Federal Reserve Bulletin, 1982-05

VOLUME 68 • NUMBER 5 • MAY 1982 FEDERAL RESERVE BULLETIN 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 281 RECENT DEVELOPMENTS write a constitutional amendment to induce IN THE MORTGAGE AND fiscal discipline, which has been lacking CONSUMER CREDIT MARKETS during much of the postwar period, before the Subcommittee on Monopolies and Borrowing by households in the mortgage Commercial Law of the House Committee and consumer credit markets has slowed on the Judiciary, May 5, 1982. considerably during the past two years of sluggish economic activity and high interest rates. 302 ANNOUNCEMENTS Phaseout of incentive pricing of automated 291 STAFF STUDIES clearinghouse services. "Divisia Monetary Aggregates: Compila- Availability of commentary on Regulation tion, Data, "and Historical Behavior" ex- M (Consumer Leasing). plains the concepts, definitions, methodical Modification of reserve requirements on procedures, and data sources used in the long-term nonpersonal time deposits and Divisia measures of the monetary aggreextension through the end of 1982 of the gates used by the Board staff on an experideferral of deposit reporting and reserve mental basis in conjunction with the pubrequirements for small nonmember deposilished measures. tory institutions. 292 INDUSTRIAL PRODUCTION Availability of supplement to Federal Reserve System Compliance Handbook. Output declined about 0.6 percent in April. Proposal to make exemption and preemp- 294 STATEMENTS TO CONGRESS tion determinations on the relationship to the Truth in Lending Act of the consumer J. Charles Partee, Member, Board of Govcredit protection laws of six states; proernors, discusses important issues related posed application of a bank holding compato the regulation of financial markets in light ny to own a securities firm and engage in of the extremely rapid development of ficertain securities brokerage and related acnancial futures markets and the probable tivities; proposed updating of commentary introduction of additional option and fuon Regulation Z (Truth in Lending). tures contracts, before the Subcommittee on Telecommunications, Consumer Protec- Changes in Board Staff. tion, and Finance of the House Committee on Energy and Commerce, April 23, 1982. Admission of three state banks to membership in the Federal Reserve System. 298 Paul A. Volcker, Chairman, Board of 305 LEGAL DEVELOPMENTS Governors, testifies on House Joint Resolution 350 to amend the Constitution to Amendments to Regulations D, H, and Y encourage a balanced federal budget and and to various rules; bank holding company emphasizes the difficulty of attempting to and bank merger orders; and pending cases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A l FINANCIAL AND B USINESS ST A TISTICS A72 FEDERAL OPEN MARKET COMMITTEE AND STAFF; ADVISORY COUNCILS A3 Domestic Financial Statistics A46 Domestic Nonfinancial Statistics A73 FEDERAL RESERVE BANKS, A54 International Statistics BRANCHES, AND OFFICES A69 GUIDE TO TABULAR PRESENTATION, A74 FEDERAL RESERVE BOARD STATISTICAL RELEASES, AND SPECIAL PUBLICATIONS TABLES A76 INDEX TO STATISTICAL TABLES A70 BOARD OF GOVERNORS AND STAFF A78 MAP OF FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Developments in the JL Mortgage and Consumer Credit Markets This article was prepared by Charles Luckett of responsive to short-term market interest rates. A the Board's Division of Research and Statistics. wide variety of techniques, designed to reduce monthly payments for an initial period in order to bring them more into line with household incomes, As the economic downturn deepened in the have surfaced in the mortgage market. These opening quarter of 1982, net borrowing by house- changes in market practices have been accompaholds continued at about the slack pace of late nied by substantial shifts in market shares among last year. Activity in housing markets remained lenders; at least temporarily, savings and loan depressed during the first quarter in the face of associations serve a much smaller proportion of near-record interest rates, although net mortgage the mortgage market and commercial banks comborrowing by households increased from the mand a diminished share of the consumer credit unusually small amount that occurred during the market (table 1). fourth quarter of 1981. Consumer outlays for One result of the slower pace of borrowing autos and household durable goods, though re- during the past two years is that households in bounding a bit from the fourth-quarter lows, the aggregate have avoided a serious deteriorawere still relatively weak, and new extensions of tion in their financial positions. With growth in consumer installment credit during the first quar- liabilities held in check, the financial net worth of ter again barely exceeded repayments on existing households rose on balance during the 1980-81 balances. period, despite an erosion in the value of stock The subdued growth in household borrowing market holdings and despite the adverse impact early this year was consistent with trends already of two economic recessions. Also, by the first well established in 1981, when mortgage debt quarter of 1982, debt repayments were taking expanded at less than half the record pace of their smallest slice of disposable personal income 1978 and consumer debt grew about one-third as in six years. Other evidence, however—princifast as in that year of rapid expansion. The pally rising delinquency rates on home mortunusually high and volatile interest rates of the gages—suggests that the economic slowdown past two years have contributed to the softness may have begun to create cash-flow problems for in the mortgage and consumer credit markets by some households. making the acquisition of loanable funds more costly for creditors while subjecting their portfolios of loans to greater capital risk, and by HOUSEHOLD BORROWING substantially raising the price of credit to the ultimate borrower. The household sector added about $78 billion to In this context, household net borrowing might its combined mortgage and installment debt durhave been still weaker during the past two years ing 1981—slightly less than in 1980 and barely but for significant alterations in the terms and half the record increase of $153 billion in 1978. characteristics of credit instruments, changes These estimates of household sector borrowing made possible in many cases by the broad pattern cover most credit obtained from outside the of deregulation that has occurred in the financial sector through home mortgages, credit cards, markets. Adjustable-rate lending, for instance, has sales finance contracts, and personal cash loans; become more prevalent in response to efforts by they exclude an unknown volume of debt transcreditors to make yields on their portfolios more actions within the sector associated with a re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 Federal Reserve Bulletin • May 1982 1. Sources of funds to households through mortgage and consumer credit markets Percentage Billions of dollars distribution Source 1978 1979 1980 1981 1978 1981 Total funds raised All sources 152.5 150.9 82.4 77.6 100 100 Savings and loans 45.4 39.7 26.1 15.0 30 19 Commercial banks 47.7 38.2 4.1 14.5 31 19 Mortgage pools' 12.4 22.8 18.0 12.6 8 16 Finance companies 10.5 15.0 7.7 13.8 7 18 Credit unions 7.3 2.8 -2.0 2.2 5 3 Mutual savings banks 5.1 2.4 .7 .1 3 * Federal and related agencies 10.9 11.5 10.4 7.5 7 10 State and local governments 1.9 4.7 7.5 6.0 1 8 Others 11.2 13.7 9.9 5.9 7 8 Home mortgages All sources 109.4 112.5 81.0 57.7 100 100 Savings and loans 45.5 38.4 24.6 13.3 42 23 Commercial banks 24.1 20.0 11.3 12.2 22 21 Mortgage pools' 12.4 22.8 18.0 12.6 11 22 Finance companies 1.1 1.0 -.7 .7 1 11 Credit unions .6 .6 .5 .3 1 11 Mutual savings banks 4.6 2.4 .6 .1 4 Federal and related agencies 10.9 11.5 10.4 7.5 10 13 State and local governments 1.9 4.7 7.5 6.0 2 11 Others 8.4 11.1 8.8 4.9 8 8 Consumer installment credit All sources 43.1 38.4 1.4 19.9 100 100 Savings and loans * 1.3 1.5 1.7 * 9 Commercial banks 23.6 18.2 -7.2 2.3 55 12 Mortgage pools' • • * * * * Finance companies 9.4 14.0 8.4 13.1 22 66 Credit unions 6.7 2.2 -2.5 1.9 16 9 Mutual savings banks .5 * .1 * * * Federal and related agencies * * * * * * State and local governments * * * • • • Others 2.8 2.6 1.1 1.0 6 5 1. Pools of mortgages backing passthrough securities guaranteed by *Less than $0.1 billion or less than 0.5 percent. the Government National Mortgage Association, Federal Home Loan Mortgage Corporation, or Farmers Home Administration, some of NOTE. Home mortgage credit figures include a small amount of which may have been purchased by the institutions shown separately construction loans to other than households. and reported among their nonmortgage assets. portedly substantial increase in the frequency of Mortgage Markets "takebacks" of first and second mortgages by sellers of existing homes. Interest rates in mortgage and other credit mar- In the first quarter of 1982, household borrow- kets have remained high in recent months despite ing amounted to little more than $65 billion a substantial easing of inflation, as expectations (annual rate), an increase of less than 5 percent of unusually heavy federal credit demands and per year. Continued anemic growth in real dis- fears of a possible resumption of rapid inflation posable personal income, an unsettled employ- have exerted upward pressure on rates. For ment outlook, and expenditure of a relatively example, interest rates on new commitments by large share of income on necessities have dis- savings and loan associations for 30-year, fixedcouraged many households from taking on the rate conventional home mortgages (chart 1) gendebt often necessary to finance investment in erally fluctuated between 11 Vi percent and a homes and consumer durable goods. Historically record 1816 percent from August 1981 through high interest rates, as noted, have also deterred the early months of this year, before slipping borrowing, especially through mortgages on below 17 percent in April. which aggregate credit costs bulk large relative The disrupting influence of high and unpredictto the amount of funds advanced. able interest rates has left both lenders and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Developments in the Mortgage and Consumer Credit Markets 283 1. Housing credit and prices Billions of dollars Thousands of dollars 1976 1978 1980 * ^ 1982 Net borrowing is at seasonally adjusted annual rates, from the The average home price is the Census Bureau series for new homes household sector of the Federal Reserve quarterly flow of funds sold. The average monthly payment is on new conventional loans accounts. Mortgage interest rates at a sample of savings and loans are closed during the month and partly reflects mortgage amounts and for new commitments on fixed-rate level-payment conventional loans. interest rates determined earlier. borrowers reluctant to enter into long-term mort- Developments in Mortgage Markets," Survey of gage arrangements. The prospect of capital loss Current Business, vol. 62, February 1982, pp. in the event of future increases in interest rates 19-36.) has deterred many investors from expanding On the lending side, the exposure of traditional their portfolios of fixed-rate home mortgages. At mortgage lenders to the consequences of capital the same time, the high absolute level of interest loss has become more serious during the past rates, in conjunction with high home prices, has two years. Wide fluctuations in money market erected a formidable barrier to prospective home interest rates and the ongoing deregulation of the buyers. liabilities of depository institutions have made This situation has motivated market partici- the cost of funds to traditional mortgage lenders pants to structure financing in a way that at- quite volatile. New authority to pay markettempts to shield lenders from some of the capital related rates on short-term accounts has helped risk as well as to accommodate borrower budget thrift institutions—historically the dominant supconstraints in determining the size of monthly plier of home mortgage credit—to retain and loan payments. As a result, adjustable-rate attract deposits. But it has also exacerbated an loans, graduated-payment mortgages, and other earnings squeeze for these institutions whose nonstandard instruments have become more assets are concentrated in long-term, fixed-rate prevalent. In addition, buyers and sellers of mortgages, many of which were acquired when homes have often reduced financing costs by interest rates were much lower. By 1981, many working out arrangements such as "buydowns," savings and loan associations and mutual savings assumptions, and seller takebacks of first or banks were operating with a negative spread second mortgages. (See David F. Seiders, between the average yield on their mortgage "Changing Patterns of Housing Finance," FED- portfolios and their average cost of funds. In this ERAL RESERVE BULLETIN, vol. 67, June 1981, environment, the adjustable-rate mortgage has pp. 461-72, and Daniel J. Larkins, "Recent been gaining favor with financial institutions as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 Federal Reserve Bulletin • May 1982 an attractive means of reducing exposure to the prices increasing much less rapidly, this ratio has interest rate risk inherent in an imbalance in remained on a historically high plateau. The maturity structure between their assets and li- monthly payment of principal and interest on a abilities. Bolstering the appeal of such instru- conventional first mortgage for the purchase of a ments have been recent changes in regulations new house averaged more than $850 in the first that, coupled with the relaxation of statutory quarter of 1982 (chart 1), about 35 percent of ceilings on mortgage interest rates, have made average after-tax income. larger rate adjustments possible. In response to the prospect of burdensome Pension funds and other investors with diversi- payments on standard mortgages, home buyers fied portfolios have expanded their participation have been cautiously receptive to financing arin mortgage financing in recent years through the rangements that help reduce initial monthly paypurchase of securities backed by pools of mort- ments. Graduated-payment mortgages, on which gages. This practice has augmented the range of payments are set lower at the outset and scaled outlets for mortgage originators that are unable up in later years, are one type of loan tailored to or unwilling to carry mortgages themselves, and this purpose. These loans have become especialhas thereby broadened the access of home buy- ly popular under lending programs insured by ers to the capital markets. Investors have found the Federal Housing Administration. Institutionin federally underwritten pass-through securities al mortgage lenders have been reluctant to offer a mortgage-related instrument of high quality and such mortgages in the conventional segment of liquidity that generally has provided a greater the market, however, partly because of the lower yield than Treasury securities of similar contrac- initial cash flow that the mortgages generate. tual maturity. State and local governments have Another barrier has been unfavorable tax treatincreased their holdings of mortgages—usually ment of interest accrued but not yet received by granted at subsidized interest rates—in connec- lenders when negative amortization occurs. tion with their issuance of tax-exempt mortgage Home buyers, meanwhile, have become more revenue bonds. Such activity was curtailed last reconciled to borrowing through an adjustableyear, however, after federal legislation capped rate mortgage and have been able to choose the volume of mortgage revenue bonds that among a variety of plans that differ in the frecould be offered and established certain other quency, size, and cumulative total of allowable limitations on their issuance. Tightened regula- rate adjustments, and in the translation of rate tion was prompted by concern over the loss of changes into adjustment of either the monthly federal tax revenues and the belief that, contrary payment or the maturity date. In exchange for to the intent of public policy, middle- and upper- the borrower's acceptance of a larger share of income buyers were benefiting from the program the risk that interest rates might go higher, more than lower-income buyers. lenders often have been willing to make signifi- On the borrower side of the market, the sharp cant initial concessions on rates. Moreover, an uptrend in interest rates in recent years has had a adjustable-rate mortgage allows the borrower to sizable impact on the aflfordability of mortgage benefit in the event of falling interest rates withcredit. During the recent years when inflation out resort to costly refinancing. Spreads between was most rapid, even though real interest rates fixed- and adjustable-rate loans have generally may have been stable or falling, upward adjust- been around Vi to 1 percentage point, but in some ments in nominal rates substantially increased cases they have been as wide as 2 percentage monthly payments on standard level-payment points. Most recently, they appear to have narmortgages, while household income tended to rowed, perhaps reflecting some shift toward exrise more slowly. The ratio of monthly payments pectations that interest rates will come down. on newly originated conventional home mort- Increasingly, home sellers and buyers have gages to average disposable income—a rough taken the initiative in adopting unorthodox fimeasure of initial payment burden—rose consid- nancing methods. Home builders, in particular, erably in the late 1970s. More recently, with have utilized the buy down technique, a device mortgage rates still near their peaks and home for graduating mortgage payments so that a bor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Developments in the Mortgage and Consumer Credit Markets 285 rower during the initial years of a mortgage first mortgages on similar terms. Some estimates typically makes payments calculated at a below- place the frequency of seller takebacks of first or market interest rate. The builder pays to the second mortgages at a third or more of sales lender the difference between the borrower's transactions on existing homes. The National payment and a payment based on a market rate. Association of Realtors estimated that in January To some extent, the interest subsidy may be of this year takebacks were involved in 54 perrecaptured in a higher home price; but given the cent of existing-home sales. pressure many builders are under to liquidate Because data on creative financing are not slow-moving inventory carried at high financing collected on a continuing comprehensive basis, cost, sellers may not be able fully to incorporate the extent of such financing is difficult to assess. the buy down payment into the selling price. Still, limited surveys and trade reports leave little Even if they could do so, the home buyer's doubt that such practices have become more monthly payments still would be lower initially. prevalent in the past two years as interest rates In a recent survey of members by the National have reached unprecedented levels. Even with Association of Home Builders, more than half of creative financing, however, overall mortgage the respondents reported using buydowns to lending has remained well below the levels of the close sales. late 1970s. "Creative financing" techniques have become perhaps even more common in the market for existing homes. For instance, the home seller is Consumer Credit Markets often making payments on an older mortgage with a comparatively low interest rate that, if Average interest rates have risen about as much assumed by the buyer, can provide the buyer on consumer loans as on mortgage loans during with a total financing cost below the current the past few years; on new-car loans at commermarket. Such an arrangement helps to make cial banks, for instance, they have climbed from monthly payments more manageable, which may 11 percent in 1978 to 17 percent early this year be a prerequisite for the sale. By providing (chart 2). lower-cost financing, the seller is usually able to Although reaching unprecedented levels in obtain a higher price for the house. The below- 1981, interest rates on consumer loans have market assumable loan is in essence a subsidy increased less rapidly than the cost of funds to from a third party—the mortgage holder—to the lenders or the net return on many alternative buyer and the seller of the house. Understand- investment outlets. In part, restrictive statutory ably, a number of mortgage holders have at- rate ceilings in many states have prevented contempted to enforce "due on sale" clauses includ- sumer loan rates from rising to market-detered in many outstanding conventional mortgages, mined levels. Many states, however, recognizing but currently more than one-third of the states the market hindrance that usury laws present, restrict the application of such clauses. have acted to relax these statutes, and some Because balances on many older mortgages creditors have redirected their consumer loan represent a small proportion of a home's appreci- operations to states with more lenient regulaated value, a buyer usually must obtain financing tions. Higher operating costs, including inin addition to the loan being assumed. In some creased chargeoffs for uncollectable loans incases when a prospective purchaser cannot af- volved in personal bankruptcies, have also ford the payments that such supplementary fi- reduced the willingness of creditors to make nancing would entail at market rates, a home consumer loans. seller is willing to accept a junior mortgage from Because of the narrower margin between cost the buyer at a below-market rate. Frequently, and return on consumer loans, some of the more this seller financing is provided at maturities of diversified lenders shifted resources to other three to five years, and often with a large final forms of lending during the 1980-81 period. The (balloon) payment that likely will need to be declining attractiveness of consumer loans to refinanced. On occasion, sellers have provided diversified lenders has been evident in the sharp Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 Federal Reserve Bulletin • May 1982 2. Consumer installment credit all unsecured lending and would limit credit Billions of dollars almost exclusively to homeowners willing to post the equity in their homes as collateral. The NET BORROWING amount of junior mortgage receivables at other creditors is difficult to gauge because no datagathering system currently in use breaks out / \ junior mortgages separately. Moreover, some J institutions include junior mortgages among their consumer loan totals, and others classify them as mortgage loans. i i i i i * i i Issuers of credit cards or other types of open- Percent end credit have reacted to the sharply higher cost FINANCE RATES /J- of funds by taking various steps to improve the A ^V minimal operating profitability that characterizes Finance companies I h \ /f J i 15 many card plans. Perhaps the most widespread action has been the adoption of periodic (usually, annual) user fees unrelated to activity within the accounts. Such fees generally range from $10 to " Commercial banks $20 per year. Several commercial banks initiated t i i l it i user fees in late 1979, and the trend gained 1976 1978 1980 1982 momentum during the period of credit controls from March to July of 1980. The requirement Net borrowing is at seasonally adjusted annual rates. The finance under this program that creditors post a special rate at banks represents the most common rate charged on 36-month new-car loans. The finance rate at finance companies is the average non-interest-bearing reserve deposit tied to the rate charged, regardless of maturity, on new-car loans by the subsidgrowth in their holdings of certain types of iary companies of the automobile manufacturers. consumer credit gave creditors both an added drop in market share of commercial banks. This cost incentive to establish annual fees and a shift is particularly noticeable in the auto credit convenient justification for such actions. User category, in which banks have reduced their fees, of course, enhance profitability in two holdings by almost $9 billion (or 13 percent) since ways: they generate additional income beyond the end of 1979, with a resulting decline in their finance charges, which are often limited by legisshare of such lending from 58 percent to the lated ceilings, and they may induce some concurrent 47 percent. Finance companies, princi- sumers to close "convenience" accounts, which pally the subsidiaries of the auto manufacturers, generate little finance-charge income. which have a special interest in supporting car Many open-end creditors have sought to boost sales, increased their auto credit portfolios by profitability by granting larger-than-normal cred- $18.5 billion during the period, expanding their it lines to preferred-risk account holders. Larger market share from 23 percent to 36 percent. The loan balances enable lenders to economize on the market share of credit unions dropped about 2 predominantly fixed cost of servicing an acpercentage points. count. A few creditors, including a major broker- Another aspect of the diminishing appeal of age firm and several banks, have established traditional installment lending is a movement plans that feature a sizable open-end credit line among consumer finance companies away from secured by a second lien on home equity. smaller, often unsecured, cash loans toward larg- As in mortgage markets, some creditors have er-ticket junior mortgages. Regular reports to the responded to the experience of high and volatile Federal Reserve reveal that finance companies costs of funds by introducing adjustable-rate held at least $13 billion of second-mortgage debt consumer loans. The number of institutions ofat the end of 1981; some unspecified amount may fering such loans is believed to be small, but also have been included in other loan categories. growing. Recent evidence from a survey of One major finance company announced in Feb- households suggests that about a tenth of conruary of this year that it had discontinued nearly sumer loans outstanding carry an adjustable in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Developments in the Mortgage and Consumer Credit Markets 287 terest rate. Most such plans involve closed-end 3. Change in monthly payment from November 1979 loans, but a small number of commercial banks and distribution by source of change also have adopted adjustable rates for credit card Dollars accounts. Under one such plan, rates are pegged Amount of change in monthly payment at 6.5 percentage points above the twenty-six- TToottaall due to change in cchhaannggee iinn week average yield on six-month Treasury bills MMoonntthh mmoonntthhllyy ppaayymmeenntt Car Interest Maturity Interaction1 sold at weekly auction, up to a maximum rate of price rate 25 percent. 1980 On the demand side of the consumer credit May 19.84 11.55 8.00 -.29 .58 Nov.... 40.71 37.49 3.99 -1.40 .63 market, high interest rates probably have been a 1981 May 52.37 44.09 8.93 -2.46 1.81 lesser deterrent to borrowing for consumption Nov.... 77.33 63.34 12.68 -2.72 4.03 goods and services than high mortgage rates 1. Joint effect of concurrent changes in factors determining monthly have been for home purchases. Because the payments. amounts financed are considerably smaller and the maturities shorter than on the typical first when nominal interest rates have remained high, mortgage, a given change in the interest rate any buy-in-advance motivation for borrowing affects monthly payments on consumer loans should have diminished considerably. Nevertheless than on mortgages. At typical loan sizes and less, sluggish growth in personal income, conmaturities, a rise of 1 percentage point in the sumer caution in the face of rising unemployinterest rate increases the monthly auto loan ment, and in some cases high product prices payment about $3, compared with $40 or more probably have been among the more dominant on a mortgage. factors restraining expenditures and associated At the margin, of course, some households financing for big-ticket items. have likely deferred consumption expenditures For new-car loans, for instance, a rise in because financing costs were considered too interest rates of about AVi percentage points high: in recent consumer attitudinal surveys, since the end of 1979 has accounted for only respondents have frequently cited financing about a sixth of the estimated increase in average costs as a deterrent to major purchases. Particu- monthly loan payment; rising car prices have larly with general price inflation slowing at a time accounted for the bulk of the payment increase (tables 2 and 3). In the mid-1970s, when car prices had also risen sharply, a gradual shift from 2. Car prices, loan terms, and monthly payments 36 to 48 months as the standard maturity helped Averages for selected months, 1979-81 to hold monthly payments down and to cushion consumer resistance to the higher auto prices. Month p C ri a c r e 1 f A in m an o c u e n d t 2 In r t a e t r e e 3 s t Maturity4 Payment5 With little change in the average auto loan matu- (months) (dollars) (dollars) (dollars) (percent) rities during the past two years, the full impact of 1979 increases in auto prices and interest rates has Nov. ... 7,000 5,600 12.85 44.3 159.42 1980 been incorporated in the monthly payment. May 7,507 6,006 15.72 44.4 179.26 To a great extent, the weak growth in consum- Nov.... 8,646 6,917 14.29 44.8 200.13 1981 er credit since 1979 can be viewed as the normal May 8,936 7,149 16.04 45.2 211.79 Nov.... 9,781 7,825 17.36 45.3 236.75 by-product of a general economic contraction. A common pattern is that the rate of growth in 1. Initial price of $7,000 is approximately equal to the average price of a domestic auto in the gross national product accounts in the fourth consumer credit reaches a high a few months quarter of 1979. Price in subsequent months is determined by multi- before a business cycle peak, and becomes negaplying the initial price by an index reflecting percentage changes in the unweighted average of manufacturer's suggested list price for base car tive a few months into the ensuing recession. In of four popular models: Oldsmobile Cutlass, Chevrolet Impala, Ford the second quarter of 1980, under the impact of Fairmont, and Toyota Corolla. credit controls as well as a recession, consumer 2. Calculated as 80 percent of price from first column. 3. Average of most common finance rates on 36-month new-car credit declined at an annual rate of 8 percent, but loans at a sample of commercial banks (E.12 statistical release). a contraction of 2 to 3 percent in the midst of a 4. Weighted average maturity on all new-car loans at finance company subsidiaries of the domestic auto manufacturers. recession is more common. In the current eco- 5. Calculated from tables on annual percentage rates under the nomic downturn through the first quarter of Board's Regulation Z (Truth in Lending). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 Federal Reserve Bulletin • May 1982 1982, growth of consumer credit has remained sets, also rose during the past two years, alpositive by a small margin, partly because con- though its advance was curtailed by substantially sumer credit never reached a phase of double- slower growth in the estimated value of houses, digit growth after the 1980 recession; with only a the largest component of tangible assets. moderate buildup of debt during the expansive Perhaps the best way to view movements in stages after the summer of 1980, subsequent debt financial and total net worth over several cycles liquidation has been more moderate, too. is to express these measures in constant dollars, adjusted for population growth (chart 3). From this perspective, the relative strength in house- HOUSEHOLD FINANCIAL CONDITION hold net worth during 1980-81 compared with 1973-74 is readily apparent. The chart also un- While households as a group were slowing their derscores the divergence between total and fiborrowing during the past two years, they also nancial net worth in real terms that occurred stepped up their acquisition of assets. As a during the 1970s as a result of increased investresult, their estimated financial net worth in- ment in houses, and the appreciation in value of creased on balance, counter to the usual pattern houses and land at a faster rate than the general during years marked by recession. In fact, finan- price level. cial net worth—consisting of financial assets held The slow pace of debt expansion during the by households less their aggregate liabilities— past two years has caused the ratio of annual increased in 1980 at the fastest rate in a decade mortgage and installment debt repayments to (22 percent), before a decline in stock market current disposable personal income to drop to its values retarded the advance during 1981 and in lowest level in six years (chart 4). This measure the first quarter of this year. By comparison, in of debt burden suggests that households are, on the early stages of recession in 1974 and 1970, average, in a relatively sound debt-management financial net worth of households fell sharply. position, although several factors impair compar- Total net worth of households, which includes isons of this ratio over time. A trend toward their holdings of both tangible and financial as- longer payback periods on consumer debt, for instance, has tended to restrain the growth of 3. Net worth of household sector repayments relative to income while boosting the Thousands of 1972 dollars total stock of debt outstanding at a given time. Use of credit cards as a convenient substitute for cash or check payments, on the other hand, has elevated measured repayments of installment debt. Even though between one-third and onehalf of cardholders use credit cards mainly for convenience as a transaction medium, paying bills in full without a finance charge, all extensions and repayments on credit cards are included in the consumer credit aggregates. The debt-burden ratio and balance-sheet statistics share an additional limitation common to most aggregate statistics: they provide no indication of how assets and debts are distributed among households. For any given degree of aggregate debt burden, for instance, obligations 1970 1975 1980 could be held disproportionately by the most vulnerable households or spread among a large Financial net worth is total financial assets less total liabilities of the number of households better able to handle them household sector, from the Federal Reserve quarterly flow of funds accounts and converted to a per capita basis. Total household net comfortably. worth is financial net worth plus consumer durable goods, residential Measures that more directly reflect consumer structures, land, and certain other tangible assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Developments in the Mortgage and Consumer Credit Markets 289 4. Debt repayments relative to DPI run three to four years, higher-risk pre-1979 __________ Percent loans by now account for a small share of consumer credit portfolios. In contrast, most home mortgage loans made under earlier more relaxed credit standards are still on the books, with much of the principal still outstanding. Other factors, of course, have operated to push up delinquency rates on home mortgages. Aside from the usual impact of sluggish income growth and worsening unemployment, the persistence of high interest rates has intensified mortgage payment difficulties. Home buyers who obtained long-term conventional mortgages in late 1979 at a then-record interest rate of 13 1976 1978 1980 1982 percent, hoping to refinance later at lower rates, have been disappointed. Those who recently Consumer debt repayments include prepayments as well as schedhave had to refinance maturing "rollover" mortuled payments of principal and interest on installment loans. Mortgage debt repayments are Federal Reserve staff estimates of scheduled gages may also find it hard to make timely payments of principal and interest on debt secured by one-unit payments on new higher-rate loans. At this homeowner properties. DPI is disposable personal income. point, not enough rollover mortgages or balloon financial difficulties include loan delinquency payments have come due for them to be a major rates and bankruptcy filings. Delinquencies on problem, but the number of such loans needing consumer installment loans fell sharply during to be refinanced is expected to increase during most of 1981, after peaking around the third the next several years. quarter of 1980. The average delinquency rate on Personal bankruptcies have soared since the various types of installment loans at commercial end of 1979. While bankruptcies normally rise banks had fallen to the low end of its nine-year during an economic slowdown, the upsurge in range by the third quarter of 1981, before rising a filings in 1980 far exceeded the normal recessionbit in the fourth (chart 5). Home mortgage delin- related increase. Most of the additional increase quencies, on the other hand, trended upward appears to be traceable to sweeping changes in from mid-1980 through early this year, after the National Bankruptcy Act effective in late holding at relatively low levels in 1979 and in the first part of 1980. 5. Delinquency rates The improvement in consumer loan delinquencies and the contrasting deterioration in mortgage delinquencies during the recovery from the 1980 recession—a pattern that also occurred after the 1973-75 recession—reflect in part the widely differing maturity structures of the two types of debt. Because consumer debt is of much shorter maturity on average, adoption of stringent credit standards by lenders and belt-tightening efforts of households can more quickly redress a buildup of "problem" loans. Supply conditions in consumer credit markets were generally accommodative through 1978, but became 1976 1978 1980 1982 progressively tighter from early 1979 through the Consumer loan delinquency rates at commercial banks are the fall of 1981, primarily in response to rising costs proportions of closed-end installment loans (excludes credit card of funds relative to consumer finance rates. Be- accounts) past due 30 days or more, from the American Bankers Association; delinquent mortgages at savings and loans are those past cause maturities on consumer loans generally due 60 days or more, from the Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 Federal Reserve Bulletin • May 1982 1979 that made bankruptcy less onerous for year increases. Moreover, some states have exdebtors, particularly its provisions for broader ercised a right under the federal law to reimpose protection of assets from liquidation than gener- their own set of property exemptions, which ally had been available under previously applica- most likely has helped to retard the advance. ble state regulation. The uptrend in bankruptcies Nevertheless, the earlier surge in bankruptcies, slowed considerably in 1981, however, suggest- together with concern over possible future ining that the legal changes may have led to a one- creases, has prompted more conservative lendtime adjustment in the level of bankruptcies ing practices, such as the growing emphasis on rather than a pattern of continuous sharp year-to- securing loans by real estate. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

291 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 DIVISIA MONETARY AGGREGATES: COMPILATION, DATA, AND HISTORICAL BEHAVIOR William A. Barnett and Paul A. Spindt—Staff, Board of Governors Prepared as a staff paper in early 1981 Since 1977 the staff of the Federal Reserve Board The paper is organized as follows: first, a, has been intensively engaged in identifying mea- short, nontechnical discussion of the underlying sures of money most useful in the analysis of conceptual issues; second, a "cookbook" of the economic and financial developments and in the data sources and the formulas for constructing implementation of monetary policy. This effort the Divisia index; and finally, a compendium of resulted in the adoption and publication of a new historical series. set of monetary aggregates. It also spawned The new index numbers result from an applicaextensive work on the rigorous use of economic tion of techniques that have been in the literature aggregation and index-number theory, aimed at for decades, and the reasons for preferring Divithe construction of a later generation of mone- sia to simple-sum quantity aggregation are well tary aggregates based upon the Divisia quantity established in aggregation theory. The authors' index, rather than upon the current, simple- research has demonstrated the direct applicabilsummation procedure. This report explains the ity of that theory to aggregation of monetary concepts, definitions, methodological proce- components, and the empirical results strongly dures, and data sources used in the Divisia suggest that these new measures of the monetary measures of the monetary aggregates, which are aggregates are a valuable alternative tool for used by the Board staff on an experimental basis analyzing monetary policy actions and their imin conjunction with the published measures. pact on economic and financial developments. While regular monthly updates of the Divisia With research on the new Divisia monetary monetary aggregates currently are available to index nearing completion, this staff study offers the public only upon request, this staff study the historical data and interpretation to potential provides tables and charts of the historical data. users outside the Federal Reserve System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 Industrial Production Released for publication May 14 Seasonally adjusted, ratio scale, 1967=100 Industrial production declined an estimated 0.6 TOTAL INDEX 170 percent in April, after a cutback of 0.8 percent in 150 March. Large reductions occurred in April in 130 output of business equipment, construction sup- 110 plies, and durable goods materials, while con- BUSINESS EQUIPMENT „ 190 MATERIALS Nondurable sumer durable goods increased markedly and 170 defense and space equipment moderately. At 150 140.7 percent of the 1967 average in April, the 130 total index has declined 8.6 percent since its 110 recent high in July 1981. _ CONSUMER GOODS 170 In marker groupings, output of consumer 150 1 / goods rose 0.6 percent in April, reflecting in- I* / ^N r' CONSTRUCTION creases in auto assemblies and in home goods. SUPPLIES Production of nondurable consumer goods changed little. Auto assemblies, at an annual rate of 5.1 million units, have increased more than 40 percent from their extraordinarily low rate in January, but they remain depressed compared with earlier periods. Output of business equipment declined 1.6 percent further in April and Federal Reserve indexes, seasonally adjusted. Latest figures: April. has fallen 10 percent since its high in July 1981— Auto sales and stocks include imports. 1967 = 100 Percentage change from preceding month PPPeeerrrccceeennntttaaagggeee ccchhhaaannngggeee,,, Grouping 1982 1981 1982 AAAppprrr... 111999888111 tttooo AAAppprrr... Mar." Apr.e Dec. Jan. Feb. Mar. Apr. 111999888222 Major market groupings Total industrial production 141.5 140.7 -2.0 -1.9 1.4 -.8 -.6 -7.4 Products, total 143.7 143.3 -.9 -2.3 1.1 -.6 -.3 -5.3 Final products 143.5 143.3 -.6 -2.4 1.0 -.5 -.1 -4.4 Consumer goods 141.7 142.5 -1.4 -1.7 1.5 .0 .6 -4.3 Durable 127.6 131.0 -5.0 -2.5 4.2 1.9 2.7 -9.2 Nondurable 147.3 147.1 -.1 -1.4 .5 -.6 -.1 -2.4 Business equipment 168.4 165.7 .0 -3.8 -.4 -1.8 -1.6 -8.5 Defense and space 108.5 108.8 1.6 -1.7 2.3 .8 .3 7.2 Intermediate products 144.2 143.1 -1.9 -1.7 1.7 -1.1 -.8 -8.4 Construction supplies 125.9 124.7 -2.4 -2.2 2.3 -.9 -1.0 -15.7 Materials 138.2 136.8 -3.9 -1.3 2.0 -1.2 -1.0 -10.5 Major industry groupings Manufacturing 139.9 139.4 -2.1 -2.5 1.7 -.6 -.4 -8.3 Durable 128.2 127.7 -2.3 -3.2 1.6 -.7 -.4 -10.4 Nondurable 156.7 156.4 -1.8 -1.5 1.7 -.6 -.2 -5.7 Mining 138.3 133.8 -.5 1.3 -1.5 -2.9 -3.3 -1.0 Utilities 168.6 168.3 -.4 2.1 -1.1 -.8 -.2 .4 p Preliminary. e Estimated. NOTE. Indexes are seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

