANKS WITH ASSETS OF $750 MILLION OR MORE 1 Total loans (gross) and securities adjusted1 588,923 585,154 588,695 589,272 589,863 592,425 588,526 588,923 594,441 2 Total loans (gross) adjusted1 470,420 468,220 471,188 472,480 472,266 474,093 471,299 471,616 476,525 3 Demand deposits adjusted2 99,608 96,101 94,498 96,499 95,764 98,037 96,722 95,100 101,234 4 Time deposits in accounts of $100,000 or more 186,812 186,449 182,731 188,548 187,458 186,806 185,673 187,576 186,385 5 Negotiable CDs 135,148 133,979 130,660 135,384 134,286 133,455 132,586 134,405 133,186 6 Other time deposits 51,664 52,470 52,070 53,164 53,172 53,351 53,087 53,171 53,199 7 Loans sold outright to affiliates3 2,838 2,850 2,826 2.799 2,775 2,837 2,823 2,878 2,858 8 Commercial and industrial 2,232 2,242 2,215 2,185 2,165 2,231 2,220 2,265 2,211 9 Other 607 608 611 614 610 606 603 613 646 BANKS WITH ASSETS OF $1 BILLION OR MORE 10 Total loans (gross) and securities adjusted1 552,292 548,666 552,238 552,934 553,438 556,050 552,165 552,679 557,936 11 Total loans (gross) adjusted1 443,539 441,451 444,403 445,788 445,376 447,233 444,457 444,925 449,525 12 Demand deposits adjusted2 92,266 88,903 87,694 89,607 88,692 90,806 89,467 88,178 93,809 13 Time deposits in accounts of $100,000 or more 178,724 178,260 174,602 180,240 179,134 178,424 177,318 179,167 177,990 14 Negotiable CDs 130,185 128,982 125,703 130,319 129,208 128,324 127,491 129,373 128,129 15 Other time deposits 48,540 49,278 48,898 49,921 49,927 50,100 49,827 49,794 49,861 16 Loans sold outright to affiliates3 2,766 2,776 2,757 2,718 2,694 2,755 2,745 2,800 2,781 17 Commercial and industrial 2,171 2,180 2,160 2,119 2,100 2,166 2,157 2,203 2,151 18 Other 595 596 597 599 593 588 587 597 630 BANKS IN NEW YORK CITY 19 Total loans (gross) and securities adjusted1-4 132,220 130,219 131,262 131,747 131,128 131,342 130,335 130,492 133,008 20 Total loans (gross) adjusted1 110,967 108,982 109,853 110,378 109,692 109,674 108,660 108,694 111,372 21 Demand deposits adjusted2 27,464 23,894 26,285 26,792 25,924 26,081 25,312 24,929 26,519 22 Time deposits in accounts of $100,000 or more 46,178 45,612 43,718 44,440 44,021 43,998 43,950 44,709 43,718 23 Negotiable CDs 35,205 34,559 32,835 33,324 32,846 32,756 32,983 33,904 32,868 24 Other time deposits 10,974 11,052 10,883 11,116 11,175 11,242 10,967 10,805 10,850 1. Exclusive of loans and federal funds transactions with domestic commercial 3. Loans sold are those sold outright to a bank's own foreign branches, nonbanks. consolidated nonbank affiliates of the bank, the bank's holding company (if not a 2. All demand deposits except U.S. government and domestic banks less cash bank), and nonconsolidated nonbank subsidiaries of the holding company, items in process of collection. 4. Excludes trading account securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 DomesticN onfinancial Statistics • April 1982 1.291 LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS Assets and Liabilities Millions of dollars, Wednesday figures 1982 AAccccoouunntt Feb. 3 Feb. 10 Feb. 17 Feb. 24 Mar. 3P Mar. 10P Mar. 17 p Mar. 24P Mar. 31 p 1 Cash and due from depository institutions 6,042 5,996 6,510 6,033 5,676 5,868 6,062 5,978 6,075 2 Total loans and securities 47,629 48,509 48,273 48,835 47,954 47,856 47,395 49,831 48,506 3 U.S. Treasury securities 2,545 2,680 2,613 2,618 2.597 2,522 2,795 2,308 2,520 4 Other securities 817 826 838 827 806 793 809 801 785 5 Federal funds sold1 3,016 3,418 3,989 3,531 2,801 3,394 3,001 5,287 3,907 6 To commercial banks in U.S 2,838 3,247 3,794 3,364 2,631 3,108 2,834 5,158 3,623 7 To others 178 171 194 167 170 286 168 130 284 8 Other loans, gross 41,252 41,584 40,834 41,858 41,749 41,147 40,790 41,435 41,293 9 Commercial and industrial 19,348 19,592 19,676 19,671 19,690 19,645 1199,,663366 1199,,997700 2200,,112244 10 Bankers acceptances and commercial paper 3,582 3,569 3,614 3,538 3,618 3,579 3,705 3,600 3,713 11 All other 15,766 16,023 16,062 16,133 16,072 16,066 15,930 16,370 16,411 12 U.S. addressees 13,576 13,924 13,943 13,905 13,876 13,881 13,758 14,150 14,166 13 Non-U.S. addressees 2,190 2,099 2,119 2,227 2,196 2,185 2,172 2,221 2,245 14 To financial institutions 17,341 17,434 16,869 17,568 17,442 17,318 16,888 17,081 16,730 15 Commercial banks in U.S 13,572 13,414 13,022 13,748 13,694 13,743 13,480 13,732 13,424 16 Banks in foreign countries 3,377 3,623 3,461 3,437 3,365 3,210 2,926 2,842 2,784 17 Nonbank financial institutions 392 396 386 383 383 365 482 507 521 18 For purchasing and carrying securities .. 438 449 366 571 668 450 417 476 489 19 All other 4,124 4,109 3,923 4,047 3,950 3,733 33,,884499 33,,990088 33,,995500 20 Other assets (claims on nonrelated parties) 11,958 11,733 11,840 12,077 12,246 12,452 12,370 12,488 12,777 21 Net due from related institutions 12,791 12,946 11,837 12,322 13,270 12,638 11,842 11,371 12,415 22 Total assets 78,421 79.184 78,461 79,267 79,146 78,814 77,668 79,669 79,773 23 Deposits or credit balances2 22,611 22.722 22,664 23,194 22,836 22,456 21,689 23,101 23,498 24 Credit balances 268 266 357 314 283 284 304 298 247 25 Demand deposits 1,872 1.953 2,139 1,936 1,993 2,125 1,919 11,,889977 22,,116622 26 Individuals, partnerships, and corporations 776 766 806 724 751 802 850 783 807 2/ Other 1,096 1,186 1,333 1,212 1,242 1,323 1,068 1,114 1,356 28 Total time and savings 20,472 20,503 20,167 20,945 20,560 20,047 19,466 2200,,990055 2211,,008888 29 Individuals, partnerships, and corporations 17,425 17,335 17,075 17,905 17,494 17,014 16,367 17,660 17,787 30 Other 3,047 3,167 3,092 3,040 3,066 3,033 3,099 3,245 3,301 31 Borrowings3 32,238 33,017 32,326 33,834 34,387 35,587 33,571 33,107 33,230 32 Federal funds purchased4 7,351 7,979 7,874 8,748 9,363 10,631 9,252 8,245 8,474 33 From commercial banks in U.S 6,234 7,068 6,714 7,531 7,977 9,335 7,885 7,057 7,333 34 From others 1,118 911 1,160 1,217 1,386 1,297 1,367 1,188 1,141 35 Other liabilities for borrowed money ... 24,886 25,038 24,452 25,086 25,024 24,956 24,319 24,862 24,756 36 To commercial banks in U.S 22,435 22,447 21,902 22,547 22,487 22,331 21,713 21,991 21,799 37 To others 2,451 2,590 2,550 2,539 2,536 2,624 2,606 2,871 2,956 38 Other liabilities to nonrelated parties 12,069 11,849 11,849 12,196 12,279 12,379 12,360 12,455 12,693 39 Net due to related institutions 11,503 11,596 11,622 10,043 9,644 8,392 10,049 11,006 10,353 40 Total liabilities 78,421 79,184 78,461 79,267 79,146 78,814 77,668 79,669 79,773 MEMO 41 Total loans (gross) and securities adjusted" 31,219 31,848 31,457 31,722 31,628 31,005 31,082 30,941 31,459 42 Total loans (gross) adjusted5 27,857 28,341 28,006 28,277 28,225 27,690 27,477 27,832 28,153 1. Includes securities purchased under agreements to resell. NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities 2. Balances due to other than directly related institutions. to international banking facilities (IBFs) reduced the amounts reported in some 3. Borrowings from other than directly related institutions. items, especially in loans to foreigners and to a lesser extent in time deposits. Based 4. Includes securities sold under agreements to repurchase. on preliminary reports, the large weekly reporting branches and agencies shifted 5. Excludes loans and federal funds transactions with commercial banks in U.S. $22.2 billion of assets to their IBFs in the six weeks ending Jan. 13, 1982. Domestic offices net positions with IBFs are now included in net due from or net due to related institutions. More detail will be available later. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A23 1.30 LARGE WEEKLY REPORTING COMMERCIAL BANKS Domestic Classified Commercial and Industrial Loans Millions of dollars Outstanding Net change during Adjust- Industry classification ment 1981 1982 1981 1982 bank1 Nov. 25 Dec. 30 Jan. 27 Feb. 24 Mar. 31? Q4 Ql? Jan. Feb. Mar. 1 Durable goods manufacturing 25,568 26,868 27,127 28,281 28,570 761 1,685 242 1,155 289 17 2 Nondurable goods manufacturing 22,189 21,747 21,588 21,905 23,093 -1,652 1,335 -170 316 1,188 11 3 Food, liquor, and tobacco 4,282 4,188 4,148 4,407 4,515 -243 325 -42 258 108 2 4 Textiles, apparel, and leather.. 4,652 4,166 4,163 4,412 4,517 -910 349 -5 249 106 2 5 Petroleum refining 4,769 4,861 4,575 4,134 4,446 905 -416 -286 -441 312 6 Chemicals and rubber 4,624 4,337 4,483 4,743 5,132 -1,411 792 144 260 389 2 7 Other nondurable goods 3,863 4,195 4,219 4,209 4,483 6 284 20 -10 274 4 8 Mining (including crude petroleum and natural gas) 22,940 24,364 24,552 25,804 25,859 3,082 1,494 187 1,253 55 9 Trade 28,175 27,980 28,108 27,764 28,874 981 829 64 -344 1,110 65 10 Commodity dealers 1,901 2,292 2,297 1,802 2,310 635 18 5 -495 507 11 Other wholesale 12,791 12,918 13,226 13,143 13,508 284 570 288 -82 365 20 12 Retail 13,483 12,770 12,586 12,819 13,056 62 241 -229 233 237 45 13 Transportation, communication, and other public utilities 22,019 23,156 23,416 23,380 23,622 1,298 442 236 -36 242 24 14 Transportation 8,281 8,592 8,739 8,890 9,151 134 537 125 151 261 22 15 Communication 3,701 3,954 4,026 4,076 4,236 419 282 72 49 161 16 Other public utilities 10,037 10,611 10,651 10,414 10,235 745 -377 38 -236 -180 1 17 Construction 7,137 7,193 7,060 7,202 7,297 -53 58 -178 142 95 45 18 Services 25,591 26,482 26,736 27,268 27,126 1,142 540 149 532 -142 104 19 All other2 16,057 17,070 17,280 16,991 17,266 1,252 -14 -289 274 209 20 Total domestic loans 169,675 174,861 175,868 178,596 181,708 6,812 6,370 530 2,728 3,112 476 21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans 83,833 85,117 85,201 87,853 87,283 -1,019 1,997 -84 2,651 -570 169 1. Adjustment bank amounts represent accumulated adjustments originally made NOTE. New series. The 134 large weekly reporting commercial banks with doto offset the cumulative effects of mergers. These adjustment amounts should be mestic assets of $1 billion or more as of Dec. 31, 1977, are included in this series. added to outstanding data for any date in the year to establish comparability with The revised series is on a last-Wednesday-of-the-month basis. Partly estimated any date in the subsequent year. Changes shown have been adjusted for these historical data are available from the Banking Section, Division of Research and amounts. Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 2. Includes commercial and industrial loans at a few banks with assets of $1 20551. billion or more that do not classify their loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Nonfinancial Statistics • April 1982 1.31 GROSS DEMAND DEPOSITS of Individuals, Partnerships, and Corporations1 Billions of dollars, estimated daily-average balances Commercial banks TTyyppee ooff hhoollddeerr 1980 1981 11997777 11997788 1199779922 DDeecc.. DDeecc.. DDeecc.. June Sept. Dec. Mar.3 June4 Sept. Dec. 1 All holders—Individuals, partnerships, and corporations 274.4 294.6 302.2 288.6 302.0 315.5 280.8 277.5 288.9 t 2 Financial business 25.0 27.8 27.1 27.7 29.6 29.8 30.8 28.2 28.0 3 Nonfinancial business 142.9 152.7 157.7 145.3 151.9 162.3 144.3 1 148.6 154.8 4 Consumer 91.0 97.4 99.2 97.9 101.8 102.4 86.7 n.a. 82.1 86.6 6 5 O Fo th re e i r g n 1 2 2 . . 5 9 1 2 4 . . 7 1 1 3 5 . . 1 1 1 3 4 . . 3 4 1 3 5 . . 2 5 1 3 7 . . 3 2 1 3 5 . . 4 6 t1 1 3 5 . . 1 5 1 2 6 . . 9 7 Weekly reporting banks 1980 1981 11997777 11997788 11997799ss DDeecc.. DDeecc.. DDeecc.. June Sept. Dec. Mar.3 June4 Sept. Dec. 7 All holders—Individuals, partnerships, and corporations 139.1 147.0 139.3 133.9 140.6 147.4 133.2 131.3 137.5 8 Financial business 18.5 19.8 20.1 20.2 21.2 21.8 21.9 20.7 21.0 9 Nonfinancial business 76.3 79.0 74.1 69.2 72.4 78.3 69.8 71.2 75.2 10 Consumer 34.6 38.2 34.3 33.9 36.0 35.6 30.6 n a. 28.7 30.4 11 Foreign 2.4 2.5 3.0 3.1 3.1 3.1 3.2 2.9 2.8 12 Other 7.4 7.5 7.8 7.5 7.9 8.6 7.7 7.9 8.0 1. Figures include cash items in process of collection. Estimates of gross deposits 4. Demand deposit ownership survey estimates for June 1981 are not yet available are based on reports supplied by a sample of commercial banks. Types of depositors due to unresolved reporting errors. in each category are described in the June 1971 BULLETIN, p. 466. 5. After the end of 1978 the large weekly reporting bank panel was changed to 2. Beginning with the March 1979 survey, the demand deposit ownership survey 170 large commercial banks, each of which had total assets in domestic offices sample was reduced to 232 banks from 349 banks, and the estimation procedure exceeding $750 million as of Dec. 31, 1977. See "Announcements," p. 408 in the was modified slightly. To aid in comparing estimates based on the old and new May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership estireporting sample, the following estimates in billions of dollars for December 1978 mates for these large banks are constructed quarterly on the basis of 97 sample have been constructed using the new smaller sample; financial business, 27.0; banks and are not comparable with earlier data. The following estimates in billions nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and other, 15.1. of dollars for December 1978 have been constructed for the new large-bank panel; 3. Demand deposit ownership data for March 1981 are subject to greater than financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5; normal errors reflecting unusual reporting difficulties associated with funds shifted other, 6.8. to NOW accounts authorized at year-end 1980. For the household category, the S15.7 billion decline in demand deposits at all commercial banks between December 1980 and March 1981 has an estimated standard error of $4.8 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits and Commercial Paper A25 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING Millions of dollars, end of period 1981 1982 Instrument 1977 1978 19791 1980 Dec. Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Commercial paper (seasonally adjusted) 1 All issuers 65,051 83,438 112,087 123,597 157,121 165,379 164,026 164,349 164,036 165,118 164,896 Financial companies2 Dealer-placed paper3 2 Total 8,796 12,181 17,161 19,236 27,813 30,213 28,909 28,745 28,613 29,233 29,914 3 Bank-related 2.132 3,521 2,874 3,561 66,,003377 66,,116611 5,626 55,,772255 66,,003366 66,,449955 6,846 Directly placed paper4 4 Total 40,574 51,647 64,748 67,888 80,769 83,311 83,053 82,290 81,702 80,504 79,402 5 Bank-related 7,102 12,314 17,598 22,382 25,153 26,426 25,397 26,224 26,901 28,587 27,259 6 Nonfinancial companies5 15,681 19,610 30,178 36,473 48,539 51,855 52,064 53,314 53,721 55,381 55,581 Bankers dollar acceptances (not seasonally adjusted) 7 Total 25,450 33,700 45,321 54,744 64,577 65,048 66,072 68,749 69,226 70,088 Holder 8 Accepting banks 10,434 8,579 9,865 10.564 9,959 10,022 10,511 11,253 10,857 10,227 9 Own bills 8,915 7,653 8,327 8,963 9,214 9,040 9,522 10,268 9,743 9,095 10 Bills bought 1,519 927 1,538 1,601 745 982 989 985 1,115 1,132 Federal Reserve Banks 11 Own account 954 1 704 776 0 0 0 0 0 0 n.a. 12 Foreign correspondents 362 664 1,382 1,791 1,451 1,243 1,428 1,408 1,442 1,427 13 Others 13,700 24,456 33,370 41,614 53,167 53,783 54,133 56,089 56,926 58,434 Basis 14 Imports into United States 6,378 8,574 10,270 11,776 13,313 13,992 14,699 14,851 14,765 14,727 15 Exports from United States 5,863 7,586 9,640 12,712 13,774 13,514 13,981 14,936 15,400 15,599 16 All other 13,209 17,540 25,411 30,257 37,490 37,542 37,391 38,962 39,061 39,762 1. A change in reporting instructions results in offsetting shifts in the dealer- 3. Includes all financial company paper sold by dealers in the open market. placed and directly placed financial company paper in October 1979. 4. As reported by financial companies that place their paper directly with inves- 2. Institutions engaged primarily in activities such as, but not limited to, com- tors. mercial. savings, and mortgage banking; sales, personal, and mortgage financing; 5. Includes public utilities and firms engaged primarily in such activities as comfactoring, finance leasing, and other business lending; insurance underwriting; and munications, construction, manufacturing, mining, wholesale and retail trade, other investment activities. transportation, and services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic Nonfinancial Statistics • April 1982 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective date Rate Effective Date Rate Month Average rate 1981—May 19. 20.00 1981—Nov. 3 17.50 1980—Oct 13.79 1981—July 22. 20.50 9 17.00 Nov 16.06 Aug. June 3 20.00 17 16.50- Dec 20.35 Sept. July 8 20.50 17.00 Oct. Sept. 15 20.00 20 16.50 1981—Jan 20.16 Nov. 22 19.50 24 16.00 Feb 19.43 Dec. Oct. 5. 19.00 Dec. 1 15.75 Mar 18.05 13. 18.00 Apr 17.15 1982—Jan. 1982—Feb. 2. 16.50 May 19.61 Feb. Feb. 18. 17.00 June 20.03 Mar. Feb. 23. 16.50 1.34 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 2-7, 1981 Size of loan (in thousands of dollars) All sizes 1,000 1-24 25^19 50-99 100-499 500-999 and over SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS 1 Amount of loans (thousands of dollars) $31,600,736 $879,384 $560,057 $686,973 $2,391,858 $938,120 $26,144,343 2 Number of loans 167,711 120,258 18,056 10,419 13,787 1,443 3,748 3 Weighted-average maturity (months) 1.4 3.5 3.8 4.4 3.7 3.8 1.0 4 Weighted-average interest rate (percent per annum) . 17.13 18.34 17.88 18.20 17.65 17.31 16.99 5 Interquartile range1 16.61-17.55 17.23-19.12 17.00-18.97 17.42-19.05 16.75-18.64 16.50-17.98 16.56-17.44 Percentage of amount of loans 6 With floating rate 40.0 35.4 46.6 57.3 64.4 70.4 36.3 7 Made under commitment 54.9 27.8 36.5 41.5 51.0 63.5 56.6 8 With no stated maturity 17.5 13.9 16.8 18.6 26.4 32.7 16.2 LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS 9 Amount of loans (thousands of dollars) $3,541,678 $319,977 $330,461 $184,046 $2,707,194 10 Number of loans 22,169 19,773 1,627 274 495 11 Weighted-average maturity (months) 51.6 31.6 39.7 43.0 56.0 12 Weighted-average interest rate (percent per annum) . 16.59 19.06 17.58 16.93 16.15 13 Interquartile range1 16.12-17.50 17.23-19.57 16.75-18.25 16.50-17.75 15.75-17.00 Percentage of amount of loans 14 With floating rate 69.5 3322..99 61.9 76.0 74.4 15 Made under commitment 61.6 26.9 44.6 67.1 67.5 CONSTRUCTION AND LAND DEVELOPMENT LOANS 16 Amount of loans (thousands of dollars) $1,209,125 $112,588 $172,993 $285,350 $230,605 $407,589 17 Number of loans 26,525 16,202 4,869 3,865 1,400 189 18 Weighted-average maturity (months) 12.9 7.8 9.8 13.4 10.5 16.3 19 Weighted-average interest rate (percent per annum) . 17.86 19.90 19.37 18.84 14.83 17.68 20 Interquartile range1 17.27-19.25 17.98-20.46 18.83-20.17 18.27-19.51 8.75-18.54 17.23-18.27 Percentage of amount of loans 21 With floating rate 52.3 19.5 5599..88 40.6 51.5 66.8 22 Secured by real estate 87.3 56.8 85.5 99.3 94.9 83.7 23 Made under commitment 50.9 55.4 26.1 28.8 51.8 75.0 24 With no stated maturity 4.6 10.8 4.4 3.7 7.8 1.8 Type of construction 25 l-to4-family 30.0 35.4 27.5 74.4 17.3 5.8 26 Multifamily 13.3 1.8 1.6 .8 43.3 13.3 27 Nonresidential 56.6 62.8 70.8 24.8 39.4 80.9 All 250 sizes 1-9 10-24 25—49 50-99 100-249 and over 28 Amount of loans (thousands of dollars) $1,266,037 $138,005 $166,907 $164,173 $194,427 $216,317 $386,208 29 Number of loans 57,806 36,774 11,122 4,955 2,920 1,655 380 30 Weighted-average maturity (months) 7.1 6.2 8.3 7.5 7.5 6.3 6.9 31 Weighted-average interest rate (percent per annum) . 17.68 17.65 17.33 17.67 17.66 17.63 17.88 32 Interquartile range1 17.11-18.39 16.65-18.54 16.64-18.27 17.18-18.27 16.75-18.52 17.18-18.27 17.50-18.47 By purpose of loan 33 Feeder livestock 17.57 18.16 17.42 17.82 17.31 18.05 17.38 34 Other livestock 17.42 17.96 16.78 17.50 18.17 (2) (2) 35 Other current operating expenses 17.66 17.58 17.29 17.53 17.48 17.44 18.29 36 Farm machinery and equipment 17.93 17.38 17.42 17.11 19.04 (2) (2) 37 Other 17.85 17.86 17.85 18.35 17.20 17.70 17.98 1. Interest rate range that covers the middle 50 percent of the total dollar amount NOTE. For more detail, see the Board's E.2 (111) statistical release, of loans made. 2. Fewer than 10 sample loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Markets All 1.35 INTEREST RATES Money and Capital Markets Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted. 1981 1982 1982, week ending IInnssttrruummeenntt 11997799 11998800 11998811 Dec. Jan. Feb. Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 Apr. 2 MONEY MARKET RATES 1 Federal funds1-2 11.19 13.36 16.38 12.37 13.22 14.78 14.68 14.07 14.35 14.89 14.48 14.99 Commercial paper3-4 ? 1-month 10.86 12.76 15.69 12.16 12.90 14.62 13.99 13.85 13.71 14.26 13.80 14.64 3 3-month 10.97 12.66 15.32 12.12 13.09 14.53 13.80 13.63 13.50 13.99 13.76 14.29 4 6-month 10.91 12.29 14.76 12.14 13.35 14.27 13.47 13.37 13.17 13.62 13.46 13.86 Finance paper, directly placed3-4 5 1-month 10.78 12.44 15.30 11.89 12.67 14.41 13.73 13.69 13.35 13.95 1133..5511 1144..4444 6 3-month 10.47 11.49 14.08 11.31 12.56 13.59 12.91 13.04 12.69 12.92 12.88 13.20 7 6-month 10.25 11.28 13.73 11.24 12.56 13.58 12.89 13.04 12.62 12.92 12.84 13.16 Bankers acceptances4-5 8 3-month 11.04 12.78 15.32 12.13 13.06 14.47 13.73 13.47 13.51 13.90 1133..7755 14.18 9 6-month n.a. n.a. 14.66 12.27 13.31 14.09 13.33 13.16 13.10 13.45 13.36 13.69 Certificates of deposit, secondary market6 10 1-month 11.03 12.91 15.91 12.27 13.03 14.78 14.12 13.91 13.85 14.31 14.07 14.68 11 3-month 11.22 13.07 15.91 12.49 13.51 15.00 14.21 13.99 13.92 14.40 14.20 14.70 1? 6-month 11.44 12.99 15.77 13.07 14.25 15.12 14.25 14.10 13.92 14.42 14.23 14.69 13 Eurodollar deposits, 3-month2 11.96 14.00 16.79 13.24 14.29 15.75 14.90 14.84 14.41 14.99 14.95 15.31 U.S. Treasury bills4 Secondary market7 14 3-month 10.07 11.43 14.03 10.85 12.28 13.48 12.68 12.26 12.47 12.85 12.72 13.32 15 6-month 10.06 11.37 13.80 11.52 12.83 13.61 12.77 12.58 12.55 12.89 12.78 13.17 16 1-year 9.75 10.89 13.14 11.57 12.77 13.11 12.47 12.27 12.30 12.58 12.50 12.76 Auction average8 17 3-month 10.041 11.506 14.077 10.926 12.412 13.780 12.493 12.450 12.058 12.909 12.553 13.399 18 6-month 10.017 11.374 13.811 11.471 12.930 13.709 12.621 12.786 12.064 12.962 12.673 13.243 1199 1 year 99..881177 1100..774488 1133..115599 1111..550044 1133..114433 1133..118800 1122..550099 1122..550099 CAPITAL MARKET RATES U.S. Treasury notes and bonds9 Constant maturities10 20 1-year 10.67 12.05 14.78 12.85 14.32 14.73 13.95 13.71 13.73 14.08 14.01 14.32 71 2-year 10.12 11.77 14.56 13.29 14.57 14.82 14.19 14.03 14.04 14.30 14.18 14.51 n 14.10 14.30 ?3 3-year 9.71 11.55 14.44 13.66 14.64 14.73 14.13 13.96 13.94 14.19 14.18 14.47 74 5-year 9.52 11.48 14.24 13.60 14.65 14.54 13.98 13.76 13.82 14.04 14.03 14.34 75 7-year 9.48 11.43 14.06 13.62 14.67 14.46 13.93 13.77 13.80 13.96 13.96 14.30 76 10-year 9.44 11.46 13.91 13.72 14.59 14.43 13.86 13.70 13.80 13.90 13.86 14.15 77 20-year 9.33 11.39 13.72 13.73 14.57 14.48 13.75 13.66 13.77 13.76 13.69 13.92 28 30-year 9.29 11.30 13.44 13.45 14.22 14.22 13.53 13.43 13.54 13.54 13.48 13.70 Composite12 29 Over 10 years (long-term) 8.74 10.81 12.87 12.88 13.73 13.63 1122..9988 12.89 12.97 12.99 12.91 13.17 State and local notes and bonds Moody's series13 30 Aaa 5.92 7.85 10.43 11.70 12.30 12.20 11.95 12.10 11.90 11.90 1111..9900 11.90 31 Baa 6.73 9.01 11.76 13.30 13.95 13.83 13.70 13.88 13.50 13.70 13.70 13.70 32 Bond Buyer series14 6.52 8.59 11.33 12.91 13.28 12.97 12.82 12.53 12.71 12.99 13.04 13.13 Corporate bonds Seasoned issues15 33 All industries 10.12 12.75 15.06 15.38 16.05 16.13 15.68 15.72 15.64 15.70 15.64 15.73 34 Aaa 9.63 11.94 14.17 14.23 15.18 15.27 14.58 14.61 14.55 14.55 14.53 14.66 35 Aa 9.94 12.50 14.75 15.00 15.75 15.72 15.21 15.26 15.18 15.26 15.14 15.18 36 A 10.20 12.89 15.29 15.75 16.19 16.35 16.12 16.15 16.08 16.15 16.07 16.14 3377 Baa 10.69 13.67 16.04 16.55 17.10 17.18 16.82 16.84 16.74 16.84 16.79 16.91 Aaa utility bonds16 38 10.03 12.74 15.56 15.20 15.68 15.93 15.26 15.20 15.38 39 Recently offered issues 10.02 12.70 15.56 15.18 15.88 15.97 15.19 15.31 15.15 15.14 15.11 15.25 MEMO: Dividend/price ratio17 40 Preferred stocks 9.07 10.57 12.36 12.83 13.19 13.20 12.97 13.11 12.95 12.93 12.71 13.15 41 Common stocks 5.46 5.25 5.41 5.57 5.95 6.06 6.28 6.27 6.36 6.38 6.17 6.22 1. Weekly and monthly figures are averages of all calendar days, where the 11. Each weekly figure is calculated on a biweekly basis and is the average of rate for a weekend or holiday is taken to be the rate prevailing on the preceding five business days ending on the Monday following the calendar week. The biweekly business day. The daily rate is the average of the rates on a given day weighted rate is used to determine the maximum interest rate payable in the following twoby the volume of transactions at these rates. week period on small saver certificates. (See table 1.16.) 2. Weekly figures are statement week averages—that is, averages for the week 12. Unweighted averages of yields (to maturity or call) for all outstanding notes ending Wednesday. and bonds neither due nor callable in less than 10 years, including several very low 3. Unweighted average of offering rates quoted by at least five dealers (in the yielding "flower" bonds. case of commercial paper), or finance companies (in the case of finance paper). 13. General obligations only, based on figures for Thursday, from Moody's Before November 1979, maturities for data shown are 30-59 days, 90-119 days, Investors Service. and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and 150- 14. General obligations only, with 20 years to maturity, issued by 20 state and 179 days for finance paper. local governmental units of mixed quality. Based on figures for Thursday. 4. Yields are quoted on a bank-discount basis, rather than an investment yield 15. Daily figures from Moody's Investors Service. Based on yields to maturity basis (which would give a higher figure). on selected long-term bonds. 5. Dealer closing offered rates for top-rated banks. Most representative rate 16. Compilation of the Federal Reserve. Issues included are long-term (20 years (which may be, but need not be, the average of the rates quoted by the dealers). or more). New-issue yields are based on quotations on date of offering; those on 6. Unweighted average of offered rates quoted by at least five dealers early in recently offered issues (included only for first 4 weeks after termination of underthe day. writer price restrictions), on Friday close-of-business quotations. 7. Unweighted average of closing bid rates auoted by at least five dealers. 17. Standard and Poor's corporate series. Preferred stock ratio based on a sample 8. Rates are recorded in the week in which Dills are issued. of ten issues: four public utilities, four industrials, one financial, and one trans- 9. Yields are based on closing bid prices quoted by at least five dealers. portation. Common stock ratios on the 500 stocks in the price index. 10. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields are read from a yield curve at fixed maturities. Based on only recently issued, actively traded securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 DomesticN onfinancial Statistics • April 1982 1.36 STOCK MARKET Selected Statistics 1981 1982 , J. 11997799 11998800 11998811 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Prices and trading (averages of daily figures) Common stock prices 1 New York Stock Exchange (Dec. 31, 1965 = 50) 55.67 68.06 74.02 75.24 68.37 69.40 71.49 71.81 67.91 66.16 63.86 2 Industrial 61.82 78.64 85.44 86.72 78.07 78.94 80.86 81.70 76.85 74.78 71.51 3 Transportation 45.20 60.52 72.61 73.27 63.67 65.65 67.68 68.27 62.04 59.09 55.19 4 Utility 36.46 37.35 38.90 40.22 38.17 38.87 40.73 40.22 39.30 38.32 38.57 5 Finance 58.65 64.28 73.52 73.76 69.38 72.58 76.47 74.74 70.99 70.50 69.08 6 Standard & Poor's Corporation (1941-43 = 10)' 107.94 118.71 128.05 129.63 118.27 119.84 122.92 123.79 117.41 114.50 110.84 7 American Stock Exchange (Aug. 31, 1973 = 100) 186.56 300.94 343.50 364.60 313.60 308.81 321.0 321.84 296.49 275.10 255.08 Volume of trading (thousands of shares) 8 New York Stock Exchange 32,233 44,867 47,237 44,489 46,042 46,233 50,791 43,596 48,723 51,169 55,227 9 American Stock Exchange 4,182 6,377 5,346 5,137 5,556 4,233 5,257 4,992 4,497 4,400 4,329 Customer financing (end-of-period balances, in millions of dollars) 10 Regu b la r t o e k d e r m s- a d r e g a in le r c s r 2 e dit at 11,619 14,721 14,411r 14,585' 14,023r 13,926' 14,124' 14,411' 13,441' 13,023 1 11 Margin stock3 11,450 14,500 14,150' 14,310' 13,760r 13,660r 13,860' 14,150' 13,190' 12,770 12 Convertible bonds 167 219 259 274 263 263 261 259 249 251 n a. 13 Subscription issues 2 2 2 1 3 3 2 2 2 Free credit balances at brokers4 14 Margin-account 1,105 2,105 3,515 2,645 2,940 2,990 3,290 3,515 3,455 3,755' 15 Cash-account 4,060 6,070 7,150 6,640 6,555 6,100 6,865 7,150 6,575' 6,595 Margin-account debt at brokers (percentage distribution, end of period) 16 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 By equity class (in percent) 17 Under 40 16.0 14.0 37.0 38.5 47.0 32.0 30.0 37.0 37.0 44.0 18 40-49 29.0 30.0 21.0 24.0 22.0 28.0 25.0 24.0' 24.0 22.0 19 50-59 27.0 25.0 22.0 15.0 13.0 18.0 21.0 17.0' 16.0 15.0 n a. 20 60-69 14.0 14.0 10.0 10.0 8.0 10.0 11.0 10.0 10.0 8.0 1 21 70-79 8.0 9.0 6.0 6.0 5.0 6.0 6.0 6.0 7.0 6.0 1 22 80 or more 7.0 8.0 6.0 6.0 5.0 6.0 7.0 6.0 6.0 5.0 T Special miscellaneous-account balances at brokers (end of period) 23 Total balances (millions of dollars)6 16,150 21,690 25,870 24,760 25,234 24,962 25,409 25,870 26,080 26,854 Distribution by equity status (percent) 24 Net credit status 44.2 47.8 58.0 53.5 55.0 55.0 57.0 58.0 58.0 58.0 n a. Debt status, equity of 25 60 percent or more 47.0 44.4 31.0 37.0 33.0 35.0 33.0 31.0 31.0 30.0 26 Less than 60 percent 8.8 7.7 11.0 9.5 12.0 10.0 10.0 11.0 11.0 12.0 Margin requirements (percent of market value and effective date)7 Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 27 Margin stocks 70 80 65 55 65 50 28 Convertible bonds 50 60 50 50 50 50 29 Short sales 70 80 65 55 65 50 1. Effective July 1976, includes a new financial group, banks and insurance 5. Each customer's equity in his collateral (market value of collateral less net companies. With this change the index includes 400 industrial stocks (formerly debit balance) is expressed as a percentage of current collateral values. 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 6. Balances that may be used by customers as the margin deposit required for financial. additional purchases. Balances may arise as transfers based on loan values of other 2. Margin credit includes all credit extended to purchase or carry stocks or related collateral in the customer's margin account or deposits of cash (usually sales proequity instruments and secured at least in part by stock. Credit extended is end- ceeds) occur. of-month data for member firms of the New York Stock Exchange. 7. Regulations G, T, and U of the Federal Reserve Board of Governors, pre- In addition to assigning a current loan value to margin stock generally, Regu- scribed in accordance with the Securities Exchange Act of 1934, limit the amount lations T and U permit special loan values for convertible bonds and stock acquired of credit to purchase and carry margin stocks that may be extended on securities through exercise of subscription rights. as collateral by prescribing a maximum loan value, which is a specified percentage 3. A distribution of this total by equity class is shown on lines 17-22. of the market value of the collateral at the time the credit is extended. Margin 4. Free credit balances are in accounts with no unfulfilled commitments to the requirements are the difference between the market value (100 percent) and the brokers and are subject to withdrawal by customers on demand. maximum loan value. The term "margin stocks" is defined in the corresponding regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Institutions A29 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1981 1982 Account 1979 1980 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.'' Savings and loan associations 1 Assets 578,962 629,829 645,586 647,704 649,807 653,022 655,658 659,073 660,326 663,844 667,600 671,897 2 Mortgages 475,688 502,812 512,183 515,256 511,990 518,172 518,778 519,248 519,146 518,350 517,493 516,257 3 Cash and investment securities1 46,341 57,572 59,418 57,980 57,817 58,932 59,530 61,517 61,369 62,756 64,089 66,694 4 Other 56,933 69,445 73,985 74,468 75,000 75,918 77,350 78,308 79,811 82,738 86,018 8* ,946 5 Liabilities and net worth 578,962 629,829 645,586 647,704 649,807 653,022 655,658 659,073 660,326 663,844 667,600 671,897 6 Savings capital 470,004 510,959 518,351 518,359 514,805 513,438 515,649 519,288 519,777 524,374 526,382 528,990 7 Borrowed money 55,232 64,491 70,153 74,875 79,704 83,456 87,477 86,108 86,255 89,097 89,099 Hi ,570 8 FHLBB 40,441 47,045 51,064 53,836 57,188 60,025 61,857 62,000 61,922 62,794 62,581 62,700 9 Other 14,791 16,309 19,089 21,039 22,516 23,431 25,620 24,108 24,333 26,303 26,518 26,870 10 Loans in process 9,582 8,120 7,973 7,985 7,741 7,354 7,040 6,757 6,451 6,369 6,249 6,112 11 Other 11,506 12,227 17,243 14,933 16,556 18,275 15,307 17,506 19,101 15,612 18,356 20,140 12 Net worth2 32,638 33,319 31,866 31,552 31,001 30,499 30,185 29,414 28,742 28,392 27,514 27,085 13 MEMO: Mortgage loan commitments outstanding3 16,007 16,102 18,761 18,037 17,235 16,689 16,012 15,733 15,758 15,225 15,131 15,314 Mutual savings banks4 14 Assets 163,405 171,564 173,776 174,387 174,578 174,761 175,234 175,693 175,258 175,612 175,802 Loans IS Mortgage 98,908 99,865 99,790 99,993 100,095 99,987 99,944 99,903 99,879 100,015 99,770 16 Other 9,253 11,733 1133,,337755 14,403 14,359 14,560 14,868 1144,,772255 15,073 14,740 15,015 Securities 17 U.S. government5 7,658 8,949 9,296 9,230 9,361 9,369 9,594 9,765 9,508 9,861 10,060 18 State and local government 2,930 2,390 2,328 2,337 2,291 2,326 2,323 2,394 2,271 2,274 2,275 19 Corporate and other6 37,086 39,282 39,111 38,418 38,374 38,180 38,118 38,108 37,874 37,674 37,721 20 Cash 3,156 4,334 4,513 4,473 4,629 4,791 4,810 5,118 5,039 5,415 5,191 21 Other assets 4,412 5,011 5,364 5,534 5,469 5,547 5,577 5,681 5,615 5,632 5,771 22 Liabilities 163,405 171,564 173,776 174,387 174,578 174,761 175,234 175,693 175,258 175,612 175,802 n a. 23 Deposits 146,006 154,805 153,891 154,926 153,757 153,120 153,412 154,066 153,809 154,913 154,638 24 Regular7 144,070 151,416 151,658 152,603 151,394 150,753 151,072 151,975 151,787 152,834 152,609 25 Ordinary savings 61,123 53,971 51,212 51,594 50,593 49,003 49,254 48,238 48,456 49,409 48,864 26 Time and other 82,947 97,445 100,447 101,009 100,800 101,750 101,818 103,737 126,889 126,334 125,578 27 Other 1,936 2,086 2,232 2,323 28,494 27,073 25,769 24,806 2,023 2,079 2,029 28 Other liabilities 5,873 6,695 8,922 8,634 10,156 11,125 11,458 11,513 11,434 10,731 11,370 29 General reserve accounts 11,525 11,368 10,923 10,827 10,665 10,516 10,364 10,114 10,015 9,969 9,794 30 MEMO: Mortgage loan commitments outstanding8 3,182 1,476 1,709 1,577 1,401 1,333 1,218 1,140 1,207 1,293 916 Life insurance companies 31 Assets 432,282 479,210 497,276 500,316 503,994 506,585 509,478 515,079 519,281 521,354 525,331 Securities 32 Government 0,338 21,378 22,948 23,415 23,691 23,949 24,280 24,621 25,200 25,310 26,157 33 United States9 4,888 5,345 6,787 7,119 7,359 7,544 7,670 7,846 8,321 8,578 9,204 34 State and local 6,428 6,701 6,815 6,876 6,865 6,904 7,033 7,129 7,148 6,968 7,063 35 Foreign10 9,022 9,332 9,346 9,420 9,467 9,501 9,577 9,646 9,731 9,764 9,890 36 Business 222,332 238,113 247,437 248,737 250,186 250,371 250,315 253,976 255,632 254,978 257,614 37 Bonds 178,371 190,747 199,818 201,402 203,016 204,501 205,908 208,004 209,194 208,587 211,686 n.a. 38 Stocks 39,757 47,366 47,619 47,335 41,170 45,870 44,407 45,972 46,438 46,391 45,928 39 Mortgages 118,421 131,080 134,492 135,318 135,928 136,516 136,982 137,736 138,433 139,046 139,596 40 Real estate 13,007 15,033 16,738 16,966 17,429 17,626 17,801 18,382 18,629 19,157 19,276 41 Policy loans 34,825 41,411 44,292 44,970 45,591 46,252 47,042 47,731 48,275 48,741 49,092 42 Other assets 27,563 31,702 31,369 30,910 31,169 31,971 33,058 32,633 33,112 34,122 33,288 Credit unions 43 Total assets/liabilities and capital 65,854 71,709 75,278 75,781 76,043 75,656 76,145 76,123 76,830 77,682 78,012 78,986 44 Federal 35,934 39,801 41,105 41,443 41,678 41,394 41,682 41,727 42,025 42,382 42,512 43,111 45 State 29,920 31,908 34,173 34,338 34,365 34,262 34,463 34,396 34,805 35,300 35,500 35,875 46 Loans outstanding 53,125 47,774 49,697 50,271 50,724 51,207 51,407 51,029 50,631 50,448 49,949 49,610 47 Federal 28,698 25,627 26,744 27,133 27,378 27,701 27,871 27,686 27,508 27,458 27,204 27,051 48 State 24,426 22,147 22,953 23,138 23,346 23,506 23,536 23,343 23,123 22,990 22,745 22,559 49 Savings 56,232 64,399 67,740 68,317 67,690 66,943 67,512 67,625 67,981 68,871 69,432 70,227 50 Federal (shares) 35,530 36,348 37,241 37,618 37,176 36,713 36,928 37,015 37,261 37,574 37,875 38,331 51 State (shares and deposits) 25,702 28,051 30,499 30,699 30,514 30,230 30,584 30,610 30,720 31,297 31,557 31,896 For notes see bottom of page A30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • April 1982 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Calendar year FFiissccaall FFiissccaall FFiissccaall Type of account or operation yyeeaarr yyeeaarr yyeeaarr 11997799 11998800 11998811 1980 1981 1981 1982 H2 HI H2 Dec. Jan. Feb. U.S. budget 1 Receipts 463,302 517,112 599,272 260.569 317,304 301,777 56,825 55,269 43,042 2 Outlays12 490,997 576,675 657,204 309,389 333,115 358,558 76,293 45,930 57,822 3 Surplus, or deficit (-) -27,694 -59,563 -57,932 -48,821 -15,811 -56,780 -19,468 9,339 -14,780 4 Trust funds 18,335 8,801 6,817 -2,551 5,797 -8,085 -7,675 10,799 -1,892 5 Federal funds3 -46,030 -68,364 -64,749 -46,270 -21,608 -48,697 -11,793 -1,460 -12,888 OOffff--bbuuddggeett eennttiittiieess ((ssuurrpplluuss,, oorr ddeeffiicciitt (("")))) 66 FFeeddeerraall FFiinnaanncciinngg BBaannkk oouuttllaayyss -13,261 -14,549 -20,769 -7,552 -11,046 -8,728 -727 -1,241 -435 77 OOtthheerr4455 793 303 -236 376 -900 -1,752 -320 11 222 U.S. budget plus off-budget, including Federal Financing Bank 8 Surplus, or deficit (-) -40,162 -73,808 -78,936 -55,998 -27,757 -67,260 -20,516 8,109 -14,993 Source or financing 9 Borrowing from the public 33,641 70,515 79,329 54,764 33,213 54,081 14,274 9,783 10,693 10 Cash and monetary assets (decrease, or increase (-)) -408 -355 -1,878 -6,730 2,873 -1,111 - 3,889 -13,371 4,973 11 Other7 6,929 3,648 1,485 7,964 -8,328 14,290 10,131 -4,521 -673 MEMO: 12 Treasury operating balance (level, end of period) 24,176 20,990 18,670 12,305 16,389 12,046 12,046 24,710 20,668 13 Federal Reserve Banks 6,489 4,102 3,520 3,062 2,923 4,301 4,301 8,285 3,835 14 Tax and loan accounts 17,687 16,888 15,150 9,243 13,466 7,745 7,745 16,425 16,833 1. The Budget of the U.S. Government, Fiscal Year 1983, has reclassified sup- 6. Includes U.S. Treasury operating cash accounts; special drawing rights; gold plemental medical insurance premiums and voluntary hospital insurance premiums, tranche drawing rights; loans to International Monetary Fund; and other cash and previously included in other social insurance receipts, as offsetting receipts in the monetary assets. health function. 