293 most of it since the beginning of 1982. Production parts. Production of nondurable materials edged of industrial equipment generally continued to up a little, while energy materials receded 0.9 contract in April, and an especially large decline percent further. occurred in building and mining equipment be- In industry groupings, manufacturing output cause of reduced oil well drilling. Production was reduced 0.4 percent in April, reflecting deboth of construction and of business supplies clines in both durables and nondurables. Sharp also was reduced further in April. decreases occurred in primary metals, fabricated Materials output declined 1.0 percent in April, metal products, and nonelectrical machinery, and was nearly 12 percent below its peak last while production of motor vehicles and parts July; most of that large decline occurred before increased. Mining output was reduced more than the turn of the year. In April, a further sharp 3 percent, reflecting cutbacks in metal mining, contraction occurred in production of durable coal mining, and oil and gas extraction. Utility materials—particularly metals and equipment output changed little. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 Statements to Congress Statement by J. Charles Partee, Member, Board in these instruments has increased rapidly, of Governors of the Federal Reserve System, spawning proposals to expand futures trading to before the Subcommittee on Telecommunica- contracts keyed to an ever-widening array of tions, Consumer Protection, and Finance of the securities and to establish markets in options Committee on Energy and Commerce, U.S. contracts on debt instruments, on indexes of House of Representatives, April 23, 1982. stock prices, and even on futures contracts themselves. I appreciate the opportunity to appear before this The growth of options and futures markets subcommittee to discuss important issues related reflects a number of different forces. The exto the regulation of financial markets. Although changes, for example, have shown great ingenuthese hearings were occasioned by the pending ity in devising contracts to fulfill the public's reauthorization of the Commodity Futures Trad- desire to reduce risk or to match wits with the ing Commission (CFTC) and the associated legis- market in projecting future movements in interlation proposed to implement the jurisdictional est rates, stock prices, or foreign exchange valagreement reached between that agency and the ues. More fundamentally perhaps, the new in- Securities and Exchange Commission (SEC), I struments have found a receptive audience think that in any case these hearings would be because of the volatility of the economic and quite appropriate at this time. The extremely financial environment in recent years, which has rapid development of financial futures markets enhanced the desirability of hedging against price and the likely introduction of additional options and interest rate movements and increased the and futures contracts highlight the need for the potential for profits (and also losses) from specu- Congress to review again the purposes and struc- lation. I believe that the recent volatility is likely ture of federal regulation of these markets. I will to subside as the economy successfully moves be addressing some of these issues today, with through the difficult transition to a more sustainparticular emphasis on margin regulations be- able, noninflationary basis for growth. But even cause that is an area in which the Congress has so, these new markets are likely to be a permagiven the Federal Reserve considerable direct nent feature of our financial landscape, and quesauthority. tions remain as to their appropriate regulation and to the contribution they make to the effective operation of the securities and capital markets. BACKGROUND In considering the possible effects of the wide array of new financial contracts, it is important Our financial system has long offered partici- to remember that these instruments are similar in pants a chance to hedge or speculate by entering a number of fundamental ways, although their into contracts for future delivery of a financial specific provisions may differ. Futures, options, instrument. Until around 10 years ago, trading in and options on futures all are ways of transfersuch contracts was conducted over the counter, ring the risk of future price changes. They are with participation generally limited to small num- sufficiently similar so that it is generally possible bers of sophisticated investors. Since the early to determine how the prices of two such instru- 1970s, however, exchange trading has been es- ments keyed to the same underlying security tablished first for options on stock and later for ought to behave relative to each other and relafutures on a wide range of debt securities, foreign tive to price changes in the underlying instrucurrencies, and now stock price indexes. Trading ment. Some market participants follow these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

295 price relationships carefully, looking for oppor- the Congress endows the agencies with parallel tunities to make profits if they get out of line. As regulatory powers that are then exercised in a a result of the activity of such arbitragers, these coordinated way. In addition, the agencies must markets are tied very closely to one another, and cooperate in surveillance and enforcement activdevelopments in any one market will very quick- ities across related markets, as has been occurly be transmitted to markets for related instru- ring increasingly for securities and related instruments. ments. Thus, the kind of division of responsibilities agreed to by the CFTC and SEC seems reason- REGULATORY STRUCTURE able and workable. In many respects SEC and CFTC regulation of their respective markets is Given the fundamental similarity of these mar- already comparable. For example, both agencies kets and the economic forces binding them to- have basically similar rules requiring the firms gether, logic and sound public policy would seem they supervise to meet minimum capitalization to dictate that their regulation be comparable and standards; this helps to assure investors and parallel in fundamental respects. Of course, this others doing business with the firms that they need not apply to all regulation; some aspects can meet their obligations. At the same time, the must be keyed to the particular characteristics of agencies have moved to enhance coordination the market or instrument involved, and regula- and cooperation, including the development of tion can serve different purposes in different procedures for interchange of information crucial markets. But if common features of related mar- to surveillance of markets. The Federal Reserve kets are subject to significantly different rules, and the Treasury also share in this information as the effective level of regulation will tend toward it affects markets of interest to them. the weakest level. Attempts to protect a particu- But in some important aspects of market regular market sector from the effects of certain lation—especially margin requirements and rules actions or to discourage certain practices are less designed to protect the interests of retail customlikely to be successful in the absence of compara- ers—notable differences between the two agenble rules in other markets linked by arbitrage to cies remain that are not entirely related to disthe protected sector. similarities in the basic nature of the markets Tendencies in this regard will be strengthened they regulate. In these areas, the SEC (along by the propensity for some market participants with the Federal Reserve in the case of margins) to seek out the less-regulated market, if the has fairly stringent rules or exercises close overregulation is seen as constraining actions in any sight of exchange procedures, while the CFTC significant way or adding to costs. In this way, takes a different approach. The CFTC, conthe less-protected market will be seen to have a strained in part by its enabling legislation, places competitive advantage, and pressures will be greater reliance on the judgment of participants brought to bear to reduce regulation in other to protect their own interests and less emphasis sectors. Rules and regulations thus can be a on the potential for more general disruptions competitive factor, and their function in protect- stemming from difficulties in one of the markets ing the public interest may receive insufficient it supervises. The accord between the two agenweight. cies does not affect this difference in regulatory One way to promote evenhanded and coordi- outlook. nated regulation of related markets would be to The degree to which government regulation of place them under the same agency. The single financial markets ought to constrain private parregulator could balance the rules in the different ticipants is largely a matter of judgment. In markets to ensure that both competitive balance general, the Board's view is that in a market and the public interest were being served. Vest- economy the presumption ought always to favor ing authority in a single regulator is not essential, maximum scope for private decisionmaking, however. Similar results could be achieved when with government involvement justified only more than one agency is involved, provided that when it is shown to be needed to protect the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 Federal Reserve Bulletin • May 1982 general public well-being. Because the financial course, but the possibility exists that it might be markets play an important role in determining tempted to shade its standards at the inception of the level and composition of economic activity, market trading in order to gain the initial advanthe public has a strong interest in ensuring that tage. This possibility reinforces the present need they continue to function smoothly. Most of our for close oversight and review by federal regulacountry's savings pass through financial mar- tory agencies of exchange rules and practices. kets, encouraged in part by the existence of liquid markets that make possible rapid changes in asset portfolios. The markets serve to channel MARGIN REQUIREMENTS these savings to business and household borrowers to finance capital formation, housing, and Margin requirements are an area in which these consumer purchases. They are an important public policy concerns are sharply drawn. Marchannel through which monetary policy impulses gin requirements are the one major type of are transmitted to the economy and the forum in market regulation the CFTC is explicitly barred which federal and state and local governments from exercising or even overseeing, unless it can must borrow to finance deficits and fund capital show an emergency already exists, and such projects. requirements are therefore an aspect of private A wide variety of investors have been attract- rulemaking especially subject to competitive ed to the new derivative instruments—options or pressures. Moreover, this situation contrasts futures—to hedge or speculate. And the range of sharply with the securities markets, in which the participants is likely to widen even further as Federal Reserve sets initial margin requirements additional stock index futures contracts become on equities and the SEC has the power to review available to be traded. The greater numbers of the maintenance margins of the self-regulatory people and growing sums of money involved organizations. Thus, margin requirements are increase the potential that difficulties in one one prominent aspect of regulation in which market may have effects extending beyond that similar instruments receive widely divergent sector. This possibility certainly was illustrated treatment. by events in the silver market, which was being In part, this divergence reflects differences in dominated by clearly speculative activity unre- the purposes of margins in the different markets. lated to the metal's use as an industrial commod- In commodities markets, margin deposits are ity when the 1980 crisis very nearly had serious viewed as a performance bond—they are put up consequences for financial markets more gener- to guarantee that those who enter into the conally. This situation suggests a significant role for tract can meet its terms. Margin deposits genergovernmental regulation and oversight in finan- ally are equal to maximum price movements cial futures markets—although such regulation expected over a day or so because at the end of should be kept to the minimum necessary to each day payments are made between clearingsafeguard the public interest. houses and the firms to reflect gains and losses Moreover, the risk that rules established by on each futures contract; gains generally are private market participants may not adequately passed through to customers, and losses are met protect against market disruption may be greater from customer margin deposits. If these payat this time, when the markets are in a state of ments reduce the cushion provided by margin competitive flux. New instruments are being deposits to levels below the minimum margin introduced constantly, and the rivalry between requirement, the loser can be called on to put up the exchanges for business is especially intense additional cash on short notice or risk being sold because experience suggests that the first ex- out. Because the exchanges and the firms constichange to establish successful trading in con- tuting them are presumed to have the strongest tracts on a particular security or commodity has interest in preventing defaults on contracts and an advantage over later entrants. An exchange the greatest knowledge of what is necessary to would not deliberately establish rules that ex- accomplish this, their judgment is relied upon to pose its members to greatly enlarged risks, of set the proper level of margins. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 297 In securities markets, exchanges set mainte- to an option, and if leveraging possibilities were nance margin levels to assure adequate protec- allowed to expand substantially beyond those tion for the creditor—equivalent in concept to already available in equities, such expansion the function performed by margins in the futures would tend to reduce any effect the Federal market—but the Federal Reserve establishes ini- Reserve's margin requirements were having in tial margin requirements to further the accom- achieving their statutory objectives of protecting plishment of other objectives as well. The Con- stock market investors or preventing speculative gress, in establishing the Federal Reserve's movements in stock prices. Investors in equityauthority in this area, cited concerns about the related instruments could assume much more diversion of credit from other uses, protecting risky positions, and arbitrage between markets investors by limiting leveraging possibilities, and would quickly cause any speculative impulses preventing speculative bubbles in stock prices originating in futures markets to be reflected in resulting from credit-financed purchases or sales the stock market itself. to meet margin calls. We have not yet mandated a margin level for To be sure, more than just regulatory differ- futures on stock because the exchanges have ences exist between futures margins and those in agreed to keep their margins at what appears to securities markets—especially cash markets. For be a reasonable level, but we have taken steps to example, the former need not normally involve begin putting into place the regulatory frametraditional loans, although they may do so indi- work for possible future action. We are prepared rectly through borrowing to meet margins or use to take appropriate action to assure that our of bank letters of credit. But in one important margin requirement structure is not undermined sense they are quite similar. In both cases the or that differing margins do not create serious margins serve to limit the size of position that competitive imbalances among markets. While can be taken with a given amount of resources— not essential, it would be helpful in this regard dictating how much cash or collateral must be for the Congress to clarify the authority of the put up to participate in later price movements of Federal Reserve with respect to setting margins the instrument. And by setting limits on the on equity-related instruments, thus avoiding unleveraging possibilities, margins affect the degree necessary controversy and possible litigation. of risk that can be assumed by market partici- The willingness of the Federal Reserve to use pants. The function of margins in the futures and its margin-setting authority on stock index fuoptions markets is closely analogous, which is tures, together with the lack of evidence that not surprising in light of the similarity of the two trading in these contracts may cause harm to the instruments. economy and the stated intent of all concerned This basic resemblance makes it necessary to parties to monitor the development of these evaluate margins in different markets with re- markets carefully, seems to us to argue against spect to their effect on leveraging possibilities. the imposition of a moratorium on this contract, To the extent that control of leverage is an as proposed in H.R. 5515. At the same time, I important goal of margins, failure to have rough- would note that several of us on the Board have ly comparable regulation will tend to undermine some skepticism about the economic utility of the effects of the more stringent requirements, as this instrument, and we will be monitoring closewell as create artificial competitive imbalances ly its use, activity, and possible effects on the between markets. The development of such a stock market. situation with respect to stocks and instruments The Federal Reserve has some margin authorbased on stocks would be of particular concern ity over private debt securities, but in general we to the Federal Reserve, which has concentrated have not actively exercised it in recent years. We its margin regulation on equities markets. In do not have authority over margins on securities recognition of this potential, the Federal Reserve issued by the federal or state and local governhas asserted its authority over margins on futures ments, or their agencies. But federal oversight in contracts based on stock price indexes. Such a these areas is still exercised by the SEC, which contract is in many respects functionally similar since 1975 has been empowered to review the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 Federal Reserve Bulletin • May 1982 rules of the exchanges and other self-regulatory initial margin requirements in equity markets. organizations—including maintenance of margin The study noted the lack of evidence that our standards—and to forestall the implementation regulations had had any appreciable impact on of those it feels are inadequate. The Congress stock price movements, although definitive congave the SEC this veto power to ensure that the clusions in this area are not possible. It also rules of the self-regulatory organizations were in made a number of suggestions for simplifying the themselves adequate to protect the working of regulations and reducing their burden on market the market—to minimize the chance of failure to participants, many of which we are now in the perform in one part of the market and to limit the process of implementing. The New York Federal potential that any difficulties might spill over to Reserve study, however, did not deal with severother participants or markets. The decisionmak- al important aspects of margins, such as the need ing power remains with the self-regulatory orga- for federal oversight of maintenance margins for nizations, but the public interest in exchange market protection purposes or of the role of decisions is protected by the SEC review pro- margins in futures markets. Nor did it address a cess. number of other questions concerning the safe- This fact suggests a model of use for margin guarding of market mechanisms—such as the regulation in financial futures markets. The Con- strength of the clearing corporations. We intend gress might consider granting some federal agen- to discuss these important issues with our sister cy similar oversight powers over exchange mar- agencies and will report any further conclusions gin practices in financial futures. Given the to you. Depending on the outcome of such an current structure of regulation, that authority examination, the Congress may want to redefine could be vested in the CFTC, to be exercised in the purposes of margin regulations, especially in coordination with the SEC to assure that the light of the numerous changes in financial market margins required in various related markets are practices and regulations since 1934. Such a fair to the participants in those markets and to decision, in turn, might raise questions concernprotect the public interest in sound, smoothly ing the appropriate agency or agencies to adminfunctioning credit markets. ister the regulations. If the market protection function of margins were to be given primary emphasis, for example, consideration might be given to transferring margin authority from the REMAINING ISSUES Federal Reserve to the SEC and the CFTC. These agencies, after all, have the detailed ex- Even if this structure of regulation were to be pertise in the functioning of markets under their established, a number of questions remain in the area of margin regulation. The Federal Reserve supervision and are responsible for implementing Bank of New York recently completed a compre- and monitoring other rules governing market and hensive study of the Board's implementation of investor protection. • Statement by Paul A. Volcker, Chairman, Board has left me with mixed feelings. We face the hard of Governors of the Federal Reserve System, fact that we have had inappropriately large budbefore the Subcommittee on Monopolies and getary deficits during much of the postwar peri- Commercial Law of the Committee on the Judi- od—and so far we have failed to resolve a truly ciary, U.S. House of Representatives, May 5, threatening budgetary gap in the years ahead. 1982. Consequently, an effort to correct the apparent bias toward deficits in the political process seems Mr. Chairman, your invitation to discuss the timely. At the same time, I can only be imimportant issue of fiscal discipline, and specifi- pressed by the difficulty of attempting to write a cally House Joint Resolution 350 to amend the constitutional provision to induce discipline oth- Constitution to encourage budgetary balance, erwise lacking, a provision that will serve us in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 299 fair weather and foul, and in economic circum- stances, justified. Those particular circumstances that can be only dimly foreseen. stances, as well as developments in economic I must at the start emphasize that the questions doctrine, had the effect of discarding the unwritwe face today about the size of the federal ten, but operational, rule that budgets should sector, the composition of spending, and the always be balanced. In the process, some of the means of financing that spending require resolu- traditional disciplines on debt financing were tion long before the time-consuming process of lost. During World War I, the Congress put aside amending the Constitution can be completed. I the practice of separately authorizing each Treahave often expressed my concern about the sury debt issue. The "debt ceiling" authorizacritical need to break the inflationary momentum tions that followed have failed to focus debate that came to grip the nation in the 1970s and have and to provide strong discipline, partly because spoken of the indispensable role that monetary that legislation, by its nature, comes at the end of policy has to play in that effort. At the same time, the fiscal process when payments already com- I have emphasized the difficulties that result mitted must be made. The budgetary reforms from placing too heavy a burden on monetary instituted in recent years do seem to me conpolicy alone in the fight on inflation—difficulties structive in forcing more attention to the budgetmanifested in exceptionally heavy pressures on ary aggregates and the relationships among financial markets and interest rates, and there- them, but these reforms do not appear to have fore on credit-dependent sectors of the economy. effectively dealt with the deficit problem. Current developments reflect needed progress In economic theory, purely discretionary fiscal on the inflation front, but they only reinforce my policy would not be expected to result in deficits concern about imbalance in our policy ap- following one after another, in good times and proach—an imbalance reflected in prospective bad, in war and in peace. Yet, that is what has deficits far larger, when economic activity is occurred in the past two decades. The results taken into account, than in the past. In the seem to me apparent. Over time, inflationary absence of needed corrective action, potential pressures or the crowding out of private investstrains on credit markets implicit in the prospec- ment, or both, are the economic costs of inapprotive budgetary picture call into question the priate deficits. assumption of healthy economic recovery and At a different level, one can legitimately quesgrowth, upon which those budget projections are tion whether loss of a balanced budget discipline based. And those prospective deficits are a con- has not permitted us to escape hard, but necestributing factor in today's high interest rates, as sary, choices between high- and low-priority lenders and borrowers "discount" their impact federal spending, at a cost of efficiency and on credit market conditions. excessive growth of government. Such a condi- The Judiciary Committee is, of course, not the tion is not an argument that smaller government body to address this serious immediate problem. expenditures are always better than larger ones, But I can only urge that deliberations on a or that "efficiency" should not sometimes give constitutional amendment to provide for a bal- way to widely shared social objectives. The point anced budget not become a kind of substitute or is that a balance has to be struck, and it should be surrogate for the action needed, here and now, to struck consciously, with awareness of the costs. deal with the pressing current situation. The If the realization or presumption exists that govdebate will serve us ill to the extent that it diverts ernment expenditures over time must be covered attention from the present need. by taxes, we are likely to have a clearer "market- I can only be sympathetic with the basic like" test of whether a contemplated expenditure objectives of the amendment proposed in H.J. really reflects national priorities. Res. 350. A budget surplus has been realized In other words, I share the feeling of the only once in the past two decades and only eight supporters of H.J. Res. 350 that the political times in the past fifty years. The deficits of the process as it has worked in practice, in the Great Depression and World War II were, by and absence of a strong presumption that budgets large, both unavoidable and, in the circum- should be balanced, suggests some bias toward Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 Federal Reserve Bulletin • May 1982 more spending and less taxation—in other remain within budget totals. The point has added words, toward budgetary deficits—than is force when we recall the large proportion of healthy for the economy or for governmental federal expenditures made pursuant to entitleefficiency. The cost has been obscured, but it is ments, cost-plus contracts, interest obligations, real: a bias toward inflation, toward too little and so forth. The sponsors may well have in private investment, and possibly toward a feder- mind such procedures as altered handling of al sector that is inefficiently large. In principle, budget rescissions or line-item vetoes. Indeed, economic analysis and wise economic advice such provisions, on their own merits, could go could counterbalance a political bias toward defi- far in correcting some of the political biases now cits. But economics is far from being exact. affecting fiscal policy. But such procedures to Economists differ in their policy prescriptions. If carry out the mandate of the amendment would plausible economic reasoning can be found to appear to have implications for the delicate issue rationalize existing political bias, or if dispas- of the balance between executive and legislative sionate economics merely gives ambiguous re- powers. I have no special expertise on these sults in many instances, the political bias is likely issues, and they go well beyond the purview of to prevail. the Federal Reserve. However, they do seem to At the same time, I cannot argue that budget- me to be worth consideration before the fundaary balance is always appropriate. The chal- mental step of amending the Constitution is lenge, therefore, is to establish rules or presump- undertaken. tions that will provide discipline but not a I also have reservations about other parts of straitjacket. That is, as I understand it, precisely the amendment. Section 2, which limits the what the proponents of H.J. Res. 350 seek. In my growth of revenues in the absence of an affirmajudgment, they have come closer to that goal tive vote of the Congress, could have some than earlier drafters of a constitutional amend- peculiar implications. There is no obvious ecoment. But I am left with an uneasy feeling that a nomic logic to limiting the growth rate of revenumber of unresolved problems remain. nues for budget purposes in a fiscal year to the For example, would this amendment really be rate of change of income during the previous of help in the current situation, when a sizable calendar year, which might be a year of recesdeficit for a few years ahead appears inevitable? sion or expansion. Moreover, many specific tax Somehow, a 60 percent vote of the entire House structures would give rise to levels of revenue and Senate would need to be marshaled for a differing from the amount contemplated by the deficit budget. In concept, the need to marshal formulation in section 2, thus requiring annual that vote would result in pressure to strike a reaffirmations of the tax structure. The consecompromise at a smaller projected deficit. But quent requirement for relatively more frequent we know convictions about particular parts of votes on the overall tax structure, even if only to the budget are deeply held, and the process of reaffirm it, could increase uncertainty about the reconciling those differences might be even more tax structure in ways that would not be helpful in difficult, leading to an impasse in adopting a terms of the continuity of the tax structure and budget. I am left with a question about how the private planning. This section does have the impasse might be resolved if a strong-willed advantage of reducing somewhat the potential majority could not command the necessary 60 problem of relying on "biased" revenue estipercent vote. mates. However, that problem can be ap- In assessing the workability of the proposed proached more directly, as it is to some extent amendment, I suspect much would depend upon today with "competing" estimates by an adminthe nature and practicality of arrangements to istration and by a nonpartisan Congressional enforce the budgetary decision. A lack of specifi- Budget Office. cation exists—not only in the amendment itself Section 4, which pertains to federal-state fiscal but in any related material of which I am aware— relations, seems, on the one hand, to provide a of the procedures through which the Congress needed safeguard against the "exploitation" of and the President shall ensure that actual outlays state budgets for federal purposes, but, on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 301 other hand, would seem to pose some potential ations or situations that are transient in nature, hazards to the formulation of new state-federal or to "lock in" a particular economic doctrine. I programs that might, on their merits, be sensible. am not personally satisfied that the proposal, as I gather that this section has so far received less it stands, is fully workable. Nor do I believe that scrutiny than others, and I urge you to give it the matter of a constitutional amendment, given careful consideration. the years that must elapse before it became In summary, I recognize and applaud the seri- effective, is nearly so urgent as resolving conous efforts that both the House and the Senate structively the current budgetary impasse. a/e directing to the important issue of how to In a sense, the current budget debate seems to establish firmer fiscal discipline. I would agree me to provide an acid test of the will of the that the record of the federal budget for quite a Congress—and of the nation—with regard to few past years, and the critical federal deficit budgetary responsibility. A vote for a future prospects for the future, suggest that we should amendment seems to me not nearly so meaningno longer dismiss out of hand a constitutional ful as action now—and cannot substitute for it. If approach. But I would continue to approach the we fail that challenge, the case for a constitutionquestion of a constitutional amendment with al amendment seems to me vastly strengthened. great caution; the Constitution cannot, and But, for the moment, I would rather see us meet should not, be changed lightly to meet consider- the budgetary test directly. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 Announcements ACH OPERATIONS: REGULATION M: COMMENTARY END OF INCENTIVE PRICING POLICY The staff of the Federal Reserve Board has made The Federal Reserve Board has announced a public in final form a commentary on the Board's plan to end incentive pricing of automated clear- Regulation M (Consumer Leasing). inghouse services by 1985. The commentary replaces outstanding individ- To achieve a smooth transition, the Board will ual staff and Board interpretations of the regulaincrease its automated clearinghouse (ACH) tion, formerly part of Regulation Z (Truth in prices in stages as follows: New ACH prices to Lending), and applies and interprets the requirebe announced later this year will amount to 40 ments of Regulation M. Good faith compliance percent of the current costs plus the private with the commentary affords protection from sector adjustment factor. This ratio will rise to 60 civil liability under the Truth in Lending Act. percent in 1983, 80 percent in 1984, and 100 Compliance with the commentary becomes percent in 1985. mandatory on October 1, 1982. Until then, les- Announcement of the program came in a letter sors may comply with Regulation M or with the from Lyle E. Gramley, Member, Board of Gov- previous version of the Board's rules on consumernors of the Federal Reserve System, to Sena- er leasing that was contained in Regulation Z. tor John H. Chafee, Chairman of the Subcommit- The commentary attempts to make interpretatee on Consumer Affairs of the Senate Banking, tions and applications more general than has Housing, and Urban Affairs Committee, April been the case with previous interpretations and 26, 1982. in that way to provide adequate guidance for When the Board originally established its pric- compliance with the regulation while avoiding ing policies after passage of the Monetary Con- unnecessary detail. It adopts the substance of trol Act in 1980, the automated clearinghouse most previous individual leasing interpretations. was still in the developmental stage and needed The commentary will be updated periodically. encouragement to grow. Consequently, the The commentary in final form differs in numer- Board established an incentive pricing policy to ous instances from the proposals published in encourage growth to the point at which econo- October 1981. A number of these differences mies of scale could be realized. may be found in the introductory material to the In making the announcement, the Board said commentary. the development of business plans in the private The complete text of the commentary may be sector should benefit from knowing when full- obtained from the Federal Reserve Board and cost pricing of ACH services by the Federal the Federal Reserve Banks. Reserve will begin. The Board determined that incentive pricing should be phased out rather than ended abruptly REGULATION D because an abrupt change in ACH prices could very well cause many ACH users to revert to Ruling paper checks. This would jeopardize the future of a cost-effective and efficient service. One The Federal Reserve Board has announced a necessary ingredient in the private sector's de- modification of reserve requirements on longtermining whether to provide ACH services is a term nonpersonal time deposits under Regulation sufficient volume to allow potential operators to D (Reserve Requirements of Depository Instituoffer the service at an attractive price. tions), effective April 29, 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 303 Under the change, nonpersonal time deposits these institutions hold only 0.4 of 1 percent of all with original maturities of V/2 years or more will deposits. have no required reserve. Nonpersonal time de- The Board said it would send letters to the posits with original maturities of less than V/2 Congress urging enactment of legislation to peryears will continue to be subject to a 3 percent mit permanent exemption of small depositories reserve requirement. from the requirements of Regulation D. The existing Board regulation provides for a 3 At the same time, the Board required currently percent reserve requirement on all nonpersonal deferred depositories that had deposits of $15 time deposits with original maturities of less than million or more on December 31, 1981, to report four years. The new action was taken in light of their deposits beginning with the reserve compuauthority granted by the Depository Institutions tation period of May 20 through May 26. These Deregulation Committee (DIDC) for a new ceil- institutions will be notified by their District Reing-free time deposit with an original maturity of serve Bank of their reserve responsibilities. Oth- V/2 years or more, which may be offered by er institutions with deposits of $15 million or institutions beginning May 1 in either negotiable more are required to contact their District Reor nonnegotiable form. serve Bank to determine when they are required A negotiable time deposit is defined in the to report and maintain reserves. Monetary Control Act as nonpersonal and thus subject to reserve requirements regardless of ownership. COMPLIANCE SUPPLEMENT: AVAILABILITY Depository institutions will be required to maintain reserve requirements based on this Supplement No. 7 to the Federal Reserve System modification beginning May 13 (based on deposit Compliance Handbook is now available for comlevels for the week of April 29 through May 5). plimentary distribution. The 150-page supple- This action should not be regarded as a com- ment includes new material on several laws mitment by the Board to continue shortening the related to consumers, including the following: maturity of time deposits subject to this reserve Community Reinvestment, Truth in Lending, requirement in line with the announced schedule Consumer Leasing, Fair Credit Reporting, Real of DIDC for ceiling-free deposits. Future deci- Estate Settlement Procedures, Flood Insurance sions of this nature will depend on experience Protection, and Right to Financial Privacy. and prevailing monetary and credit conditions. Users of the Handbook may request the supplement from Publications Services, Board of Governors of the Federal Reserve System, Deferral of Requirements Washington, D.C. 20551. The Federal Reserve Board has extended through the end of 1982 the deferral of deposit PROPOSED ACTIONS reporting and reserve requirements for nonmember depository institutions that had less than $2 The Federal Reserve Board has asked for public million in total deposits on December 31, 1979. comment on proposals to make exemption and The Board acted to avoid burdening very small preemption determinations on the relationship to nonmember banks and thrift institutions with the Truth in Lending Act of the consumer credit reporting and reserve maintenance require- protection laws of six states. The Board requestments, and in view of pending legislation that ed comment by June 15, 1982. would give small depository institutions a perma- The Board has also asked for public comment nent exemption. by May 22, 1982, on the application of a bank The Board had previously deferred the re- holding company to own a securities firm and quirements of Regulation D for such small depos- engage in certain securities brokerage and relatitories through May of this year. ed activities. The deferral affects more than 17,000 deposi- The staff of the Federal Reserve Board has tory institutions, or 42 percent of the total, but placed on the record for comment a proposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 Federal Reserve Bulletin • May 1982 updating of its commentary on the Board's Regu- Corporation. He has a B.A. and a J.D. from lation Z (Truth in Lending). The staff asked for Catholic University. comment by June 28, 1982. SYSTEM MEMBERSHIP: ADMISSION OF STATE BANKS CHANGES IN BOARD STAFF The following banks were admitted to member- The Board of Governors has announced the ship in the Federal Reserve System during the following staff actions, effective April 26, 1982. period March 11 through April 10, 1982: Nancy P. Jacklin appointed Assistant General Counsel for International Banking. Ms. Jacklin has been with the Department of the Treasury California since 1973. She has a B.S.F.S. and a J.D. from South San Francisco Liberty Bank Georgetown University. North Carolina Richard M. Ashton appointed Assistant Gen- Davidson Piedmont Bank and Trust eral Counsel for Litigation and Enforcement. Company Before joining the Board's staff in 1976, Mr. Virginia Ashton was with the Federal Deposit Insurance Lawrenceville Bank of Brunswick Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

305 Legal Developments AMENDMENTS TO REGULATION D Maintenance Percentperiods' age2 1 40 The Board of Governors of the Federal Reserve Sys- 2 45 tem has amended Regulation D—Reserve Require- 3 50 4 55 ments of Depository Institutions (12 CFR Part 204) to 5 65 modify the two-year phase-in of reserve requirements 6 75 7 85 that is accorded to de novo depository institutions. 8 AND SUCCEEDING 100 This action makes permanent a temporary rule adopt- 'Maintenance periods occurring during successive quarters after ed by the Board on November 19, 1981. entering into business. Effective April 28, 1982, the Board of Governors of Percentage of reserve requirement to be maintained. the Federal Reserve System amends Regulation D This subparagraph also shall apply to a United States (12 CFR Part 204) as follows: branch or agency of a foreign bank if such branch or agency is the foreign bank's first office in the United States. Additional branches or agencies of such a Part 204—Reserve Requirements foreign bank shall be entitled only to the remaining of Depository Institutions phasein available to the initial office. (2) Notwithstanding paragraph (e)(1) of this sec- Paragraph (d)(3) of § 204.3 is amended by adding at the tion, the required reserves of any depository end thereof a new sentence to read as follows: institution that: (i) Was not engaged in business on November Section 204.3—Computation and maintenance 18, 1981; and (ii) Has $50 million or more in daily average total transaction accounts, nonpersonal time deposits and Eurocurrency liabilities for any ^^ * * * computation period after commencing business; (3) * * * The Board may require any depository shall be 100 per cent of the required reserves institution that is experiencing above normal growth computed under § 204.3 starting with the mainteto report on a weekly basis prior to reporting $15 nance period that begins eight days after the million or more in total deposits for two consecutive computation period during which such institution calendar quarters. has daily average total transaction accounts, nonpersonal time deposits and Eurocurrency liabilities of $50 million or more. 2. By revising paragraph (e) of § 204.4 to read as follows: AMENDMENT TO REGULATION H AND Y Section 204.4—Transitional adjustments The Board of Governors of the Federal Reserve System has adopted a revised Form TA-1 registration * * * * * statement for transfer agents that would substantially reduce the information required to be filed. The Board (3) De novo institutions. has simultaneously amended its Regulations H (1) The required reserves of any depository insti- (12 CFR Part 208, Membership of State Banking tution that was not engaged in business on Sep- Institutions in the Federal Reserve System) and Y tember 1, 1980, shall be computed under § 204.3 (12 CFR Part 225, Bank Holding Companies and Digitized for FRiAnS aEcRc ordance with the following schedule: Change in Bank Control) to require transfer agents to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 Federal Reserve Bulletin • May 1982 amend within sixty calendar days information con- Authority to rescind the authority delegated to the tained in the revised Form TA-1 which has become Director of the Division of Consumer and Community inaccurate, misleading or incomplete for any reason. Affairs to grant state exemptions from the require- Previously, amendments were required within twenty- ments of the Truth in Lending Act and the Electronic one calendar days. Fund Transfer Act. Effective April 5, 1982, the Board of Governors of Effective April 19, 1982, the Board of Governors the Federal Reserve System amends Regulation H amends Rules Regarding Delegation of Authority (12 CFR Part 208) and Regulation Y (12 CFR Part 225) (12 CFR Part 265) by rescinding and removing paraas follows: graphs (h)(2) and (h)(4)(ii), and by redesignating paragraphs (h)(3) and (h)(4)(i) as (h)(2) and (h)(3) respec- Part 208—Membership of State Banking tively. Institutions in the Federal Reserve System BANK HOLDING COMPANY AND BANK MERGER 1. 12 CFR 208.8 (f)(2) is revised to read: ORDERS ISSUED BY THE BOARD OF GOVERNORS Section 208.8—[Amended] Orders Issued Under Section 3 of Bank Holding Company Act ^ * * * NBD Bancorp, Inc., (2) If the information contained in Form TA-1 be- Detroit, Michigan comes inaccurate, misleading or incomplete for any reason, the bank or its subsidiary shall, within sixty West Michigan Financial Corporation, calendar days thereafter, file an amendment to Form Cadillac, Michigan TA-1 correcting the inaccurate, misleading or incomplete information. Order Approving Acquisition of Bank NBD Bancorp, Inc., Detroit, Michigan ("NBD"), and Part 225—Bank Holding Companies and its wholly-owned subsidiary, West Michigan Financial Change in Bank Control Corporation, Cadillac, Michigan ("Corporation"), have applied pursuant to section 3 of the Bank Holding 1. 12 CFR 225.5(c)(2) is revised to read: Company Act (12 U.S.C. § 1842) to acquire Northland State Bank, Kalkaska, Michigan ("Bank"), a de novo Section 225.5—[Amended] bank. Notice of these applications, affording opportunity for interested persons to submit comments and views, (c) * * * has been given in accordance with section 3(b) of the (2) If the information contained in Form TA-1 be- act. The comment period on these applications expired comes inaccurate, misleading or incomplete for any on February 2, 1982. On February 3, 1982, the Federal reason, the bank holding company or its nonbank Reserve Bank of Chicago ("Reserve Bank"), acting subsidiary shall, within sixty calendar days thereaf- pursuant to section 265.2(f)(22) of the Board's Rules ter, file an amendment to Form TA-1 correcting the Regarding Delegation of Authority (12 CFR inaccurate, misleading or incomplete information. § 265.2(f)(22)), approved these applications. Also on that date, a timely letter of protest was received at the Board from Michigan Housing Coalition ("MHC") a (Copies of Form TA-1, as it appeared in the Federal community organization based in Detroit, Michigan.1 Register, may be obtained from Publications Services, In its letter, MHC raised issues concerning the record Board of Governors of the Federal Reserve System, of NBD's lead bank subsidiary, National Bank of Washington, D.C. 20551.) Detroit, Detroit, Michigan ("NBD Bank"), under the Community Reinvestment Act ("CRA") (12 U.S.C. § 2901 et seq.) that warranted further investigation. AMENDMENT TO RULES REGARDING DELEGATION OF AUTHORITY 1. The record indicates that this letter was sent on February 1, 1982, the day before the comment period closed. The Board's Rules of Procedure (12 CFR § 262.3(e)) provide that a comment is timely if it is The Board of Governors of the Federal Reserve Syssent in a timely fashion. Thus, based on the record, it was determined tem is amending its Rules Regarding Delegation of that the letter from MHC was timely. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 307 Accordingly, pursuant to section 265.3 of the Board's NBD, the largest banking organization in Michigan, Rules Regarding Delegation of Authority (12 CFR controls 14 subsidiary banks with aggregate deposits § 265.3) on February 12, 1982, it was determined that of $7.6 billion, representing 18.0 percent of commerthe Reserve Bank's approval of these applications cial bank deposits in the state.3 Corporation, a whollyshould be reviewed by the Board. The Board has owned subsidiary of NBD, controls two banking subconsidered these applications and all comments re- sidiaries, Cadillac State Bank, Cadillac, Michigan ceived, including those from MHC, in light of the ("Cadillac Bank") (deposits of $136.8 million), and factors set forth in section 3(c) of the act and the CRA. The First National Bank of Evart, Evart, Michigan In addition to objecting to these applications on the (deposits of $20.9 million). basis of NBD Bank's CRA record, MHC requested These applications represent a corporate reorganithat the Board order a public hearing in order to zation whereby the assets of two branches of Cadillac receive testimony on the merits of these applications Bank, both located in Kalkaska, Michigan, will be from interested individuals and community organiza- transferred to Bank. Upon consummation, Bank will tions. In its letter of protest, MHC submitted statistics have $40.1 million in deposits. Thus, this proposal will relating to the geographic disparity in the residential not alter the share of deposits controlled by NBD or lending patterns of NBD Bank, as well as its level of Corporation and it appears that consummation of this participation in FHA and VA loan programs. MHC proposal will have no adverse effect on concentration also indicated that in the event a public hearing were of banking resources or on existing or potential comnot held, it could provide the Board with addition- petition in any relevant market. The financial and al written comments concerning NBD Bank's CRA managerial resources and future prospects of NBD, record.2 Corporation, their banking subsidiaries, and Bank are Under section 3 of the act, the Board is required to satisfactory and the Board concludes that banking hold a formal hearing on an application only when the factors are consistent with approval of these applicaappropriate state or Federal banking authority makes a tions. timely written recommendation of denial of the appli- In connection with its consideration of the convecation, and no such recommendation has been re- nience and needs of the communities to be served, the ceived from the Michigan Financial Institutions Board has considered the record of NBD's subsidiary Board. While no formal hearing is required in this banks in meeting the credit needs of their communities instance, the Board could in its discretion order a including low- and moderate-income areas, consistent formal or informal proceeding, as it deems appropri- with safe and sound banking practice, as provided in ate. Normally, the Board will order a formal adminis- the CRA and the Board's Regulation BB (12 CFR trative hearing when there are material questions of Part 228). Specifically, the Board has reviewed the fact in dispute that can be resolved by such a proceed- CRA records of NBD's banking subsidiaries other ing. The Board has reviewed the record in this case than NBD Bank, and concludes that the record of each and has determined that because NBD has not disput- is satisfactory. In addition, the Board has taken into ed MHC's statistical data, there are no material factual account the conclusions reached by the Office of the disputes that warrant a formal hearing on these appli- Comptroller of the Currency from an examination of cations. Rather, MHC and NBD have submitted argu- NBD Bank that included an assessment of NBD ments concerning the interpretation that should be Bank's record under the CRA. The Board notes that accorded certain facts in the record. Because the NBD Bank has delineated its community as the area Board is charged by the statute with making these within 25 miles of its home office in Detroit and that judgments, and because MHC has been afforded am- this delineation, which has not been challenged by ple opportunity to submit information into the record, MHC, appears to be reasonable. Moreover, NBD the Board has denied MHC's request for a formal Bank has posted a CRA statement in each of its branch hearing. Accordingly, the Board has considered these offices and is otherwise in compliance with the techniapplications and the objections raised by MHC on the cal requirements of the CRA. merits. The Board has also considered the comments of MHC concerning NBD Bank's record of meeting the credit needs of its entire community as provided in the 2. In its letter of protest, MHC indicated it was interested in continuing discussions with NBD directly. The Board notes that in order to help clarify and resolve the issues, the Reserve Bank invited 3. All banking data are as of June 30, 1981. Subsequently, NBD representatives of MHC and NBD to a private meeting. After this received approval to acquire Roscommon State Bank, Roscommon, meeting, the Reserve Bank requested MHC to provide additional Michigan (deposits of $102.4 million), and Wolverine State Bank, information to aid in considering the need for a public proceeding on Sandusky, Michigan (deposits of $86.0 million). Upon acquisition of the applications. In response, MHC indicated it had no further these two banks, NBD will control approximately 18.4 percent of information to submit. statewide commercial bank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 Federal Reserve Bulletin • May 1982 CRA. Based on an analysis of NBD Bank's Home a participant in the Detroit Mortgage Plan.6 Moreover, Mortgage Disclosure Act ("HMDA") data for the in 1979 when the Detroit Mortgage Plan was estabyears 1976-1980, MHC alleges that NBD Bank has not lished, NBD placed full page ads in the Detroit Free provided a "fair share"4 of mortgage and home im- Press and in the Michigan Chronicle (a local minority provement loans to low- and moderate-income neigh- newspaper) explaining how the plan would operate. borhoods, to predominantly minority neighborhoods, NBD Bank has participated in Neighborhood Housing and in neighborhoods in which the housing stock is Services and in the Michigan Housing Development relatively old. MHC also asserts that NBD Bank has Authority Home Improvement and Neighborhood extended few FHA or VA loans, and that of the few Loan Program ("Neighborhood Loan Program").7 In government-insured loans extended by NBD Bank, a addition, NBD Bank has established consumer counsmall percentage have been to low- and moderate- seling centers in Detroit, and during 1980 and 1981, income areas. sponsored four leadership training workshops in the While the statistics furnished by MHC indicate that city. Finally, although the small business lending recthere are disparities in NBD Bank's lending patterns, ord of NBD Bank has not been challenged, the Board there is no evidence that these disparities are the result notes that in 1969 NBD Bank formed a special lending of discriminatory credit practices. Moreover, MHC group to make loans to new and existing small busihas submitted no evidence to indicate there are indi- nesses. In each of the past two years, this group has viduals who believe they have been treated unfairly or approved loans totaling $3.9 million. in a discriminatory manner in seeking credit from Based on the foregoing, and all the facts of record, NBD Bank. In fact, the record indicates NBD Bank the Board concludes that NBD's record of meeting the promotes its residential loan services in all areas of its convenience and needs of the communities it serves, community by advertising its mortgage and home including its record of compliance with the CRA, is improvement credit in newspapers of general circula- consistent with approval. Accordingly, the Board's tion and in local community newsletters within the judgment is that the proposed transaction would be in city. Moreover, the figures submitted by MHC do not the public interest and that the application should be account for variations in demand for mortgage and approved. residential credit among neighborhoods, nor for the On the basis of the record, these applications are presence in the market of other mortgage lenders such approved for the reasons summarized above. The as thrifts and mortgage bankers. In this connection, transaction shall not be consummated before the thirtithe Board notes that NBD Bank extends a substantial eth calendar day following the effective date of this number of home improvement loans in the neighbor- Order, or later than three months after the effective hoods where it makes few mortgage loans. In addition, date of this Order, unless such period is extended for from the record it appears that in the Detroit SMS A, good cause by the Board or by the Federal Reserve thrifts and mortgage bankers provide over 70 percent Bank of Chicago, acting pursuant to delegated auof the residential mortgage credit. In this regard, the thority. record reveals that in addition to the residential lend- By order of the Board of Governors, effective ing activities of NBD Bank, NBD engages in mortgage April 12, 1982. lending activities through its nonbanking subsidiary, NBD Mortgage Company ("NBD Mortgage").5 NBD Voting for this action: Chairman Volcker and Governors Mortgage actively solicits and extends FHA and VA Wallich, Partee, and Teeters. Absent and not voting: Goverloans as well as conventional mortgage credit in the nors Rice and Gramley. Present and not voting: Vice Chairman Martin. Detroit SMSA. In 1980, NBD Mortgage extended 316 mortgage loans. (Signed) JAMES MCAFEE, The Board notes that NBD Bank participates in a [SEAL] Associate Secretary of the Board. number of programs designed to help meet the credit needs of Detroit residents. For example, NBD Bank is 6. The Detroit Mortgage Plan is comprised of area lenders who have agreed on liberalized criteria for approving mortgage applica- 4. "Fair share" is defined by MHC as a comparison of two ratios. tions in certain neighborhoods. These lenders also serve on an appeals First, MHC has computed the ratio of NBD Bank's residential lending committee, and at the request of an applicant, review rejected in "target neighborhoods" to its total residential lending. Second, mortgage applications. MHC has computed the ratio of targeted neighborhoods in the Detroit 7. Neighborhood Housing Services is a neighborhood and home SMSA to total neighborhoods. When these two ratios are equal, MHC improvement project involving 1900 homes in northwest Detroit. This asserts that a lender is providing a fair share of its residential lending organization helps individuals obtain residential credit, often on more to targeted areas. The Board notes that the CRA does not require the favorable terms than would otherwise be available. NBD Bank has allocation of credit based on arbitrary formulas. committed funds to its operation. The Neighborhood Loan Program 5. As of April 30, 1981, NBD Bank had S7.6 million in FHA loans extends credit to credit-worthy low-income borrowers who would not and $5.1 million in VA loans in its mortgage portfolio. otherwise be able to obtain credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 309 Shawmut Corporation, largest commercial banking organization in Massachu- Boston, Massachusetts setts, controlling five subsidiary banks with aggregate deposits of $718 million, which represent 3.3 percent Order Approving Merger of Bank Holding of total deposits in commercial banks in the state. Companies and Acquisition of Wornat Development Upon consummation of the proposal, Shawmut would Corporation and Wornat Insurance Agency, Inc. become the second largest banking organization in Massachusetts. Shawmut Corporation, Boston, Massachusetts A combination of commercial banking organizations ("Shawmut"), a bank holding company within the that hold aggregate deposits of such size and control meaning of the Bank Holding Company Act of 1956, as such proportions of commercial bank deposits in a amended (12 U.S.C. § 1841 et seq.), has applied for state might normally raise some concern about the the Board's approval under section 3(a)(5) of the act effects of the merger on statewide banking structure. (12 U.S.C. § 1842(a)(5)) to merge with Worcester In the circumstances of this case, however, the Board Bancorp, Inc., Worcester, Massachusetts ("Worces- believes that certain characteristics of the structure of ter"), also a bank holding company, under the charter the commercial banking industry in Massachusetts and name of Shawmut. would substantially mitigate any adverse effects on Shawmut has also applied for the Board's approval statewide banking structure. For example, the present under section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) size distribution of the state's banking organizations and section 225.4(b)(2) of the Board's Regulation Y indicates that maintaining a base of operations in (12 CFR § 225.4(b)(2)), to acquire Wornat Develop- Boston is of significant advantage to commercial bankment Corporation, Worcester, Massachusetts ("Wor- ing organizations in Massachusetts. While Worcester nat Development"), and thereby engage in the activity has a banking subsidiary in the Boston market, of liquidating loans receivable and real estate acquired Worcester's presence in that market is not viewed as through debts previously contracted; and to acquire significant and therefore, despite its size, the Board Wornat Insurance Agency, Inc., Worcester, Massa- does not view Worcester as an effective statewide chusetts ("Wornat Insurance"), and thereby engage in competitor for the Boston-based banking organizathe activity of acting as an insurance agent or broker tions. In addition, an evaluation of the record of with respect to credit life insurance, credit accident expansion of major Massachusetts commercial bankand health insurance, property and casualty insurance, ing organizations in recent years indicates that trends and mortgage redemption insurance, all directly relat- toward statewide commercial bank deposit concentraed to extensions of credit by Worcester's banking and tion have been moderate and not seriously anticompetnonbanking subsidiaries. These activities have been itive. On the basis of all the facts of record, the Board determined by the Board to be closely related to concludes that the proposed merger would have no banking (12 CFR §§ 225.4(a)(1) and (9)). seriously adverse effects on the concentration of bank- Notice of receipt of these applications, affording ing resources in Massachusetts. opportunity for interested persons to submit com- Shawmut's largest subsidiary, Shawmut Bank of ments and views, has been given in accordance with Boston, N.A., Boston, Massachusetts, is the second sections 3 and 4 of the Bank Holding Company Act largest banking organization in the Boston banking (47 Federal Register 343-44 (1982)). The time for filing market2 and holds approximately $2 billion in deposcomments and views has expired, and the Board has its, representing about 13.5 percent of deposits in considered the applications and all comments re- commercial banks in the market. One of Worcester's ceived, including those of Mr. Vincent F. Zarilli, subsidiaries, The Peoples National Bank of Marlbor- Boston, Massachusetts, and the Independent Insur- ough, Marlborough, Massachusetts, also competes in ance Agents of Massachusetts, Boston, Massachusetts the Boston banking market. With deposits of $24 ("IIAM"), in light of the factors set forth in section million, it ranks as the 43rd largest banking organiza- 3(c) of the act (12 U.S.C. § 1842(c)), and the consider- tion in the market, controlling 0.16 percent of deposits ations specified in section 4(c)(8) of the act (12 U.S.C. in commercial banks in the market. In view of the large § 1843(c)(8)). number of participants in, and the relatively unconcen- Shawmut, the fourth largest commercial banking trated nature of, the Boston banking market, the organization in Massachusetts, controls nine subsid- Board does not view as significant any elimination of iary banks with aggregate deposits of $2.4 billion, representing 11.2 percent of total deposits in commer- 2. The Boston banking market consists of the Boston Rand-McNalcial banks in the state.1 Worcester is the seventh ly Metropolitan Area ("RMA"), excluding the New Hampshire towns of Brentwood, Chester, and Derry, plus the Massachusetts towns of 1. All banking data as of June 30, 1981. Pepperell and Berlin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 Federal Reserve Bulletin • May 1982 existing competition in this market resulting from believes that analysis of the facts of this case under consummation of this proposal. Because the Boston those guidelines raises the question whether consumbanking market is the only banking market in which mation of the proposal may have a serious anticompetsubsidiaries of Shawmut and Worcester compete di- itive effect. rectly, the Board believes that consummation of the First, the Worcester market is highly concentrated proposal would not have any significantly adverse with a three-firm concentration ratio of 87.8 percent. effects upon existing competition in any relevant mar- Second, there are only a small number of probable ket. future entrants into the Worcester market. Third, With regard to probable future competition, Shaw- Worcester's subsidiary bank is the largest commercial mut is represented in two Massachusetts banking bank in the Worcester market, and holds 45.5 percent markets, Springfield and New Bedford,3 in which of the total deposits in commercial banks in the Worcester is not currently represented. However, market. This concentration of deposits is one and one- Worcester does not appear reasonably likely to enter half times the amount of deposits held by the market's either of these markets by alternative means. Worces- second largest commercial bank. ter is represented in six banking markets in which However, with respect to the guideline gauging Shawmut is not currently represented: Worcester, market attractiveness—a key element in the Board's Cape Cod, Fitchburg, Amherst, Greenfield, and analysis under the doctrine of probable future compe- Athol.4 The Cape Cod banking market is not highly tition—the available data fall short of indicating that concentrated, with a three-firm concentration ratio of the Worcester market is attractive for de novo entry or 61 percent. The Amherst, Greenfield, and Athol bank- future expansion.5 This conclusion and the record as a ing markets do not appear attractive for de novo entry whole6 persuade the Board that the proposal is acceptor expansion, and Shawmut does not appear reason- able under the competitive standards of the act, albeit ably likely to enter any of these markets by alternative only by a small margin. means. While Shawmut's prior activities in the Fitch- The Board will continue to monitor those cases that burg market tend to indicate that it may be reasonably present substantial issues of probable future competilikely to enter that market by alternative means, the tion as reflected in the Board's proposed guidelines market as a whole does not appear attractive for de and will consider the factors delineated above in such novo entry or expansion, and a relatively large number cases. In marginal cases, in particular, the Board is of probable future entrants remains outside the mar- prepared to consider as a mitigating factor a divestiket. ture plan offered by an applicant to address any The Board has reviewed the effect of this acquisition anticompetitive effects of a proposal. The Board will on probable future competition in the Worcester mar- also consider an applicant's commitment to serve the ket. In this regard, the Board has published for com- convenience and needs of the community. Among the ment proposed guidelines delineating certain circum- ways in which this commitment may be evaluated is by stances that the Board believes raise substantial reference to the applicant's subsidiary banks' record questions concerning probable future competition, and in meeting the credit needs of the community under thus require intensive examination to determine the Community Reinvestment Act. whether entry into a market should be by less anticom- The financial and managerial resources and future petitive means than through acquisition of one of the prospects of Shawmut, Worcester, and their subsidiarlargest and dominant banks in the market. The Board ies are regarded as generally satisfactory. Shawmut has indicated that after consummation of the merger it 3. The Springfield banking market consists of the Springfield RMA, will extend certain of its retail banking policies to excluding the towns of Russell and Brimfield, Massachusetts, plus the town of Warren, Massachusetts. The New Bedford banking market Worcester's banking subsidiaries, resulting in reducconsists of the New Bedford RMA plus the town of Wareham, tions of minimum balance requirements for NOW Massachusetts. accounts and increases in interest rates offered on 4. The Worcester banking market consists of the Worcester RMA, excluding the town of Princeton, Massachusetts, plus the towns of particular categories of time deposits. Shawmut has Charlton, Dudley, and Webster, Massachusetts. The Cape Cod banking market consists of Barnstable County, Massachusetts. The Fitchburg banking market consists of the Fitchburg-Leominster RMA, 5. The deposit growth figures for this market (8.8 percent) as excluding the town of New Ipswich, New Hampshire. The Amherst compared with the state (12.0 percent) and national (9.6 percent) banking market consists of the Amherst-Northampton RMA, plus the figures for the same time period, indicate that the Worcester market towns of Shutesbury, Goshen, Chesterfield, Westhampton, and may be considered only marginally attractive for de novo entry or Whately, Massachusetts. The Greenfield banking market consists of expansion. Franklin County, Massachusetts, excluding the towns of Warwick, 6. The Board notes that the Worcester market contains twenty Orange, New Salem, Shutesbury, Leverett, Sunderland, and Whate- thrift institutions that hold over $2 billion in deposits compared with ly, Massachusetts. The Athol banking market consists of the Massa- $889.9 million in deposits held by the eight commercial banks in the chusetts towns of Warwick, Orange, New Salem, Athol, Royalston, market. In addition, the savings banks in the market hold approxi- Phillipston, and Petersham. mately 41 percent of the NOW accounts in the market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 311 also represented that it would extend its system-wide and public policy prohibit a bank or bank holding mortgage lending program to all banking subsidiaries company from owning an insurance agency, that of Worcester and would make Shawmut's new com- Shawmut's acquisition of Wornat Insurance would puter systems, automated cash management services, result in a change in the kind of activities Wornat and experience in international activities available to Insurance engages in, that Shawmut is not permitted all Worcester's banking subsidiaries as well. Based under Massachusetts law to engage in insurance activiupon all the facts of record, the Board finds that ties, that the license held by Wornat Insurance was convenience and needs factors lend sufficient weight dormant during a specified period, and that Wornat toward approval of the application to outweigh any Insurance at one point expanded its insurance agency adverse competitive effects of the proposal. activities in a way IIAM believes to be improper. With respect to the applications by Shawmut sub- Shawmut responds that IIAM's contentions are mitted pursuant to section 4(c)(8) of the act, Wornat without merit, and that in any event, this application is Development is currently engaged in the activity of not an appropriate vehicle for resolving the issues completely liquidating its assets, which consist of involved. Shawmut asserts that its application to acloans receivable and real estate acquired through debts quire Worcester would not involve an extension of the previously contracted, and Wornat Insurance is cur- activities of Wornat Insurance to subsidiaries of Shawrently engaged in the activity of acting as an insurance mut, that there would be no change in the nature of the agent or broker with respect to credit life insurance, activities of Wornat Insurance as a result of the merger credit accident and health insurance, property and of Worcester with Shawmut, that Wornat Insurance casualty insurance, and mortgage redemption insur- has specific statutory authority to engage in its present ance, all directly related to extensions of credit by activities, and that Shawmut's acquisition of Wornat Worcester's banking and nonbanking subsidiaries. Insurance raises no issues as to public policy in The Board notes that it was previously determined Massachusetts. Shawmut also asserts that its acquisithat the balance of public interest factors prescribed tion of Wornat Insurance would not affect the legal by section 4(c)(8) of the act favored approval of status of the license of Wornat Insurance to engage in Worcester's earlier applications to engage in each of insurance activities in Massachusetts. these activities through Wornat Development7 and Massachusetts law8 prohibits the issuance of the Wornat Insurance respectively (60 FEDERAL RESERVE type of license required for the activities in which BULLETIN 393 (1974)). Nothing in the record of these Wornat Insurance is engaged to any affiliate of any applications substantially suggests that Shawmut's ac- bank, as the terms "affiliate" and "bank" are particuquisition of Wornat Development or Wornat Insurance larly defined.9 However, those banks or bank affiliates would alter that balance. Additionally, there is no that held this type of license prior to October 11, 1972, substantial evidence in the record that acquisition are exempted from this prohibition.10 In interpreting a of either Wornat Development or Wornat Insurance particular state law, the Board considers the statute would result in undue concentration of resources, itself, any judicial interpretations of that law, and in decreased or unfair competition, conflicts of interests, the absence of any such interpretations, opinions of unsound banking practices, or other adverse effects on the state's Attorney General or relevant administrative the public interest. Accordingly, the Board has deter- agency.11 Neither the courts of the Commonwealth of mined that the balance of public interest factors it must Massachusetts nor the Massachusetts Commissioner consider under section 4(c)(8) of the act favors approv- of Insurance have interpreted these provisions. al of the applications filed under that section and that After considering the statute itself in light of all the the applications should be approved. facts of record and the statements and assertions of the In connection with the application to acquire Wor- parties involved, the Board believes that the statute nat Insurance, the Board has considered comments would not prohibit the issuance of the type of insursubmitted by IIAM, which has stated its view that the ance license required for the activities in which Woroperation of Wornat Insurance by Shawmut would be nat Insurance is engaged to Wornat Insurance upon or against the law and public policy of Massachusetts. after its acquisition by Shawmut. The Board has IIAM makes several statements in support of this considered each of IIAM's assertions regarding Shawview, among them assertions that Massachusetts law mut's proposed operation of Wornat Insurance in light 8. Massachusetts General Laws Chapter 175, Section 174E. 7. On November 28, 1980, Worcester received prior approval to 9. Massachusetts General Laws Chapter 167A, Section 1(e), and acquire Wornat Development, pursuant to section 4(c)(8) of the act Chapter 175, Section 174E. and section 225.4(a)(1) of the Board's Regulation Y, for the sole 10. Massachusetts General Laws Chapter 175, Section 174E. purpose of conducting an orderly liquidation of Wornat Develop- 11. Virginia National Bankshares, Inc., 66 FEDERAL RESERVE ment's assets. BULLETIN 668, 669 (1980). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 Federal Reserve Bulletin • May 1982 of the Board's interpretation of the statute and all the would be no change in the nature of the activities of facts of record, and has concluded that Shawmut's Wornat Insurance as a result of the merger. operation of Wornat Insurance would not violate Mas- The Board notes that any future extension of the sachusetts law in any of the respects HAM has main- activities of Wornat Insurance to other subsidiaries or tained. any change in the nature of such activities would In the Board's view, the Massachusetts statute in constitute a "significant alteration," within the meanquestion grants an exemption from its licensing prohi- ing of section 225.4(c) of the Board's Regulation Y bition to all banks or bank affiliates that held licenses (12 CFR § 225.4(c)), of the activities involved in the prior to October 11, 1972. Because the record indi- application to acquire Wornat Insurance, and would cates that Wornat Insurance is a bank affiliate within thus require the Federal Reserve's prior approval. the meaning of the statute and that Wornat Insurance Furthermore, the Board expects Wornat Insurance held a license of the type covered by the statute prior and Shawmut to comply with applicable state law with to that date, the Board concludes that the statutory regard to any such changes or expansions. exemption currently applies to Wornat Insurance to IIAM also argues that the license held by Wornat the extent of the activities covered by that license. The Insurance was dormant during a particular period of statute does not address the effect of the purchase and time and that at one point Wornat Insurance applied sale of a bank or bank affiliate covered by this exemp- for authority to expand its insurance agency activities, tion on the ability of that bank or bank affiliate to and implies that this action was improper in light of the retain the exemption after its purchase and sale. Massachusetts statute here involved. It does not ap- Accordingly, the statute does not indicate that upon pear from the statute that dormancy, inactivity, or the sale of Wornat Insurance by Worcester to Shaw- attempted expansion of a license issued pursuant to mut, Wornat Insurance would lose its statutory ex- the statute's exemption provision affects a license emption. 12 holder's coverage under that exemption. Accordingly, IIAM asserts that Shawmut is not permitted under based on the record, the Board has determined that Massachusetts law to engage in insurance activities IIAM's comments do not present grounds for denial of and is not covered by the statutory exemption that these applications.13 covers Wornat Insurance. In the Board's view, the Based on the foregoing and other considerations statutory exemption would apply to Wornat Insurance reflected in the record, the Board has determined that as a bank affiliate upon its purchase by Shawmut the applications under sections 3(a)(5) and 4(c)(8) regardless of whether the exemption applies to Shaw- should be and hereby are approved.14 The merger of mut itself. Shawmut has stated that its application to Shawmut and Worcester shall not be made before the acquire Worcester through merger would not involve thirtieth calendar day following the effective date of an extension of Wornat Insurance activities to subsid- this Order, or later than three months after the effeciaries of Shawmut. Accordingly, the insurance activi- tive date of this Order unless such period is extended ties engaged in by Wornat Insurance would be the only for good cause by the Board or the Federal Reserve insurance activities engaged in by any subsidiary of Bank of Boston, under delegated authority. Acquisi- Shawmut as a result of the proposed merger. Further- tion of the nonbank subsidiaries under section 4(c)(8) more, Shawmut has confirmed that it has no plans to is subject to the conditions set forth in section 225.4(c) offer services currently offered by Wornat Insurance of Regulation Y, and to the Board's authority to through any other Shawmut subsidiaries upon the require such modification or termination of the activiapproval of this merger. ties of a holding company or any of its subsidiaries as IIAM maintains that Shawmut's acquisition of Wornat Insurance would result in a change in the kind of activities Worcester engages in simply by virtue of 13. IIAM has requested that the Board hold a hearing, "if appropriate," on the application to acquire Wornat Insurance. Because IIAM Shawmut's size. On the basis of the record, the Board has presented no material factual issues in dispute, has not shown that does not believe that upon Shawmut's acquisition of written presentations are insufficient, and has not described the Wornat Insurance, Shawmut's size alone would alter evidence that would be presented at such a hearing, and because it appears to the Board that each of the issues addressed by IIAM has the nature of the activities of Wornat Insurance, been satisfactorily addressed through written submissions, the Board particularly in light of Shawmut's statement that there finds that a hearing is not warranted under the Board's Rules of Procedure (12 CFR § 262.3(e)). 