7. Includes accrued interest payable to the public; allocations of special drawing 2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was re- rights; deposit funds; miscellaneous liability (including checks outstanding) ana classified from an off-budget agency to an on-budget agency in the Department of asset accounts; seigniorage; increment on gold; net gain/loss for U.S. currency Labor. valuation adjustment; net gain/loss for IMF valuation adjustment; and profit on 3. Half-year figures are calculated as a residual (total surplus/deficit less trust the sale of gold. fund surplus/deficit). 4. Includes Postal Service Fund; Rural Electrification and Telephone Revolving SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. Fund; and Rural Telephone Bank. Government," Treasury Bulletin, and the Budget of the United States Government, 5. Other off-budget includes petroleum acquisition and transportation, strategic Fiscal Year 1983. petroleum reserve effective November 1981. NOTES TO TABLE 1.37 1. Holdings of stock of the Federal Home Loan Banks are included in "other 10. Issues of foreign governments and their subdivisions and bonds of the Inassets." ternational Bank for Reconstruction and Development. 2. Includes net undistributed income, which is accrued by most, but not all, associations. NOTE. Savings and loan associations: Estimates by the FHLBB for all associations 3. Excludes figures for loans in process, which are shown as a liability. in the United States. Data are based on monthly reports of federally insured 4. The NAMSB reports that, effective April 1979, balance sheet data are not associations and annual reports of other associations. Even when revised, data for strictly comparable with previous months. Beginning April 1979, data are reported current and preceding year are subject to further revision. on a net-of-valuation-reserves basis. Before that date, data were reported on a Mutual savings banks: Estimates of National Association of Mutual Savings gross-of-valuation-reserves basis. Banks for all savings banks in the United States. 5. Beginning April 1979, includes obligations of U.S. government agencies. Be- Life insurance companies: Estimates of the American Council of Life Insurance fore that date, this item was included in "Corporate ana other." for all life insurance companies in the United States. Annual figures are annual- 6. Includes securities of foreign governments and international organizations statement asset values, with bonds carried on an amortized basis and stocks at and, before April 1979, nonguaranteed issues of U.S. government agencies. year-end market value. Adjustments for interest due and accrued and for differ- 7. Excludes checking, club, and school accounts. ences between market and book values are not made on each item separately but 8. Commitments outstanding (including loans in process) of banks in New York are included, in total, in "other assets." State as reported to the Savings Banks Association of the state of New York. Credit unions: Estimates by the National Credit Union Administration for a 9. Direct and guaranteed obligations. Excludes federal agency issues not guar- group of federal and state-chartered credit unions that account for about 30 percent anteed, which are shown in the table under "Business" securities. of credit union assets. Figures are preliminary and revised annually to incorporate recent benchmark data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A31 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS Millions of dollars Calendar year Fiscal Fiscal Fiscal SSoouurrccee oorr ttyyppee year year year 1980 1981 1981 1982 1979 1980 1981 H2 HI H2 Dec. Jan. Feb. RECEIPTS 1 All sources' 463,302 517,112 599,272 260,569 317,304 301,777 56,825 55,269 43,042 7 Individual income taxes, net 217,841 244,069 285,917 131,962 142,889 147,035 25,770 32,646 21,007 3 Withheld 195,295 223,763 256,332 120,924 126,101 134,199 24,590 20,810 23,882 4 Presidential Election Campaign Fund... 36 39 41 4 36 5 0 0 4 5 Nonwithheld 56,215 63,746 76,844 14,592 59,907 17,391 1,602 12,000 1,608 6 Refunds 33,705 43,479 47,299 3,559 43,155 4,559 423 163 4,487 Corporation income taxes 7 Gross receipts 71,448 72,380 73,733 28,579 44,048 31,056 11,087 3,212 33,,005555 8 Refunds 5,771 7,780 12,596 4,518 6,565 6,847 867 738 1,763 9 Social insurance taxes and contributions, net 138,939 157,803 182,720 75,679 101,316 91,592 14,059 14,575 15,109 10 Payroll employment taxes and contributions2 115,041 133,042 156,953 66,831 83,851 82,984 13,504 13,085 1122,,449955 11 Self-employment taxes and contributions3 5,034 5,723 6,041 188 6,240 244 0 530 539 12 Unemployment insurance 15,387 15,336 16,129 6,742 9,205 6,355 221 604 1,734 13 Other net receipts1'4 3,477 3,702 3,598 1,919 2,020 2,009 335 357 342 14 Excise taxes 18,745 24,329 40,839 15,332 21,945 22,097 3,633 3,087 2,908 15 Customs deposits 7,439 7,174 8,083 3,717 3,926 4,661 823 696 644 16 Estate and gift taxes 5,411 6,389 6,787 3,499 3,259 3,742 642 615 866 17 Miscellaneous receipts5 9,252 12,748 13,790 6,318 6,487 8,441 1,679 1,176 1,215 OUTLAYS 18 All types1-6 490,997 576,675 657,204 309,389 333,115 358,558 76,293 45,930 57,822 19 National defense 117,681 135,856 159,765 72,457 80,005 87,421 16,258 14,131 14,578 ?,N International affairs 6,091 10,733 11,130 5,430 5,999 4,655 830 759 555 21 General science, space, and technology ... 5,041 5,722 6,359 3,205 3,314 3,388 613 496 568 72 Energy 6,856 6,313 10,277 3,997 5,677 4,394 399 383 446 23 Natural resources and environment 12,091 13,812 13,525 7,722 6,476 7,296 1,289 933 651 24 Agriculture 6,238 4,762 5,572 1,892 3,101 5,181 2,681 2,701 1,163 25 Commerce and housing credit 2,579 7,788 3,946 3,163 2,047 1,825 1,051 849 -259 7.6 Transportation 17,459 21,120 23,381 11,547 11,991 10,753 1,871 1,465 2,166 27 Community and regional development.... 9,542 10,068 9,394 5,370 4,621 4,269 688 591 439 28 Education, training, employment, social services 29,685 30,767 31,402 15,221 15,928 13,878 2,245 2,160 2,198 79 Health1 46,962 55,220 65,982 29,680 33,113 35,322 5,839 5,711 5,841 30 Income security6 160,159 193,100 225,099 107,912 113,490 129,269 33,175 7,370 20,345 31 Veterans benefits and services 19,928 21,183 22,988 11,731 10,531 12,880 3,217 763 1,911 V. Administration of justice 4,153 4,570 4,698 2,299 2,344 2,290 352 340 381 33 General government 4,093 4,505 4,614 2,432 2,692 2,311 384 210 549 34 General-purpose fiscal assistance 8,372 8,584 6,856 4,191 3,015 3,043 28 1,451 129 35 Interest 52,566 64,504 82,537 35,909 41,178 47,667 13,081 6,634 7,634 36 Undistributed offsetting receipts7 -18,488 -21,933 -30,320 -14,769 -12,432 -17,281 -7,710 -1,017 -1,474 1. The Budget of the U.S. Government, Fiscal Year 1983 has reclassified sup- 5. Deposits of earnings by Federal Reserve Banks and other miscellaneous replemental medical insurance premiums and voluntary hospital insurance premiums, ceipts. previously included in other social insurance receipts, as offsetting receipts in the 6. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was rehealth function. classified from an off-budget agency to an on-budget agency in the Department of 2. Old-age, disability, and hospital insurance, and railroad retirement accounts. Labor. 3. Old-age, disability, and hospital insurance. 7. Consists of interest received by trust funds, rents and royalties on the Outer 4. Supplementary medical insurance premiums, federal employee retirement Continental Shelf, and U.S. government contributions for employee retirement. contributions, and Civil Service retirement and disability fund. SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. Government" and the Budget of the U.S. Government, Fiscal Year 1983. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 Domestic Nonfinancial Statistics • April 1982 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars 1979 1980 1981 IItteemm Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 1 Federal debt outstanding 852.2 870.4 884.4 914.3 936.7 970.9 977.4 1,003.9 1,034.7 2 Public debt securities 845.1 863.5 877.6 907.7 930.2 964.5 971.2 997.9 1,028.7 i Held by public 658.0 677.1 682.7 710.0 737.7 773.7 771.3 789.8 825.5 4 Held by agencies 187.1 186.3 194.9 197.7 192.5 190.9 199.9 208.1 203.2 5 Agency securities 7.1 7.0 6.8 6.6 6.5 6.4 6.2 6.1 6.0 6 Held by public 5.6 5.5 5.3 5.1 5.0 4.9 4.7 4.6 4.6 V Held by agencies 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 8 Debt subject to statutory limit 846.2 864.5 878.7 908.7 931.2 965.5 972.2 998.8 1,039.3 9 Public debt securities 844.5 862.8 877.0 907.1 929.6 963.9 970.6 997.2 1,037.7 10 Other debt1 1.7 1.7 1.7 1.6 1.6 1.6 1.6 1.6 1.6 11 MEMO: Statutory debt limit 879.0 879.0 925.0 925.0 935.1 985.0 985.0 999.8 1,079.8 1. Includes guaranteed debt of government agencies, specified participation cer- NOTE. Data from Treasury Bulletin (U.S. Treasury Department), tificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership Billions of dollars, end of period 1981 1982 TTyyppee aanndd hhoollddeerr 11997777 11997788 11997799 11998800 Nov. Dec. Jan. Feb. Mar. 1 Total gross public debt 718.9 789.2 845.1 930.2 1,013.3 1,028.7 1,038.4 1,048.2 1,061.3 By type 2 Interest-bearing debt 715.2 782.4 844.0 928.9 1,011.9 1,027.3 1,032.7 1,042.2 1,059.8 3 Marketable 459.9 487.5 530.7 623.2 704.8 720.3 726.5 737.5 752.6 4 Bills 161.1 161.7 172.6 216.1 233.9 245.0 250.6 254.0 256.2 5 Notes 251.8 265.8 283.4 321.6 370.8 375.3 374.4 382.1 395.0 6 Bonds 47.0 60.0 74.7 85.4 100.1 99.9 101.6 101.4 101.4 7 Nonmarketable1 255.3 294.8 313.2 305.7 307.1 307.0 306.1 304.7 307.2 8 2.2 2.2 2.2 9 State and local government series 13.9 24.3 24.6 23.8 23.0 23.0 22.7 22.7 23.2 10 Foreign issues3 22.2 29.6 28.8 24.0 20.3 19.0 18.9 18.4 19.6 11 Government 21.0 28.0 23.6 17.6 15.3 14.9 14.8 14.3 15.6 12 Public 1.2 1.6 5.3 6.4 5.0 4.1 4.1 4.1 4.1 13 Savings bonds and notes 77.0 80.9 79.9 72.5 68.0 68.1 67.8 67.6 67.4 14 Government account series4 139.8 157.5 177.5 185.1 195.5 196.7 196.4 195.7 196.7 15 Non-interest-bearing debt 3.7 6.8 1.2 1.3 1.4 1.4 5.7 6.0 1.5 By holder5 16 U.S. government agencies and trust funds 154.8 170.0 187.1 192.5 202.1 203.3 202.8 17 Federal Reserve Banks 102.8 109.6 117.5 121.3 126.5 131.0 127.7 18 Private investors 461.3 508.6 540.5 616.4 684.6 694.5 707.3 19 Commercial banks 101.4 93.2 96.4 116.0 110.0 109.4 111.4 20 Mutual savings banks 5.9 5.0 4.7 5.4 5.2 5.2 5.4 21 Insurance companies 15.1 15.7 16.7 20.1 19.4 19.1 19.5 n a. n a. 22 Other companies 20.5 19.6 22.9 25.7 38.3 37.8 37.9 23 State and local governments 55.2 64.4 69.9 78.8 87.5 85.6 86.2 Individuals 24 Savings bonds 76.7 80.7 79.9 72.5 68.1 68.0 67.9 25 Other securities 28.6 30.3 36.2 56.7 73.6 75.6 76.2 26 Foreign and international6 109.6 137.8 124.4 127.7 138.3 141.4 142.1 27 Other miscellaneous investors7 49.7 58.9 90.1 106.9 144.3 152.3 160.7 1. Includes (not shown separately): Securities issued to the Rural Electrification 5. Data for Federal Reserve Banks and U.S. government agencies and trust Administration, depository bonds, retirement plan bonds, and individual retire- funds are actual holdings; data for other groups are Treasury estimates. ment bonds. 6. Consists of investments of foreign balances and international accounts in the 2. These nonmarketable bonds, also known as Investment Series B Bonds, may United States. be exchanged (or converted) at the owner's option for IV2 percent, 5-year mar- 7. Includes savings and loan associations, nonprofit institutions, corporate penketable Treasury notes. Convertible bonds that have been so exchanged are re- sion trust funds, dealers and brokers, certain government deposit accounts, and moved from this category and recorded in the notes category (line 5). government sponsored agencies. 3. Nonmarketable dollar-denominated and foreign currency-denominated series held by foreigners. NOTE. Gross public debt excludes guaranteed agency securities. 4. Held almost entirely by U.S. government agencies and trust funds. Data by type of security from Monthly Statement of the Public Debt of the United States (U.S. Treasury Department); data by holder from Treasury Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A33 1.42 U.S. GOVERNMENT MARKETABLE SECURITIES Ownership, by maturity Par value; millions of dollars, end of period 1981 1982 1981 1982 r I |i 11997799 11998800 Dec. Jan. Dec. Jan. All maturities 1 to 5 years 1 All holders 530,731 623,186 720,293 726,542 89,578 197,409 228,550 223,333 2 U.S. government agencies and trust funds 11,047 9,564 8,669 8,670 2,555 1,990 1,906 1,906 3 Federal Reserve Banks 117,458 121,328 130,954 127,733 8,469 35,835 38,223 37,582 4 Private investors 402,226 492,294 580,671 590,139 133,173 159,585 188,422 183,845 5 Commercial banks 69,076 77,868 74,618 77,375 38,346 44,482 39,021 40,244 6 Mutual savings banks 3,204 3,917 3,971 4,177 1,668 1,925 1,870 1,930 7 Insurance companies 11,496 11,930 12,090 12,834 4,518 4,504 5,596 6,165 8 Nonfinancial corporations 8,433 7,758 4,214 4,477 2,844 2,203 1,146 1,258 9 Savings and loan associations 3,209 4,225 4,122 4,915 1,763 2,289 2,260 2,487 10 State and local governments 15,735 21,058 18,991 20,797 3,487 4,595 4,278 4,479 11 All others 291,072 365,539 462,663 465,563 80,546 99,577 134,251 127,282 Total, within 1 year 5 to 10 years 12 All holders 255,252 297,385 340,082 346,336 50,440 56,037 63,483 66,973 13 U.S. government agencies and trust funds 1,629 830 647 648 871 1,404 779 779 14 Federal Reserve Banks 63,219 56,858 64,113 61,518 12,977 13,548 11,854 11,823 15 Private investors 190,403 239,697 275,322 284,169 36,592 41,175 50,851 54,370 16 Commercial banks 20,171 25,197 29,480 30,553 8,086 5,793 4,496 4,504 17 Mutual savings banks 836 1,246 1,569 1,680 459 455 238 249 18 Insurance companies 2,016 1,940 2,201 2,044 2,815 3,037 2,507 2,619 19 Nonfinancial corporations 4,933 4,281 2,421 2,528 308 357 344 345 20 Savings and loan associations 1,301 1,646 1,731 2,148 69 216 98 237 21 State and local governments 5,607 7,750 7,536 7,923 1,540 2,030 2,365 2,395 22 All others 155,539 197,636 230,383 237,293 24,314 29,287 40,804 44,021 Bills, within 1 year 10 to 20 years 23 All holders 172,644 216,104 245,015 250,562 27,588 36,854 44,744 44,709 24 U.S. government agencies and trust funds 0 1 » 2 4,520 3,686 3,996 3,996 25 Federal Reserve Banks 45,337 43,971 49,679 47,095 3,272 5,919 6,692 6,644 26 Private investors 127,306 172,132 195,335 203,465 19,796 27,250 34,055 34,069 27 Commercial banks 5,938 9,856 9,667 10,677 993 1,071 873 984 28 Mutual savings banks 262 394 423 483 127 181 151 169 29 Insurance companies 473 672 760 708 1,305 1,718 1,119 1,276 30 Nonfinancial corporations 2,793 2,363 1,173 1,291 218 431 131 167 31 Savings and loan associations 219 818 363 754 58 52 16 19 32 State and local governments 3,100 5,413 5,126 5,469 1,762 3,597 2,824 3,632 33 All others 114,522 152,616 177,824 184,083 15,332 20,200 28,940 27,822 Other, within 1 year Over 20 years 34 All holders 82,608 81,281 95,068 95,774 33,254 35,500 43,434 45,192 35 U.S. government agencies and trust funds 1,629 829 647 646 1,472 1,656 1,340 1,340 36 Federal Reserve Banks 17,882 12,888 14,433 14,424 9,520 9,258 10,073 10,166 37 Private investors 63,097 67,565 79,987 80,704 22,262 24,587 32,020 33,686 38 Commercial banks 14,233 15,341 19,814 19,876 1,470 1,325 749 1,091 39 Mutual savings banks 574 852 1,146 1,197 113 110 144 149 40 Insurance companies 1,543 1,268 1,442 1,336 842 730 666 730 41 Nonfinancial corporations 2,140 1,918 1,248 1,237 130 476 172 178 42 Savings and loan associations 1,081 828 1,368 1,393 19 21 17 23 43 State and local governments 2,508 2,337 2,410 2,454 3,339 3,086 1,988 2,370 44 All others 41,017 45,020 52,560 53,210 16,340 18,838 28,285 29,145 NOTE. Direct public issues only. Based on Treasury Survey of Ownership from and 724 insurance companies, each about 80 percent; (2) 407 nonfinancial cor- Treasury Bulletin (U.S. Treasury Department). porations and 468 savings and loan associations, each about 50 percent; and (3) Data complete for U.S. government agencies and trust funds and Federal Reserve 489 state and local governments, about 40 percent. Banks, but data for other groups include only holdings of those institutions that "AH others," a residual, includes holdings of all those not reporting in the report. The following figures show, for each category, the number and proportion Treasury Survey, including investor groups not listed separately. reporting as of Jan. 31,1982: (1) 5,316 commercial banks, 451 mutual savings banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic Nonfinancial Statistics • April 1982 1.43 U.S. GOVERNMENT SECURITIES DEALERS Transactions Par value; averages of daily figures, in millions of dollars 1981 1982 1982, week ending Wednesday IItteemm 11997788 11997799 11998800 Dec.' Jan.' Feb. Feb. 10r Feb. 17 Feb. 24 Mar. 3 Mar. 10 Immediate delivery1 1 U.S. government securities 10,285 13,183 18,331 28,736 26,371 30,933 26,859 28,143 37,075 31,733 27,230 By maturity 2 Bills 6 ,173 7,915 11,413 17,236 16,495 17,868 13,960 17,182 22,418 17,573 14,695 3 Other within 1 year 392 454 421 1,099 593 760 554 670 1,079 1,040 777 4 1-5 years 1,889 2,417 3,330 5,626 4,451 6,067 5,078 4,802 7,885 5.151 4,971 5 5-10 years 965 1,121 1,464 2,370 2,540 2,964 2,933 2,527 2,325 4,866 3,129 6 Over 10 years 867 1,276 1,704 2,405 2,293 3,275 4,334 2,961 3,369 3,103 3,659 By type of customer 7 U.S. government securities dealers 1,135 1,448 1,484 2,002 1,508 1,598 1,409 1,536 11,,337700 22,,004499 11,,113377 8 U.S. government securities brokers 3,838 5,170 7,610 12,796 13,181 15,245 13,178 13,123 10,678 15,605 14,583 9 All others2 5,312 6,564 9,237 13,939 11,683 14,090 12,272 13,485 9,562 14,079 11,511 10 Federal agency securities 1,894 2,723 3,258 2,893 2,712 3,617 3,231 2,880 5,080 3,810 3,072 11 Certificates of deposit 1,292 1,764 2,472 4,891 4,233 4,967 3,471 4,373 7,202 4,838 4,536 12 Bankers acceptances 2,095 1,879 2,208 1,547 1,749 3,029 2,393 2,468 13 Commercial paper 6,978 7,200 7,791 7,195 88,,339955 88,,001188 77,,997777 77,,225566 Futures transactions3 14 Treasury bills 5,118 5,202 4,663 3,966 3,879 5,477 5,785 5,024 15 Treasury coupons 1,491 1,148 1,528 1,460 1,460 1,720 1,643 1,248 16 Federal agency securities n.a. n a. n a. 221 185 261 181 308 331155 221111 222222 Forward transactions4 17 U.S. government securities 591 473 858 777 553 1,004 372 363 18 Federal agency securities 1,336 1,414 1,414 1,545 1,135 1,513 1,580 1,776 1. Before 1981, data for immediate transactions include forward transactions. date of the transaction for government securities (Treasury bills, notes, and bonds) 2. Includes, among others, all other dealers and brokers in commodities and or after 30 days for mortgage-backed agency issues. securities, nondealer departments of commercial banks, foreign banking agencies, NOTE. Averages for transactions are based on number of trading days in the and the Federal Reserve System. period. 3. Futures contracts are standardized agreements arranged on an organized ex- Transactions are market purchases and sales of U.S. government securities dealchange in which parties commit to purchase or sell securities for delivery at a future ers reporting to the Federal Reserve Bank of New York. The figures exclude date. allotments of, and exchanges for, new U.S. government securities, redemptions of 4. Forward transactions are agreements arranged in the over-the-counter market called or matured securities, purchases or sales of securities under repurchase in which securities are purchased (sold) for delivery after 5 business days from the agreement, reverse repurchase (resale), or similar contracts. 1.44 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing Averages of daily figures, in millions of dollars 1981 1982 1982, week ending Wednesday IItteemm 11997788 11997799 11998800 Dec. Jan.' Feb. Jan. 27 Feb. 3 Feb. 10 Feb. 17 Feb. 24 Positions Net immediate1 1 U.S. government securities. 2,656 3,223 4,306 4.244 5,141 4,199 4,853 3,634 4,907 2,643 2 Bills 2.452 3.813 4,103 2,411 3,317 1,853 2,895 1,692 1,844 800 3 Other within 1 year 260 -325 -1,062 -3,929 -2,475 -2,736 -2,465 -2,337 -2,105 -2,225 4 1-5 years -92 -455 434 3,164 2,673 3,154 3,058 3,001 3,010 2,230 5 5-10 years 40 160 166 -78 -247 -555 -551 -683 453 -753 6 Over 10 years -4 30 665 2,676 1,872 2,484 1.916 1,961 2,593 2,591 7 Federal agency securities.. 606 1,471 797 3,687 2,853 2,311 2,514 2,327 2,352 1,959 8 Certificates of deposit 2,775 2,794 3,115 5,027 3,631 3,392 3,139 3,344 2,851 2,999 9 Bankers acceptances 2,590 2,139 1,950 1,987 2,022 1,737 1,867 10 Commercial paper 3.245 2,405 2,563 2,289 2,570 2,170 1,959 Future positions 11 Treasury bills -5,270 6,249 - 7,585 -6,966 -6,817 -8,045 -8,363 12 Treasury coupons -3,652 -2,566 -2,593 -2,642 -2,894 -2,780 -2,274 13 Federal agency securities.. -377 -66 493 63 381 645 612 Forwards positions 14 U.S. government securities -645 -410 -739 -627 -719 -791 -746 15 Federal agency securities.. -1,240 -1,184 -1,207 -1,091 -1,115 -1,232 -1,279 Financing2 Reverse repurchase agreements3 16 Overnight and continuing .... 25,185 25,006 21,854 22,765 23,910 20,850 22,135 17 Term agreements 51,003 47,632 46,520 48,554 48,962 46,946 46,391 Repurchase agreements4 18 Overnight and continuing .... 50,681 49,809 43,005 44,384 47,143 43,777 44,574 19 Term agreements 43,358 38,804 38,313 39,668 39,389 36,516 38,546 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A35 1.45 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1981 1982 AAggeennccyy 11997788 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan. 1 Federal and federally sponsored agencies' 137,063 163,290 193,229 218,362 223,393 226,010 226,269 227,210 226,418 2 Federal agencies 23,488 24,715 28,606 30,088 30,870 31,069 31,156 31,806 31,053 3 Defense Department2 968 738 610 526 516 514 490 484 470 4 Export-Import Bank3'4 8,711 9,191 11,250 12,385 12,855 12,845 12,829 13,339 13,135 5 Federal Housing Administration5 588 537 477 449 432 427 419 413 406 6 Government National Mortgage Association participation certificates6 3,141 2,979 2,817 2,715 2,715 2,715 2,715 2,715 2,191 7 Postal Service7 2,364 1,837 1,770 1,538 1,538 1,538 1,538 1,538 1,538 8 Tennessee Valley Authority 7,460 8,997 11,190 12,260 12,599 12,830 12,965 13,115 13,115 9 United States Railway Association7 356 436 492 215 215 200 200 202 198 10 Federally sponsored agencies1 113,575 138,575 164,623 188,274 192,523 194,941 195,113 195,404 195,365 11 Federal Home Loan Banks 27,563 33,330 41,258 55,161 58,276 57,990 57,854 58,090 57,387 12 Federal Home Loan Mortgage Corporation 2,262 2,771 2,536 2,408 2,308 2,308 2,608 2,604 2,604 13 Federal National Mortgage Association 41,080 48,486 55,185 56,372 56,688 57,805 58,533 58,749 58,860 14 Federal Land Banks 20,360 16,006 12,365 10,317 10,317 9,717 9,717 9,717 8,717 15 Federal Intermediate Credit Banks 11,469 2,676 1,821 1,388 1,388 1,388 1,388 1,388 1,388 16 Banks for Cooperatives 4,843 584 584 220 220 220 220 220 220 17 Farm Credit Banks1 5,081 33,216 48,153 58,306 59,024 60,911 60,191 60,034 61,187 18 Student Loan Marketing Association8 915 1,505 2,720 4,100 4,300 4,600 4,600 4,600 5,000 19 Other 2 1 1 2 2 2 2 2 2 MEMO: 20 Federal Financing Bank debt1,9 51,298 67,383 87,460 103,597 107,309 108,171 109,495 110,698 111,965 Lending to federal and federally sponsored agencies 21 Export-Import Bank4 6,898 8,353 10,654 11,933 12,409 12,409 12,409 12,741 12,741 22 Postal Service7 2,114 1,587 1,520 1,288 1,288 1,288 1,288 1,288 1,288 23 Student Loan Marketing Association8 915 1,505 2,720 4,100 4,300 4,600 4,600 4,600 5,000 24 Tennessee Valley Authority 5,635 7,272 9,465 10,535 10,874 11,105 11,240 11,390 11,435 25 United States Railway Association7 356 436 492 215 215 200 200 202r 198 Other Lending10 26 Farmers Home Administration 23,825 32,050 39,431 47,171 48,821 48,571 49,029 48,821 49,026 27 Rural Electrification Administration 4,604 6,484 9,196 11,861 12,343 12,674 12,924 13,516 13,836 28 Other 6,951 9,696 13,982 16,494 17,059 17,324 17,805 18,140' 18,441 1. In September 1977 the Farm Credit Banks issued their first consolidated bonds, of Housing and Urban Development; Small Business Administration; and the and in January 1979 they began issuing these bonds on a regular basis to replace Veterans Administration. the financing activities of the Federal Land Banks, the Federal Intermediate Credit 7. Off-budget. Banks, and the Banks for Cooperatives. Line 17 represents those consolidated 8. Unlike other federally sponsored agencies, the Student Loan Marketing Asbonds outstanding, as well as any discount notes that have been issued. Lines 1 sociation may borrow from the Federal Financing Bank (FFB) since its obligations and 10 reflect the addition of this item. are guaranteed by the Department of Health, Education, and Welfare. 2. Consists of mortgages assumed by the Defense Department between 1957 and 9. The FFB, which began operations in 1974, is authorized to purchase or sell 1963 under family housing and homeowners assistance programs. obligations issued, sold, or guaranteed by other federal agencies. Since FFB incurs 3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. debt solely for the purpose of lending to other agencies, its debt is not included in 4. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter. the main portion of the table in order to avoid double counting. 5. Consists of debentures issued in payment of Federal Housing Administration 10. Includes FFB purchases of agency assets and guaranteed loans; the latter insurance claims. Once issued, these securities may be sold privately on the se- contain loans guaranteed by numerous agencies with the guarantees of any particcurities market. ular agency being generally small. The Farmers Home Administration item consists 6. Certificates of participation issued prior to fiscal 1969 by the Government exclusively of agency assets, while the Rural Electrification Administration entry National Mortgage Association acting as trustee for the Farmers Home Admin- contains both agency assets and guaranteed loans. istration; Department of Health, Education, and Welfare; Department NOTES TO TABLE 1.44 1. Immediate positions are net amounts (in terms of par values) of securities 3. Includes all reverse repurchase agreements, including those that have been owned by nonbank dealer firms and dealer departments of commercial banks on arranged to make delivery on short sales and those for which the securities obtained a commitment, that is, trade-date basis, including any such securities that have have been used as collateral on borrowings, i.e., matched agreements. been sold under agreements to repurchase (RPs). The maturities of some repur- 4. Includes both repurchase agreements undertaken to finance positions and chase agreements are sufficiently long, however, to suggest that the securities "matched book" repurchase agreements. involved are not available for trading purposes. Securities owned, and hence dealer positions, do not include securities to resell (reverse RPs). Before 1981, data for NOTE. Data for positions are averages of daily figures, in terms of par value, immediate positions include forward positions. based on the number of trading days in the period. Positions are shown net and 2. Figures cover financing involving U.S. government and federal agency secu- are on a commitment basis. Data for financing are based on Wednesday figures, rities, negotiable CDs, bankers acceptances, and commercial paper. in terms of actual money borrowed or lent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Financial Statistics • April 1982 1.46 NEW SECURITY ISSUES of State and Local Governments Millions of dollars 1981 1982 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11997788 11997799 11998800 Juner July' Aug.' Sept.' Oct.' Nov.r Dec. Jan. 1 All issues, new and refunding1 48,512 43,365 48,367 4,908 3,211 3,113 3,910 4,097 5,355 4,744 3,802 Type of issue 2 General obligation 17,854 12,109 14,100 1,391 1,075 1,000 560 748 1,315 749 1,036 3 U.S. government loans2 n.a. 53 38 1 5 8 2 2 3 1 3 4 Revenue 30,658 31,256 34,267 3,517 2,136 2,113 3,350 3,349 4,040 3,995 2,766 5 U.S. government loans2 n.a. 67 57 4 1 4 9 5 2 3 4 Type of issuer 6 State 6,632 4,314 5,304 585 353 446 92 439 518 315 514 7 Special district and statutory authority 24,156 23,434 26,972 2,691 1,733 1,701 2,749 2,467 3,439 3,308 2,095 8 Municipalities, counties, townships, school 17,718 15,617 16,090 1,631 1,125 966 1,070 1,191 11,,339988 11,,112200 11,,119955 districts 9 Issues for new capital, total 37,629 41,505 46,736 4,832 3,200 2,460 3,904 4,009 5,318 4,683 3,648 Use of proceeds 10 Education 5,003 5,130 4,572 641 257 257 153 203 576 561 242 11 Transportation 3,460 2,441 2,621 161 537 113 222 499 286 355 138 12 Utilities and conservation 9,026 8,594 8,149 774 844 524 1,626 700 757 955 11,,224422 13 Social welfare 10,494 15,968 19,958 1,358 712 770 515 953 1,873 1,813 888866 14 Industrial aid 3,526 3,836 3,974 792 377 316 874 1,015 676 523 340 15 Other purposes 6,120 6,120 5,536 1,106 473 480 514 639 1,150 476 800 1. Par amounts of long-term issues based on date of sale. SOURCE. Public Securities Association. 2. Consists of tax-exempt issues guaranteed by the Farmers Home Administration. 1.47 NEW SECURITY ISSUES of Corporations Millions of dollars 1981 1982 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11997799 11998800 11998811 July Aug. Sept. Oct. Nov. Dec. Jan. 1 All issues1 51,533 73,694 69,093 3,842 3,097 4,696 4,368 8,518 5,717 2,298 2 Bonds 40,208 53,206 44,593 2,186 1,616 2,797 2,845 6,724 3,844 787 Type of offering 3 Public 25,814 41,587 37,604 1,926 905 2,198 2,582 6,560 3,526 561 4 Private placement 14,394 11,619 6,989 260 711 599 263 164 317 226 Industry group 5 Manufacturing 9,678 15,409 12,325 507 308 452 21 2,054 954 185 6 Commercial and miscellaneous 3,948 6,693 5,229 189 390 201 617 949 850 168 7 Transportation 3,119 3,329 2,054 120 95 63 51 130 82 28 8 Public utility 8,153 9,557 8,963 322 360 1,012 1,008 802 582 284 9 4,219 6,683 4,280 767 115 471 83 326 106 10 Real estate and financial 11,094 11,534 11,743 281 348 598 1,065 2,463 1,269 122 11 Stocks 11,325 20,489 24,500 1,656 1,481 1,899 1,523 1,794 1,873 1,511 Type 12 Preferred 3,574 3,631 1,796 67 14 186 141 59 80 199 13 Common 7,751 16,858 22,704 1,589 1,467 1,713 1,382 1,735 1,793 1,312 Industry group 14 Manufacturing 1,679 4,839 4,786 335 160 117 193 407 206 63 15 Commercial and miscellaneous 2,623 5,245 7,424 340 661 487 449 564 444 640 16 Transportation 255 549 735 29 91 87 23 15 23 25 17 Public utility 5,171 6,230 5,416 308 248 514 438 405 534 449 18 Communication 303 567 1,772 73 12 369 7 85 89 58 19 Real estate and financial 12,931 3,059 4,368 571 310 325 412 318 577 276 1. Figures, which represent gross proceeds of issues maturing in more than one 1933, employee stock plans, investment companies other than closed-end, intrayear, sold for cash in the United States, are principal amount or number of units corporate transactions, and sales to foreigners. multiplied by offering price. Excludes offerings of less than $100,000, secondary offerings, undefined or exempted issues as defined in the Securities Act of SOURCE. Securities and Exchange Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Corporate Finance A37 1.48 OPEN-END INVESTMENT COMPANIES Net Sales and Asset Position Millions of dollars 1981 1982 IItteemm 11998800 11998811 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. INVESTMENT COMPANIES1 1 Sales of own shares2 15,266 20,596 1,639 1,457 1,449 1,768 1,729 2,140 3,032 2,049 2 Redemptions of own shares3 12,012 15,866 1,297 1,422 1,457 593 1,125 1,769 1,475 1,456 3 Net sales 3,254 4,730 342 35 -8 1,175 604 371 1,557 593 4 Assets4 58,400 55,207 57,494 54,221 51,659 54,335 57,408 55,207 54,347 52,427 5 Cash position5 5,321 5,277 5,109 5,058 5,409 5,799 6,269 5,277 5,424 5,542 6 Other 53,079 49,930 52,385 49,163 46,250 48,536 51,139 49,930 48,923 46,885 1. Excluding money market funds. 5. Also includes all U.S. government securities and other short-term debt se- 2. Includes reinvestment of investment income dividends. Excludes reinvestment curities. of capital gains distributions and share issue of conversions from one fund to another in the same group. NOTE. Investment Company Institute data based on reports of members, which 3. Excludes share redemption resulting from conversions from one fund to an- comprise substantially all open-end investment companies registered with the Seother in the same group. curities and Exchange Commission. Data reflect newly formed companies after 4. Market value at end of period, less current liabilities. their initial offering of securities. 1.49 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1980 1981 AAccccoouunntt 11997799 11998800 11998811 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Corporate profits with inventory valuation and capital consumption adjustment 196.8 182.7 192.1 169.3 177.9 183.3 203.0 190.3 195.7 179.5 2 Profits before tax 255.3 245.5 233.7 217.9 237.6 249.5 257.0 229.0 234.4 214.6 3 Profits tax liability 87.6 82.3 77.9 71.5 78.5 85.2 87.7 76.4 78.1 69.4 4 Profits after tax 167.7 163.2 155.8 146.5r 159.1 164.3 169.2r 152.7r 156.3 145.2 5 Dividends 50.1 56.0 63.1 55.7 56.7 57.7 59.6 62.0 64.8 66.0 6 Undistributed profits 117.6 107.2 92.7 90.7 102.4 106.6 109.6r 90.6 91.5 79.2 7 Inventory valuation -42.6 -45.7r -27.7 -31.1 -41.7 -48.4 -39.2 -24.0 -25.3 -22.3 8 Capital consumption adjustment -15.9 -17.2 -13.9 -17.6 -17.9 -17.8 -14.7 -14.7 -13.4 -12.8 SOURCE. Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • April 1982 1.50 NONFINANCIAL CORPORATIONS Current Assets and Liabilities Billions of dollars, except for ratio 1980 1981 AAccccoouunntt 11997755 11997766 11997777 11997788 11997799 Q3 Q4 Q1 Q2 Q3 1 Current assets 759.0 826.8 902.1 1,030.0 1,200.9 1,254.9 1,281.6 1,321.2 1,317.4 1,349.2 2 Cash 82.1 88.2 95.8 104.5 116.1 113.4 121.0 120.5 118.5 118.3 3 U.S. government securities 19.0 23.4 17.6 16.3 15.6 16.4 17.3 17.0 17.7 16.0 4 Notes and accounts receivable 272.1 292.8 324.7 383.8 456.8 478.7 491.2 507.3 507.4 519.7 5 Inventories 315.9 342.4 374.8 426.9 501.7 524.5 525.4 542.8 540.0 557.2 6 Other 69.9 80.1 89.2 98.5 110.8 121.9 126.7 133.6 133.7 138.1 7 Current liabilities 451.6 494.7 549.4 665.5 809.1 850.5 877.2 910.9 908.1 951.1 8 Notes and accounts payable 264.2 281.9 313.2 373.7 456.3 477.2 498.3 504.0 500.8 529.1 9 Other 187.4 212.8 236.2 291.7 352.8 373.4 378.9 406.9 407.2 422.0 10 Net working capital 307.4 332.2 352.7 364.6 391.8 404.3 404.4 410.3 409.3 398.1 11 MEMO: Current ratio 1 1.681 1.672 1.642 1.548 1.484 1.475 1.461 1.450 1.451 1.419 1. Ratio of total current assets to total current liabilities. All data in this table reflect the most current benchmarks. Complete data are available upon request from the Flow of Funds Section, Division of Research and NOTE. For a description of this series, see "Working Capital of Nonfinancial Statistics. Corporations" in the July 1978 BULLETIN, pp. 533-37. SOURCE. Federal Trade Commission. 