14. Also in connection with these applications, the Board has 12. The Board does not regard IIAM's statement that the Massa- considered comments submitted by Mr. Vincent F. Zarilli, concerning chusetts statute in question prohibits a bank or bank holding company the lending and deposit-taking activities of Shawmut Bank of Boston, from owning an insurance agency in the state as accurate. The statute N.A. The Board has reviewed the circumstances surrounding the restricts the availability of insurance licenses and does not directly events to which Mr. Zarilli's comments refer, and on the basis of all address the legal authority of banks, bank holding companies, or their the facts of record has determined that these comments do not present affiliates to own insurance agencies. grounds for denial of any of these applications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 313 the Board finds necessary to assure compliance with The third criterion is not completely satisfied, bethe provisions and purposes of the act and the Board's cause although the Worcester market is an SMSA regulations and orders issued thereunder, or to pre- market that has total commercial banking deposits of vent evasion thereof. over $250 million, the market does not meet the By order of the Board of Governors, effective April 2, growth specifications of this criterion. However, the 1982. market growth rate of commercial bank deposits during the last two years has been only slightly lower than Voting for this action: Chairman Volcker and Governors the corresponding national rate. In light of the extent Wallich, Partee, Teeters, and Rice. Absent and not voting: to which the facts satisfy three of the criteria, the Governor Gramley. Governor Wallich abstained from consid- failure to meet the exact specifications of the fourth eration of the application to acquire Wornat Insurance Agencriterion should not preclude intensive examination. cy, Inc. Vice Chairman Martin was not a member of the Board at the time this action was taken. As indicated in the policy statement issued in connection with the proposed guidelines, the Board would, (Signed) JAMES MCAFEE, when necessary, require intensive examination in a [SEAL] Associate Secretary of the Board. particular instance even if the circumstances presented do not satisfy the criteria in every detail. In my view, this would be such a case. Concurring Statement of Governor Teeters April 2, 1982 I agree with the majority's view that the facts of record do not warrant denial of these applications. However, I wish to state my view that the circumstances of this Wyoming Bancorporation, case relating to the Worcester banking market would Cheyenne, Wyoming have substantially satisfied the criteria for extensive review contained in the Board's proposed probable Order Denying Acquisition of Bank future competition guidelines, had those guidelines been in effect when these applications were submitted. Wyoming Bancorporation, Cheyenne, Wyoming, a Furthermore, even without reference to the proposed bank holding company within the meaning of the Bank guidelines as such, I believe that the facts of this case Holding Company Act, has applied for the Board's present a significant possibility that approval of the approval under section 3(a)(3) of the act (12 U.S.C. applications would involve substantially adverse com- § 1842(a)(3)) to acquire 80 percent or more of the petitive effects. Accordingly, a more intensive review voting shares of American National Bank of Powell, may well have been warranted in these circumstances. Powell, Wyoming ("Bank"). The bank into which Had the guidelines been in effect when these appli- Bank is to be merged has no significance except as a cations were submitted, I believe the Applicant would means to facilitate the acquisition of Bank. Accordinghave been required to provide additional information ly, the proposed acquisition of shares of the successor for the Board's intensive examination in light of the organization is treated herein as the proposed acquisieffects of the proposal on probable future competition. tion of the shares of Bank. The four criteria of the Board's proposed guidelines Notice of the application, affording opportunity for are substantially satisfied in this case. interested persons to submit comments and views, has The first criterion of the proposed guidelines is been given in accordance with section 3(b) of the act. satisfied because the market's three-firm concentra- The time for filing comments and views has expired, tion ratio is 87.8 percent, and the minimum under the and the Board has considered the application and all guidelines is 75 percent. comments received, including those of Bank, in light The second criterion is satisfied because there are of the factors set forth in section 3(c) of the act only three probable future entrants into the market, (12 U.S.C. § 1842(c)). excluding the Applicant, and the existence of six or Applicant, the largest banking organization in the fewer probable future entrants activates close review state of Wyoming, controls 21 subsidiary banks with under the guidelines. deposits of $474.4 million, representing 16.0 percent of The fourth criterion is satisfied because Worcester's the total deposits in commercial banks in the state.1 bank subsidiary in the Worcester market is the largest Upon acquisition of Bank, with deposits of $21.9 commercial banking organization in the market and million, Applicant's share of deposits in commercial has a 45.5 percent market share. A market share of 10 banks in Wyoming would increase by only 0.7 percent. percent or more held by a bank in this position activates close review under the guidelines. 1. All banking data are as of March 31, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 Federal Reserve Bulletin • May 1982 Accordingly, consummation of this proposal would fects of this proposal is Park County, Wyoming, and not have an appreciable effect upon the concentration the adjoining portion of Big Horn County, including of commercial banking resources in Wyoming. the town of Lovell, Wyoming. It is this area that the Bank is located in Park County, Wyoming. Appli- Board regards as economically significant in terms of cant currently has two banking subsidiaries located in this proposal and is the area in which the Board Park County, First Wyoming Bank-Cody, Cody, Wyo- believes the effect of Applicant's proposal will be ming ("Cody Bank"), and First Wyoming Bank, direct and immediate. N.A.-Meeteetse, Meeteetse, Wyoming ("Meeteetse The facts show that Powell and Cody are the pri- Bank"). Park County is a sparsely populated area in mary population centers for Park County4 and are the northwest part of Wyoming, consisting primarily located 24 miles apart with no intervening geographic of mountainous and desert terrain, with some irrigated barriers. The closest town of similar size in Wyoming farmland. and with comparable commercial alternatives to either Applicant contends that Park County should be Cody or Powell is Worland, Wyoming, which is about divided into two separate banking markets, with the 80 miles from Cody and Powell. northern portion of the county, which includes Powell The town of Cody and Powell are connected by a where Bank is located, plus the adjoining portion of direct and well maintained highway. Wyoming State Big Horn County, including Lovell, Wyoming, regard- Highway Department statistics show that the average ed as the relevant geographic banking market for the daily traffic count on the road between Powell and purposes of analyzing the competitive effects of the Cody is approximately 2,480 cars, and indicates that proposed transaction. Applicant's proposed market the majority of this traffic can be attributed to local would exclude the southern portion of Park County travel. including the towns of Cody and Meeteetse, where In addition, the towns of Powell and Cody each have Cody Bank and Meeteetse Bank are located. Appli- characteristics that encourage commercial interaction cant bases its contention on the lack of significant between them. Cody is the county seat and is the primary service area overlap between Bank and Cody location of the only airport with scheduled air service Bank, the differences in interest rates charged on loans in Park County and the entire Big Horn Basin. Also by the two banks, a claimed dearth of commuting and located in Cody is the area's only orthodontist, as well other evidence of commercial interaction between the as a small chain of all-night convenience grocery towns of Powell and Cody, and the failure of Bank and stores. The only local college is in Powell, and a twice Cody Bank to advertise in each other's service area. daily shuttle bus operates between Cody and Powell to The Board believes that the relevant geographic transport students to and from school. banking market must reflect the commercial and bank- Finally, a study of checks and other cash items ing realities of the situation and be economically cleared by Cody Bank during a one-week period significant.2 In situations such as presented by this suggests that Powell residents initiate more than 400 application, the Board has stated that the relevant cash items per day directly in Cody.5 In view of the geographic market consists of the area in which the fact that there are approximately 2,000 households in banks involved offer their services and to which their Powell, this activity indicates that residents of Powell customers can practicably turn for alternatives.3 As substantially rely on the goods and services available the Supreme Court has stated, "the proper question is in Cody. not where the parties to the merger do business or The Board has also considered the areas from which even where they compete, but where, within the area Bank and Cody Bank derive their business. Applicant of competitive overlap, the effect of the merger on has indicated that Bank derives 4.0 percent of its competition will be direct and immediate." (United deposits and 8.7 percent of its loans from Cody States v. Philadelphia National Bank, 374 U.S. 321, residents, while Cody Bank derives 4.3 percent of its 357 (1970)). This area "must be charted by careful deposits and 2.7 percent of its loans from Powell selection of the market area in which the seller oper- residents. These statistics demonstrate that some cusates and to which the purchaser can practicably turn tomers in each town have found it practical to do for supplies." {Id. at 359). Applying these principles to the facts of this case, 4. Cody has a population of 6,706. Powell has a population of 5,302. 5. The figure is based on Applicant's survey of all cash items the Board concludes that the relevant geographic cleared by Cody Bank during a one-week period. Excluding checks market within which to evaluate the competitive ef- mailed by Powell residents to a regional cable television company that maintains its deposits in Cody Bank, Cody Bank receives approxi- 2. See Brown Shoe Co. v. United States, 370 U.S. 294, 336-337 mately 200 cash items per day that were initiated in Cody by Powell (1962). residents. Assuming that all banks located in Cody receive cash items 3. See e.g., Independent Bank Corporation, 67 FEDERAL RESERVE in proportion to their deposit business, it is estimated that Powell BULLETIN 436 (1981). residents initiate over 400 cash items per day in Cody. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 315 banking business in the other town, and that there is substantial distance to other comparable commercial existing competition between the two banks.6 This centers; and the interaction between the two towns. evidence also indicates that neither Cody Bank nor These facts contradict Applicant's thesis that Powell Bank has regarded the other town as being so far and Cody are two separate banking markets, which are removed from its "major service area as to warrant a isolated from competitive forces in the other and refusal to extend credit to borrowers there. Indeed, it whose residents would not turn outside of their local appears that, in terms of lending, Bank, which offers community to the other nearby community for banking somewhat lower interest rates on consumer loans, has services.7 The Board's view is that Applicant's promade a significant inroad into Cody Bank's service posed market definition disregards the economic realiarea. ty and market forces presently existing between the Applicant argues that neither Bank nor Cody Bank towns of Cody and Powell and throughout the Park solicits business from the other's service area, as County, Wyoming area. Based on these and all of the evidenced by the fact that neither bank advertises in facts of record, the Board concludes that the towns of the newspaper or on radio stations outside of the town Cody and Powell are part of the same relevant geowhere it is located. The evidence of the record reveals, graphic market, and that the area includes all of Park County, Wyoming and portions of adjoining Big Horn however, that Applicant has sponsored a regional County, Wyoming. radio show on the Powell radio station, and that some of its advertising has been designed to show its close Within the relevant banking market, Bank is the fifth connection with all of Park County. Moreover, inas- largest of seven banking organization, and holds 10.8 much as the Powell newspaper, which is published percent of deposits in commercial banks in the market. twice weekly, derives 13 percent of its subscribers Applicant, with two banking subsidiaries in the marfrom Cody, Bank's advertising in that paper reaches a ket, holds total deposits of $48.2 million, representing significant portion of Cody households. Finally, it 23.8 percent of deposits in commercial banks in the appears that the radio stations broadcasting from Cody market. As a result of the proposed acquisition of and Powell are received in both towns, so that adver- Bank, Applicant would become the largest banking tising on one station reaches residents of both towns. organization in the market, and its share of market With respect to Applicant's claim regarding differ- deposits would increase to 34.6 percent.8 In addition, ences in interest rates charged by Bank and Cody consummation of the proposal would increase the Bank on loans, evidence submitted by Applicant com- portion of market deposits held by the four largest banking organizations from 83.7 percent to 94.5 perparing the rates charged by Bank and Cody Bank over cent. Thus, the Board concludes that the effect of the past 15 months demonstrates that, notwithstanding consummation of this proposal may be to substantially the different standards upon which each bank bases its lessen competition in the Park County banking marinterest rate, in 14 of 15 periods cited the changes in ket.9 rates where in the same direction or caused the rates to converge. Numerous other factors also affect interest The financial and managerial resources of Applirates such as the maturity of a loan, the level of cant, its subsidiaries and Bank are generally satisfacmonthly or other payments, the amount of collateral tory and consistent with approval. Consummation of required, and the level of compensating balances re- the proposed transaction would allow Bank to have quired. Thus, Applicant's contention, that the relative access to Applicant's greater capital resources and interest rates and their changes prove a lack of compe- sophisticated loan marketing capabilities. In the tition between Cody Bank and Bank, is not supported Board's view, these considerations relating to the by the evidence. convenience and needs of the community do not The Board's judgment is that each town offers to residents of the other, an available and practical 7. The Board notes that both Applicant and the Reserve Bank alternative for a variety of commercial and other conducted informal studies to ascertain whether the residents of each services, including banking services. This judgment is town would turn to the other for alternative banking services. The Board has not relied on either of the surveys, inasmuch as neither was based on the following: the relative proximity of based on a random sample. Powell and Cody; the ready accessibility of each to the 8. The Board evaluated the impact of thrift institutions and credit other; their positions as the economic, governmental unions in the relevant banking market and has found their impact to be minimal in view of the relatively small amount of total deposits held by and trade centers of the Park County region; the such institutions. 9. The Board notes that Applicant has committed to divest Meeteetse Bank, if the Board found that such divestiture would mitigate 6. In a previous application filed with the Board, Applicant stated the adverse competitive elfects of the proposed transaction. Inasmuch that "[i]n Wyoming, residents drive long distances for many services as Meeteetse Bank holds deposits of $6.2 million, representing 3.1 and products. To travel fifty miles (or an hour) to bank simply is not percent of market deposits, the Board does not view the proposed extraordinary." divestiture as a significant mitigating factor. 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316 Federal Reserve Bulletin • May 1982 outweigh the substantially adverse competitive effects The Ohio Superintendent of Building and Loan of this proposal. Associations has requested that the Board act expedi- Based on the foregoing and other considerations tiously upon this application because of the current reflected on the record, the Board's judgment is that financial condition of Scioto. In light of this request the proposed acquisition is not in the public interest and in light of the significant public interest in the and that the application should be, and here is, denied. prompt processing of this application, the Board has By order of the Board of Governors, effective April 22, expedited the period for comment normally provided 1982. for applications filed under section 4 of the act in the Federal Register notice. The Board, however, has provided notice of the proposal through newspaper Voting for this action: Chairman Volcker and Governors Martin, Wallich, Partee, Teeters, Rice, and Gramley. publication in Columbus, and has provided for a public meeting in Columbus, on April 3, 1982, to obtain views (Signed) JAMES MCAFEE, and comments on the proposal from interested per- [SEAL] Associate Secretary of the Board. sons. The Board has considered all comments and views presented in light of the factors set forth in section 4(c)(8) of the act. Orders Under Section 4 of Bank Holding Applicant is a bank holding company by virtue of its Company Act control of The Third National Bank and Trust Company, Dayton, Ohio ("Third National"), which operates Interstate Financial Corporation, 27 banking offices and controls $470.9 million in de- Dayton, Ohio posits (as of February 28, 1982) in the Dayton banking market. Third National also operates an equipment Order Approving Acquisition of Stock Savings and leasing subsidiary and a mortgage banking company. Loan Association Applicant proposes to acquire Scioto, a stock savings and loan association, which operates four offices and Interstate Financial Corporation, Dayton, Ohio, a controls $56.8 million in deposits (as of February 28, bank holding company within the meaning of the Bank 1982) in the Columbus market.3 In view of the fact that Holding Company Act, has applied for the Board's Applicant's subsidiary bank and Scioto operate in approval under section 4(c)(8) of the act (12 U.S.C. separate markets and there is no significant amount of § 1843(c)(8)) and section 225.4(b)(2) of the Board's direct competition between them, consummation of Regulation Y (12 C.F.R. § 225.4(b)(2)), to acquire all the proposed acquisition would not have a significant of the shares of Scioto Savings Association, Colum- effect on existing competition in any relevant market. bus, Ohio ("Scioto"), a state-chartered savings and Although Applicant's mortgage banking subsidiary loan association, insured by the Ohio Deposit Guaran- does make some loans in Columbus, it has no offices in tee Fund. Upon consummation of the proposed acqui- that area, and the number of loans it makes there has sition, Applicant will engage through Scioto, in the declined considerably in recent years. In view of the activity of operating a savings and loan association.1 number and size of financial organizations operating in Although the Board has not added the operation of a the Columbus market and the small size and limited thrift institution to the list of activities specified in presence of Scioto in that market,4 the Board finds section 225.4(a) of Regulation Y as generally permissible for bank holding companies, the Board has determined in several individual cases that the operation of a thrift institution is closely related to banking.2 SERVE BULLETIN 417 (1972); American Fletcher Corp., 60 FEDERAL RESERVE BULLETIN 868 (1974); Profile Bancshares, Inc., 61 FEDERAL RESERVE BULLETIN 901 (1975); D. H. Baldwin & Co., 63 FEDERAL RESERVE BULLETIN 280 (1977); Heritage Banks, Inc., 66 FEDERAL 1. The Board has recently determined that, if it is not to be RESERVE BULLETIN 590 (1980); First Financial Group, 66 FEDERAL considered a "bank" for purposes of the act, a thrift institution that RESERVE BULLETIN 594 (1980); and BankEast Corporation, 68 FEDoffers NOW accounts may exercise no greater commercial lending ERAL RESERVE BULLETIN 116 (1982). powers than are now permitted by statute to federal thrift institutions 3. The Columbus market is situated in central Ohio and comprises (i.e., federal savings and loan associations and federal savings banks). all of Franklin, Fairfield, Delaware, and Licking Counties, all of First Bancorporation (Press Release of March 12, 1982). Applicant Pickaway County except Perry and Salt Creek Townships, the southhas agreed to so limit Scioto's activities, and thus this application is ern two-thirds of Madison County and Thorn Township in northwestproperly filed under section 4 of the act. In addition, Applicant has ern Perry County. commited to further limit Scioto's activities to those permissible under 4. As of December 31, 1980, Scioto ranked as the thirteenth largest section 4(c)(8) of the act. savings and loan association in the Columbus market, holding 1.9 2. Newport Savings and Loan Ass'n., 58 FEDERAL RESERVE BUL- percent of the total deposits of savings and loan associations in that LETIN 313 (1972); Old Colony Cooperative Bank, 58 FEDERAL RE- market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 317 that this acquisition would not have any significant In view of the determination by the Ohio Superinadverse effect on potential competition. Indeed, the tendent of Building and Loan Associations and the proposed acquisition would have a substantial benefi- Board with respect to Scioto's financial condition, the cial impact on competition by ensuring the continued lack of any other viable alternative to address Scioto's operation of Scioto as a viable institution. condition, the present circumstances of the thrift in- Section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) dustry and the financial condition of a large number of authorizes a bank holding company to acquire a non- its members, and the conditions and other considerbank company where the activities of the nonbank ations detailed below, the Board has determined that company are determined by the Board to be "so the substantial benefits to the public associated with closely related to banking or managing or controlling preserving Scioto as a thrift competitor are sufficient banks as to be a proper incident thereto." The act to outweigh the generalized adverse effects found by provides that the Board may make such determina- the Board in the D. H. Baldwin case. By this decision, tions by order or by regulation. As stated earlier, the the Board does not overrule its conclusion in the D. H. Board has determined previously that the operation of Baldwin case that, as a general matter, the operation of a thrift institution is closely related to banking. A a thrift institution by a bank holding company is not a recent Board staff study of thrift institutions supports proper incident to banking. the view that operating a thrift institution is closely The Board considers Applicant's acquisition of Scirelated to banking.5 oto to be a substantial and compelling public benefit in With respect to the "proper incident" requirement, that Applicant will provide Scioto with sufficient new however, section 4(c)(8) of the act requires the Board capital funds to enable Scioto to continue its operato consider whether the performance of the activity by tions and to remain a viable competitor.7 The record an affiliate of a holding company "can reasonably be establishes that Applicant has the financial and manaexpected to produce benefits to the public, such as gerial resources and commitment to serving the convegreater convenience, increased competition, or gains nience and needs of the public to achieve this result.8 in efficiency that outweigh possible adverse effects, The acquisition will preserve a competitor in the such as undue concentration of resources, decreased Columbus market, ensuring the continuation of servor unfair competition, conflicts of interests, or un- ices by Scioto to its customers and protecting the sound banking practices." interests of Scioto's depositors, the depositing public In 1977, the Board considered the general question in the Columbus market and the state of Ohio, and the whether savings and loan association ("S&L") activi- Ohio Deposit Guarantee Fund. ties are a proper incident to banking. At that time, the The Board's judgment is that in light of the commit- Board determined that, as a general matter, S&L ments made by Applicant as summarized below, the activities are not a proper incident to banking since the public benefits associated with the preservation of potential adverse effects of generally allowing affili- Scioto as a competitor outweigh any adverse effects ations of banks and S&Ls were then sufficiently strong that are associated with this particular application. to outweigh such benefits as might result in individual Applicant has committed to ensure the separate operacases. (D. H. Baldwin & Co., 63 FEDERAL RESERVE tion of Scioto and Third National;9 to obtain federal BULLETIN 280 (1977)). The Board has reexamined, in insurance for Scioto upon the elimination of Regulathe context of this application, the general adverse tion Q; to generally abide by the Regulation Q interest factors cited in the Board's 1977 D. H. Baldwin deci- rate ceilings within two years; to limit Scioto's branchsion, including regulatory conflict, erosion of institu- ing to that permitted under the branching laws of the tional rivalry, and the potential for undermining inter- state of Ohio, as if Scioto were a commercial bank; not state banking prohibitions. The Board has also to engage in any transactions that would be in violation considered the adverse factors that might be associat- of section 23A of the Federal Reserve Act, as if Scioto ed with this particular application,6 including the potential for unfair competition, conflicts of interests, financial risks, diversion of funds, participation in 7. The Ohio Deposit Guarantee Fund will provide some financial impermissible activities, and evasion of interest rate assistance in effecting the subject acquisition. 8. Because the only organization, other than Applicant, that has limitations. expressed an interest in acquiring Scioto did not have the financial resources to support Scioto, the Board finds that Applicant's acquisition of Scioto is necessary to preserve Scioto as a competitor. The Board has considered that there are no provisions of Ohio law 5. Bank Holding Company Acquisitions of Thrift Institutions, Sep- permitting an S&L to be placed in conservatorship or receivership. tember 1981. 9. In this connection, Applicant has committed that Scioto will be 6. As stated above, the Board has examined the competitive effects operated under its own name and identity and will not advertise that it associated with this particular application and has concluded that is affiliated with Third National. In addition, Third National will not be there are no significant adverse effects associated therewith. used as a deposit gathering device for Scioto. 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318 Federal Reserve Bulletin • May 1982 were a member bank; and to limit Scioto's activities to assure compliance with the provisions and purposes of those permitted to federal thrift institutions currently the act and the Board's regulations and orders issued under the Home Owners' Loan Act and to bank thereunder, or to prevent evasion thereof. The transholding companies and their subsidiaries under section action shall be made not later than three months after 4(c)(8) of the Bank Holding Company Act. the effective date of this Order, unless that period is The Board has considered the request of the Inde- extended for good cause by the Board or by the pendent Bankers Association of America ("IBAA") Federal Reserve Bank of Cleveland acting pursuant to that the Board defer action on this application and any authority hereby delegated. other application for acquisition of a thrift institution By order of the Board of Governors, effective April 4, by a bank holding company under section 4(c)(8) of the 1982. act until Congress has passed specific remedial legislation giving the federal financial institution regulatory Voting for this action: Vice Chairman Martin and Goveragencies authority to deal with the present financial nors Partee, Teeters, and Gramley. Absent and not voting: condition of thrift institutions. In mid-1981, the Board Chairman Volcker and Governors Wallich and Rice. and other federal financial institution regulatory agencies urged Congress to enact such legislation. Over the (Signed) WILLIAM W. WILES, past several months, the Board has, through its Chair- [SEAL] Secretary of the Board. man, informed the Congress on various occasions, both orally and in writing, that the exigencies of a Seafirst Corporation, particular situation could require the Board to consid- Seattle, Washington er using its authority under existing law to approve an acquisition by a bank holding company of a thrift Order Concerning Permissibility of Underwriting institution. The Board believes that the public interest, Group Mortgage Life Insurance and particularly the present financial condition of Scioto, require such action by the Board on this Seafirst Corporation, Seattle, Washington, a bank application at this time. Accordingly, the Board denies holding company within the meaning of the Bank the request of the IBAA to defer action on this Holding Company Act, has applied for the Board's application. approval under section 4(c)(8) of the act (12 U.S.C. In view of the foregoing and all the facts of record,10 § 1843(c)(8)) and Section 225.4(b)(2) of the Board's the Board finds that the acquisition of Scioto by Regulation Y (12 C.F.R. § 225.4(b)(2)), to engage Applicant would result in substantial and compelling through its wholly-owned subsidiary, Seafirst Life public benefits, unachievable by other means, that are Insurance Company, Seattle, Washington ("SLIC"), sufficient to outweigh any adverse effects associated in underwriting group mortgage life insurance directly with this proposal, including any potential adverse related to residential real estate loans made or aceffects of the affiliation of a commercial banking quired by its subsidiaries. The Board has not heretoorganization with a thrift. fore determined this activity to be closely related to Based upon the foregoing and other facts and cirbanking. cumstances reflected in the record, the Board has Section 225.4(a) of Regulation Y (12 CFR determined that the balance of the public interest § 225.4(a)) provides that a bank holding company may factors the Board is required to consider under section file an application to engage in activities other than 4(c)(8) is favorable in this particular case. Accordingthose determined to be permissible for bank holding ly, the application is approved subject to the commitcompanies if it is of the opinion that the proposed ments and limitations described in this Order and activities in the circumstances surrounding its case are included in the record on this application. The Board's closely related to banking or managing or controlling decision is limited to the particular facts presented in banks. The regulation further provides that the Board this case and is not to be considered a precedent. will publish in the Federal Register a notice of oppor- The Board's decision is further subject to the conditunity for hearing regarding the proposed activity only tions set forth in section 225.4(c) of Regulation Y and if the Board believes there is a reasonable basis for the to the Board's authority to require such modification bank holding company's opinion. or termination of the activities of a holding company or Because the Board has not found the proposed any of its subsidiaries as the Board finds necessary to activity to be closely related to banking, Applicant, as a proponent of the activity, is required to demonstrate, in accordance with section 225.4(a) of the Board's 10. The Board has also considered and given weight to Applicant's specific proposals to increase Scioto's services to the community. Regulation Y, that there is a reasonable basis for its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 319 opinion that these activities are closely related to lines to determine whether there is a reasonable basis banking. for finding them closely related to banking. Applicant contends that underwriting group mort- In this regard, the Board finds that there is little gage life insurance directly related to extensions of evidence in the record to show that banks have credit by Applicant's subsidiaries is closely related to engaged in the proposed activity. The Board underbanking. It bases its contention on the Board's deter- stands that banks traditionally have engaged in undermination that underwriting credit life, accident and writing credit life, accident and health insurance, but health insurance is permissible for bank holding com- have not been engaged in the underwriting of group panies. Applicant argues that there is no substantive mortgage life insurance. Indeed, mortgage life insurdifference between the underwriting activities it pro- ance generally is underwritten by life insurance composes to engage in and those presently permissible panies and may more appropriately be characterized pursuant to section 225.4(a)(10) of Regulation Y. as a type of term life insurance. Further, there is The Board rejected similar arguments in a proposal insufficient evidence to support the conclusion that the by Bank America Corporation1 to reinsure home loan proposed activity is operationally or functionally so life mortgage insurance. Applicant claims its proposal similar to activities presently conducted by bank holdis different from BankAmerica's proposal because it ing companies as to indicate that bank holding compainvolves group insurance, because the insurance is nies are particularly well equipped to provide the offered at the time of the loan transaction, and because proposed activity. In this regard, the Board notes such insurance is limited in value to the limit set for Applicant seeks to engage in the proposed service only credit life insurance. These differences, however, are as reinsurer and will continue to utilize the expertise of not significant in view of the nature of underwriting an independent, direct underwriter. Lastly, there is no mortgage life insurance. The Board notes that whether evidence that banks generally provide services that are the insurance is group insurance or individual insur- so integrally related to the underwriting of home loan ance is irrelevant from the standpoint of reinsurance life insurance as to require bank holding companies to activities. Moreover, while the insurance product to provide this service in a specialized form. In fact, be underwritten may be likened to ordinary credit life adequate service is presently being provided by the insurance policies, the banking industry has never insurance industry. Accordingly, the Board finds that generally engaged in underwriting mortgage insurance. there is no reasonable basis for finding the activity is closely related to banking or managing and controlling In determining whether a proposed activity is closebanks. ly related to banking, the Board found recent court decisions dealing with section 4(c)(8) of the act partic- Based upon the foregoing and the other facts of ularly useful. A federal circuit court has set forth record, the Board concludes that Applicant has failed guidelines for determining whether an activity is close- to demonstrate that there is a reasonable basis for the ly related to banking: banks generally have in fact opinion that the activity is closely related to banking or provided the proposed services; banks generally pro- managing or controlling banks as to be a proper vide services that are operationally or functionally so incident thereto within the meaning of the Section similar to the proposed services as to equip them 225.4(a)(10) of the Board's Regulation Y or within the particularly well to provide the proposed services; or meaning of section 4(c)(8) of the act. Accordingly, the banks generally provide services that are so integrally Board has denied the request and determined that a related to the proposed services as to require their Federal Register notice of opportunity for hearing on provision in a specialized form.2 The Board has ana- this matter should not be published. lyzed proposed activities in terms of the court's guide- By order of the Board of Governors, effective April 29, 1982. 1. 66 FEDERAL RESERVE BULLETIN 660 (1980). 2. National Courier Association v. Board of Governors of the Voting for this action: Chairman Volcker and Governors Federal Reserve System, 516 F.2d 1229, 1737 (D.C. Cir. 1975). These Martin, Partee, Teeters, and Rice. Absent and not voting: guidelines are cited, for example, in Association of Bank Travel Bureaus, Inc. v. Board of Governors of the Federal Reserve System, Governors Wallich and Gramley. 568 F.2d 549 (7th Cir. 1978), and Alabama Association of Insurance Agents v. Board of Governors of the Federal Reserve System, 533 (Signed) JAMES MCAFEE, F.2d 224, 241 (5th Cir. 1976), rehearing denied, 658 F.2d 729 (1977), cert, denied, 435 U.S. 904 (1978). [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

320 Federal Reserve Bulletin • May 1982 ORDERS APPROVING APPLICATIONS UNDER THE BANK HOLDING COMPANY ACT AND BANK MERGER ACT By the Board of Governors During April 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) Centerre Bancorporation, Centerre Bank of South County, N.A., April 21, 1982 St. Louis, Missouri St. Louis County, Missouri Continental Illinois Corporation, Bank of Oakbrook Terrace, April 13, 1982 Chicago, Illinois Oakbrook Terrace, Illinois Dakota Bankshares, Inc., First National Bank of Hettinger, April 22, 1982 Fargo, North Dakota Hettinger, North Dakota First Maryland Bancorp, First Omni Bank, N.A., April 6, 1982 Baltimore, Maryland Millsboro, Delaware Inter First Corporation, The Peoples National Bank of Tyler, April 14, 1982 Dallas, Texas Tyler, Texas Mercantile Texas Corporation, State National Financial Corporation, April 29, 1982 Dallas, Texas Corsicana, Texas The State National Bank of Corsicana, Corsicana, Texas U.S. Bancorp, First National Bank of Oregon, April 19, 1982 Portland, Oregon Canby, Oregon 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 Alden Bancshares, Inc., Alden State Bank, Kansas City April 14, 1982 Alden, Kansas Alden, Kansas Ameribanc, Inc., Laurel Bancshares, Inc., Kansas City March 29, 1982 St. Joseph, Missouri Raytown, Missouri American Bancorporation Holding American National Bank of Minneapolis April 23, 1982 Company, Brainerd, Brainerd, Minnesota Brainerd, Minnesota American Eagle Holding Corpora- Rolling Hills State Bank, Kansas City April 2, 1982 tion, Piedmont, Oklahoma Piedmont, Oklahoma Area Financial Corp., Bay Area Bank, San Francisco April 13, 1982 Redwood City, California Redwood City, California Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 321 Section 3—Continued „ , , . Reserve Effective Applicant Bank(s) BanR date Baldy Bancshares, Inc., Farmer's State Bank of Lyle, Minneapolis April 5, 1982 Lyle, Minnesota Lyle, Minnesota Bancorp of Mississippi, Inc., Bank of Mississippi, St. Louis April 9, 1982 Tupelo, Mississippi Tupelo, Mississippi Bay Bankshares, Inc., Bank of Oldsmar, Atlanta April 2, 1982 Oldsmar, Florida Oldsmar, Florida Cairo Bancshares, Inc., Cairo Banking Company, Atlanta April 6, 1982 Cairo, Georgia Cairo, Georgia Canadian Commercial Bank, Westlands Diversified Bancorp, San Francisco March 25, 1982 Edmonton, Canada Inc., CCB Bancorp, Santa Ana, California Los Angeles, California Carbondale, Bancshares, Inc., State Bank of Carbondale, Kansas City April 14, 1982 Carbondale, Kansas Carbondale, Kansas Central Capital Corporation, Citizens Bank and Trust Company, Atlanta April 16, 1982 Morton, Mississippi Morton, Mississippi Central Financial Corporation, The Central Bank and Trust Com- Kansas City April 12, 1982 Wichita, Kansas pany, Wichita, Kansas Colonial Bancshares of Greenville, Colonial Bank of Greenville, Dallas April 16, 1982 Inc., Greenville, Texas Greenville, Texas Community Bankshares, Inc., Northeastern Banking Company, Atlanta March 29, 1982 Cornelia, Georgia Commerce, Georgia Crowley Holding Company, The Bank of Crowley, Dallas April 2, 1982 Crowley, Texas Crowley, Texas Cullen/Frost Bankers, Inc., United States National Bancshares Dallas March 31, 1982 San Antonio, Texas Inc., Galveston, Texas United States National Bank, Galveston, Texas Sugarland State Bank, Sugarland, Texas New Galveston Company, Inc., San Antonio, Texas DeKalb County Bancshares, Inc., The Clarksdale Bank of Clarksdale, Kansas City April 16, 1982 Clarksdale, Missouri Clarksdale, Missouri Exchange Financial Corporation, Exchange National Corporation, Kansas City April 12, 1982 Ardmore, Oklahoma Ardmore, Oklahoma Farmers National Bancorp, Farmers National Bank, Richmond April 21, 1982 Annapolis, Maryland Annapolis, Maryland The Caroline County Bank, Greensboro, Maryland First Alabama Bancshares, Inc. First Farmers and Merchants Na- Atlanta April 8, 1982 Montgomery, Alabama tional Bank of Troy, Troy, Alabama First & Merchants Corporation, The Wise County National Bank, Richmond April 20, 1982 Richmond, Virginia Wise, Virginia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 Federal Reserve Bulletin • May 1982 Section 3—Continued Reserve Effective AApppplliiccaanntt BBaannkk((ss)) Bank date First Bancshares of Texas, Inc., Bank of Tyler, N.A., Dallas April 16, 1982 Longview, Texas Tyler, Texas First Freeport Corporation, Polo Bancorp, Inc., Chicago April 2, 1982 Freeport, Illinois Polo, Illinois First Indiana Bancorp, First National Bank, Chicago April 12, 1982 Elkhart, Indiana Elkhart, Indiana First National Bancorp, First Cornelia Corporation, Atlanta April 20, 1982 Gainesville, Georgia Cornelia, Georgia First Bank of Habersham, Cornelia, Georgia First National Bancorp of Ruther- The First National Bank of Ruther- Atlanta April 12, 1982 ford County, Inc., ford County, Smyrna, Tennessee Smyrna, Tennessee First National Corporation of Pica- First National Bank of Picayune, Atlanta April 12, 1982 yune, Picayune, Mississippi Picayune, Mississippi First of Murphysboro Corp., The First Bank and Trust Company St. Louis April 12, 1982 Murphysboro, Illinois of Murphysboro, Murphysboro, Illinois First Selmer Bancshares, Inc., First National Bank of Selmer, St. Louis April 19, 1982 Selmer, Tennessee Selmer, Tennessee First State Bancshares, Inc., First State Bank of Pineville, Cleveland April 9, 1982 Pineville, Kentucky Pineville, Kentucky Florida National Banks of Florida, Peoples Bank of St. Augustine, Atlanta March 29, 1982 Inc., St. Augustine, Florida Jacksonville, Florida Frontier Bancshares, Inc., Frontier State Bank, Dallas April 7, 1982 Eagle Pass, Texas Eagle Pass, Texas Gary-Wheaton Corporation, Batavia Investment Company, Chicago April 2, 1982 Wheaton, Illinois Batavia, Illinois Goddard Financial Corporation, Suburban West State Bank, Kansas City March 24, 1982 Goddard, Kansas Goddard, Kansas Graceville Bancorporation, Inc., First State Bank of Graceville, Minneapolis April 2, 1982 Graceville, Minnesota Graceville, Minnesota Garrison Bancshares, Inc., The Commercial State Bank, Dallas April 5, 1982 Garrison, Texas Garrison, Texas Gulf Coast Holding Corp., First National Bank, Atlanta April 6, 1982 Panama City, Florida Panama City, Florida Hawkeye Bancorporation, Ankeny Bankshares, Inc., Chicago April 6, 1982 Des Moines, Iowa Ankeny, Iowa Hawkeye Bank & Trust, April 5, 1982 Humbolt, Iowa Hudson Bancshares, Inc., Hudson State Bank, Kansas City April 15, 1982 Hudson, Kansas Hudson, Kansas Indiana Southern Financial Corp., Indiana Southern Bank of Sellers- St. Louis April 12, 1982 Sellersburg, Indiana burg, Sellersburg, Indiana Indiana Sointerim Bank, Sellersburg, Indiana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 323 Section 3—Continued Reserve Effective AApppplliiccaanntt BBaannkk((ss)) Bank date International Bancorp., International Bank, Kansas City April 6, 1982 Denver, Colorado Denver, Colorado Community Bank and Trust Company, Englewood, Colorado Jeffersonville Bancorp, The First National Bank of Jeffer- New York April 12, 1982 Jeffersonville, New York sonville, Jeffersonville, New York Kansas State Financial Corporation, Central Financial Corporation, Kansas City April 12, 1982 Wichita, Kansas Wichita, Kansas The Kansas State Bank and Trust April 12, 1982 Company, Wichita, Kansas NBE Bancshares, Inc., National Bank of Earlville, Chicago April 15, 1982 Earlville, Illinois Earlville, Illinois National Bancshares, Inc., First National Bank of Clovis, Dallas April 16, 1982 Clovis, New Mexico Clovis, New Mexico Northwest Bancshares, Inc., Northwest Bank and Trust, Dallas April 1, 1982 Houston, Texas Houston, Texas Overbrook Bancshares, Inc., First Security Bank, Kansas City April 12, 1982 Overbrook, Kansas Overbrook, Kansas Peachtree Bancshares, Inc., Bank of Woodstock, Atlanta April 16, 1982 Atlanta, Georgia Woodstock, Georgia Peoples Bancorp, Inc., The First National Bank of Elk Kansas City April 12, 1982 Burlington, Kansas City, Elk City, Kansas Rock Creek Bancshares, Inc., Peoples Bancorp, Inc., Kansas City April 12, 1982 Burlington, Kansas Burlington, Kansas Rocky Financial Corporation, The State Bank of Rocky, Kansas City April 16, 1982 Rocky, Oklahoma Rocky, Oklahoma Santa Barbara Bancorp., Santa Barbara Bank and Trust San Francisco April 12, 1982 Santa Barbara, California Company, Santa Barbara, California Sarcoxie Bancorp, Inc., The First National Bank of Sarcoxie, Kansas City April 22, 1982 Sarcoxie, Missouri Sarcoxie, Missouri Satanta Bancshares, Inc., The State Bank of Satanta, Kansas City April 12, 1982 Satanta, Kansas Satanta, Kansas Security National Corporation, Security National Bank, Richmond April 14, 1982 Washington, D.C. Washington, D.C. Smith Center Bancshares, Inc., First National Bank of Smith Kansas City April 1, 1982 Smith Center, Kansas Center, Smith Center, Kansas Snook Bancshares, Inc., First Bank of Snook, Dallas April 22, 1982 Snook, Texas Snook, Texas Standard Bancshares, Inc., Heritage/Standard Bank and Trust Chicago April 2, 1982 Evergreen Park, Illinois Company, Evergreen Park, Illinois State Bancshares, Inc., State Bank of Benkelman, Kansas City April 9, 1982 Benkelman, Nebraska Benkelman, Nebraska Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 Federal Reserve Bulletin • May 1982 Section 3—Continued . r, w x Reserve Effective Applicant Bank(s) „ . , Bank date Stockmens Financial Corporation, Stockmens National Bank in Co- Dallas April 9, 1982 Cotulla, Texas tulla, Cotulla, Texas United Bancorp of Maryland, Inc. United Bank and Trust Company of Richmond April 9, 1982 Oxon Hill, Maryland Maryland, Oxon Hill, Maryland United Banks of Colorado, Inc., United Bank of Cherry Creek, Kansas City April 19, 1982 Denver, Colorado N.A., Denver, Colorado United Bank of Southwest Plaza, N.A., Littleton, Colorado Victoria Bankshares, Inc., The First National Bank of Gon- Dallas April 5, 1982 Victoria, Texas zales, Gonzales, Texas Williamsburg Holding Company Security Savings Bank, Chicago April 8, 1982 Omaha, Nebraska Williamsburg, Iowa Winnsboro Bancshares, Incor- Winnsboro State Bank & Trust Dallas April 9, 1982 porated, Company, Winnsboro, Louisiana Winnsboro, Louisiana Section 4 Nonbanking Reserve Effective Applicant company Bank date (or activity) First National Bancorp, Inc., Jean Fore Mortgage Company, Inc. Dallas April 5, 1982 Shreveport, Louisiana Shreveport, Louisiana First Mortgage Corporation of Shreveport, Shreveport, Louisiana Manufacturers Hanover Corporation, Indiana Financial, Inc., New York April 5, 1982 New York, New York Merrillville, Indiana Southern Bancorporation, Inc., Family Budget Finance of Tifton, Richmond April 14, 1982 Greenville, South Carolina Inc., Tifton, Georgia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 325 Sections 3 and 4 Nonbanking Reserve Effective AApppplliiccaanntt BBaannkk((ss)) company BBaannkk ddaattee (or activity) Caneyville Bancshares, Bank of Caneyville, Caneyville Insurance St. Louis April 15, 1982 Inc., Caneyville, Ken- Agency, Inc., Caneyville, Ken- tucky Caneyville, Kentucky tucky Collinsville Bancorp, American Exchange F & M Insurance Kansas City April 2, 1982 Inc., Bank, Agency Partnership, Collinsville, Okla- Collinsville, Okla- Collinsville, Oklahoma homa homa Letchworth Indepen- The Bank of Castile, Letchworth Ag Credit New York April 16, 1982 dent Bancshares Cor- Castile, New York Corporation, poration, Castile, New York Castile, New York Loup Valley Banc- North Loup Valley North Loup Insurance Kansas City April 1, 1982 shares, Inc., Bank, Agency, Inc., North Loup, North Loup, North Loup, Nebraska Nebraska Nebraska Midland California Crocker National Cor- San Fran- April 8, 1982 Holdings Limited, poration, cisco London, England San Francisco, California New London Agency, First State Bank of to sell general insur- Minneapolis April 23, 1982 Inc., New London, ance in a community New London, Minne- New London, Minne- with a population of sota sota less than 5,000. Taylor County Banc- Taylor County Bank, Taylor County Insur- St. Louis April 15, 1982 shares, Inc., Campbellsville, ance Agency, Inc., Campbells ville, Kentucky Campbellsville, Kentucky Kentucky ORDERS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Reserve Effective AApppplliiccaanntt Bank(s) Bank date The Bank of New Jersey, Prospect Park National Bank, Philadel- April 8, 1982 Camden, New Jersey Wayne, New Jersey phia Fidelity Union Bank, Fidelity Union Bank N.A., New York March 1, 1982 Newark, New Jersey Red Bank, New Jersey Fidelity Union Bank N.A., Garden State, Paramus, New Jersey First Virginia Bank, First Virginia Bank-Eastern, Richmond April 7, 1982 Falls Church, Virginia Warrenton, Virginia First Virginia Bank—Loudoun, Leesburg, Virginia Peoples Bank of Danville, Aquia Bank and Trust Company, Richmond April 5, 1982 Danville, Virginia Stafford, Virginia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 Federal Reserve Bulletin • May 1982 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 First Bancorporation v. Board of Governors, filed 1981, U.S.C.A. for the Fifth Circuit. April 1982, U.S.C.A. for the Tenth Circuit. Wilshire Oil Company of Texas v. Board of Gover- Charles G. Vick v. Paul A. Volcker, et al., filed March nors, et al., filed April 1981, U.S.C.A. for the Third 1982, U.S.D.C. for the District of Columbia. Circuit. Jolene Gustafson v. Board of Governors, filed March People of the State of Arkansas v. Board of Gover- 1982, U.S.C.A. for the Fifth Circuit. nors, et al., filed March 1981, U.S.C.A. for the Darnell Hilliard v. Esmond Langley, filed February Western District of Arkansas. 1982, Superior Court of the District of Columbia. First Bank & Trust Company v. Board of Governors, C. A. Cavendes, Sociedad Financiera v. Board of filed February 1981, U.S.D.C. for the Eastern Dis- Governors, filed January 1982, U.S.C.A. for the trict of Kentucky. District of Columbia. 9 to 5 Organization for Women Office Workers v. First Lakefield BanCorporation v. Board of Gover- Board of Governors, filed December 1980, nors, et al., filed January 1982, U.S.D.C. for the U.S.D.C. for the District of Massachusetts. District of Minnesota. Securities Industry Association v. Board of Gover- Christian Educational Association, Inc. v. Federal nors, et al., filed October 1980, U.S.D.C. for the Reserve System, filed January 1982, U.S.D.C. for District of Columbia. the Middle District of Florida. Securities Industry Association v. Board of Gover- Option Advisory Service, Inc. v. Board of Governors, nors, et al., filed October 1980, U.S.C.A. for the filed December 1981, U.S.C.A. for the Second District of Columbia. Circuit. A. G. Becker, Inc. v. Board of Governors, et al., filed Edwin F. Gordon v. Board of Governors, et al., filed October 1980, U.S.D.C. for the District of Colum- October 1981, U.S.C.A. for the Eleventh Circuit bia. (two consolidated cases). A. G. Becker, Inc. v. Board of Governors, et al., filed Wendall Hall v. Board of Governors, et al., filed October 1980, U.S.C.A. for the District of Colum- September 1981, U.S.D.C. for the Northern District bia. of Georgia. A. G. Becker, Inc. v. Board of Governors, et al., filed Allen Wolf son v. Board of Governors, filed September August 1980, U.S.D.C. for the District of Columbia. 1981, U.S.D.C. for the Middle District of Florida. Berkovitz, et al. v. Government of Iran, et al., filed Option Advisory Service, Inc. v. Board of Governors, June 1980, U.S.D.C. for the Northern District of filed September 1981, U.S.C.A. for the Second California. Circuit (two cases). Darnell Hilliard v. G. William Miller, et al., filed Bank Stationers Association, Inc., et al. v. Board of September 1976, U.S.C.A. for the District of Co- Governors, filed July 1981, U.S.D.C. for the North- lumbia. ern District of Georgia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 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 A22 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 POLIC YINSTR UMENTS 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 A27 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

51 Federal Reserve Bulletin • May 1982 SECURITIES MARKETS AND International Statistics CORPORATE FINANCE A54 U.S. international transactions—Summary A36 New security issues—State and local A55 U.S. foreign trade governments and corporations A55 U.S. reserve assets A37 Open-end investment companies—Net sales and A55 Foreign official assets held at Federal Reserve asset position Banks A37 Corporate profits and their distribution A56 Foreign branches of U.S. banks—Balance sheet A38 Nonfinancial corporations—Assets and data liabilities A58 Selected U.S. liabilities to foreign official A38 Total nonfarm business expenditures on new institutions plant and equipment A39 Domestic finance companies—Assets and liabilities; business credit REPORTED BY BANKS IN THE UNITED STATES A58 Liabilities to and claims on foreigners REAL ESTATE A59 Liabilities to foreigners A61 Banks' own claims on foreigners A40 Mortgage markets A62 Banks' own and domestic customers' claims on A41 Mortgage debt outstanding foreigners A62 Banks' own claims on unaffiliated foreigners A63 Claims on foreign countries—Combined CONSUMER INSTALLMENT CREDIT domestic offices and foreign branches A42 Total outstanding and net change A43 Extension and liquidations REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES FLOW OF FUNDS A64 Liabilities to unaffiliated foreigners A65 Claims on unaffiliated foreigners A44 Funds raised in U.S. credit markets A45 Direct and indirect sources of funds to credit markets SECURITIES HOLDINGS AND TRANSACTIONS A66 Foreign transactions in securities Domestic Nonfinancial Statistics A67 Marketable U.S. Treasury bonds and notes— Foreign holdings and transactions A46 Nonfinancial business activity—Selected measures A46 Output, capacity, and capacity utilization INTEREST AND EXCHANGE RATES A47 Labor force, employment, and unemployment A48 Industrial production—Indexes and gross value A67 Discount rates of foreign central banks A50 Housing and construction A68 Foreign short-term interest rates A51 Consumer and producer prices A68 Foreign exchange rates A52 Gross national product and income A53 Personal income and saving A69 Guide to Tabular Presentation, Statistical Releases, and Special Tables 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 1982 1981 1982 Q2 Q3 Q4 Q1 Nov. Dec. Jan. Feb. Mar. Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent)1 Reserves of depository institutions 1 Total 4.2 4.0 3.2 8.3 1.0 11.3 22.2 -10.2 4.7 2 Required 5.0 3.1 3.5 7.9 -1.1 12.1 19.4 -6.9 3.1 3 Nonborrowed -2.4 7.9 10.5 0.4 17.0 12.3 -4.0 -18.8 12.1 4 Monetary base2 5.8 4.3 3.9 8.0 3.3 11.3 11.6 3.4 4.1 Concepts of money and liquid assets3 5 Ml 9.2 .3 5.7 10.4 9.7 12.4 21.0 -3.5' 2.4 6 M2 12.0 8.3 8.8 9.7 13.7 8.4 12.2 4.3 11.2 7 M3 12.2 11.2 9.2 8.6 13.1 7.3 8.9' 5.8 11.3 8 L 10.6 11.9 10.5r n.a. 13.3 5.8' 8.0' n.a. n.a. Time and savings deposits Commercial banks 9 Total 11.9 18.4 8.3 7.5 6.9 1.6 5.0 11.1' 19.9' 10 Savings4 -8.9 -22.7 -11.9 8.7 8.5 4.6 14.5 .8 13.6 11 Small-denomination time5 16.2 24.3 20.8 9.7 17.4 -.3 4.4 16.1' 25.1 12 Large-denomination time6 19.9 36.0 5.4 4.6 -5.2 2.2 1.1 10.7' 17.2 13 Thrift institutions7 3.2 2.6 2.7 3.1 4.2 1.3 1.1 5.2 7.6 14 Total loans and securities at commercial banks8 8.5 8.7 3.7 3.1 3.3 -9.5' 4.7' 11.0' 7.7 1981 1982 1981 1982 Q2 Q3 Q4 Q1 Dec. Jan. Feb. Mar. Apr. Interest rates (levels, percent per annum) Short-term rates 15 Federal funds9 17.78 17.58 13.59 14.23 12.37 13.22 14.78 14.68 14.94 16 Discount window borrowing10 13.62 14.00 13.04 12.00 12.10 12.00 12.00 12.00 12.00 17 Treasury bills (3-month market yield)11 14.91 15.05 11.75 12.81 10.85 12.28 13.48 12.68 12.70 18 Commercial paper (3-month)11'12 16.15 16.78 13.04 13.81 12.12 13.09 14.53 13.80 14.06 Long-term rates Bonds 19 U.S. government13 13.49 14.51 14.14 14.27 13.73 14.57 14.48 13.75 13.57 20 State and local government14 10.69 12.11 12.54 13.02 12.91 13.28 12.97 12.82 12.59 21 Aaa utility (new issue)15 15.41 16.82 15.67 15.71' 15.20 15.68 15.93 15.43' 15.83 22 Conventional mortgages'6 16.15 17.50 17.33 17.10 17.00 17.30 17.20 16.80 16.65 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 unions. 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 Domestic Financial Statistics • May 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 Factors 1982 1982 Feb. Mar. Apr. Mar. 17 Mar. 24 Mar. 31 Apr. 7 Apr. 14 Apr. 21 P Apr. 28p SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 150,544 146,815 150,436 146,815 147,269 146,407 147,408 148,694 152,131 150,837 2 U.S. government securities1 126,948 124,600 127,526 125,074 125,383 124,426 124,622 125,592 129,436 128,370 3 Bought outright 125,599 124,303 126,542 124,631 125,383 124,198 123,755 125,592 128,109 128,055 4 Held under repurchase agreements 1,349 297 984 443 0 228 867 0 1,327 315 5 Federal agency securities 9,102 9,035 9,123 9,028 9,013 9,025 9,038 9,011 9,117 9,058 6 Bought outright 9,044 9,017 9,010 9,013 9,013 9,013 9,013 9,011 9,008 9,008 7 Held under repurchase agreements 58 18 113 15 0 12 25 0 109 50 8 Acceptances 165 47 150 55 0 70 172 0 209 27 9 Loans 1,713 1,611 1,580 1,462 1,652 1,656 1,480 1,335 1,659 1,822 10 Float 3,292 2,420 2,705 2,188 2,108 2,059 2,968 3,535 2,368 2,025 11 Other Federal Reserve assets 9,334 9,102 9,352 9,009 9,113 9,172 9,128 9,222 9,342 9,534 12 Gold stock 11,151 11,150 11,150 11,150 11,150 11,150 11,150 11,150 11,150 11,150 13 Special drawing rights certificate account... 3,559 3,568 3,660 3,568 3,568 3,568 3,568 3,568 3,639 3,818 14 Treasury currency outstanding 13,801 13,723 13,744 13,720 13,727 13,729 13,734 13,737 13,750 13,752 ABSORBING RESERVE FUNDS 15 Currency in circulation 142,622 140,951 143,024 141,326 141,058 140,902 142,054 143,702 143,477 142,831 16 Treasury cash holdings 465 474 490 472 475 481 487 491 490 490 Deposits, other than reserves, with Federal Reserve Banks 17 Treasury 5,506 3,312 4,695 3,074 3,329 3,097 3,938 3,626 4,258 4,788 18 Foreign 304 280 289 287 286 284 243 307 247 255 19 Other 472 560 443 488 448 416 471 435 380 487 20 Required clearing balances 139 156 172 156 164 165 169 172 174 175 21 Other Federal Reserve liabilities and capital 5,396 5,121 5,237 5,090 5,050 5,134 5,219 5,073 5,261 5,295 22 Reserve accounts2 26,161 24,401 24,640 24,360 24,905 24,376 23,280 23,343 26,383 25,235 End-of-month figures Wednesday figures 1982 1982 Feb. Mar. Apr. Mar. 17 Mar. 24 Mar. 31 Apr. 7 Apr. 14 Apr. 21 Apr. 28 SUPPLYING RESERVE FUNDS 23 Reserve Bank credit outstanding 147,618 148,729 158,729 150,492 148,483 148,729 148,586 149,477 155,488 158,702 24 U.S. government securities1 125,410 125,589 134,257 126,939 125,407 125,589 120,426 123,831 130,615 130,371 25 Bought outright 125,410 123,992 128,988 126,326 125,407 123,992 120,426 123,831 127,949 128,166 26 Held under repurchase agreements 0 1,597 5,269 613 0 1,597 0 0 2,666 2,205 27 Federal agency securities 9,026 9,095 10,004 9,034 9,013 9,095 9,013 9,008 9,228 9,356 28 Bought outright 9,026 9,013 9,008 9,013 9,013 9,013 9,013 9,008 9,008 9,008 29 Held under repurchase agreements 0 82 996 21 0 82 0 0 220 348 30 Acceptances 0 488 768 143 0 488 0 0 128 192 31 Loans 1,180 2,646 1,799 1,959 1,777 2,646 2,291 4,444 3,043 6,180 32 Float 2,959 1,882 1,507 3,259 3,088 1,882 7,399 2,890 2,955 2,870 33 Other Federal Reserve assets 9,043 9,029 10,394 9,158 9,198 9,029 9,457 9,304 9,519 9,732 34 Gold stock 11,150 11,150 11,149 11,150 11,150 11,150 11,150 11,150 11,150 11,150 35 Special drawing rights certificate account... 3,568 3,568 3,818 3,568 3,568 3,568 3,568 3,568 3,818 3,818 36 Treasury currency outstanding 14,579 13,734 13,756 13,723 13,728 13,734 13,734 13,745 13,751 13,756 ABSORBING RESERVE FUNDS 37 Currency in circulation 140,525 141,673 143,044 141,575 141,198 141,673 143,358 144,220 143,346 143,361 38 Treasury cash holdings 470 484 491 472 479 484 487 491 489 491 Deposits, other than reserves, with Federal Reserve Banks 39 Treasury 3,835 2,866 12,239 4,172 2,408 2,866 4,934 2,909 7,031 10,869 40 Foreign 416 421 966 219 302 421 197 239 224 264 41 Other 414 425 450 526 400 425 392 373 486 484 42 Required clearing balances 139 167 176 155 160 167 168 171 174 175 43 Other Federal Reserve liabilities and capital 6,291 4,955 5,561 4,950 4,841 4,955 4,873 4,946 5,211 5,282 44 Reserve accounts2 24,825 26,190 24,526 26,864 27,141 26,190 22,629 24,591 27,246 26,498 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 RReesseerrvvee ccllaassssiiffiiccaattiioonn 1980 1981 1982 Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.P 1 Reserve balances with Reserve Banks1.... 26,664 27,000 25,499 25,690 25,892 26,163 26,721 25,963 24,254 24,640 2 Total vault cash (estimated) 18,149 18,435 18,925 18,810 18,844 19,538 20,284 19,251 18,749 18,573 3 Vault cash at institutions with required reserve balances2 12,602 12,549 13,041 12,924 12,986 13,577 14,199 13,082 12,663 12,774 4 Vault cash equal to required reserves at other institutions 704 1,477 2,053 2,097 2,073 2,178 2,290 2,235 2,313 2,218 5 Surplus vault cash at other institutions3 . 4,843 4,409 3,831 3,789 3,785 3,783 3,795 3,934 3,773 3,581 6 Reserve balances + total vault cash4 44,940 45,435 44,424 44,500 44,736 45,701 47,005 45,214 43,003 43,216 7 Reserve balances + total vault cash used to satisfy reserve requirements4-5 40,097 41,026 40,593 40,711 40,951 41,918 43,210 41,280 39,230 39,635 8 Required reserves (estimated) 40,067 40,731 40,177 40,433 40,604 41,606 42,785 40,981 38,873 39,289 9 Excess reserve balances at Reserve Banks4,6 30 295 416 278 347 312 425 299 357 346 10 Total borrowings at Reserve Banks 1,617 1,408 1,473 1,149 695 642 1,526 1,713 1,611 1,580 11 Seasonal borrowings at Reserve Banks 116 220 222 152 79 53 75 132 174 167 12 Extended credit at Reserve Banks n.a. 79 301 442 178 149 197 232 309 245 Weekly averages of daily figures for week ending: 1982 Feb. 24 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 Apr. 7 Apr. 14 Apr. 21 P Apr. 28p 13 Reserve balances with Reserve Banks1.... 26,112 26,048 22,622 24,360 24,905 24,376 23,280 23,343 26,383 25,235 14 Total vault cash (estimated) 18,155 18,908 19,936 18,796 17,621 18,574 18,858 19,208 17,269 18,696 15 Vault cash at institutions with required reserve balances2 12,462 12,785 13,250 12,560 12,141 12,653 12,800 12,950 11,982 12,997 16 Vault cash equal to required reserves at other institutions 2,089 2,222 2,591 2,354 2,084 2,261 2,355 2,404 2,034 2,185 17 Surplus vault cash at other institutions3 . 3,604 3,901 4,095 3,882 3,396 3,660 3,703 3,854 3,253 3,514 18 Reserve balances + total vault cash4 44,267 44,956 42,558 43,156 42,526 42,950 42,138 42,551 43,655 43,934 19 Reserve balances + total vault cash used to satisfy reserve requirements4-5 40,663 41,055 38,463 39,274 39,130 39,290 38,435 38,697 40,402 40,420 20 Required reserves (estimated) 40,660 40,542 38,156 38,937 38,861 38,824 38,163 38,379 40,250 40,111 21 Excess reserve balances at Reserve Banks4-6 3 513 307 337 269 466 272 318 152 309 22 Total borrowings at Reserve Banks 1,902 1,562 1,446 1,462 1,652 1,656 1,480 1,335 1,659 1,822 23 Seasonal borrowings at Reserve Banks 146 147 151 187 173 200 166 154 159 177 24 Extended credit at Reserve Banks.... 222 288 306 301 311 324 279 234 248 227 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 nonmember 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 Financial Statistics • May 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 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 Apr. 7 Apr. 14 Apr. 21 Apr. 28 One day and continuing contract 1 Commercial banks in United States 55,596 6600,,998866rr 58,786' 54,579 52,588r 61,397 61,983 57,673 53,753 2 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 17,934 18,620 20,379 20,440 19,910r 18,378 18,862 18,822 18,737 Nonbank securities dealers 3,802 3,241 3,718 4,266 3,939r 3,979 3,547 3,604 3,452 4 All other 21,860 22,256 22,767 22,184 23,246r 22,949 19,809 21,104 22,024 All other maturities Commercial banks in United States 4,296 4,216 4,048 4,190 4,167 4,104 5,045 4,658 4,582 6 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 7,581 7,645 7,735 8,000 8,141 88,,339944 88,,662200 8,712 88,,990066 7 Nonbank securities dealers 4,066 4,108 3,726 3,741 3,783 3,639 3,906 3,674 4,078 8 All other 8,934 9,525 9,058 9,203 9,405r 9,552 12,984 11,114 9,432 MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract 9 Commercial banks in United States 20,109 21,739 21,068r 18,935 17,094r 20,082 18,539 19,423 18,473 10 Nonbank securities dealers 3,786 4,361 4,035 4,506 4,470' 4,414 4,307 4,186 4,632 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 credit' SShhoorrtt--tteerrmm aaddjjuussttmmeenntt ccrreeddiitt aanndd sseeaassoonnaall ccrreeddiitt First 60 days Next 90 days FFFeeedddeeerrraaalll RRReeessseeerrrvvveee of borrowing of borrowing After 150 days BBBaaannnkkk EEffffeeccttiivvee ddaattee ffoorr ccuurrrreenntt rraatteess Rate on Effective Previous Rate on Previous Rate on Previous Rate on Previous 4/30/82 date rate 4/30/82 rate 4/30/82 rate 4/30/82 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.R. level)— Bank level)— Bank level)— Bank Effective date All F.R. of Effective date All F.R. of Effective date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. 5'A 10'A-ll In effect Dec. 31, 1972 4Vi 4>/5 1976— Jan. 19. 5 Vl-6 11997799—— SSeepptt.. 19 11 1973— Jan. 15 5 5 23. 51/2 51A 21 11 11 Feb. 26 5-551V/5i 51/5 Nov. 2226. . 51/4-51A 5V4 Oct. 8 11-12 12 Mar. 2 5V5 51/4 5'/4 10 12 12 Apr. 23 51Vi MMaayy 4 53/4 53/4 1977— Aug. 30. 51/4—53/4 51/4 1980— Feb. 15 12-13 13 11 53/4-6 6 31. 51/4-53/4 53/4 19 13 13 June 1 1 8 1 6 6 -6 Vi 6 m 6 1A S O e c p t. t . 2 2 6 . . 6 53 /4 6 53 /4 MMaayy 3 2 0 9 12 1 - 2 1 3 1 1 3 2 A J A u uu ly gg .. 1 1 2 5 4 17 6 - V 1 5 Vi 1 1 Vi 1978— Jan. 290. . 6 6' - A 6 V i 6 61 ! / A 5 JJ J uu u ll n yy e 2 1 1 8 6 3 1 1 0 1 1 - - 1 1 1 1 2 1 1 1 1 0 1 23 7Vi 71A May 1 1 2 1 . . 6V5 7 -7 7 7 Sept. 2 2 6 9 1 1 1 0 1101 1974— Apr. 25 71/5-8 8 July 3. 7-71/4 7V4 Nov. 17 12 12 July 10. 71/4 71/4 Dec. 5 12-13 13 Dec. 9 73/4-8 73/4 Aug. 21. 73/4 73/4 8 13 13 16 73/4 73/4 Sept. 22. 1975— Jan. 6 7V4-73/4 73/4 Oct. 2160. . 8 81 -8 /2 1 /5 8 89 1 ' ' /A5 A 1981— M M a a y y 8 5 13 1 - 4 1 4 1 1 4 4 10 71/4-73/4 71/4 Nov. 1. 8 V5-91/5 Nov. 2 13-14 13 24 7'/4 71/4 3. 91/5 9V5 Nov. 6 13 13 Feb. 5 63/4-71/4 63/4 Dec. 4 12 12 7 63/4 63/4 1979— July 20. to 10 Mar. 10 6l/4-63/4 61/4 Aug. 2170. . lO-lOVi 110015' A 14 6'/4 61/4 10'/5 MMaayy 16 6-61/4 6 23 6 6 In effect Apr. 30, 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 Domestic Financial Statistics • May 1982 1.15 DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS' 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 3 11/13/80 2-10 9>/2 12/30/76 1122 1111//1133//8800 10-100 113/4 12/30/76 100-400 123/4 12/30/76 Nonpersonal time deposits8 Over 400 16 !/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 Savings 3 3/16/67 Eurocurrency liabilities TTiimmee44 AAllll ttyyppeess 3 11/13/80 0-5, by maturity 30-179 days 3 3/16/67 180 days to 4 years 2l/i 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 2 Vi 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 (bj 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'/5 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 pbe 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 Savings and loan associations and Commercial banks mutual savings banks (thrift institutions) Type and maturity of deposit In effect April 30, 1982 Previous maximum In effect April 30, 1982 Previous maximum Percent Eff d e a c te ti ve Percent Eff d e a c te ti ve Percent Eff d e a c te ti ve Percent 1 Savings 5V4 7/1/79 7/1/73 51/5 7/1/79 51/4 2 Negotiable order of withdrawal accounts 2 51/4 12/31/80 1/1/74 51/4 12/31/80 5 Time accounts 3 3 F 1 i 4 x - e 8 d 9 c d e a i y li s n g " rates by maturity 4 5V4 8/1/79 5 7/1/73 (6) (6) 4 90 days to 1 vear 53/4 1/1/80 5'/! 7/1/73 6 1/1/80 53/4 1 1 1 9 1 6 7 8 0 2 5 I 8 I 4 2 6 2 1 s n V s y t t d t t 5 o o u o o e i e v a t 2 8 6 2 d o i r d s Y y y y 4 t u o l e o e e a a y r y a a l g r r r e e m s s s r o a a e v r 8 r 8 7 o t s s e i r r e r 7 7 e n 8 m m e e n n t t a a l c u c n o i u ts n ts (a l a l n d m a K tu e r o i g ti h e s ( ) H 1 . 0 R. 10) 7 6 7V 3 ' '/ / / 5 4 4 / 2 12 1 6 6 7 m / 1 2 / / / / 1 1 1 3 1 m / / / / / 7 7 7 7 7 8 8 3 4 3 . 7 5 5 5 7 3 3 V 1 % / / 4 4 / i 4 i 2 1 1 1 1 / / / / 1 2 2 2 2 / 3 1 1 1 1 / / / / / 7 7 7 7 7 4 0 0 0 3 6 67 7 1 3 3 / 1 / /4 4 / 5 2 12 1 6 6 / 1 2 ( ( / / / 1 1 3 1 ' ' ) ) / / / / 7 7 7 7 8 8 4 3 ( a 6 1 6 6 ) 7 5 I 3 3 V / / 4 4 i plans (3 years or more) 1011 6/1/78 73/4 7/6/77 6/1/78 73/4 Special variable ceiling rates by maturity ri3\ 13 6-month money market time deposits 12 14 12-month all savers certificates 15 2V5 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 e o m n e t n h t s a o c r c m ou o n r t e s ) and Keogh (H.R. 10) (17) 07) C7) (,7) (17) (17) 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 V5 of 1 percentage point plus the higher of (NOW) accounts on Jan. 1, 1974. 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 1/4 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 April for commercial banks and thrifts based on 4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts the bill rate were as follows: April 6, 13.052; April 13, 13.149; April 20, 12.969; at savings and loan associations was decreased to 14 days and the minimum maturity April 27, 12.890. The maximum allowable rates in April for commercial banks and period for time deposits at savings and loan associations in excess of $100,000 was thrifts based on the 4-week average bill rate were as follows: April 6, 13.170; April decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice 13, 13.154; April 20, 13.165; April 27, 13.015. 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 April deposits maturing in less than 1 year, effective Nov. 1, 1973. (in percent) were as follows: April 18, 10.37. 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 2'/5 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'/2-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 2'/5 -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 2'/5-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 2V5 years or more. Effective Nov. 1,1973, ceilings were reimposedon certificates no required minimum denomination, and interest may be compounded on them. matunng 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 April (in percent) for commercial banks were as 10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denom- follows: April 13, 14.10; April 27, 13.85; and for thrift institutions: April 13. 14.35; ination requirements. April 27, 14.10. 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 2'/5-year or more variable-ceiling certificates no required minimum denomination and with maturities of 2'/5 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 3/4 percentage rate. point below the average yield on 2'/2-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 Va 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 ana 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 V5 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 aate 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 1/4 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 • May 1982 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars 1981 1982 TTyyppee ooff ttrraannssaaccttiioonn 11997799 11998800 11998811 Sept. Oct. Nov. Dec. Jan. Feb. Mar. U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 15,998 7,668 13,899 1,753 241 1,765 2,170 0 1,017 474 2 Gross sales 6,855 7,331 6,746 945 1,157 0 0 2,756 868 995 3 Exchange 0 0 0 0 0 0 0 0 0 0 4 Redemptions 2,900 3,389 1,816 500 200 16 0 600 0 600 Others within 1 year1 5 Gross purchases 3,203 912 317 0 0 0 80 0 20 0 6 Gross sales 0 0 23 0 0 0 0 0 0 0 7 Maturity shift 17,339 12,427 13,794 628 425 1,389 887 542 2,633 900 8 Exchange -11,308 -18,251 -12,869 -599 0 -3,047 -754 0 -940 -1,479 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 0 100 526 0 50 0 11 Gross sales 0 0 0 0 0 0 0 0 0 0 12 Maturity shift -12,693 -8,909 -10,299 -628 -425 -1,057 -887 -542 -974 -900 13 Exchange 7,508 13,412 10,117 599 0 2,325 754 0 765 1,479 5 to 10 years 14 Gross purchases 523 703 393 0 0 0 165 0 0 0 15 Gross sales 0 0 0 0 0 0 0 0 0 0 16 Maturity shift -4,646 -3,092 -3,495 0 0 -332 0 0 -1,659 0 17 Exchange 2,181 2,970 1,500 0 0 400 0 0 100 0 Over 10 years 18 Gross purchases 454 811 379 0 0 0 108 0 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 0 0 322 0 0 75 0 All maturities1 22 Gross purchases 22,325 12,232 16,690 1,753 241 1,865 3,049 0 11,,008877 474 23 Gross sales 6,855 7,331 6,769 945 1,157 0 0 2,756 886688 995 24 Redemptions 5,500 3,389 1,816 500 200 16 0 600 0 600 Matched transactions 25 Gross sales 627,350 674,000 589,312 52,055 58,581 42,012 54,098 51,132 28,033 38,946 26 Gross purchases 624,192 675,496 589,647 51,555 58,372 41,900 54,044 51,717 28,258 38,650 Repurchase agreements 27 Gross purchases 107,051 113,902 79,920 0 3,902 9,505 14,180 12,962 18,656 8,595 28 Gross sales 106,968 113,040 78,733 0 3,902 7,709 12,760 12,914 21,919 6,998 29 Net change in U.S. government securities 6,896 3,869 9,626 -192 -1,325 3,534 4,415 -2,724 -2,820 179 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 853 668 494 0 0 494 0 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 13 Repurchase agreements 33 Gross purchases 37,321 28,895 13,320 0 787 1,607 1,647 800 872 554 34 Gross sales 36,960 28,863 13,576 0 787 1,288 1,697 935 1,006 471 35 Net change in federal agency obligations 681 555 130 -33 -15 802 -54 -203 -166 70 BANKERS ACCEPTANCES 36 Outright transactions, net 0 0 0 0 0 0 0 0 0 0 37 Repurchase agreements, net 116 73 -582 0 0 744 -549 402 -597 488 38 Net change in bankers acceptances 116 73 -582 0 0 744 -549 402 -597 488 39 Total net change in System Open Market Account 7,693 4,497 9,175 -225 -1,340 5,080 3,812 -2,524 -3,583 737 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. 31 Apr. 7 Apr. 14 Apr. 21 Apr. 28 Feb. Mar. Apr. Consolidated condition statement ASSETS 1 Gold certificate account 11,150 11,150 11,150 11,150 11,150 11,150 11,150 11,149 2 Special drawing rights certificate account 3,568 3,568 3,568 3,818 3,818 3,568 3,568 3,818 3 Coin 432 418 413 402 403 453 432 411 Loans 4 To depository institutions 2,646 2,291 4,444 3,043 6,180 1,180 2,646 1,799 5 Other 0 0 0 0 0 0 0 0 Acceptances 6 Held undeT repurchase agreements 488 0 0 128 192 0 488 768 Federal agency obligations 7 Bought outright 9,013 9,013 9,008 9,008 9,008 9,026 9,013 9,008 8 Held under repurchase agreements 82 0 0 220 348 0 82 996 U.S. government securities Bought outright 9 Bills 45,543 41,977 45,382 49,470 49,687 46,961 45,543 49,704 10 Notes 60,359 60,359 60,359 60,389 60,389 60,359 60,359 61,143 11 Bonds 18,090 18,090 18,090 18,090 18,090 18,090 18,090 18,141 12 Total1 123,992 120,426 123,831 127,949 128,166 125,410 123,992 128,988 13 Held under repurchase agreements 1,597 0 0 2,666 2,205 0 1,597 5,269 14 Total U.S. government securities 125,589 120,426 123,831 130,615 130,371 125,410 125,589 134,257 15 Total loans and securities 137,818 131,730 137,283 143,014 146,099 135,616 137,818 146,828 16 Cash items in process of collection 7,989 14,192 9,591 10,025 9,427 8,672 7,989 8,449 17 Bank premises 510 510 511 512 515 505 510 514 Other assets 18 Denominated in foreign currencies2 4,953 4,970 4,970 4,974 4,981 5,137 4,953 5,591 19 All other3 3,566 3,977 3,823 4,033 4,236 3,401 3,566 4,289 20 Total assets 169,986 170,515 171,309 177,928 180,629 168,502 169,986 181,049 LIABILITIES 21 Federal Reserve notes 128,855 130,529 131,379 130,486 130,500 126,869 128,855 130,189 Deposits 22 Depository institutions 26,357 22,797 24,762 27,420 26,673 24,964 26,357 24,702 23 U.S. Treasury—General account 2,866 4,934 2,909 7,031 10,869 3,835 2,866 12,239 24 Foreign—Official accounts 421 197 239 224 264 416 421 966 25 Other 425 392 373 486 484 414 425 450 26 Total deposits 30,069 28,320 28,283 35,161 38,290 29,629 30,069 38,357 27 Deferred availability cash items 6,107 6,793 6,701 7,070 6,557 5,713 6,107 6,942 28 Other liabilities and accrued dividends4 2,155 2,001 2,053 2,306 2,374 3,341 2,155 2,497 29 Total liabilities 167,186 167,643 168,416 175,023 177,721 165,552 167,186 177,985 CAPITAL ACCOUNTS 30 Capital paid in 1,298 1,299 1,305 1,305 1,308 1,291 1,298 1,308 31 Surplus 1,278 1,278 1,278 1,278 1,278 1,278 1,278 1,278 32 Other capital accounts 224 295 310 322 322 381 224 478 33 Total liabilities and capital accounts 169,986 170,515 171,309 177,928 180,629 168,502 169,986 181,049 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 92,825 92,832 91,760 91,167 90,775 94,816 92,825 90,609 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to bank) 152,039 152,104 152,236 152,675 152,898 150,636 152,039 36 LESS: Held by bank5 23,184 21,575 20,857 22,189 22,398 23,767 23,184 37 Federal Reserve notes, net 128,855 130,529 131,379 130,486 130,500 126,869 128,855 Collateral for Federal Reserve notes 38 Gold certificate account 11,150 11,150 11,150 11,150 11,150 11,150 11,150 39 Special drawing rights certificate account 3,568 3,568 3,568 3,8180 3,8180 3,5680 3,568 40 Other eligible assets 64 515 79 64 41 U.S. government and agency securities 115,296 114,073 116,582 115,518 115,532 112,151 114,073 42 Total collateral 130,529 128,855 131,379 130,486 130,500 126,869 128,855 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 the collateral requirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 Domestic Financial Statistics • May 1982 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings Millions of dollars Wednesday End of month Type and maturity groupings 1982 1982 Mar. 31 Apr. 7 Apr. 14 Apr. 21 Apr. 28 Feb. 26 Mar. 31 Apr. 30 1 Loans—Total 2,646 2,291 4,444 3,043 6,180 1,180 2,646 1,799 2 Within 15 days 2.552 2,137 4,360 3,023 6,140 1,069 2,552 1,704 3 16 days to 90 days 94 154 84 20 40 111 94 95 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Acceptances—Total 488 0 0 128 192 0 488 768 6 Within 15 days 488 0 0 128 192 0 488 768 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 125,589 120,426 123,831 130,615 130,371 125,410 125,589 134,257 10 Within 15 days1 3,889 2,201 4,603 7,477 6,451 2,617 3,889 9,832 11 16 days to 90 days 25,506 23,075 24,049 27,431 27,186 26,558 25,506 26,284 12 91 days to 1 year 33,389 32,345 32,374 32,887 33,915 33,520 33,389 34,442 13 Over 1 year to 5 years 35,903 35,903 35,904 35.918 35,918 35,814 35,903 36,665 14 Over 5 years to 10 years 10,193 10,193 10,193 10,193 10,192 10,193 10,193 10,274 15 Over 10 years 16,709 16,709 16,708 16,709 16,709 16,708 16,709 16,760 16 Federal agency obligations—Total 9,095 9,013 9,008 9,228 9,356 9,026 9,095 10,004 17 Within 15 days1 326 85 71 362 433 173 326 1,082 18 16 days to 90 days 400 520 513 444 465 540 400 465 19 91 days to 1 year 1,460 1,465 1,604 1,612 1,592 1,369 1,460 1,591 20 Over 1 year to 5 years 5,444 5,483 5,361 5,365 5,413 5,396 5,444 5,413 21 Over 5 years to 10 years 934 929 928 911 919 976 934 919 22 Over 10 years 531 531 531 534 534 572 531 534 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 Oct. Nov. Dec. Jan. Feb. Mar. Debits to demand deposits1 (seasonally adjusted) 11 AAllll ccoommmmeerrcciiaall bbaannkkss 40,297.8 49,775.0 63.013.4 83,671.3 82,000.3 86,430.0 83,804.4 85,274.3 83,617.4 22 MMaajjoorr NNeeww YYoorrkk CCiittyy bbaannkkss 15,008.7 18,512.7 25.192.5 35,109.8 34,237.6 34,937.3 35,117.6 35,983.8 34,218.3 33 OOtthheerr bbaannkkss 25.289.1 31,262.3 37,820.9 48,561.5 47,762.6 51,492.7 48,686.8 49,290.5 49,399.1 Debits to savings deposits2 (not seasonally adjusted) 4 ATS/NOW3 17.1 83.3 158.4 833.4 753.3 903.5 934.7 836.7 935.4 56.7 77.3 93.4 117.2 96.3 117.9 104.4 95.2 115.4 6 Others5 359.7 515.2 605.3 581.6 539.7 597.0 636.8 534.8 586.9 443322..99 675.8 857.2 11,,553322..22 11,,338899..22 11,,661188..44 11,,667755..88 11,,446666..77 11,,663377..66 Demand deposit turnover1 (seasonally adjusted) 8 All commercial banks 139.4 163.5 201.6 296.2 292.0 309.2 293.4 307.1 304.7 9 Major New York City banks 541.9 646.2 813.7 1,109.8 1,128.3 1,156.8 1,129.0 1,252.1 1,211.7 10 Other banks 96.8 113.3 134.3 193.6 190.7 206.6 191.2 198.0 200.7 Savings deposit turnover2 (not seasonally adjusted) 11 ATS/NOW3 7.0 7.8 9.7 14.6 12.8 14.6 14.3 13.0 14.2 12 Business4 5.1 7.2 9.3 14.1 11.7 13.9 12.5 12.1 14.6 13 Others5 1.7 2.7 3.4 3.9 3.6 4.0 4.2 3.6 3.9 14 All accounts 1.9 3.1 4.2 7.2 6.4 7.4 7.5 6.6 7.3 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 tnan 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 item D 19 e 7 c 8 . D 19 e 7 c 9 . D 19 e 8 c 0 . D 19 e 8 c 1 . Nov. Dec. Jan. Feb. Mar. Seasonally adjusted MEASURES1 1 Ml 363.2 389.0 414.5 440.9 436.4 440.9 448.6 447.3r 448.2 2 M2 1,403.9 1,518.9 1,656.1 1,822.4 1,809.7 1,822.4 1,840.9 1,847.5 1,864.7 3 M3 1,629.0 1,779.3 1,963.1 2,187.8 2,174.5 2,187.8 2,203.9r 2,214.5r 2,235.4 4 L2 1,938.9 2,153.9 2,370.4 2,643.3r 2,628.3 2,643.3r n.a n.a. n.a. SELECTED COMPONENTS 5 Currency 97.4 106.1 116.2 123.1 121.8 123.1 123.8 124.6 125.1 6 Traveler's checks3 3.5 3.7 4.2 4.3 4.3 4.3 4.3 4.3 4.4 7 Demand deposits 253.9 262.2 267.2 236.4 235.7 236.4 239.3 234.5 233.0 8 Other checkable deposits7 8.4 16.9 26.9 77.0 74.7 77.0 81.1 83.8 85.7 9 Savings deposits4 479.9 421.7 398.9 343.6 340.9 343.6 348.8 348.6 350.7 10 Small-denomination time deposits5 533.9 652.6 751.7 854.7 856.8 854.7 852.3 859.5 870.1 11 Large-denomination time deposits6 194.6 221.8 257.9 300.4 300.6 300.4 302.7 308.0r 312.2 Not seasonally adjusted MEASURES1 12 Ml 372.5 398.8 424.6 451.2 439.7 451.2 453.4 437.1 440.0 13 M2 1,408.5 1,524.6 1,662.4 1,829.1 1,809.3 1,829.1 1,848.8 l,842.4r 1,861.5 14 M3 1,637.5 1,789.2 1,973.8 2,199.6 2,175.4 2,199.6 2,216.8 2,215.5' 2,237.0 15 L2 1,946.6 2,162.8 2,380.2 2,654.3r 2,627.5 2,654.3r n.a. n.a. n.a. SELECTED COMPONENTS 16 Currency 99.4 108.2 118.3 125.4 122.9 125.4 123.3 123.0 123.8 17 Traveler's checks3 3.3 3.5 3.9 4.1 4.1 4.1 4.1 4.1 4.2 18 Demand deposits 261.5 270.1 275.1 243.3 237.5 243.3 243.6 228.5 228.2 19 Other checkable deposits7 8.4 17.0 27.2 78.4 75.2 78.4 82.5 81.4 83.8 20 Overnight RPs and Eurodollars8 24.1 26.3 35.0 38.1 36.9 38.1 43.3 43.0 43.3 21 Savings deposits4 478.0 420.5 398.0 343.0 342.2 343.0 346.8 344.5 346.1 22 Small-denomination time deposits5 531.1 649.7 748.9 851.7 851.9 851.7 857.4r 868.5 879.7 Money market mutual funds 23 General purpose and broker/dealer 7.1 34.3 61.8 150.8 144.6 150.8 154.4 155.4 158.4 24 Institution only 3.1 9.3 13.9 33.7 32.0 33.7 32.5 30.5 31.5 25 Large-denomination time deposits6 198.6 226.0 262.3 305.5 301.8 305.5 307.6r 314.2r 317.0 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 by 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 • May 1982 1.22 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE" Billions of dollars, averages of daily figures 1981 1982 11997788 11997799 11998800 IItteemm DDeecc.. DDeecc.. DDeecc.. June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 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 40.09 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 39.53 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 40.62r 40.73 4 Monetary base4 134.7 145.0 158.0 161.7 162.5 162.9 163.7 163.8 164.3 165.8 167.4 167.9 168.5 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 40.53 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 38.98 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 40.18 8 Monetary base4 137.4 147.9 161.0 161.2 163.3 163.2 163.3 163.8 165.6 168.9 168.5 166.1 166.5 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 39.23 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 37.68 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 38.88 12 Monetary base4 144.6 156.2 162.4 163.3 165.4 165.4 163.9 164.3 166.3 169.7 169.1 166.8 165.4 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 and 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. Dec.2 Jan.2 Feb.2 Mar.2 Dec.2 Jan.2 Feb.2 Mar.2 Seasonally adjusted Not seasonally adjusted 1 Total loans and securities9 1,239.6 1,317.04 1,322.1 1,334.65 1,344.16 1,249.5 1,326.9" 1,324.7 1,330.4s 1,338.9* 2 U.S. Treasury securities 110.0 111.0 114.3 115.3s 114.66 110.5 111.4 113.8 115.8s 116.36 3 Other securities 214.4 231.6 232.0 232.65 233.66 215.7 233.0 232.3 232.1s 233.I6 4 Total loans and leases3 915.1 974.54 975.8 986.65 995.96 923.3 982.54 978.6 982.5s 989.66 5 Commercial and industrial loans 326.8 358.54-7 361.1 366.0 370.2 328.8 360.64-7 360.9 364.7 369.3 6 Real estate loans 262.6 285.74 287.4 290.05 292.56 263.3 286.54 288.0 289.7s 291.66 7 Loans to individuals 179.6 185.1 186.0 186.1 186.6 180.9 186.4 186.5 185.5 185.0 8 Security loans 18.5 21.94 20.6 20.8 20.9 19.1 22.7 20.8 20.1 20.3 9 Loans to nonbank financial institutions 29.0 3300..2244 31.1 31.4 32.7 29.9 3311..2244 31.2 31.5 32.2 10 Agricultural loans 31.5 33.0 33.2 33.4 33.8 31.4 33.0 32.9 32.9 33.1 11 Lease financing receivables 10.9 12.7 13.0 13.1 13.1 10.9 12.7 13.0 13.1 13.1 12 All other loans 56.2 47.4 43.5 45.8 46.1 59.0 49.4 45.3 45.0 44.9 MEMO: 13 Total loans and securities plus loans sold3,8 1,242.3 1,319.8" 1,325.0 1,337.4s 1,347.0'' 1252.2 1,329.7" 1,327.5 1,333.2s 1,341.8® 14 Total loans plus loans sold3'8 917.8 977.34 978.7 989.5s 998.86 926.0 985.34 981.5 985.3s 992.46 15 Total loans sold to affiliates8 2.7 2.8 2.9 2.8 2.8 2.7 2.8 2.9 2.8 2.86 16 Commercial and industrial loans plus loans sold8 328.6 336600..6644--77 363.3 368.2 372.4 330.6 336622..8844''77 363.1 366.9 371.5 17 Commercial and industrial loans sold8 1.8 2.2 2.2 2.2 2.2 1.8 2.2 2.2 2.2 2.2 18 Acceptances held 7.8 8.9 8.7 8.9 9.6 9.2 9.8 9.1 9.0 9.3 19 Other commercial and industrial loans 319.0 349.5 352.4 357.1 360.6 320.3 350.8 351.8 355.6 360.0 20 To U.S. addressees9 297.6 335.1 339.8 344.3 347.7 297.1 334.4 338.6 342.8 347.3 21 To non-U.S. addressees 21.4 14.5 12.6 12.8 12.8 23.2 16.4 13.3 12.9 12.7 22 Loans to foreign banks 23.4 19.0 15.5 16.7 16.1 25.1 20.1 16.2 16.3 15.7 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. The merger of a commercial bank with a mutual savings bank beginning Mar. adjusted) of several items as follows: line 1, $23.2 billion; line 4, $22.8 billion; line 17, 1982, increased total loans and securities $0.6 billion; U.S. Treasury securities, 21, $10.9 billion; line 22, $5.9 billion; line 12, $11.8 billion; and line 3, $0.5 billion. $0.1 billion; other securities $0.1 billion; total loans and leases, $0.4 billion; and For January 1982, levels were reduced as follows: line 1, $30.2 billion; line 4, $29.6 real estate loans, $0.4 billion. billion; line 21, $13.9 billion; line 22, $7.5 billion; line 12, $15.7 billion; and line 7. An accounting procedure change by one bank reduced commercial and in- 3, $0.6 billion. For February 1982, levels were reduced as follows: line 1, $30.5 dustrial loans by $0.1 billion as of Apr. 1, 1981. billion; line 4, $29.9 billion; line 21, $14.0 billion; line 22, $7.6 billion; line 12, 8. Loans sold are those sold outright to a bank's own foreign branches, non- $15.9 billion; and line 3, $0.6 billion. consolidated nonbank affiliates of the bank, the bank's holding company (if not a 3. Excludes loans to commercial banks in the United States. bank), and nonconsolidated nonbank subsidiaries of the holding company. 