1.51 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1980 1981 1982 IInndduussttrryy 11998800 11998811 11998822'' Q4 Q1 Q2' Q3 Q4 Ql' Q2 1 1 Total nonfarm business 295.63 321.49 345.11 299.58 312.24 316.73 328.25 327.83 330.34 336.77 Manufacturing 2 Durable goods industries 58.91 61.84 67.24 59.77 61.24 63.10 62.58 60.78 62.95 64.79 3 Nondurable goods industries 56.90 64.95 69.58 58.86 63.27 62.40 67.53 66.14 66.28 68.72 Nonmanufacturing 4 Mining 13.51 16.86 18.33 15.28 1166..2200 16.80 17.55 16.81 17.26 17.20 Transportation 5 Railroad 4.25 4.24 4.55 4.54 4.23 4.38 4.18 4.18 4.39 4.37 6 Air 4.01 3.81 4.15 3.77 3.85 3.29 3.34 4.82 3.23 2.97 7 Other 3.82 4.00 4.83 3.39 3.66 4.04 4.09 4.12 4.52 4.71 Public utilities 8 Electric 28.12 29.74 31.77 27.54 27.69 29.32 30.54 31.14 30.86 31.59 9 Gas and other 7.32 8.65 8.43 7.41 8.36 8.53 9.01 8.60 8.46 8.04 10 Trade and services 81.79 86.33 90.48 82.91 83.43 85.88 87.55 88.33 89.46 89.92 11 Communication and other2 36.99 41.06 45.75 36.11 40.32 39.02 41.89 42.92 42.93 44.45 1. Anticipated by business. SOURCE. Survey of Current Business (U.S. Dept. of Commerce). 2. "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Corporate Finance A39 1.52 DOMESTIC FINANCE COMPANIES Assets and Liabilities Billions of dollars, end of period 1981 AAccccoouunntt 11997755 11997766 11997777 11997788 11997799 11998800 Q1 Q2 Q3 Q4 ASSETS Accounts receivable, gross 1 Consumer 36.0 38.6 44.0 52.6 65.7 73.6 76.1 79.0 84.5 85.5 2 Business 39.3 44.7 55.2 63.3 70.3 72.3 72.7 78.2 76.9 81.0 3 Total 75.3 83.4 99.2 116.0 136.0 145.9 148.7 157.2 161.3 166.5 4 LESS: Reserves for unearned income and losses .... 9.4 10.5 12.7 15.6 20.0 23.3 24.3 25.7 27.7 28.9 5 Accounts receivable, net 65.9 72.9 86.5 100.4 116.0 122.6 124.5 131.4 133.6 138.1 6 Cash and bank deposits 2.9 2.6 2.6 3.5 7 Securities 1.0 1.1 .9 1.3 2244..9911 27.5 30.8 31.6 34.5 34.2 8 All other 11.8 12.6 14.3 17.3 9 Total assets 81.6 89.2 104.3 122.4 140.9 150.1 155.3 163.0 168.1 172.3 LIABILITIES 10 Bank loans 8.0 6.3 5.9 6.5 8.5 13.2 13.1 14.4 14.7 15.4 11 Commercial paper 22.2 23.7 29.6 34.5 43.3 43.4 44.2 49.0 51.2 51.2 12 Short-term, n.e.c 4.5 5.4 6.2 8.1 8.2 7.5 8.2 8.5 11.9 9.6 13 Long-term, n.e.c 27.6 32.3 36.0 43.6 46.7 52.4 51.6 52.6 50.7 54.8 14 Other 6.8 8.1 11.5 12.6 14.2 14.3 17.3 17.0 17.1 17.8 15 Capital, surplus, and undivided profits 12.5 13.4 15.1 17.2 19.9 19.4 20.9 21.5 22.4 23.6 16 Total liabilities and capital 81.6 89.2 104.3 122.4 140.9 150.1 155.3 163.0 168.1 172.3 1. Beginning Q1 1979, asset items on lines 6, 7, and 8 are combined. NOTE. Components may not add to totals due to rounding. 1.53 DOMESTIC FINANCE COMPANIES Business Credit Millions of dollars, seasonally adjusted except as noted Changes in accounts Extensions Repayments AAAccccccooouuunnntttsss receivable rrreeeccceeeiiivvvaaabbbllleee TTTyyypppeee ooouuutttssstttaaannndddiiinnnggg JJJaaa 111 nnn 999 ... 888 222 333 111 111 ,,, 1981 1982 1981 1982 1981 1982 Nov. Dec. Jan. Nov. Dec. Jan. Nov. Dec. Jan. 1 Total 79,830 1,395 102R 119 20,029 15,733R 17,496 118,634 15,631R 17,377 2 Retail automotive (commercial vehicles) 11,339 188 -5 14 1,081 898 873 893 903 859 3 Wholesale automotive 12,930 534 48 -70 5,275 3,408 4,565 4,741 3,456 4,635 4 Retail paper on business, industrial, and farm equipment.... 27,541 510 387 -60 2.091 1,701 1,566 1,581 1,314 1,626 5 Loans on commercial accounts receivable and factored commercial accounts receivable 8,552 83 -91 258 9,120 7,378 8,565 9,037 7,469 8,307 6 All other business credit 19,468 80 -141' -23 2,462 2,348r 1,927 2,382 2,489' 1,950 1. Not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • April 1982 1.54 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1981 1982 Item 11997799 11998800 11998811 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Terms and yields in primary and secondary markets PRIMARY MARKETS Conventional mortgages on new homes Terms1 1 Purchase price (thousands of dollars) 74.4 83.4 90.4 98.1 89.1 89.2 84.5 88.7 102.6 97.3 2 Amount of loan (thousands of dollars) 53.3 59.2 65.3r 70.3 64.8 63.5 62.7 64.4 71.3r 71.1 3 Loan/price ratio (percent) 73.9 73.2 74.8 74.7 74.1 73.0 77.3 75.3 73.5r 76.5 4 Maturity (years) 28.5 28.2 27.7 27.2 26.6 27.4 23.4 27.7 27.4 28.1 5 Fees and charges (percent of loan amount)2 1.66 2.09 2.67 2.98 2.75 2.86 2.52 2.87 2.55 3.01 6 Contract rate (percent per annum) 10.48 12.25 14.16 14.60 14.69 15.04 15.68 15.23 14.66 14.44 Yield (percent per annum) 7 FHLBB series3 10.77 12.65 14.74 15.27 15.29 15.65 16.38 15.87 15.25 15.12 8 HUD series4 11.15 13.95 16.52 17.50 18.30 18.05 16.95 17.00 17.30 17.20 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5 10.87 13.42 16.29 17.96 18.55 17.43 15.98 16.43 17.38 17.10 10 GNMA securities6 10.22 12.55 15.29 16.67 17.06 16.54 15.10 15.51 16.19 16.21 FNMA auctions7 11 Government-underwritten loans 11.17 14.11 16.70 17.63 18.99 18.13 16.64 16.92 17.80 18.00 12 Conventional loans 11.77 14.43 16.64 17.59 19.14 18.61 17.20 16.95 17.33 17.91 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 13 Total 46,050 55,104 58,675 58,722 59,682 60,489 60,949 61,412 61,721 62,112 14 FH A/V A-insured 33,673 37,364 39,342 39,368 39,792 40,043 40,056 39,997 39,937 39,926 15 Conventional 14,377 17,724 19,334 19,354 19,890 20,445 20,885 21,435 21,784r 22,185 Mortgage transactions (during period) 16 Purchases 10,812 8,099 6,112 944 1,125 1,000 594 655 430 519 17 0 0 2 0 0 0 0 0 0 0 Mortgage commitments8 18 Contracted (during period) 10,179 8,083 9,331 1,394 811 533 560 1,272 703 1,037 19 Outstanding (end of period) 6,409 3,278 3,577 4,399 3,997 3,447 3,354 3,577 3,285 3,470 Auction of 4-month commitments to buy Government-underwritten loans 70 Offered 8,860.4 8.605.4 2,487.2 689.5 145.9 66.3 79.0 59.2 41.5 41.7 21 Accepted 3,920.9 4,002.0 1,478.0 336.6 64.1 37.3 34.4 27.0 30.8 23.4 Conventional loans 22 Offered 4,495.3 3,639.2 2,524.7 862.2 120.7 43.2 147.7 84.4 31.7 28.6 23 Accepted 2,343.6 1,748.5 1,392.3 304.3 67.9 27.5 63.1 48.0 11.5 13.6 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)9 24 Total 3,543 4,362 5,245 5,294 5,431 5,469 5,283 5,255 5,240 5,342 25 FHA/VA 1,995 2,116 2,236 2,238 2,264 2,267 2,232 2,227 2,209 2,218 26 Conventional 1,549 2,246 3,010 3,056 3,167 3,202 3,051 3,028 3,032 3,124 Mortgage transactions (during period) 27 Purchases 5,717 3,723 3,789 101 337 290 416 1,140 1,628 1,228 28 4,544 2,527 3,531 44 249 244 596 1,158 162 1,115 Mortgage commitments10 29 Contracted (during period) 5,542 3,859 6,974 386 365 1,834 2,011 203 328 565 30 Outstanding (end of period) 797 447 3,518 1,028 982 2,863 4,451 3,518 5,033 4,336 1. Weighted averages based on sample surveys of mortgages originated by major assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying institutional lender groups. Compiled by the Federal Home Loan Bank Board in the prevailing ceiling rate. Monthly figures are unweighted averages of Monday cooperation with the Federal Deposit Insurance Corporation. quotations for the month. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower 7. Average gross yields (before deduction of 38 basis points for mortgage seror the seller) to obtain a loan. vicing) on accepted bids in Federal National Mortgage Association's auctions of 3. Average effective interest rates on loans closed, assuming prepayment at the 4-month commitments to purchase home mortgages, assuming prepayment in 12 end of 10 years. years for 30-year mortgages. No adjustments are made for FNMA commitment 4. Average contract rates on new commitments for conventional first mortgages, fees or stock related requirements. Monthly figures are unweighted averages for rounded to the nearest 5 basis points; from Department of Housing and Urban auctions conducted within the month. Development. 8. Includes some multifamily and nonprofit hospital loan commitments in ad- 5. Average gross yields on 30-year, minimum-downpayment. Federal Housing dition to 1- to 4-family loan commitments accepted in FNMA's free market auction Administration-insured first mortgages for immediate delivery in the private sec- system, and through the FNMA-GNMA tandem plans. ondary market. Any gaps in data are due to periods of adjustment to changes in 9. Includes participation as well as whole loans. maximum permissible contract rates. 10. Includes conventional and government-underwritten loans. 6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Real Estate Debt A41 1.55 MORTGAGE DEBT OUTSTANDING Millions of dollars, end of period 1980 1981 TTyyppee ooff hhoollddeerr,, aanndd ttyyppee ooff pprrooppeerrttyy 11997799 11998800 11998811 Q4 Q1 Q2 Q3 Q4' 1 All holders 1,326,916 1,446,454r 1,543,313' 1,446,454'' 1,467,774' 1,497,514' 1,523,921' 1,543,313' 2 1- to 4-family 878,938 960,661' 1,013,679' 960,661' 972,893' 991,241' 1,007,862' 1,018,679' 3 Multifamily 128,850 137,192' 143,523' 137,192' 138,574' 140,133' 141,705' 143,523' 4 Commercial 236,451 256,583' 279.261' 256,583' 261,846' 268,628' 274,286' 279,261' 5 Farm 82,677 92,018 101,850' 92,018 94,461 97,512 100,068 101,850' 6 Major financial institutions 938,567 997,169' 1,044,038' 997,169' 1,007,240' 1,023,793' 1,037,086' 1,044,038' 7 Commercial banks1 245,187 263,030 286,626 263,030 266,734 273,225 281,126 286,626 8 1- to 4-family 149,460 160,326 172,549 160,326 161,758 164,873 169,378 172,549 9 Multifamily 11,180 12,924 14,905 12,924 13,282 13,800 14,478 14,905 10 Commercial 75,957 81,081 90,717 81,081 83,133 86,091 88,836 90,717 11 Farm 8,590 8,699 8,455 8,699 8,561 8,461 8,434 8,455 12 Mutual savings banks 98,908 99,866 100,016' 99,866 99,719 99,993 100,200 100,016' 13 1- to 4-family 64,706 65,332 65,430' 65,430' 65,236 65,415 65,551 65,430' 14 Multifamily 17,180 17,347 17,373' 17,347 17,321 17,369 17,405 17,373' 15 Commercial 16,963 17,127 17,153' 17,127 17,102 17,149 17,184 17,153' 16 Farm 59 60 60 60 60 60 60 60 17 Savings and loan associations 475,688 503,192' 518,350' 503,192' 507,556' 515,256' 518,778' 518,350' 18 1- to 4-family 394,345 419,763' 433,289' 419,763' 423,606' 430,703' 433,646' 433,289' 19 Multifamily 37,579 38,142' 38,306' 38,142' 38,219' 38,077' 38,338' 38,306' 20 Commercial 43,764 45,287' 46,755' 45,287' 45.731' 46,476' 46,794' 46,755' 21 Life insurance companies 118,784 131,081 139,046' 131,081 133,231 135,319 136,982 139,046' 22 1- to 4-family 16,193 17,943 17,382' 17,943 17,847 17,646 17,512 17,382' 23 Multifamily 19,274 19,514 19,486' 19,514 19,579 19,603 19,592 19,486' 24 Commercial 71,137 80,666 89,089' 80,666 82,839 85,038 86,742 89,089' 25 Farm 12,180 12,958 13,089' 12,958 12,966 13,032 13,136 13,089' 26 Federal and related agencies 97,084 114,300 126,186 114,300 116,243 119,124 121,772 126,186 27 Government National Mortgage Association 3,852 4,642 4,765 4,642 4,826 4,972 4,382 4,765 28 1- to 4-family 763 704 693r 704 696 698 696 693' 29 Multifamily 3,089 3,938 4,072' 3,938 4,130 4,274 3,686 4,072' 30 Farmers Home Administration 1,274 3,492 2,235 3,492 2,837 2,662 1,562 2,235 31 1- to 4-family 417 916 914 916 1,321 1,151 500 914 32 Multifamily 71 610 473 610 528 464 242 473 3.3 Commercial 174 411 506 411 479 357 325 506 34 Farm 612 1,555 342 1,555 509 690 495 342 35 Federal Housing and Veterans Administration 5,555 5,640 6,073 5,640 5,799 5,895 6,005 6,073 36 1- to 4-family 1,955 2,051 2,293 2,051 2,135 2,172 2,240 2,293 37 Multifamily 3,600 3,589 3,780 3,589 3,664 3,723 3,765 3,780 38 Federal National Mortgage Association 51,091 57,327 61,412 57,327 57,362 57,657 59,682 61,412 39 1- to 4-family 45,488 51,775 55,986 51,775 51,842 52,181 54,227 55,986 40 Multifamily 5,603 5,552 5,426 5,552 5,520 5,476 5,455 5,426 41 Federal Land Banks 31,277 38,131 46,446 38,131 40,258 42,681 44,708 46,446 42 1- to 4-family 1,552 2,099 2,788 2,099 2,228 2,401 2,605 2,788 43 Farm 29,725 36,032 43,658 36,032 38,030 40,280 42,103 43,658 44 Federal Home Loan Mortgage Corporation 4,035 5,068 5,255 5,068 5,161 5,257 5,433 5,255 45 1- to 4-family 3,059 3,873 4,018 3,873 3,953 4,025 4,166 4,018 46 Multifamily 976 1,195 1,237 1,195 1,208 1,232 1,267 1,237 47 Mortgage pools or trusts2 119,278 142,258 162,273 142,258 147,246 152,308 158,140 162,273 48 Government National Mortgage Association 76,401 93,874 105,790 93,874 97,184 100,558 103,750 105,790 49 1- to 4-family 74,546 91,602 102,750 91,602 94,810 98,057 101,068 102,750 50 Multifamily 1,855 2,272 3,040 2,272 2,374 2,501 2,682 3,040 51 Federal Home Loan Mortgage Corporation 15,180 16,854 19,843 16,854 17,067 17,565 17,936 19,843 52 1- to 4-family 12,149 13,471 15,888 13,471 13,641 14,115 14,401 15,888 53 Multifamily 3,031 3,383 3,955 3,383 3,426 3,450 3,535 3,955 54 Farmers Home Administration 27,697 31,530 36,640 31,530 32,995 34,185 36,454 36,640 55 1- to 4-family 14,884 16,683 18,378 16,683 16,640 17,165 18,407 18,378 56 Multifamily 2,163 2,612 3,426 2,612 2,853 3,097 3,488 3,426 57 Commercial 4,328 5,271 6,161 5,271 5,382 5,750 6,040 6,161 58 Farm 6,322 6,964 8,675 6,964 8,120 8,173 8,519 8,675 59 Individual and others3 171,987 192,727 210,816 192,727 197,045 202,289 206,923 210,816 60 1- to 4-family 99,421 114,123 126,064 114,123 117,180 120,639 123,465 126,064 61 Multifamily 23,249 26,114 28,301 26,114 26,470 27,067 27,772 28,301 67 Commercial 24,128 26,740 28,880 26,740 27,180 27,767 28,365 28,880 63 Farm 25,189 25,750 27,571 25,750 26,215 26,816 27,321 27,571 1. Includes loans held by nondeposit trust companies but not bank trust de- NOTE. Based on data from various institutional and governmental sources, with partments. some quarters estimated in part by the Federal Reserve in conjunction with the 2. Outstanding principal balances of mortgages backing securities insured or Federal Home Loan Bank Board and the Department of Commerce. Separation guaranteed by the agency indicated. of nonfarm mortgage debt by type of property, if not reported directly, and in- 3. Other holders include mortgage companies, real estate investment trusts, state terpolations and extrapolations when required, are estimated mainly by the Federal and local credit agencies, state and local retirement funds, noninsured pension Reserve. Multifamily debt refers to loans on structures of five or more units. funds, credit unions, and U.S. agencies for which amounts are small or separate data are not readily available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • April 1982 1.56 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change A Millions of dollars 1981 1982 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11997788 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Amounts outstanding (end of period) 1 Total 273,645 312,024 313,472 324,161 328,187 328,652 329,053 333,375 330,135 327,435 By major holder 2 Commercial banks 136,016 154,177 147,013 146,006 147.060 146,889 146,687 149,300 148,162 146,922 3 Finance companies 54,298 68,318 76,756 86,152 88,698 89,583 89,956 89,818 88,925 89,009 4 Credit unions 44,334 46,517 44,041 46,605 46,791 46,416 46,092 45,954 45,907 45,586 Retailers2 25,987 28,119 28,448 26,477 26,594 26,922 27,510 29,551 28,179 27,013 6 Savings and loans 7,097 8,424 9,911 11,125 11,236 11,348 11,529 11,598 11,668 11,738 7 Gasoline companies 3,220 3,729 4,468 5,004 5,007 4,713 4,487 4,403 4,541 4,433 8 Mutual savings banks 2,693 2,740 2,835 2,792 2,801 2,781 2,792 2,751 2,753 2,734 By major type of credit 9 Automobile 101,647 116,362 116,838 123,481 125,703 126,344 126,385 126,431 125,525 125,294 10 Commercial banks 60,510 67,367 61,536 59,747 59,451 59,242 59,125 59,181 58,849 58,604 11 Indirect paper 33,850 38,338 35,233 34,599 34,616 34,651 34,781 35,097 35,029 34,920 12 Direct loans 26,660 29,029 26,303 25,148 24,835 24,591 24,344 24,084 23,820 23,684 13 Credit unions 21,200 22,244 21,060 22,286 22,375 22,196 22,041 21,975 21,953 21,799 14 Finance companies 19,937 26,751 34,242 41,448 43,877 44,906 45,219 45,275 44,723 44,891 15 Revolving 48,309 56,937 58,352 57,280 58,318 58,451 58,923 63,049 61,433 59,514 16 Commercial banks 24,341 29,862 29,765 29,778 30,686 30,763 30,876 33,110 32,643 31,923 17 Retailers 20,748 23,346 24,119 22,498 22,625 22,975 23,560 25,536 24,249 23,158 18 Gasoline companies 3,220 3,729 4,468 5,004 5,007 4,713 4,487 4,403 4,541 4,433 19 Mobile home 15,235 16,838 17,322 17,959 18,124 18,300 18,380 18,486 18,397 18,343 20 Commercial banks 9,545 10,647 10,371 10,213 10,241 10,288 10,267 10,300 10,206 10,111 21 Finance companies 3,152 3,390 3,745 4,178 4,282 4,384 4,439 4,494 4,481 4,506 22 Savings and loans 2,067 2,307 2,737 3,072 3,103 3,134 3,184 3,203 33,,222222 3,241 23 Credit unions 471 494 469 496 498 494 490 489 448888 485 24 Other 108,454 121,887 120,960 125,441 126,042 125,557 125,365 125,409 124,780 124,284 25 Commercial banks 41,620 46,301 45,341 46,268 46,682 46,596 46,419 46,709 46,464 46,284 26 Finance companies 31,209 38,177 38,769 40,526 40,539 40,293 40,298 40,049 39,721 39,612 27 Credit unions 22,663 23,779 22,512 23,823 23,918 23,726 23,561 23,490 23,466 23,302 28 Retailers 5,239 4,773 4,329 3,979 3,969 3,947 3,950 4,015 3,930 3,855 29 Savings and loans 5,030 6,117 7,174 8,053 8,133 8,214 8,345 8,395 8,446 8,497 30 Mutual savings banks 2,693 2,740 2,835 2,792 2,801 2,781 2,792 2,751 2,753 2,734 Net change (during period)3 31 Total 43,079 38,381 1,448 2,428 2,975 1,002 600 -33 443 75 By major holder 3322 Commercial banks 23,641 18,161 -7,163 -246 427 -76 433 1,160 10 -171 33 Finance companies 9,430 14,020 8,438 2,383 2,682 1,204 462 -414 -597 307 34 Credit unions 6,729 2,185 -2,475 245 -134 -209 -224 -369 689 -135 35 Retailers2 2,497 2,132 329 -13 11 104 -126 -338 27 -124 36 Savings and loans 7 1,327 1,485 -175 71 32 121 57 172 173 37 Gasoline companies 257 509 739 3 -62 -42 -81 -98 39 36 38 Mutual savings banks 518 47 95 -16 -20 -11 15 -31 103 -11 By major type of credit 3399 Automobile 18,736 14,715 477 1,859 2,079 1,024 564 68 -121 -56 40 Commercial banks 10,933 6,857 -5,830 -347 -404 -226 220 236 103 -180 41 Indirect paper 6,471 4,488 -3,104 -42 -79 16 371 413 232 -141 42 Direct loans 4,462 2,369 -2,726 -305 -325 -242 -151 -177 -129 -39 43 Credit unions 3,101 1,044 -1,184 106 -82 -98 -77 -200 345 -59 44 Finance companies 4,702 6,814 7,491 2,100 2,565 1,348 421 32 -569 183 45 Revolving 9,035 8,628 1,415 177 571 324 21 59 -196 -155 46 Commercial banks 5,967 5,521 -97 126 593 182 198 467 -276 -65 47 Retailers 2,811 2,598 773 18 40 184 -96 -310 41 -126 48 Gasoline companies 257 509 739 33 -62 -42 -81 -98 39 36 49 Mobile home 286 1,603 483 56 157 122 75 143 -26 -44 50 Commercial banks 419 1,102 -276 24 30 28 -9 81 -74 -110 51 Finance companies 74 238 355 93 102 74 42 49 6 56 52 Savings and loans -276 240 430 37 26 23 45 15 30 14 53 Credit unions 69 23 -25 2 -1 -3 -3 -2 12 -4 54 Other 15,022 13,435 -927 236 168 -468 -60 -303 786 330 55 Commercial banks 6,322 4,681 -960 -49 208 -60 24 376 257 184 56 Finance companies 4,654 6,968 592 190 15 -218 -1 -495 -34 68 57 Credit unions 3,559 1,118 -1,266 137 -51 -108 -144 -167 332 -72 58 Retailers -314 -466 -444 -31 -29 -80 -30 -28 -14 2 59 Savings and loans 283 1,087 1,056 5 45 9 76 42 142 159 60 Mutual savings banks 518 47 95 -16 -20 -11 15 -31 103 -11 1. The Board's series cover most short- and intermediate-term credit extended 3. Net change equals extensions minus liquidations (repayments, charge-offs and to individuals through regular business channels, usually to finance the purchase other credit); figures for all months are seasonally adjusted. of consumer goods and services or to refinance debts incurred for such purposes, NOTE: Total consumer noninstallment credit outstanding—credit scheduled to and scheduled to be repaid (or with the option of repayment) in two or more be repaid in a lump sum, including single-payment loans, charge accounts, and installments. service credit—amounted to $71.3 billion at the end of 1979, $72.2 billion at the 2. Includes auto dealers and excludes 30-day charge credit held by travel and end of 1980, and $78.4 billion at the end of 1981. entertainment companies. A These data have been revised from January 1980 through December 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Debt A43 1.57 CONSUMER INSTALLMENT CREDIT Extensions and Liquidations A Millions of dollars; monthly data are seasonally adjusted. 1981 1982 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11997788 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Extensions 1 Total 297,668 324,777 306,076 28,323 29,406 26,836 27,370 26,656 26,888 27,150 By major holder 7 Commercial banks 142,433 154,733 134,960 11,458 12,384 11,610 12,430 13,264 11,775 12,431 3 50,505 61,518 60,801 6,385 7,158 5,327 5,287 4,089 4,433 4,857 4 38,111 34,926 29,594 2,913 2,558 2,621 2,571 2,517 3,326 2,695 S 44,571 47,676 49,942 4,616 4,568 4,559 4,279 4,142 4,385 4,254 6 3,724 5,901 6,621 537 573 553 668 588 716 754 7 Gasoline companies 16,017 18,005 22,253 2,284 2,035 2,021 1,963 1,931 2,000 2,007 8 Mutual savings banks 2,307 2,018 1,905 130 130 145 172 125 253 152 By major type of credit 9 87,981 93,901 83,454 8,396 9,000 7,490 8,073 7,352 7,474 7,283 10 Commercial banks 52,969 53,554 41,109 3,280 3,218 3,263 3,979 3,978 3,696 3,415 11 Indirect paper 29,342 29,623 22,558 1,951 1,932 1,966 2,516 2,489 2,293 1,875 1? 23,627 23,931 18,551 1,329 1,286 1,297 1,463 1,489 1,403 1,540 13 Credit unions 18,539 17,397 15,294 1,537 1,337 1,308 1,342 1,345 1,702 1,363 14 Finance companies 16,473 22,950 27,051 3,579 4,445 2,919 2,752 2,029 2,076 2,505 15 105,125 120,174 128,068 11,663 12,263 11,753 11,379 11,592 11,070 11,730 16 Commercial banks 51,333 61,048 61,593 5,227 6,124 5,578 5,584 5,961 5,135 5,928 17 37,775 41,121 44,222 4,152 4,104 4,154 3,832 3,700 3,935 3,795 18 Gasoline companies 16,017 18,005 22,253 2,284 2,035 2,021 1,963 1,931 2,000 2,007 19 Mobile home 5,412 6,471 5,093 520 532 475 479 508 434 364 ?0 Commercial banks 33,,669977 4,542 2,937 281 291 254 235 308 188 136 71 Finance companies 888866 797 898 120 134 123 108 106 99 117 72 Savings and loans 609 948 1,146 105 95 89 127 86 122 102 23 Credit unions 220 184 113 14 12 9 9 8 25 9 74 99,150 104,231 89,461 7,744 7,611 7,118 7,439 7,204 7,910 7,773 75 34,434 35,589 29,321 2,670 2,751 2,515 2,632 3,017 2,756 2,952 ?6 Finance companies 33,146 37,771 32,852 2,686 2,579 2,285 2,427 1,954 2,258 2,235 71 Credit unions 19,352 17,345 14,187 1,362 1,209 1,304 1,220 1,164 1,599 1,323 78 6,796 6,555 5,720 464 464 405 447 442 450 459 79 Savings and loans 3,115 4,953 5,476 432 478 464 541 502 594 652 30 Mutual savings banks 2,307 2,018 1,905 130 130 145 172 125 253 152 Liquidations 31 254,589 286,396 304,628 25,895 26,431 25,834 26,770 26,689 26,445 27,075 By major holder V Commercial banks 118,792 136,572 142,123 11,704 11,957 11,686 11,997 1122,,110044 1111,,776655 1122,,660022 33 Finance companies 41,075 47,498 52,363 4,002 4,476 4,123 4,825 4,503 5,030 4,550 34 Credit unions 31,382 32,741 32,069 2,668 2,692 2,830 2,795 2,886 2,637 2,830 35 Retailers1 42,074 45,544 49,613 4,629 4,557 4,455 4,405 4,480 4,358 4,378 36 Savings and loans 3,717 4,574 5,136 495 502 521 547 531 544 581 37 Gasoline companies 15,760 17,496 21,514 2,251 2,097 2,063 2.044 2,029 1,961 1,971 38 Mutual savings banks 1,789 1,971 1,810 146 150 156 157 156 150 163 By major type of credit 39 Automobile 69,245 79,186 82,977 6,537 6,921 6,466 7,509 7,284 77,,559955 77,,333399 40 Commercial banks 42,036 46,697 46,939 3,627 3,622 3,489 3,759 3,742 3,593 3,595 41 Indirect paper 22,871 25,135 25,662 1,993 2,011 1,950 2,145 2,076 2,061 2,016 4? Direct loans 19,165 21,562 21,277 1,634 1,611 1,539 1,614 1,666 1,532 1,579 43 Credit unions 15,438 16,353 16,478 1,431 1,419 1,406 1,419 1,545 1,357 1,422 44 Finance companies 11,771 16,136 19,560 1,479 1,880 1,571 2,331 1,997 2,645 2,322 45 96,090 111,546 126,653 11,486 11,692 11,429 11,358 11,533 11,266 11,885 46 Commercial banks 45,366 55,527 61,690 5,101 5,531 5,396 5,386 5,494 5,411 5,993 47 Retailers 34,964 38,523 43,449 4,134 4,064 3,970 3,928 4,010 3,894 3,921 48 Gasoline companies 15,760 17,496 21,514 2,251 2,097 2,063 2,044 2,029 1,961 1,971 49 Mobile home 5,126 4,868 4,610 364 375 353 404 365 460 408 50 Commercial banks 3,278 3,440 3,213 257 261 226 244 227 262 246 51 Finance companies 812 559 543 27 32 49 66 57 93 61 57 Savings and loans 885 708 716 68 69 66 82 71 92 88 53 Credit unions 151 161 138 12 13 12 12 10 13 13 54 84,128 90,796 90,388 7,508 7,443 7,586 7,499 7,507 7,124 7,443 55 Commercial banks 28,112 30,908 30,281 2,719 2,543 2,575 2,608 2,641 2,499 2,768 56 Finance companies 28,492 30,803 32,260 2,496 2,564 2,503 2,428 2,449 2,292 2,167 57 Credit unions 15,793 16,227 15,453 1,225 1,260 1,412 1,364 1,331 1,267 1,395 58 Retailers 7,110 7,021 6,164 495 493 485 477 470 464 457 59 Savings and loans 2,832 3,866 4,420 427 433 455 465 460 452 493 60 Mutual savings banks 1,789 1,971 1,810 146 150 156 157 156 150 163 1. Includes auto dealers and excludes 30-day charge credit held by travel and A These data have been revised from January 1980 through December 1981. entertainment companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 Domestic Nonfinancial Statistics • April 1982 1.58 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; half-yearly data are at seasonally adjusted annual rates. 1979 1980 1981 11997766 11997777 11997788 11997799 11998800 11998811 HI H2 HI H2 HI H2 Nonfinancial sectors 1 Total funds raised 273.6 336.6 395.6 387.0 371.9 393.0 385.0 389.0 339.0 404.9 423.5 362.5 2 Excluding equities 262.8 333.5 396.3 394.0 357.0 399.9 394.7 393.3 330.1 383.8 422.0 377.9 By sector and instrument 3 U.S. government 69.0 56.8 53.7 37.4 79.2 87.3 30.0 44.7 66.5 91.9 85.7 88.9 4 Treasury securities 69.1 57.6 55.1 38.8 79.8 87.7 32.3 45.2 67.2 92.4 86.3 89.2 Agency issues and mortgages -.1 -.9 -1.4 -1.4 -.6 -.4 -2.3 -.5 -.6 -.6 -.5 -.4 6 All other nonfinancial sectors 204.6 279.9 342.0 349.6 292.7 305.7 355.0 344.3 272.5 313.0 337.8 273.6 7 Corporate equities 10.8 3.1 -.6 -7.1 15.0 -6.9 -9.8 -4.3 8.9 21.0 1.5 -15.4 8 Debt instruments 193.8 276.7 342.6 356.7 277.8 312.6 364.7 348.6 263.6 292.0 336.3 289.0 9 Private domestic nonfinancial sectors 185.0 266.0 308.7 328.6 263.4 274.9 341.0 316.1 241.3 285.6 301.9 248.0 10 Corporate equities 10.5 2.7 -.1 -7.8 12.9 -6.9 -9.6 -6.1 6.9 18.8 .9 -14.7 11 Debt instruments 174.5 263.2 308.8 336.4 250.6 281.8 350.6 322.2 234.4 266.8 301.0 262.7 12 Debt capital instruments 123.7 172.2 193.7 200.1 179.4 150.0 203.0 197.2 177.0 181.9 171.7 128.3 13 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.3 20.9 22.7 21.6 32.1 28.7 21.9 14 Corporate bonds 22.8 21.0 20.1 21.2 30.4 25.1 21.7 20.7 35.3 25.6 27.7 22.4 15 Home mortgages 64.0 96.3 108.5 113.7 81.7 60.0 117.6 109.8 76.5 87.0 73.4 46.7 16 Multifamily residential 3.9 7.4 9.4 7.8 8.5 7.2 8.0 7.6 8.2 8.8 6.4 8.0 1/ Commercial 11.6 18.5 22.1 24.4 22.4 22.6 23.4 25.4 24.8 19.9 26.7 18.6 18 Farm 5.7 7.1 7.5 11.3 9.5 9.8 11.6 11.0 10.6 8.4 8.9 10.8 19 Other debt instruments 50.7 91.0 115.1 136.3 71.1 131.8 147.6 125.0 57.4 84.9 129.3 134.4 20 Consumer credit 25.4 40.2 47.6 46.3 2.3 26.4 50.9 41.6 -5.1 9.7 29.1 23.8 21 Bank loans n.e.c 4.4 26.7 37.1 49.2 37.3 53.0 55.5 42.8 13.5 61.2 45.0 61.0 22 Open market paper 4.0 2.9 5.2 11.1 6.6 19.0 8.0 14.2 24.8 -11.6 17.6 20.5 23 Other 16.9 21.3 25.1 29.7 24.9 33.4 33.1 26.4 24.1 25.6 37.6 29.1 24 By borrowing sector 185.0 266.0 308.7 328.6 263.4 274.9 341.0 316.1 241.3 285.6 301.9 248.0 2b State and local governments 15.2 17.3 20.9 18.4 25.3 22.5 17.9 18.9 19.7 30.9 26.1 18.9 26 Households 89.6 139.1 164.3 170.6 101.7 106.7 179.1 162.1 94.2 109.1 123.4 90.1 27 Farm 10.2 12.3 15.0 20.8 14.5 17.2 21.2 20.4 17.9 11.1 22.7 11.6 28 Nonfarm noncorporate 5.7 12.7 15.3 14.0 15.8 15.1 13.5 14.5 11.0 20.6 17.0 13.2 29 Corporate 64.3 84.6 93.2 104.8 106.1 113.5 109.3 100.2 98.4 113.8 112.7 114.2 30 Foreign 19.6 13.9 33.2 21.0 29.3 30.8 14.0 28.1 31.2 27.4 35.9 25.7 31 Corporate equities .3 .4 -.5 .8 2.1 * -.2 1.7 1.9 2.2 .6 -.7 32 Debt instruments 19.3 13.5 33.8 20.3 27.2 30.8 14.1 26.4 29.2 25.2 35.3 26.3 33 Bonds 8.6 5.1 4.2 3.9 .8 5.3 2.8 4.9 2.0 -.4 3.3 7.2 34 Bank loans n.e.c 5.6 3.1 19.1 2.3 11.5 6.5 2.1 2.4 6.1 17.0 6.1 6.8 35 Open market paper 1.9 2.4 6.6 11.2 10.1 13.9 6.1 16.3 15.7 4.5 20.6 7.1 36 U.S. government loans 3.3 3.0 3.9 3.0 4.7 5.2 3.1 2.8 5.4 4.0 5.3 5.1 Financial sectors 37 Total funds raised 23.4 51.4 76.8 84.3 66.7 86.9 87.8 80.8 59.8 73.5 90.8 83.0 By instrument 38 U.S. government related 15.1 21.9 36.7 48.2 43.0 43.1 43.7 52.8 44.7 41.3 38.7 47.6 39 Sponsored credit agency securities 3.3 7.0 23.1 24.3 24.4 29.6 21.2 27.3 25.1 23.7 24.0 35.2 40 Mortgage pool securities 12.2 16.1 13.6 24.0 18.6 13.5 22.5 25.5 19.6 17.6 14.7 12.4 41 Loans from U.S. government -.4 -1.2 0 0 0 0 0 0 0 0 0 0 42 Private financial sectors 8.2 29.5 40.1 36.0 23.7 43.8 44.1 28.0 15.2 32.2 52.1 35.4 43 Corporate equities -.2 2.6 1.8 2.5 6.2 8.9 3.6 1.4 7.1 5.2 10.4 7.4 44 Debt instruments 8.4 26.9 38.3 33.6 17.5 34.9 40.6 26.6 8.1 27.0 41.8 28.0 45 Corporate bonds 9.8 10.1 7.5 7.8 7.1 -.9 8.2 7.5 10.1 4.2 -1.7 -.1 46 Mortgages 2.1 3.1 .9 -1.2 -.9 -3.1 .3 -2.6 -5.8 4.0 -2.9 -3.3 47 Bank loans n.e.c -3.7 -.3 2.8 -.4 -.5 2.7 -1.4 .6 * -.9 4.6 .7 48 Open market paper and RPs 2.2 9.6 14.6 18.2 4.6 20.0 25.4 10.9 -.8 10.1 23.7 16.3 49 Loans from Federal Home Loan Banks -2.0 4.3 12.5 9.2 7.1 16.2 8.2 10.1 4.6 9.6 18.0 14.5 By sector 50 Sponsored credit agencies 2.9 5.8 23.1 24.3 24.4 29.6 21.2 27.3 25.1 23.7 24.0 35.4 51 Mortgage pools 12.2 16.1 13.6 24.0 18.6 13.5 22.5 25.5 19.6 17.6 14.7 12.4 52 Private financial sectors 8.2 29.5 40.1 36.0 23.7 43.8 44.1 28.0 15.2 32.2 52.1 35.4 53 Commercial banks 2.3 1.1 1.3 1.6 .5 .4 1.3 1.8 .8 .3 .2 .5 54 Bank affiliates 5.4 2.0 7.2 6.5 6.9 8.3 8.0 4.9 5.8 8.0 6.9 9.6 55 Savings and loan associations .1 9.9 14.3 11.4 6.9 13.6 11.1 11.7 -1.4 15.2 17.0 10.3 56 Other insurance companies .9 1.4 .8 .9 .9 .9 .9 .9 .9 .9 .9 .9 57 Finance companies 4.3 16.9 18.1 16.8 5.8 13.7 22.7 10.9 5.2 6.3 18.6 8.7 58 REITs -2.2 -2.3 -1.1 -.4 -1.7 -.6 -.2 -1.4 -2.0 -.8 -.5 59 Open-end investment companies -2.4 .4 -.5 -.6 4.4 -7.6 .7 -1.9 5.3 3.4 9.3 5.9 All sectors 60 Total funds raised, by instrument 297.0 388.0 472.5 471.3 438.6 479.9 472.8 469.7 398.8 478.4 514.4 445.5 61 Investment company shares -2.4 .4 -.5 -.6 4.4 7.6 .7 -1.9 5.3 3.4 9.3 5.9 62 Other corporate equities 13.1 5.3 1.7 -4.0 16.8 -5.6 -6.9 -1.0 10.7 22.8 2.6 -13.9 63 Debt instruments 286.4 382.3 471.3 475.8 417.5 478.0 479.0 472.6 382.9 452.1 502.5 453.5 64 U.S. government securities 84.6 79.9 90.5 85.7 122.3 130.6 73.8 97.6 111.3 133.2 124.5 136.6 65 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.3 20.9 22.7 21.6 32.1 28.7 21.9 66 Corporate and foreign bonds 41.2 36.1 31.8 32.8 38.4 29.4 32.6 33.0 47.4 29.5 29.3 29.5 67 Mortgages 87.2 132.3 148.3 155.9 121.1 96.5 160.6 151.1 114.2 128.0 112.4 80.6 68 Consumer credit 25.4 40.2 47.6 46.3 2.3 26.4 50.9 41.6 -5.1 9.7 29.1 23.8 69 Bank loans n.e.c 6.2 29.5 59.0 51.0 48.4 62.1 56.2 45.8 19.6 77.2 55.8 68.5 70 Open market paper and RPs 8.1 15.0 26.4 40.5 21.4 52.9 39.5 41.5 39.7 3.1 61.9 43.9 71 Other loans 17.8 27.4 41.5 41.9 36.7 54.8 44.4 39.3 34.1 39.3 60.8 48.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A45 1.59 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates 1979 1980 1981 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11997766 11997777 11997788 11997799 11998800 11998811 HI H2 HI H2 HI H2 1 Total funds advanced in credit markets to nonfinancial sectors 262.8 333.5 396.3 394.0 357.0 399.9 394.7 393.3 330.1 383.8 422.0 377.9 By public agencies and foreign ? Total net advances 49.8 79.2 101.9 74.0 92.1 9900..00 4499..66 98.5 110022..99 8811..33 110011..22 7788..88 3 U.S. government securities 23.1 34.9 36.1 -6.2 15.6 16.1 -27.1 14.7 23.2 8.0 21.6 10.6 4 Residential mortgages 12.3 20.0 25.7 36.7 31.1 22.1 35.7 37.8 33.3 28.9 20.8 23.3 5 FHLB advances to savings and loans -2.0 4.3 12.5 9.2 7.1 16.2 8.2 10.1 4.6 9.6 18.0 14.5 6 Other loans and securities 16.4 20.1 27.6 34.3 38.2 35.6 32.8 35.8 41.7 34.8 40.8 30.3 Total advanced, by sector 7 U.S. government 7.9 10.0 17.1 19.0 23.7 24.9 19.8 18.3 25.4 22.1 29.9 19.9 8 Sponsored credit agencies 16.8 22.4 39.9 53.4 43.8 44.4 47.8 58.9 42.4 45.2 40.4 48.4 9 Monetary authorities 9.8 7.1 7.0 7.7 4.5 9.2 -.9 16.2 12.1 -3.1 -7.1 25.4 10 Foreign 15.2 39.6 38.0 -6.1 20.0 11.5 -17.2 5.1 23.0 17.0 38.0 -14.9 11 Agency borrowing not included in line 1 15.1 21.9 36.7 48.2 43.0 43.1 43.7 52.8 44.7 41.3 38.7 47.6 Private domestic funds advanced 12 Total net advances 228.1 276.2 331.0 368.2 307.9 353.1 388.9 347.6 271.9 343.8 359.5 346.7 13 U.S. government securities 61.5 45.1 54.3 91.9 106.7 114.4 101.0 82.9 88.1 125.3 102.9 126.0 14 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.3 20.9 22.7 21.6 32.1 28.7 21.9 15 Corporate and foreign bonds 30.5 22.2 22.4 24.0 26.2 25.7 24.0 24.0 32.5 19.9 24.5 26.8 16 Residential mortgages 55.5 83.7 92.1 84.6 59.1 45.0 89.8 79.5 51.2 66.9 58.9 31.2 17 Other mortgages and loans 62.9 107.7 148.6 155.1 96.2 158.9 161.4 148.7 83.1 109.3 162.5 155.3 18 LESS: Federal Home Loan Bank advances -2.0 4.3 12.5 9.2 7.1 16.2 8.2 10.1 4.6 9.6 18.0 14.5 Private financial intermediation 19 Credit market funds advanced by private financial institutions 191.4 260.9 302.4 292.5 270.3 309.6 316.9 268.0 246.1 294.4 321.0 298.2 7.0 Commercial banking 59.6 87.6 128.7 121.1 99.7 103.3 130.3 112.0 58.5 140.9 101.9 104.8 21 Savings institutions 70.5 82.0 73.5 55.9 58.4 27.9 59.6 52.2 35.5 81.3 42.0 13.9 77 Insurance and pension funds 49.7 67.8 75.0 66.4 79.8 83.8 72.3 60.5 89.2 70.3 79.3 88.3 23 Other finance 11.6 23.4 25.2 49.0 32.4 94.5 54.8 43.3 62.8 1.9 97.7 91.2 74 Sources of funds 191.4 260.9 302.4 292.5 270.3 309.6 316.9 268.0 246.1 294.4 321.0 298.2 7,5 Private domestic deposits 124.4 138.9 140.8 143.2 171.1 188.6 135.1 151.2 158.7 183.6 203.4 173.8 76 Credit market borrowing 8.4 26.9 38.3 33.6 17.5 34.9 40.6 26.6 8.1 27.0 41.8 28.0 77 Other sources 58.5 95.1 123.2 115.7 81.6 86.1 141.2 90.3 79.4 83.8 75.8 96.3 28 Foreign funds -4.7 1.2 6.3 25.6 -22.3 6.6 45.6 5.6 -22.8 -21.9 -6.6 19.7 29 Treasury balances -.1 4.3 6.8 .4 -2.6 .6 5.0 -4.2 -2.3 -2.8 10.3 -9.1 30 Insurance and pension reserves 34.3 50.1 62.2 47.8 64.1 72.2 52.3 43.4 70.0 58.1 62.7 81.7 31 Other, net 29.0 39.5 48.0 41.9 42.4 6.7 38.4 45.4 34.5 50.4 9.3 4.0 Private domestic nonfinancial investors 32 Direct lending in credit markets 45.1 42.2 67.0 109.3 55.1 78.4 112.5 106.1 33.9 76.4 80.3 76.5 33 U.S. government securities 16.4 24.1 35.6 62.8 32.6 48.2 71.0 54.5 19.3 45.8 37.2 59.3 34 State and local obligations 3.3 -.8 1.4 1.4 3.1 14.1 2.6 .2 -1.8 7.9 20.5 7.7 35 Corporate and foreign bonds 11.8 -3.8 -2.9 10.3 3.6 -9.1 4.6 16.0 4.8 2.3 -5.0 -13.2 36 Commercial paper 1.9 9.6 16.5 11.4 -3.8 5.0 11.4 11.4 -4.5 -3.1 5.8 4.3 37 Other 11.7 13.2 16.4 23.5 19.7 20.1 22.9 24.0 16.0 23.3 21.8 18.5 38 Deposits and currency 133.4 148.5 152.1 152.6 182.3 195.7 149.3 155.9 167.6 197.1 209.4 181.9 39 Currency 7.3 8.3 9.3 7.9 10.3 8.7 9.0 6.9 8.5 12.1 4.8 12.6 40 Checkable deposits 10.4 17.2 16.3 19.2 4.2 15.5 16.6 21.9 -1.5 9.9 29.6 1.3 41 Small time and savings accounts 123.7 93.5 63.5 61.7 80.9 37.4 66.5 56.9 66.7 95.2 13.7 61.2 47 Money market fund shares * .2 6.9 34.4 29.2 107.5 30.2 38.6 61.9 -3.4 104.1 110.8 43 Large time deposits -12.0 25.8 46.6 21.2 50.3 27.6 3.3 39.1 26.3 74.2 48.3 6.8 44 Security RPs 2.3 2.2 7.5 6.6 6.5 .7 18.5 -5.3 5.3 7.8 7.7 -6.3 45 Foreign deposits 1.7 1.3 2.0 1.5 .9 -1.6 5.2 -2.3 .4 1.3 1.2 -4.5 46 Total of credit market instruments, deposits and currency 178.5 190.7 219.1 261.9 237.5 274.1 261.8 262.0 201.5 273.4 289.7 258.5 47 Public support rate (in percent) 19.0 23.7 25.7 18.8 25.8 22.5 12.6 25.0 31.2 21.2 24.0 20.8 48 Private financial intermediation (in percent) 83.9 94.4 91.3 79.4 87.8 87.7 81.5 77.1 90.5 85.6 89.3 86.0 49 Total foreign funds 10.5 40.8 44.3 19.5 -2.3 18.1 28.4 10.7 .2 -4.8 31.4 4.8 MEMO: Corporate equities not included above 50 Total net issues 10.6 5.7 1.2 -4.6 21.1 2.0 -6.2 -2.9 16.0 26.3 11.9 -8.0 51 Mutual fund shares -2.4 .4 -.5 -.6 4.4 7.6 .7 -1.9 5.3 3.4 9.3 5.9 52 Other equities 13.1 5.3 1.7 -4.0 16.8 -5.6 -6.9 -1.0 10.7 22.8 2.6 -13.9 53 Acquisitions by financial institutions 12.5 7.4 4.5 10.6 17.7 21.7 7.1 14.0 10.5 24.9 26.4 17.0 54 Other net purchases -1.9 -1.6 -3.4 -15.1 3.4 -19.8 -13.4 -16.9 5.5 1.4 -14.5 -25.0 NOTES BY LINE NUMBER. 30. Excludes net investment of these reserves in corporate equities. 1. Line 2 of table 1.58. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 12 less line 19 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes 11. Credit market funds raised by federally sponsored credit agencies, and net mortgages. issues of federally related mortgage pool securities. 39. Mainly an offset to line 9. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum 46. Lines 32 plus 38. or line 12 less line 27 plus 39 and 45. of lines 27, 32, and 38 less lines 40 and 46. 47. Line 2/line 1. 17. Includes farm and commercial mortgages. 48. Line 19/line 12. 25. Line 38 less lines 40 and 46. 49. Sum of lines 10 and 28. 26. Excludes equity issues and investment company shares. Includes line 18. 50. 52. Includes issues by financial institutions. 28. Foreign deposits at commercial banks, bankborrowings from foreign branches, NOTE. Full statements for sectors and transaction types quarterly, and annually and liabilities of foreign banking agencies to foreign affiliates. for flows and for amounts outstanding, may be obtained from Flow of Funds 29. Demand deposits at commercial banks. Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • April 1982 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures 1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1981 1982 11997799 11998800 11998811 June July Aug. Sept. Oct. Nov. Dec.' Jan. Feb. Mar. 1 Industrial production1 152.5 147.0 151.0 152.9 153.9 153.6 151.6 149.1 146.3 143.4 Market groupings 2 Products, total 150.0 146.7 150.6 152.7 153.0 152.6 151.0 149.4 147.5 146.2 142.9 144.7 143.9 3 Final, total 147.2 145.3 149.5 151.4 152.1 151.5 150.0 148.9 147.2 146.3 142.8 144.6 143.9 4 Consumer goods 150.8 145.4 147.9' 150.3 150.7 149.6 147.8 146.5 144.0 142.0 139.7 141.8 141.4 5 Equipment 142.2 145.2 151.8 153.0 154.1 154.0 152.9 152.1 151.5 152.1 147.1 148.4 147.4 6 Intermediate 160.5 151.9 154.4 154.9 156.2 156.8 154.6 151.4 148.7 145.9 143.2 145.3 144.0 7 Materials 156.4 147.6 151.6 154.0 155.3 155.2 152.5 148.5 144.6 139.0 137.0 138.6 137.1 Industry groupings 8 Manufacturing 153.6 146.7 150.4 152.4 153.2 153.2 151.1 148.2 145.0 142.0 138.3 140.5 139.7 Capacity utilization (percent)1-2 9 Manufacturing 85.7 79.1 78.5 79.6 79.8 79.6 78.3 76.6 74.8 73.1 71.0 72.0 71.4 10 Industrial materials industries ... 87.4 80.0 79.9 81.3 81.9 81.7 80.0 77.7 75.5 72.4 71.3 72.0 71.0 11 Cons 1 tr 0 u 0 c ) t3i on contracts (1977 = 121.0 106.0 107.0 109.0 99.0 99.0 100.0 101.0 92.0 112.0 12 Nonagricultural employment, total4 136.5 137.6 139.1 139.2 139.6 139.7 139.9 139.6 139.1 138.5 138.1' 138.4' 138.0 13 Goods-producing, total 113.5 110.3 110.2 110.8 111.3 111.3 111.2 110.1 109.1 107.7 106.4' 106.6' 105.8 14 Manufacturing, total 108.2 104.4 104.2 105.0 105.6 105.4 105.4 104.1 102.9 101.5 100.5' 100.3' 99.6 15 Manufacturing, productionworker 105.3 99.4 98.5 99.6 100.1 99.9 99.8 98.1 96.4 94.5 93.2 93.1 92.5 16 Service-producing 149.1 152.6 155.0 154.8 155.2 155.2 155.6 155.7 155.6 155.3 155.5 155.8' 155.7 17 Personal income, total 308.5 342.9 381.5 378.5 384.0 387.8 390.9 392.8 395.6 395.6 396.5' 398.4 n.a. 18 Wages and salary disbursements . 289.5 314.7 347.3 345.2 347.8 351.4 353.7 355.4 357.8 356.5 358.1' 359.9 n.a. 19 Manufacturing 248.6 261.5 288.9 289.9 292.1 294.3 294.9 293.7 292.0 288.8 289.0' 291.4 n.a. 20 Disposable personal income5 299.6 332.5 379.6 364.4 369.7 372.9 375.5 379.6 382.0 381.8 383.6 385.4 n.a. 21 Retail sales6 281.6 303.8 330.6' 333.9 333.8 338.5 338.9 331.1 333.3 334.1 329.2 334.5 333.1 Prices7 22 Consumer 217.4 246.8 272.4 271.3 274.4 276.5 279.3 279.9 280.7 281.5 282.5 283.4 n.a. 23 Producer finished goods 217.7 247.0 269.8 270.5 271.8 271.5 271.5' 274.3' 274.7' 275.3 277.4' 277.4' 276.9 1. The industrial production and capacity utilization series have been revised 6. Based on Bureau of Census data published in Survey of Current Business. back to January 1979. 7. Data without seasonal adjustment, as published in Monthly Labor Review. 2. Ratios of indexes of production to indexes of capacity. Based on data from Seasonally adjusted data for changes in the price indexes may be obtained from Federal Reserve, McGraw-Hill Economics Department, and Department of Com- the Bureau of Labor Statistics. U.S. Department of Labor. merce. 3. Index of dollar value of total construction contracts, including residential, NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and nonresidential, and heavy engineering, from McGraw-Hill Information Systems 6, and indexes for series mentioned in notes 3 and 7 may also be found in the Company, F. W. Dodge Division. Survey of Current Business. 4. Based on data in Employment and Earnings (U.S. Department of Labor). Figures for industrial production for the last two months are preliminary and Series covers employees only, excluding personnel in the Armed Forces. estimated, respectively. 5. Based on data in Survey of Current Business (U.S. Department of Commerce). 2.11 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION Seasonally adjusted 1981 Q2 03 04 Q1 02 03 Q4 Q1 Q2 03 Q4' Q1 Output (1967 = 100) Capacity (percent of 1967 output) Utilization rate (percent) 1 Manufacturing 152.4 152.5 145.0 139.5 190.9 192.4 193.9 195.2 79.8 79.3 74.8 71.5 2 Primary processing 156.5 155.8 143.5 135.2 195.0 196.3 197.5 198.6 80.3 79.4 72.7 68.1 3 Advanced processing 150.2 150.7 145.8 142.1 188.7 190.4 192.0 193.5 79.6 79.2 75.9 73.4 4 Materials 153.4 154.3 144.0 137.6 189.0 190.3 191.5 192.6 81.2 81.1 75.2 71.4 5 Durable goods 152.3 152.8 140.2 130.6 192.9 194.2 195.3 196.4 78.9 78.7 71.8 66.5 6 Metal materials 112.8 114.2 99.5 91.6 141.7 141.9 142.1 142.3 79.6 80.5 70.1 64.4 7 Nondurable goods 178.4 175.8 164.5 157.4 209.2 211.2 213.1 214.6 85.3 83.3 77.2 73.3 8 Textile, paper, and chemical 185.9 182.8 169.4 159.6 219.4 221.7 223.9 225.6 84.8 82.5 75.7 70.7 9 Textile 114.5 115.5 106.8 99.9 140.6 141.0 141.6 142.1 81.4 81.8 75.4 70.3 10 Paper 151.0 152.2 147.0 143.7 160.7 161.9 162.8 163.8 93.9 94.1 90.3 87.7 11 Chemical 231.6 224.9 206.2 192.5 277.5 281.0 284.4 287.3 83.5 80.0 72.5 67.0 12 Energy materials 125.1 131.6 127.9 129.7 154.3 155.0 155.8 156.5 81.1 84.9 82.1 82.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Labor Market A47 2.11 Continued Previous cycle1 Latest cycle2 1981 1982 Series High Low High Low Mar. July Aug. Sept. Oct. Nov. Dec/ Jan.r Feb/ Mar. Capacity utilization rate (percent) 13 Manufacturing 88.0 69.0 87.2 74.9 79.8 79.8 79.6 78.3 76.6 74.8 73.1 71.0 72.0 71.4 14 Primary processing 93.8 68.2 90.1 71.0 80.8 80.1 79.9 78.2 75.7 72.7 69.6 68.1 68.6 67.5 15 Advanced processing.... 85.5 69.4 86.2 77.2 79.2 79.8 79.4 78.3 77.0 75.8 75.0 72.8 73.9 73.6 16 Materials 92.6 69.4 88.8 73.8 82.1 81.9 81.6 80.0 77.7 75.5 72.4 71.3 72.0 71.0 17 Durable goods 91.5 63.6 88.4 68.2 79.2 79.3 79.4 77.3 74.7 72.2 68.5 66.1 67.2 66.2 18 Metal materials 98.3 68.6 96.0 59.6 83.9 79.5 83.0 79.1 73.9 70.8 65.5 65.6 64.8 62.8 19 Nondurable goods 94.5 67.2 91.6 77.5 85.4 83.9 83.0 82.9 80.3 77.3 74.1 72.7 74.0 73.2 20 Textile, paper, and chemical 95.1 65.3 92.2 75.3 85.0 83.2 82.3 82.1 79.1 75.9 72.2 70.1 71.3 70.8 21 Textile 92.6 57.9 90.6 80.9 81.5 82.0 82.3 81.3 78.8 75.5 72.0 68.6 71.7 70.7 22 Paper 99.4 72.4 97.7 89.3 95.3 92.9 93.6 95.7 92.1 92.3 86.5 87.5 87.9 87.8 23 Chemical 95.5 64.2 91.3 70.7 83.4 81.2 79.7 79.2 76.2 72.4 69.0 66.6 67.5 67.0 24 Energy materials 94.6 84.8 88.3 82.7 85.2 86.2 85.6 83.0 82.5 82.2 81.6 84.0 82.8 81.9 1. Monthly high 1973; monthly low 1975. 2. Preliminary; monthly highs December 1978 through January 1980; monthly lows July 1980 through October 1980. 2.12 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data are seasonally adjusted. Exceptions noted. 1981 1982 CCaatteeggoorryy 11997799 11998800 11998811 Sept. Oct. Nov. Dec. Jan. Feb. Mar. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 166,952 169,848 172,272 172,758 172,967 173,154 173,330 173,494 173,657 173,842 2 Labor force (including Armed Forces)1 ... 107,050 109,042 111,812 110,659 111,170 111,430 111,348 111,038 111,333 111,521 3 Civilian labor force 104,962 106,940 108,670 108,494 109,012 109,272 109,184 108,879 109,165 109,346 4 Nonagricultural industries2 95,477 95,938 97,030 96,900 96,965 96,800 94,404 96,170 96,217 96,144 5 Agriculture 3,347 3,364 3,368 3,358 3,378 3,372 3,209 3,411 3,373 3,349 6 Number 6,137 7,637 8,273 8,236 8,669 9,100 9,571 9,298 9,575 9,354 7 Rate (percent of civilian labor force) . 5.8 7.1 7.6 7.6 8.0 8.3 8.8 8.5 8.8 9.0 8 Not in labor force 59,902 60,806 60,460 62,099 61,797 61,724 61,982 62,456 62,324 62,321 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 89,823 90,564 91,548 92,033 91,832 91,522 91,113 90,879r 91,040' 90,822 10 Manufacturing 21,040 20,300 20,264 20,496 20,241 20,017 19,736 19,550' 19,507' 19,375 11 Mining 958 1,020 1,104 1,162 1,162 1,172 1,175 1,166' 1,166' 1,163 12 Contract construction 4,463 4,399 4,307 4,272 4,259 4,229 4,193 4,085' 4,168' 4,122 13 Transportation and public utilities 5,136 5,143 5,152 5,186 5,168 5,147 5,122 5,124' 5,101' 5,088 14 Trade 20,192 20,386 20,736 20,872 20,916 20,838 20,735 20,849' 20,925' 20,904 15 Finance 4,975 5,168 5,330 5,366 5,360 5,355 5,366 5,361' 5,364' 5,373 16 Service 17,112 17,901 18,598 18,774 18,788 18,838 18,856 18,845' 18,918' 18,898 17 Government 15,947 16,249 16,056 15,905 15,938 15,926 15,930 15,899' 15,891r 15,899 1. Persons 16 years of age and over. Monthly figures, which are based on sample 3. Data include all full- and part-time employees who worked during, or data, relate to the calendar week that contains the 12th day; annual data are received pay for, the pay period that includes the 12th day of the month, and averages of monthly figures. By definition, seasonality does not exist in population exclude proprietors, self-employed persons, domestic servants, unpaid family workfigures. Based on data from Employment and Earnings (U.S. Department of La- ers, ana members of the Armed Forces. Data are adjusted to the March 1979 bor). benchmark and only seasonally adjusted data are available at this time. Based on 2. Includes self-employed, unpaid family, and domestic service workers. data from Employment and Earnings (U.S. Department of Labor). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 Domestic Nonfinancial Statistics • April 1982 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value Monthly data are seasonally adjusted. 1967 1981 Grouping p p r o o r - - a 1 v 9 e 8 r 1 tion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.' Jan. Feb.p Mar Index (1967 = 100) MAJOR MARKET 1 Total index 100.00 151.0 151.8 152.1 151.9 152.7 152.9 153.9 153.6 151.6 149.1 146.3 143.4 140.6 142.3 2 Products 60.71 150.6 150.2 150.7 151.3 152.3 152.2 153.0 152.6 151.0 149.4 147.5 146.2 142.9 144.7 3 Final products 47.82 149.5 148.2 149.0 149.9 151.3 151.4 152.1 151.5 150.0 148.9 147.2 146.3 142.8 144.6 4 Consumer goods 27.68 147.9 147.8 148.3 148.9 150.7 150.3 150.7 149.6 147.8 146.5 144.0 142.0 139.7 141.8 5 Equipment 20.14 151.8 148.7 150.0 151.4 152.1 153.0 154.1 154.0 152.9 152.1 151.5 152.1 147.1 148.4 6 Intermediate products 12.89 154.4 157.7 157.1 156.3 156.1 154.9 156.2 156.8 154.6 151.4 148.7 145.9 143.2 145.3 7 Materials 39.29 151.6 154.3 154.4 152.9 153.4 154.0 155.3 155.2 152.5 148.5 144.6 139.0 137.0 138.6 Consumer goods 8 Durable consumer goods 7.89 140.5 141.2 143.6 144.3 147.3 147.9 146.5 142.5 140.4 136.3 129.7 123.2 119.9 125.3 9 Automotive products 2.83 137.9 133.9 139.2 142.9 151.8 153.1 147.6 137.6 139.1 132.8 121.7 119.2 109.0 117.1 10 Autos and utility vehicles .. 2.03 111.2 108.5 116.1 120.2 129.1 131.4 123.0 107.8 110.0 101.7 88.9 87.5 71.6 82.0 11 Autos 1.90 103.4 101.1 107.8 113.2 120.0 122.2 118.1 104.0 103.3 92.5 81.1 78.1 61.3 70.5 12 Auto parts and allied goods 80 205.6 198.4 197.5 200.8 209.5 208.0 210.0 213.1 212.9 211.8 205.0 199.7 203.9 206.2 13 Home goods 5.06 142.0 145.2 146.1 145.0 144.8 145.0 145.8 145.3 141.1 138.2 134.1 125.4 126.0 129.8 14 Appliances, A/C, and TV.. 1.40 119.6 125.8 129.1 121.2 121.4 120.0 123.6 126.8 119.0 116.7 107.7 85.7 100.5 104.2 15 Appliances and TV 1.33 121.2 128.2 131.2 122.6 122.3 121.4 124.8 128.9 121.4 118.7 108.7 86.6 101.5 104.8 16 Carpeting and furniture.... 1.07 158.0 160.4 160.2 165.2 163.1 166.3 163.2 160.1 158.6 152.6 146.9 144.4 136.9 144.5 17 Miscellaneous home goods. 2.59 147.4 149.5 149.4 149.7 149.9 149.8 150.7 149.2 145.8 143.9 143.2 139.1 135.4 137.7 18 Nondurable consumer goods ... 19.79 150.9 150.5 150.1 150.7 152.1 151.2 152.3 152.5 150.8 150.5 149.7 149.5 147.6 148.4 19 Clothing 4.29 119.8 120.9 118.9 120.6 122.1 120.9 122.8 121.9 119.3 117.8 116.1 113.8 20 Consumer staples 15.50 159.5 158.6 158.8 159.0 160.3 159.6 160.5 161.0 159.5 159.6 159.0 159.4 158.8 159.0 21 Consumer foods and tobacco 8.33 150.3 150.5 150.5 150.2 151.3 149.6 150.5 150.6 149.5 150.7 150.4 150.9 149.9 150.3 22 Nonfood staples 7.17 170.0 168.1 168.4 169.3 170.8 171.3 172.2 173.0 171.1 169.9 169.1 169.3 169.1 169.0 23 Consumer chemical products 2.63 223.1 219.3 220.0 224.1 225.1 224.4 226.8 227.7 227.5 223.0 220.3 220.1 220.1 221.4 24 Consumer paper products 1.92 127.9 129.0 128.7 127.4 127.7 129.2 127.6 128.9 127.7 126.9 125.7 127.2 127.0 129.0 25 Consumer energy products 2.62 147.7 145.4 143.7 144.9 147.9 148.9 150.0 150.4 146.4 148.2 149.4 149.1 148.9 145.9 26 Residential utilities.... 1.45 166.3 161.3 161.1 162.9 168.9 170.4 172.6 169.7 162.8 166.2 167.4 167.5 172.2 Equipment 27 Business 12.63 181.1 177.5 179.3 181.0 182.0 183.6 184.8 184.8 182.7 180.5 179.0 179.0 172.2 172.7 28 Industrial 6.77 166.4 163.4 164.6 165.9 167.0 169.0 169.4 170.2 168.9 166.9 165.1 164.0 158.1 157.3 29 Building and mining 1.44 286.2 270.4 276.6 281.7 286.4 289.7 290.3 293.0 293.6 295.6 293.8 294.6 289.0 280.6 30 Manufacturing 3.85 127.9 128.4 128.6 128.5 128.4 130.6 130.8 130.8 129.3 125.7 123.6 122.0 116.9 117.2 31 Power 1.47 149.7 149.9 149.3 149.9 150.8 151.2 151.6 152.7 150.4 148.4 147.1 145.5 137.4 141.0 32 Commercial transit, farm .... 5.86 198.0 193.7 196.2 198.6 199.4 200.4 202.5 200.9 198.5 196.2 195.0 196.3 188.5 190.4 33 Commercial 3.26 258.7 250.4 252.7 254.5 258.0 259.9 263.7 264.3 264.2 259.8 260.6 262.9 256.1 257.4 34 Transit 1.93 125.4 124.8 127.8 131.5 130.0 129.7 128.4 124.6 121.0 120.6 116.6 117.5 109.0 110.1 35 Farm 67 112.0 116.4 118.5 119.7 113.9 114.9 118.0 111.8 102.1 104.6 101.7 98.9 88.4 96.0 36 Defense and space 7.51 102.7 100.5 100.7 101.5 102.0 101.7 102.6 102.8 103.0 104.5 105.3 107.0 105.1 107.6 Intermediate products 37 Construction supplies 6.42 141.9 148.9 149.0 147.9 146.5 143.4 144.3 144.0 139.7 135.2 130.1 127.0 123.9 126.3 38 Business supplies 6.47 166.7 166.4 165.1 164.7 165.6 166.2 168.0 169.5 169.4 167.5 167.1 164.6 162.3 164.3 39 Commercial energy products . 1.14 176.4 174.0 174.7 175.2 179.0 177.7 180.0 176.6 174.2 174.3 177.0 177.3 181.3 179.0 Materials 40 Durable goods materials 20.35 149.1 150.6 152.2 151.8 152.8 152.4 153.6 154.3 150.4 145.6 141.0 134.0 129.6 132.0 41 Durable consumer parts 4.58 114.5 114.3 118.4 119.7 121.1 123.1 123.2 121.8 114.5 107.6 102.8 92.9 86.9 92.1 42 Equipment parts 5.44 191.2 188.9 191.1 192.8 194.0 193.2 193.8 194.7 192.7 190.3 188.7 183.3 177.2 180.6 43 Durable materials n.e.c 10.34 142.3 146.6 146.7 144.3 145.1 143.9 145.9 147.4 144.1 138.9 132.9 126.1 123.5 124.1 44 Basic metal materials 5.57 112.0 118.6 118.3 113.8 114.3 112.8 114.5 117.4 113.1 106.5 101.6 94.8 94.2 94.3 45 Nondurable goods materials 10.47 174.6 179.9 177.5 179.3 179.0 176.9 176.5 175.4 175.5 170.6 164.7 158.3 155.8 158.9 46 Textile, paper, and chemical materials 7.62 181.4 187.3 185.1 186.8 187.3 183.7 183.5 182.4 182.5 176.4 169.9 161.9 157.8 161.0 47 Textile materials 1.85 113.0 115.1 114.4 115.1 114.9 113.4 115.5 116.0 114.9 111.6 106.9 102.0 97.3 101.9 48 Paper materials 1.62 150.6 151.0 152.6 152.2 150.9 149.8 150.0 151.5 155.1 149.6 150.2 141.2 143.0 143.9 49 Chemical materials 4.15 224.0 233.8 229.5 232.4 233.9 228.4 227.1 224.1 223.4 215.9 205.8 196.8 190.6 194.0 50 Containers, nondurable 1.70 169.3 172.3 168.7 172.0 167.8 171.4 171.7 169.4 170.9 166.7 163.5 161.9 162.3 165.5 51 Nondurable materials n.e.c... 1.14 137.4 141.8 139.6 139.7 140.5 139.6 136.6 137.8 136.2 137.1 131.9 128.6 132.4 134.7 52 Energy materials 8.48 129.0 131.6 130.9 123.1 123.0 129.3 133.3 132.6 128.9 128.3 128.1 127.4 131.3 129.5 53 Primary energy 4.65 115.0 118.2 116.9 104.2 104.4 113.7 120.3 120.9 117.4 116.4 115.6 115.9 120.2 118.6 54 Converted fuel materials 3.82 145.9 148.0 148.1 146.1 145.5 148.2 149.2 146.9 142.9 142.8 143.4 141.4 145.0 142.8 Supplementary groups 55 Home goods and clothing 9.35 131.8 134.1 133.6 133.8 134.4 133.9 135.2 134.5 131.1 128.8 125.9 120.1 117.3 120.8 56 Energy, total 12.23 137.4 138.5 137.7 132.6 133.5 138.0 141.2 140.5 136.8 136.9 137.2 136.7 139.7 137.6 57 Products 3.76 156.4 154.0 153.1 154.1 157.3 157.6 159.1 158.4 154.8 156.1 157.8 157.7 158.7 155.9 58 Materials 8.48 129.0 131.6 130.9 123.1 123.0 129.3 133.3 132.6 128.9 128.3 128.1 127.4 131.3 129.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Output A49 2.13 Continued 1967 1981 1982 Grouping c S o I d C e p p r o o r - - aa 1 vv 9 gg 81 ..'' tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.' Ian. Feb.P Mar.e Index (1967 = 100) MAJOR INDUSTRY 1 Mining and utilities. 12.05 155.0 154.1 154.8 150.5 152.1 156.3 159.1 158.2 155.8 156.1 155.4 154.7 157.3 154.8 152.9 2 Mining 6.36 142.2 143.1 143.2 135.2 135.4 141.7 146.5 146.0 145.0 145.3 143.3 142.6 144.3 142.3 138.7 3 Utilities 5.69 169.1 166.4 167.8 167.6 170.7 172.7 173.1 171.9 167.8 168.1 168.9 168.2 171.8 168.7 168.7 4 Electric 3.88 190.9 187.1 188.9 188.6 192.9 195.6 196.2 194.2 188.3 189.4 190.9 190.2 194.8 190.6 190.7 5 Manufacturing 87.95 150.4 151.2 151.6 152.0 152.8 152.4 153.2 153.2 151.1 148.0 145.0 142.0 138.3 140.5 139.7 6 Nondurable 35.97 164.8 166.2 165.3 165.9 166.4 165.8 167.1 167.3 165.9 162.8 160.3 157.4 154.7 156.4 155.6 7 Durable 51.98 140.5 140.8 142.1 142.5 143.5 143.2 143.6 143.4 140.9 137.8 134.4 131.3 127.0 129.6 128.6 Mining 8 Metal 10 .51 123.1 134.1 131.1 123.1 125.0 123.5 123.6 124.1 121.5 119.8 115.4 110.9 119.1 117.6 9 Coal 11.12 .69 141.3 159.0 151.2 75.9 77.0 122.9 170.0 167.4 161.9 166.9 160.8 145.5 147.9 156.0 156.1 10 Oil and gas extraction ... 13 4.40 146.8 142.2 144.1 146.1 146.2 148.2 147.7 148.2 148.8 148.9 148.4 150.5 151.5 147.0 142.2 11 Stone and earth minerals. 14 .75 129.4 140.0 138.8 133.7 132.2 132.7 133.3 128.2 123.4 122.0 116.7 115.7 115.8 118.9 Nondurable manufactures 12 Foods 20 8.75 152.1 152.5 152.4 151.9 152.2 151.3 151.6 151.9 150.7 151.4 153.0 152.8 151.3 152.3 13 Tobacco products 21 67 122 2 125 4 125 7 122 2 122 3 120 9 121.3 123.8 122.4 124.3 119.6 112.6 112.7 14 Textile mill products 22 2.68 135.7 139.3 136.2 138.9 138.8 138.3 139.4 140.7 136.3 132.5 126.1 122.8 119.4 123.6 15 Apparel products 23 3 31 120 4 121 6 120 2 121 6 122 6 121 1 122 6 122.6 122.5 117.8 113.8 114.1 16 Paper and products 26 3.21 155.0 156.0 157.6 157.0 155.9 153.4 154.9 156.7 158.6 153.3 152.6 146.6 147.0 148.6 149.2 17 Printing and publishing 27 4.72 144.2 144.8 142.7 141.6 141.3 143.1 144.4 146.1 145.9 145.6 143.4 145.3 145.7 146.4 145.8 18 Chemicals and products 28 7.74 215.6 219.8 218.5 219.8 220.6 218.4 221.5 219.2 216.3 208.8 204.6 199.8 195.8 197.2 19 Petroleum products 29 1.79 129.7 131.5 130.3 130.0 129.8 129.3 128.7 130.4 129.1 128.3 128.0 128.3 123.3 120.3 122.2 20 Rubber ana plastic products . 30 2.24 274.0 270.2 269.5 275.2 280.3 285.1 285.3 286.7 282.2 276.0 264.1 247.3 243.4 247.0 21 Leather and products 31 .86 69.3 68.3 68.8 68.9 69.8 68.4 70.1 69.6 69.7 71.2 70.8 65.6 63.1 62.6 Durable manufactures 22 Ordnance, private and government 19.91 3.64 81.1 78.4 78.5 79.8 80.9 80.9 80.6 81.8 82.3 82.5 84.3 85.5 83.9 86.0 87.1 23 Lumber and products 24 1.64 119.1 126.2 125.6 126.3 126.2 122.5 122.9 119.1 113.2 109.6 104.7 104.8 99.2 101.4 24 Furniture and fixtures 25 1.37 157.2 154.3 155.6 158.7 158.9 162.4 164.9 163.3 159.9 157.2 153.7 149.4 144.3 146.4 25 Clay, glass, stone products 32 2.74 147.9 156.4 154.6 154.3 151.7 148.1 148.7 148.2 147.3 143.4 135.9 131.5 128.3 131.9 26 Primary metals 33 6.57 107.9 114.5 114.9 110.6 111.9 107.4 109.4 113.1 108.6 102.3 96.6 89.6 89.4 88.4 84.8 27 Iron and steel 331.2 4.21 99.8 108.4 108.0 103.4 105.6 98.5 99.7 105.1 99.2 92.2 87.2 79.2 79.2 78.8 28 Fabricated metal products. 34 5.93 136.4 137.6 139.2 139.5 138.4 139.3 140.1 140.0 136.8 133.8 130.2 126.1 120.7 122.7 121.8 29 Nonelectrical machinery... 35 9.15 171.2 168.3 169.2 169.7 172.1 174.1 176.7 176.4 173.9 169.7 167.9 167.4 160.8 161.8 159.6 30 Electrical machinery 36 8.05 178.4 174.9 177.4 178.8 179.9 180.1 180.9 182.6 180.0 179.6 175.7 170.7 168.2 173.1 173.0 31 Transportation equipment 37 9.27 116.1 116.1 119.5 121.3 123.7 123.4 119.8 115.4 114.2 110.6 106.1 103.7 96.5 101.8 103.8 32 Motor vehicles and parts 371 4.50 122.3 119.9 127.1 130.7 136.4 137.5 130.5 123.1 120.4 113.8 105.5 100.4 90.4 98.6 105.0 33 Aerospace and miscellaneous transportation equipment 372-9 4.77 110.2 112.6 112.3 112.4 111.8 110.2 109.7 108.2 108.5 107.5 106.8 106.8 102.3 104.9 102.8 34 Instruments 38 2.11 170.3 171.1 170.0 170.0 170.6 171.3 172.1 172.3 169.7 168.6 167.1 166.8 162.1 164.8 163.1 35 Miscellaneous manufactures .... 39 1.51 154.7 154.9 155.4 157.3 157.0 158.8 159.4 158.6 154.2 151.5 151.7 147.9 144.9 144.9 144.1 Gross value (billions of 1972 dollars, annual rates) MAJOR MARKET 36 Products, total 507.41 612.3 614.5 618.0 616.2 622.2 619.2 621.4 616.5 611.5 605.0 597.6 592.8 577.2 588.4 586.7 37 Final 390.91 474.1 472.8 476.4 476.3 482.4 480.5 481.9 476.4 473.0 470.1 465.2 462.3 448.6 457.8 457.3 38 Consumer goods 277.51 318.0 318.8 320.5 320.0 324.3 322.1 324.0 319.3 317.7 314.3 310.5 307.2 298.9 305.6 305.0 39 Equipment 113.41 156.1 154.0 155.9 156,3 158.1 158.5 157.9 157.1 155.3 155.8 154.7 155.1 149.7 152.2 152.3 40 Intermediate 111166..6611 113388..22 114411..77 141.7 113399..99 113399..88 113388..77 113399..55 140.1 138.4 134.9 132.4 130.5 128.6 130.6 129.4 1. 1972 dollar value. NOTE. Published groupings include some series and subtotals not shown separately. For description and historical data, see Industrial Production—1976 Revision (Board of Governors of the Federal Reserve System: Washington, D.C.), December 1977. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A50 Domestic Nonfinancial Statistics • April 1982 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1981 1982 IItteemm 11997799 11998800 11998811rr July Aug. Sept. Oct. Nov. Dec.' Jan.' Feb. Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 1,552 1,191 969 913 865 850 722 723 789 832 795 2 1-family 981 710 558 528 494 453 398 401 454 462 433 3 2-or-more-family 571 481 412 385 371 397 324 322 335 370 362 4 Started 1,745 1,292 1,084 1,040 946 899 854 860 882 895 953 5 1-family 1,194 852 705 696 614 623 507 554 550 598 533 6 2-or-more-family 551 440 379 344 332 276 347 306 332 297 420 7 Under construction, end of period1 1,140 896 682 832' 800' 770' 731' 705' 689 688 8 1-family 639 515 382 468' 445' 428' 410' 397 391 397 9 2-or-more-family 501 382 300 363' 355' 342' 321' 309 297 292 10 Completed 1,855 1,502 1,266 1,320' 1,233' 1,202' 1,265' 1,067' 1,112 1,048 11 1-family 1,286 957 818 864' 814' 782' 725' 673 673 623 n.a. 12 2-or-more-family 569 545 447 456' 419' 420' 540' 394 439 425 13 Mobile homes shipped 277 222 241 267 238 232 208 207 206 211 Merchant builder activity in 1-family units 14 Number sold 709 545 437 408 364 335 359 388' 458 381 336 15 Number for sale, end of period1 402 342 278 312 308 304 291 282 272 275 279 Price (thousands of dollars)1 Median 16 Units sold 62.8 64.7 68.8 69.5 72.6 65.8 69.6 71.2' 68.2 67.0 66.5 17 Units sold 71.9 76.4 83.1 82.6 87.0 81.3 82.5 85.3 82.8 79.2 81 .8 EXISTING UNITS (1-family) 18 Number sold 3,701 2,881 2,350 2,450 2,240 2,070 1,930 1,900 1,940 1,860 1,900 Price of units sold (thous. of dollars)2 19 Median 55.5 62.1 66.1 67.5 68.1 67.1 66.0 65.9 66.6 66.1 67.9 20 Average 64.0 72.7 78.0 79.6 80.5 79.1 76.6 77.5 78.6 79.2 80 .1 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 230,781 230,273 237,035 233,862 229,844 230,892 230,368' 233,026' 235,844 232,725 230,432 22 Private 181,690 174,8% 183,502 182,288 180,576 178,649 179,248 180,602 182,76i 181,110 179,338 23 Residential 99,032 87,260 85,805 82,916 80,535 78,503 78,292 78,219 79,779 78,283 76,431 24 Nonresidential, total 82,658 87,636 97,697 9999,,337722 110000,,004411 100,146 110000,,995566 110022,,338833 110022,,998822 110022,,882277 102.907 Buildings 25 Industrial 14,953 13,839 16,884 17,182 18,295 18,344 18,558 18,373 17,736 17,213 17,085 26 Commercial 24,919 29,940 33,485 34,028 33,721 33,412 33,046 34,506 35,921 36,789 37,467 27 Other 7,427 8,654 9,377 9,241 9,367 9,402 9,553 9,193 9,019 9,867 10,162 28 Public utilities and other 35,359 35,203 37,951 38,921 38,658 38,988 39,799' 40,311' 40,306 38,958 38,193 29 Public 49,088 55,371 53,534 51,574 49,268 52,243 51,120' 52,423' 53,083 51,616 51,094 30 Military 1,648 1,880 1,944 2,091 2,105 2,065 1,943 1,946 1,909 2,108 1,852 31 Highway 11,998 13,784 13,162 13,203 12,227 12,537 11,515 12,478 11,642 12,600 13,380 32 Conservation and development 4,586 5,089 5,267 5,233 4,717 4,910 6,978 4,868 4,908 5,378 5,388 33 Other 30,856 34,618 33,161 31,047 30,219 32,731 30,684' 33,131' 34,624 31,530 30,474 1. Not at annual rates. NOTE. Census Bureau estimates for all series except (a) mobile homes, which 2. Not seasonally adjusted. are private, domestic shipments as reported by the Manufactured Housing institute 3. Value of new construction data in recent periods may not be strictly comparable and seasonally adjusted by the Census Bureau, and (b) sales and prices of existing with data in prior periods due to changes by the Bureau of the Census in its units, which are published by the National Association of Realtors. All back and estimating techniques. For a description of these changes see Construction Reports current figures are available from originating agency. Permit authorizations are (C-30-76-5), issued by the Bureau in July 1976. those reported to the Census Bureau from 16,000 jurisdictions beginning with 1978. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Prices A51 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data, except as noted 12 months to 3 months (at annual rate) to 1 month to IIInnndddeeexxx llleeevvveeelll IIIttteeemmm FFFeeebbb... 1981 1981 1982 111999888222 11998811 11998822 (((111999666777 FFeebb.. FFeebb.. Mar. June Sept. Dec. Oct. Nov. Dec. Jan. Feb. === 111000000)))''' CONSUMER PRICES2 1 All items 11.3 7.7 9.6 8.1 12.8 5.4 .4 .5 .4 .3 .2 283.4 ? 10.3 4.5 8.8 3.2 8.5 3.6 .4 .2 .3 .1 .2 259.5 3 10.6 4.6 5.3 2.2 7.7 1.7 .3 .1 .1 .7 .6 283.3 4 Commodities less food 10.1 4.5 10.2 3.8 9.0 4.3 .4 .2 .4 -.1 .0 246.0 Durable 9.0 6.1 1.3 9.7 10.8 1.2 -.1 .1 .3 .2 .4 233.7 6 Nondurable 11.4 2.7 26.7 -1.4 4.6 3.8 .8 .5 -.3 .2 -.8 260.1 7 13.0 12.1 10.9 14.8 19.2 7.8 .5 .9 .5 .5 .4 325.3 8 Rent 8.8 8.3 7.0 7.7 10.2 9.0 .8 .7 .7 .6 .4 218.6 9 Services less rent 13.6 12.6 11.5 15.8 20.4 7.6 .4 1.0 .4 .5 .4 345.7 Other groupings in All items less food 11.5 8.3 10.5 9.3 13.9 6.2 .5 ..66 .4 .2 ..22 228822..11 11 All items less food and energy 10.8 9.2 6.4 11.6 15.0 5.6 .5 .4 .5 .3 .4 269.5 12 Homeownership 13.3 9.8 2.9 16.9 21.5 .3 -.3 .2 .2 -.1 .4 368.7 PRODUCER PRICES 13 Finished goods 10.8 5.4 12.8 7.1 3.4 5.2 .6R .5 .2" .4 -.1 277.4 14 Consumer 10.6 4.9 13.2 6.4 2.8 4.0 .5r .4 .1 .5 -.1 278.1 15 Foods 8.3 2.7 5.1 3.5 1.6 -3.7 -.V -.1' .0 1.1 .5 258.2 16 Excluding foods 11.5 5.8 16.5 7.6 3.2 7.2 .9 .lr .2 -.3 284.1 17 Capital equipment 11.4 7.1 11.6 10.0 5.7 9.7 1.0 ,lr .6 .4 -.4 274.8 18 Intermediate materials3 9.8 5.2 13.8 8.0 5.2 2.8 .R .4 .2R .3 -.3 316.6 Crude materials 19 Nonfood 22.9 -1.2 34.3 16.1 1.1 -5.6 - .6R ,2r -1.1 -1.9 479.3 20 Food 5.5 -7.0 -15.6 6.4 -18.2 -25.5 -2.3 -2.2 -2.8 4.4 .7 248.3 1. Not seasonally adjusted. 3. Excludes intermediate materials for food manufacturing and manufactured 2. Figures for consumer prices are those for all urban consumers. animal feeds. SOURCE. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 Domestic Nonfinancial Statistics • April 1982 2.16 GROSS NATIONAL PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates. 1980 1981 AAccccoouunntt 11997799 11998800 11998811RR Q4 Q1 Q2 Q3 Q4R GROSS NATIONAL PRODUCT 1 Total 2,413.9 2,626.1 2,925.5 2,730.6 2,853.0 2,885.8 2,965.0 2,998.3 By source 2 Personal consumption expenditures 1.510.9 1,672.8 1,857.8 1,751.0 1,810.1 1,829.1 1,883.9 1,908.3 3 Durable goods 212.3 211.9 232.0 223.3 238.3 227.3 236.2 226.4 4 Nondurable goods 602.2 675.7 743.2 703.5 726.0 735.3 751.3 760.3 5 Services 696.3 785.2 882.6 824.2 845.8 866.5 896.4 921.5 6 Gross private domestic investment 415.8 395.3 450.5 397.7 437.1 458.6 463.0 443.3 / Fixed investment 398.3 401.2 434.4 415.1 432.7 435.3 435.6 434.0 8 Nonresidential 279.7 296.0 328.9 302.1 315.9 324.6 335.1 339.8 9 Structures 96.3 108.8 125.7 111.5 117.2 123.1 128.3 134.3 10 Producers' durable equipment 183.4 187.1 203.1 190.7 198.7 201.5 206.8 205.5 11 Residential structures 118.6 105.3 105.5 113.0 116.7 110.7 100.5 94.2 12 Nonfarm 113.9 100.3 100.0 107.6 111.4 105.4 94.9 88.4 13 Change in business inventories 17.5 -5.9 16.2 -17.4 4.5 23.3 27.5 9.4 14 Nonfarm 13.4 -4.7 13.8 -14.0 6.8 21.5 23.1 3.7 15 Net exports of goods and services 13.4 23.3 26.0 23.3 29.2 20.8 29.3 24.7 16 Exports 281.3 339.8 367.3 346.1 367.4 368.2 368.0 365.6 17 Imports 267.9 316.5 341.3 322.7 338.2 347.5 338.7 341.0 18 Government purchases of goods and services 473.8 534.7 591.2 558.6 576.5 577.4 588.9 622.0 19 Federal 167.9 198.9 230.2 212.0 221.6 219.5 226.4 253.3 20 State and local 305.9 335.8 361.0 346.6 354.9 357.9 362.5 368.7 By major type of product 2211 Final sales, total 2,396.4 2,632.0 2,909.4 2,748.0 2,848.5 2,862.5 2,937.6 2,989.0 22 Goods 1,055.9 1,130.4 1,272.3 1,169.0 1,247.5 1,257.0 1,298.3 1,286.4 23 Durable 451.2 458.6 506.9 476.7 501.4 516.9 525.2 484.2 24 Nondurable 604.7 671.9 765.4 692.2 746.1 740.1 773.0 802.2 25 Services 1,097.2 1,229.6 1,371.7 1,285.3 1,317.1 1,344.7 1,390.5 1,434.4 26 Structures 260.8 266.0 281.6 276.4 288.4 284.1 276.3 277.5 27 Change in business inventories 17.5 -5.9 16.2 -17.4 4.5 23.3 27.5 9.4 28 Durable goods 11.5 -4.0 7.4 .7 -4.2 18.5 18.6 -3.3 29 Nondurable goods 6.0 -1.8 8.8 -18.1 8.6 4.8 8.9 12.7 30 MEMO: Total GNP in 1972 dollars 1,483.0 1,480.7 1,510.3 1,485.6 1,516.4 1,510.4 1,515.8 1,498.4 NATIONAL INCOME 31 1,963.3 2,121.4 2,347.6 2,204.8 2,291.1 2,320.9 2,377.6 2,401.0 32 Compensation of employees 1.460.9 1,596.5 1,771.6 1,661.8 1,722.4 1,752.0 1,790.7 1,821.3 33 Wages and salaries 1,235.9 1,343.6 1,482.8 1,397.3 1,442.9 1,467.0 1,498.7 1,522.5 34 Government and government enterprises 235.9 253.6 273.9 263.3 267.1 270.5 274.7 283.2 35 Other 1.000.0 1,090.0 1,208.8 1,134.0 1,175.7 1,196.4 1,224.0 1,239.2 36 Supplement to wages and salaries 225.0 252.9 288.8 264.5 279.5 285.1 292.0 298.8 37 Employer contributions for social insurance 106.4 115.8 134.7 121.0 131.5 133.2 135.6 138.4 38 Other labor income 118.6 137.1 154.1 143.5 148.0 151.8 156.3 160.4 4 4 3 1 0 9 Pro B F p a u r r s i m i e n t 1 e o s r s s ' a i n n d c o p m ro e f 1 e ssional1 1 1 3 3 0 0 1 0 . . . 6 8 7 1 1 2 3 0 3 0 7 . . . 6 2 4 1 1 2 3 1 2 4 2 . . . 8 4 4 1 1 2 1 3 2 1 4 . . . 5 6 0 1 13 1 1 2 3 8 . . . 1 2 9 1 1 2 1 3 1 2 4 . . . 7 5 1 1 1 2 3 1 4 7 2 . . . 1 7 4 1 1 2 1 3 4 1 5 . . . 4 5 9 42 Rental income of persons2 30.5 31.8 33.6 32.4 32.7 33.3 33.9 34.5 4 4 3 4 Co P r r p o o f r i a ts t e b e p f r o o r f e it s t 1 a x3 2 1 5 9 5 6 . . 4 8 2 1 4 8 5 2 . . 5 7 2 1 3 9 3 2 . . 7 1 2 1 4 8 9 3 . . 5 3 2 2 0 5 3 7 . . 0 0 2 1 2 9 9 0. . 3 0 2 1 3 9 4 5 . . 4 7 2 1 1 7 4 9. . 5 6 45 Inventory valuation adjustment -42.6 -45.7 -27.7 -48.4 -39.2 -24.0 -25.3 -22.3 46 Capital consumption adjustment -15.9 -17.2 -13.9 -17.8 -14.7 -14.7 -13.4 -12.8 47 Net interest 143.4 179.8 215.4 193.3 200.8 211.0 220.2 229.7 1. With inventory valuation and capital consumption adjustments. 3. For after-tax profits, dividends, and the like, see table 1.49. 2. With capital consumption adjustments. SOURCE. Survey of Current Business (Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Income Accounts A53 2.17 PERSONAL INCOME AND SAVING Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted. 1980 1981 AAccccoouunntt 11997799 11998800 11998811'' Q4 Q1 Q2 Q3 Q4r PERSONAL INCOME AND SAVING 1 Total personal income 1,943.8 2,160.2 2,404.1 2,256.2 2,319.8 2,368.5 2,441.7 2,486.5 7 Wage and salary disbursements 1,236.1 1,343.7 1,482.7 1,397.8 1,442.9 1,467.0 1,498.5 1,522.5 3 Commodity-producing industries 437.9 465.4 512.7 484.0 501.3 508.1 520.2 521.0 4 Manufacturing 333.4 350.7 387.3 364.0 377.4 386.7 393.9 391.0 5 Distributive industries 303.0 328.9 361.1 340.6 351.9 357.8 365.3 369.5 6 Service industries 259.2 295.7 335.0 310.0 322.5 330.5 338.5 348.7 7 Government and government enterprises 236.1 253.6 273.9 263.3 267.1 270.5 274.5 283.3 8 Other labor income 118.6 137.1 154.1 143.5 148.0 151.8 156.3 160.4 9 Proprietors' income1 131.6 130.6 134.8 134.0 132.1 134.1 137.1 135.9 in Business and professional1 100.8 107.2 112.4 111.6 113.2 112.5 112.4 111.5 11 Farm1 30.8 23.4 22.4 22.5 18.9 21.7 24.7 24.4 17 Rental income of persons2 30.5 31.8 33.6 32.4 32.7 33.3 33.9 34.5 n Dividends 48.6 54.4 61.3 56.1 58.0 60.2 63.0 64.1 14 Personal interest income 209.6 256.3 308.5 269.7 288.7 300.9 315.7 328.7 15 Transfer payments 249.4 294.2 333.2 313.9 319.6 324.2 342.2 347.0 16 Old-age survivors, disability, and health insurance benefits 131.8 153.8 180.4 165.3 169.8 172.0 188.5 191.2 17 LESS: Personal contributions for social insurance 80.6 87.9 104.2 91.2 102.3 103.1 105.0 106.5 18 EQUALS: Personal income 1,943.8 2,160.2 2,404.1 2,256.2 2,319.8 2,368.5 2,441.7 2,486.5 19 LESS: Personal tax and nontax payments 302.0 338.5 385.2 359.2 372.0 382.9 399.8 398.0 20 EQUALS: Disposable personal income 1,641.7 1,821.7 2,016.0 1,897.0 1,947.8 1,985.6 2,042.0 2,088.5 21 LESS: Personal outlays 1,555.5 1,720.4 1,908.4 1,799.4 1,858.9 1,879.0 1,935.1 1,960.5 22 EQUALS: Personal saving 86.2 101.3 107.6 97.6 88.9 106.6 106.9 128.0 MEMO: Per capita (1972 dollars) 23 Gross national product 6,588 6,503 6,570 66,,449999 6,619 66,,558811 66,,558855 66,,449944 24 Personal consumption expenditures 4,135 4,108 4,171 4,142 4,191 4,162 4,184 4,150 25 Disposable personal income 4,493 4,473 4,526 4,488 4,511 4,517 4,535 4,541 26 Saving rate (percent) 5.2 5.6 5.3 5.1 4.6 5.4 5.2 6.1 GROSS SAVING 27 Gross saving 412.0 401.9 456.0 406.7 442.6 465.3 469.4 446.5 28 Gross private saving 398.9 432.9 480.4 436.4 451.1 475.3 486.2 508.9 79 Personal saving 86.2 101.3 107.6 97.6 88.9 106.6 106.9 128.0 30 Undistributed corporate profits1 59.1 44.3 51.1 40.4 55.7 52.0 52.8 44.1 31 Corporate inventory valuation adjustment -42.6 -45.7 -27.7 -48.4 -39.2 -24.0 -25.3 -22.3 Capital consumption allowances 3? Corporate 155.4 175.4 197.7 183.2 187.5 194.6 220011..11 220077..77 33 98.2 111.8 123.9 115.8 119.0 122.1 125.4 129.1 34 Wage accruals less disbursements .0 .0 .0 .5 .0 0 .0 .0 35 Government surplus, or deficit (-), national income and product 11.9 -32.1 -25.6 -30.8 -9.7 -11.2 -17.9 -63.5 36 Federal -14.8 -61.2 -62.3 -67.9 -46.6 -47.2 -55.7 -99.5 37 State and local 26.7 29.1 36.7 37.1 36.9 36.1 37.8 36.0 38 Capital grants received by the United States, net 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 39 Gross investment 414.1 401.2 454.7 400.1 446.0 458.3 469.6 444.8 40 Gross private domestic 415.8 395.3 450.5 397.7 437.1 458.6 463.0 443.3 41 Net foreign -1.7 5.9 4.2 2.3 8.8 -.2 6.5 1.5 42 Statistical discrepancy 2.2 -.7 -1.2 -6.6 3.4 -6.9 .2 -1.6 1. With inventory valuation and capital consumption adjustments. SOURCE. Survey of Current Business (Department of Commerce). 2. With capital consumption adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • April 1982 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data are seasonally adjusted except as noted.1 1980 1981 Item credits or debits 11997799 11998800 1981p Q4 Q1 Q2 Q3' Q4^ 1 Balance on current account 11,,441144 3,723 6,578 1,390 3,334' 1,212' 2,115 -85 2 Not seasonally adjusted 3,244 3,546 2,438 -863 1,457 3 Merchandise trade balance2 -27,346 -25,342 -27,817 -5,570 -4,661' -6,894' -7,026 -9,236 4 Merchandise exports 184,473 223,966 236,300 57,149 60,990' 60,369' 57,929 57,012 5 Merchandise imports -211,819 -249,308 -264,117 -62,719 -65,651' -67,263' -64,955 -66,248 6 Military transactions, net -1,947 -2,515 -1,943 -715 -568 -698 -87 -590 7 Investment income, net3 33,462 32,762 36,757 8,257 9,083' 8,764' 9,257 9,650 8 Other service transactions, net 2,839 5,874 6,344 1,762 1,007' 1,558' 1,819 1,962 9 Remittances, pensions, and other transfers -2,057 -2,397 -2,302 -720 -550 — 553 -599 -602 10 U.S. government grants (excluding military) -3,536 -4,659 -4,460 -1,624 -977 -965 -1,249 -1,269 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -3,767 -5,165 -5,138 -1,094 -1,395 -1,485 -1,282 -976 12 Change in U.S. official reserve assets (increase, -) -1,132 -8,155 -5,175 -4,279 -4,529 -905 -4 262 13 Gold -65 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -1,136 -16 -1,823 1,285 -1,441 -23 -225 -134 15 Reserve position in International Monetary Fund -189 -1,667 -2,491 -1,240 -707 -780 -647 -358 16 Foreign currencies 257 -6,472 -861 -4,324 -2,381 -102 868 754 17 Change in U.S. private assets abroad (increase, -)3 -57,739 -71,456 -96,265 -22,622 -16,483' -19,590' -15,423 -44,771 18 Bank-reported claims -26,213 -46,947 - 84,462 -13,139 -11,241 -15,627 -15,209 -42,385 19 Nonbank-reported claims -3,026 -2,653 n.a. -2,005 -3,192 2,470 1,451 n.a. 20 U.S. purchase of foreign securities, net -4,552 -3,310 -5,536 -356 -488 1,479 -642 -2,928 21 U.S. direct investments abroad, net3 -23,948 -18,546 -6,995 -7,122 -1,562' — 4,954r -1,023 542 22 Change in foreign official assets in the United States (increase, +) -13,757 15,492 5,208 7,712 5,503 -2,779 -5,663 8,147 23 U.S. Treasury securities -22,435 9,683 5,008 6,911 7,242 -2,069 -4,634 4,469 24 Other U.S. government obligations 463 2,187 1,279 587 454 536 545 -256 25 Other U.S. government liabilities4 -133 636 170 205 -112 177 -161 266 26 Other U.S. liabilities reported by U.S. banks 7,213 -159 3,916 -460 -2,910 -2,070 -2,387 3,451 27 Other foreign official assets5 1,135 3,145 2,667 469 829 647 974 217 28 Change in foreign private assets in the United States (increase, + )* 52,703 34,769 69,148 16,157 1,637 15,667 21,512 30,333 29 U.S. bank-reported liabilities 32,607 10,743 41,332 7,737 -3,889 7,916 16,795 20,510 30 U.S. nonbank-reported liabilities 2,065 5,109 n.a. 3,228 -820 -293 273 n.a. 31 Foreign private purchases of U.S. Treasury securities, net 4,820 2,679 2,914 893 1,405 733 -449 1,225 32 Foreign purchases of other U.S. securities, net 1.334 5,384 7,078 2,240 2,454 3,472 759 393 33 Foreign direct investments in the United States, net3 11,877 10,853 18,664 2,059 2,487 3,839 4,134 8,205 34 Allocation of SDRs 1,139 1,152 1,093 0 1,093 0 0 0 35 Discrepancy 21,140 29,640 24,551 2,736 10,840' 7,880' -1,255 7,090 36 Owing to seasonal adjustments 2,139 -401' 1,161' -2,631 1,875 37 Statistical discrepancy in recorded data before seasonal adjustment 21,140 29,640 24,551 597 11,241 6,719 1,376 5,215 MEMO: Changes in official assets 38 U.S. official reserve assets (increase, ~) -1,132 -8,155 -5,175 -4,279 -4,529 -905 -4 262 39 Foreign official assets in the United States (increase, +) -13,624 14,856 5,038 7,507 5,615 -2,956 -5,502 7,881 40 Change in Organization of Petroleum Exporting Countries official assets in the United States (part of line 22 above) 5,543 12,744 13,419 1,024 5,446 2,676 3,065 2,232 41 Transfers under military grant programs (excluded from lines 4, 6, and 10 above) 305 635 581 211 192 214 132 44 1. Seasonal factors are no longer calculated for lines 12 through 41. 