4. Absorption of a nonbank affiliate by a large commercial bank added the 9. United States includes the 50 states and the District of Columbia. following to February 1981 figures: total loans and securities, $1.0 billion; total loans and leases, $1.0 billion; commercial and industrial loans, $.5 billion; real NOTE. Data are prorated averages of Wednesday estimates for domestically estate loans, $.1 billion; nonbank financial, $.1 billion. chartered banks, based on weekly reports of a sample of domestically chartered banks and quarterly reports of all domestically chartered banks. For foreign-related institutions, data are averages of month-end estimates based on weekly reports from large agencies and branches and quarterly reports from all agencies, branches, 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 • May 1982 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Monthly averages, billions of dollars 1980 1981 1982 SSoouurrccee Dec. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total nondeposit funds 1 Seasonally adjusted2 121.9 120.1 124.1 122.7 123.3 119.8 116.3 116.2 98.7 89.5 87.8 83.5 2 Not seasonally adjusted 122.5 125.7 126.0 124.6 127.4 125.0 118.3 120.8 99.1 87.9 88.1 84.3 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 111.0 108.7 115.3 113.8 110.5 108.2 109.1 110.1 114.4 116.2 113.7 113.5 4 Not seasonally adjusted 111.6 114.2 117.2 115.7 114.6 113.3 111.1 114.7 114.8 114.6 114.0 114.3 5 Net balances due to foreign-related institutions. not seasonally adjusted 8.2 8.7 5.9 6.2 10.1 8.9 4.5 3.4r -18.5 -29.6 -28.8 -32.9 6 Loans sold to affiliates, not seasonally adjusted4 2.7 2.8 2.9 2.7 2.6 2.7 2.7 2.7 2.8 2.9 2.8 2.8 MEMO 7 Domestically chartered banks net positions with own foreign branches, not seasonally adjusted5 -14.7 -13.6 -14.6 -14.6 -10.2 -12.3 -15.4 -14.9' -22.4 -27.1 -26.1 -29.0 8 Gross due from balances 37.5 43.4 42.5 45.0 43.7 44.5 45.5 47.9 54.9 57.1 57.2 59.2 9 Gross due to balances 22.8 29.8 27.8 30.4 33.5 32.2 30.1 32.9 32.5 30.0 31.1 30.2 10 Foreign-related institutions net positions with directly related institutions, not seasonally adjusted6 22.9 22.3 20.6 20.8 20.4 21.2 19.9 18.4 3.9 -2.5 -2.7 -3.8 11 Gross due from balances 32.5 35.7 36.9 37.4 38.0 40.1 38.3 39.1 48.1 50.0 50.5 50.0 12 Gross due to balances 55.4 57.9 57.4 58.2 58.4 61.3 58.2 57.4 52.0 47.5 47.8 46.2 Security RP borrowings 13 Seasonally adjusted' 64.0 64.3 70.8 69.2 65.7 63.0 64.9 65.0 70.0 73.0 71.0 71.4 14 Not seasonally adjusted 62.3 67.6 70.5 68.9 67.6 65.9 64.7 67.3 68.2 69.2 69.1 70.0 U.S. Treasury demand balances8 15 Seasonally adjusted 9.5 12.5 11.4 10.9 8.3 9.3 11.1 12.1 11.8 13.5 19.8 17.4 16 Not seasonally adjusted 9.0 12.5 12.5 10.8 7.5 10.9 13.3 9.7 11.3 14.6 17.9 15.4 Time deposits, $100,000 or more9 17 Seasonally adjusted 267.0 294.9 302.4 313.1 321.7 324.7 324.8 323.4 324.0 324.3 327.2 331.9 18 Not seasonally adjusted 272.4 293.9 298.2 304.7 314.8 320.2 322.6 324.6 330.3 330.6 335.2 337.2 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 demand 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 AAccccoouunntt June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. DOMESTICALLY CHARTERED COMMERCIAL BANKS1 1 Loans and securities, excluding interbank 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 1,293.4 2 Loans, excluding interbank 874.2 881.2 888.7 906.2 902.9 912.8 926.6 920.6 929.9 940.5 947.8 3 Commercial and industrial 295.4 298.3 301.2 308.5 308.5 312.6 320.9 321.LR 325.7 332.8 336.7 4 Other 578.8 582.9 587.5 597.8 594.3 600.2 605.7 599.5R 604.2 607.7 611.1 5 U.S. Treasury securities 113.4 113.1 111.3 109.4 110.0 106.7 109.6 111.7 112.5 114.5 113.0 6 Other securities 218.4 219.8 221.4 226.9 227.1 229.9 231.8 230.2 230.4 231.8 232.6 7 Cash assets, total 165.7 156.8 168.4 190.2 149.8 162.8 173.1 155.1 151.3 164.4 153.7 8 Currency and coin 19.0 19.5 20.0 19.2 19.7 18.3 22.0 19.8 19.7 18.9 19.9 9 Reserves with Federal Reserve Banks 25.4 27.0 25.4 26.8 25.3 26.1 28.0 30.2 24.8 25.7 25.5 10 Balances with depository institutions . 56.8 52.7 61.4 68.9 49.3 52.0 54.5 50.1 50.8 55.8 52.4 11 Cash items in process of collection ... 64.5 57.6 61.6 75.4 55.5 66.4 68.7 55.0 56.1 64.0 55.8 12 Other assets2 172.2 162.8 168.3 184.5 175.5 194.4 212.5 197.8 202.5 220.0 206.8 13 Total assets/total liabilities and capital... 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 1,653.9 14 Deposits 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 1,231.7 15 Demand 350.8 333.7 342.5 378.0 324.0 339.2 364.6 322.6 317.1 338.6 315.6 16 Savings 220.0 219.2 217.2 216.7 214.0 217.9 222.4 223.0 222.5 229.9 226.7 17 Time 593.8 607.2 621.6 629.7 639.1 648.9 654.2 660.6R 674.4 683.0 689.4 18 Borrowings 170.3 160.4 164.4 176.9 174.5 179.3 190.1 191.7 190.9 196.4 201.0 19 Other liabilities 81.8 86.3 89.8 91.4 89.3 95.2 91.7 89.9 92.7 94.5 92.4 20 Residual (assets less liabilities) 127.3 127.0 122.5 124.4 124.3 126.2 130.7 127.7R 129.0 128.7 128.8 MEMO: 21 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 16.6 22 Number of banks 14,719 14,719 14,720 14,720 14,740 14,743 14,744 14,690 14,702 14,709 14,710 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 L,322.1R 1,333.0 1,347.0 1,350.4 24 Loans, excluding interbank 955.1 960.8 969.8 993.8 983.6 994.7 984.7 975.5R 985.1 995.9 1,000.0 25 Commercial and industrial 345.5 350.3 354.2 366.3 361.7 365.5 361.4 359.8R 364.7 372.9 374.0 26 Other 609.8 610.4 615.6 627.5 621.9 629.2 623.4 615.7R 620.4 623.0 626.0 27 U.S. Treasury securities 115.8 115.3 113.5 111.6 111.9 108.8 112.3 114.6 115.7 117.6 116.1 28 Other securities 220.4 221.8 223.4 228.9 229.2 232.0 233.6 231.9R 232.1 233.5 234.3 29 Cash assets, total 207.5 187.8 205.2 234.5 165.4 179.3 188.0 169.8 165.6 178.8 167.8 30 Currency and coin 19.0 19.5 20.1 19.2 19.7 18.3 22.0 19.8 19.7 18.9 19.9 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 26.8 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 64.2 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 56.8 34 Other assets2 238.0 228.4 233.7 251.0 244.0 267.0 290.1 275.0 278.7 296.2 279.6 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 l,766.9r 1,777.3 1,822.0 1,797.8 36 Deposits 1,235.5 1,221.5 1,250.3 1,293.7 1,224.6 1,254.1 1,289.7 L,251.8R 1,258.6 1,295.8 1,273.7 37 Demand 389.3 362.4 378.3 412.2 337.1 352.6 378.4 335.4 329.7 351.1 328.2 38 Savings 220.3 219.5 217.5 216.9 214.3 218.1 222.7 223.2 222.8 230.2 226.9 39 Time 625.9 639.7 654.5 664.7 673.1 683.4 688.6 693.2R 706.2 714.5 718.6 40 Borrowings 231.6 218.7 223.5 242.7 236.8 246.2 250.8 253.2R 255.8 260.6 259.9 41 Other liabilities 140.6 145.0 147.4 157.0 146.4 153.3 135.6 132.3R 132.0 135.0 133.6 42 Residual (assets less liabilities) 129.4 128.9 124.4 126.3 126.3 128.1 132.6 129.6R 130.9 130.5 130.7 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 16.6 44 Number of banks 15,188 15,188 15,189 15,189 15,209 15,212 15,213 15,185 15,201 15,214 15,215 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 DomesticN onfinancial Statistics • May 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 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 P Apr. IP Apr. 14 p Apr. 21P Apr. 28P 1 Cash items in process of collection 50,417 45,466 48,868 43,271 50,878 46,630 5500,,441177 4477,,552277 4444,,882299 2 Demand deposits due from banks in the United States 6,594 5,998 7,190 6,257 6,878 6,705 6,621 6,496 6,454 3 All other cash and due from depository institutions .. 36,711 33,595 34,533 34,158 33,405 30,705 32,959 34,901 33,228 4 Total loans and securities 610,843 615,430 608,001 603,883 611,776 621,229 617,531 614,297 610,585 Securities 5 U.S. Treasury securities 38,374 37,313 37,459 37,673 38,574 41,435 40,153 39,538 36,999 6 Trading account 7,628 6,656 6,859 6,922 8,228 10,154 9,099 9,458 7,451 7 Investment account, by maturity 30,747 30,657 30,600 30,751 30,345 31,282 31,054 30,080 29,548 8 One year or less 10,685 10,665 10,622 10,908 10,525 11,200 10,966 10,486 10,120 9 Over one through five years 17,570 17,538 17,588 17,518 17,573 17,677 17,696 17,335 17,291 10 Over five years 2,492 2,454 2,390 2,326 2,247 2,404 2,392 2,258 2,137 11 Other securities 79,222 81,018 79,768 79,634 79,299 80,242 79,391 79,218 78,769 12 Trading account 3,200 4,758 3,488 3,146 3,034 4,326 3,590 3,468 2,824 13 Investment account 76,022 76,261 76,279 76,487 76,265 75,916 75,800 75,750 75,944 14 U.S. government agencies 16,174 16,223 16,201 16,196 16,187 15,971 15,887 15,862 15,967 15 States and political subdivisions, by maturity .... 57,044 57,224 57,212 57,386 57,195 57,056 57,020 56,964 57,033 16 One year or less 7,967 8,090 8,004 8,072 8,049 7,797 7,810 7,856 7,847 17 Over one year 49,077 49,133 49,208 49,314 49,145 49,259 49,210 49,107 49,186 18 Other bonds, corporate stocks and securities .... 2,803 2,814 2,866 2,906 2,882 2,888 2,894 2,924 2,944 Loans 19 Federal funds sold1 37,516 42,728 35,708 31,900 34,010 37,673 36,916 34,700 33,191 20 To commercial banks 26,802 28,949 25,644 21,530 23,658 26,229 26,338 22,816 21,800 21 To nonbank brokers and dealers in securities 8,012 9,328 7,606 7,986 8,154 8,750 7,920 9,326 8,588 22 To others 2,702 4,452 2,458 2,384 2,198 2,694 2,659 2,558 2,803 23 Other loans, gross 468,450 467,162 467,890 467,390 472,431 474,506 473,713 473,535 474,322 24 Commercial and industrial 198,941 199,148 200,043 200,029 202,645 204,395 203,825 204,872 204,731 25 Bankers acceptances and commercial paper 3,966 4,101 4,144 3,937 4,535 4,751 4,784 4,144 4,421 26 All other 194,975 195,046 195,900 196,092 198,110 199,644 199,041 200,728 200,310 27 U.S. addressees 188,555 188,553 189,323 189,527 191,586 193,022 192,453 194,020 193,550 28 Non-U.S. addressees 6,420 6,494 6,576 6,565 6,524 6,622 6,588 6,708 6,760 29 Real estate 126,815 127,024 127,236 127,348 127,320 127,410 127,844 128,171 128,538 30 To individuals for personal expenditures 72,126 71,954 71,768 71,515 71,781 71,660 71,726 72,010 72,100 To financial institutions 31 Commercial banks in the United States 6,926 6,880 6,678 6,166 6,239 6,694 6,243 6,306 6,195 32 Banks in foreign countries 7,922 7,628 7,376 7,706 7,655 7,187 7,567 6,881 7,166 33 Sales finance, personal finance companies, etc... 10,762 10,518 11,389 11,322 11,746 11,473 11,627 11,112 11,762 34 Other financial institutions 16,001 15,834 15,909 15,989 16,269 16,364 16,250 16,223 16,334 35 To nonbank brokers and dealers in securities 6,455 5,646 5,193 5,131 5,220 6,785 5,905 5,581 4,899 36 To others for purchasing and carrying securities2... 2,707 2,660 2,582 2,573 2,562 2,574 2,592 2,545 2,585 37 To finance agricultural production 5,776 5,827 5,834 5,866 5,934 5,938 5,935 6,019 6,004 38 All other 14,018 14,043 13,882 13,747 15,061 14,025 14,198 13,814 14,006 39 LESS: Unearned income 5,857 5,926 5,948 5,883 5,800 5,860 5,876 5,891 5,889 40 Loan loss reserve 6,863 6,865 6,876 6,830 6,738 6,768 6,766 6,803 6,807 41 Other loans, net 455,730 454,370 455,066 454,677 459,893 461,878 461,071 460,841 461,626 42 Lease financing receivables 11,105 11,107 11,110 11,101 11,135 11,123 11,109 11,080 11,074 43 All other assets 110,110 109,906 107,351 109,280 113,219 112,802 108,521 109,529 108,919 44 Total assets 825,780 821,502 817,054 807,949 827,289 829,195 827,158 823,830 815,090 Deposits 45 Demand deposits 169,273 162,961 165,454 157,815 172,923 171,473 170,656 164,172 157,940 46 Mutual savings banks 690 557 551 506 679 653 591 539 456 47 Individuals, partnerships, and corporations 125,658 124,016 125,228 118,861 131,879 130,178 130,531 125,500 120,484 48 States and political subdivisions 4,492 4,518 4,526 4,564 5,133 4,582 4,672 4,420 4,640 49 U.S. government 3,331 1,868 1,376 2,227 1,118 2,022 2,667 2,182 2,958 50 Commercial banks in the United States 19,762 17,590 18,488 17,218 19.703 19,720 18,235 17,569 16,143 51 Banks in foreign countries 7,396 7,036 6,492 6,769 6,403 6,111 6,152 6,175 6,316 52 Foreign governments and official institutions 967 1,360 1,416 1,245 1,040 1,036 925 1,018 883 53 Certified and officers' checks 6,977 6,015 7,376 6,425 6,968 7,171 6,882 6,768 6,058 54 Time and savings deposits 370,510 370,377 369,643 371,995 372,464 373,580 372,917 373,739 373,733 55 Savings 79,314 79,308 79,338 79,238 80.438 82,458 82,225 81,355 78,902 56 Individuals and nonprofit organizations 75,877 75,911 76,009 75,880 76,960 78,983 78,842 78,003 75,539 57 Partnerships and corporations operated for profit 2,859 2,874 2,803 2,850 2,885 2,873 2,831 2,798 2,807 58 Domestic governmental units 554 501 505 491 574 585 535 538 539 59 All other 24 23 21 17 19 17 18 16 16 60 Time 291,196 291,069 290,305 292,757 292,026 291,122 290,692 292,384 294,831 61 Individuals, partnerships, and corporations 253,750 253,610 253,382 255,586 255,510 254,843 254,070 255,514 257,536 62 States and political subdivisions 21,367 21,438 21,328 21,512 21,046 20,558 20,821 21,006 21,378 63 U.S. government 338 360 374 390 399 440 438 544 562 64 Commercial banks in the United States 11,180 11,050 10,714 10,831 10,720 10,854 10,909 1100,,994466 1111,,002233 65 Foreign governments, official institutions, and banks 4,562 4,610 4,506 4,438 4,351 4,427 4,454 44,,337744 44,,333322 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 3,783 2,693 1,037 694 1,421 1,575 3,664 2,135 4,408 67 Treasury tax-and-loan notes 10,454 8,482 9,076 9,682 8,080 2,782 2,489 12,034 12,432 68 All other liabilities for borrowed money3 145,265 150,420 145,298 140,638 114422,,116699 151,712 115500,,444499 143,783 113388,,447799 69 Other liabilities and subordinated notes and debentures 71,158 71,257 71,581 71,946 74,757 72,439 71,328 72,516 72,797 70 Total liabilities 770,443 766,190 762,089 752,770 771,815 773,562 771,504 768,379 759,789 71 Residual (total assets minus total liabilities)4 55,337 55,312 54,965 55,179 55,474 55,632 55,654 55,451 55,301 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 $1 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 Digitized for FR4. ANSotE aR m easure 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 instiother analytic 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 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 3IP Apr. 7p Apr. 14P Apr. 2IP Apr. 28P 1 Cash items in process of collection 47,319 42,910 46,048 40,686 48,016 43,798 47,316 44,445 41,721 2 Demand deposits due from banks in the United States.... 5,907 5,465 6,512 5,579 6,194 6,082 6,042 5,862 5,852 3 All other cash and due from depository institutions 34,061 31,113 32,043 31,565 30,722 28,659 30,505 32,387 30,618 4 Total loans and securities 571,401 576,026 568,753 565,315 572,609 581,215 578,237 574,968 571,939 Securities 5 U.S. Treasury securities 35,278 34,220 34,365 34,558 35,469 38,313 37,115 36,549 34,024 6 Trading account 7,531 6,522 6,760 6,820 8,082 10,000 8,978 9,358 7,367 7 Investment account, by maturity 27,746 27,698 27,605 27,739 27,386 28,313 28,137 27,191 26,657 8 One year or less 9,590 9,581 9,495 9,760 9,442 10,131 9,925 9,461 9,095 9 Over one through five years 15,961 15,958 16,016 15,949 15,993 16,072 16,116 15,768 15,705 10 Over five years 2,196 2,158 2,094 2,030 1,952 2,110 2,096 1,963 1,856 11 Other securities 72,784 74,597 73,342 73,195 72,898 73,867 73,054 72,863 72,436 12 Trading account 3,098 4,647 3,370 3,010 2,941 4,218 3,504 3,344 2,723 13 Investment account 69,685 69,950 69,973 70,184 69,957 69,649 69,550 69,519 69,713 14 U.S. government agencies 14,967 15,020 15,002 15,002 14,991 14,783 14,698 14,670 14,789 13 States and political subdivision, by maturity 52,097 52,298 52,287 52,459 52,262 52,158 52,139 52,111 52,167 16 One year or less 7,122 7,229 7,205 7,270 7,242 7,035 7,047 7,127 7,121 17 Over one year 44,975 45,069 45,082 45,189 45,020 45,124 45,091 44,984 45,046 18 Other bonds, corporate stocks and securities 2,621 2,632 2,684 2,723 2,704 2,708 2,713 2,738 2,757 Loans 19 Federal funds sold1 32,884 38,057 31,252 28,159 29,908 32,761 32,670 30,372 29,622 20 To commercial banks 22,971 25,112 21,970 18,443 20,254 22,192 22,817 19,182 18,963 21 To nonbank brokers and dealers in securities 7,264 8,549 6,923 7,401 7,558 7,939 7,278 8,728 7,969 22 To others 2,649 4,395 2,358 2,315 2,096 2,630 2,575 2,462 2,690 23 Other loans, gross 442,187 440,950 441,624 441,122 445,883 447,882 447,017 446,852 447,531 24 Commercial and industrial 188,950 189,165 190,043 189,937 192,505 194,134 193,556 194,620 194,436 25 Bankers acceptances and commercial paper 3,844 3,981 4,018 3,786 4,362 4,586 4,620 3,987 4,276 26 All other 185,106 185,184 186,025 186,150 188,142 189,548 188,936 190,634 190,160 27 U.S. addressees 178,774 178,781 179,541 179,674 181,698 183,014 182,444 184,022 183,496 28 Non-U.S. addressees 6,332 6,403 6,484 6,477 6,444 6,534 6,492 6,612 6,663 29 Real estate 119,776 119,973 120,188 120,300 120,286 120,418 120,774 121,061 121,414 30 To individuals for personal expenditures 64,895 64,737 64,551 64,344 64,422 6644,,331100 64,398 6644,,669922 6644,,776655 To financial institutions 31 Commercial banks in the United States 6,751 6,695 6,471 5,934 5,993 6,457 5,989 6,052 5,989 32 Banks in foreign countries 7,828 7,558 7,307 7,629 7,573 7,102 7,493 6,820 7,105 33 Sales finance, personal finance companies, etc 10,594 10,339 11,205 11,140 11,562 11,276 11,431 10,923 11,565 34 Other financial institutions 15,615 15,428 15,533 15,597 15,874 15,965 15,854 15,821 15,938 35 To nonbank brokers and dealers in securities 6,405 5,603 5,150 5,086 5,177 6,739 5,863 5,534 4,851 36 To others for purchasing and carrying securities2 2,492 2,448 2,371 2,341 2,333 2,350 2,373 2,330 2,369 37 To finance agricultural production 5,631 5,682 5,693 5,726 5,794 5,792 5,790 5,871 5,855 38 All other 13,248 13,321 13,112 13,086 14,364 13,339 13,496 13,127 13,244 39 LESS: Unearned income 5,228 5,295 5,314 5,246 5,169 5,202 5,216 5,228 5,229 40 Loan loss reserve 6,502 6,504 6,516 6,472 6,380 6,406 6,404 6,439 6,444 41 Other loans, net 430,456 429,152 429,794 429,403 434,334 436,274 435,398 435,184 435,857 42 Lease financing receivables 10,769 10,770 10,771 10,764 10,796 10,785 10,771 10,741 10,736 43 All other assets 106,734 106,431 103,945 105,696 109,493 109,011 104,684 105,734 105,115 44 Total assets 776,192 772,716 768,074 759,606 777,831 779,551 777,556 774,138 765,981 Deposits 45 Demand deposits 157,048 151,626 153,795 146,718 160,947 159,392 158,362 152,125 146,116 46 Mutual savings banks 658 533 533 489 657 625 576 526 445 47 Individuals, partnerships, and corporations 116,377 115,136 116,199 110,356 122,560 120,881 121,163 116,316 111,611 48 States and political subdivisions 3,970 3,979 3,846 3,886 4,546 3,919 4,006 3,848 4,033 49 U.S. government 2,879 1,681 1,181 1,992 978 1,755 2,216 1,626 2,270 50 Commercial banks in the United States 18,158 16,229 17,099 15,862 18,153 18,253 16,818 16,185 14,836 51 Banks in foreign countries 7,333 6,964 6,424 6,713 6,336 6,053 6,098 6,112 6,253 52 Foreign governments and official institutions 964 1,347 1,415 1,240 1,036 1,031 921 1,013 882 53 Certified and officers' checks 6,708 5,756 7,098 6,180 6,680 6,874 6,563 6,499 5,785 54 Time and savings deposits 347,969 347,720 346,936 349,209 349,527 350,476 349,783 350,587 350,740 55 Savings 73,196 73,171 73,176 73,110 74,186 76,099 75,861 75,063 72,809 56 Individuals and nonprofit organizations 70,011 70,033 70,103 70,008 71,014 72,886 72,739 71,973 69,702 57 Partnerships and corporations operated for profit .... 2,640 2,649 2,584 2,624 2,655 2,652 2,605 2,572 2,588 58 Domestic governmental units 521 466 467 461 497 543 499 503 503 59 All other 24 23 21 17 19 17 18 16 16 60 Time 274,773 274,548 273,760 276,098 275,341 274,377 273,922 275,524 277,931 61 Individuals, partnerships, and corporations 239,426 239,216 238,946 241,075 240,919 240,165 239,378 240,714 242,722 62 States and political subdivisions 19,616 19,681 19,596 19,723 19,324 18,872 19,127 1199,,332288 19,677 63 U.S. government 304 313 323 339 343 380 380 448888 506 64 Commercial banks in the United States 10,865 10,728 10,389 10,524 10,404 10,533 10,583 10,620 10,693 65 Foreign governments, official institutions, and banks . 4,562 4,610 4,506 4,438 4,351 4,427 4,454 4,374 4,332 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 3,748 2,595 1,037 616 1,299 1,552 3,634 2,037 4,244 67 Treasury tax-and-loan notes 9,590 7,808 8,340 8,888 7,428 2,574 2,314 11,154 11,566 68 All other liabilities for borrowed money3 136,774 141,952 136,933 132,510 133,949 142,946 142,010 135,694 130,722 69 Other liabilities and subordinated notes and debentures 69,159 69,153 69,513 69,938 72,675 70,482 69,304 70,599 70,848 70 Total liabilities 724,288 720,855 716,554 707,880 725,825 727,422 725,407 722,196 714,236 71 Residual (total assets minus total liabilities)4 51,904 51,861 51,520 51,725 52,006 52,129 52,149 51,942 51,744 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 • May 1982 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures 1982 AAccccoouunntt Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 p Apr. IP Apr. 14 P Apr. 21 p Apr. 28p 1 Cash items in process of collection 13,244 14,091 1155,,225511 1122,,669966 1166,,335533 1133,,664433 1144,,996677 1144,,551111 1133,,445500 2 Demand deposits due from banks in the United States 1,066 995 1,470 1,114 1,155 879 992 1,144 1,248 3 All other cash and due from depository institutions.. 8,737 7,450 7,945 7,642 6,319 6,798 7,944 7,139 5,439 4 Total loans and securities1 133,642 134,460 132,352 131,281 135,537 134,814 135,822 132,576 133,920 Securities s 6 7 Investment account, by maturity 6,800 6,918 6,887 6,951 7,052 7,369 7,142 6,414 6,335 8 One year or less 1,373 1,586 1,553 1,755 1,768 1,990 1,728 1,416 1,628 y Over one through five years 4,828 4,733 4,735 4,646 4,735 4,677 4,722 4,408 4,238 10 Over five years 599 599 599 550 549 703 693 590 468 11 1? 13 Investment account 14,636 14,750 14,788 14,847 14,583 14,574 14,597 14,534 14,594 14 U.S. government agencies 2,236 2,226 2,219 2,210 2,152 2,122 2,107 2,070 2,092 15 States and political subdivision, by maturity .... 11,587 11,689 11,698 11,760 11,573 11,582 11,624 11,607 11,646 16 One year or less 2,122 2,195 2,175 2,200 2,031 2,044 2,056 2,075 2,105 17 Over one year 9,465 9,494 9,523 9,560 9,542 9,539 9,569 9,532 9,540 18 Other bonds, corporate stocks and securities.... 813 835 870 878 858 869 865 856 856 Loans 19 Federal funds sold3 8,019 9,866 7,216 6,374 8,026 6,773 7,894 7,051 8,014 20 To commercial banks 4,150 4,685 3,757 2,515 4,038 3,068 4,246 2,482 3,882 21 To nonbank brokers and dealers in securities 2,585 3,724 2,481 2,982 3,224 2,906 2,682 3,536 3,036 22 To others 1,284 1,456 978 876 765 798 966 1,033 1,097 23 Other loans, gross 107,832 106,596 107,155 106,775 109,487 109,754 109,863 108,285 108,674 24 Commercial and industrial 55,529 55,661 56,003 55,372 56,560 57,216 56,948 57,468 57,290 25 Bankers acceptances and commercial paper 1,098 1,268 1,445 1,401 1,598 1,662 1,573 1,465 1,480 26 All other 54,432 54,392 54,559 53,971 54,962 55,555 55,375 56,002 55,810 27 U.S. addressees 52,953 52,877 53,036 52,435 53,412 53,870 53,751 54,403 54,257 28 Non-U.S. addressees 1,478 1,515 1,522 1,536 1,550 1,685 1,624 1,599 1,553 29 Real estate 17,788 17,837 17,840 17,824 17,814 17,793 17,793 17,848 18,033 30 To individuals for personal expenditures 11,062 11,084 11,029 11,039 11,106 11,112 11,124 11,182 1111,,118844 To financial institutions 31 Commercial banks in the United States 2,008 2,103 1,954 1,939 2,103 2,203 1,795 1,875 1,813 32 Banks in foreign countries 3,319 2,981 2,823 3,092 3,157 2,779 3,096 2,540 2,966 33 Sales finance, personal finance companies, etc... 4,741 4,547 4,996 4,892 5,316 4,984 5,197 4,733 5,293 34 Other financial institutions 4,480 4,440 4,475 4,558 4,582 4,639 4,727 4,704 4,777 35 To nonbank brokers and dealers in securities 3,648 2,985 3,131 3,054 3,261 4,187 4,168 3,466 2,810 36 To others for purchasing and carrying securities4 . 710 697 633 608 599 617 621 602 620 37 To finance agricultural production 415 434 438 440 451 432 427 431 403 38 All other 4,131 3,828 3,832 3,957 4,537 3,790 3,964 3,435 3,485 39 LESS: Unearned income 1,421 1,444 1,461 1,470 1,453 1,479 1,484 1,501 1,491 40 Loan loss reserve 2,222 2,225 2,234 2,195 2,159 2,176 2,190 2,208 2,207 41 Other loans, net 104,188 102,927 103,461 103,110 105,875 106,099 106,189 104,576 104,976 42 Lease financing receivables 2,307 2,304 2,303 2,303 2,308 2,305 2,302 2,302 2,302 43 All other assets5 44,943 44,819 41,147 42,341 44,977 48,118 44,721 45,940 44,584 44 Total assets 203,941 204,120 200,468 197,376 206,649 206,558 206,748 203,614 200,943 Deposits 4b Demand deposits 43,672 44,659 44,708 41,788 47,751 46,123 44,481 42,353 40,714 46 Mutual savings banks 277 233 230 219 309 275 285 250 208 47 Individuals, partnerships, and corporations 28,864 30,225 30,044 27,682 33,336 31,746 30,870 29,269 28,438 48 States and political subdivisions 388 649 451 540 682 399 425 408 400 49 U.S. government 844 449 284 514 208 472 654 521 789 50 Commercial banks in the United States 3,660 4,037 3,861 3,650 4,671 4,691 4,074 3,440 2,948 51 Banks in foreign countries 5,695 5,356 4,885 5,160 4,795 4,624 4,615 4,605 4,739 52 Foreign governments and official institutions 699 1,125 1,173 996 812 799 653 748 617 53 Certified and officers' checks 3,245 2,583 3,780 3,027 2,938 3,117 2,904 3,110 2,575 54 Time and savings deposits 66,537 66,621 66,589 67,334 66,584 67,705 67,293 67,828 68,213 55 Savings 9,398 9,420 9,395 9,383 9,579 9,848 9,889 9,829 9,462 56 Individuals and nonprofit organizations 9,030 9,072 9,061 9,054 9,253 9,495 99,,554477 9,491 99,,111188 57 Partnerships and corporations operated for profit 236 237 233 228 225 233 230 225 228 58 Domestic governmental units 128 107 98 98 99 119 110 111 114 59 All other 4 3 3 2 2 1 2 2 2 60 Time 57,139 57,202 57,193 57,952 57,005 57,857 57,404 57,999 58,751 61 Individuals, partnerships, and corporations 48,258 48,405 48,446 49,106 48,258 49,033 48,607 49,119 49,654 62 States and political subdivisions 2,380 2,365 2,364 2,344 2,295 2,219 2,235 2,232 2,381 63 U.S. government 89 104 115 97 92 116 116 117 110 64 Commercial banks in the United States 4,061 4,014 4,028 4,222 44,,119966 44,,330011 44,,225588 44,,331155 44,,445566 65 Foreign governments, official institutions, and banks 2,351 2,314 2,241 2,183 22,,116644 22,,118888 22,,118888 22,,221177 22,,115511 Liabilities for borrowed money 66 1,540 1,475 201 300 488 2 350 1 030 1 610 67 Treasury tax-and-loan notes 2,637 2,243 2,546 2,670 2,224 688 792 3,340 3,674 68 All other liabilities for borrowed money6 45,109 44,709 42,803 41,471 4422,,000022 4455,,779988 4466,,666633 4433,,116666 4411,,115544 69 Other liabilities and subordinated notes and debentures 26,919 26,916 26,460 26,598 30,217 28,205 27,631 28,533 28,303 70 Total liabilities 186,415 186,623 183,104 180,062 189,078 189,007 189,210 186,251 183,667 71 Residual (total assets minus total liabilities)7 17,526 17,496 17,364 17,313 17,571 17,551 17,538 17,363 17,276 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 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 P Apr. If Apr. UP Apr. 21P BANKS WITH ASSETS OF $750 MILLION OR MORE 1 Total loans (gross! and securities adjusted1 589,835 592,392 588,503 588,901 594,417 600.932 597,592 597,869 2 Total loans (gross) adjusted1 472,238 474,060 471,276 471,594 476,544 479,255 478,048 479,114 3 Demand deposits adjusted2 95,763 98,037 96,722 95,100 101,225 103,101 99,337 96,894 4 Time deposits in accounts of $100,000 or more ... 187,468 186,806 185,673 187,576 186,382 184.933 184,007 185,113 5 Negotiable CDs 134,280 133,438 132,569 134,389 133,171 132,007 131,093 132,176 6 Other time deposits 53,189 53,368 53,104 53,187 53,211 52,926 52,914 52,937 7 Loans sold outright to affiliates3 2,775 2,837 2,823 2,878 2,858 2,860 2,835 2,877 8 Commercial and industrial 2,165 2,231 2,220 2,265 2,211 2,260 2,233 2,260 9 Other 610 606 603 613 646 601 602 617 BANKS WITH ASSETS OF $1 BILLION OR MORE 10 Total loans (gross) and securities adjusted1 553,410 556,017 552,142 552,657 557,912 564,175 561,051 561,403 11 Total loans (gross) adjusted1 445,348 447,200 444,434 444,903 449,545 451,994 450,881 451,991 12 Demand deposits adjusted2 88,691 90,806 89,467 88,178 93,800 95,585 92,011 89,870 13 Time deposits in accounts of $100,000 or more ... 179,145 178,424 177,318 179,167 177,987 176,576 175,672 176,762 14 Negotiable CDs 129,218 128,324 127,491 129,373 128,129 126,954 126,063 127,120 15 Other time deposits 49,927 50,100 49,827 49,794 49,857 49,622 49,610 49,642 16 Loans sold outright to affiliates3 2,694 2,755 2,745 2,800 2,781 2,776 2,749 2,781 17 Commercial and industrial 2,100 2,166 2,157 2,203 2,151 2,192 2,164 2,181 18 Other 593 587 597 630 584 586 600 BANKS IN NEW YORK CITY 19 Total loans (gross) and securities adjusted1,4 131,128 131,342 130,335 130,492 133,008 133,199 133,455 131,927 20 Total loans (gross) adjusted1 109,692 109,674 108,660 108,694 111,372 111,256 111,715 110,979 21 Demand deposits adjusted2 25,924 26,081 25,312 24,929 26,519 27,318 24,786 23,880 22 Time deposits in accounts of $100,000 or more ... 44,021 43,998 43,950 44,709 43,718 44,388 43,926 44,405 23 Negotiable CDs 32,846 32,756 32,983 33,904 32,868 33,515 33,049 33,627 24 Other time deposits 11,175 11,242 10,967 10,805 10,850 10,872 10,876 10,778 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 Domestic Nonfinancial Statistics • May 1982 1.291 LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS Assets and Liabilities Millions of dollars, Wednesday figures 1982 Account Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 p Apr. IP Apr. 14p Apr. 21 p Apr. 28p 1 Cash and due from depository institutions 5,676 5,868 6,062 5,978 6,075 5,880 5,879 6,074 5,813 2 Total loans and securities 47,965 47,856 47,395 49,831 48,101 47,567 45,968 44,455 44,967 3 U.S. Treasury securities 2,597 2,522 2,795 2,308 2,526 2,316 2,295 2,298 2,522 4 Other securities 806 793 809 801 785 765 759 750 766 5 Federal funds sold1 2,801 3,394 3,001 5,287 3,907 3,886 3,265 2,335 2,936 6 To commercial banks in U.S 2,631 3,108 2,834 5,158 3,623 3,571 2,960 2,103 2,714 7 To others 170 286 168 130 284 314 305 232 221 8 Other loans, gross 41,760 41,147 40,790 41,435 40,882 40,600 39,649 39,071 38,742 9 Commercial and industrial 19,701 19,645 19,636 19,970 19,876 19,401 19,375 19,264 18,884 10 Bankers acceptances and commercial paper 3,629 3,579 3,705 3,600 3,713 3,688 3,790 3,679 3,372 11 All other 16,072 16,066 15,930 16,370 16,163 15,713 15,585 15,586 15,511 12 U.S. addressees 13,876 13,881 13,758 14,150 14,045 13,701 13,530 13,484 13,392 13 Non-U.S. addressees 2,196 2,185 2,172 2,221 2,118 2,012 2,055 2,102 2,119 14 To financial institutions 17,442 17,318 16,888 17,081 16,627 16,572 16,175 15,658 15,522 15 Commercial banks in U.S 13,694 13,743 13,480 13,732 13,322 13,220 13,047 12,428 12,351 16 Banks in foreign countries 3,365 3,210 2,926 2,842 2,784 2,824 2,612 2,702 2,645 17 Nonbank financial institutions 383 365 482 507 521 529 516 529 526 18 For purchasing and carrying securities .. 668 450 417 476 489 720 261 306 310 19 All other 3,950 3,733 3,849 3,908 3,890 3,906 3,838 3,842 4,028 20 Other assets (claims on nonrelated parties) 12,235 12,452 12,370 12,488 13,050 12,734 12,884 13,071 12,639 21 Net due from related institutions 13,270 12,638 11,842 11,371 12,418 12,968 12,406 12,474 11,972 22 Total assets 79,146 78,814 77,668 79,669 79,644 79,149 77,137 76,075 75,392 23 Deposits or credit balances2 22,836 22,456 21,689 23,101 23,432 23,576 23,885 22,271 21,908 24 Credit balances 283 284 304 298 247 286 209 261 244 25 Demand deposits 1,993 2,125 1,919 1,897 2,102 2,098 2,279 2,072 2,248 26 Individuals, partnerships, and corporations 751 802 850 783 807 894 1,023 932 994 27 Other 1,242 1,323 1,068 1,114 1,295 1,204 1,256 1,140 1,253 28 Total time and savings 20,560 20,047 19,466 20,905 21,083 21,191 21,397 19,938 19,416 29 Individuals, partnerships, and corporations 17,494 17,014 16,367 17,660 17,782 17,689 17,872 16,504 15,848 30 Other 3,066 3,033 3,099 3,245 3,301 3,503 3,525 3,433 3,568 31 Borrowings3 34,387 35,587 33,571 33,107 33,106 32,472 31,349 31,253 30,253 32 Federal funds purchased4 9,363 10,631 9,252 8,245 8,474 8,257 7,523 7,498 6,932 33 From commercial banks in U.S 7,977 9,335 7,885 7,057 7,333 7,242 6,442 6,216 5,755 34 From others 1,386 1,297 1,367 1,188 1,141 1,015 1,081 1,282 1,176 35 Other liabilities for borrowed money ... 25,024 24,956 24,319 24,862 24,632 24,215 23,826 23,755 23,321 36 To commercial banks in U.S 22,487 22,331 21,713 21,991 22,026 21,769 21,317 21,312 20,994 37 To others 2,536 2,624 2,606 2,871 2,606 2,446 2,509 2,443 2,327 38 Other liabilities to nonrelated parties 12,279 12,379 12,360 12,455 12,986 12,733 12,782 13,182 13,087 39 Net due to related institutions 9,644 8,392 10,049 11,006 10,121 10,368 9,121 9,369 10,144 40 Total liabilities 79,146 78,814 77,668 79,669 79,644 79.149 77,137 76,075 75,392 MEMO 41 Total loans (gross) and securities adjusted' 31,640 31,005 31,082 30,941 31,156 30,776 29,961 29,924 29,902 42 Total loans (gross) adjusted5 28,236 27,690 27,477 27,832 27,844 27,695 26,907 26,875 26,613 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 AAddjjuusstt-- Industry classification 1981 1982 1981 1982 ment bank1 Dec. 30 Jan. 27 Feb. 24 Mar. 31 Apr. 28p Q4 Q1 Feb. Mar. Apr.P 1 Durable goods manufacturing.... 26,902 27,158 28,314 28,622 29,085 795 1,704 1,155 308 463 17 2 Nondurable goods manufacturing 21,787 21,628 21,948 23,170 23,584 -1,613 1,372 320 1,222 414 11 3 Food, liquor, and tobacco 4,201 4,160 4,419 4,553 4,814 -229 350 259 134 261 2 4 Textiles, apparel, and leather.. 4,180 4,172 4,427 4,535 4,654 -896 353 254 108 119 2 5 Petroleum refining 4,867 4,587 4,142 4,452 4,417 911 -415 -444 309 -34 6 Chemicals and rubber 4,340 4,486 4,746 5,140 5,187 -1,408 797 260 394 47 2 7 Other nondurable goods 4,198 4,223 4,214 4,490 4,511 10 287 -9 277 21 4 8 Mining (including crude petroleum and natural gas) 24,364 24,552 25,804 25,858 26,792 3,082 1,493 1,253 53 934 9 Trade 28,009 28,135 27,793 28,893 28,667 1,010 819 -342 1,100 -226 65 10 Commodity dealers 2,292 2,297 1,802 2,322 1,858 635 30 -495 520 -464 11 Other wholesale 12,947 13,252 13,172 13,608 13,557 313 641 -81 436 -51 20 12 Retail 12,770 12,586 12,819 12,963 13,252 62 148 233 145 288 45 13 Transportation, communication, and other public utilities 23,157 23,418 23,381 23,639 23,682 1,299 458 -36 258 42 24 14 Transportation 8,592 8,739 8,890 9,152 9,100 134 538 151 262 -51 22 15 Communication 3,954 4,026 4,076 4,242 4,470 419 287 49 166 228 16 Other public utilities 10,611 10,652 10,415 10,246 10,111 745 -367 -236 -170 -134 1 17 Construction 7,193 7,060 7,202 7,262 7,413 -53 23 142 60 152 45 18 Services 26,484 26,738 27,270 27,124 27,344 1,144 536 532 -146 220 104 19 All other2 16,966 17,178 16,883 17,130 16,929 1,148 -45 -295 247 -201 209 20 Total domestic loans 174,861 175,868 178,596 181,698 183,496 6,812 6,360 2,728 3,102 1,799 476 21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans 83,117 85,201 87,829 87,238 88,259 -1,019 1,952 2,628 -591 1,021 169 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 • May 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.S 280.8 277.5 288.9 2 Financial business 25.0 27.8 27.1 27.7 29.6 29.8 30.8 28.2 28.0 3 Nonfinancial business 142.9 152.7 157.7 145.3 151.9 162.3 144.3 148.6 154.8 4 Consumer 91.0 97.4 99.2 97.9 101.8 102.4 86.7 n.a. 82.1 86.6 5 Foreign 2.5 2.7 3.1 3.3 3.2 3.3 3.4 3.1 2.9 6 Other 12.9 14.1 15.1 14.4 15.5 17.2 15.6 15.5 16.7 Weekly reporting banks 1980 1981 11997777 11997788 1199779955 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 $15.7 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 1980r Dec. Dec. Dec.r Dec. Sept.' Oct.r Nov.' Dec.r Jan.r Feb.r Mar. Commercial paper (seasonally adjusted) 1 All issuers 65,051 83,438 112,803 124,524 163,987 164,026 164,958 165,508 165,088 164,738 166,341 Financial companies2 Dealer-placed paper3 2 Total 8,796 12,181 17,359 19,790 31,346 30,081 30,024 30,188 29,321 30,069 31,578 3 Bank-related 22,,113322 33,,552211 22,,778844 33,,556611 66,,118822 55,,664400 55,,773355 6,045 6,526 66,,886655 77,,442299 Directly placed paperA 4 Total 40,574 51,647 64,757 67,854 82,842 82,822 82,291 81,660 80,331 79,142 77,933 5 Bank-related 7,102 12,314 17,598 22,382 26,427 25,397 26,225 26,914 28,567 27,207 27,190 6 Nonfinancial companies5 15,681 19,610 30,687 36,880 49,799 51,123 52,643 53,660 55,436 55,527 56,830 Bankers dollar acceptances (not seasonally adjusted) 7 Total 25,450 33,700 45,321 54,744 65,048 66,072 68,749 69,226 70,088 70,468 Holder 8 Accepting banks 10,434 8,579 9,865 10,564 10,022 10,511 11,253 10,857 10,227 11,953 9 Own bills 8,915 7,653 8,327 8,963 9,040 9,522 10,268 9,743 9,095 10,928 10 Bills bought 1,519 927 1,538 1,601 982 989 985 1,115 11,,113322 11,,002255 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 1,243 1,428 1,408 1,442 1,427 1,530 13 Others 13,700 24,456 33,370 41,614 53,783 54,133 56,089 56,926 58,434 56,985 Basis 14 Imports into United States 6,378 8,574 10,270 11,776 13,992 14,699 14,851 14,765 14,727 15,430 15 Exports from United States 5,863 7,586 9,640 12,712 13,514 13,981 14,936 15,400 15,599 16,119 16 All other 13,209 17,540 25,411 30,257 37,542 37,391 38,962 39,061 39,762 38,919 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 DomesticN onfinancial Statistics • May 1982 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective Date Rate Month Average rate 20.00 1981—Nov. 3 17.50 1980—Oct 13.79 1981—July 20.50 9 17.00 Nov 16.06 Aug. 20.00 17 16.50- Dec 20.35 Sept. 20.50 17.00 Oct. 20.00 20 16.50 1981—Jan 20.16 Nov. 19.50 24 16.00 Feb 19.43 Dec. 19.00 Dec. 1 15.75 Mar 18.05 18.00 Apr 17.15 1982—Jan. 1982—Feb. 128. . 1 1 6 7 . . 5 0 0 0 J M u a n y e 2 1 0 9 . . 0 6 3 1 F M e a b r . . 23. 16.50 Apr. 1.34 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 1-6, 1982 Size of loan (in thousands of dollars) All IItteemm ssiizzeess 1,000 1-24 25^9 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 7. 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 4466..66 5577..33 6644..44 7700..44 3366..33 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 IINNDDUUSSTTRRIIAALL LLOOAANNSS 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 6611..99 7766..00 7744..44 15 Made under commitment 61.6 26.9 44.6 67.1 67.5 CONSTRUCTION AND 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 1199..55 5599..88 4400..66 5511..55 6666..88 72 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 1- to 4-family 30.0 35.4 27.5 74.4 1177..33 5.8 26 Multifamily 13.3 1.8 1.6 ..88 43.3 13.3 27 Nonresidential 56.6 62.8 70.8 2244..88 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 range' 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 3 3 4 3 O Fe t e h d er e r l i l v iv es e t s o to ck c k 1 17 7 . . 5 4 7 2 1 18 7 . . 1 9 6 6 1 17 6 . . 4 7 2 8 1 11 7 77 . ..88 5 22 0 1 1177 8 .. . 33 1 11 7 1188 ( ..20055 ) 1177 ( ..23388 ) 3 3 6 5 F O a t r h m er m cu ac rr h e i n n t e r o y p e a r n a d t i e n q g u e ip x m pe e n n s t e s 1 17 7 . . 6 9 6 3 1 1 7 7 . . 3 5 8 8 1 1 7 7 . . 4 2 2 9 1 1 7 7 . . 5 1 3 1 1 1 7 9 . . 4 0 8 4 17 ( .244 ) 18 {1 . l 2 9 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. 1982 1982, week ending IInnssttrruummeenntt 11997799 11998800 11998811 Jan. Feb. Mar. Apr. Apr. 2 Apr. 9 Apr. 16 Apr. 23 Apr. 30 MONEY MARKET RATES 1 Federal funds1'2 11.19 13.36 16.38 13.22 14.78 14.68 14.94 14.99 15.15 14.68 15.01 14.72 Commercial paper3,4 2 1-month 10.86 12.76 15.69 12.90 14.62 13.99 14.38 14.64 14.47 14.65 14.24 14.04 3 3-month 10.97 12.66 15.32 13.09 14.53 13.80 14.06 14.29 14.19 14.24 13.94 13.79 4 6-month 10.91 12.29 14.76 13.35 14.27 13.47 13.64 13.86 13.74 13.78 13.53 13.46 Finance paper, directly placed3,4 5 1-month 10.78 12.44 15.30 12.67 14.41 13.73 14.17 14.44 14.35 14.45 1133..9911 1133..8855 6 3-month 10.47 11.49 14.08 12.56 13.59 12.91 13.21 13.20 13.34 13.33 13.10 13.03 7 6-month 10.25 11.28 13.73 12.56 13.58 12.89 13.09 13.16 13.24 13.19 12.96 12.90 Bankers acceptances4,5 8 3-month 11.04 12.78 15.32 13.06 14.47 13.73 13.95 14.18 14.13 14.08 13.85 1133..7733 9 6-month n.a. n.a. 14.66 13.31 14.09 13.33 13.49 13.69 13.59 13.61 13.41 13.33 Certificates of deposit, secondary market6 1(1 1-month 11.03 12.91 15.91 13.03 14.78 14.12 14.44 14.68 14.54 14.61 14.36 14.17 11 3-month 11.22 13.07 15.91 13.51 15.00 14.21 14.44 14.70 14.56 14.60 14.34 14.21 12 6-month 11.44 12.99 15.77 14.25 15.12 14.25 14.42 14.69 14.54 14.57 14.31 14.25 13 Eurodollar deposits, 3-month2 11.96 14.00 16.79 14.29 15.75 14.90 15.18 15.31 15.28 15.43 15.25 14.85 U.S. Treasury bills4 Secondary market7 14 3-month 10.07 11.43 14.03 12.28 13.48 12.68 12.70 13.32 13.10 12.77 12.39 12.42 15 6-month 10.06 11.37 13.80 12.83 13.61 12.77 12.80 13.17 13.06 12.92 12.61 12.57 16 1-year 9.75 10.89 13.14 12.77 13.11 12.47 12.50 12.76 12.69 12.59 12.38 12.30 Auction average8 17 3-month 10.041 11.506 14.077 12.412 13.780 12.493 12,821 13.399 12.893 12.849 12.497 12.469 18 6-month 10.017 11.374 13.811 12.930 13.709 12.621 12.861 13.243 12.802 12.899 12.719 12.640 1199 99..881177 1100..774488 1133..115599 1133..114433 1133..118800 1122..550099 1122..773311 1122..773311 CAPITAL MARKET RATES U.S. Treasury notes and bonds9 Constant maturities10 20 1-year 10.67 12.05 14.78 14.32 14.73 13.95 13.98 14.32 14.20 14.07 13.86 13.75 21 2-year 10.12 11.77 14.56 14.57 14.82 14.19 14.20 14.51 14.40 14.27 14.09 13.99 T) 14.35 14.10 23 3-year 9.71 11.55 14.44 14.64 14.73 14.13 14.18 14.47 14.36 14.21 14.09 14.02 24 5-year 9.52 11.48 14.24 14.65 14.54 13.98 14.00 14.34 14.25 14.00 13.85 13.87 25 7-year 9.48 11.43 14.06 14.67 14.46 13.93 13.94 14.30 14.21 13.90 13.76 13.82 26 10-year 9.44 11.46 13.91 14.59 14.43 13.86 13.87 14.15 14.13 13.85 13.69 13.78 27 20-year 9.33 11.39 13.72 14.57 14.48 13.75 13.57 13.92 13.88 13.51 13.39 13.47 28 30-year 9.29 11.30 13.44 14.22 14.22 13.53 13.37 13.70 13.66 13.31 13.19 13.28 Composite12 29 Over 10 years (long-term) 8.74 10.81 12.87 13.73 13.63 12.98 12.84 13.17 13.10 12.79 12.69 12.73 State and local notes and bonds Moody's series13 30 Aaa 5.92 7.85 10.43 12.30 12.20 11.95 11.66 11.90 12.30 11.70 11.20 11.20 31 BBaaaa 6.73 9.01 11.76 13.95 13.83 13.70 13.29 13.70 13.70 13.30 13.00 12.78 32 BBoonndd BBuuyyeerr sseerriieess1144 6.52 8.59 11.33 13.28 12.97 12.82 12.59 13.13 12.99 12.54 12.29 11.97 Corporate bonds Seasoned issues15 33 All industries 10.12 12.75 15.06 16.05 16.13 15.68 15.53 15.73 15.70 15.59 15.42 15.40 34 Aaa 9.63 11.94 14.17 15.18 15.27 14.58 14.46 14.66 14.68 14.53 14.31 14.31 35 Aa 9.94 12.50 14.75 15.75 15.72 15.21 14.90 15.18 15.10 14.91 14.81 14.75 36 A 10.20 12.89 15.29 16.19 16.35 16.12 15.95 16.14 16.09 15.96 15.85 15.82 37 Baa 10.69 13.67 16.04 17.10 17.18 16.82 16.78 16.91 16.89 16.80 16.69 16.70 Aaa utility bonds16 38 10.03 12.74 15.56 15.68 15.93 15.26 15.83 15.88 16.13 15.78 15.55 39 Recently offered issues 10.02 12.70 15.56 15.88 15.97 15.19 15.45 15.25 15.65 15.39 15.27 15.55 MEMO: Dividend/price ratio17 40 Preferred stocks 9.07 10.57 12.36 13.19 13.20 12.97 12.90 13.15 12.89 13.01 12.92 12.76 41 Common stocks 5.46 5.25 5.41 5.95 6.06 6.28 5.99 6.22 6.01 6.00 6.01 5.94 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 • May 1982 1.36 STOCK MARKET Selected Statistics 1981 1982 IInnddiiccaattoorr 11997799 11998800 11998811 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 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 66.68 2 Industrial 61.82 78.64 85.44 86.72 78.07 78.94 80.86 81.70 76.85 74.78 71.51 75.59 3 Transportation 45.20 60.52 72.61 73.27 63.67 65.65 67.68 68.27 62.04 59.09 55.19 57.91 4 Utility 36.46 37.35 38.90 40.22 38.17 38.87 40.73 40.22 39.30 38.32 38.57 39.20 5 Finance 58.65 64.28 73.52 73.76 69.38 72.58 76.47 74.74 70.99 70.50 69.08 71.44 6 Standard & Poor's Corporation (1941—43 = 10)1 107.94 118.71 128.05 129.63 118.27 119.84 122.92 123.79 117.41 114.50 110.84 116.31 7 American Stock Exchange (Aug. 31, 1973 = 100).... 186.56 300.94 343.58r 364.60 313.60 308.81 321.0 322.65' 296.49 275.10 255.08 271.15 Volume of trading (thousands of shares) 8 New York Stock Exchange .... 32,233 44,867 46,967r 43,838r 46,042 45,287' 50,791 43,598' 48,419' 51,169 55,227 54,119 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 3,938 Customer financing (end-of-period balances, in millions of dollars) 10 Regulated margin credit at brokers-dealers2 11,619 14,721 14,411 14,585 14,023 13,926 14,124 14,411 13,441 13,023 12,095 11 Margin stock3 11,450 14,500 14,150 14,310 13,760 13.660 13,860 14,150 13,190 12,770 11,840 12 Convertible bonds 167 219 259 274 263 263 261 259 249 251 249 n a. 13 Subscription issues 2 2 2 1 3 3 2 2 2 6 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 3,895 15 Cash-account 4,060 6,070 7,150 6,640 6,555 6,100 6,865 7,150 6,575 6,595 6,510 Margin-account debt at brokers (percentage distribution, end of period) 16 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 By equity class fin percent)5 17 Under 40 16.0 14.0 37.0 38.5 47.0 32.0 30.0 37.0 37.0 44.0 39.0 18 40-49 29.0 30.0 21.0 24.0 22.0 28.0 25.0 24.0 24.0 22.0 24.0 19 50-59 27.0 25.0 22.0 15.0 13.0 18.0 2111..00 17.0 16.0 15.0 16.0 n a. 20 60-69 14.0 14.0 10.0 10.0 8.0 10.0 10.0 10.0 8.0 10.0 21 70-79 8.0 9.0 6.0 6.0 5.0 6.0 6.0 6.0 7.0 6.0 6.0 \ 22 80 or more 7.0 8.0 6.0 6.0 5.0 6.0 7.0 6.0 6.0 5.0 5.0 Special miscellaneous-account balances at brokers (end of period) 23 Total balances (millions of dollars)6... 16,150 21,690 25,870 25,234 24,962 25,409 25,870 26,080 26,850 28,030 Distribution by equity status (percent) 24 Net credit status 44.2 47.8 5588..00 55.0 55.0 57.0 58.0 58.0 58.0 59.0 Debt status, equity of 2 2 6 5 L 60 e s p s e t r h c a e n n t 6 o 0 r p m er o c r e e n t 47 8 . . 0 8 4 7 4 . . 7 4 3 1 1 1 . . 0 0 3 1 3 2 . . 0 0 3 1 5 0 . . 0 0 3 1 3 0 . . 0 0 3111..00 3111..00 3 1 0 2 . . 0 0 2 1 8 3 . . 0 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 1979 1980R June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar? Savings and loan associations 1 Assets 578,962 630,712 647,704 649,807 653,022 655,658 659,073 660,326 663,844 667,600 671,895 676,505 2 Mortgages 475,688 503,192 515,256 511,990 518,172 518,778 519,248 519,146 518,350 517,493 516,284 515,125 3 Cash and investment securities1 46,341 57,928 57,980 57,817 58,932 59,530 61,517 61,369 62,756 64,089 66,585 67,739 4 Other 56,933 69,592 74,468 75,000 75,918 77,350 78,308 79,811 82,738 86,018 89,026 93,641 5 Liabilities and net worth 578,962 630,712 647,704 649,807 653,022 655,658 659,073 660,326 663,844 667,600 671,895 676,505 6 Savings capital 470,004 511,636 518,359 514,805 513,438 515,649 519,288 519,777 524,374 526,382 529,064 534,312 7 Borrowed money 55,232 64,586 74,875 79,704 83,456 87,477 86,108 86,255 89,097 89,099 89,465 91,278 8 FHLBB 40,441 47,045 53,836 57,188 60,025 61,857 62,000 61,922 62,794 62,581 62,690 63,861 9 Other 14,791 17,541 21,039 22,516 23,431 25,620 24,108 24,333 26,303 26,518 26,775 27,417 10 Loans in process 9,582 8,767 7,985 7,741 7,354 7,040 6,757 6,451 6,369 6,249 6,144 6,379 11 Other 11,506 12,394 14,933 16,556 18,275 15,307 17,506 19,101 15.612 18,356 20,145 18,141 12 Net worth2 32,638 33,329 31,552 31,001 30,499 30,185 29,414 28,742 28,392 27,514 27,077 26,395 13 MEMO: Mortgage loan commitments outstanding3 16,007 16,102 18,037 17,235 16,689 16,012 15,733 15,758 15,225 15,131 15,397 15,826 Mutual savings banks4 14 Assets 163,405 171,564 174,387 174,578 174,761 175,234 175,693 175,258 175,612 175,802 175,624 Loans 15 Mortgage 98,908 99,865 99,993 100,095 99,987 99,944 99,903 99,879 100,015 99,770 98,799 16 Other 9,253 11,733 14,403 14,359 14,560 14,868 14,725 15,073 14,740 15,015 15,620 Securities 17 U.S. government5 7,658 8,949 9,230 9,361 9,369 9,594 9,765 9,508 9,861 10,060 9,974 18 State and local government 2,930 2,390 2,337 2,291 2,326 2,323 2,394 2,271 2,274 2,275 2,280 19 Corporate and other6 37,086 39,282 38,418 38,374 38,180 38,118 38,108 37,874 37,674 37,721 37,695 20 Cash 3,156 4,334 4,473 4,629 4,791 4,810 5,118 5,039 5,415 5,191 5,374 21 Other assets 4,412 5,011 5,534 5,469 5,547 5,577 5,681 5,615 5,632 5,771 5,882 22 Liabilities 163,405 171,564 174,387 174,578 174,761 175,234 175,693 175,258 175,612 175,802 175,624 n a. 23 Deposits 146,006 154,805 154,926 153,757 153,120 153,412 154,066 153,809 154,913 154,638 154,436 24 Regular7 144,070 151,416 152,603 151,394 150,753 151.072 151,975 151,787 152,834 152,609 152,449 25 Ordinary savings 61,123 53,971 51,594 50,593 49,003 49,254 48,238 48,456 49,409 48,864 48,279 26 Time and other 82,947 97,445 101,009 100,800 101.750 101,818 103,737 126,889 126,334 125,578 125,276 27 Other 1,936 2,086 2,323 28,494 27,073 25,769 24,806 2,023 2,079 2,029 1,987 28 Other liabilities 5,873 6,695 8,634 10,156 11,125 11,458 11,513 11,434 10,731 11,370 11,536 29 General reserve accounts 11,525 11,368 10,827 10,665 10,516 10,364 10,114 10,015 9,969 9,794 9,652 30 MEMO: Mortgage loan commitments outstanding8 3,182 1,476 1,577 1,401 1,333 1,218 1,140 1,207 1,293 916 950 Life insurance companies 31 Assets 432,282 479,210 500,316 503,994 506,585 509,478 515,079 519,281 521,354 525,331 526,573 Securities 32 Government 338 21,378 23,415 23,691 23,949 24,280 24,621 25,200 25,310 26,157 26,847 33 United States9 4,888 5,345 7,119 7,359 7,544 7,670 7,846 8,321 8,578 9,204 9,887 34 State and local 6,428 6,701 6,876 6,865 6,904 7,033 7,129 7,148 6,968 7,063 7,043 35 Foreign10 9,022 9,332 9,420 9,467 9,501 9,577 9,646 9,731 9,764 9,890 9,917 36 Business 222,332 238,113 248,737 250,186 250,371 250,315 253,976 255,632 254,978 257,614 257,318 37 Bonds 178,371 190,747 201,402 203,016 204,501 205,908 208,004 209,194 208,587 211,686 212,685 n a. 38 Stocks 39,757 47,366 47,335 41,170 45,870 44,407 45,972 46,438 46,391 45,928 44,633 39 Mortgages 118,421 131,080 135,318 135,928 136,516 136,982 137,736 138,433 139,046 139,596 139,777 40 Real estate 13,007 15,033 16,966 17,429 17,626 17,801 18,382 18,629 19,157 19,276 18,999 41 Policy loans 34,825 41,411 44,970 45,591 46,252 47,042 47,731 48,275 48,741 49,092 49,535 42 Other assets 27,563 31,702 30,910 31,169 31,971 33,058 32,633 33,112 34,122 33,288 34,097 Credit unions 43 Total assets/liabilities and capital 65,854 71,709 75,781 76,043 75,656 76,145 76,123 76,830 77,682 78,012 78,986 81,055 44 Federal 35,934 39,801 41,443 41,678 41,394 41,682 41,727 42,025 42,382 42,512 43,111 44,263 45 State 29,920 31,908 34,338 34,365 34,262 34,463 34,396 34,805 35,300 35,500 35,875 36,792 46 Loans outstanding 53,125 47,774 50,271 50,724 51,207 51,407 51,029 50,631 50,448 49,949 49,610 49,668 47 Federal 28,698 25,627 27,133 27,378 27,701 27,871 27,686 27,508 27,458 27,204 27,051 27,119 48 State 24,426 22,147 23,138 23,346 23,506 23,536 23,343 23,123 22,990 22,745 22,559 22,549 49 Savings 56,232 64,399 68,317 67,690 66,943 67,512 67,625 67,981 68,871 69,432 70,227 72,218 50 Federal (shares) 35,530 36,348 37,618 37,176 36,713 36,928 37,015 37,261 37,574 37,875 38,331 39,431 51 State (shares and deposits) 25,702 28,051 30,699 30,514 30,230 30,584 30,610 30,720 31,297 31,557 31,896 32,787 For notes see bottom of page A30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • May 1982 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Calendar year Fiscal Fiscal Fiscal Type of account or operation year year year 1980 1981 1982 1979 1980 1981 H2 HI H2 Jan. Feb. Mar. U.S. budget 1 Receipts' 463,302 517,112 599,272 260,569 317,304 301,777 55,269 43,042 45,291 2 Outlays1-2 490,997 576,675 657,204 309.389 333,115 358,558 45,930 57,822 63,546 3 Surplus, or deficit (-) -27,694 -59,563 -57,932 -48,821 -15,811 -56,780 9,339 -14,780 -18,255 4 Trust funds 18,335 8,801 6,817 -2,551 5,797 -8,085 10,799 -1,892 966 5 Federal funds3 -46,030 -68,364 -64,749 -46.270 -21,608 -48,697 -1,460 -12,888 -19,221 OOffff--bbuuddggeett eennttiittiieess ((ssuurrpplluuss,, oorr ddeeffiicciitt ((--)))) 66 FFeeddeerraall FFiinnaanncciinngg BBaannkk oouuttllaayyss -13,261 -14,549 -20,769 -7.552 -11,046 - 8,728 -1.241 -435 -601 77 OOtthheerr44--55 793 303 -236 376 -900 -1,752 11 222 83 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 8,109 -14,993 -18,773 Source or financing 9 Borrowing from the public 33,641 70,515 79,329 54,764 33,213 54,081 9.783 10,693 12,305 10 Cash and monetary assets (decrease, or increase (-)) -408 -355 -1,878 -6.730 2,873 -1,111 -13,371 4,973 7,035 11 Other7 6,929 3.648 1,485 7,964 -8,328 14,290 -4.521 -673 -567 MEMO: 12 Treasury operating balance (level, end of period) 24,176 20,990 18,670 12.305 16.389 12,046 24,710 20.668 13,001 13 Federal Reserve Banks 6,489 4,102 3,520 3.062 2,923 4,301 8,285 3.835 2,866 14 Tax and loan accounts 17,687 16,888 15,150 9,243 13.466 7.745 16,425 16,833 10,135 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) and 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 and 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 FFFiiissscccaaalll FFFiiissscccaaalll FFFiiissscccaaalll SSSooouuurrrccceee ooorrr tttyyypppeee yyyeeeaaarrr yyyeeeaaarrr yyyeeeaaarrr 1980 1981 1982 111999777999 111999888000 111999888111 H2 HI H2 Jan. Feb. Mar. RECEIPTS 1 All sources1 463,302 517,112 599,272 260,569 317,304 301,777 55,269 43,042 45,291 2 Individual income taxes, net 217,841 244,069 285,917 131.962 142.889 147,035 32,646 21,007 13.391 3 Withheld 195,295 223,763 256,332 120.924 126,101 134,199 20,810 23,882 23,307 4 Presidential Election Campaign Fund... 36 39 41 4 36 5 0 4 11 5 Nonwithheld 56,215 63,746 76,844 14,592 59.907 17.391 12,000 1,608 4,329 6 Refunds 33,705 43,479 47.299 3,559 43.155 4.559 163 4,487 14.255 Corporation income taxes 7 Gross receipts 71,448 72,380 73,733 28.579 44.048 31.056 3,212 3,055 8.435 8 Refunds 5,771 7,780 12,596 4.518 6.565 6,847 738 1,763 1,525 9 Social insurance taxes and contributions. net 138,939 157,803 182,720 75.679 101,316 91,592 14,575 15,109 18.752 10 Payroll employment taxes and contributions2 115,041 133,042 156,953 66.831 83,851 82,984 13,085 12,495 17,740 11 Self-employment taxes and contributions3 5,034 5,723 6,041 188 6,240 244 530 539 488 12 Unemployment insurance 15,387 15,336 16,129 6.742 9,205 6,355 604 1,734 130 13 Other net receipts1-4 3,477 3,702 3,598 1.919 2,020 2,009 357 342 395 14 Excise taxes 18,745 24,329 40.839 15.332 21,945 22.097 3,087 2,908 3,182 15 Customs deposits 7.439 7,174 8,083 3,717 3.926 4,661 696 644 812 16 Estate and gift taxes 5,411 6,389 6,787 3.499 3.259 3.742 615 866 787 17 Miscellaneous receipts5 9,252 12,748 13,790 6.318 6.487 8.441 1,176 1,215 1,457 OUTLAYS 18 All types1,6 490,997 576,675 657,204 309,389 333,115 358,558 45,930 57,822 63,546 19 National defense 117,681 135,856 159,765 72,457 80.005 87,421 14,131 14,578 16,436 20 International affairs 6,091 10,733 11,130 5,430 5.999 4,655 759 555 1,796 21 General science, space, and technology ... 5,041 5,722 6,359 3,205 3,314 3,388 496 568 617 22 Energy 6,856 6,313 10,277 3.997 5,677 4,394 383 446 519 23 Natural resources and environment 12,091 13,812 13,525 7.722 6,476 7,296 933 651 1,017 24 Agriculture 6,238 4,762 5,572 1.892 3,101 5,181 2.701 1,163 2,621 25 Commerce and housing credit 2,579 7,788 3,946 3.163 2,073 1,825 849 -259 -235 26 Transportation 17,459 21,120 23,381 11.547 11.991 10.753 1,465 2,166 1,241 27 Community and regional development.... 9,542 10,068 9,394 5.370 4,621 4,269 591 439 488 28 Education, training, employment, social services 29,685 30,767 31,402 15.221 15.928 13,878 2,160 2,198 1,952 29 Health1 46,962 55,220 65,982 29.680 33,113 35,322 5,711 5,841 6,578 30 Income security6 160.159 193,100 225,099 107.912 113,490 129,269 7,370 20.345 22,074 31 Veterans benefits and services 19.928 21.183 22.988 11,731 10,531 12,880 763 1.911 2,273 32 Administration of justice 4,153 4,570 4,698 2.299 2.344 2,290 340 381 478 33 General government 4,093 4,505 4,614 2,432 2,692 2,311 210 549 692 34 General-purpose fiscal assistance 8,372 8,584 6,856 4,191 3.015 3,043 1,451 129 13 35 Interest 52,566 64,504 82,537 35,909 41.178 47,667 6,634 7,634 6,664 36 Undistributed offsetting receipts7 -18,488 -21,933 -30,320 -14.769 -12.432 -17.281 - 1.017 -1,474 -1,679 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. Federal employee retirement contributions and Civil Service retirement and Continental Shelf, and U.S. government contributions for employee retirement. 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 • May 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 3 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 7 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 Dec. Jan. Feb. Mar. Apr. 1 Total gross public debt 718.9 789.2 845.1 930.2 1,028.7 1,038.4 1,048.2 1,061.3 1,065.7 By type 2 Interest-bearing debt 715.2 782.4 844.0 928.9 1,027.3 1,032.7 1,042.2 1,059.8 1,064.5 3 Marketable 459.9 487.5 530.7 623.2 720.3 726.5 737.5 752.6 755.8 4 Bills 161.1 161.7 172.6 216.1 245.0 250.6 254.0 256.2 254.9 5 Notes 251.8 265.8 283.4 321.6 375.3 374.4 382.1 395.0 399.7 6 Bonds 47.0 60.0 74.7 85.4 99.9 101.6 101.4 101.4 101.3 1 Nonmarketable1 255.3 294.8 313.2 305.7 307.0 306.1 330044..77 307.2 308.7 H Convertible bonds2 2.2 2.2 2.2 9 State and local government series 13.9 24.3 24.6 23.8 23.0 22.7 22.7 23.2 23.2 10 Foreign issues3 22.2 29.6 28.8 24.0 19.0 18.9 18.4 19.6 19.4 11 Government 21.0 28.0 23.6 17.6 14.9 14.8 14.3 15.6 15.4 12 Public 1.2 1.6 5.3 6.4 4.1 4.1 4.1 4 1 4.1 13 Savings bonds and notes 77.0 80.9 79.9 72.5 68.1 67.8 67.6 67.4 67.3 14 Government account series4 139.8 157.5 177.5 185.1 196.7 196.4 195.7 196.7 198.5 15 Non-interest-bearing debt 3.7 6.8 1.2 1.3 1.4 5.7 6.0 1.5 1.1 By holder5 16 U.S. government agencies and trust funds 154.8 170.0 187.1 192.5 203.3 202.8 201.1 17 Federal Reserve Banks 102.8 109.6 117.5 121.3 131.0 127.7 125.4 18 Private investors 461.3 508.6 540.5 616.4 694.5 707.3 720.8 19 Commercial banks 101.4 93.2 96.4 116.0 109.4 111.4 111.8 20 Mutual savings banks 5.9 5.0 4.7 5.4 5.2 5.4 5.4 21 Insurance companies 15.1 15.7 16.7 20.1 19.1 19.5 18.7 n.a. n.a. 22 Other companies 20.5 19.6 22.9 25.7 37.8 37.9 37.5 23 State and local governments 55.2 64.4 69.9 78.8 85.6 86.2 86.2 Individuals 24 Savings bonds 76.7 80.7 79.9 72.5 68.0 67.9 67.7 25 Other securities 28.6 30.3 36.2 56.7 75.6 76.2 77.0 26 Foreign and international6 109.6 137.8 124.4 127.7 141.4 142.1 140.0 21 Other miscellaneous investors7 49.7 58.9 90.1 106.9 152.3 160.7 174.5 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 l'/2 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 1982 1982 Type of holder 1980 11998811 11998800 1981 Jan. Feb. Jan. Feb All maturities 1 to 5 years 1 All holders 623,186 720,293 726,542 737,532 197,409 228,550 223,333 234,503 2 U.S. government agencies and trust funds 9,564 8,669 8,670 8,042 1,990 1,906 1,906 1,906 3 Federal Reserve Banks 121,328 130,954 127,733 124,819 835 38,223 37,582 35,425 4 Private investors 492,294 580,671 590,139 604,671 159,585 188,422 183,845 197,172 5 Commercial banks 77,868 74,618 77,375 77,688 44,482 39,021 40,244 40,449 6 Mutual savings banks 3,917 3,971 4,177 4,206 1,925 1,870 1,930 1,961 7 Insurance companies 11,930 12,090 12,834 12,409 4,504 5,596 6,165 5,766 8 Nonfinancial corporations 7,758 4,214 4,477 4,305 2,203 1,146 1,258 1,024 9 Savings and loan associations 4,225 4,122 4,915 4,767 2,289 2,260 2,487 2,508 10 State and local governments 21,058 18,991 20,797 21,581 4,595 4,278 4,479 4,766 11 All others 365,539 462,663 465,563 479,714 99,577 134,251 127,282 140,699 Total, within 1 year 5 to 10 years 12 All holders 297,385 340,082 346,336 353,309 56,037 63,483 66,973 57,279 13 U.S. government agencies and trust funds 830 647 648 20 1,404 779 779 779 14 Federal Reserve Banks 56,858 64,113 61,518 62,593 13,548 11,854 11,823 10,093 15 Private investors 239,697 275,322 284,169 290,695 41,175 50,851 54,370 46,407 16 Commercial banks 25,197 29,480 30,553 31,448 5,793 4,496 4,504 2,858 17 Mutual savings banks 1,246 1,569 1,680 1,748 455 238 249 185 18 Insurance companies 1,940 2,201 2,044 2,213 3,037 2,507 2,619 2,329 19 Nonfinancial corporations 4,281 2,421 2,528 2,604 357 344 345 268 20 Savings and loan associations 1,646 1,731 2,148 2,032 216 98 237 158 21 State and local governments 7,750 7,536 7,923 7,770 2,030 2,365 2,395 2,299 22 All others 197,636 230,383 237,293 242,880 29,287 40,804 44,021 38,310 Bills, within 1 year 10 to 20 years 23 All holders 216,104 245,015 250,562 254,037 36,854 44,744 44,709 46,432 24 U.S. government agencies and trust funds 1 » 2 2 3,686 3,996 3,996 3,996 25 Federal Reserve Banks 43,971 49,679 47,095 46,961 5,919 6,692 6,644 6,617 26 Private investors 172,132 195,335 203,465 207,074 27,250 34,055 34,069 35,819 27 Commercial banks 9,856 9,667 10.677 11,504 1,071 873 984 1,083 28 Mutual savings banks 394 423 483 582 181 151 169 171 29 Insurance companies 672 760 708 681 1,718 1,119 1,276 1,325 30 Nonfinancial corporations 2,363 1,173 1,291 1,731 431 131 167 200 31 Savings and loan associations 818 363 754 737 52 16 19 26 32 State and local governments 5,413 5,126 5,469 5,236 3,597 2,824 3,632 4,238 33 All others 152,616 177,824 184,083 186,603 20,200 28,940 27,822 28,776 Other, within 1 year Over 20 years 34 All holders 81,281 95,068 95,774 99,272 35,500 43,434 45,192 46,010 35 U.S. government agencies and trust funds 829 647 646 19 1,656 1,340 1,340 1,340 36 Federal Reserve Banks 12,888 14,433 14,424 15,632 9,258 10,073 10,166 10,092 37 Private investors 67,565 79,987 80,704 83,622 24,587 32,020 33,686 34,578 38 Commercial banks 15,341 19,814 19,876 19,945 1,325 749 1,091 1,850 39 Mutual savings banks 852 1,146 1,197 1,167 110 144 149 141 40 Insurance companies 1,268 1,442 1,336 1,532 730 666 730 776 41 Nonfinancial corporations 1,918 1,248 1,237 873 476 172 178 209 42 Savings and loan associations 828 1,368 1,393 1,295 21 17 23 43 43 State and local governments 2,337 2,410 2,454 2,534 3,086 1,988 2,370 2,508 44 All others 45,020 52,560 53,210 56,277 18,838 28,285 29,145 29,049 NOTE. Direct public issues only. Based on Treasury Survey of Ownership from and 724 insurance companies, each about 80 percent; (2) 408 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 "All 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 Feb. 28,1982: (1)5,301 commercialbanks, 448 mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 DomesticN onfinancial Statistics • May 1982 1.43 U.S. GOVERNMENT SECURITIES DEALERS Transactions Par value; averages of daily figures, in millions of dollars 1982 1982, week ending Wednesday IItteemm 11997799 11998800 11998811 Jan.' Feb." Mar. Mar. 17 Mar. 24 Mar. 31 Apr. 7 Apr. 14 Immediate delivery1 1 U.S. government securities 13,183 18,331 24,728 26,344 30,524 27,446 25,576 28,340 26,960 26,405 28,546 By maturity 2 Bills 7,915 11,413 14,768 16,469 17,557 15,051 15,493 15,552 13,649 14,236 17,292 3 Other within 1 year 454 421 621 593 665 747 643 595 805 756 883 4 1-5 years 2,417 3,330 4,360 4,449 6,070 5,606 4,381 6,269 7,070 4,440 4,600 5 5-10 years 1,121 1,464 2,451 2,540 2,968 2,843 2,508 2,658 2,429 4,421 2,910 6 Over 10 years 1,276 1,704 2,528 2,293 3,264 3,199 2,550 3,266 3,007 2,552 2,861 By type of customer / U.S. government securities dealers 1,448 1,484 1,640 1,508 1,556 1,392 1,422 1,619 1,438 1,369 1,575 8 U.S. government securities brokers 5,170 7.610 11,750 13,181 15,239 13,701 12,944 13,474 12,221 13,006 13,627 9 All others2 i,564 9,237 11,337 11,655 13,729 12,352 11,210 13,247 13,301 12,030 13,344 10 Federal agency securities 2,723 3,258 3,306 2,713 3,617 3,315 3,466 2,859 3,551 2,855 4,075 11 Certificates of deposit 1,764 2,472 4,477 4,233 4,961 4,355 3,780 5,135 4,148 4,081 4,030 12 Bankers acceptances 1,807 1,879 2,208 2,115 1,879 2,189 1,940 2,647 2,298 13 Commercial paper 6,128 7,200 7,791 7,217 7,008 6,831 7,096 7,134 7,519 Futures transactions3 14 Treasury bills 3,523 5,202 4,682 5,096 6,028 3,855 4,851 4,712 3,930 15 Treasury coupons 1,330 1,148 1,545 1,179 1,093 1,064 1,171 837 853 16 Federal agency securities n.a. n a. 234 225 261 204 222 213 176 152 291 Forward transactions4 17 U.S. government securities 365 473 876 493 437 928 358 262 230 18 Federal agency securities 1,370 1,275 1,409 1,358 1,526 967 968 1,207 1,405 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 1982 1982, week ending Wednesday IItteemm 11997799 11998800 11998811 Jan.' Feb/ Mar. Feb. 24 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Positions Net immediate1 1 U.S. government securities. 3,223 4,306 9,033 8,331 9,879 12,247 5,228 11,678 12,632 10,821 13,196 2 Bills 3,813 4,103 6,485 3,527 4,557 6,594 2,817 5,572 6,322 5,877 7,337 3 Other within 1 year -325 -1,062 -1,526 287 83 -118 -3,205 -173 6 -88 -157 4 1-5 years -455 434 1,488 2,891 3,287 3,333 3,852 3,313 3,414 2,578 3,743 5 5-10 years 160 166 292 -247 -580 -513 -785 132 -232 -504 -726 6 Over 10 years 30 665 2,294 1,872 2,532 2,952 2,548 2,835 3,122 2,959 2,999 7 Federal agency securities.. 1,471 797 2,277 2,848 2,311 2,505 2,465 2,351 2,332 2,523 2,673 8 Certificates of deposit .... 2,794 3,115 3,435 3,611 3,389 3,884 3,869 4,265 4,228 3,471 3,870 9 Bankers acceptances I 1,746 2,159 1,953 2,276 2,086 2,435 2,186 1,840 2,234 10 Commercial paper 2,658 2,405 2,560 3,151 2,923 3,279 3,317 3,049 2,921 Future positions 1 11 Treasury bills -8,934 -6,251 -7,588 -6,652 -6,971 -8,227 -7,372 -6,953 -6,527 12 Treasury coupons n.a. n a. -2,733 -2,562 -2,593 -2,528 -2,468 -2,610 -2,671 -2,535 -2,632 13 Federal agency securities.. 1 522 -66 493 -161 418 167 -106 -191 -287 Forwards positions 14 U.S. government securities 1 T -603 -415 -719 -518 -721 -421 -538 -521 -552 15 Federal agency securities.. -451 -1,196 -1,207 -1,007 -1,199 -1,149 -1,043 -1,039 -1,021 Financing2 Reverse repurchase agreements3 16 Overnight and continuing .... 14,568 25,006 21,854 24,745 22,131 20,246 22,858 27,211 17 Term agreements 32,048 47,632 45,520 42,608 46,369 43,931 46,731 41,883 Repurchase agreements4 18 Overnight and continuing .... 35,919 49,809 43,005 48,139 37,872 41,659 47,150 51,236 19 Term agreements 29,449 38,804 38,313 38,833 40,433 36,682 38,696 40,460 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. Feb. 1 Federal and federally sponsored agencies' 137,063 163,290 193,229 218,362 223,393 226,010 226,269 227,210 226,418 226,539 2 Federal agencies 23,488 24,715 28,606 30,088 30.870 31.069 31.156 31.806 31.053 30,806 3 Defense Department2 968 738 610 526 516 514 490 484 470 460 4 Export-Import Bank3-4 8,711 9,191 11.250 12,385 12.855 12,845 12,829 13.339 13,135 12,861 5 Federal Housing Administration5 588 537 477 449 432 427 419 413 406 397 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 2.165 7 Postal Service7 2,364 1,837 1.770 1,538 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 13.187 9 United States Railway Association7 356 436 492 215 215 200 200 202 198 198 10 Federally sponsored agencies' 113,575 138.575 164.623 188,274 192,523 194,941 195,113 195.404 195,365 195,733 11 Federal Home Loan Banks 27,563 33.330 41.258 55,161 58.276 57.990 57,854 58.090 57,387 57,743 12 Federal Home Loan Mortgage Corporation 2,262 2,771 2.536 2.408 2,308 2,308 2,608 2.604 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 59,018 14 Federal Land Banks 20,360 16.006 12,365 10.317 10,317 9,717 9,717 9,717 8.717 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 1,388 16 Banks for Cooperatives 4,843 584 584 220 220 220 220 220 220 220 17 Farm Credit Banks' 5,081 33,216 48,153 58,306 59.024 60.911 60.191 60.034 61,187 61,041 18 Student Loan Marketing Association8 915 1,505 2,720 4,100 4.300 4,600 4,600 4,600 5,000 5,000 19 Other 2 1 1 2 2 2 2 2 2 2 MEMO: 20 Federal Financing Bank debt1,9 51,298 67,383 87,460 103,597 107,309 108,171 109,495 110,698 111,965 112,367 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 12,741 22 Postal Service7 2,114 1,587 1.520 1.288 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 5,000 24 Tennessee Valley Authority 5,635 7,272 9.465 10.535 10,874 11,105 11,240 11,390 11,435 11,462 25 United States Railway Association7 356 436 492 215 215 200 200 202 198 198 Other Lending10 26 Farmers Home Administration 23.825 32.050 39.431 47,171 48.821 48,571 49.029 48,821 49.026 49,081 27 Rural Electrification Administration 4,604 6.484 9.196 11,861 12,343 12,674 12.924 13,516 13.836 13,989 28 Other 6,951 9,696 13.982 16,494 17.059 17,324 17.805 18,140 18,441 18,608 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 Nonfinancial Statistics • May 1982 1.46 NEW SECURITY ISSUES of State and Local Governments Millions of dollars TTyyppee ooff iissssuuee oorr iissssuueerr,, 1981 1982 oorr uussee 11997799 11998800 11998811 July Aug. Sept. Oct. Nov. Dec. Jan.' Feb. 1 All issues, new and refunding1 43,365 48,367 47,732 3,211 3,113 3,910 4,097 5,355 4,744 3,878 3,495 Type of issue 2 General obligation 12,109 14,100 12,394 1,075 1.000 560 748 1,315 749 11,,005566 11,,002288 3 U.S. government loans2 53 38 34 5 8 2 2 3 1 11 11 4 Revenue 31,256 34,267 35,338 2,136 2,113 3,350 3,349 4,040 3,995 2,822 22,,446677 5 U.S. government loans2 67 57 55 1 4 9 5 2 3 4 66 Type of issuer 6 State 4,314 5,304 5,288 353 446 92 439 518 315 514 234 7 Special district and statutory authority 23,434 26,972 27,499 1.733 1.701 2,749 2,467 3,439 3,308 2,132 2,004 8 Municipalities, counties, townships, school 15,617 16,090 14,945 1,125 966 1.070 1,191 1,398 1,120 11,,223322 11,,225577 districts 9 Issues for new capital, total 41,505 46,736 46,530 3,200 2,460 3,904 4,009 5,318 4,683 3,722 3,455 Use of proceeds 10 Education 5,130 4,572 4,547 257 257 153 203 576 561 236 254 11 Transportation 2,441 2,621 3,447 537 113 222 499 286 355 138 206 12 Utilities and conservation 8,594 8,149 10,037 844 524 1,626 700 757 955 11,,117788 1.257 13 Social welfare 15,968 19,958 12,729 712 770 515 953 1,873 1,813 888899 731 14 Industrial aid 3,836 3,974 7,651 377 316 874 1,015 676 523 455 414 15 Other purposes 5.536r 7,462r 8,119 473 480 514 639 1,150 476 826 593 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'' Aug. Sept. Oct. Nov. Dec.' Jan. Feb. 1 All issues' 51,533 73,694 69,283 3,097 4,696 4,368 8,518 5,908 2,451r 2,906 2 Bonds 40,208 53,206 44,643 1,616 2,797 2,845 6,724 3,893 840r 1,537 Type of offering 3 Public 25.814 41,587 37,653 905 2,198 2,582 6,560 3,576 614r 1,364 4 Private placement 14,394 11,619 6,989 711 599 263 164 317 226 173 Industry group 5 Manufacturing 9,678 15,409 12,325 308 452 21 2,054 954 185 138 6 Commercial and miscellaneous 3,948 6,693 5,229 390 201 617 949 850 168 59 7 3,119 3,329 2,054 95 63 51 130 82 28 8 Public utility 8,153 9,557 8,963 360 1,012 1,008 802 582 284 304 9 4,219 6,683 4,280 115 471 83 326 106 335 10 Real estate and financial 11,094 11,534 11,793 348 598 1,065 2,463 1,319 174r 701 11 Stocks 11,325 20,489 24,642 1,481 1,899 1,523 1,794 2,015 1,611r 1,369 Type 12 Preferred 3,574 3,631 1,796 14 186 141 59 80 199 145 13 Common 7,751 16,858 22,846 1.467 1.713 1,382 1,735 1,935 l,412r 1,224 Industry group 14 Manufacturing 1,679 4,839 4,838 160 117 193 407 258 129r 67 15 Commercial and miscellaneous 2,623 5,245 7,436 661 487 449 564 456 669' 420 16 Transportation 255 549 735 91 87 23 15 23 25 73 17 Public utility 5,171 6,230 5,486 248 514 438 405 604 449 703 18 Communication 303 567 1,778 12 369 7 85 95 58 2 19 Real estate and financial 12,931 3,059 4,371 310 325 412 318 580 281r 104 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. INVESTMENT COMPANIES1 1 Sales of own shares2 15,266 20,596 1,449 1,768 1,729 2,140 3,032 2,049 2,049 3,324 2 Redemptions of own shares3 12,012 15,866 1,422 1,457 593 1,125 1,769 1,475 1,456 2,056 3 Net sales 3,254 4,730 35 -8 1,175 604 371 1,557 593 1,268 4 Assets4 58,400 55,207 54,221 51,659 54,335 57,408 55,207 54,347 52,695' 52,976 5 Cash position5 5,321 5,277 5,058 5,409 5,799 6,269 5,277 5,424 5,540' 5,655 6 Other 53,079 49,930 49,163 46,250 48,536 51,139 49,930 48,923 47,155' 47,321 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 196.8 182.7 191.7 169.3 177.9 183.3 203.0 190.3 195.7 177.6 2 Profits before tax 255.3 245.5 233.3 217.9 237.6 249.5 257.0 229.0 234.4 212.8 3 Profits tax liability 87.6 82.3 77.7 71.5 78.5 85.2 87.7 76.4 78.1 68.8 4 Profits after tax 167.7 163.2 155.5 146.5 159.1 164.3 169.2 152.7 156.3 144.0 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 92.4 90.7 102.4 106.6 109.6 90.6 91.5 78.0 7 Inventory valuation -42.6 -45.7 -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 • May 1982 1.50 NONFINANCIAL CORPORATIONS Current Assets and Liabilities Billions of dollars, except for ratio 1980 1981 AAccccoouunntt 11997755 11997766 11997777 11997788 11997799 Q4 Q1 Q2 Q3 Q4 1 Current assets 759.0 826.8 902.1 1,030.0 1,200.9 1,281.6 1,321.2 1,317.4 1,349.2 1,361.4 2 Cash 82.1 88.2 95.8 104.5 116.1 121.0 120.5 118.5 118.3 124.5 3 U.S. government securities 19.0 23.4 17.6 16.3 15.6 17.3 17.0 17.7 16.0 15.8 4 Notes and accounts receivable 272.1 292.8 324.7 383.8 456.8 491.2 507.3 507.4 519.7 512.3 5 Inventories 315.9 342.4 374.8 426.9 501.7 525.4 542.8 540.0 557.2 565.3 6 Other 69.9 80.1 89.2 98.5 110.8 126.7 133.6 133.7 138.1 143.4 7 Current liabilities 451.6 494.7 549.4 665.5 809.1 877.2 910.9 908.1 951.1 962.3 8 Notes and accounts payable 264.2 281.9 313.2 373.7 456.3 498.3 504.0 500.8 529.1 541.3 9 Other 187.4 212.8 236.2 291.7 352.8 378.9 406.9 407.2 422.0 421.0 10 Net working capital 307.4 332.2 352.7 364.6 391.8 404.4 410.3 409.3 398.1 399.1 11 MEMO: Current ratio 1 1.681 1.672 1.642 1.548 1.484 1.461 1.450 1.451 1.419 1.415 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 Q21 Q3 Q4 Ql' Q21 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 16.20 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 ooouuu FFF ttt eee sss bbb tttaaa ... nnn 222 ddd 888 iii ,,, nnn ggg 1981 1982 1981 1982 1981 1982 111999888222111 Dec. Jan. Feb. Dec. Jan. Feb. Dec. Jan. Feb. 1 Total 80,898 102 119 652 15,733 17,496 19,436 15,631 17,377 18,784 2 Retail automotive (commercial vehicles) 11,361 -5 14 168 898 873 1,076 903 859 908 3 Wholesale automotive 12,965 48 -70 -351 3,408 4,565 5,420 3,456 4,635 5,771 4 Retail paper on business, industrial, and farm equipment.... 27,779 387 -60 804 1,701 1,566 1,919 1,314 1,626 1,115 5 Loans on commercial accounts receivable and factored commercial accounts receivable 8,801 -91 258 -52 7,378 8,565 8,939 7,469 8,307 8,991 6 All other business credit 19,992 -141 -23 83 2,348 1,927 2,082 2,489 1,950 1,999 1. Not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 DomesticN onfinancial Statistics • May 1982 1.54 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1981 1982 Item 11997799 11998800 11998811 Sept. Oct. Nov. Dec. Jan. Feb. Mar. 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 89.1 89.2 84.5 88.7 102.6 97.3 93.2 2 Amount of loan (thousands of dollars) 53.3 59.2 65.3r 64.8 63.5 62.7 64.4 71.3r 71.1 67.9 3 Loan/price ratio (percent) 73.9 73.2 74.8 74.1 73.0 77.3 75.3 73.5r 76.5 76.1 4 Maturity (years) 28.5 28.2 27.7 26.6 27.4 23.4 27.7 27.4 28.1 27.2 5 Fees and charges (percent of loan amount)2 1.66 2.09 2.67 2.75 2.86 2.52 2.87 2.55 3.01 3.00 6 Contract rate (percent per annum) 10.48 12.25 14.16 14.69 15.04 15.68 15.23 14.66 14.44 15.04 Yield (percent per annum) 7 FHLBB series5 10.77 12.65 14.74 15.29 15.65 16.38 15.87 15.25 15.12 15.83 8 HUD series4 11.15 13.95 16.52 18.30 18.05 16.95 17.00 17.30 17.20 16.80 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5 10.87 13.42 16.29 18.55 17.43 15.98 16.43 17.38 17.10 16.41 10 GNMA securities6 10.22 12.55 15.29 17.06 16.54 15.10 15.51 16.19 16.21 15.54 FNMA auctions7 11 Government-underwritten loans 11.17 14.11 16.70 18.99 18.13 16.64 16.92 17.80 18.00 17.29 12 Conventional loans 11.77 14.43 16.64 19.14 18.61 17.20 16.95 17.33 17.91 17.09 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 13 Total 46,050 55,104 58,675 59,682 60,489 60,949 61,412 61,721 62,112 62,544 14 FHA/VA-insured 33,673 37,364 39,342 39,792 40,043 40,056 39.997 39.937 39,926 39,893 15 Conventional 14,377 17,724 19,334 19,890 20,445 20,885 21,435 21,784'' 22,185 22,654 Mortgage transactions (during period) 16 Purchases 10,812 8,099 6,112 1,125 1,000 594 655 430 519 604 17 Sales 0 0 2 0 0 0 0 0 0 0 Mortgage commitments8 18 Contracted (during period) 10,179 8,083 9,331 811 533 560 1,272 703 1,037 1,585 19 Outstanding (end of period) 6,409 3,278 3,577 3,997 3,447 3,354 3,577 3,285 3,470 4,277 Auction of 4-month commitments to buy Government-underwritten loans 20 Offered 8,860.4 8,605.4 2,487.2 145.9 66.3 79.0 59.2 41.5 41.7 45.7 21 Accepted 3,920.9 4.002.0 1,478.0 64.1 37.3 34.4 27.0 30.8 23.4 29.6 Conventional loans 22 Offered 4,495.3 3,639.2 2,524.7 120.7 43.2 147.7 84.4 31.7 28.6 65.0 23 Accepted 2,343.6 1.748.5 1,392.3 67.9 27.5 63.1 48.0 11.5 13.6 32.3 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)9 24 Total 3,543 4,362 5,245 5.431 5,469 5,283 5,255 5.240 5,342 5,320 25 FHA/VA 1,995 2,116 2,236 2.264 2.267 2,232 2,227 2.209 2,218 2,227 26 Conventional 1.549 2,246 3,010 3.167 3,202 3,051 3,028 3.032 3,124 3,094 Mortgage transactions (during period) 27 Purchases 5,717 3,723 3,789 337 290 416 1,140 1.628 1,228 1,479 28 Sales 4,544 2,527 3,531 249 244 596 1,158 162 1,115 1,564 Mortgage commitments10 29 Contracted (during period) 5,542 3,859 6,974 365 1,834 2,011 203 328 565 2,523 30 Outstanding (end of period) 797 447 3,518 982 2,863 4,451 3,518 5,033 4,336 5,461 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 1981 1982 TTyyppee ooff hhoollddeerr,, aanndd ttyyppee ooff pprrooppeerrttyy 11997799 11998800 11998811 Q1 Q2 Q3 Q4 Q1 1 1,326,785' 1,445,966r 1,544,797' 1,468,053' 1,499,066' 1,525,598' 1,544,797' 1,559,167 ? 1- to 4-family 880,369r 961,340' 1,021,480' 974,411' 993,794' 1,010,725' 1,021,480' 1,030,248 3 Multifamily 128,167r 136,953' 141,932' 137,946' 139,199' 140,396' 141,932' 143,160 4 Commercial 235,572' 255,655' 279,578' 261,242' 268,561' 274,445' 279,578' 281,850 5 82,677 92,018 101,807' 94,454' 97,512 100,032' 101,807' 103,909 Major financial institutions 938,567 997,168 1,044,037 1,007,240 1,023,793 1,036,880' 1,044,037' 1,045,187 7 Commercial banks1 245,187 263,030 286,626 266,734 273,225 281,126 286,626 291,426 8 1- to 4-family 149,460 160,326 172,549 161,758 164,873 169,378 172,549 175,559 9 Multifamily 11,180 12,924 14,905 13,282 13,800 14,478 14,905 15,155 in Commercial 75,957 81,081 90,717 83,133 86,091 88,836 90,717 92,237 ii Farm 8,590 8,699 8,455 8,561 8,461 8,434 8,455 8,475 12 Mutual savings banks 98,908 99,865' 100,015' 99,719 99,993 99,994' 100,015' 98,500 13 1- to 4-family 66,140' 67,489' 68,200' 67,619' 68,035' 68,116' 68,200' 67,186 14 Multifamily 16,557r 16,058' 15,962' 15,955' 15,909' 15,939' 15,962' 15,711 IS Commercial 16,162' 16,278' 15,813' 16,105' 15,999' 15,909' 15,813' 15,563 16 Farm 49 r 40' 40' 40' 50' 30' 40' 40 17 Savings and loan associations 475,688 503,192 518,350 507,556 515,256 518,778 518,350 515,125 18 1- to 4-family 394,345 419,763 433,289 423,606 430,703 433,646 433,289 430,593 19 Multifamily 37,579 38,142 38,306 38,219 38,077 38,338 38,306 38,068 20 Commercial 43,764 45,287 46,755 45,731 46,476 46,794 46,755 46,464 2.1 Life insurance companies 118,784 131,081 139,046 133,231 135,319 136,982 139,046 140,136 V. 1- to 4-family 16,193 17,943 17,382 17,847 17,646 17,512 17,382 17,332 23 Multifamily 19,274 19,514 19,486 19,579 19,603 19,592 19,486 19,674 24 Commercial 71,137 80,666 89,089 82,839 85,038 86,742 89,089 90,105 25 Farm 12,180 12,958 13,089 12,966 13,032 13,136 13,089 13,025 26 Federal and related agencies 97,084 114,300 126,112' 116,243 119,124 121,772 126,112' 128,259 27 Government National Mortgage Association 3,852 4,642 4,765 4,826 4,972 4,382 4,765 4,550 28 1- to 4-family 763 704 693 696 698 696 693 698 29 Multifamily 3,089 3,938 4,072 4,130 4,274 3,686 4,072 3,852 30 Farmers Home Administration 1,274 3,492 2,235 2,837 2,662 1,562 2,235 1,985 31 1- to 4-family 417 916 914 1,321 1,151 500 914 864 32 Multifamily 71 610 473 528 464 242 473 423 33 Commercial 174 411 506 479 357 325 506 456 34 Farm 612 1,555 342 509 690 495 342 242 35 Federal Housing and Veterans Administration 5,555 5,640 5,999' 5,799 5,895 6,005 5,999' 6,007 36 1- to 4-family 1,955 2,051 2,289' 2,135 2,172 2,240 2,289' 2,267 37 Multifamily 3,600 3,589 3,710' 3,664 3,723 3,765 3,710' 3,740 38 Federal National Mortgage Association 51,091 57,327 61,412 57,362 57,657 59,682 61,412 62,544 39 1- to 4-family 45,488 51,775 55,986 51,842 52,181 54,227 55,986 57,142 40 Multifamily 5,603 5,552 5,426 5,520 5,476 5,455 5,426 5,402 41 Federal Land Banks 31,277 38,131 46,446 40,258 42,681 44,708 46,446 47,731 42 1- to 4-family 1,552 2,099 2,788 2,228 2,401 2,605 2,788 2,869 43 Farm 29,725 36,032 43,658 38,030 40,280 42,103 43,658 44,862 44 Federal Home Loan Mortgage Corporation 4,035 5,068 5,255 5,161 5,257 5,433 5,255 5,442 45 1- to 4-family 3,059 3,873 4,018 3,953 4,025 4,166 4,018 4,182 46 Multifamily 976 1,195 1,237 1,208 1,232 1,267 1,237 1,260 47 Mortgage pools or trusts2 119,278 142,258 162,273 147,246 152,308 158,140 162,273 169,894 48 Government National Mortgage Association 76,401 93,874 105,790 97,184 100,558 103,750 105,790 108,645 49 1- to 4-family 74,546 91,602 103,007' 94,810 98,057 101,068 103,007' 105,769 50 Multifamily 1,855 2,272 2,783' 2,374 2,501 2,682 2,783' 2,876 51 Federal Home Loan Mortgage Corporation 15,180 16,854 19,843 17,067 17,565 17,936 19,843 23,959 5?, 1- to 4-family 12,149 13,471 15,888 13,641 14,115 14,401 15,888 18,995 53 Multifamily 3,081 3,383 3,955 3,426 3,450 3,535 3,955 4,964 54 Farmers Home Administration 27,697 31,530 36,640 32,995 34,185 36,454 36,640 37,290 55 1- to 4-family 14,884 16,683 18,378 16,640 17,165 18,407 18,378 18,478 56 Multifamily 2,163 2,612 3,426 2,853 3,097 3,488 3,426 3,476 57 Commercial 4,328 5,271 6,161 5,382 5,750 6,040 6,161 6,211 58 Farm 6,322 6,964 8,675 8,120 8,173 8,519 8,675 9,125 59 Individual and others3 171,856' 192,240' 212,375' 197,324' 203,841' 208,806' 212,375' 215,827 60 1- to 4-family 99,418' 112,645' 126,099' 116,315' 120,572' 123,763' 126,099' 128,314 61 Multifamily 23,189' 27,164' 28,191' 27,208' 27,593' 27,929' 28,191' 28,559 6? Commercial 24,050' 26,661' 30,537' 27,573' 28,850' 29,799' 30,537' 30,814 63 Farm 25,199' 25.770' 27,548' 26,228' 26,826' 27,315' 27,548' 28,140 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 for which separate data are not readily available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • May 1982 1.56 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change A Millions of dollars 1981 1982 Holder, and type of credit 11997788 11997799 11998800 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Amounts outstanding (end of period) 1 Total 273,645 312,024 313,472 328,187 328,652 329,053 333,375 330,135 327,435 327,131 By major holder 2 Commercial banks 136,016 154,177 147,013 147,060 146,889 146,687 149,300 148,162 146,922 146,454 3 Finance companies 54,298 68,318 76,756 88,698 89,583 89,956 89,818 88,925 89,009 89,591 4 5 C R r e e ta d i i l t e u rs n 2 i ons 4 2 4 5 , , 3 9 3 8 4 7 4 28 6 , , 1 5 1 1 9 7 4 2 4 8 , , 0 4 4 4 1 8 4 2 6 6 , , 7 5 9 9 1 4 4 26 6 , , 9 4 2 1 2 6 4 27 6 , , 5 0 1 9 0 2 4 2 5 9 , , 9 5 5 5 4 1 4 2 5 8 , , 9 1 0 7 7 9 4 2 5 7 , , 5 0 8 1 6 3 4 2 5 6 , , 6 5 3 3 2 0 6 Savings and loans 7,097 8,424 9,911 11,236 11,348 11,529 11,598 11,668 11,738 11,926 7 Gasoline companies.... 3,220 3,729 4,468 5,007 4,713 4,487 4,403 4,541 4,433 4,229 8 Mutual savings banks .. 2,693 2,740 2,835 2,801 2,781 2,792 2,751 2,753 2,734 2,769 By major type of credit 9 Automobile 101,647 116,362 116,838 125,703 126,344 126,385 126,431 125,525 125,294 125,559 10 Commercial banks... 60,510 67,367 61,536 59,451 59,242 59,125 59,181 58,849 58,604 58,510 11 Indirect paper 33,850 38,338 35,233 34,616 34,651 34,781 35,097 35,029 34,920 34,888 12 Direct loans 26,660 29,029 26,303 24,835 24,591 24,344 24,084 23,820 23,684 23,622 13 Credit unions 21,200 22,244 21,060 22,375 22,196 22,041 21,975 21,953 21,799 21,821 14 Finance companies .. 19,937 26,751 34,242 43,877 44,906 45,219 45,275 44,723 44,891 45,228 15 Revolving 48,309 56,937 58,352 58,318 58,451 58,923 63,049 61,433 59,514 58,491 16 Commercial banks... 24,341 29,862 29,765 30,686 30,763 30,876 33,110 32,643 31,923 31,532 17 Retailers 20,748 23,346 24,119 22,625 22,975 23,560 25,536 24,249 23,158 22,730 18 Gasoline companies . 3,220 3,729 4,468 5,007 4,713 4,487 4,403 4,541 4,433 4,229 19 Mobile home 15,235 16,838 17,322 18,124 18,300 18,380 18,486 18,397 18,343 18,363 20 Commercial banks... 9,545 10,647 10,371 10,241 10,288 10,267 10,300 10,206 10,111 10,037 21 Finance companies .. 3,152 3,390 3,745 4,282 4,384 4,439 4,494 4,481 4,506 4,548 22 Savings and loans.... 2,067 2,307 2,737 3,103 3,134 3,184 3,203 3,222 3,241 3,293 23 Credit unions 471 494 469 498 494 490 489 488 485 486 24 Other 108,454 121,887 120,960 126,042 125,557 125,365 125,409 124,780 124,284 124,718 25 Commercial banks... 41,620 46,301 45,341 46,682 46,596 46,419 46,709 46,464 46,284 46,375 26 Finance companies .. 31,209 38,177 38,769 40,539 40,293 40,298 40,049 39,721 39,612 39,815 27 Credit unions 22,663 23,779 22,512 23,918 23,726 23,561 23,490 23,466 23,302 23,326 28 Retailers 5,239 4,773 4,329 3,969 3,947 3,950 4,015 3,930 3,855 3,800 29 Savings and loans.... 5,030 6,117 7,174 8,133 8,214 8,345 8,395 8,446 8,497 8,633 30 Mutual savings banks 2,693 2,740 2,835 2,801 2,781 2,792 2,751 2,753 2,734 2,769 Net change (during period)3 31 Total. 43,079 38,381 1,448 2,975 1,002 600 -33 443 75 990 By major holder 32 Commercial banks 23,641 18,161 -7,163 427 -76 433 1,160 10 -171 166 33 Finance companies .. 