4. Primarily associated with military sales contracts and other transactions ar- 2. Data are on an international accounts (IA) basis. Differs from the Census ranged with or through foreign official agencies. basis data, shown in table 3.11, for reasons of coverage and timing; military exports 5. Consists of investments in U.S. corporate stocks and in debt securities of are excluded from merchandise data and are included in line 6. private corporations and state and local governments. 3. Includes reinvested earnings of incorporated affiliates. NOTE. Data are from Bureau of Economic Analysis, Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trade and Reserve and Official Assets A55 3.11 U.S. FOREIGN TRADE Millions of dollars; monthly data are seasonally adjusted. 1981' 1982 IItteemm 11997799 11998800 11998811'' Aug. Sept. Oct. Nov. Dec. Jan. Feb. 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 181,860 220,626 233,677 19,031 19,551 19,163 19,153 18,885 18,737 18,704 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 209,458 244,871 261,305 23,242 21,274 23,077 22,508 19,746 22,829 19,090 3 Trade balance -27,598 -24,245 -27,628 -4,212 -1,723 -3,914 -3,355 -861 -4,092 -387 NOTE. The data through 1981 in this table are reported by the Bureau of Census not covered in Census statistics, and (b) the exclusion of military sales (which are data on a free-alongside-ship (f.a.s.) value basis—that is, value at the port of export. combined with other military transactions and reported separately in the "service Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in the Census account" in table 3.10, line 6). On the import side, additions are made for gold, basis trade data; this adjustment has been made for all data shown in the table. ship purchases, imports of electricity from Canada and other transactions; military Beginning with 1982 data, the value of imports are on a customs valuation basis. payments are excluded and shown separately as indicated above. The Census basis data differ from merchandise trade data shown in table 3.10, U.S. International Transactions Summary, for reasons of coverage and timing. On SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade" the export side, the largest adjustments are: (a) the addition of exports to Canada (U.S. Department of Commerce, Bureau of the Census). 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 1981 1982 TTyyppee 11997788 11997799 11998800 Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1 Total' 18,650 18,956 26,756 29,716 30,248 31,002 30,075 30,098 30,060 29,944 2 Gold stock, including Exchange Stabilization Fund1 11,671 11,172 11,160 11,152 11,152 11,152 11,151 11,151 11,150 11,150 3 Special drawing rights2-3 1,558 2,724 2,610 3,896 3,949 4,109 4,095 4,176 4,359 4,306 4 Reserve position in International Monetary Fund2 1,047 1,253 2,852 4,618 4,736 5,009 5,055 5,237 5,275 5,367 5 Foreign currencies4-5 4,374 3,807 10,134 10,050 10,411 10,732 9,774 9,534 9,276 9,121 1. Gold held under earmark at Federal Reserve Banks for foreign and inter- 3. Includes allocations by the International Monetary Fund of SDRs as follows: national accounts is not included in the gold stock of the United States; see table $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1, 3.22. 1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093 2. Beginning July 1974, the IMF adopted a technique for valuing the SDR based million on Jan. 1, 1981; plus net transactions in SDRs. on a weighted average of exchange rates for the currencies of member countries. 4. Beginning November 1978, valued at current market exchange rates. From July 1974 through December 1980, 16 currencies were used; from January 5. Includes U.S. government securities held under repurchase agreement against 1981, 5 currencies have been used. The U.S. SDR holdings and reserve position receipt of foreign currencies, if any. in the IMF also are valued on this basis beginning July 1974. 3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS Millions of dollars, end of period 1981 1982 AAsssseettss 11997788 11997799 11998800 Sept. Oct. Nov. Dec. Jan. Feb. Mar.? 1 Deposits 367 429 411 419 547 534 505 333 416 421 Assets held in custody 2 U.S. Treasury securities1 117,126 95,075 102,417 101,068 101,068 103,894 104,680 104,631 103,557 103,964 3 Earmarked gold2 15,463 15,169 14,965 14,813 14,811 14,802 14,804 14,802 14,791 14,798 1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S. NOTE. Excludes deposits and U.S. Treasury securities held for international and Treasury securities payable in dollars and in foreign currencies. regional organizations. Earmarked gold is gold held for foreign and international 2. The value of earmarked gold increased because of the changes in par value accounts and is not included in the gold stock of the United States, of the U.S. dollar in May 1972 and in October 1973. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • April 1982 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data Millions of dollars, end of period 1981 1982 AAsssseett aaccccoouunntt 1199778811 11997799 11998800 July Aug. Sept. Oct. Nov. Dec. Jan.? All foreign countries 1 Total, all currencies 306,795 364,409 401,135 434,906' 435,007r 450,234 444,654 462,810r 462,635 459,860 2 Claims on United States 17,340 32,302 28,460 43,074 41,533 46,369 41,554 44,562' 63,424 66,853 3 Parent bank 12,811 25,929 20,202 30,994 29,782 32,249 26,833 26,540 42,936 46,702 4 Other 4,529 6,373 8,258 12,080 11,751 14,120 14,721 18,022' 20,488 20,151 5 Claims on foreigners 278,135 317,330 354,960 372,606' 374,143' 384,407 383,463 397,727' 379,204 373,013 6 Other branches of parent bank 70,338 79,662 77,019 82,128 83,171 84,627 83,597 89,269' 87,318 91,935 / Banks 103,111 123,420 146,448 156,172' 153,947' 159,637 156,833 161,412 151,452 145,549 8 Public borrowers2 23,737 26,097 28,033 28,728 29,270 29,927 30,211 30,181r 28,193 26,528 9 Nonbank foreigners 80,949 88,151 103,460 105,578r 107,755' 110,216 112,822 116,865' 112,241 109,001 10 Other assets 11,320 14,777 17,715 19,226 19,331 19,458 19,637 20,521' 20,007 19,994 11 Total payable in U.S. dollars 224,940 267,713 291,798 332,407 r 330,539' 343,067 336,839' 348,945' 350,564 350,809 12 Claims on United States 16,382 31,171 27,191 41,873 40,250 45,116 40,370 43,271 61,827 65,326 13 Parent bank 12,625 25,632 19,896 30,742 29,490 31,991 26,639 26,347 42,393 46,145 14 Other 3,757 5,539 7,295 11,131 10,760 13,125 13,731 16,924 19,434 19,181 15 Claims on foreigners 203,498 229,120 255,391 279,003r 278,690' 286,367 284,590 293,592 277,070 273,572 16 Other branches of parent bank 55,408 61,525 58,541 64,725 65,477 66,279 65,859 69,938r 68,990 74,895 17 Banks 78,686 96,261 117,342 128,869' 126,155r 131,524 127,944 131,478 122,690 117,172 18 Public borrowers2 19.567 21,629 23,491 24,333 24,410 24,709 25,199 25,121' 22,859 21,141 19 Nonbank foreigners 49,837 49,705 56,017 61,076' 62,648' 63,855 65,588 67,055 62,531 60,364 20 Other assets 5,060 7,422 9,216 11,531 11,599 11,584 11,879' 12,082' 11,667 11,911 United Kingdom 21 Total, all currencies 106,593 130,873 144,717 148,774 150,161 154,096 153,615 161,531 157,229 157,882 22 Claims on United States 5,370 11,117 7,509 9,130 9,995 11,167 9,668 9,315 11,823 12,045 23 Parent bank 4,448 9,338 5,275 6,167 7,189 7,842 6,351 5,162 7,885 8,374 24 Other 922 1,779 2,234 2,963 2,806 3,325 3,317 4,153 3,938 3,671 25 Claims on foreigners 98,137 115,123 131,142 133,626 134,034 137,056 137,879 145,889' 138,888 139,809 26 Other branches of parent bank 27,830 34,291 34,760 37,035 38,035 39,117 38,799 41,476 40,834 43,358 27 Banks 45,013 51,343 58,741 59,639 58,362 58,986 59,307 63,044 56,848 56,203 28 Public borrowers2 4,522 4,919 6,688 6,822 6,665 7,112 7,305 7,463 7,490 7,176 29 Nonbank foreigners 20,772 24,570 30,953 30,130 30.972 31,841 32,468 33,906 33,716 33,072 30 Other assets 3,086 4,633 6,066 6,018 6,132 5,873 6,068 6,327 6,518 6,028 31 Total payable in U.S. dollars 75,860 94,287 99,699 107,961 109,008 113,014 112,064 117,454 115,188 116,566 32 Claims on United States 5,113 10,746 7,116 8,628 9,552 10,703 9,201 8,811 11,249 11,574 33 Parent bank 4,386 9,297 5,229 6,110 7,128 7,779 6,299 5,110 7,724 8,234 34 Other 727 1,449 1,887 2,518 2,424 2,924 2,902 3,701 3,525 3,340 35 Claims on foreigners 69,416 81,294 89,723 95,832 95.887 98,611 98,934 104,741 99,847 101,320 36 Other branches of parent bank 22,838 28,928 28,268 30,789 31,710 32,845 32,698 34,905 35,033 37,739 37 Banks 31,482 36,760 42,073 44,488 42,957 43,605 43,345 46,463 41,106 40,650 38 Public borrowers2 3,317 3,319 4,911 5,176 5,006 5,281 5,485 5,500 5,595 5,366 39 Nonbank foreigners 11,779 12,287 14,471 15,379 16,214 16,880 17,406 17,873 18,113 17,565 40 Other assets 1,331 2,247 2,860 3,501 3,569 3,700 3,929 3,902 4,092 3,672 Bahamas and Caymans 41 Total, all currencies 91,735 108,977 123,837 145,290 142,087 147,904 142,687 148,557 149,051 146,453 42 Claims on United States 9,635 19,124 17,751 29,808 27,131 29,896 26,741 29,909r 46,246 49,597 43 Parent bank 6,429 15,196 12,631 21,654 19,303 20,372 16,717 17,665 31,330 34,840 44 Other 3,206 3,928 5,120 8,154 7,828 9,524 10,024 12,244r 14,916 14,757 45 Claims on foreigners 79,774 86,718 101,926 110,584 109,888 113,048 110,781 113,486' 98,302 92,459 46 Other branches of parent bank 12,904 9,689 13,342 13,788 13,909 13,174 13,066 13,972' 12,951 15,101 47 Banks 33,677 43,189 54,861 60,748 59.316 62,946 60,220 61,337 55,333 50,710 48 Public borrowers2 11.514 12,905 12,577 12,471 12.610 12,431 12,637 12,741' 10,006 8,678 49 Nonbank foreigners 21,679 20,935 21,146 23,577 24.053 24,497 24,858 25,436' 20,012 17,970 50 Other assets 2,326 3,135 4,160 4,898 5,068 4,960 5,165 5,162 4,503 4,397 51 Total payable in U.S. dollars 85,417 102,368 117,654 139,514 136,054 142,053 136,854 142,632 143,686 141,316 1. In May 1978 the exemption level for branches required to report was increased, eluding corporations that are majority owned by foreign governments, replaced which reduced the number of reporting branches. the previous, more narrowly defined claims on foreign official institutions. 2. In May 1978 a broader category of claims on foreign public borrowers, in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Overseas Branches A57 3.14 Continued 1981 1982 7 ' h'litv arrm nt 1199778811 11997799 11998800 July Aug. Sept. Oct. Nov. Dec. Jan.'' All foreign countries 52 Total, all currencies 306,795 364,409 401,135 434,906' 435,007' 450,234 444,654 462,810' 462,635 459,860 53 To United States 58.012 66,689 91,079 118,093 116,190 124,096 120,039 128,084' 137,624 143,947 54 Parent bank 28,654 24,533 39,286 43,069 44,010 48,592 45,909 49,385 56,172 55,780 55 Other banks in United States 12,169 13,968 14,473 17,578 15,686 17,657 16,464 16,663' 19,309 20,031 56 Nonbanks 17,189 28,188 37,275 57,446 56,494 57,847 57,666 62,036' 62,143 68,136 57 To foreigners 238,912 283,510 295,411 299,240 300,081 306,785 305,040 316,134' 305,630 296,369 58 Other branches of parent bank 67,496 77,640 75,773 81,387 80,991 83,336 82,038 87,831' 86,405 85,798 59 Banks 97,711 122,922 132,116 129,290 125,563 127,794 128,536 132,013 124,894 118,500 60 Official institutions 31,936 35,668 32,473 25,682 28,209 28,715 27,685 24,696' 25,997 25,166 61 Nonbank foreigners 41,769 47,280 55,049 62,881 65,318 66,940 66,781 71,594 68,334 66,905 62 Other liabilities 9,871 14,210 14,690 17,573' 18,736' 19,353 19,575 18,592' 19,381 19,544 63 Total payable in U.S. dollars 230,810 273,857 303,281 345,596' 343,351' 355,030 349,602 360,971' 364,228 363,996 64 To United States 55,811 64,530 88,157 115,481 113,526 121,130 117,362 125,121' 134,600 140,983 65 Parent bank 27,519 23,403 37,528 41,620 42,481 46,766 44,170 47,456 54,280 53,749 66 Other banks in United States 11,915 13,771 14,203 17,391 15,529 17,479 16,313 16,564' 18,995 19,904 67 Nonbanks 16,377 27,356 36,426 56,470 55,516 56,885 56,879 61,101' 61,325 67,330 68 To foreigners 169,927 201,514 206,883 218,178 217,239 221,090 219,818 224,512' 217,469 211,024 69 Other branches of parent bank 53,396 60,551 58,172 64,884 64,338 66,256 65,160 69,561' 69,171 69,291 70 Banks 63,000 80,691 87,497 88,554 83,842 84,670 84,552 84,691 79,590 74,279 71 Official institutions 26,404 29,048 24,697 20,108 22,056 22,836 21,948 18,911 20,288 19,979 72 Nonbank foreigners 27,127 31,224 36,517 44,632 47,003 47,328 48,158 51,349 48,420 47,475 73 Other liabilities 5,072 7,813 8,241 11,937' 12,586' 12,810 12,422 11,338' 12,159 11,989 United Kingdom 74 Total, all currencies 106,593 130,873 144,717 148,774 150,161 154,096 153,615 161,531 157,229 157,882 75 To United States 9,730 20,986 21,785 30,383 31,408 34,143 32,960 36,316 38,040 40,740 76 Parent bank 1,887 3,104 4,225 4,138 4,189 5,370 3,542 4,045 5,462 6,385 77 Other banks in United States 4,189 7,693 5,716 5,864 5,646 6,396 6,054 6,652' 7,502 7,313 78 Nonbanks 3,654 10,189 11,844 20,381 21,573 22,377 23,364 25,619' 25,076 27,042 79 To foreigners 93,202 104,032 117,438 113,560 113,191 113,862 114,415 118,401 112,237 110,066 80 Other branches of parent bank 12,786 12,567 15,384 15,103 15,255 15,121 15,544 16,090 16,527 16,298 81 Banks 39,917 47,620 56,262 54,351 51,532 51,830 53,634 56,239 51,336 49,622 82 Official institutions 20,963 24,202 21,412 16,352 17,866 18,687 17,442 15,089 16,517 16,110 83 Nonbank foreigners 19,536 19,643 24,380 27,754 28,538 28,224 27,795 30,983 27,857 28,036 84 Other liabilities 3,661 5,855 5,494 4,831 5,562 6,091 6,240 6,814 6,952 7,076 85 Total payable in U.S. dollars 77,030 95,449 103,440 113,247 114,191 117,920 117,346 122,362 120,277 121,390 86 To United States 9,328 20,552 21,080 29,606 30,661 33,464 32,408 35,706 37,343 40,248 87 Parent bank 1,836 3,054 4,078 4,054 4,132 5,309 3,484 3,956 5,361 6,268 88 Other banks in United States 4,101 7,651 5,626 5,768 5,594 6,317 5,976 6,611' 7,249 7,289 89 Nonbanks 3,391 9,847 11,376 19,784 20,935 21,838 22,948 25,139' 24,733 26,691 90 To foreigners 66,216 72,397 79,636 80,400 79,988 80,638 81,260 82,766 79,023 77,479 91 Other branches of parent bank 9,635 8,446 10,474 10,566 10,943 10,747 11,121 11,457 12,037 11,914 92, Banks 25,287 29,424 35,388 35,789 32,914 33,010 34,312 35,141 32,298 30,995 93 Official institutions 17,091 20,192 17,024 13,133 14,244 15,514 14,415 12,133 13,612 13,497 94 Nonbank foreigners 14,203 14,335 16,750 20,912 21,887 21,367 21,412 24,035 21,076 21,073 95 Other liabilities 1,486 2,500 2,724 3,241 3,542 3,818 3,678 3,890 3,911 3,663 Bahamas and Caymans 96 Total, all currencies 91,735 108,977 123,837 145,290 142,087 147,904 142,687 148,557 149,051 146,453 97 To United States 39,431 37,719 59,666 77,197 73,924 77,533 75,991 80,161 85,704 88,912 98 Parent bank 20,482 15,267 28,181 31,034 31,265 33,282 33,387 36,066 39,260 37,594 99 Other banks in United States 6,073 5,204 7,379 10,517 8,938 9,964 9,349 8,971 10,610 11,324 100 Nonbanks 12,876 17,248 24,106 35,646 33,721 34,287 33,255 35,124 35,834 39,994 101 To foreigners 50,447 68,598 61,218 64,491 64,565 66,627 62,795' 64,462 60,012 54,484 10? Other branches of parent bank 16,094 20,875 17,040 20,989 20,315 22,393 20,521 23,307 20,641 20,721 103 Banks 23,104 33,631 29,895 28,056 27,538 27,983 25,396 24,712 23,202 18,585 104 Official institutions 4,208 4,866 4,361 3,934 4,605 4,028 4,078 3,381 3,498 3,149 105 Nonbank foreigners 7,041 9,226 9,922 11,512 12,107 12,223 12,800 13,062 12,671 12,029 106 Other liabilities 1,857 2,660 2,953 3,602 3,598 3,744 3,901 3,934 3,335 3,057 107 Total payable in U.S. dollars 87,014 103,460 119,657 141,241 137,754 143,507 138,094 144,034 145,227 142,665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • April 1982 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1981 1982 IItteemm 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan p Feb.P 1 Total1 149,697 164,578 162,396 161,587 159,798 164,672 169,575 168,058 166,137 By type 2 Liabilities reported by banks in the United States' 30,540 30,381 22,940 22,865 20,928 23,424 26,306 24,059 24,312 3 U.S. Treasury bills and certificates3 47,666 56,243 52,921 50.179 48,867 49,644 52,389 52,306 48,364 U.S. Treasury bonds and notes 4 Marketable 37,590 41,455 48,934 50,311 51,943 54,076 53,289 54,130 56,472 5 Nonmarketable4 17,387 14,654 12,402 12,402 12,191 11,791 11,791 11,791 11,291 6 U.S. securities other than U.S. Treasury securities5 16,514 21,845 25,199 25,830 25,869 25,737 25,800 25,772 25,698 By area 1 Western Europe1 85,633 81,592 65,960 64,409 61,086 63,097 65,219 62,943 61,864 8 Canada 1,898 1.562 1,603 1,366 1,073 2,247 2,403 2,377 1,669 9 Latin America and Caribbean 6,291 5,688 5,968 5,429 5,088 5,049 6,934 5,989 6,283 10 Asia 52,978 70.784 84,643 87,332 89,190 91,300 91,929 94,268 93,697 11 Africa 2,412 4.123 2,839 2,090 2,149 1,792 1,849 1,649 1,473 12 Other countries6 485 829 1,383 961 1,212 1,187 1,241 832 1,151 1. Includes the Bank for International Settlements. 5. Debt securities of U.S. government corporations and federally sponsored 2. Principally demand deposits, time deposits, bankers acceptances, commercial agencies, and U.S. corporate stocks and bonds. paper, negotiable time certificates of deposit, and borrowings under repurchase 6. Includes countries in Oceania and Eastern Europe. agreements. 3. Includes nonmarketable certificates of indebtedness (including those payable NOTE. Based on Treasury Department data and on data reported to the Treasury in foreign currencies through 1974) and Treasury bills issued to official institutions Department by banks (including Federal Reserve Banks) and securities dealers in of foreign countries. the United States. 4. Excludes notes issued to foreign official nonreserve agencies. Includes bonds and notes payable in foreign currencies. 3.16 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in Foreign Currencies Millions of dollars, end of period 1981 IItteemm 11997788 11997799 11998800 Mar. June Sept. Dec. 1 Banks' own liabilities 2,406 1,918 3,748 3,298 3,031 2,878 3,667 7 Banks' own claims1 3,671 2,419 4.206 4,257 3,699 4,078 5,331 3 Deposits 1,795 994 2,507 1,779 2,050 2,409 3,592 4 Other claims 1,876 1,425 1,699 2,478 1,649 1,669 1,738 5 Claims of banks' domestic customers2 358 580 962 444 347 248 972 1. Includes claims of banks' domestic customers through March 1978. NOTE. Data on claims exclude foreign currencies held by U.S. monetary au- 2. Assets owned by customers of the reporting bank located in the United States thorities. that represent claims on foreigners held by reporting banks for the accounts of their domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A59 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States Payable in U.S. dollars Millions of dollars, end of period 1981 1982 HHoollddeerr aanndd ttyyppee ooff lliiaabbiilliittyy 11997788 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan.? Feb.P 1 All foreigners 166,842 187,521 205,297 208,046 216,113 198,717 208,263 242,548r 247,750 254,117 2 Banks' own liabilities 78,661 117,196 124,791 130,981 142,213 124,261 132,556 162,448' 168,344 179,527 3 Demand deposits 19,218 23,303 23,462 22,073 23,592 19,061 21,127 19,677' 18,025 17,827 4 Time deposits' 12,427 13,623 15,076 17,250 17,313 17,465 18,068 28,813r 29,360 36,324 5 Other2 9,705 16,453 17,583 11,242 13,608 11,225 14,129 17,386' 16,337 17,416 6 Own foreign offices3 37,311 63,817 68,670 80,416 87,699 76,511 79,232 96,571r 104,622 107,960 7 Banks' custody liabilities4 88,181 70,325 80,506 77,065 73,900 74,456 75,707 ' 80,100' 79,405 74,590 8 U.S. Treasury bills and certificates5 68,202 48,573 57,595 54,846 52,368 51,281 52,005 55,312 55,131 51,332 9 Other negotiable and readily transferable instruments6 17,472 19,396 20,079 17,999 17,295 18,257 18,259 18,819 18,787 18,417 10 Other 2,507 2,356 2,832 4,220 4,238 4,919 5,442 5,970 5,487 4,842 11 Nonmonetary international and regional organizations7 2,607 2,356 2,344 1,650 1,826 1,981 2,317 2,721 2,148 2,091 12 Banks' own liabilities 906 714 444 436 398 303 555 638 373 298 13 Demand deposits 330 260 146 233 249 185 388 262 130 135 14 Time deposits' 84 151 85 59 60 58 74 58 86 76 15 Other2 492 303 212 145 89 60 93 318 156 87 16 Banks' custody liabilities4 1,701 1,643 1,900 1,214 1,428 1,678 1,762 2,083 1,775 1,792 17 U.S. Treasury bills and certificates 201 102 254 84 96 184 142 541 217 277 18 Other negotiable and readily transferable Instruments6 1,499 1,538 1,646 1,130 1,332 1,494 1,621 1,542 1,558 1,515 19 Other 1 2 0 0 0 0 0 0 0 0 20 Official institutions8 90,742 78,206 86,624 75,860 73,044 69,796 73,068 78,696' 76,365 72,675 21 Banks' own liabilities 12,165 18,292 17,826 13,482 13,951 11,869 14,212 16,672' 14,641 14,858 22 Demand deposits 3,390 4,671 3,771 3,714 2,697 2,668 2,459 2,612 2,400 2,384 23 Time deposits' 2,560 3,050 3,612 2,021 1,981 1,692 1,908 4,192' 3,674 4,261 24 Other2 6,215 10,571 10,443 7,747 9,273 7,509 9,846 9,868' 8,567 8,212 25 Banks' custody liabilities4 78,577 59,914 68,798 62,378 59,093 57,927 58,856 62,024' 61,723 57,817 26 U.S. Treasury bills and certificates5 67,415 47,666 56,243 52,921 50,179 48,867 49,644 52,389 52,306 4488,,336644 27 Other negotiable and readily transferable instruments6 10,992 12,196 12,501 9,402 8,659 9,013 9,161 9,587' 9,390 9,417 28 Other 170 52 54 55 255 46 51 47 27 37 29 Banks9 57,423 88,316 96,415 107,446 117,630 102,986 108,486 135,181' 144,994 151,237 30 Banks' own liabilities 52,626 83,299 90,456 98,350 108,618 92,786 97,651 123,466' 133,108 140,486 31 Unaffiliated foreign banks 15,315 19,482 21,786 17,933 20,919 16,275 18,418 26,895' 28,486 32,526 32 Demand deposits 11,257 13,285 14,188 13,255 15,199 11,346 12,908 11,614' 10,761 10,441 33 Time deposits' 1,429 1,667 1,703 1,686 1,880 1,631 1,837 8,601' 10,472 13,403 34 Other2 2,629 4,530 5,895 2,993 3,840 3,298 3,673 6,680' 7,253 8,682 35 Own foreign offices3 37,311 63,817 68,670 80,416 87,699 76,511 79,232 96,571' 104,622 107,960 36 Banks' custody liabilities4 4,797 5,017 5,959 9,097 9,012 10,200 10,835 11,715 11,886 10,751 37 U.S. Treasury bills and certificates 300 422 623 1,217 1,439 1,574 1,584 1,683 11,,885533 11,,887766 38 Other negotiable and readily transferable instruments6 2,425 2,415 2,748 4,017 3,889 4,091 4,169 4,421 4,858 4,405 39 Other 2,072 2,179 2,588 3,862 3,684 4,535 5,082 5,611 5,176 4,470 40 Other foreigners 16,070 18,642 19,914 23,089 23,613 23,955 24,392 25,950' 24,243 28,114 41 Banks' own liabilities 12,964 14,891 16,065 18,714 19,246 19,303 20,139 21,672' 20,222 23,884 42 Demand deposits 4,242 5,087 5,356 4,872 5,447 4,862 5,373 5,189' 4,733 4,867 43 Time deposits 8,353 8,755 9,676 13,483 13,393 14,084 14,249 15,963' 15,129 18,584 44 Other2 368 1,048 1,033 358 406 358 517 521' 361 434 45 Banks' custody liabilities4 3,106 3,751 3,849 4,376 4,367 4,652 4,253 4,278 4,021 4,230 46 U.S. Treasury bills and certificates 285 382 474 624 654 656 635 698 755 815 47 Other negotiable and readily transferable instruments6 2,557 3,247 3,185 3,450 3,414 3,659 3,309 3,268 2,981 3,080 48 Other 264 123 190 302 300 337 309 312 284 335 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 11,007 10,984 10,745 9,939 9,459 9,424 9,975 10,547' 10,415 10,807 1. Excludes negotiable time certificates of deposit, which are included in "Other 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued negotiable and readily transferable instruments." Data for time deposits before to official institutions of foreign countries. April 1978 represent short-term only. 6. Principally bankers acceptances, commercial paper, and negotiable time cer- 2. Includes borrowing under repurchase agreements. tificates of deposit. 3. U.S. banks: includes amounts due to own foreign branches and foreign sub- 7. Principally the International Bank for Reconstruction and Development, and sidiaries consolidated in "Consolidated Report of Condition" filed with bank reg- the Inter-American and Asian Development Banks. ulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign 8. Foreign central banks and foreign central governments and the Bank for banks: principally amounts due to head office or parent foreign bank, and foreign International Settlements. branches, agencies or wholly owned subsidiaries of head office or parent foreign 9. Excludes central banks, which are included in "Official institutions." bank. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 International Statistics • April 1982 3.17 Continued 1981 Area and country 11997788 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan.? Feb.? 1 Total 166,842 187,521 205,297 208,046 216,113 198,717 208,263' 242,548' 247,750 254,117 2 Foreign countries 164,235 185,164 202,953 206,396 214,287 196,736 205,946' 239,827' 245,602 252,027 3 Europe 85,172 90,952 90,897 81,547 85,087 77,662 82,292' 90,622' 89,541 91,728 4 Austria 513 413 523 612 590 583 595r 587 718 662 5 Belgium-Luxembourg 2,550 2.375 4,019 4,240 4,852 3,644 3,989 4,117' 3,952 3.240 6 Denmark 1,946 1,092 497 239 163 232 306 333 512 529 7 Finland 346 398 455 220 198 187 196 296 157 297 8 France 9,214 10,433 12,125 9,235 7,637 7,125 7,385 8,486' 8,075 8,047 9 Germany 17,283 12,935 9,973 7,301 8,410 6,555 7,211 7,665 6,946 6,669 10 Greece 826 635 670 492 578 496 428 463 467 535 11 Italy 7,739 7,782 7,572 6,374 6,264 5,687 5,656 7,290 7,101 6,482 12 Netherlands 2,402 2,337 2,441 1,751 2,240 2,173 2,351' 2,773' 2,801 2,931 13 Norway 1,271 1,267 1,344 1,228 1,008 1,449 1,642 1,457 1,244 1,130 14 Portugal 330 557 374 460 486 424 358 354 300 275 15 Spain 870 1,259 1,500 1,409 1,189 975 954 916 1,008 946 16 Sweden 3,121 2,005 1,737 1,667 2,102 1,609 1,508 1,545 1,272 1,480 17 Switzerland 18,225 17,954 16,689 16,426 16,983 17,114 18,937r 18,878 18,865 18,595 18 Turkey 157 120 242 208 234 252 197 518 336 216 19 United Kingdom 14,272 24,700 22,680 24,194 26,335 23,985 24,258 28,230' 30,573 34,096 20 Yugoslavia 254 266 681 343 366 265 380 375 215 219 21 Other Western Europe1 3,440 4,070 6,939 4,804 5,010 4,472 5,384 5,798' 4,660 5,029 22 U.S.S.R 82 52 68 34 28 42 72 49 69 52 23 Other Eastern Europe2 330 302 370 310 414 396 486 493 270 301 24 Canada 6,969 7,379 10,031 9,873 10,119 8,934 10,091 10,256' 11,563 11,013 25 Latin America and Caribbean 31,638 49,686 53,170 63,791 66,363 59,338 61,266' 84,519' 89,784 94,516 26 Argentina 1,484 1,582 2,132 2,043 1,979 1,929 2,012 2,445 2,754 2,897 27 Bahamas 6,752 15,255 16,381 24,209 25,168 20,962 22,900' 34,395' 43,390 43,589 28 Bermuda 428 430 670 700 806 721 624 765' 678 855 29 Brazil 1,125 1,005 1,216 1,282 1,301 1,265 1,283' 1,548r 1,604 1,803 30 British West Indies 5,974 11,138 12,766 13,239 14,456 10,472 9,516' 17,692' 17,603 18,757 31 Chile 398 468 460 538 491 538 505' 664 764 815 32 Colombia 1,756 2,617 3,077 2,708 2,527 2,759 2,776' 2,993 2,836 2,924 33 Cuba 13 13 6 7 8 6 7 9 7 10 34 Ecuador 322 425 371 355 394 403 516 434 354 370 35 Guatemala3 416 414 367 399 476 419 444 479 477 519 36 Jamaica3 52 76 97 290 92 147 96 87 120 100 37 Mexico 3,467 4,185 4,547 6,352 6,021 5,717 6,029' 7,163' 4,829 7,246 38 Netherlands Antilles 308 499 413 692 697 2,771 2,896' 3,073 3,042 3,135 39 Panama 2,967 4,483 4,718 4,619 4,964 4,599 4,904 4,852 3,458 3,338 40 Peru 363 383 403 398 380 369 473 694r 592 531 41 Uruguay 231 202 254 266 259 249 266 367 480 347 42 Venezuela 3,821 4,192 3,170 3,621 3,982 4,044 3,971' 4,245' 4,500 4,713 43 Other Latin America and Caribbean.. 1,760 2,318 2,123 2,073 2,362 1,969 2,049 2,612' 2,297 2,567 44 Asia 36,492 33,005 42,420 46,192 48,722 46,844 48,625 49,810' 50,577 50,526 China 45 Mainland 67 49 49 74 76 85 200 158' 183 215 46 Taiwan 502 1,393 1,662 2,177 2,188 2,182 2,140 2,082 2,221 2,343 47 Hong Kong 1,256 1,672 2,548 3,956 4,062 4,158 4,090 3,950' 3,945 4,212 48 India 790 527 416 455 491 433 514 385 511 414 49 Indonesia 449 504 730 732 809 1,269 985 640 1,230 1.241 50 Israel 688 707 883 482 412 418 475 589' 540 507 51 Japan 21,927 8,907 16,281 19.757 20,747 20,204 19,988' 20,559' 20,032 20,892 52 Korea 795 993 1,528 1,319 1,434 1,291 1,322 22,,001133 2,116 2,170 53 Philippines 644 795 919 868 832 691 736 887766 757 739 54 Thailand 427 277 464 371 392 274 409 534 369 494 55 Middle-East oil-exporting countries4 .. 7,534 15,300 14,453 12,396 13,293 12,196 13,603 13,172' 13,610 13,565 56 Other Asia 1,414 1,879 2,487 3,607 3,985 3,643 4,163' 4,852 5,063 3,734 57 Africa 2,886 3,239 5,187 3,201 2,561 2,535 2,381 3,201' 3,060 2,814 58 Egypt 404 475 485 355 433 343 328 360' 569 341 59 Morocco 32 33 33 59 43 28 37 32 36 35 60 South Africa 168 184 288 296 244 282 202 420 251 369 61 Zaire 43 110 57 41 76 44 56 134 33 40 62 Oil-exporting countries5 1,525 1,635 3,540 1,703 1,040 1,165 830 11,,339955 1.206 1,111 63 Other Africa 715 804 783 746 725 672 929 886600 965 919 64 Other countries 1,076 904 1,247 1,792 1,434 1,423 1,291 1,419 1,077 1,430 65 Australia 838 684 950 1,568 1,174 1,212 1,065 1,223 852 1,204 66 All other 239 220 297 224 260 211 226 196 225 226 67 Nonmonetary international and regional organizations 2,607 2,356 2,344 1,650 1,826 1,981 2,317 2,721 2,148 2,091 68 International 1,485 1,238 1,157 524 631 945 1,128 1,661 1,072 1,082 69 Latin American regional 808 806 890 747 750 724 797 710 17 706 70 Other regional6 314 313 296 379 445 312 391 350 1,059 303 1. Includes the Bank for International Settlements. Beginning April 1978, also 6. Asian, African, Middle Eastern, and European regional organizations, except includes Eastern European countries not listed in line 23. the Bank for International Settlements, which is included in "Other Western 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Dem- Europe." ocratic Republic, Hungary, Poland, and Romania. A Liabilities and claims of banks in the United States were increased, beginning 3. Included in "Other Latin America and Caribbean" through March 1978. in December 1981, by the shift from foreign branches to International Banking 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and Facilities in the United States of liabilities to, and claims on, foreign residents. United Arab Emirates (Trucial States). 5. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A61 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1981 1982 AArreeaa aanndd ccoouunnttrryy 11997788 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan.'' Feb.? 1 Total 115,545 133,943 172,592 198,903 210,104 196,637 208,059 250,136r 254,840 263,990 2 Foreign countries 115,488 133,906 172,514 198,852 210,049 196,593 208,019 250,080' 254,788 263,949 3 Europe 24,201 28,388 32,108 35,065 40,876 34,373 39,304 48,711' 51,487 53,116 4 Austria 140 284 236 185 436 138 179 127' 210 172 5 Belgium-Luxembourg 1,200 1,339 1,621 2,373 2,625 1,758 2,023 2,832' 2,788 3,257 6 Denmark 254 147 127 166 158 186 207 186 226 253 7 Finland 305 202 460 352 346 397 527 549 555 573 8 France 3,735 3,322 2,958 3,074 3,351 2,563 3,252 4,069' 4,669 4,933 9 Germany 845 1,179 948 1,144 1,267 841 979 936' 1,084 869 10 Greece 164 154 256 214 287 235 255 333 373 319 11 Italy 1,523 1,631 3,364 3,997 4,016 4,322 4,559 5,186' 5,455 55,,660011 12 Netherlands 677 514 575 581 569 564 567 685 729 880088 13 Norway 299 276 227 249 300 230 281 384 384 437 14 Portugal 171 330 331 350 328 353 390 529' 584 666 15 Spain 1,120 1,051 993 1,801 1,711 1,627 1,693 2,100' 2,172 2,506 16 Sweden 537 542 783 672 930 871 1,333 1,206' 1,293 1,504 17 Switzerland 1,283 1,165 1,446 1,708 1,948 1,471 1,961 2,211' 1,842 1,999 18 Turkey 300 149 145 159 144 153 144 421 464 522 19 United Kingdom 10,147 13,795 14,917 14,832 19,380 15,755 17,895 23,431' 24,942 25,188 20 Yugoslavia 363 611 853 948 932 954 1,016 1,224 1,209 1,243 21 Other Western Europe1 122 175 179 200 185 148 197 209 235 192 22 U.S.S.R 360 268 281 252 232 203 248 367 455 262 23 Other Eastern Europe2 657 1,254 1,410 1,809 1,733 1,605 1,596 1,725' 1,816 1,812 24 Canada 5,152 4,143 4,810 6,353 7,962 7,343 6,922 9,041' 9,399 9,752 25 Latin America and Caribbean 57,565 67,993 92,992 108,731 111,607 107,833 112,913 137,718' 142,769 147,361 26 Argentina 2,281 4,389 5,689 5,702 5,771 5,887 6,044 7,506' 8,706 8,833 27 Bahamas 21,555 18,918 29,419 36,709 38,057 36,631 39,432 43,351' 44,589 45,585 28 Bermuda 184 496 218 340 490 335 255 326 375 449 29 Brazil 6,251 7,713 10,496 10,214 9,861 10,374 10,823 16,874' 17,380 17,895 30 British West Indies 9,694 9,818 15,663 17,846 19,016 17,108 17,745 21,579' 20,986 21,926 31 Chile 970 1,441 1,951 2,321 2,514 2,567 2,649 3,682' 4,171 4,370 32 Colombia 1,012 1,614 1,752 1,429 1,487 1,529 1,598 2,018' 2,116 2,070 33 Cuba 0 4 3 14 3 4 3 3 7 9 .34 Ecuador 705 1,025 1,190 1,318 1,298 1,282 1,328 1,531 1,719 1,750 35 Guatemala3 94 134 137 115 119 127 123 124 119 119 36 Jamaica3 40 47 36 40 68 40 45 62 177 115 37 Mexico 5,479 9,099 12,595 17,391 17,245 17,148 18,500 22,385' 23,076 24,238 38 Netherlands Antilles 273 248 821 894 869 928 951 1,068 949 1,131 39 Panama 3,098 6,041 4,974 6,167 6,669 5,791 5,645 6,719' 6,920 7,116 40 Peru 918 652 890 796 788 796 705 1,213 1,433 1,434 41 Uruguay 52 105 137 107 142 166 148 157 261 240 42 Venezuela 3,474 4,657 5,438 5,529 5,325 5,273 5,129 7,046' 7,299 7,702 43 Other Latin America and Caribbean 1,485 1,593 1,583 1,800 1,885 1,848 1,790 2,102' 2,487 2,379 44 Asia 25,362 30,730 39,078 44,934 45,537 43,190 4444,,996633 4499,,669900'' 4455,,884488 4488,,114444 China 45 Mainland 4 35 195 186 153 148 199 107 85 83 46 Taiwan 1,499 1,821 2,469 2,543 2,476 2,349 2,262 2,461 2,637 2,214 47 Hong Kong 1,479 1,804 2,247 3,347 3,716 3,784 3,921 4,115' 4,089 4,286 48 India 54 92 142 135 144 176 179 134' 148 181 49 Indonesia 143 131 245 254 363 267 329 346 324 330 50 Israel 888 990 1,172 1,108 1,086 1,200 1,325 1,561' 1,318 1,455 51 Japan 12,646 16,911 21,361 25,352 25,273 22,790 23,785 26,682' 24,026 26,075 52 Korea 2,282 3,793 5,697 6,479 6,486 6,567 6,733 7,311' 6,546 6,296 53 Philippines 680 737 989 1,402 1,530 1,448 1,621 1,817' 1,766 1,974 54 Thailand 758 933 876 527 549 559 546 564 527 559 55 Middle East oil-exporting countries4 3,125 1,548 1,432 1,473 1,394 1,381 1,569 1,597 1,613 1,947 56 Other Asia 1,804 1,934 2,252 2,129 2,367 2,520 2,495 2,996' 2,767 2,745 57 Africa 2,221 1,797 2,377 2,715 2,957 2,796 2,803 3,546 3,822 3,992 58 Egypt 107 114 151 148 145 147 137 238 259 292 59 Morocco 82 103 223 204 273 269 243 284 273 262 60 South Africa 860 445 370 787 917 848 904 1,011 948 1,236 61 Zaire 164 144 94 87 102 102 100 112 98 93 62 Oil-exporting countries5 452 391 805 713 689 534 531 657 776 593 63 Other 556 600 734 777 831 896 888 1,244 1,468 1,517 64 Other countries 988 855 1,150 1,054 1,110 1,059 1,114 1,374' 1,463 1,583 65 Australia 877 673 859 952 959 962 989 1,197 1,280 1,398 66 All other 111 182 290 102 152 97 125 177' 183 185 67 Nonmonetary international and regional organizations6 56 36 78 51 55 43 40 56 52 47 1. Includes the Bank for International Settlements. Beginning April 1978, also 5. Comprises Algeria, Gabon, Libya, and Nigeria. includes Eastern European countries not listed in line 23. 6. Excludes the Bank for International Settlements, which is included in "Other 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Dem- Western Europe." ocratic Republic, Hungary, Poland, and Romania. NOTE. Data for period prior to April 1978 include claims of banks' domestic 3. Included in "Other Latin America and Caribbean" through March 1978. customers on foreigners. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and A Liabilities and claims of banks in the United States were increased, beginning United Arab Emirates (Trucial States). in December 1981, by the shift from foreign branches to International Banking Facilities in the United States of liabilities to, and claims on, foreign residents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • April 1982 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1981 1982 TTyyppee ooff ccllaaiimm 11997788 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan. Feb.P 1 Total 111111122222226666666,,,,,,,777777788888887777777 111111155555554444444,,,,,,,000000033333330000000 111111199999998888888,,,,,,,666666699999998888888 222222244444445555555,,,,,,,777777700000005555555 222222288888887777777,,,,,,,444444400000000000000''''''' 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 111111111111115555555,,,,,,,555555544444445555555 111111133333333333333,,,,,,,999999944444443333333 111111177777772222222,,,,,,,555555599999992222222 198,903 222222211111110000000,,,,,,,111111100000004444444 196,637 208,059 222222255555550000000,,,,,,,111111133333336666666rrrrrrr 254,840 263,996 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 11111110000000,,,,,,,333333344444446666666 11111115555555,,,,,,,999999933333337777777 22222220000000,,,,,,,888888888888882222222 24,414 22222225555555,,,,,,,000000022222221111111 25,436 26,391 33333330000000,,,,,,,999999933333330000000''''''' 33,261 33,293 44 OOwwnn ffoorreeiiggnn ooffffiicceess11 44444441111111,,,,,,,666666600000005555555 44444447777777,,,,,,,444444422222228888888 66666665555555,,,,,,,000000088888884444444 80,398 88888888888888,,,,,,,222222211111114444444 78,855 84,881 99999996666666,,,,,,,666666600000007777777 95,997 96,840 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 44444440000000,,,,,,,444444488888883333333 44444440000000,,,,,,,999999922222227777777 55555550000000,,,,,,,111111166666668888888 55,364 55555558888888,,,,,,,444444488888887777777 54,957 57,648 77777773333333,,,,,,,444444466666662222222''''''' 75,732 82,155 66 DDeeppoossiittss 5555555,,,,,,,444444422222228888888 6666666,,,,,,,222222277777774444444 8888888,,,,,,,222222255555554444444 11,678 11111112222222,,,,,,,666666688888885555555 12,407 12,828 22222221111111,,,,,,,999999999999992222222''''''' 23,205 25,471 77 OOtthheerr 33333335555555,,,,,,,000000055555554444444 33333334444444,,,,,,,666666655555554444444 44444441111111,,,,,,,999999911111114444444 43,686 44444445555555,,,,,,,888888800000003333333 42,550 44,820 55555551111111,,,,,,,444444477777770000000rrrrrrr 52,526 56,684 88 AAllll ootthheerr ffoorreeiiggnneerrss 22222223333333,,,,,,,111111111111111111111 22222229999999,,,,,,,666666655555550000000 33333336666666,,,,,,,444444455555559999999 38,727 33333338888888,,,,,,,333333388888882222222 37,389 39,139 44444449999999,,,,,,,111111133333337777777''''''' 49,850 51,707 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 .... 11111111111111,,,,,,,222222244444443333333 22222220000000,,,,,,,000000088888888888888 22222226666666,,,,,,,111111100000006666666 33333335555555,,,,,,,666666600000000000000 33333337777777,,,,,,,222222266666664444444 444444488888880000000 999999955555555555555 888888888888885555555 999999999999992222222 1111111,,,,,,,333333355555555555555 11 Negotiable and readily transferable 5555555,,,,,,,333333399999996666666 11111113333333,,,,,,,111111100000000000000 11111115555555,,,,,,,555555577777774444444 22222225555555,,,,,,,111111199999993333333 22222225555555,,,,,,,777777788888886666666 12 Outstanding collections and other 5555555,,,,,,,333333366666666666666 6666666,,,,,,,000000033333332222222 9999999,,,,,,,666666644444448888888 9999999,,,,,,,444444411111115555555 11111110000000,,,,,,,111111122222223333333 13 MEMO: Customer liability on 11111115555555,,,,,,,000000033333330000000 11111118888888,,,,,,,000000022222221111111 22222222222222,,,,,,,777777711111114444444 22222227777777,,,,,,,666666644444440000000 22222229999999,,,,,,,666666633333336666666 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States5 13,668 22,253 24,249 34,381 36,247 39,870 41,496 38,941' 41,934 n.a. 1. U.S. banks: includes amounts due from own foreign branches and foreign 4. Data for March 1978 and for period before that are outstanding collections subsidiaries consolidated in "Consolidated Report of Condition" filed with bank only. regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign 5. Includes demand and time deposits and negotiable and nonnegotiable certifbanks: principally amounts due from head office or parent foreign bank, and foreign icates of deposit denominated in U.S. dollars issued by banks abroad. For descripbranches, agencies, or wholly owned subsidiaries of head office or parent foreign tion of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550. bank. A Liabilities and claims of banks in the United States were increased, beginning 2. Assets owned by customers of the reporting bank located in the United States in December 1981, by the shift from foreign branches to International Banking that represent claims on foreigners held by reporting banks for the account of their Facilities in the United States of liabilities to, and claims on, foreign residents. domestic customers. NOTE. Beginning April 1978, data for banks' own claims are given on a monthly 3. Principally negotiable time certificates of deposit and bankers acceptances. basis, but the data for claims of banks' own domestic customers are available on a quarterly basis only. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1978 1979 1980 1981 MMaattuurriittyy;; bbyy bboorrrroowweerr aanndd aarreeaa Dec. Dec. Dec. Mar. June Sept Dec. 1 73,635 86,181 106,748 107,276 116,886 121,561 151,955 By borrower 2 Maturity of 1 year or less1 58,345 65,152 82,555 83,471 91,447 94,053 114,059 3 Foreign public borrowers 4,633 7,233 9,974 10,734 11,713 12,950 15,071 4 All other foreigners 53,712 57,919 72,581 72,737 79,734 81,104 98,988 5 Maturity of over 1 year1 15,289 21,030 24,193 23,805 25,439 27,508 37,897 6 Foreign public borrowers 5,395 8,371 10,152 10,250 11,022 12,367 15,607 7 All other foreigners 9,894 12,659 14,041 13,555 14,416 15,141 22,290 By area Maturity of 1 year or less1 8 Europe 15,169 15,235 18,715 18,681 20,815 22,727 27,145 9 Canada 2,670 1,777 2,723 2,743 3,291 3,799 4,273 10 Latin America and Caribbean 20,895 24,928 32,034 31,329 33,292 35,207 47,576 11 17,545 21,641 26,686 28,363 31,485 29,222 31,653 17 Africa 1,496 1,077 1,757 1,624 1,768 2,324 2,474 13 All other2 569 493 640 730 797 774 938 Maturity of over 1 year1 14 Europe 3,142 4,160 55,,111188 5,585 6,283 6,405 8,080 15 Canada 1,426 1,317 1,448 1,180 1,317 1,347 1,729 16 Latin America and Caribbean 8,464 12,814 15,075 14,841 15,448 17,471 25,187 17 1,407 1,911 1,865 1,530 1,680 1,565 1,749 18 Africa 637 655 507 531 551 548 893 19 All other2 214 173 179 138 159 172 260 1. Remaining time to maturity. A Liabilities and claims of banks in the United States were increased, beginning 2. Includes nonmonetary international and regional organizations. in December 1981, by the shift from foreign branches to International Banking Facilities in the United States of liabilities to, and claims on, foreign residents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A63 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1 Billions of dollars, end of period 1980 1981 AArreeaa oorr ccoouunnttrryy 11997777 1199778822 11997799 Mar. June Sept. Dec. Mar. June' Sept.' Dec.P 1 Total 240.0 266.2 303.9' 308.5 328.8 339.3 352.0 370.6 381.9 398.6 409.8 2 G-10 countries and Switzerland 116.4 124.7 138.4 141.3r 154.2 158.8 162.1 167.9' 167.8 171.8 172.3 3 Belgium-Luxembourg 8.4 9.0 11.1 10.8 13.1 13.6 13.0 13.5 13.8 14.0 13.2 4 France 11.0 12.2 11.7 12.0 14.1 13.9 14.1 14.5 14.7 16.0 15.2 5 Germany 9.6 11.3 12.2 11.4 12.7 12.9 12.1 13.2 12.1 12.7 12.6 6 Italy 6.5 6.7 6.4 6.2 6.9 7.2 8.2 7.7 8.4 8.6 9.7 7 Netherlands 3.5 4.4 4.8 4.3 4.5 4.4 4.4 4.6 4.1 3.7 4.0 8 Sweden 1.9 2.1 2.4 2.4 2.7 2.8 2.9 3.2 3.1 3.4 3.7 9 Switzerland 3.6 5.3 4.7 4.3 3.3 3.4 5.0 5.1 5.2 5.1 5.3 10 United Kingdom 46.5 47.3 56.4 57.6 64.4 66.7 67.4 68.2 66.7 68.5 68.7 11 Canada 6.4 6.0 6.3 6.9 7.2 7.7 8.4 8.8 10.8 11.6 10.4 12 Japan 18.8 20.6 22.4 25.4 25.5 26.1 26.5 29.1' 28.9 28.1 29.4 13 Other developed countries 18.2r 19.4 19.9 18.8 20.3 20.6 21.6' 23.5 24.8 26.4 28.5 14 Austria 1.3 1.7 2.0 1.7 1.8 1.8 1.9 1.8 2.1 2.2 2.0 15 Denmark 1.6 2.0 2.2 2.1 2.2 2.2 2.3 2.4 2.3 2.5 2.4 16 Finland 1.2 1.2 1.2 1.1 1.3 1.2 1.4 1.4 1.3 1.4 1.7 17 Greece 2.2 2.3 2.4 2.4 2.5 2.6 2.8 2.7 3.0 2.9 2.7 18 Norway 1.9 2.1 2.3 2.4 2.4 2.4 2.6 2.8 2.8 3.0 3.1 19 Portugal .6 .6 .7 .6 .6 .7 .6 .6 .8 1.0 1.1 20 Spain 3.6 3.5 3.5 3.5 3.9 4.2 4.4 5.5' 5.7 5.8 6.6 21 Turkey 1.5 1.5 1.4 1.4 1.4 1.3 1.5 1.5 1.4 1.5 1.4 22 Other Western Europe .9 1.3 1.4 1.4 1.6 1.7 1.7 1.8 1.8 1.9 2.2 23 South Africa 2.4 2.0 1.3 1.1 1.5 1.2 1.1 1.5 1.9 2.5 2.8 24 Australia 1.4 1.4 1.3 1.2 1.2 1.2 1.3 1.4 1.7 1.9 2.5 25 OPEC countries3 17.6 22.7 22.9 21.8 20.9 21.4 22.7 21.7 22.2 23.5 24.4 26 Ecuador 1.1 1.6 1.7 1.8 1.8 1.9 2.1 2.0 2.0 2.1 2.2 27 Venezuela 5.5 7.2 8.7 7.9 7.9 8.5 9.1 8.3 8.7 9.2 9.6 28 Indonesia 2.2 2.0 1.9 1.9 1.9 1.9 1.8 2.1 2.1 2.5 2.5 29 Middle East countries 6.9 9.5 8.0 7.8 6.9 6.7 6.9 6.7 6.8 7.1 7.5 30 African countries 1.9 2.5 2.6 2.5 2.5 2.4 2.8 2.6 2.6 2.6 2.5 31 Non-OPEC developing countries 48.7 52.6 63.0r 63.7 67.7' 73.0' 77.4' 81.9' 84.6 90.0 95.9 Latin America 32 Argentina 2.9 3.0 5.0 5.5 5.6 7.6 7.9 9.4 8.5 9.2 9.3 33 Brazil 12.7 14.9 15.2 15.0 15.3 15.8 16.2 16.8 17.3 17.6 19.0 34 Chile .9 1.6 2.5 2.5 2.7 3.2 3.7 4.0 4.8 5.5 5.8 35 Colombia 1.3 1.4 2.2 2.1 2.2 2.4 2.6 2.4 2.5 2.5 2.6 36 Mexico 11.9 10.8 12.0 12.1 13.6 14.4 15.9 17.0 18.2 20.0 21.5 37 Peru 1.9 1.7 1.5 1.3 1.4 1.5 1.8 1.8 1.7 1.8 2.0 38 Other Latin America 2.6 3.6 3.7 3.6 3.6 3.9 3.9 4.7 3.8 4.2 4.4 Asia China 39 Mainland .0 .0 .1 .1 .1 .1 .2 .2 .2 .2 .2 40 Taiwan 3.1 2.9 3.4 3.6 3.8 4.1 4.2 4.4 4.6 5.1 5.1 41 India .3 .2 .2 .2 .2 .2 .3 .3 .3 .3 .3 42 Israel .9 1.0 1.3 .9 1.2 1.1 1.5 1.3 1.8 1.5 2.0 43 Korea (South) 3.9 3.9 5.4 6.4 7.1 7.3 7.1 7.7 8.7 8.5 9.4 44 Malaysia .7 .6 1.0' .8 1.1' 1.1' 1.1' 1.2' 1.4 1.4 1.7 45 Philippines 2.5 2.8 4.2 4.4 4.6 4.8 5.1 4.8 5.1 5.6 6.0 46 Thailand 1.1 1.2 1.5 1.4 1.5 1.5 1.6 1.6 1.5 1.4 1.5 47 Other Asia .4 .2 .5 .5 .5 .5 .6 .5 .7 .8 1.0 Africa 48 Egypt .3 .4 .6 .7 .8 .6 .8 .8 .7 1.0 1.1 49 Morocco .5 .6 .6 .6' .5 .6 .7 .6 .5 .7 .7 50 Zaire .3 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 51 Other Africa4 .7 1.4 1.7 1.8' 1.9 2.1 2.1 2.2 2.1 2.2 2.3 52 Eastern Europe 6.3 6.9 7.3 7.3 7.2 7.3 7.4 7.7 7.7 7.7 7.9 53 U.S.S.R 1.6 1.3 .7 .6 .5 .5 .4 .4 .5 .4 .6 54 Yugoslavia 1.1 1.5 1.8 1.9 2.1 2.1 2.3 2.4 2.5 2.5 2.5 55 Other 3.7 4.1 4.8 4.9 4.5 4.7 4.6 4.8 4.8 4.7 4.9 56 Offshore banking centers 26.1 31.0 40.4 42.6 44.3 44.6 47.0 53.1 59.0 61.2 62.3 57 Bahamas 9.9 10.4 13.7 13.9 13.7 13.2 13.7 15.2 17.8 21.0 18.1 58 Bermuda .6 .7 .8 .6 .6 .6 .6 .7 .7 .8 .7 59 Cayman Islands and other British West Indies 3.7 7.4 9.4 11.3 9.8 10.1 10.6 11.7 12.4 11.9 12.2 60 Netherlands Antilles .7 .8 1.2 .9 1.2 1.3 2.1 2.3 2.4 2.2 3.1 61 Panama5 3.1 3.0 4.3 4.9 5.6 5.6 5.4 6.5 6.9 6.7 7.5 62 Lebanon .2 .1 .2 .2 .2 .2 .2 .2 .2 .2 .2 63 Hong Kong 3.7 4.2 6.0 5.7 6.9 7.5 8.1 8.4 10.3 10.3 11.8 64 Singapore 3.7 3.9 4.5 4.7 5.9 5.6 5.9 7.3 8.1 8.0 8.6 65 Others6 .5 .5 .4 .4 .4 .4 .3 .9 .3 .1 .1 66 Miscellaneous and unallocated7 5.3 9.1 11.7 13.2' 14.3 13.7 14.0 14.9 15.7 18.2 18.4 1. The banking offices covered by these data are the U.S. offices and foreign the claims of the U.S. offices also include customer claims and foreign currency branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. claims (amounting in June 1978 to $10 billion). Offices not covered include (1) U.S. agencies and branches of foreign banks, and 3. In addition to the Organization of Petroleum Exporting Countries shown (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are ad- individually, this group includes other members of OPEC (Algeria, Gabon, Iran, justed to exclude the claims on foreign branches held by a U.S. office or another Iraa, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as foreign branch of the same banking institution. The data in this table combine well as Bahrain and Oman (not formally members of OPEC). foreign branch claims in table 3.13 (the sum of lines 7 through 10) with the claims 4. Excludes Liberia. of U.S. offices in table 3.17 (excluding those held by agencies and branches of 5. Includes Canal Zone beginning December 1979. foreign banks and those constituting claims on own foreign branches). However, 6. Foreign branch claims only. see also footnote 2. 7. Includes New Zealand, Liberia, and international and regional organizations. 2. Beginning with data for June 1978, the claims of the U.S. offices in this table include only banks' own claims payable in dollars. For earlier dates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 International Statistics • April 1982 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States' Millions of dollars, end of period 1980 1981 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11997788 11997799 11998800 Sept. Dec. Mar. June Sept. 1 Total 14,956 17,170 21,644 18,778 21,644 21,681 21,163 21,178 2 Payable in dollars 11,527 14,095 17,935 15,441 17,935 18,156 17,915 18,186 3 Payable in foreign currencies2 3,429 3,075 3,709 3,337 3,709 3,525 3,247 2,992 By type 4 Financial liabilities 6,368 7,477 11,122 8,441 11,122 11,492 11,386 10,921 5 Payable in dollars 3,853 5,207 8,350 5,954 8,350 8,860 9,053 8,739 6 Payable in foreign currencies 2,515 2,270 2,772 2,487 2,772 2,633 2,333 2,182 7 Commercial liabilities 8,588 9,693 10,521 10,337 10,521 10,188 9,777 10,257 8 Trade payables 4,001 4,421 4,708 4,377 4,708 4,781 4,377 4,268 9 Advance receipts and other liabilities 4,587 5,272 5,814 5,960 5,814 5,407 5,401 5,989 10 Payable in dollars 7,674 8,888 9,585 9,487 9,585 9,296 8,862 9,447 11 Payable in foreign currencies 914 805 936 850 936 892 915 810 By area or country Financial liabilities 12 Europe 3,971 4,655 6,314 5,321 6,314 6,011 5,926 6,073 13 Belgium-Luxembourg 293 345 484 432 484 553 527 440 14 France 173 175 327 360 327 324 362 607 15 Germany 366 497 582 557 582 498 477 430 16 Netherlands 391 829 663 781 663 544 700 583 17 Switzerland 248 170 354 224 354 315 321 335 18 United Kingdom 2,167 2,460 3,769 2,836 3,769 3,665 3,419 3,526 19 Canada 247 532 958 642 958 1,090 978 977 20 Latin America and Caribbean 1,357 1,483 3,103 1,734 3,103 3,483 3,592 3,032 21 Bahamas 478 375 964 407 964 11,,221177 11,,227722 1,019 22 Bermuda 4 81 1 1 1 11 11 0 23 Brazil 10 18 23 20 23 19 20 20 24 British West Indies 194 514 1,452 708 1,452 1,458 1,534 1,296 25 Mexico 102 121 99 108 99 97 98 107 26 Venezuela 49 72 81 74 81 85 91 90 27 784 799 723 712 723 880 861 805 28 Japan 717 726 644 618 644 766 741 687 29 Middle East oil-exporting countries3 32 31 38 37 38 51 29 30 30 Africa 5 4 11 11 11 6 5 3 31 Oil-exporting countries4 2 1 1 1 1 1 0 1 32 All other5 5 4 15 21 15 23 24 29 Commercial liabilities 33 Europe 3,047 3,636 4,197 4,074 4,197 3,814 3,892 3,912 34 Belgium-Luxembourg 97 137 90 109 90 83 72 78 35 France 321 467 582 501 582 563 558 575 3b Germany 523 545 679 686 679 639 617 579 il Netherlands 246 227 219 276 219 246 225 235 38 Switzerland 302 310 493 452 493 385 375 556633 39 United Kingdom 824 1,077 1,017 1,047 1,017 880 950 888888 40 Canada 667 868 806 591 806 749 652 742 41 Latin America 997 1,323 1,244 1,361 11,,224444 11,,228877 1,149 1,064 42 Bahamas 25 69 8 8 88 11 4 3 43 Bermuda 97 32 73 114 73 111 72 113 44 Brazil 74 203 111 156 111 84 54 61 45 British West Indies 53 21 35 12 35 16 34 11 46 Mexico 106 257 326 324 326 421 319 345 47 Venezuela 303 301 307 293 307 253 290 249 4488 2,931 2,905 3,005 2,909 3,005 3,071 2,787 3,197 4499 Japan 448 494 802 502 802 810 867 777 50 Middle East oil-exporting countries3 1,523 1,017 894 944 894 955 837 880 51 Africa 743 728 814 1,006 814 828 676 751 52 Oil-exporting countries4 312 384 514 633 514 519 392 351 53 All other5 203 233 456 396 456 440 622 593 1. For a description of the changes in the International Statistics tables, see July 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar Saudi Arabia and 1979 BULLETIN, p. 550. United Arab Emirates (Trucial States). 2. Before December 1978, foreign currency data include only liabilities denom- 4. Comprises Algeria, Gabon, Libya, and Nigeria. inated in foreign currencies with an original maturity of less than one year. 5. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A65 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States1 Millions of dollars, end of period 1980 1981 Type, and area or country 11997788 11997799 11998800 Sept. Dec. Mar. June Sept. 1 Total 28,004 31,286 34,489 32,048 34,489 37,661 35,258 33,809 2 Payable in dollars 25,001 28,094 31,563 28,712 31,563 34,663 32,334 30,828 3 Payable in foreign currencies2 3,003 3,193 2,926 3,336 2,926 2,999 2,924 2,981 By type 4 Financial claims 16,644 18,431 19,812 18,633 19,812 22,203 20,133 18,949 5 Deposits 11,201 12,797 13,978 12,574 13,978 16,474 14,487 13,239 6 Payable in dollars 10,133 11,881 13,203 11,361 13,203 15,679 13,761 12,508 7 Payable in foreign currencies 1,068 916 775 1,213 775 795 725 732 8 Other financial claims 5,443 5,634 5,834 6,059 5,834 5,729 5,646 5,710 9 Payable in dollars 3,874 3,808 4,152 4,404 4,152 4,082 3,992 4,009 10 Payable in foreign currencies 1,569 1,826 1,683 1,655 1,683 1,646 1,655 1,701 11 Commercial claims 11,360 12,855 14,677 13,415 14,677 15,458 15,125 14,860 12 Trade receivables 10,802 12,161 13,957 12,714 13,957 14,657 14,295 14,001 13 Advance payments and other claims.. 559 694 720 702 720 801 830 859 14 Payable in dollars 10,994 12,405 1144,,220088 12,947 14,208 14,901 14,581 14,311 15 Payable in foreign currencies 366 450 446688 469 468 557 544 549 By area or country Financial claims 16 Europe 5,225 6,163 6,094 5,692 6,094 6,098 5,212 4,628 17 Belgium-Luxembourg 48 32 195 17 195 170 174 26 18 France 178 177 334 409 334 411 377 348 19 Germany 510 409 230 168 230 213 139 320 20 Netherlands 103 53 32 30 32 42 34 48 21 Switzerland 98 73 59 41 59 90 96 67 22 United Kingdom 4,031 5,107 4,967 4,646 4,967 4,900 4,046 3,476 23 Canada 4,549 4,984 5,057 4,948 5,057 6,611 6,168 6,018 24 Latin America and Caribbean 5,714 6,282 7,682 6,812 7,682 8,552 7,882 7,313 25 Bahamas 33,,000011 2,757 3,424 2,845 3,424 3,947 3,231 3,128 26 Bermuda 8800 30 135 65 135 13 33 15 27 Brazil 151 163 96 116 96 22 20 66 28 British West Indies 1,291 2,007 2,681 2,342 2,681 3,398 3,396 3,010 29 Mexico 162 157 208 192 208 168 162 273 30 Venezuela 157 143 137 128 137 131 143 143 31 Asia 920 706 710 853 710 691 618 653 32 Japan 305 199 177 331 177 191 107 120 33 Middle East oil-exporting countries 18 16 20 20 20 17 19 29 34 Africa 181 253 238 260 238 214 216 222 35 Oil-exporting countries4 10 49 26 29 26 27 39 41 36 All other5 55 44 32 68 32 36 37 116 Commercial claims 3,983 4,909 5,511 4,709 5,511 5,822 5,467 5,403 37 Europe 144 202 233 230 233 277 235 219 38 Belgium-Luxembourg 609 727 1,129 710 1,129 918 783 762 39 France 399 589 591 571 591 597 572 579 40 Germany 267 298 318 289 318 347 308 307 41 Netherlands 198 272 351 339 351 461 474 402 42 Switzerland 824 901 932 994 932 1,187 1,067 1,025 43 United Kingdom 44 Canada 1,094 849 899 934 899 1,037 991 993 45 Latin America and Caribbean 2,546 2,853 3,791 3,389 3,791 3,832 3,793 3,684 46 Bahamas 109 21 21 53 21 15 29 18 47 Bermuda 215 197 148 81 148 170 192 241 48 Brazil 628 645 861 712 861 799 823 708 49 British West Indies 9 16 34 17 34 15 34 13 50 Mexico 505 698 1,090 992 1,090 1,051 1,113 969 51 Venezuela 291 343 407 388 407 436 '20 438 52 Asia 3,112 3,450 3,507 3,443 3,507 3,763 3,767 3,628 53 Japan 1,006 1,175 1.045 1,135 1,045 1,294 1,218 1,097 54 Middle East oil-exporting countries- 716 766 821 837 821 925 934 823 55 Africa 447 554 651 669 651 678 703 703 56 Oil-exporting countries4 136 133 151 135 151 143 137 149 57 All other5 178 240 318 272 318 327 404 449 1. For a description of the changes in the International Statistics tables, see July 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and 1979 BULLETIN, p. 550. United Arab Emirates (Trucial States). 2. Prior to December 1978, foreign currency data include only liabilities denom- 4. Comprises Algeria, Gabon, Libya, and Nigeria. inated in foreign currencies with an original maturity of less than one year. 5. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 International Statistics • April 1982 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1982 1981 1982 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11997799 11998800 11998811 Jan.- Feb.f Aug. Sept. Oct. Nov. Dec. Jan. Feb.P U.S. corporate securities STOCKS 1 Foreign purchases 22,783 40,290 40,558 4,540 3,152 2,847 2,839 2,689 2,940 2,016 2,524 2 Foreign sales 21,104 34,870 34,842 3,736 3,206 2,322 2,792 2,494 2,740 1,748 1,988 3 Net purchases, or sales (-) 1,679 5,419 5,717 804 -54 525 47 195 200 268 536 4 Foreign countries 1,662 5,401 5,692 800 -49 531 53 207 199 263 537 5 Europe 237 3,108 3,592 578 74 38 46 109 176 231 347 6 France 137 490 889 -8 29 10 21 -7 5 -2 -6 7 Germany -215 169 -28 27 -28 -48 6 -4 -6 11 16 8 Netherlands -71 -328 37 40 -28 -3 13 28 -73 3 38 9 Switzerland -519 308 269 7 1 -68 -97 0 75 40 -33 10 United Kingdom 964 2,523 2,210 485 85 132 86 % 171 168 317 11 Canada 552 887 750 -24 -39 44 -47 7 8 -45 20 12 Latin America and Caribbean -19 148 -30 18 -51 -81 7 54 -36 -13 31 13 Middle East1 688 1,206 1,140 188 -36 497 164 46 -24 51 137 14 Other Asia 211 16 279 34 20 29 -117 -7 74 40 -6 15 Africa -14 -1 7 1 0 0 0 1 0 0 1 16 Other countries 7 38 -46 6 -17 4 -2 -3 1 -1 6 17 Nonmonetary international and regional organizations 17 18 24 4 -5 -5 -6 -12 0 5 -1 BONDS2 18 Foreign purchases 88,,888888 15,425 17,208 1,875 1,171 1,306 1,166 1,099 1,192 946 929 19 Foreign sales 77,,664488 9,964 12,180 1,708 894 1,051 1,203 1,303 1,038 778 930 20 Net purchases, or sales (-) 1,240 5,461 5,028 167 277 255 -36 -204 153 168 -1 21 Foreign countries 1,376 5,526 4,961 164 278 243 -27 -212 157 154 10 22 Europe 671 1,576 1,335 161 176 5 -106 -112 139 144 16 23 France 56 129 11 29 -9 4 5 4 7 15 14 24 Germany 59 212 850 186 105 64 43 67 52 83 103 25 Netherlands -202 -65 60 2 -2 -2 3 9 3 2 00 26 Switzerland -118 54 98 27 22 -23 7 10 -3 19 88 27 United Kingdom 814 1,257 178 -99 45 -53 -164 -174 55 3 -102 28 Canada 80 135 -6 43 2 -12 -35 -29 -2 29 15 29 Latin America and Caribbean 109 185 132 5 -5 7 -12 4 22 17 -11 30 Middle East1 424 3,499 3,465 -152 81 252 84 -72 -62 -89 -63 31 Other Asia 88 117 44 105 24 -9 43 -1 60 53 52 32 Africa 1 5 -1 0 0 0 0 -1 0 0 0 33 Other countries 1 10 -7 2 0 -1 0 -2 -2 0 2 34 Nonmonetary international and regional organizations -136 -65 66 3 -1 12 -10 9 -4 14 -11 Foreign securities 35 Stocks, net purchases, or sales (-) -817 -2,142 2 206 51 191 -30 -70 82 159 47 36 Foreign purchases 4,617 7,888 9,198 1,025 835 794 588 625 699 521 504 37 Foreign sales 5,434 10,029 9,196 819 784 603 617 695 617 362 457 38 Bonds, net purchases, or sales (-) -3,999 -1,013 -5,218 -119 -32 -260 -154 -1,946 -772 -21 -97 39 Foreign purchases 12,662 17,073 17,823 2,732 1,078 1,023 1,553 2,296 1,980 1,222 1,511 40 Foreign sales 16,660 18,086 23,041 2,851 1,110 1,282 1,706 4,242 2,751 1,243 1,607 41 Net purchases, or sales (-), of stocks and bonds . -4,816 -3,155 -5,215 88 19 -68 -183 -2,015 -689 138 -50 42 Foreign countries -4,066 -4,031 -4,459 0 62 -82 -356 -1,427 31 110 -110 43 Europe -1,785 -1,108 637 91 -55 74 -45 -453 136 143 -53 44 Canada -2,601 -1,959 -3,745 -182 -74 -326 -250 -879 -166 -80 -102 45 Latin America and Caribbean 343 80 170 134 62 1 50 -6 -2 67 67 46 Asia 15 -1,147 287 -22 131 177 -113 -148 49 -2 -20 47 Africa -63 24 53 -16 -3 -6 1 1 6 -15 -1 48 Other countries 25 78 92 -5 1 -3 0 57 8 -4 -2 49 Nonmonetary international and regional organizations -750 876 756 88 -43 14 173 -588 -720 28 60 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait. 2. Includes state and local government securities, and securities of U.S. gov- Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). eminent agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Investment Transactions and Discount Rates A67 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Holdings and Transactions Millions of dollars 1982 1981 1982 Country or area 1980 1981 Jan- Feb. Aug. Sept. Oct. Nov. Dec. Jan. Feb.? Holdings (end of period)1 1 Estimated total2 57,549 70,343 66,437 67,008 68,489 70,512 70,343 71,629 73,943 2 Foreign countries2 52,961 64,672 61,579 62,369 64,067 66,035 64,672 65,992 68,416 3 Europe2 24,468 23,976 25,090 24,334 24,531 24,952 23,976 24,373 25,332 4 Belgium-Luxembourg 77 543 370 372 384 329 543 614 363 5 Germany2 12,327 11,861 13,524 12,830 13,029 13,226 11,861 11,901 12,847 6 Netherlands 1,884 1,955 1,760 1,756 1,784 1,889 1,955 1,998 2,038 7 Sweden 595 643 623 646 661 645 643 644 635 8 Switzerland2 1,485 846 848 876 861 833 846 904 984 9 United Kingdom 7,323 6,709 6,630 6,469 6,446 6,693 6,709 6,800 6,931 10 Other Western Europe 777 1,419 1,334 1,385 1,367 1,337 1,419 1,514 1,535 11 Eastern Europe 0 0 0 0 0 0 0 -2 -2 12 Canada 449 520 514 528 547 508 520 540 506 13 Latin America and Caribbean 999 736 818 854 788 761 736 721 728 14 Venezuela 292 286 313 294 289 306 286 286 286 15 Other Latin America and Caribbean 285 319 321 313 317 289 319 321 337 16 Netherlands Antilles 421 131 184 246 182 165 131 113 104 17 Asia ! 26,112 38,806 34,008 35,506 37,052 38,774 38,806 39,836 41,445 18 Japan 9,479 10,780 9,890 10,102 10,094 10,732 10,780 10,844 11,022 19 Africa 919 631 1,140 1,140 11,,114411 1,037 631 519 400 20 All other 14 2 8 8 88 3 2 3 5 21 Nonmonetary international and regional organizations. 4,588 5,671 4,858 4,639 4,422 4,477 5,671 5,637 5,527 22 International 4,548 5,637 4,856 4,636 4,419 4,462r 5,637r 5,603r 5,493 23 Latin American regional 36 1 1 1 1 1 1 1 -4 Transactions (net purchases, or sales ( -) during period) 24 Total2 6,066 12,794 3,599 1,799 571 1,480 2,024 -169 1,286 2,314 25 Foreign countries2 6,906 11,710 3,744 1,920 791 1,698 1,968 -1,363 1,320 2,424 26 Official institutions 3,865 11,833 3,183 1,532 1,376 1,633 2,123 -787 841 2,343 27 Other foreign2 3,040 -124 559 388 -585 65 -165 -576 478 81 28 Nonmonetary international and regional organizations. -843 1,085 -143 -120 -220 -217 56 1,194 -33 -110 MEMO: Oil-exporting countries 29 Middle East3 7,672 11,156 2,392 1,204 1,354 1,442 1,250 17 1,019 1,373 30 Africa4 327 -289 -231 0 0 0 -102 -407 -112 -119 1. Estimated official and private holdings of marketable U.S. Treasury securities 2. Beginning December 1978, includes U.S. Treasury notes publicly issued to with an original maturity of more than I year. Data are based on a benchmark private foreign residents denominated in foreign currencies. survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign United Arab Emirates (Trucial States). countries. 4. Comprises Algeria, Gabon, Libya, and Nigeria. 3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS Percent per annum Rate on Mar. 31, 1982 Rate on Mar. 31, 1982 Rate on Mar. 31, 1982 Country Country Country Per- Month Per- Month Per- Month cent effective cent effective cent effective Argentina 168.9 Mar. 1982 France1 19.0 Mar. 1982 Sweden 10.0 Mar. 1982 Austria .. 6.75 Mar. 1980 Germany, Fed. Rep. of 7.5 May 1980 Switzerland _ 5.5 Mar. 1982 Belgium.. 13.0 Mar. 1982 Italy 19.0 Mar. 1981 United Kingdom' Brazil 49.0 Mar. 1981 Japan 5.5 Dec. 1981 Venezuela 14.0 Aug. 1981' Canada .. 15.11 Mar. 1982 Netherlands 8.0 Mar. 1982 Denmark. 11.00 Oct. 1980 Norway 9.0 Nov. 1979 1. As of the end of February 1981, the rate is that at which the Bank of France discounts or makes advances against eligible commercial paper and/or discounts Treasury bills for 7 to 10 davs. government commercial banks or brokers. For countries with 2. Minimum lending rate suspended as of Aug. 20, 1981. more than one rate applicable to such discounts or advances, the rate shown is the one at which it is understood the central bank transacts the NOTE. Rates shown are mainly those at which the central bank either largest proportion of its credit operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 International Statistics • April 1982 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1981 1982 CCoouunnttrryy,, oorr ttyyppee 11997799 11998800 11998811 Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1 Eurodollars 11.96 14.00 16.79 17.80 16.34 13.33 13.24 14.29 15.75 14.90 2 United Kingdom 13.60 16.59 13.86 14.60 16.27 15.03 15.31 15.14 14.47 13.53 3 Canada 11.91 13.12 18.34 20.42 18.84 16.53 15.97 15.01 15.25 15.67 4 Germany 6.64 9.45 12.05 12.48 11.72 11.05 10.72 10.43 10.22 9.84 5 Switzerland 2.04 5.79 9.15 10.56 10.85 9.88 9.76 8.53 8.29 6.37 6 Netherlands 9.33 10.60 11.52 12.96 12.57 11.70 11.03 10.49 10.06 8.90 7 France 9.44 12.18 15.28 17.65 16.47 15.35 15.30 15.07 14.58 15.21 8 Italy 11.85 17.50 19.98 21.07 21.00 21.12 21.24 21.38 21.34 20.63 9 Belgium 10.48 14.06 15.28 16.00 15.83 15.28 15.48 15.09 14.89 14.02 10 Japan 6.10 11.45 7.58 7.26 7.13 7.15 6.75 6.41 6.38 6.43 NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate. 3.28 FOREIGN EXCHANGE RATES Currency units per dollar 1981 1982 CCoouunnttrryy//ccuurrrreennccyy 11997799 11998800 11998811 Oct. Nov. Dec. Jan. Feb. Mar. 1 Argentina/peso n.a. n.a. n.a. 5967.00 6425.20 7417.10 9910.00 10256.00 10795.65 2 Australia/dollar1 111.77 111.57 114.57 114.32 114.55 113.39 111.41 108.50 106.03 3 Austria/schilling 13.387 12.945 15.948 15.788 15.621 15.852 16.066 16.587 16.711 4 Belgium/franc 29.342 29.237 37.194 37.660 37.420 38.296 39.027 41.144 44.379 5 Brazil/cruzeiro n.a. n.a. 92.374 110.96 117.71 121.98 130.14 137.97 144.07 6 Canada/dollar 1.1603 1.1693 1.1990 1.2029 1.1872 1.1851 1.1926 1.2140 1.2205 7 Chile/peso n.a. n.a. n.a. 39.100 39.100 39.100 39.100 39.100 39.100 8 China, P.R./yuan n.a. n.a. 1.7031 1.7576 1.7409 1.7405 1.7713 1.8200 1.8429 9 Colombia/peso n.a. n.a. n.a. 56.444 57.175 57.129 59.409 60.129 60.956 10 Denmark/krone 5.2622 5.6345 7.1350 7.2348 7.1720 7.3210 7.4977 7.7950 8.0396 11 Finland/markka 3.8886 3.7206 4.3128 4.4250 4.3442 4.3666 4.4033 4.5058 4.5663 12 France/franc 4.2566 4.2250 5.4396 5.6314 5.6240 5.7141 5.8298 6.0176 6.1428 13 Germany/deutsche mark 1.8342 1.8175 2.2631 2.2543 2.2292 2.2579 2.2938 2.3660 2.3800 14 Greece/drachma n.a. n.a. n.a. 56.706 56.297 57.231 58.811 60.973 61.769 15 Hong Kong/dollar n.a. n.a. 5.5678 5.9869 5.6681 5.6329 5.7959 5.8857 5.8298 16 India/rupee 8.1555 7.8866 8.6807 9.1348 9.1350 9.1304 9.1525 9.2144 9.2935 17 Indonesia/rupiah n.a. n.a. n.a. 632.00 632.00 632.36 645.7 645.89 649.00 18 Iran/rial n.a. n.a. 79.324 80.95 80.606 79.000 n.a. n.a. 19 Ireland/pound1 204.65 213.53 161.32 157.5 158.95 157.30 153.97 148.86 147.25 20 Israel/shekel n.a. n.a. n.a. 13.738 14.537 15.363 16.163 17.488 18.766 21 Italy/lira 831.10 856.20 1138.60 1194.30 1191.60 1206.40 1228.20 1263.20 1293.29 22 Japan/yen 219.02 226.63 220.63 231.52 223.13 218.95 224.80 235.31 241.23 23 Malaysia/ringgit 2.1721 2.1767 2.3048 2.2989 2.2562 2.2477 2.2575 2.3662 2.3265 24 Mexico/peso 22.816 22.968 24.547 25.400 25.722 26.071 26.469 31.736 45.366 25 Netherlands/guilder 2.0072 1.9875 2.4998 2.4913 2.4442 2.4734 2.5145 2.5947 2.6186 26 New Zealand/dollar1 102.23 98.65 86.848 82.355 83.104 82.784 81.399 79.325 77.698 27 Norway/krone 5.0650 4.9381 5.7430 5.9195 5.8164 5.7801 5.8623 5.9697 6.0255 28 Peru/sol n.a. n.a. n.a. 455.10 469.83 487.73 515.21 534.47 561.08 29 Philippines/peso n.a. n.a. 7.8113 8.0298 8.0868 8.1446 8.2132 8.2530 8.3291 30 Portugal/escudo 48.953 50.082 61.739 64.700 64.375 65.348 66.492 69.067 70.488 31 Singapore/dollar n.a. n.a. 2.1053 2.0977 2.0610 2.0530 2.0607 2.1095 2.1213 32 South Africa/rand/1 118.72 122.72 114.77 104.61 103.82 103.10 103.46 101.95 97.930 33 South Korea/won n.a. n.a. n.a. 683.81 688.56 694.68 705.17 710.05 714.67 34 Spain/peseta 67.158 71.758 92.396 96.023 95.398 96.97 98.357 100.70 104.53 35 Sri Lanka/rupee 15.570 16.167 18.967 20.674 20.826 20.259 20.228 20.611 20.700 36 Sweden/krona 4.2892 4.2309 5.0659 5.5492 5.4894 5.5411 5.6206 5.7579 5.8361 37 Switzerland/franc 1.6643 1.6772 1.9674 1.8844 1.7859 1.8152 1.8442 1.8909 1.8886 38 Thailand/baht n.a. n.a. 21.731 23.050 23.050 23.050 23.050 23.050 23.050 39 United Kingdom/pound1 212.24 227.74 202.43 184.07 190.25 190.33 188.60 184.70 180.53 40 Venzuela/bolivar n.a. n.a. 4.2781 4.2944 4.2961 4.2958 4.2960 4.2960 4.3012 MEMO: United States/dollar2 88.09 87.39 102.94 106.34 104.53 105.21 106.96 110.36 112.45 1. Value in U.S. cents. revised as of August 1978. For description and back data, see "Index of 2. Index of weighted-average exchange value of U.S. dollar against cur- the Weighted-Average Exchange Value of the U.S. Dollar: Revision" on page rencies of other G-10 countries plus Switzerland. March 1973 = 100. 700 of the August 1978 BULLETIN. Weights are 1972-76 global trade of each of the 10 countries. Series NOTE. Averages of certified noon buying rates in New York for cable transfers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A69 Guide to Tabular Presentation, Statistical Releases, and Special Tables GUIDE TO TABULAR PRESENTATION Symbols and Abbreviations c Corrected 0 Calculated to be zero e Estimated n.a. Not available p Preliminary n.e.c. Not elsewhere classified r Revised (Notation appears on column heading when more IPCs Individuals, partnerships, and corporations than half of figures in that column are changed.) REITs Real estate investment trusts * Amounts insignificant in terms of the last decimal place RPs Repurchase agreements shown in the table (for example, less than 500,000 when SMSAs Standard metropolitan statistical areas the smallest unit given is millions) Cell not applicable General Information Minus signs are used to indicate (1) a decrease, (2) a negative obligations of the Treasury. "State and local government" figure, or (3) an outflow. also includes municipalities, special districts, and other politi- "U.S. government securities" may include guaranteed cal subdivisions. issues of U.S. government agencies (the flow of funds figures In some of the tables details do not add to totals because of also include not fully guaranteed issues) as well as direct rounding. STATISTICAL RELEASES List Published Semiannually, with Latest Bulletin Reference Issue Page Anticipated schedule of release dates for periodic releases June 1981 A78 SPECIAL TABLES Published Irregularly, with Latest Bulletin Reference Commercial bank assets and liabilities, December 31, 1980 April 1981 All Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1981 April 1982 A78 Commercial bank assets and liabilities, March 31, 1981 July 1981 A72 Commercial bank assets and liabilities, June 30, 1981 October 1981 A74 Commercial bank assets and liabilities, September 30, 1981 January 1982 A70 Commercial bank assets and liabilities, December 31, 1981 April 1982 All Special tables begin on page A71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Time and Savings Deposits A71 4.10 TIME AND SAVINGS DEPOSITS Held by Insured Commercial Banks on Recent Survey Dates Outstanding balances Average of most Types of deposits Number of issuing banks (millions of dollars) common rate paid1 July 29, Oct. 28, Jan. 27, July 29, Oct. 28, Jan. 27, July 29, Oct. 28 Jan. 27, 1981 1981 1982 1981 1981 1982 1981 1981 1982 1. Total time and savings deposits 14,317 14,381 14,282 803,656 847,878 877,099 2. Savings 14,317 14,381 14,282 201,981 212,261 219,028 5.21 5.23 5.23 3. Club accounts 9,047 8,903 8,627 2,202 1,561 884 4.04 4.21 4.36 4. Fixed $ - 1 c 0 e 0 il , i 0 n 0 g 0 t2i me deposits, less than 14,199 13,963 14,130 62,485 53,253 47,807 Holder 5. Domestic governmental units 8,683 8,806 8,962 1,873 2,062 1,959 6. Other than domestic governmental units 14,068 13,844 14,009 60,612 51,191 45,848 7. IRA and Keogh plan time deposits 10,807 10,561 12,071 6,657 7,043 8,664 10.31 12.90 13.14 8. With maturities of 3 years or more or variable ceiling rates 10,807 10,561 9,371 6,657 7,043 7,180 10.31 12.90 12.88 9. Ceiling-free IRAs with maturities of lVS years 9,965 1,484 14.17 10. All savers certificates, tax-exempt, with maturities of exactly 1 year 13,419 13,841 12,841 19,689 11. Money market certificates, $10,000 or more, with maturities of exactly 6 months3 14,035 14,038 217,892 220,687 218,801 15.06 13.91 13.67 12. Small savers certificates, less than $100,000, with maturities of 2Vl years or more 13,368 13,604 13,506 35,884 50,890 59,631 11.74 14.71 13.76 13. Interest-bearing time deposits of $100,000 or more 13,308 13,534 13,440 272,174 285,002 296,820 14. Non-interest-bearing time deposits 1,450 1,545 1,360 4,383 4,340 4,295 MEMO: Most common rate paid on ceilingfree IRA's reflecting primarily deposits that pay 15. One rate of return over the life of the instrument 6,0764 930 14.52 16. Varying rates of return over the life of the instrument 3,7074 552 13.57 1. The most common interest rate paid is on the largest dollar volume of new 4. The sum of the number of institutions issuing mostly fixed—or mostly varideposits in the two-week period just preceding the survey date for all deposit able—rate IRAs does not equal the total number of institutions issuing ceiling-free categories except money market certificates, line 11, and small savers certificates, IRAs in line 9 because some institutions neglected to report the fixed versus variable line 12. For these two deposit categories the most common rate paid is for the distinction. largest dollar volume of new deposits in the single week ending on the survey date. NOTE. All banks that had either discontinued offering or never offered certain 2. Excludes IRA and Keogh plan accounts, all savers certificates, money market types of deposits as of the survey date are not counted as issuing banks. However, certificates, and small savers certificates. Such accounts are included in lines 7 small amounts of deposits held at banks that had discontinued issuing certain types through 10. of deposits are included in the amounts outstanding. 