9,430 14,020 8,438 2,682 1,204 462 -414 -597 307 673 3 3 5 4 R C e re ta d i i l t er u s n 2 ions 2 6 , , 4 7 9 2 7 9 2 2 , , 1 1 3 8 2 5 -2,4 3 7 2 5 9 -13 1 4 1 -2 1 0 0 9 4 - - 1 2 2 2 6 4 - - 3 3 6 3 9 8 6 2 8 7 9 - - 1 1 3 2 5 4 -1 1 2 7 2 1 36 Savings and loans. 7 1,327 1,485 71 32 121 57 172 173 251 37 Gasoline companies.. 257 509 739 -42 -81 -98 39 36 -150 38 Mutual savings banks 518 47 95 -20 -11 15 -31 103 -11 1 By major type of credit 39 Automobile 18,736 14,715 477 2,079 1,024 564 68 -121 -56 -28 40 Commercial banks... 10,933 6,857 -5,830 -404 -226 220 236 103 -180 -248 41 Indirect paper 6,471 4,488 -3,104 -79 16 371 413 232 -141 -130 42 Direct loans 4,462 2,369 -2,726 -325 -242 -151 -177 -129 -39 -118 43 Credit unions 3,101 1,044 -1,184 -82 -98 -77 -200 345 -59 -55 44 Finance companies .. 4,702 6,814 7,491 2,565 1,348 421 32 -569 183 275 45 Revolving 9,035 8,628 1,415 571 324 21 59 -196 -155 307 46 Commercial banks.. 5,967 5,521 -97 593 182 198 467 -276 -65 296 47 Retailers 2,811 2,598 773 40 184 -96 -310 41 -126 161 48 Gasoline companies 257 509 739 -62 -42 -81 -98 39 36 -150 49 Mobile home 286 1,603 483 157 122 75 143 -26 -44 15 50 Commercial banks. 419 1,102 -276 30 28 -9 81 -74 -110 -82 51 Finance companies 74 238 355 102 74 42 49 6 56 52 52 Savings and loans.. -276 240 430 26 23 45 15 30 14 47 53 Credit unions 69 23 -25 -1 -3 -3 -2 12 -4 -2 54 Other 15,022 13,435 -927 168 -468 -60 -303 786 330 696 55 Commercial banks 6,322 4,681 -960 208 -60 24 376 257 184 200 56 Finance companies .. 4,654 6,968 592 15 -218 -1 -495 -34 68 346 57 Credit unions 3,559 1,118 -1,266 -51 -108 -144 -167 332 -72 -65 58 Retailers -314 -466 -444 -29 -80 -30 -28 -14 2 10 59 Savings and loans 283 1,087 1,056 45 9 76 42 142 159 204 60 Mutual savings banks 518 47 95 -20 -11 15 -31 103 -11 1 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 not seasonally adjusted $71.3 billion at the end of 2. Includes auto dealers and excludes 30-day charge credit held by travel and 1979, $74.8 billion at the end of 1980. and $80.2 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 . , . t 1078 11997799 11998800 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Extensions 1 297,668 324,777 306,076 29,406 26,836 27,370 26,656 26,888 27,150 27,462 By major holder ? Commercial banks 142,433 154,733 134,960 12,384 11,610 12,430 13,264 11,775 1122,,443311 1122,,551199 3 Finance companies 50,505 61,518 60,801 7,158 5,327 5,287 4,089 4,433 4,857 5,002 4 Credit unions 38,111 34,926 29,594 2,558 2,621 2,571 2,517 3,326 2,695 2,631 5 Retailers1 44,571 47,676 49,942 4,568 4,559 4,279 4,142 4,385 4,254 4,536 6 Savings and loans 3,724 5,901 6,621 573 553 668 588 716 754 788 7 Gasoline companies 16,017 18,005 22,253 2,035 2,021 1,963 1,931 2,000 2,007 1,835 8 Mutual savings banks 2,307 2,018 1,905 130 145 172 125 253 152 151 By major type of credit 9 Automobile 87,981 93,901 83,454 9,000 7,490 8,073 7,352 77,,447744 77,,228833 77,,118833 10 Commercial banks 52,969 53,554 41,109 3,218 3,263 3,979 3,978 3,696 3,415 3,393 11 Indirect paper 29,342 29,623 22,558 1,932 1,966 2,516 2,489 2,293 1,875 1,875 1? Direct loans 23,627 23,931 18,551 1,286 1,297 1,463 1,489 1,403 1,540 1,518 13 Credit unions 18,539 17,397 15,294 1,337 1,308 1,342 1,345 1,702 1,363 1,420 14 Finance companies 16,473 22,950 27,051 4,445 2,919 2,752 2,029 2,076 2,505 2,370 15 Revolving 105,125 120,174 128,068 12,263 11,753 11,379 11,592 11,070 11,730 12,143 16 Commercial banks 51,333 61,048 61,593 6,124 5,578 5,584 5,961 5,135 5,928 6,235 17 Retailers 37,775 41,121 44,222 4,104 4,154 3,832 3,700 3,935 3,795 4,073 18 Gasoline companies 16,017 18,005 22,253 2,035 2,021 1,963 1,931 2,000 2,007 1,835 19 Mobile home 5,412 6,471 5,093 532 475 479 508 434 364 411 70 Commercial banks 33,,669977 4,542 2,937 291 254 235 308 188 136 156 71 Finance companies 888866 797 898 134 123 108 106 99 117 120 7,2 Savings and loans 609 948 1,146 95 89 127 86 122 102 126 23 Credit unions 220 184 113 12 9 9 8 25 9 9 24 Other 99,150 104,231 89,461 7,611 7,118 7,439 7,204 7,910 7,773 7,725 75 Commercial banks 34,434 35,589 29,321 2,751 2,515 2,632 3,017 2,756 2,952 2,735 26 Finance companies 33,146 37,771 32,852 2,579 2,285 2,427 1,954 2,258 2,235 2,512 27 Credit unions 19,352 17,345 14,187 1,209 1,304 1,220 1,164 1,599 1,323 1,202 28 Retailers 6,796 6,555 5,720 464 405 447 442 450 459 463 29 Savings and loans 3,115 4,953 5,476 478 464 541 502 594 652 662 30 Mutual savings banks 2,307 2,018 1,905 130 145 172 125 253 152 151 Liquidations 31 Total 254,589 286,396 304,628 26,431 25,834 26,770 26,689 26,445 27,075 26,472 By major holder 37 Commercial banks 118,792 136,572 142,123 11,957 11,686 11,997 12,104 11,765 12,602 1122,,335533 33 Finance companies 41,075 47,498 52,363 4,476 4,123 4,825 4,503 5,030 4,550 4,329 34 Credit unions 31,382 32,741 32,069 2,692 2,830 2,795 2,886 2,637 2,830 2,753 35 Retailers1 42,074 45,544 49,613 4,557 4,455 4,405 4,480 4,358 4,378 4,365 36 Savings and loans 3,717 4,574 5,136 502 521 547 531 544 581 537 37 Gasoline companies 15,760 17,496 21,514 2,097 2,063 2,044 2,029 1,961 1,971 1,985 38 Mutual savings banks 1,789 1,971 1,810 150 156 157 156 150 163 150 By major type of credit 39 Automobile 69,245 79,186 82,977 6,921 66,,446666 7,509 7,284 77,,559955 77,,333399 77,,221111 40 Commercial banks 42,036 46,697 46,939 3,622 3,489 3,759 3,742 3,593 3,595 3,641 41 Indirect paper 22,871 25,135 25,662 2,011 1,950 2,145 2,076 2,061 2,016 2,005 4? Direct loans 19,165 21,562 21,277 1,611 1,539 1,614 1,666 1,532 1,579 1,636 43 Credit unions 15,438 16,353 16,478 1,419 1,406 1,419 1,545 1,357 1,422 1,475 44 Finance companies 11,771 16,136 19,560 1,880 1,571 2,331 1,997 2,645 2,322 2,095 45 Revolving 96,090 111,546 126,653 11,692 11,429 11,358 11,533 11,266 11,885 11,836 46 Commercial banks 45,366 55,527 61,690 5,531 5,396 5,386 5,494 5,411 5,993 5,939 4477 Retailers 34,964 38,523 43,449 4,064 3,970 3,928 4,010 3,894 3,921 3,912 4488 Gasoline companies 15,760 17,496 21,514 2,097 2,063 2,044 2,029 1,961 1,971 1,985 49 Mobile home 5,126 4,868 4,610 375 353 404 365 460 408 396 SO Commercial banks 3,278 3,440 3,213 261 226 244 227 262 246 238 51 Finance companies 812 559 543 32 49 66 57 93 61 68 52 Savings and loans 885 708 716 69 66 82 71 92 88 79 53 Credit unions 151 161 138 13 12 12 10 13 13 11 54 Other 84,128 90,796 90,388 7,443 7,586 7,499 7,507 7,124 7,443 7,029 55 Commercial banks 28,112 30,908 30,281 2,543 2,575 2,608 2,641 2,499 2,768 2,535 56 Finance companies 28,492 30,803 32,260 2,564 2,503 2,428 2,449 2,292 2,167 2,166 57 Credit unions 15,793 16,227 15,453 1,260 1,412 1,364 1,331 1,267 1,395 1,267 58 Retailers 7,110 7,021 6,164 493 485 477 470 464 457 453 59 Savings and loans 2,832 3,866 4,420 433 455 465 460 452 493 458 60 Mutual savings banks 1,789 1,971 1,810 150 156 157 156 150 163 150 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 • May 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 TTrraannssaaccttiioonn ccaatteeggoorryy,, sseeccttoorr 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 5 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 y 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 u 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 u 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 2222..44 Mortgages lb 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 17 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 25 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 2/ 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 21A 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 -.7 -.6 -.2 -1.4 -2.0 -.8 -.5 5y 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 6/ 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 10 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 11 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 2 Total net advances 49.8 79.2 101.9 74.0 92.1 90.0 49.6 98.5 102.9 81.3 101.2 78.8 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 20 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 22 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 24 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 25 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 26 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 27 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 42 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, bank borrowings 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 • May 1982 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures 1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1981 1982 MMeeaassuurree 11997799 11998800 11998811 July Aug. Sept. Oct. Nov. Dec. Jan.' Feb. Mar.'' Apr.e 1 Industrial production1 152.5 147.0 151.0 153.9 153.6 151.6 149.1 146.3 143.4 140.7 142.7 141.5 140.7 Market groupings 2 Products, total 150.0 146.7 150.6 153.0 152.6 151.0 149.4 147.5 146.2 142.9 144.5 143.7 143.3 3 Final, total 147.2 145.3 149.5 152.1 151.5 150.0 148.9 147.2 146.3 142.8 144.2 143.5 143.3 4 Consumer goods 150.8 145.4 147.9' 150.7 149.6 147.8 146.5 144.0 142.0 139.6 141.7 141.7 142.5 5 Equipment 142.2 145.2 151.8 154.1 154.0 152.9 152.1 151.5 152.1 147.2 147.7 146.0 144.5 6 Intermediate 160.5 151.9 154.4 156.2 156.8 154.6 151.4 148.7 145.9 143.4 145.8 144.2 143.1 7 Materials 156.4 147.6 151.6 155.3 155.2 152.5 148.5 144.6 139.0 137.2 139.9 138.2 136.8 Industry groupings 8 Manufacturing 153.6 146.7 150.4 153.2 153.2 151.1 148.2 145.0 142.0 138.5 140.8 139.9 139.4 Capacity utilization (percent)1-2 9 Manufacturing 85.7 79.1 78.5 79.8 79.6 78.3 76.6 74.8 73.1 71.1 72.1 71.5 71.1 10 Industrial materials industries .... 87.4 80.0 79.9 81.9 81.7 80.0 77.7 75.5 72.4 71.4 72.6 71.6 70.8 11 Construction contracts (1977 = 100)3 121.0 106.0 107.0 99.0 99.0 100.0 101.0 92.0 112.0 115.0 97.0 105.0 n.a. 12 Nonagricultural employment, total4 . 136.5 137.6 139.1 139.6 139.7 139.9 139.6 139.1 138.5 138.1 138.3' 137.9' 137.6 13 Goods-producing, total 113.5 110.3 110.2 111.3 111.3 111.2 110.1 109.1 107.7 106.4 106.6 105.6' 104.8 14 Manufacturing, total 108.2 104.4 104.2 105.6 105.4 105.4 104.1 102.9 101.5 100.5 100.3 99.5' 99.0 15 Manufacturing, productionworker 105.3 99.4 98.5 100.1 99.9 99.8 98.1 96.4 94.5 93.2 93.1 92.2' 91.6 16 Service-producing 149.1 152.6 155.0 155.2 155.2 155.6 155.7 155.6 155.3 155.5 155.7' 155.7' 155.6 17 Personal income, total 308.5 342.9 381.5 384.0 387.8 390.9 392.8 395.6 395.6 396.7 399.1' 400.8 n.a. 18 Wages and salary disbursements .. 289.5 314.7 347.3 347.8 351.4 353.7 355.4 357.8 356.5 358.6 361.2' 361.4 n.a. 19 Manufacturing 248.6 261.5 288.9 292.1 294.3 294.9 293.7 292.0 288.8 289.3 292.4' 291.5 n.a. 20 Disposable personal income5 299.6 332.5 379.6 369.7 372.9 375.5 379.6 382.0 381.8 384.0 385.9 388.3 n.a. 21 Retail sales6 281.6 303.8 330.6' 333.8 338.5 338.9 331.1 333.3 334.1 326.0 334.9 332.9 337.4 Prices7 22 Consumer 217.4 246.8 272.4 274.4 276.5 279.3 279.9 280.7 281.5 282.5 283.4 283.1 n.a. 23 Producer finished goods 217.7 247.0 269.8 271.8 271.5 271.5' 274.V 274.7' 275.3 277.4 277.4' 276.9 n.a. 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 1982 1981 1982 1981 1982 o . Q2 Q3 04 Ql' 02 Q3 Q4 Ql 02 03 Q4 Ql' Output (1967 = 100) Capacity (percent of 1967 output) Utilization rate (percent) 1 Manufacturing 152.4 152.5 145.0 139.7 190.9 192.4 193.9 195.2 79.8 79.3 74.8 71.6 2 Primary processing 156.5 155.8 143.5 136.8 195.0 196.3 197.5 198.6 80.3 79.4 72.7 68.9 3 Advanced processing 150.2 150.7 145.8 141.6 188.7 190.4 192.0 193.5 79.6 79.2 75.9 73.2 4 Materials 153.4 154.3 144.0 138.4 189.0 190.3 191.5 192.6 81.2 81.1 75.2 71.9 5 Durable goods 152.3 152.8 140.2 130.7 192.9 194.2 195.3 196.4 78.9 78.7 71.8 66.6 6 Metal materials 112.8 114.2 99.5 90.5 141.7 141.9 142.1 142.3 79.6 80.5 70.1 63.6 7 Nondurable goods 178.4 175.8 164.5 160.3 209.2 211.2 213.1 214.6 85.3 83.3 77.2 74.7 8 Textile, paper, and chemical 185.9 182.8 169.4 163.5 219.4 221.7 223.9 225.6 84.8 82.5 75.7 72.5 9 Textile 114.5 115.5 106.8 101.0 140.6 141.0 141.6 142.1 81.4 81.8 75.4 71.1 10 Paper 151.0 152.2 147.0 145.5 160.7 161.9 162.8 163.8 93.9 94.1 90.3 88.8 11 Chemical 231.6 224.9 206.2 198.5 277.5 281.0 284.4 287.3 83.5 80.0 72.5 69.1 12 Energy materials 125.1 131.6 127.9 129.8 154.3 155.0 155.8 156.5 81.1 84.9 82.1 83.0 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 Cpfipc High Low High Low Apr. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr Capacity utilization rate (percent) 13 Manufacturing 88.0 69.0 87.2 74.9 79.8 79.6 78.3 76.6 74.8 73.1 71.1 72.1 71.5 71.1 14 Primary processing 93.8 68.2 90.1 71.0 80.7 79.9 78.2 75.7 72.7 69.6 68.5 69.8 68.3 67.7 15 Advanced processing 85.5 69.4 86.2 77.2 79.4 79.4 78.3 77.0 75.8 75.0 72.8 73.6 73.2 73.0 16 Materials 92.6 69.4 88.8 73.8 81.1 81.6 80.0 77.7 75.5 72.4 71.4 72.6 71.6 70.8 17 Durable goods 91.5 63.6 88.4 68.2 78.8 79.4 77.3 74.7 72.2 68.5 66.2 67.4 66.1 64.8 18 Metal materials 98.3 68.6 96.0 59.6 79.9 83.0 79.1 73.9 70.8 65.5 65.8 64.4 60.7 56.6 19 Nondurable goods 94.5 67.2 91.6 77.5 85.9 83.0 82.9 80.3 77.3 74.1 73.2 75.7 75.2 75.2 20 Textile, paper, and chemical 95.1 65.3 92.2 75.3 85.5 82.3 82.1 79.1 75.9 72.2 70.7 73.5 73.3 73.0 21 Textile 92.6 57.9 90.6 80.9 81.9 82.3 81.3 78.8 75.5 72.0 68.6 71.9 72.9 73.1 22 Paper 99.4 72.4 97.7 89.3 94.9 93.6 95.7 92.1 92.3 86.5 87.6 89.9 89.0 88.1 23 Chemical 95.5 64.2 91.3 70.7 84.1 79.7 79.2 76.2 72.4 69.0 67.4 70.1 69.9 69.7 24 Energy materials 94.6 84.8 88.3 82.7 79.9 85.6 83.0 82.5 82.2 81.6 83.7 83.0 82.1 81.2 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 166,952 169,848 172,272 172,967 173,154 173,330 173,494 173,657 173,842 174,019 2 Labor force (including Armed Forces)1 ... 107,050 109,042 111,812 111,170 111,430 111,348 111,038 111,333 111,521 111,823 3 Civilian labor force 104,962 106,940 108,670 109,012 109,272 109,184 108,879 109,165 109,346 109,648 4 Nonagricultural industries2 95,477 95,938 97,030 96,965 96,800 94,404 96,170 96,217 96,144 96,032 5 Agriculture 3,347 3,364 3,368 3,378 3,372 3,209 3,411 3,373 3,349 3,309 Unemployment 6 Number 6,137 7,637 8,273 8,669 9,100 9,571 9,298 99,,557755 9,354 10,307 7 Rate (percent of civilian labor force) . 5.8 ' 7.1 7.6 8.0 8.3 8.8 8.5 88..88 9.0 9.4 8 Not in labor force 59,902 60,806 60,460 61,797 61,724 61,982 62,456 62,324 62,321 62,196 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 89,823 90,564 91,548 91,832 91,522 91,113 90,879 91,019r 90,760r 90,562 10 Manufacturing 21,040 20,300 20,264 20,241 20,017 19,736 19,550 19,506r 19,340' 19,258 11 Mining 958 1,020 1,104 1,162 1,172 1,175 1,166 1,165r 1,159r 1,151 12 Contract construction 4,463 4,399 4,307 4,259 4,229 4,193 4,085 4,165r 4,110r 4,026 13 Transportation and public utilities 5,136 5,143 5,152 5,168 5,147 5,122 5,124 5,105' 5,088r 5,100 14 Trade 20,192 20,386 20,736 20,916 20,838 20,735 20,849 20,934r 20,892r 20,822 15 Finance 4,975 5,168 5,330 5,360 5,355 5,366 5,361 5,366r 5,377r 5,371 16 Service 17,112 17,901 18,598 18,788 18,838 18,856 18,845 18,893' 18,887r 18,952 17 Government 15,947 16,249 16,056 15,938 15,926 15,930 15,899 15,885r 15,907r 15,882 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, and 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 • May 1982 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value Monthly data are seasonally adjusted. Grouping p p 19 o ro 6 r- - 7 a 1 v 9 e 8 r 1 - 1981 1982 tion age Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Feb. Mar.? Apr. Index (1967 = 100) MAJOR MARKET 1 Total index 100.00 151.0 152.1 151.9 152.7 152.9 153.9 153.6 151.6 149.1 146.3 143.4 140.7 142.7 141.5 140.7 2 Products 60.71 150.6 150.7 151.3 152.3 152.2 153.0 152.6 151.0 149.4 147.5 146.2 142.9 144.5 143.7 143.3 3 Final products 47.82 149.5 149.0 149.9 151.3 151.4 152.1 151.5 150.0 148.9 147.2 146.3 142.8 144.2 143.5 143.3 4 Consumer goods 27.68 147.9 148.3 148.9 150.7 150.3 150.7 149.6 147.8 146.5 144.0 142.0 139.6 141.7 141.7 142.5 5 Equipment 20.14 151.8 150.0 151.4 152.1 153.0 154.1 154.0 152.9 152.1 151.5 152.1 147.2 147.7 146.0 144.5 6 Intermediate products 12.89 154.4 157.1 156.3 156.1 154.9 156.2 156.8 154.6 151.4 148.7 145.9 143.4 145.8 144.2 143.1 V Materials 39.29 151.6 154.4 152.9 153.4 154.0 155.3 155.2 152.5 148.5 144.6 139.0 137.2 139.9 138.2 136.8 Consumer goods 8 Durable consumer goods 7.89 140.5 143.6 144.3 147.3 147.9 146.5 142.5 140.4 136.3 129.7 123.2 120.1 125.2 127.6 131.0 9 Automotive products 2.83 137.9 139.2 142.9 151.8 153.1 147.6 137.6 139.1 132.8 121.7 119.2 109.2 117.2 124.9 130.3 10 Autos and utility vehicles . 2.03 111.2 116.1 120.2 129.1 131.4 123.0 107.8 110.0 101.7 88.9 87.5 71.6 82.0 93.6 101.1 11 Autos 1.90 103.4 107.8 113.2 120.0 122.2 118.1 104.0 103.3 92.5 81.1 78.1 61.3 7700..55 7799..88 8877..22 12 Auto parts and allied goods 80 205.6 197.5 200.8 209.5 208.0 210.0 213.1 212.9 211.8 205.0 199.7 204.4 206.5 204.1 204.4 13 Home goods 5.06 142.0 146.1 145.0 144.8 145.0 145.8 145.3 141.1 138.2 134.1 125.4 126.3 129.8 129.2 131.4 14 Appliances, A/C, and TV . 1.40 119.6 129.1 121.2 121.4 120.0 123.6 126.8 119.0 116.7 107.7 85.7 100.6 103.5 97.2 104.1 lb Appliances and TV 1.33 121.2 131.2 122.6 122.3 121.4 124.8 128.9 121.4 118.7 108.7 86.6 101.6 104.1 97.6 16 Carpeting and furniture ... 1.07 158.0 160.2 165.2 163.1 166.3 163.2 160.1 158.6 152.6 146.9 144.4 137.9 147.4 151.1 17 Miscellaneous home goods 2.59 147.4 149.4 149.7 149.9 149.8 150.7 149.2 145.8 143.9 143.2 139.1 135.4 136.8 137.5 137.2 18 Nondurable consumer goods... 19.79 150.9 150.1 150.7 152.1 151.2 152.3 152.5 150.8 150.5 149.7 149.5 147.4 148.2 114477..33 114477..11 19 Clothing 4.29 119.8 118.9 120.6 122.1 120.9 122.8 121.9 119.3 117.8 116 1 113 8 106 0 20 Consumer staples 15.50 159.5 158.8 159.0 160.3 159.6 160.5 161.0 159.5 159.6 159.0 159.4 158.9 115599..11 115588..55 115588..55 21 Consumer foods and tobacco 8.33 150.3 150.5 150.2 151.3 149.6 150.5 150.6 149.5 150.7 150.4 150.9 150.0 151.1 149.4 22 Nonfood staples 7.17 170.0 168.4 169.3 170.8 171.3 172.2 173.0 171.1 169.9 169.1 169.3 169.1 168.3 169.0 116699..66 23 Consumer chemical products 2.63 223.1 220.0 224.1 225.1 224.4 226.8 227.7 227.5 223.0 220.3 220.1 220.1 221188..22 221199..77 24 Consumer paper products 1.92 127.9 128.7 127.4 127.7 129.2 127.6 128.9 127.7 126.9 125.7 127.2 127.0 129.6 129.3 25 Consumer energy products 2.62 147.7 143.7 144.9 147.9 148.9 150.0 150.4 146.4 148.2 149.4 149.1 148.9 146.5 147.3 26 Residential utilities... 1.45 166.3 161.1 162.9 168.9 170.4 172.6 169.7 162.8 166.2 116677..44 116677..55 117722..33 117711..66 Equipment 2277 Business 12.63 181.1 179.3 181.0 182.0 183.6 184.8 184.8 182.7 180.5 179.0 179.0 172.2 171.5 168.4 165.7 28 Industrial 6.77 166.4 164.6 165.9 167.0 169.0 169.4 170.2 168.9 166.9 165.1 164.0 158.1 156.4 150.3 146.0 29 Building and mining 1.44 286.2 276.6 281.7 286.4 289.7 290.3 293.0 293.6 295.6 293.8 294.6 289.0 275.9 256.2 242.2 30 Manufacturing 3.85 127.9 128.6 128.5 128.4 130.6 130.8 130.8 129.3 125.7 123.6 122.0 116.9 117.4 115.6 114.1 31 Power 1.47 149.7 149.3 149.9 150.8 151.2 151.6 152.7 150.4 148.4 147.1 145.5 137.4 141.1 137.9 135.0 32 Commercial transit, farm.... 5.86 198.0 196.2 198.6 199.4 200.4 202.5 200.9 198.5 196.2 195.0 196.3 188.5 189.0 189.0 188.4 33 Commercial 3.26 258.7 252.7 254.5 258.0 259.9 263.7 264.3 264.2 259.8 260.6 262.9 256.1 255.1 257.0 255.5 34 Transit 1.93 125.4 127.8 131.5 130.0 129.7 128.4 124.6 121.0 120.6 116.6 117.5 109.0 110.4 110.3 111111..00 35 Farm 67 112.0 118.5 119.7 113.9 114.9 118.0 111.8 102.1 104.6 101.7 98.9 88.4 94.2 84.9 36 Defense and space 7.51 102.7 100.7 101.5 102.0 101.7 102.6 102.8 103.0 104.5 105.3 107.0 105.2 107.6 108.5 108.8 Intermediate products 37 Construction supplies 6.42 141.9 149.0 147.9 146.5 143.4 144.3 144.0 139.7 135.2 130.1 127.0 124.2 127.1 125.9 112244..77 38 Business supplies 6.47 166.7 165.1 164.7 165.6 166.2 168.0 169.5 169.4 167.5 167.1 164.6 162.4 164.4 162.3 39 Commercial energy products 1.14 176.4 174.7 175.2 179.0 177.7 180.0 176.6 174.2 174.3 177.0 177.3 181.7 182.2 178.4 Materials 40 Durable goods materials 20.35 149.1 152.2 151.8 152.8 152.4 153.6 154.3 150.4 145.6 141.0 134.0 129.7 132.3 130.1 127.6 41 Durable consumer parts 4.58 114.5 118.4 119.7 121.1 123.1 123.2 121.8 114.5 107.6 102.8 92.9 86.9 92.2 94.1 96.1 42 Equipment parts 5.44 191.2 191.1 192.8 194.0 193.2 193.8 194.7 192.7 190.3 188.7 183.3 177.2 180.1 177.6 174.2 43 Durable materials n.e.c 10.34 142.3 146.7 144.3 145.1 143.9 145.9 147.4 144.1 138.9 132.9 126.1 123.6 124.9 121.0 111177..00 44 Basic metal materials 5.57 112.0 118.3 113.8 114.3 112.8 114.5 117.4 113.1 106.5 101.6 94.8 94.5 93.9 87.9 45 Nondurable goods materials ... 10.47 174.6 177.5 179.3 179.0 176.9 176.5 175.4 175.5 170.6 164.7 158.3 156.8 116622..55 116611..77 116622..11 46 Textile, paper, and chemical materials 7.62 181.4 185.1 186.8 187.3 183.7 183.5 182.4 182.5 176.4 169.9 161.9 159.1 165.7 165.7 116655..66 47 Textile materials 1.85 113.0 114.4 115.1 114.9 113.4 115.5 116.0 114.9 111.6 106.9 102.0 97.3 102.1 103.6 48 Paper materials 1.62 150.6 152.6 152.2 150.9 149.8 150.0 151.5 155.1 149.6 150.2 141.2 143.2 147.2 146.0 49 Chemical materials 4.15 224.0 229.5 232.4 233.9 228.4 227.1 224.1 223.4 215.9 205.8 196.8 193.0 201.4 201.2 50 Containers, nondurable 1.70 169.3 168.7 172.0 167.8 171.4 171.7 169.4 170.9 166.7 163.5 161.9 162.4 166.1 163.7 51 Nondurable materials n.e.c. . 1.14 137.4 139.6 139.7 140.5 139.6 136.6 137.8 136.2 137.1 131.9 128.6 132.4 135.9 132.0 52 Energy materials 8.48 129.0 130.9 123.1 123.0 129.3 133.3 132.6 128.9 128.3 128.1 127.4 130.9 130.0 128.6 112277..55 53 Primary energy 4.65 115.0 116.9 104.2 104.4 113.7 120.3 120.9 117.4 116.4 115.6 115.9 119.2 119.7 119.2 54 Converted fuel materials.... 3.82 145.9 148.1 146.1 145.5 148.2 149.2 146.9 142.9 142.8 143.4 141.4 145.1 142.4 140.1 Supplementary groups 55 Home goods and clothing 9.35 131.8 133.6 133.8 134.4 133.9 135.2 134.5 131.1 128.8 125.9 120.1 117.0 120.3 119.0 119.8 56 Energy, total 12.23 137.4 137.7 132.6 133.5 138.0 141.2 140.5 136.8 136.9 137.2 136.7 139.5 138.4 137.3 113366..66 5/ Products 3.76 156.4 153.1 154.1 157.3 157.6 159.1 158.4 154.8 156.1 157.8 157.7 158.8 157.3 156.7 58 Materials 8.48 129.0 130.9 123.1 123.0 129.3 133.3 132.6 128.9 128.3 128.1 127.4 130.9 130.0 128.6 127.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Output A49 2.13 Continued 1967 SIC pro- 1981 Grouping code por- avg.r tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan.1 Feb. Mar.? Apr Index (1967 = 100) MAJOR INDUSTRY 1 Mining and utilities 12.05 155.0 154.8 150.5 152.1 156.3 159.1 158.2 155.8 156.1 155.4 154.7 157.4 155.4 152.6 150.1 2 Mining 6.36 142.2 143.2 135.2 135.4 141.7 146.5 146.0 145.0 145.3 143.3 142.6 144.5 142.4 138.3 133.8 3 Utilities 5.69 169.1 167.8 167.6 170.7 172.7 173.1 171.9 167.8 168.1 168.9 168.2 171.8 169.9 168.6 168.3 4 Electric 3.88 190.9 188.9 188.6 192.9 195.6 196.2 194.2 188.3 189.4 190.9 190.2 195.2 192.4 190.5 190.3 5 Manufacturing 87.95 150.4 151.6 152.0 152.8 152.4 153.2 153.2 151.1 148.0 145.0 142.0 138.5 140.8 139.9 139.4 6 Nondurable 35.97 164.8 165.3 165.9 166.4 165.8 167.1 167.3 165.9 162.8 160.3 157.4 155.1 157.7 156.7 156.4 7 Durable 51.98 140.5 142.1 142.5 143.5 143.2 143.6 143.4 140.9 137.8 134.4 131.3 127.1 129.1 128.2 127.7 Mining 8 Metal 10 .51 123.1 131.1 123.1 125.0 123.5 123.6 124.1 121.5 119.8 115.4 110.9 121.3 120.6 110.1 9 Coal 11.12 .69 141.3 151.2 75.9 77.0 122.9 170.0 167.4 161.9 166.9 160.8 145.5 147.9 156.0 155.6 150.2 10 Oil and gas extraction 13 4.40 146.8 144.1 146.1 146.2 148.2 147.7 148.2 148.8 148.9 148.4 150.5 151.5 146.7 142.3 137.9 11 Stone and earth minerals 14 .75 129.4 138.8 133.7 132.2 132.7 133.3 128.2 123.4 122.0 116.7 115.7 115.8 119.5 118.2 Nondurable manufactures 12 Foods 20 8.75 152.1 152.4 151.9 152.2 151.3 151.6 151.9 150.7 151.4 153.0 152.8 151.1 151.7 150.6 13 Tobacco products 21 .67 122.2 125.7 122.2 122.3 120.9 121.3 123.8 122.4 124.3 119.6 112.6 112.7 124.7 14 Textile mill products 22 2.68 135.7 136.2 138.9 138.8 138.3 139.4 140.7 136.3 132.5 126.1 122.8 120.0 125.6 125.5 15 Apparel products 23 3.31 120.4 120.2 121.6 122.6 121.1 122.6 122.6 122.5 117.8 113.8 114.1 105.7 16 Paper and products 26 3.21 155.0 157.6 157.0 155.9 153.4 154.9 156.7 158.6 153.3 152.6 146.6 148.3 150.9 149.0 148.5 17 Printing and publishing 27 4.72 144.2 142.7 141.6 141.3 143.1 144.4 146.1 145.9 145.6 143.4 145.3 145.6 146.4 144.0 143.0 18 Chemicals and products 28 7.74 215.6 218.5 219.8 220.6 218.4 221.5 219.2 216.3 208.8 204.6 199.8 196.7 201.5 200.2 19 Petroleum products 29 1.79 129.7 130.3 130.0 129.8 129.3 128.7 130.4 129.1 128.3 128.0 128.3 123.3 119.1 122.5 123.0 20 Rubber and plastic products 30 2.24 274.0 269.5 275.2 280.3 285.1 285.3 286.7 282.2 276.0 264.1 247.3 244.7 250.8 249.3 21 Leather and products 31 .86 69.3 68.8 68.9 69.8 68.4 70.1 69.6 69.7 71.2 70.8 65.6 63.1 64.0 66.0 Durable manufactures 22 Ordnance, private and government 19.91 3.64 81.1 78.5 79.8 80.9 80.9 80.6 81.8 82.3 82.5 84.3 85.5 84.1 86.2 87.0 87.7 23 Lumber and products 24 1.64 119.1 125.6 126.3 126.2 122.5 122.9 119.1 113.2 109.6 104.7 104.8 99.2 104.9 103.4 24 Furniture and fixtures 25 1.37 157.2 155.6 158.7 158.9 162.4 164.9 163.3 159.9 157.2 153.7 149.4 144.3 148.4 150.1 25 Clay, glass, stone products 32 2.74 147.9 154.6 154.3 151.7 148.1 148.7 148.2 147.3 143.4 135.9 131.5 128.5 134.0 133.7 26 Primary metals 33 6.57 107.9 114.9 110.6 111.9 107.4 109.4 113.1 108.6 102.3 96.6 89.6 89.7 88.2 83.0 78.0 27 Iron and steel 331.2 4.21 99.8 108.0 103.4 105.6 98.5 99.7 105.1 99.2 92.2 87.2 79.2 79.6 78.5 73.5 28 Fabricated metal products 34 5.93 136.4 139.2 139.5 138.4 139.3 140.1 140.0 136.8 133.8 130.2 126.1 120.7 121.4 120.1 118.9 29 Nonelectrical machinery 35 9.15 171.2 169.2 169.7 172.1 174.1 176.7 176.4 173.9 169.7 167.9 167.4 160.9 159.4 156.4 154.2 30 Electrical machinery 36 8.05 178.4 177.4 178.8 179.9 180.1 180.9 182.6 180.0 179.6 175.7 170.7 168.2 172.8 172.2 173.7 31 Transportation equipment 37 9.27 116.1 119.5 121.3 123.7 123.4 119.8 115.4 114.2 110.6 106.1 103.7 96.6 102.1 104.8 106.9 32 Motor vehicles and parts 371 4.50 122.3 127.1 130.7 136.4 137.5 130.5 123.1 120.4 113.8 105.5 100.4 90.4 98.6 106.3 111.4 33 Aerospace and miscellaneous transportation equipment 372-9 4.77 110.2 112.3 112.4 111.8 110.2 109.7 108.2 108.5 107.5 106.8 106.8 102.4 105.4 103.4 102.8 34 Instruments 38 2.11 170.3 170.0 170.0 170.6 171.3 172.1 172.3 169.7 168.6 167.1 166.8 162.2 164.5 163.0 161.7 35 Miscellaneous manufactures 39 1.51 154.7 155.4 157.3 157.0 158.8 159.4 158.6 154.2 151.5 151.7 147.9 144.9 140.8 143.0 142.7 Gross value (billions of 1972 dollars, annual rates) MAJOR MARKET 36 Products, total 507.4' 612.3 618.0 616.2 622.2 619.2 621.4 616.5 611.5 605.0 597.6 592.8 577.4 587.9 586.5 585.7 37 Final 390.91 474.1 476.4 476.3 482.4 480.5 481.9 476.4 473.0 470.1 465.2 462.3 448.8 457.2 456.9 457.0 38 Consumer goods 277.51 318.0 320.5 320.0 324.3 322.1 324.0 319.3 317.7 314.3 310.5 307.2 298.9 305.8 306.9 308.7 39 Equipment 113.4' 156.1 155.9 156.3 158.1 158.5 157.9 157.1 155.3 155.8 154.7 155.1 149.9 151.5 150.0 148.3 40 Intermediate 116.61 138.2 141.7 139.9 139.8 138.7 139.5 140.1 138.4 134.9 132.4 130.5 128.7 130.7 129.6 128.7 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 • May 1982 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1981 1982 IItteemm 11997799 11998800 11998811 Aug. Sept. Oct. Nov. Dec. Jan.' Feb.' Mar. Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 1,552 1,191 969 865 850 722 723 789 832 795 858 2 1-family 981 710 558 494 453 398 401 454 462 433 459 3 2-or-more-family 571 481 412 371 397 324 322 335 370 362 399 4 Started 1,745 1,292 1,084 946 899 854 860 882 885 924 947 5 1-family 1,194 852 705 614 623 507 554 550 592 559 606 6 2-or-more-family 551 440 379 332 276 347 306 332 293 365 341 7 Under construction, end of period1 1,140 896 682 800 770 731 705 689 685 694 8 1-family 639 515 382 445 428 410 397 391 394 403 9 2-or-more-family 501 382 301r 355 342 321 309 298' 291 291 10 Completed 1,855 1,502 1,266 1,233 1,202 1,265 1,067 1,114' 1,063 894 11 1-family 1,286 957 818 814 782 725 673 676' 638 534 n a. 12 2-or-more-family 569 545 447 419 420 540 394 438' 425 360 13 Mobile homes shipped 277 222 241 238 232 208 207 206 211 251 Merchant builder activity in 1-family units 14 Number sold 709 545 436' 364 335 359 388 456' 393 369 334 15 Number for sale, end of period1 402 342 278 308 304 291 282 272 275 277 273 Price (thousands of dollars)2 Median 16 Units sold 62.8 64.7 68.8 72.6 65.8 69.6 71.2 68.4' 66.3 65.8 68.3 17 Units sold 71.9 76.4 83.1 87.0 81.3 82.5 85.3 82.8 77.8 81.6 86.7 EXISTING UNITS (1-family) 18 Number sold 3,701 2,881 2,350 2,240 2,070 1,930 1,900 1,940 1,860 1,950 1,990 Price of units sold (thous. of dollars)2 19 Median 55.5 62.1 66.1 68.1 67.1 66.0 65.9 66.6 66.4 66.9 67.2 20 Average 64.0 72.7 78.0 80.5 79.1 76.6 77.5 78.6 79.8 78.8 79.3 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 230,781 230,273 237,035 229,844 230,892 230,368 233,026 235,844 232,672 232,953 231,208 22 Private 181,690 174,896 183,502 180,576 178,649 179,248 180,602 182,761 181,057 181,402 179,207 23 Residential 99,032 87,260 85,805 80,535 78,503 78,292 78,219 79,779 78,230 76,226 76,046 24 Nonresidential, total 82,658 87,636 97,697 100,041 100,146 100,956 102,383 102,982 110022,,882277 110055,,117766 103,161 Buildings 25 Industrial 14,953 13,839 16,884 18,295 18,344 18,558 18,373 17,736 17,213 17,598 16,179 26 Commercial 24,919 29,940 33,485 33,721 33,412 33,046 34,506 35,921 36,789 37,907 38,610 27 Other 7,427 8,654 9,377 9,367 9,402 9,553 9,193 9,019 9,867 10,113 10,048 28 Public utilities and other 35,359 35,203 37,951 38,658 38,988 39,799 40,311 40,306 38,958 39,558 38,324 29 Public 49,088 55,371 53,534 49,268 52,243 51,120 52,423 53,083 51,616 51,551 52,001 30 Military 1,648 1,880 1,944 2,105 2,065 1,943 1,946 1,909 2,108 1,850 2,223 31 Highway 11,998 13,784 13,162 12,227 12,537 11,515 12,478 11,642 12,600 13,275 14,018 32 Conservation and development 4,586 5,089 5,267 4,717 4,910 6,978 4,868 4,908 5,378 5,395 5,094 33 Other 30,856 34,618 33,161 30,219 32,731 30,684 33,131 34,624 31,530 31,031 30,666 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 MMMaaarrr... IIIttteeemmm 1981 1982 1981 1982 111999888222 11998811 11998822 (((111999666777 MMaarr.. MMaarr.. === 111000000)))»»» June Sept. Dec. Mar. Nov. Dec. Jan. Feb. Mar. CONSUMER PRICES2 1 All items 10.6 6.8 8.1 12.8 5.4 1.0 .5 .4 .3 .2 -.3 283.1 2 Commodities 9.6 3.6 3.2 8.5 3.6 -.8 .2 .3 .1 .2 -.5 258.8 3 Food 10.1 4.0 2.2 7.7 1.7 3.9 .1 .1 .7 .6 -.4 283.0 4 Commodities less food 9.4 3.5 3.8 9.0 4.3 -2.6 .2 .4 -.1 .0 -.5 245.2 5 Durable 8.3 6.2 9.7 10.8 1.2 3.5 .1 .3 .2 .4 .2 233.5 6 Nondurable 10.7 .3 -1.4 4.6 3.8 -4.9 .5 -.3 .2 -.8 -.7 258.4 7 Services 11.9 11.3 14.8 19.2 7.8 3.5 .9 .5 .5 .4 .0 325.5 8 Rent 8.8 8.2 7.7 10.2 9.0 5.9 .7 .7 .6 .4 .5 219.6 9 Services less rent 12.4 11.7 15.8 20.4 7.6 3.3 1.0 .4 .5 .4 .0 345.7 Other groupings 10 All items less food 10.6 7.4 9.3 13.9 6.2 .9 .6 .4 .2 .2 -.2 281.7 11 All items less food and energy 9.9 8.7 11.6 15.0 5.6 3.0 .4 .5 .3 .4 .0 269.8 12 Homeownership 11.5 8.6 16.9 21.5 .3 -2.4 .2 .2 -.1 .4 -.9 365.7 PRODUCER PRICES 13 Finished goods 10.8 4.1 7.1 3.4 5.2 .6 .5 .2 .4 -.1 -.1 276.9 14 Consumer 10.7 3.4 6.4 2.8 4.0 .3 .4 .1 .5 -.1 -.3 277.2 15 Foods 8.1 1.8 3.5 1.6 -3.7 5.8 -.7 .0 1.1 .5 -.2 257.1 16 Excluding foods 11.8 4.0 7.6 3.2 7.2 -1.7 .9 .1 .2 -.3 -.4 283.3 17 Capital equipment 11.2 6.8 10.0 5.7 9.7 2.1 .7 .6 .4 -.4 .5 275.7 18 Intermediate materials3 10.2 3.6 8.0 5.2 2.8 -1.5 .4 .2 .3 -.3 -.3 316.3 Crude materials 19 Nonfood 24.0 -2.7 16.1 1.1 -5.6 -18.4 -.6 .2 -1.1 -1.9 -2.0 475.0 20 Food 6.3 -5.4 6.4 -18.2 -25.5 23.3 -2.2 -2.8 4.4 .7 .2 247.9 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 • May 1982 2.16 GROSS NATIONAL PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates. 1981 1982 AAccccoouunntt 11997799 11998800 11998811 Q1 Q2 Q3 Q4 Q1P GROSS NATIONAL PRODUCT 1 Total 2,413.9 2,626.1 2,925.5 2,853.0 2,885.8 2,965.0 2,998.3 2,995.1 By source 2 Personal consumption expenditures 1,510.9 1,672.8 1.857.8 1,810.1 1,829.1 1,883.9 1,908.3 1,950.7 3 Durable goods 212.3 211.9 232.0 238.3 227.3 236.2 226.4 236.8 4 Nondurable goods 602.2 675.7 743.2 726.0 735.3 751.3 760.3 766.1 b Services 696.3 785.2 882.6 845.8 866.5 896.4 921.5 947.8 6 Gross private domestic investment 415.8 395.3 450.5 437.1 458.6 463.0 443.3 392.6 7 Fixed investment 398.3 401.2 434.4 432.7 435.3 435.6 434.0 432.6 8 Nonresidential 279.7 296.0 328.9 315.9 324.6 335.1 339.8 339.8 9 Structures 96.3 108.8 125.7 117.2 123.1 128.3 134.3 134.1 1U Producers' durable equipment 183.4 187.1 203.1 198.7 201.5 206.8 205.5 205.7 11 Residential structures 118.6 105.3 105.5 116.7 110.7 100.5 94.2 92.7 12 Nonfarm 113.9 100.3 100.0 111.4 105.4 94.9 88.4 87.1 13 Change in business inventories 17.5 -5.9 16.2 4.5 23.3 27.5 9.4 -40.0 14 Nonfarm 13.4 -4.7 13.8 6.8 21.5 23.1 3.7 -38.8 15 Net exports of goods and services 13.4 23.3 26.0 29.2 20.8 29.3 24.7 23.8 16 Exports 281.3 339.8 367.3 367.4 368.2 368.0 365.6 359.0 17 Imports 267.9 316.5 341.3 338.2 347.5 338.7 341.0 335.1 18 Government purchases of goods and services 473.8 534.7 591.2 576.5 577.4 588.9 622.0 628.0 19 Federal 167.9 198.9 230.2 221.6 219.5 226.4 253.3 255.7 2U State and local 305.9 335.8 361.0 354.9 357.9 362.5 368.7 372.3 By major type of product 21 Final sales, total 2,396.4 2,632.0 2.909.4 2,848.5 2,862.5 2.937.6 2.989.0 3,035.1 22 Goods 1,055.9 1,130.4 1,272.3 1,247.5 1,257.0 1,298.3 1,286.4 1,261.7 23 Durable 451.2 458.6 506.9 501.4 516.9 525.2 484.2 461.8 24 Nondurable 604.7 671.9 765.4 746.1 740.1 773.0 802.2 799.9 2b Services 1,097.2 1,229.6 1,371.7 1.317.1 1,344.7 1,390.5 1.434.4 1,459.3 26 Structures 260.8 266.0 281.6 288.4 284.1 276.3 277.5 274.1 27 Change in business inventories 17.5 -5.9 16.2 4.5 23.3 27.5 9.4 -40.0 28 Durable goods 11.5 -4.0 7.4 -4.2 18.5 18.6 -3.3 -37.5 29 Nondurable goods 6.0 -1.8 8.8 8.6 4.8 8.9 12.7 -2.5 30 MEMO: Total GNP in 1972 dollars 1,483.0 1,480.7 1,510.3 1,516.4 1,510.4 1,515.8 1,498.4 1,483.6 NATIONAL INCOME 31 Total 1,963.3 2,121.4 2,347.2 2,291.1 2,320.9 2,377.6 2,399.1 n.a. 32 Compensation of employees 1.460.9 1,596.5 1.771.6 1.722.4 1,752.0 1,790.7 1,821.3 1,844.9 33 Wages and salaries 1.235.9 1,343.6 1.482.8 1,442.9 1,467.0 1,498.7 1,522.5 1,538.8 34 Government and government enterprises 235.9 253.6 273.9 267.1 270.5 274.7 283.2 287.1 3b Other 1,000.0 1,090.0 1.208.8 1,175.7 1,196.4 1,224.0 1,239.2 1,251.7 36 Supplement to wages and salaries 225.0 252.9 288.8 279.5 285.1 292.0 298.8 306.1 37 Employer contributions for social insurance 106.4 115.8 134.7 131.5 133.2 135.6 138.4 142.3 38 Other labor income 118.6 137.1 154.1 148.0 151.8 156.3 160.4 163.8 39 Proprietors' income1 131.6 130.6 134.8 132.1 134.1 137.1 135.9 129.0 40 Business and professional1 100.7 107.2 112.4 113.2 112.5 112.4 111.5 110.8 41 Farm1 30.8 23.4 22.4 18.9 21.7 24.7 24.4 18.2 42 Rental income of persons2 30.5 31.8 33.6 32.7 33.3 33.9 34.5 34.8 43 Corporate profits1 196.8 182.7 191.7 203.0 190.3 195.7 177.6 44 Profits before tax3 255.4 245.5 233.3 257.0 229.0 234.4 212.8 4b Inventory valuation adjustment -42.6 -45.7 -27.7 -39.2 -24.0 -25.3 -22.3 -10.6 46 Capital consumption adjustment -15.9 -17.2 -13.9 -14.7 -14.7 -13.4 -12.8 -9.7 47 Net interest 143.4 179.8 215.4 200.8 211.0 220.2 229.7 237.9 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. 1981 1982 AAccccoouunntt 11997799 11998800 11998811 Ql Q2 Q3 Q4 Q1P PERSONAL INCOME AND SAVING 1 Total personal income 1,943.8 2,160.2 2,404.1 2,319.8 2,368.5 2,441.7 2,486.5 2,512.7 2 Wage and salary disbursements 1,236.1 1,343.7 1,482.7 1,442.9 1,467.0 1,498.5 1,522.5 1,539.0 3 Commodity-producing industries 437.9 465.4 512.7 501.3 508.1 520.2 521.0 521.2 4 Manufacturing 333.4 350.7 387.3 377.4 386.7 393.9 391.0 390.3 5 Distributive industries 303.0 328.9 361.1 351.9 357.8 365.3 369.5 373.5 6 Service industries 259.2 295.7 335.0 322.5 330.5 338.5 348.7 357.0 7 Government and government enterprises 236.1 253.6 273.9 267.1 270.5 274.5 283.3 287.3 8 Other labor income 118.6 137.1 154.1 148.0 151.8 156.3 160.4 163.8 9 Proprietors' income1 131.6 130.6 134.8 132.1 134.1 137.1 135.9 129.0 10 Business and professional1 100.8 107.2 112.4 113.2 112.5 112.4 111.5 110.8 11 Farm1 30.8 23.4 22.4 18.9 21.7 24.7 24.4 18.2 12 Rental income of persons2 30.5 31.8 33.6 32.7 33.3 33.9 34.5 34.8 13 Dividends 48.6 54.4 61.3 58.0 60.2 63.0 64.1 64.7 14 Personal interest income 209.6 256.3 308.5 288.7 300.9 315.7 328.7 338.5 15 Transfer payments 249.4 294.2 333.2 319.6 324.2 342.2 347.0 354.1 16 Old-age survivors, disability, and health insurance benefits 131.8 153.8 180.4 169.8 172.0 188.5 191.2 194.5 17 LESS: Personal contributions for social insurance 80.6 87.9 104.2 102.3 103.1 105.0 106.5 111.2 18 EQUALS: Personal income 1,943.8 2,160.2 2,404.1 2,319.8 2.368.5 2,441.7 2,486.5 2,512.7 19 LESS: Personal tax and nontax payments 302.0 338.5 388.2 372.0 382.9 399.8 398.0 397.4 20 EQUALS: Disposable personal income 1,641.7 1,821.7 2,016.0 1,947.8 1.985.6 2,042.0 2,088.5 2,115.3 21 LESS: Personal outlays 1,555.5 1,720.4 1,908.4 1,858.9 1,879.0 1,935.1 1,960.5 2,003.3 22 EQUALS: Personal saving 86.2 101.3 107.6 88.9 106.6 106.9 128.0 112.1 MEMO: Per capita (1972 dollars) 23 Gross national product 6,588 66,,550033 6,570 6,619 66,,558811 66,,558855 66,,449944 66,,441177 24 Personal consumption expenditures 4,135 4,108 4,171 4,191 4,162 4,184 4,150 4,182 25 Disposable personal income 4,493 4,473 4,526 4,511 4,517 4,535 4,541 4,534 26 Saving rate (percent) 5.2 5.6 5.3 4.6 5.4 5.2 6.1 5.3 GROSS SAVING 27 Gross saving 412.0 401.9 455.5 442.6 465.3 469.4 444.7 n.a. 28 Gross private saving 398.9 432.9 480.1 451.1 475.3 486.2 507.7 n.a. 29 Personal saving 86.2 101.3 107.6 88.9 106.6 106.9 128.0 112.1 30 Undistributed corporate profits' 59.1 44.3 50.8 55.7 52.0 52.8 42.9 n.a. 31 Corporate inventory valuation adjustment -42.6 -45.7 -27.7 -39.2 -24.0 -25.3 -22.3 -10.6 Capital consumption allowances 155.4 175.4 197.7 187.5 119944..66 220011..11 220077..77 221111..77 33 Noncorporate 98.2 111.8 123.9 119.0 122.0 125.4 129.1 132.1 34 Wage accruals less disbursements .0 .0 .0 .0 .0 .0 .0 .0 35 Government surplus, or deficit (-), national income and product accounts 11.9 -32.1 -25.7 -9.7 -11.2 -17.9 -64.1 n.a. 36 Federal -14.8 -61.2 -62.4 -46.6 -47.2 -55.7 -100.0 n.a. 37 State and local 26.7 29.1 36.7 36.9 36.1 37.8 35.9 n.a. 38 Capital grants received by the United States, net 1.1 1.1 1.1 1.1 1.1 1.1 1.1 .0 39 Gross investment 414.1 401.2 454.7 446.0 458.3 469.6 444.8 392.4 40 Gross private domestic 415.8 395.3 450.5 437.1 458.6 463.0 443.3 392.6 41 Net foreign -1.7 5.9 4.2 8.8 -.2 6.5 1.5 -.2 42 Statistical discrepancy 2.2 -.7 -.8 3.4 -6.9 .2 .2 .2 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 • May 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 mmii?? Q4 Q1 Q2 03 Q4P 1 Balance on current account 1,414 3,723 6,578 11,,339900 33,,333344 11,,221122 22,,111155 --8855 2 Not seasonally adjusted 33,,224444 33,,554466 22,,443388 --886633 11,,445577 3 Merchandise trade balance2 -27,346 -25,342 -27,817 --55,,557700 --44,,666611 --66,,889944 --77,,002266 --99,,223366 4 Merchandise exports 184,473 223,966 236,300 5577,,114499 6600,,999900 6600,,336699 5577,,992299 5577,,001122 5 Merchandise imports -211,819 -249,308 -264,117 --6622,,771199 --6655,,665511 --6677,,226633 --6644,,995555 --6666,,224488 6 Military transactions, net -1,947 -2,515 -1,943 --771155 --556688 --669988 --8877 --559900 7 Investment income, net3 33,462 32,762 36,757 88,,225577 99,,008833 88,,776644 99,,225577 99,,665500 8 Other service transactions, net 2,839 5,874 6,344 11,,776622 11,,000077 11,,555588 11,,881199 11,,996622 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 -4,954 -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, +y 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 00 11,,009933 00 00 00 35 Discrepancy 21,140 29,640 24,551 22,,773366 1100,,884400 77,,888800 --11,,225555 77,,009900 36 Owing to seasonal adjustments 22,,113399 --440011 11,,116611 --22,,663311 11,,887755 37 Statistical discrepancy in recorded data before seasonal adjustment 21,140 29,640 24,551 559977 1111,,224411 66,,771199 11,,337766 55,,221155 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 181,860 220,626 233,677 19,551 19,163 19,153 18,885 18,737 18,704 18,602 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 209,458 244,871 261,305 21,274 23,077 22,508 19,746 22,829 19,090 20,349 3 Trade balance -27,598 -24,245 -27,628 -1,723 -3,914 -3,355 -861 -4,092 -387 -1,747 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. 1 Total1 18,650 18,956 26,756 30,248 31,002 30,075 30,098 30,060 29,944 31,552 2 Gold stock, including Exchange Stabilization Fund1 11,671 11,172 11,160 11,152 11,152 11,151 11,151 11,150 11,150 11,149 3 Special drawing rights2'3 1,558 2,724 2,610 3,949 4,109 4,095 4,176 4,359 4,306 4,294 4 Reserve position in International Monetary Fund2 1,047 1,253 2,852 4,736 5,009 5,055 5,237 5,275 5,367 6,022 5 Foreign currencies4,5 4,374 3,807 10,134 10,411 10,732 9,774 9,534 9,276 9,121 10,087 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr.'' 1 Deposits 367 429 411 547 534 505 333 416 421 966 Assets held in custody 2 U.S. Treasury securities1 117,126 95,075 102,417 101,068 103,894 104,680 104,631 103,557 103,964 102,346 3 Earmarked gold2 15,463 15,169 14,965 14,811 14,802 14,804 14,802 14,791 14,798 14,788 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 • May 1982 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data Millions of dollars, end of period 1981 1982 Aug. Sept. Oct. Nov. Dec. Jan. Feb./" All foreign countries 1 Total, all currencies 306,795 364,409 401,135 435,007 450,234 444,654 462,810 462,635 459,913 461,337 2 Claims on United States 17,340 32,302 28,460 41.533 46,369 41,554 44,562 63,435' 66.854 65,834 3 Parent bank 12,811 25,929 20,202 29,782 32,249 26,833 26,540 42,940' 46,712 45,058 4 Other 4,529 6,373 8,258 11,751 14,120 14.721 18,022 20,495r 20,142 20,776 5 Claims on foreigners 278,135 317,330 354,960 374,143 384,407 383,463 397,825' 379,193' 373,118 375,610 6 Other branches of parent bank 70,338 79,662 77,019 83.171 84,627 83,597 89,269 87,840' 91,934 92,464 7 Banks 103,111 123,420 146,448 153,947 159,637 156,833 161,510' 150,919' 145,548 146,411 8 Public borrowers2 23,737 26,097 28,033 29,270 29,927 30,211 30,181 28,193 26,632 26,911 9 Nonbank foreigners 80,949 88,151 103,460 107,755 110,216 112,822 116,865 112.241 109,004 109,824 10 Other assets 11,320 14,777 17,715 19,331 19,458 19,637 20,423' 20.007 19,941 19,893 11 Total payable in U.S. dollars 224,940 267,713 291,798 330,539 343,067 336,839 348,945 350,564 351,180 353,200 12 Claims on United States 16,382 31,171 27,191 40,250 45,116 40,370 43,271 61,838' 65,327 64,279 13 Parent bank 12,625 25,632 19,896 29,490 31,991 26,639 26,347 42,397' 46,155 44,465 14 Other 3,757 5,539 7,295 10.760 13,125 13,731 16,924 19,441' 19,172 19,814 15 Claims on foreigners 203,498 229,120 255,391 278,690 286,367 284,590 293,690' 277,059' 273,663 276,841 16 Other branches of parent bank 55,408 61,525 58,541 65,477 66,279 65,859 69,938 69,382' 74,895 75,918 17 Banks 78,686 96,261 117,342 126,155 131,524 127,944 131,576r 122,287' 117,157 118,281 18 Public borrowers2 19,567 21,629 23,491 24,410 24,709 25,199 25,121 22,859 21,244 21,543 19 Nonbank foreigners 49,837 49,705 56,017 62,648 63,855 