3. Excludes accounts held in IRA and Keogh plans. Such accounts are included Ceiling-free IRAs were not included until the January 1982 survey. in line 8. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • April 1982 4.20 DOMESTIC AND FOREIGN OFFICES, Commercial Banks with Assets of $100 Million or over1" Consolidated Report of Condition; Dec. 31, 1981 Millions of dollars Banks with foreign offices2 Item Insured Total F o o ff r i e c i e g s n 3 D o o f m fi e c s e t s i c f o o f r f e ic ig e n s 1 Total assets 1,607,008 1,196,667 394,171 848,715 410,341 2 Cash and due from depository institutions 285,296 233,358 131,151 102,207 51,938 3 Currency and coin (U.S. and foreign) 13,823 8,232 290 7,942 5,591 4 Balances with Federal Reserve Banks 22,219 16,374 280 16,094 55,,884455 5 Balances with other central banks 3,613 3,613 33,,339933 220 ((44)) 6 Demand balances with commercial banks in United States 19,265 7,328 448888 6,840 11,937 7 All other balances with depository institutions in United States and with banks in foreign countries 149,657 135,137 125,283 9,854 14,520 8 Time and savings balances with commercial banks in United States 10,984 3,860 2,410 1,450 7,124 9 Balances with other depository institutions in United States 427 210 149 61 217 10 Balances with banks in foreign countries 138,246 131,067 122,724 8,343 77,,117799 1 1 1 2 F O o t r h e e i r g n b a b n r k a s n c in h e f s o r o e f ig o n t h c e o r u U nt . r S i . e s b anks .8 1 2 0 3 7 , , 6 4 0 6 4 3 1 2 0 0 1 , , 9 7 4 7 6 8 5 2 , , 6 6 8 5 4 9 n 00 13 Cash items in process of collection 76,719 62,674 1,417 61,256 14,045 14 Total securities, loans, and lease financing receivables 1,200,988 860,387 221,535 638,851 340,601 15 Total securities, book value 230,480 128,704 10,747 117,958 101,776 16 U.S. Treasury 63,647 31,234 328 30,906 32,414 17 Obligations of other U.S. government agencies and corporations 36,895 16,664 80 16,584 20,231 18 Obligations of states and political subdivisions in United States 104,052 57,981 673 57,309 46,070 19 All other securities 25,886 22,825 9,666 13,158 3,061 20 Other bonds, notes, and debentures 11,206 9,006 7,494 1,512 2,200 21 Federal Reserve and corporate stock 1,886 1,439 236 1,203 447 22 Trading account securities 12,794 12,379 1,936 10,443 414 23 Federal funds sold and securities purchased under agreements to resell 64,466 38,610 744 37,865 25,856 24 Total loans, gross 913,591 693,695 209,452 484,244 219,895 25 LESS: Unearned income on loans 13,840 7,426 1,860 5,566 6,414 26 Allowance for possible loan loss 9,243 6,841 298 6,544 2,401 27 EQUALS: Loans, net 890,508 679,428 207,294 472,134 211,080 Total loans, gross, by category 2 2 8 9 Re C al o n e s s t t r a u te c t l i o on a ns a nd land development 212,078 131, ( 7 4 2 ) 5 8, M 64 \ 6 1 2 2 9 3 , , 3 07 3 9 6 8 1 0 0 , , 3 0 5 7 3 1 3 3 0 1 S S e e c cu u r r e e d d b b y y r f e a s r i m d l e a n n t d ia l properties ( > 4 4 I \ r r ) ) 68,9 8 5 4 6 2 45 1 , , 0 23 8 4 6 3 3 2 3 1- F to H 4 A - - f i a n m s i u l r y e d or VA-guaranteed r r ) ) r ( ) 4) 65 3 , , 3 7 1 1 7 8 42 1 , , 9 9 7 5 5 6 34 Conventional r) r) 61,599 41,019 35 Multifamily (4) r) 3,639 2,111 36 FHA-insured >4< r) 229 79 37 Conventional r) r) 3,410 2,032 38 Secured by nonfarm nonresidential properties r) r) 23,945 23,961 39 Loans to financial institutions 91,680 86,397 38,287 48,110 5,283 40 REITs and mortgage companies in United States 5,070 4,471 162 4,309 599 41 Commercial banks in United States 11,876 9,153 585 8,568 22,,772233 42 U.S. branches and agencies of foreign banks 4,111 342 3,769 43 Other commercial banks ?! 5,042 243 4,799 M 44 Banks in foreign countries 42,223 41,757 29,450 12,307 467 45 Foreign branches of other U.S. banks 8 953 246 707 $ 46 Other 40,804 29,204 11,600 (4) 47 Finance companies in United States 11,611 11,146 306 10,841 465 48 Other financial institutions 20,899 19,870 7,784 12,085 1,029 49 Loans for purchasing or carrying securities 16,061 14,233 1,854 12,379 1,828 50 Brokers and dealers in securities 11,369 10,915 1,501 9,414 454 51 Other 4,692 3,318 353 2,965 1,375 52 Loans to finance agricultural production and other loans to farmers 10,688 6,349 785 5,564 4,339 53 Commercial and industrial loans 399,921 332,150 126,698 205,452 67,771 54 U.S. addressees (domicile) 8 203,712 14,118 189,593 55 Non-U. S. addressees (domicile) 128,439 112,580 15,858 W 56 Loans to individuals for household, family, and other personal expenditures 77,864 6,889 70,975 56,428 5 5 5 7 8 9 Ins C P t a a r s e ll s d m e it n e g n c e t a r r l d o a s a u n a to s n m d o r b el i a le t s e d plans ( ( ( 4 4 4 ) ) ) / r r ) 4 ) \ 2 5 1 1 7 6 , , , 4 9 7 9 3 2 0 4 2 4 1 5 7 9 , , , 8 8 5 9 6 3 2 6 5 6 6 0 1 R C e h t e a c i k l ( a c n h d a r r g e e v o a l c v c in o g u n c t r ) e c d r it e dit card r ( ) 4 ) r r ) ) 1 4 7 , , 0 4 7 1 8 2 6 1 , , 5 3 2 3 8 8 62 Mobile homes (4i r) 3,371 3,386 63 Other installment loans ri n 16,351 15,105 64 Other retail consumer goods i4) r) 4,437 3,187 65 Residential property repair and modernization i4) MS 3,645 3,954 66 Other installment loans for household, family, and other personal expenditures (4) r) 8,269 7,964 67 Single-payment loans i4) MS 13,041 10,537 68 All other loans 48,871 44,978 26,293 18,685 3,893 69 Loans to foreign governments and official institutions 29,665 23,856 5,809 70 Other 15,313 2,436 12,876 (4) 71 Lease financing receivables 13,645 2,750 10,894 1,890 72 Bank premises, furniture and fixtures, and other assets representing bank premises 13,688 1,429 12,260 8,324 73 Real estate owned other than bank premises 1,141 101 1,040 653 74 All other assets 88,093 39,954 94,857 8,826 75 Investment in unconsolidated subsidiaries and associated companies 1,342 1,033 309 48 76 Customers' liability on acceptances outstanding 52,614 12,831 39,783 426 77 U.S. addressees (domicile) 16,611 (4) M\ 78 Non-U.S. addressees (domicile) 36,002 H W r) 79 Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries.. (4) 13,130 33,088 r) 80 Other 42,488 34,137 12,960 21,177 8,351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A73 4.20 Continued Banks with foreign offices2 Banks wwiitthhoouutt Item Insured Total F o o ff r i e c i e g s n 3 D o o f m fi e c s e t s i c ff oo oo ff rr ff ee iicc iigg ee nn ss 81 Total liabilities and equity capital5 1,607,008 1,196,667 (4) (4) 410,341 82 Total liabilities excluding subordinated debt 1,518,678 1,138,434 393,911 790,740 380,245 83 TToottaall ddeeppoossiittss 1,221,253 885,208 319,427 565,781 336,046 84 IInnddiivviidduuaallss,, ppaarrttnneerrsshhiippss,, aanndd ccoorrppoorraattiioonnss 920,145 625,231 147,513 477,718 294,914 85 U.S. government 2,567 1,673 303 1,370 894 86 States and political subdivisions in United States 52,527 26,283 494 25,789 26,244 87 All other 233,551 223,035 170,165 52,870 10,516 88 Foreign governments and official institutions 33,436 33,247 26,322 6,925 190 89 Commercial banks in United States 63,759 54,039 20,217 33,822 9,720 9 9 0 1 U O . t S h . e r b r c a o n m c m he e s r c a i n a d l b a a g n e k n s c i i e n s U of n i f t o e r d e i S gn ta t b e a s n ks Q(4) 48 5 , , 7 2 4 9 0 8 1 3 7 , , 0 1 9 1 9 8 3 2 1 , ,6 1 2 9 2 9 (Q4) 92 Banks in foreign countries 136,356 135,750 123,626 12,124 606 93 Foreign branches of other U.S. banks $ 23,779 23,219 560 $ 94 OOtthheerr bbaannkkss iinn ffoorreeiiggnn ccoouunnttrriieess (4) 111,971 100,407 11,564 (4) 95 CCeerrttiiffiieedd aanndd ooffffiicceerrss'' cchheecckkss,, ttrraavveelleerrss cchheecckkss,, aanndd lleetttteerrss ooff ccrreeddiitt ssoolldd ffoorr ccaasshh 12,463 8,985 952 8,033 3,478 96 Federal funds purchased and securities sold under agreements to repurchase in domestic offices and Edge and agreement subsidiaries 154,320 121,662 456 121,206 3322,,665588 97 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed money 44,048 40,572 17,504 23,068 3,476 98 Interest-bearing demand notes (note balances) issued to U.S. Treasury 7,571 5,763 (4) 5,763 1,808 99 Other liabilities for borrowed money 36,477 34,810 17,504 17,305 1,667 100 Mortgage indebtedness and liability for capitalized leases 2,063 1,359 41 1,318 704 101 All other liabilities 96,994 89,633 56,484 79,367 7,361 102 Acceptances executed and outstanding 53,395 52,969 11,304 41,665 426 103 Net due to foreign branches, foreign subsidiaries, Edge and agreement subsidiaries (4) (4) 33,088 13,130 (4) 104 Other 43,599 36,664 12,092 24,572 6,935 105 Subordinated notes and debentures 5,597 3,949 259 3,690 1,647 106 TToottaall eeqquuiittyy ccaappiittaall55 82,733 54,285 (4) (4) 28,448 107 PPrreeffeerrrreedd ssttoocckk 131 51 80 108 Common stock 16,279 10,847 5,432 109 27,883 17,216 10,667 110 Undivided profits and reserve for contingencies and other capital reserves 38,440 26,170 12,269 111 Undivided profits 37,598 25,764 11,834 112 Reserve for contingencies and other capital reserves 842 406 435 MEMO Deposits in domestic offices 113 Total demand 295,750 198,416 0 119988,,441166 9977,,333344 114 Total savings 146,861 76,685 0 76,685 70,176 115 Total time 459,216 290,680 0 290,680 168,536 116 Time deposits of $100,000 or more 256,498 192,479 0 192,479 64,019 117 Certificates of deposit (CDs) in denominations of $100,000 or more 236,100 175,880 0 175,880 60,220 118 Other 20,398 16,599 0 16,599 3,799 119 Savings deposits authorized for automatic transfer and NOW accounts 41,813 22,266 0 22,266 19,548 170 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 124,685 60,294 0 60,294 64,391 171 All savers certificates 12,323 6,498 0 6,498 5,825 122 Demand deposits adjusted6 187,840 112,930 0 112,930 74,910 123 Standby letters of credit, total 69,917 65,277 13,352 51,925 4,640 123 U.S. addressees (domicile) Q 47,341 0 $ 125 Non-U.S. addressees (domicile) N 17,936 (4) (4) (4) 126 Standby letters of credit conveyed to others through participations (included in total standby letters of credit) 44,,774433 4,376 843 33,,553333 336677 127 Holdings of commercial paper included in total gross loans (4) (4) (4) 329 812 Average for 30 calendar days (or calendar month) ending with report date 178 Total assets 11,,557744,,667799 1,174,902 356,572 818,330 399,777 179 CCaasshh aanndd dduuee ffrroomm ddeeppoossiittoorryy iinnssttiittuuttiioonnss 273,627 228,406 132,940 95,466 45,221 130 FFeeddeerraall ffuunnddss ssoolldd aanndd sseeccuurriittiieess ppuurrcchhaasseedd uunnddeerr aaggrreeeemmeennttss ttoo rreesseellll 57,851 33,752 701 33,052 24,099 131 Total loans 888,209 677,041 208,995 468,046 211,168 137 Total deposits 1,193,200 865,969 323,918 542,051 327,231 133 Time CDs in denominations of $100,000 or more in domestic offices 232,561 (4) (4) 173,470 59,091 134 Federal funds purchased and securities sold under agreements to repurchase 155,974 123,706 1,355 122,351 32,269 135 Other liabilities for borrowed money 34,760 33,216 16,666 16,551 1,544 136 Number of banks 1,518 190 190 190 1,328 For notes see page A77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • April 1982 4.21 DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or over1^ Consolidated Report of Condition; Dec. 31, 1981 Millions of dollars Member banks NNoonn-mmeemmbbeerr iinnssuurreedd Total National State 1 Total assets 1,259,056 1,072,096 811,243 260,853 186,959 2 Cash and due from depository institutions 154,145 135,159 97,652 37,507 18,986 3 Currency and coin (U.S. and foreign) 13,533 11,630 9,094 2,536 1,903 4 Balances with Federal Reserve Banks 21,939 21,126 16,352 4,774 813 5 Balances with other central banks 220 220 213 7 0 6 Demand balances with commercial banks in United States 18,777 12,107 9,552 2,555 6,670 7 All other balances with depository institutions in United States and with banks in foreign countries 24,374 17,689 12,662 5,027 6,684 8 Time and savings balances with commercial banks in United States 8,574 5,442 4,401 1,041 3,132 9 Balances with other depository institutions in United States 278 90 49 41 188 10 Balances with banks in foreign countries 15,522 12,158 8,212 3,946 3,364 11 Cash items in process of collection 75,301 72,386 49,778 22,608 2,915 12 Total securities, loans, and lease financing receivables 979,452 821,652 626,399 195,254 157,800 13 Total securities, book value 219,733 174,156 131,574 42,582 45,577 14 U.S. Treasury 63,320 48,157 36,209 11,948 15,163 15 Obligations of other U.S. government agencies and corporations 36,815 27,631 22,194 5,437 9,184 16 Obligations of states and political subdivisions in United States 103,379 83,902 63,238 20,664 19,477 17 All other securities 16,220 14,466 9,933 4,533 1,754 18 Other bonds, notes, and debentures 3,712 2,294 1,655 639 1,417 19 Federal Reserve and corporate stock 1,651 1,482 1,115 367 168 20 Trading account securities 10,857 10,690 7,163 3,527 168 21 Federal funds sold and securities purchased under agreements to resell 63,721 54,924 43,937 10,987 8,797 22 Total loans, gross 704,139 597,831 455,051 142,780 106,308 23 LESS: Unearned income on loans 11,980 9,180 6,951 2,229 2,800 24 Allowance for possible loan loss 8,945 7,835 5,803 2,032 1,110 25 EQUALS: Loans, net 683,214 580,815 442,296 138,519 102,398 Total loans, gross, by category 26 Real estate loans 203,432 163,667 133,996 29,670 39,765 27 Construction and land development 39,407 33,376 25,813 7,563 6,031 28 Secured by farmland 2,076 1,542 1,410 133 534 29 Secured by residential properties 114,043 92,080 76,895 15,185 21,962 30 1- to 4-family 108,293 87,446 73,220 14,225 20,847 31 FHA-insured or VA-guaranteed 5,674 4,993 4,159 834 681 32 Conventional 102,619 82,452 69,061 13,391 20,166 33 Multifamily 5,750 4,635 3,675 960 1,115 34 FHA-insured 308 228 129 99 80 35 Conventional 5,442 4,407 3,546 861 1,035 36 Secured by nonfarm nonresidential properties 47,906 36,667 29,878 6,789 11,239 37 Loans to financial institutions 53,393 49,404 31,453 17,951 3,989 38 REITs and mortgage companies in United States 4,908 4,632 3,418 1,214 276 39 Commercial banks in United States 11,291 8,814 5,761 3,052 2,478 40 Banks in foreign countries 12,773 12,308 7,040 5,269 465 41 Finance companies in United States 11,305 11,057 6,722 4,335 249 42 Other financial institutions 13,115 12,593 8,512 4,081 521 43 Loans for purchasing or carrying securities 14,207 13,552 6,970 6,582 655 44 Brokers and dealers in securities 9,868 9,509 4,022 5,487 358 45 Other 4,339 4,043 2,948 1,095 296 46 Loans to finance agricultural production and other loans to farmers 9,903 8,784 8,167 617 1,119 47 Commercial and industrial loans 273,222 239,295 177,951 61,344 33,928 48 Loans to individuals for household, family, and other personal expenditures 127,403 102,429 82,776 19,653 24,974 49 Installment loans 103,826 83,062 67,594 15,469 20,764 50 Passenger automobiles 36,257 27,560 22,483 5,076 8,697 51 Credit cards and related plans 29,356 26,221 20,966 5,255 3,135 52 Retail (charge account) credit card 23,940 21,539 17,351 4,187 2,402 53 Check and revolving credit 5,416 4,682 3,614 1,068 733 54 Mobile homes 6,757 5,434 4,959 475 1,323 55 Other installment loans 31,456 23,847 19,185 4,662 7,609 56 Other retail consumer goods 7,625 6,118 5,137 981 1,507 57 Residential property repair and modernization 7,598 5,487 4,446 1,041 2,111 58 Other installment loans for household, family, and other personal expenditures 16,233 12,242 9,603 2,640 3,991 59 Single-payment loans 23,577 19,367 15,183 4,184 4,210 60 All other loans 22,579 20,700 13,737 6,963 1,879 61 Lease financing receivables 12,784 11,757 8,591 3,166 1,027 62 Bank premises, furniture and fixtures, and other assets representing bank premises 20,584 16,777 13,571 3,206 3,807 63 Real estate owned other than bank premises 1,692 1,398 1,117 281 294 64 All other assets 103,183 97,110 72,504 24,605 6,073 65 Investment in unconsolidated subsidiaries and associated companies 357 329 297 32 28 66 Customers' liability on acceptances outstanding 40,209 39,336 28,309 11,027 874 67 Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries.. 33,088 31,823 25,669 6,154 1,265 68 Other 29,528 25,622 18,229 7,393 3,906 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A75 4.21 Continued Member banks NNoonn-- IItteemm IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 69 Total liabilities and equity capital8 1,259,056 1,072,096 811,243 260,853 186,959 70 Total liabilities excluding subordinated debt 1,170,985 997,674 754,797 242,877 173,311 71 Total deposits 901,827 746,272 576,301 169,971 155.554 72 Individuals, partnerships, and corporations 772.632 635.193 498,778 136,415 137,439 73 U.S. government 2.264 1,887 1.486 400 377 74 States and political subdivisions in United States 52.033 39,649 32,351 7,298 12,384 75 All other 63,386 59.734 37,711 22,022 3,653 76 Foreign governments and official institutions 7,114 6,835 3.842 2,993 279 77 Commercial banks in United States 43,542 41.068 29.348 11,721 2,473 78 Banks in foreign countries 12,730 11,830 4.522 7,309 900 79 Certified and officers' checks, travelers chccks, and letters of credit sold for cash 11.511 9.810 5.974 3,835 1.701 80 Demand deposits 295.750 254,504 186.219 68,284 41.246 81 Mutual savings banks 1,065 925 554 371 139 82 Other individuals, partnerships, and corporations 229.820 194,268 145,766 48,502 35,552 83 U.S. government 1.812 1,525 1,166 360 287 84 States and political subdivisions in United States 10.749 8,896 7,144 1,752 1,854 85 All other 40.792 39.079 25.615 13,464 1,712 86 Foreign governments and official institutions 1,193 1.157 525 632 35 87 Commercial banks in United States 30.796 29,434 21,587 7,847 1,361 88 Banks in foreign countries 8.803 8.488 3,503 4,985 316 89 Certified and officers' checks, travelers checks, and letters of credit sold for cash 11.511 9.810 5,974 3.835 1,701 90 Time deposits 459.216 375.803 296,539 79.264 83,413 91 Mutual savings banks 345 327 227 101 18 92 Other individuals, partnerships, and corporations 396,127 324,923 259,620 65.303 71,204 93 U.S. government 398 313 273 40 86 94 States and political subdivisions in United States 39.775 29.609 24.345 5,264 10,166 95 All other 22.570 20,631 12.074 8,557 1,940 96 Foreign governments and official institutions 5.900 5.657 3.296 2,360 244 97 Commercial banks in United States 12.744 11.632 7,759 3,873 1,112 98 Banks in foreign countries 3.927 3.342. 1.019 2.324 584 99 Savings deposits 146.861 115,966 93.543 22,422 30,896 100 Mutual savings banks * * * 0 101 Other individuals, partnerships, and corporations 145.275 114.749 92.611 22,138 30,526 102 Individuals and nonprofit organizations 139.292 110.412 89.119 21,293 28.879 103 Corporations and other profit organizations 5.984 4.337 3,492 845 1.647 104 U.S. government 53 48 48 1 5 105 States and political subdivisions in United States 1.509 1.144 862 282 364 106 All other 24 23 22 1 1 107 Foreign governments and official institutions 22 21 20 1 1 108 Commercial banks in United States 2 2 2 1 * 109 Banks in foreign countries * * * 110 Federal funds purchased and securities sold under agreements to repurchase 153.864 142.650 106.803 35.847 11.215 111 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed money 26.544 25.120 14,274 10.847 1.423 112 Interest-bearing demand notes (note balances) issued to U.S. Treasury 7.571 6,916 4.891 2.024 655 113 Other liabilities for borrowed money 18.973 18,205 9,382 8.822 768 114 Mortgage indebtedness and liability for capitalized leases 2.022 1.668 1,412 256 354 115 All other liabilities 86.728 81.964 56.008 25.956 4,765 116 Acceptances executed and outstanding 42,091 41,217 30.119 11.098 874 117 Net due to foreign branches, foreign subsidiaries. Edge and agreement subsidiaries 13.130 12,504 5.415 7,088 627 118 Other 31.507 28.243 20.473 7,770 3,264 119 Subordinated notes and debentures 5.337 4.191 3.006 1.185 1,146 120 Total equity capital8 82,733 70,231 53,441 16,791 12,502 MEMO 121 Time deposits of $100,000 or more 256.498 218,332 167.520 50,812 38.166 122 Certificates of deposit (CDs) in denominations of $100,000 or more 236.100 199,632 154.341 45.291 36,468 P3 Other 20.398 18,699 13.179 5.520 1,698 124 Savings deposits authorized for automatic transfer and NOW accounts 41.813 33,367 27,386 5,981 8,447 125 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 124.685 97,030 81.006 16.025 27.655 126 All savers certificates 12.323 9,580 7.792 1,789 2.743 127 Demand deposits adjusted6 187,840 151,158 113.689 37,469 36.682 128 Total standby letters of credit 56.565 54.048 36,770 17,278 2.517 129 Conveved to others through participation (included in standby letters of credit) 3.900 3,730 3,151 580 169 130 Holdings of commercial paper included in total gross loans 1,141 707 589 118 435 Average for 30 calendar davs (or calendar month) ending with report date 131 Total assets 1,218.107 1.036,095 785.058 251,037 182,011 137 Cash and due from depository institutions 140.687 124.307 89,694 34,613 16.380 133 Federal funds sold and securities purchased under agreements to resell 57.151 48,911 38,321 10,590 8.240 134 Total loans 679.214 576,971 439,395 137,577 102.243 135 Total deposits 869,282 718.124 551,541 166,582 151,158 136 Time CDs in denominations of $100,000 or more in domestic offices 232.561 196,954 151,873 45,081 35,606 137 Federal funds purchased and securities sold under agreements to repurchase 154.620 143,834 106.302 37,532 10,786 138 Other liabilities for borrowed money 18.095 17.233 9,146 8,087 862 139 Number of banks 1,518 969 803 166 549 For notes see page A77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • April 1982 4.22 DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities'" Consolidated Report of Condition; Dec. 31, 1981 Millions of dollars Member banks NNoonn-- IItteemm IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 1 Total assets 1,673,823 1,246,191 958,111 288,081 427,632 2 Cash and due from depository institutions 193.363 153,428 113,271 40,157 39,935 3 Currency and coin (U.S. and foreign) 18.622 13,948 11,051 2,897 4,674 4 Balances with Federal Reserve Banks 25,248 24,287 19.048 5,239 962 Balances with other central banks 220 220 213 7 0 6 Demand balances with commercial banks in United States 36,220 17,932 14,607 3,325 18,288 7 All other balances with depository institutions in United States and banks in foreign countries 34,195 22,417 16,737 5,680 11,779 8 Cash items in process of collection 78,857 74,625 51,615 23,010 4,233 9 Total securities, loans, and lease financing receivables 1,337,888 970,447 751,673 218,774 367,441 in Total securities, book value 340,206 223,895 173.321 50,574 116,312 11 102,894 64,264 49,453 14,810 38,630 12 Obligations of other U.S. government agencies and corporations 68,814 40,400 32,915 7,485 28,414 13 Obligations of states and political subdivisions in United States 150,362 103,929 80,346 23,583 46,433 14 All other securities 18,137 15,303 10,607 4,696 2,834 15 Federal funds sold and securities purchased under agreements to resell 90,101 66,222 53,396 12,826 23,879 16 Total loans, gross 924,525 689,297 532,242 157,055 235,228 17 LESS: Unearned income on loans 19,041 12,167 9,470 2,697 6,873 18 Allowance for possible loan loss 11,072 8,757 6,593 2,164 2,315 19 EQUALS: Loans, net 894,413 668,373 516,178 152,194 226,040 Total loans, gross, by category 7(1 281,792 119955,,667733 160,484 3355,,118899 8866,,111199 21 Construction and land development 44,866 35,304 27,518 7,786 9,562 22 Secured by farmland 8,299 3,643 3,064 579 4,656 23 Secured by residential properties 161,459 112,340 93,512 18,827 49,120 74 1- to 4-family 154,384 107,200 89.415 17,785 47,184 75 Multifamily 7.076 5,140 4,097 1,043 1,936 26 Secured by nonfarm nonresidential properties 67,168 44,386 36,390 7,997 22,782 77 Loans to financial institutions 56,312 50,726 32,647 18,079 5,585 2.8 Loans for purchasing or carrying securities 14,908 13,850 7,165 6,685 1,059 29 Loans to finance agricultural production and other loans to farmers 32,918 17,554 15,345 2,209 15,364 30 Commercial and industrial loans 327,101 261,358 196,892 64,466 65,744 31 Loans to individuals for household, family, and other personal expenditures 185,216 127,860 104,677 23,183 57,356 37 147,589 102,838 84,740 18,099 44,750 33 Passenger automobiles 58,027 36,756 30,305 6,450 21,272 34 Credit cards and related plans 32,890 29,104 23,781 5,323 3,786 35 10,192 6,989 6,292 697 3,203 36 All other installment loans for household, family, and other personal expenditures 46,479 29,990 24,362 5,628 16,490 37 Single-payment loans 37,627 25,021 19,937 5,085 12,606 38 All other loans 26,278 22,276 15,033 7,243 4,001 39 Lease financing receivables 13,168 11,958 8,779 3,179 1,210 40 Bank premises, furniture and fixtures, and other assets representing bank premises 28,853 20,190 16,460 3,730 8,663 41 Real estate owned other than bank premises 2,461 1,681 1,348 334 779 42 111,259 100,445 75,359 25,086 10,814 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A77 4.22 Continued Member banks NNoonn-- IItteemm IInnssuurreedd mmeemmbbeerr Total National State iinnssuurreedd 43 Total liabilities and equity capital8 1,673,823 1,246,191 958,111 288,081 427,632 44 Total liabilities excluding subordinated debt 1,549,764 1,156,634 889,161 267,473 393,129 45 Total deposits 1,263,637 897,095 703,636 193,459 366,542 46 Individuals, partnerships, and corporations 1,099,056 772,008 614,117 157,892 327,048 47 U.S. government 3,233 2,293 1,839 454 940 48 States and political subdivisions in United States 81,613 51,052 42,082 8,970 30,561 49 All other 64,781 60,521 38,419 22,102 4,259 50 Certified and officers' checks, travelers checks, and letters of credit sold for cash 14,954 11,220 7,179 4,041 3,734 51 Demand deposits 383,119 291,280 217,594 73,686 91,840 52 Individuals, partnerships, and corporations 307,287 227,217 173,622 53,595 80,069 53 U.S. government 2,578 1,857 1,457 400 722 54 States and political subdivisions in United States 16,735 11.411 9,287 2,124 5,325 55 All other 41,565 39,575 26,049 13,526 1,990 56 Certified and officers' checks, travelers checks, and letters of credit sold for cash 14,954 11,220 7,179 4,041 3,734 57 Time deposits 658,179 457,453 365,368 92,085 200,725 58 Other individuals, partnerships, and corporations 573,077 398,489 321,465 77,024 174,589 59 U.S. government 589 382 329 53 206 60 States and political subdivisions in United States 61,363 37,678 31,244 6,434 23,685 61 All other 23,149 20,904 12,330 8,574 2,246 62 Savings deposits 222,340 148,363 120,675 27,688 73,977 63 Corporations and other profit organizations 8,740 5,423 4,402 1,021 3,317 64 Other individuals, partnerships, and corporations 209.952 140,880 114,628 26,252 69,072 65 U.S. government 66 54 53 1 12 66 States and political subdivisions in United States 3,515 1,963 1,551 412 1,551 67 All other 66 42 40 2 24 68 Federal funds purchased and securities sold under agreements to repurchase 162,619 147,295 110,882 36,413 15,324 69 Interest-bearing demand notes (note balances) issued to U.S. Treasury and other liabilities for borrowed money 27,868 25,755 14,808 10,946 2,113 70 Mortgage indebtedness and liability for capitalized leases 2.438 1,812 1,525 287 626 71 All other liabilities 93,201 84,677 58,309 26,368 8,524 72 Subordinated notes and debentures 6,143 4,569 3,253 1,316 1,573 73 Total equity capital8 117,917 84,987 65,696 19,291 32,929 MEMO 74 Time deposits of $100,000 or more 303,769 237,473 184,278 53,195 66,296 75 Certificates of deposit (CDs) in denominations of $100,000 or more 279,988 217,418 169,912 47,506 62,570 76 Other 23,781 20,055 14,366 5,689 3,726 77 Savings deposits authorized for automatic transfer and NOW accounts 65,160 43.383 35,934 7,448 21,777 78 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 217,719 135.295 113,060 22,235 82,423 79 All savers certificates 17,328 11,734 9,548 2,186 5,594 80 Demand deposits adjusted6 270,118 184,869 142,502 42,367 85,250 81 Total standby letters of credit 58,124 54,636 37,280 17,356 3,488 Average for 30 calendar days (or calendar month) ending with report date 82 Total deposits 1,224,075 866,135 676.316 189,819 357,940 83 Number of banks 14,398 5.472 4,452 1,020 8,926 1. Effective Dec. 31, 1978, the report of condition was substantially revised for 3. Foreign offices include branches in foreign countries and in U.S. territories commercial banks. Commercial banks with assets less than $100 million and with and possessions, subsidiaries in foreign countries, and all offices of Edge Act and domestic offices only were given the option to complete either the abbreviated or agreement corporations wherever located. the standard set of reports. Banks with foreign offices began reporting in greater 4. This item is unavailable for all or some of the banks because of the lesser detail on a consolidated domestic and foreign basis. These tables reflect the varying detail available from banks without foreign offices, the inapplicability of certain levels of reporting detail. items to banks that have only domestic offices, and the absence of detail on a fully Beginning Dec. 3, 1981, depository institutions may establish international bank- consolidated basis for banks with foreign offices. ing facilities (IBFs). Activity of IBFs established by U.S. commercial banks is 5. Equity capital is not allocated between the domestic and foreign offices of reflected in the appropriate asset and liability line items in the domestic office banks with foreign offices. portion of the tables. Activity of IBFs established by Edge Act and Agreement 6. Demand deposits adjusted equal demand deposits other than domestic comsubsidiaries of U.S. commercial banks is reflected in the appropriate asset and mercial interbank and U.S. government less cash items in process of collection. liability line items in the foreign office portion of the tables. When there is a column 7. Domestic offices exclude branches in foreign countries and in U.S. territories for fully consolidated foreign and domestic data, activity of IBFs is reflected in the and possessions, subsidiaries in foreign countries, and all offices of Edge Act and appropriate asset and liability line items in that portion of the tables. agreement corporations wherever located. 2. All transactions between domestic and foreign offices of a bank are reported 8. This item contains the capital accounts of U.S. banks that have no Edge or in "Net due from" and "Net due to" (lines 79 and 103). All other lines represent foreign operations and reflects the difference between domestic office assets and transactions with parties other than the domestic and foreign offices of each bank. liabilities of U.S. banks with Edge or foreign operations excluding the capital Since these intra-office transactions are erased by consolidation, total assets and accounts of their Edge or foreign subsidiaries. liabilities are the sum of all except intra-office balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • April 1982 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 19811 Millions of dollars IItteemm Total A B l r l a s n t c a h te e s s 2 Agencies Branc N he e s w Y A or g k e ncies ff tt oo CC oo rr aa tt nn aa ll ii ii ll -- aa 33 ,, bb II rr ll aa llii nn nn cc oo hh iiss ee ,, ss Bran O ch th e e s r st A at g e e s n 2 cies 1 Total assets4 172,576 121,199 51,377 104,062 9,999 38,562 8,062 8,721 3,170 2 Cash and due from depository institutions 14,097 13,072 1,025 12,112 585 369 717 206 107 3 Currency and coin (U.S. and foreign) 17 15 2 11 1 1 2 1 1 4 Balances with Federal Reserve Banks 922 832 90 685 56 26 35 110 10 5 Balances with other central banks 5 2 3 1 0 3 0 0 0 6 Demand balances with commercial banks in United States 1,892 1,358 535 1,279 423 101 33 35 23 7 All other balances with depository institutions in United States and with banks in foreign countries 11,157 10,787 370 10,062 105 214 644 57 74 8 Time and savings balances with commercial banks in United States 5,780 5,640 140 5,302 38 96 258 57 29 y Balances with other depository institutions in United States 202 196 6 195 0 6 1 0 0 10 Balances with banks in foreign countries 5,175 4,950 225 4,565 68 112 385 0 45 11 Foreign branches of U.S. banks 1,186 1,139 47 1,105 21 14 34 0 11 12 Other banks in foreign countries 3,990 3,811 179 3,460 46 98 351 0 34 13 Cash items in process of collection 104 79 25 73 1 24 3 3 1 14 Total securities, loans, and lease financing receivables.. 112,930 83,786 29,144 72,401 6,984 19,499 6,690 4,474 2,881 15 Total securities, book value 4,351 3,933 418 3,712 264 155 178 40 2 16 U.S. Treasury 2,737 2,544 194 2,462 147 48 45 35 0 17 Obligations of other U.S. government agencies and corporations 482 456 26 443 10 17 7 5 0 18 Obligations of states and political subdivisions in United States 122 118 4 99 1 1 19 0 2 19 Other bonds, notes, debentures, and corporate stock 1,010 815 195 708 106 89 107 0 0 20 Federal funds sold and securities purchased under agreements to resell 9,475 7,479 1,997 6,941 1,257 805 277 184 11 By holder 21 Commercial banks in United States 8,328 6,546 1,782 6,105 1,162 685 183 182 11 22 Others 1,147 932 215 837 95 120 94 2 0 By type 23 One-day maturity or continuing contract 9,260 7,274 1,986 6,746 1,246 805 264 184 11 24 Securities purchased under agreements to resell... 276 248 28 48 28 63 20 118 0 25 Other 8,984 7,026 1,958 6,701 1,218 743 244 66 11 26 Other securities purchased under agreements to resell 215 205 11 192 11 0 12 0 0 27 Total loans, gross 108,757 79,968 28,789 68,790 6,737 19,389 6,525 4,436 2,881 28 LESS: Unearned income on loans 179 116 63 102 17 44 12 2 2 29 EQUALS: Loans, net 108,578 79,852 28,726 68,688 6,720 19,345 6,513 4,434 2,879 Total loans, gross, by category 3(1 Real estate loans 4,002 1,447 2,556 906 441 1,519 78 402 657 31 Loans to financial institutions 39,337 31,697 7,640 28,615 1,489 5,892 2,882 200 259 32 Commercial banks in United States 25,029 19,761 5,268 17,457 706 4,541 2,111 193 21 33 U.S. branches and agencies of other foreign banks 23,868 18,849 5,019 16,587 631 4,368 2,097 165 20 34 Other commercial banks 1,161 911 249 870 76 173 14 28 1 35 Banks in foreign countries 13,181 11,007 2,175 10,473 636 1,323 529 5 216 36 Foreign branches of U.S. banks 1,339 1,243 96 1,191 59 37 52 0 0 37 Other 11,842 9,764 2,078 9,281 577 1,286 477 5 216 38 Other financial institutions 1,126 930 197 685 147 28 242 2 22 39 Loans for purchasing or carrying securities 1,106 810 296 769 292 32 10 2 0 40 Commercial and industrial loans 53,074 36,681 16,393 29,677 3,939 10,697 3,165 3,740 1,854 41 U.S. addressees (domicile) 31,111 20,648 10,463 15,343 1,769 7,233 2,599 2,641 1,526 42 Non-U.S. addressees (domicile) 21,963 16,033 5,930 14,335 2,170 3,464 567 1,099 328 43 Loans to individuals for household, family, and other personal expenditures 183 117 66 76 24 52 9 19 3 44 All other loans 11,054 9,215 1,839 8,747 551 11,,119966 381 73 107 45 Loans to foreign governments and official institutions 9,489 7,754 1,735 7,364 487 1,163 336 53 86 46 Other 1,565 1,462 103 1,383 64 33 44 19 21 47 Lease financing receivables 1 1 0 1 0 0 0 0 0 48 All other assets 36,074 16,863 19,211 12,607 1,173 17,888 378 3,856 171 49 Customers' liability on acceptances outstanding 10,875 7,955 2,920 7,654 870 1,997 163 137 53 50 U.S. addressees (domicile) 5,849 3,955 1,893 3,784 51 1,809 144 26 33 51 Non-U.S. addressees (domicile) 5,026 4,000 1,027 3,870 818 188 19 111 20 52 Net due from related banking institutions5 19,104 3,982 15,122 431 54 15,034 0 3,546 39 53 Other 6,095 4,925 1,169 4,522 249 858 215 173 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. Branches and Agencies A79 4.30 Continued All states2 New York CCaallii-- IIlllliinnooiiss,, Other states2 IItteemm Total Branches Agencies Branches Agencies ff tt oo oo rr tt nn aa ii ll aa 33 ,, bbrraanncchheess Branches Agencies 54 Total liabilities4 172,576 121,199 51,377 104,062 9,999 38,562 8,062 8,721 3,170 55 Total deposits and credit balances 48,582 46,065 2,517 38,360 762 1,493 1,531 6,081 355 56 Individuals, partnerships, and corporations 29,631 28,423 1,208 21,206 181 786 1,272 5,872 313 57 U.S. addressees (domicile) 26,007 25,900 107 18,982 49 75 1,087 5,800 13 58 Non-U. S. addressees (domicile) 3,624 2,523 1,101 2,224 132 712 184 72 299 59 U.S. government, states, and political subdivisions in United States 112 112 0 33 0 2 2 75 0 60 All other 18,839 17,530 1,309 17,121 581 704 257 134 42 61 Foreign governments and official institutions 4,435 4,113 322 4,030 142 163 41 42 17 62 Commercial banks in United States 3,724 3,568 157 3,337 70 102 197 19 0 63 U.S. branches and agencies of other foreign banks 1,912 1,823 89 1,663 33 56 160 0 0 64 Other commercial banks in United States 1,813 1,745 68 1,674 37 46 36 19 0 65 Banks in foreign countries 9,878 9,286 592 9,224 178 407 3 57 10 66 Foreign branches of U.S. banks 790 739 51 737 13 40 0 0 0 67 Other banks in foreign countries 9,088 8,547 541 8,487 165 367 3 57 10 68 Certified and officers' checks, travelers checks, and letters of credit sold for cash 801 563 239 530 191 33 16 16 15 69 Demand deposits 3,922 3,565 357 3,309 197 90 119 126 80 70 Individuals, partnerships, and corporations 1,556 1,489 67 1,286 5 32 97 96 40 71 U.S. addressees (domicile) 988 987 0 801 0 9 85 92 0 72 Non-U.S. addressees (domicile) 568 502 66 485 4 23 12 4 40 73 U.S. government, states, and political subdivisions in United States 18 18 0 17 0 0 0 0 0 74 All other 2,349 2,058 291 2,006 192 58 22 29 41 75 Foreign governments and official institutions 451 416 35 406 0 18 2 8 17 76 Commercial banks in United States 126 126 0 120 0 0 0 5 0 77 U.S. branches and agencies of other foreign banks 3 3 0 3 0 0 0 0 0 78 Other commercial banks in United States 123 123 0 117 0 0 0 5 0 79 Banks in foreign countries 971 954 17 951 1 7 3 0 9 80 Certified and officers' checks, travelers checks, and letters of credit sold for cash 801 563 239 530 191 33 16 16 15 81 Time deposits 43,652 41,924 1,727 34,551 231 1,306 1,382 5,928 253 82 Individuals, partnerships, and corporations 27,475 26,584 892 19,630 18 681 1,145 5,749 252 83 U.S. addressees (domicile) 24,641 24,641 0 17,964 0 20 974 5,684 0 84 Non-U.S. addressees (domicile) 2,835 1,943 892 1,666 18 662 171 66 252 85 U.S. government, states, and political subdivisions in United States 94 94 0 16 0 2 2 74 0 86 All other 16,082 15,247 836 14,905 213 623 235 104 1 87 Foreign governments and official institutions 3,929 3,690 238 3,617 95 144 39 34 0 88 Commercial banks in United States 3,470 3,358 112 3,148 31 81 196 14 0 89 U.S. branches and agencies of other foreign banks 1,907 1,820 87 1,659 31 56 160 0 0 90 Other commercial banks in United States 1,563 1,538 25 1,488 0 25 36 14 0 91 Banks in foreign countries 8,684 8,199 485 8,140 88 399 0 56 1 92 Savings deposits 282 257 24 197 0 22 30 27 7 93 Individuals, partnerships, and corporations 281 257 24 197 0 22 30 27 7 94 U.S. addressees (domicile) 198 198 0 143 0 3 28 24 0 95 Non-U.S. addressees (domicile) 83 59 24 54 0 19 2 2 7 96 U.S. government, states, and political subdivisions in United States 0 0 0 0 0 0 0 0 0 97 All other 0 0 0 0 0 0 0 0 0 98 Credit balances 727 319 408 303 334 75 0 0 15 99 Individuals, partnerships, and corporations 318 93 225 93 159 52 0 0 14 100 U.S. addressees (domicile) 181 74 107 74 49 44 0 0 13 101 Non-U.S. addressees (domicile) 138 19 119 19 110 8 0 0 1 102 U.S. government, states, and political subdivisions in United States 0 0 0 0 0 0 0 0 0 103 All other 408 225 183 210 175 23 0 0 0 104 Foreign governments and official institutions 56 7 49 7 47 1 0 0 0 105 Commercial banks in United States 129 84 45 69 39 21 0 0 0 106 U.S. branches and agencies of other foreign banks 2 0 2 0 2 0 0 0 0 107 Other commercial banks in United States 127 84 43 69 37 21 0 0 0 108 Banks in foreign countries 223 134 90 133 89 1 0 0 0 For notes see page A81. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • April 1982 4.30 Continued All states2 New York CCaallii-- Other states2 IItteemm ffoorrnniiaa,, IIlllliinnooiiss,, Total Branches Agencies Branches Agencies ttoottaall33 bbrraanncchheess Branches Agencies 109 Federal funds purchased and sold under agreement to repurchase 18,643 11,463 7,180 9,700 1,676 4,942 1,206 459 660 By holder 110 Commercial banks in United States 16,487 10,080 6,407 8,359 1,415 4,886 1,165 458 204 111 Others 2,156 1,383 773 1,341 260 56 41 1 457 By type 111122 One-day maturity or continuing contract 17,624 10,550 7,074 8,893 1,606 4,838 1,168 459 660 113 Securities sold under agreements to repurchase ... 964 916 48 805 10 38 0 111 0 114 Other 16,660 9,634 7,026 8,088 1,596 4,800 1,168 348 660 115 Other securities sold under agreements to repurchase 1,019 913 106 808 69 104 38 0 0 116 Other liabilities for borrowed money 53,047 22,536 30,511 20,554 3,417 26,958 1,195 723 200 117 Owed to banks 50,147 20,552 29,595 18,682 3,352 26,113 1,145 660 195 118 U.S. addressees (domicile) 47,996 18,743 29,252 16,997 3,111 26,044 1,046 655 142 119 Non-U.S. addressees (domicile) 2,151 1,808 343 1,685 242 69 98 5 52 120 Owed to others 2,900 1,985 915 1,872 65 845 50 63 6 121 U.S. addressees (domicile) 2,515 1,712 802 1,601 18 784 48 63 0 122 Non-U.S. addressees (domicile) 385 272 113 271 47 60 2 0 6 123 All other liabilities 52,303 41,134 11,169 35,447 4,144 5,169 4,130 1,458 1,955 124 Acceptances executed and outstanding 11,865 8,786 3,080 8,485 878 2,136 163 138 66 125 Net due to related banking institutions5 36,492 29,231 7,261 24,127 3,054 2,460 3,827 1,185 1,839 126 Other 3,946 3,118 829 2,836 212 574 140 136 49 MEMO 127 Time deposits of $100,000 or more 34,925 33,842 1,082 26,546 1 901 11,,334422 55,,889922 242 128 Certificates of deposit (CDs) in denominations of $100,000 or more 27,594 26,684 910 19,744 1 718 1,121 5,780 230 129 Other 7,331 7,158 173 6,803 0 182 221 113 12 130 Savings deposits authorized for automatic transfer and NOW accounts 26 17 10 4 0 5 5 6 6 131 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 155 139 17 84 0 13 28 26 5 132 Time certificates of deposit in denominations of $100,000 or more with remaining maturity of more than 12 months 1,408 1,353 54 1,103 0 82 22 200 1 133 Acceptances refinanced with a U.S.-chartered bank ... 4,622 3,159 1,463 2,872 95 1,361 4 282 8 134 Statutory or regulatory asset pledge requirement 66,918 61,906 5,012 55,732 4,962 64 6,118 42 0 135 Statutory or regulatory asset maintenance requirement 11,320 10,860 460 6,949 26 3 258 3,653 432 136 Commercial letters of credit 7,284 4,175 3,109 3,637 542 2,504 301 233 67 137 Standby letters of credit, total 9,370 7,425 1,945 6,623 330 950 430 354 683 138 U.S. addressees (domicile) 7,449 5,993 1,456 5,527 166 722 244 205 584 139 Non-U.S. addressees (domicile) 1,921 1,432 489 1,096 163 228 186 149 98 140 Standby letters of credit conveyed to others through participations (included in total standby letters of credit) 1,977 1,856 121 1,816 0 121 40 0 0 141 Holdings of commercial paper included in total gross loans 738 666 72 631 22 49 34 0 1 142 Holdings of acceptances included in total commercial and industrial loans 5,731 4,207 1,524 4,130 227 1,280 63 15 17 143 Immediately available funds with a maturity greater than one day (included in other liabilities for borrowed money) 37,271 14,289 22,982 12,690 2,665 20,217 1,124 425 150 144 Gross due from related banking institutions5 69,561 43,925 25,636 37,400 5,438 19,866 1,970 4,472 416 145 U.S. addressees (domicile) 24,264 8,719 15,545 4,076 1,445 14,024 307 4,253 160 146 Branches and agencies in United States 23,933 8,509 15,424 3,931 1,433 13,914 292 4,202 160 147 In the same state as reporter 284 88 195 36 1 181 21 32 13 148 In other states 23,649 8,421 15,229 3,895 1,433 13,733 271 4,170 147 149 U.S. banking subsidiaries6 331 210 121 145 12 109 15 50 0 150 Non-U.S. addressees (domicile) 45,297 35,206 10,091 33,323 3.993 5,842 1,663 219 256 151 Head office and non-U.S. branches and agencies.. 43,682 33,703 9,979 31,824 3,989 5,759 11,,665599 219 231 152 Non-U.S. banking companies and offices 1,616 1,503 112 1,499 4 83 44 0 26 153 Gross due to related banking institutions5 86,949 69,174 17,775 61,095 8,437 7,292 5,797 2,111 2,216 154 U.S. addressees (domicile) 22,614 16,422 6,192 11.834 2,300 2,922 2,958 1,598 1,001 155 Branches and agencies in United States 22,281 16,146 6,135 11,587 2,299 2,895 2,931 1,596 972 156 In the same state as reporter 297 138 158 90 7 142 20 28 10 157 In other states 21,984 16,008 5,976 11,497 2,292 2,754 2,911 1,568 963 158 U.S. banking subsidiaries6 333 276 57 247 1 27 26 3 29 159 Non-U.S. addressees (domicile) 64,335 52,752 11,583 49,261 6,137 4,370 2,839 513 1,215 160 Head office and non-U.S. branches and agencies.. 62,523 51,289 11,234 47,830 5,879 4,312 2,810 513 1,179 161 Non-U. S. banking companies and offices 1,812 1,463 349 1,431 258 57 29 0 36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A81 4.30 Continued All states2 New York CCaallii-- Other states3 IItteemm Total Branches Agencies Branches Agencies ff tt oo oo rr tt nn aa ii ll aa 33 ,, bb II rr ll aa llii nn nn cc oo hh iiss ee ,, ss Branches Agencies Average for 30 calendar days (or calendar month) ending with report date 162 Total assets 170,452 117,938 52,514 101,927 12,616 37,091 7,605 8,113 3,102 163 Cash and due from depository institutions 12,667 11,783 884 10,959 515 302 605 197 89 164 Federal funds sold and securities purchased under agreements to resell 6,912 5,117 1,796 4,858 1,223 578 113 132 8 165 Total loans 102,214 74,862 27,352 64,374 6,361 18,388 6,254 4,027 2,811 166 Loans to banks in foreign countries 11,933 10,083 1,850 9,630 546 1,089 449 4 216 167 Total deposits and credit balances 42,850 40,818 2,032 33,516 656 1,106 1,417 5,818 338 168 Time CDs in denominations of $100,000 or more 28,492 27,599 893 20,925 10 686 1,074 5,564 234 169 Federal funds purchased and securities sold under agreements to repurchase 14,589 9,348 5,241 8,107 1,407 3,255 839 386 594 170 Other liabilities for borrowed money 50,678 21,550 29,128 19,724 2,976 25,965 1,107 691 215 171 Number of reports filed7 369 187 182 115 51 101 36 31 35 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, able through the G.ll statistical release, gross balances were included in total assets "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." and total liabilities. Therefore, total asset and total liability figures in this table are This form was first used for reporting data as of June 30, 1980. From November not comparable to those in the G.ll tables. 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a 5. "Related banking institutions" includes the foreign head office and other U.S. monthly FR 886a report. Aggregate data from that report were available through and foreign branches and agencies of the bank, the bank's parent holding company, the Federal Reserve statistical release G.ll, last issued on July 10, 1980. Data in and majority-owned banking subsidiaries of the bank and of its parent holding this table and in the G.ll tables are not strictly comparable because of differences company (including subsidiaries owned both directly and indirectly). Gross amounts in reporting panels and in definitions of balance sheet items. due from and due to related banking institutions are shown as memo items. 2. Includes the District of Columbia. 6. "U.S. banking subsidiaries" refers to U.S. banking subsidiaries majority- 3. Agencies account for virtually all of the assets and liabilities reported in owned by the foreign bank and by related foreign banks and includes U.S. offices California. of U.S.-chartered commercial banks, of Edge Act and Agreement corporations, 4. Total assets and total liabilities include net balances, if any, due from or due and of New York State (Article XII) investment companies. to related banking institutions in the United States and in foreign countries (see 7. In some cases two or more offices of a foreign bank within the same metfootnote 5). On the former monthly branch and agency report, avail- ropolitan area file a consolidated report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A82 Federal Reserve Board of Governors PAUL A. VOLCKER, Chairman HENRY C. WALLICH PRESTON MARTIN, Vice Chairman J. CHARLES PARTEE OFFICE OF BOARD MEMBERS OFFICE OF STAFF DIRECTOR FOR MONETARY AND FINANCIAL POLICY JOSEPH R. COYNE, Assistant to the Board DONALD J. WINN, Assistant to the Board STEPHEN H. AXILROD, Staff Director FRANK O'BRIEN, JR., Deputy Assistant to the Board EDWARD C. ETTIN, Deputy Staff Director ANTHONY F. COLE, Special Assistant to the Board MURRAY ALTMANN, Assistant to the Board WILLIAM R. MALONI, Special Assistant to the Board STANLEY J. SIGEL, Assistant to the Board NAOMI P. SALUS, Special Assistant to the Board NORMAND R.V. BERNARD, Special Assistant to the Board JAMES L. STULL, Manager, Operations Review Program DIVISION OF RESEARCH AND STATISTICS LEGAL DIVISION JAMES L. KICHLINE, Director MICHAEL BRADFIELD, General Counsel ROBERT E. MANNION, Deputy General Counsel JOSEPH S. ZEISEL, Deputy Director J. VIRGIL MATTINGLY, JR., Associate General Counsel MICHAEL J. PRELL, Associate Director JARED J. ENZLER, Senior Deputy Associate Director GILBERT T. SCHWARTZ, Associate General Counsel DONALD L. KOHN, Senior Deputy Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel ELEANOR J. STOCKWELL, Senior Deputy Associate Director J. CORTLAND G. PERET, Deputy Associate Director HELMUT F. WENDEL, Deputy Associate Director OFFICE OF THE SECRETARY MARTHA BETHEA, Assistant Director JOE M. CLEAVER, Assistant Director WILLIAM W. WILES, Secretary ROBERT M. FISHER, Assistant Director BARBARA R. LOWREY, Associate Secretary DAVID E. LINDSEY, Assistant Director JAMES MCAFEE, Associate Secretary LAWRENCE SLIFMAN, Assistant Director *DOLORES S. SMITH, Assistant Secretary FREDERICK M. STRUBLE, Assistant Director STEPHEN P. TAYLOR, Assistant Director PETER A. TINSLEY, Assistant Director DIVISION OF CONSUMER LEVON H. GARABEDIAN, Assistant Director (Administration) AND COMMUNITY AFFAIRS JANET O. HART, Director DIVISION OF INTERNATIONAL FINANCE GRIFFITH L. GARWOOD, Deputy Director JERAULD C. KLUCKMAN, Associate Director EDWIN M. TRUMAN, Director GLENN E. LONEY, Assistant Director ROBERT F. GEMMILL, Associate Director CHARLES J. SIEGMAN, Associate Director LARRY J. PROMISEL, Senior Deputy Associate Director DIVISION OF BANKING DALE W. HENDERSON, Deputy Associate Director SUPERVISION AND REGULATION SAMUEL PIZER, Staff Adviser RALPH W. SMITH, JR., Assistant Director JOHN E. RYAN, Director FREDERICK R. DAHL, Associate Director DON E. KLINE, Associate Director WILLIAM TAYLOR, Associate Director JACK M. EGERTSON, Assistant Director ROBERT A. JACOBSEN, Assistant Director ROBERT S. PLOTKIN, Assistant Director THOMAS A. SIDMAN, Assistant Director SAMUEL H. TALLEY, Assistant Director LAURA M. HOMER, Securities Credit Officer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A83 and Official Staff NANCY H. TEETERS LYLE E. GRAMLEY EMMETT J. RICE OFFICE OF OFFICE OF STAFF DIRECTOR FOR STAFF DIRECTOR FOR MANAGEMENT FEDERAL RESERVE BANK ACTIVITIES JOHN M. DENKLER, Staff Director THEODORE E. ALLISON, Staff Director EDWARD T. MULRENIN, Assistant Staff Director JOSEPH W. DANIELS, SR., Director of Equal Employment Opportunity DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF DATA PROCESSING CLYDE H. FARNSWORTH, JR., Director LORIN S. MEEDER, Associate Director CHARLES L. HAMPTON, Director WALTER ALTHAUSEN, Assistant Director BRUCE M. BEARDSLEY, Deputy Director CHARLES W. BENNETT, Assistant Director ULYESS D. BLACK, Associate Director RICHARD B. GREEN, Assistant Director GLENN L. CUMMINS, Assistant Director EARL G. HAMILTON, Assistant Director NEAL H. HILLERMAN, Assistant Director ELLIOTT C. MCENTEE, Assistant Director C. WILLIAM SCHLEICHER, JR., Assistant Director DAVID L. ROBINSON, Assistant Director ROBERT J. ZEMEL, Assistant Director P.D. RING, Adviser THOWARD F. CRUMB, Acting Adviser DIVISION OF PERSONNEL DAVID L. SHANNON, Director JOHN R. WEIS, Assistant Director CHARLES W. WOOD, Assistant Director OFFICE OF THE CONTROLLER JOHN KAKALEC, Controller GEORGE E. LIVINGSTON, Assistant Controller DIVISION OF SUPPORT SERVICES DONALD E. ANDERSON, Director ROBERT E. FRAZIER, Associate Director WALTER W. KREIMANN, Associate Director *On loan from the Division of Consumer and Community Affairs. tOn loan from the Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 Federal Reserve Bulletin • April 1982 FOMC and Advisory Councils FEDERAL OPEN MARKET COMMITTEE PAUL A. VOLCKER, Chairman ANTHONY M. SOLOMON, Vice Chairman JOHN J. BALLES LYLE E. GRAMLEY EMMETT J. RICE ROBERT P. BLACK PRESTON MARTIN NANCY H. TEETERS WILLIAM F. FORD J. CHARLES PARTEE HENRY C. WALLICH WILLIS J. WINN STEPHEN H. AXILROD, Staff Director RICHARD G. DAVIS, Associate Economist MURRAY ALTMANN, Secretary EDWARD C. ETTIN, Associate Economist NORMAND R. V. BERNARD, Assistant Secretary MICHAEL W. KERAN, Associate Economist NANCY M. STEELE, Deputy Assistant Secretary JAMES PARTHEMOS, Associate Economist MICHAEL BRADFIELD, General Counsel MICHAEL J. PRELL, Associate Economist JAMES H. OLTMAN, Deputy General Counsel DONALD L. KOCH, Associate Economist ROBERT E. MANNION, Assistant General Counsel CHARLES J. SIEGMAN, Associate Economist JAMES L. KICHLINE, Economist EDWIN M. TRUMAN, Associate Economist JOHN M. DAVIS, Associate Economist JOSEPH S. ZEISEL, Associate Economist PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market Account SAM Y. CROSS, Manager for Foreign Operations, System Open Market Account FEDERAL ADVISORY COUNCIL DONALD C. PLATTEN, Second District, President ROBERT M. SURDAM, Seventh District, Vice President WILLIAM S. EDGERLY, First District RONALD TERRY, Eighth District JOHN H. WALTHER, Third District CLARENCE G. FRAME, Ninth District JOHN G. MCCOY, Fourth District GORDON E. WELLS, Tenth District VINCENT C. BURKE, JR., Fifth District T. C. FROST, JR., Eleventh District ROBERT STRICKLAND, Sixth District JOSEPH J. PINOLA, Twelfth District HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Associate Secretary CONSUMER ADVISORY COUNCIL CHARLOTTE H. SCOTT, Charlottesville, Virginia, Chairman MARGARET REILLY-PETRONE, Upper Montclair, New Jersey, Vice Chairman ARTHUR F. BOUTON, Little Rock, Arkansas SHIRLEY T. HOSOI, Los Angeles, California JULIA H. BOYD, Alexandria, Virginia GEORGE S. IRVIN, Denver, Colorado ELLEN BROADMAN, Washington, D.C. HARRY N. JACKSON, Minneapolis, Minnesota GERALD R. CHRISTENSEN, Salt Lake City, Utah F. THOMAS JUSTER, Ann Arbor, Michigan JOSEPH N. CUGINI, Westerly, Rhode Island ROBERT J. MCEWEN, S. J., Chestnut Hill, Massachusetts RICHARD S. D'AGOSTINO, Philadelphia, Pennsylvania STAN L. MULARZ, Chicago, Illinois SUSAN PIERSON DE WITT, Springfield, Illinois WILLIAM J. O'CONNOR, Buffalo, New York JOANNE S. FAULKNER, New Haven, Connecticut WILLARD P. OGBURN, Boston, Massachusetts MEREDITH FERNSTROM, New York, New York JANET J. RATHE, Portland, Oregon ALLEN J. FISHBEIN, Washington, D.C. RENE REIXACH, Rochester, New York E. C. A. FORSBERG, SR., Atlanta, Georgia PETER D. SCHELLIE, Washington, D.C. LUTHER R. GATLING, New York, New York NANCY Z. SPILLMAN, Los Angeles, California VERNARD W. HENLEY, Richmond, Virginia CLINTON WARNE, Cleveland, Ohio JUAN J. HINOJOSA, McAllen, Texas FREDERICK T. WEIMER, Chicago, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A85 Federal Reserve Banks, Branches, and Offices FEDERAL RESERVE BANK, Chairman President Vice President branch, or facility Zip Deputy Chairman First Vice President in charge of branch BOSTON* 02106 Robert P. Henderson Frank E. Morris Thomas I. Atkins James A. Mcintosh NEW YORK* 10045 Robert H. Knight, Esq. Anthony M. Solomon Boris Yavitz Thomas M. Timlen Buffalo 14240 Frederick D. Berkeley, III John T. Keane PHILADELPHIA 19105 Jean A. Crockett Edward G. Boehne Robert M. Landis, Esq. Richard L. Smoot CLEVELAND* 44101 J. L. Jackson Willis J. Winn William H. Knoell Walter H. MacDonald Cincinnati 45201 Clifford R. Meyer Robert E. Showalter Pittsburgh 15230 Milton G. Hulme, Jr. Harold J. Swart RICHMOND* 23219 Steven Muller Robert P. Black Paul E. Reichardt Jimmie R. Monhollon Baltimore 21203 Edward H. Covell Robert D. McTeer, Jr. Charlotte 28230 Naomi G. Albanese Stuart P. Fishburne Culpeper Communications and Records Center 22701 Albert D. Tinkelenberg ATLANTA 30301 William A. Fickling, Jr. William F. Ford John H. Weitnauer, Jr. Robert P. Forrestal Birmingham 35202 William H. Martin, III Hiram J. Honea Jacksonville 32231 Copeland D. Newbern Charles D. East Miami 33152 David H. Rush F. J. Craven, Jr. Nashville 37203 Cecelia Adkins Jeffrey J. Wells New Orleans 70161 Leslie B. Lampton James D. Hawkins CHICAGO* 60690 John Sagan Silas Keehn Stanton R. Cook Daniel M. Doyle Detroit 48231 Russell G. Mawby William C. Conrad ST. LOUIS 63166 Armand C. Stalnaker Lawrence K. Roos W. L. Hadley Griffin Donald W. Moriarty, Jr. Little Rock 72203 Richard V. Warner John F. Breen Louisville 40232 James F. Thompson Donald L. Henry Memphis 38101 Donald B. Weis Robert E. Matthews MINNEAPOLIS 55480 William G. Phillips E. Gerald Corrigan John B. Davis, Jr. Thomas E. Gainor Helena 59601 Ernest B. Corrick Betty J. Lindstrom KANSAS CITY 64198 Paul H. Henson Roger Guffey Doris M. Drury Henry R. Czerwinski Denver 80217 Caleb B. Hurtt Wayne W. Martin Oklahoma City 73125 Christine H. Anthony William G. Evans Omaha 68102 Robert G. Lueder Robert D. Hamilton DALLAS 75222 Gerald D. Hines Robert H. Boykin John V. James William H. Wallace El Paso 79999 A. J. Losee Joel L. Koonce, Jr. Houston 77001 Jerome L. Howard J. Z. Rowe San Antonio 78295 Pat Legan Thomas H. Robertson SAN FRANCISCO 94120 Caroline L. Ahmanson John J. Balles Alan C. Furth John B. Williams Los Angeles 90051 Bruce M. Schwaegler Richard C. Dunn Portland 97208 John C. Hampton Angelo S. Carella Salt Lake City 84130 Wendell J. Ashton A. Grant Holman Seattle 98124 John W. Ellis Gerald R. Kelly •Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, New Jersey 07016; Jericho, New York 11753; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A86 Federal Reserve Board Publications Copies are available from PUBLICATIONS SERVICES, payable to the order of the Board of Governors of the Federal Room MP-510, Board of Governors of the Federal Reserve Reserve System. Remittance from foreign residents should System, Washington, D.C. 20551. When a charge is indicat- be drawn on a U.S. bank. Stamps and coupons are not ed, remittance should accompany request and be made accepted. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNC- Each volume $1.00; 10 or more to one address, $.85 TIONS. 1974. 125 pp. each. ANNUAL REPORT. OPEN MARKET POLICIES AND OPERATING PROCEDURES— FEDERAL RESERVE BULLETIN. Monthly. $20.00 per year or STAFF STUDIES. 1971. 218 pp. $2.00 each; 10 or more to $2.00 each in the United States, its possessions, Canada, one address, $1.75 each. and Mexico; 10 or more of same issue to one address, REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHA- $18.00 per year or $1.75 each. Elsewhere, $24.00 per NISM. Vol. 1. 1971. 276 pp. Vol. 2. 1971. 173 pp. Vol. 3. year or $2.50 each. 1972. 220 pp. Each volume $3.00; 10 or more to one BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint address, $2.50 each. of Part I only) 1976. 682 pp. $5.00. THE ECONOMETRICS OF PRICE DETERMINATION CONFER- BANKING AND MONETARY STATISTICS, 1941-1970. 1976. ENCE, October 30-31, 1970, Washington, D.C. 1972. 397 1,168 pp. $15.00. pp. Cloth ed. $5.00 each; 10 or more to one address, ANNUAL STATISTICAL DIGEST $4.50 each. Paper ed. $4.00 each; 10 or more to one 1971-75. 1976. 339 pp. $5.00 per copy. address, $3.60 each. 1972-76. 1977. 377 pp. $10.00 per copy. FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE 1973-77. 1978. 361 pp. $12.00 per copy. FLUCTUATIONS IN HOUSING CONSTRUCTION. 1972. 487 1974-78. 1980. 305 pp. $10.00 per copy. pp. $4.00 each; 10 or more to one address, $3.60 each. 1970-79. 1981. 587 pp. $20.00 per copy. LENDING FUNCTIONS OF THE FEDERAL RESERVE BANKS. 1980. 1981. 241 pp. $10.00 per copy. 1973. 271 pp. $3.50 each; 10 or more to one address, FEDERAL RESERVE CHART BOOK. Issued four times a year in $3.00 each. February, May, August, and November. Subscription IMPROVING THE MONETARY AGGREGATES: REPORT OF THE includes one issue of Historical Chart Book. $7.00 per ADVISORY COMMITTEE ON MONETARY STATISTICS. year or $2.00 each in the United States, its possessions, 1976. 43 pp. $1.00 each; 10 or more to one address, $.85 Canada, and Mexico. Elsewhere, $10.00 per year or each. $3.00 each. ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— HISTORICAL CHART BOOK. Issued annually in Sept. Subscrip- Regulation Z) Vol. I (Regular Transactions). 1969. 100 tion to Federal Reserve Chart Book includes one issue. pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each $1.25 each in the United States, its possessions, Canada, volume $1.00; 10 or more of same volume to one and Mexico; 10 or more to one address, $1.00 each. address, $.85 each. Elsewhere, $1.50 each. FEDERAL RESERVE MEASURES OF CAPACITY AND CAPACITY SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SE- UTILIZATION. 1978. 40 pp. $1.75 each; 10 or more to one RIES OF CHARTS. Weekly. $15.00 per year or $.40 each in address, $1.50 each. the United States, its possessions, Canada, and Mexico; THE BANK HOLDING COMPANY MOVEMENT TO 1978: A 10 or more of same issue to one address, $13.50 per year COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to or $.35 each. Elsewhere, $20.00 per year or $.50 each. one address, $2.25 each. THE FEDERAL RESERVE ACT, as amended through December IMPROVING THE MONETARY AGGREGATES: STAFF PAPERS. 1976, with an appendix containing provisions of certain 1978. 170 pp. $4.00 each; 10 or more to one address, other statutes affecting the Federal Reserve System. 307 $3.75 each. pp. $2.50. 1977 CONSUMER CREDIT SURVEY. 1978. 119 pp. $2.00 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FED- FLOW OF FUNDS ACCOUNTS. 1949-1978. 1979. 171 pp. $1.75 ERAL RESERVE SYSTEM. each; 10 or more to one address, $1.50 each. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 INTRODUCTION TO FLOW OF FUNDS. 1980. 68 pp. $1.50 each; pp. $1.00 each; 10 or more to one address, $.85 each. 10 or more to one address, $1.25 each. REPORT OF THE JOINT TREASURY-FEDERAL RESERVE STUDY PUBLIC POLICY AND CAPITAL FORMATION. 1981. 326 pp. OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. $13.50 each. 48 pp. $.25 each; 10 or more to one address, $.20 each. NEW MONETARY CONTROL PROCEDURES: FEDERAL RE- JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOV- SERVE STAFF STUDY, 1981. ERNMENT SECURITIES MARKET; STAFF STUDIES—PART SEASONAL ADJUSTMENT OF THE MONETARY AGGREGATES: 1. 1970. 86 pp. $.50 each; 10 or more to one address, $.40 REPORT OF THE COMMITTEE OF EXPERTS ON SEASONAL each. PART 2, 1971. 153 pp. and PART 3, 1973. 131 pp. ADJUSTMENT TECHNIQUES. 1981. 55 pp. $2.75 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A87 FEDERAL RESERVE REGULATORY SERVICE. Looseleaf; updat- STAFF STUDIES. Summaries Only Printed in the ed at least monthly. (Requests must be prepaid.) Bulletin Consumer and Community Affairs Handbook. $60.00 per Studies and papers on economic and financial subjects year. that are of general interest. Requests to obtain single copies Monetary Policy and Reserve Requirements Handbook. of the full text or to be added to the mailing list for the series $60.00 per year. may be sent to Publications Services. Securities Credit Transactions Handbook. $60.00 per year. Federal Reserve Regulatory Service. 2 vols. (Contains all PERFORMANCE AND CHARACTERISTICS OF EDGE CORPORAthree Handbooks plus substantial additional material.) TIONS, by James V. Houpt. Feb. 1981. 56 pp. $175.00 per year. BANKING STRUCTURE AND PERFORMANCE AT THE STATE Rates for subscribers outside the United States are as LEVEL DURING THE 1970s, by Stephen A. Rhoades. Mar. follows and include additional air mail costs: 1981. 26 pp. Federal Reserve Regulatory Service, $225.00 per year. FEDERAL RESERVE DECISIONS ON BANK MERGERS AND AC- Each Handbook, $75.00 per year. QUISITIONS DURING THE 1970s, by Stephen A. Rhoades. WELCOME TO THE FEDERAL RESERVE, December 1980. Aug. 1981. 16 pp. THE USE OF CONTINGENCIES AND COMMITMENTS BY COM- MERCIAL BANKS, by Benjamin Wolkowitz et al. Jan. 1982. 186 pp. CONSUMER EDUCATION PAMPHLETS MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON Short pamphlets suitable for classroom use. Multiple COMPETITION AND PERFORMANCE IN BANKING MARcopies available without charge. KETS, by Timothy J. Curry and John T. Rose. Jan. 1982. 9 pp. Alice in Debitland Consumer Handbook to Credit Protection Laws . Dealing with Inflation: Obstacles and Opportunities REPRINTS The Equal Credit Opportunity Act and . . . Age Most of the articles reprinted do not exceed 12 pages. The Equal Credit Opportunity Act and . . . Credit Rights in Housing Revision of Bank Credit Series. 12/71. The Equal Credit Opportunity Act and . . . Doctors, Law- Rates on Consumer Installment Loans. 9/73. yers, Small Retailers, and Others Who May Provide Industrial Electric Power Use. 1/76. Incidental Credit Revised Series for Member Bank Deposits and Aggregate The Equal Credit Opportunity Act and . . . Women Reserves. 4/76. Fair Credit Billing Federal Reserve Operations in Payment Mechanisms: A Federal Reserve Glossary Summary. 6/76. Guide to Federal Reserve Regulations Perspectives on Personal Saving. 8/80. How to File A Consumer Credit Complaint The Impact of Rising Oil Prices on the Major Foreign If You Borrow To Buy Stock Industrial Countries. 10/80. If You Use A Credit Card Federal Reserve and the Payments System: Upgrading Elec- Series on the Structure of the Federal Reserve System tronic Capabilities for the 1980s. 2/81. The Board of Governors of the Federal Reserve System Survey of Finance Companies, 1980. 5/81. The Federal Open Market Committee Bank Lending in Developing Countries. 9/81. Federal Reserve Bank Board of Directors U.S. International Transactions in 1981. 4/82. Federal Reserve Banks Monetary Control Act of 1980 Truth in Leasing U.S. Currency What Truth in Lending Means to You Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A88 Index to Statistical Tables References are to pages A3 through A81 although the prefix 'A" is omitted in this index ACCEPTANCES, bankers, 10, 25, 27 Demand deposits—Continued Agricultural loans, commercial banks, 18, 19, 20, 26 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners) corporations, 24 Banks, by classes, 17, 18-21, 72-77 Subject to reserve requirements, 14 Domestic finance companies, 39 Turnover, 12 Federal Reserve Banks, 11 Depository institutions Foreign banks, U.S. branches and agencies, 22, 78 Reserve requirements, 8 Nonfinancial corporations, 38 Reserves, 3, 4, 5, 14 Savings institutions, 29 Deposits (See also specific types) Automobiles Banks, by classes, 3, 17, 18-21, 29, 71, 73, 75, 77 Consumer installment credit, 42, 43 Federal Reserve Banks, 4, 11 Production, 48, 49 Subject to reserve requirements, 14 Turnover, 12 BANKERS balances, 17, 18-20, 72, 74, 76 Discount rates at Reserve Banks and at foreign central (See also Foreigners) banks (See Interest rates) Banks for Cooperatives, 35 Discounts and advances by Reserve Banks (See Loans) Bonds (See also U.S. government securities) Dividends, corporate, 37 New issues, 36 Yields, 3 Branch banks, 15, 21, 22, 56, 78 EMPLOYMENT, 46, 47 Business activity, nonfinancial, 46 Eurodollars, 27 Business expenditures on new plant and equipment, 38 Business loans (See Commercial and industrial loans) FARM mortgage loans, 41 Federal agency obligations, 4, 10, 11, 12, 34 CAPACITY utilization, 46 Federal credit agencies, 35 Capital accounts Federal finance Banks, by classes, 17, 73, 75, 77 Debt subject to statutory limitation and types and Federal Reserve Banks, 11 ownership of gross debt, 32 Central banks, 67 Receipts and outlays, 31 Certificates of deposit, 21, 27 Treasury operating balance, 30 Commercial and industrial loans Federal Financing Bank, 30, 35 Commercial banks, 15, 17, 22, 26 Federal funds, 3, 6, 18, 19, 20, 27, 30 Weekly reporting banks, 18-22, 23 Federal Home Loan Banks, 35 Commercial banks Federal Home Loan Mortgage Corporation, 35, 40, 41 Assets and liabilities, 17, 18-21, 72-77 Federal Housing Administration, 35, 40, 41 Business loans, 26 Federal Intermediate Credit Banks, 35 Commercial and industrial loans, 15, 17, 22, 23, 26 Federal Land Banks, 35, 41 Consumer loans held, by type, 42, 43 Federal National Mortgage Association, 35, 40, 41 Loans and securities, 3,15 Federal Reserve Banks Loans sold outright, 21 Condition statement, 11 Nondeposit funds, 16 Discount rates (See Interest rates) Number by classes, 17, 73, 75, 77 U.S. government securities held, 4, 11, 12, 32, 33 Real estate mortgages held, by holder and property, 41 Federal Reserve credit, 4, 5, 11, 12 Time and savings deposits, 3, 71 Federal Reserve notes, 11 Commercial paper, 3, 25, 27, 39 Federally sponsored credit agencies, 35 Condition statements (See Assets and liabilities) Finance companies Construction, 46, 50 Assets and liabilities, 39 Consumer installment credit, 42, 43 Business credit, 39 Consumer prices, 46, 51 Loans, 18, 19, 20, 42, 43 Consumption expenditures, 52, 53 Paper, 25, 27 Corporations Financial institutions Profits and their distribution, 37 Loans to, 18, 19, 20 Security issues, 36, 66 Selected Assets and liabilities, 29 Cost of living (See Consumer prices) Float, 4 Credit unions, 29, 42, 43 Currency and coin, 5, 17, 72, 74, 76 Flow of funds, 44, 45 Currency in circulation, 4, 13 Foreign banks, assets and liabilities of U.S. branches and Customer credit, stock market, 28 agencies, 22, 78 Foreign currency operations, 11 Foreign deposits in U.S. banks, 4, 11, 18, 19, 20 DEBITS to deposit accounts, 12 Foreign exchange rates, 68 Debt (See specific types of debt or securities) Foreign trade, 55 Demand deposits Foreigners Adjusted, commercial banks, 12, 14 Claims on, 56, 58, 61, 62, 63, 65 Banks, by classes, 17, 18-21, 73, 75, 77 Liabilities to, 21, 55, 56-60, 64, 66, 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A89 GOLD REAL estate loans Certificates, 11 Banks, by classes, 18-20, 41 Stock, 4, 55 Rates, terms, yields, and activity, 3, 40 Government National Mortgage Association, 35, 40, 41 Savings institutions, 27 Gross national product, 52, 53 Type of holder and property mortgaged, 41 Repurchase agreements and federal funds, 6, 18, 19, 20 HOUSING, new and existing units, 50 Reserve requirements, 8 Reserves INCOME, personal and national, 46, 52, 53 Commercial banks, 17, 72, 74, 76 Industrial production, 46, 48 Depository institutions, 3, 4, 5, 14 Installment loans, 42, 43 Federal Reserve Banks, 11 Insurance companies, 29, 32, 33, 41 Member banks, 14 Insured commercial banks, 71, 72-77 U.S. reserve assets, 55 Interbank loans and deposits, 17 Residential mortgage loans, 40 Interest rates Retail credit and retail sales, 42, 43, 46 Bonds, 3 Business loans of banks, 26 Federal Reserve Banks, 3, 7 SAVING Foreign central banks and foreign countries, 67 Flow of funds, 44, 45 Money and capital markets, 3, 27 National income accounts, 53 Mortgages, 3, 40 Savings and loan assns., 3, 9, 29, 33, 41, 44 Savings deposits (See Time deposits) Prime rate, commercial banks, 26 Securities (See also U.S. government securities) Time and savings deposits, 9, 71 Federal and federally sponsored credit agencies, 35 International capital transactions of United States, 56-67 Foreign transactions, 66 International organizations, 58, 59-62, 64-67 New issues, 36 Inventories, 52 Prices, 28 Investment companies, issues and assets, 37 Special drawing rights, 4, 11, 54, 55 Investments (See also specific types) State and local governments Banks, by classes, 17, 29 Deposits, 18, 19, 20 Commercial banks, 3, 15, 17, 18-20, 72, 74, 76 Federal Reserve Banks, 11, 12 Holdings of U.S. government securities, 32, 33 Savings institutions, 29, 41 New security issues, 36 Ownership of securities issued by, 18, 19, 20, 29 Yields of securities, 3 LABOR force, 47 Stock market, 28 Life insurance companies (See Insurance companies) Stocks (See also Securities) Loans (See also specific types) New issues, 36 Banks, by classes, 17, 18—21 Prices, 28 Commercial banks, 3, 15, 17, 18-21, 22, 26, 72, 74, 76 Federal Reserve Banks, 3, 4, 5, 7, 11, 12 Insured or guaranteed by United States, 40, 41 TAX receipts, federal, 31 Savings institutions, 29, 41 Time deposits, 3, 9, 12, 14, 17, 18-21, 71, 73, 75, 77 Trade, foreign, 55 MANUFACTURING Treasury currency, Treasury cash, 4 Capacity utilization, 46 Treasury deposits, 4, 11, 30 Production, 46, 49 Treasury operating balance, 30 Margin requirements, 28 Member banks Borrowing at Federal Reserve Banks, 5, 11 UNEMPLOYMENT, 47 Federal funds and repurchase agreements, 6 U.S. balance of payments, 54 Reserve requirements, 8 U.S. government balances Reserves and related items, 14 Commercial bank holdings, 18, 19, 20 Mining production, 49 Member bank holdings, 14 Mobile home shipments, 50 Treasury deposits at Reserve Banks, 4, 11, 30 Monetary aggregates, 3, 14 U.S. government securities Money and capital market rates (See Interest Bank holdings, 17, 18-20, 32, 33, 72, 74, 76 rates) Dealer transactions, positions, and financing, 34 Money stock measures and components, 3, 13 Federal Reserve Bank holdings, 4, 11, 12, 32, 33 Mortgages (See Real estate loans) Foreign and international holdings and transactions, 11, Mutual funds (See Investment companies) 32, 67 Mutual savings banks, 3, 9, 18-20, 29, 32, 33, 41 Open market transactions, 10 Outstanding, by type and ownership, 32, 33 NATIONAL defense outlays, 31 Rates, 3, 27 National income, 52 Savings institutions, 29 Utilities, production, 49 OPEN market transactions, 10 PERSONAL income, 53 VETERANS Administration, 40, 41 Prices Consumer and producer, 46, 51 WEEKLY reporting banks, 18-23 Stock market, 28 Wholesale (producer) prices, 46, 51 Prime rate, commercial banks, 26 Production, 46, 48 Profits, corporate, 37 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A90 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories LEGEND Boundaries of Federal Reserve Districts ® Federal Reserve Bank Cities Boundaries of Federal Reserve Branch * Federal Reserve Branch Cities Territories Federal Reserve Bank Facility Q Board of Governors of the Federal Reserve System Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis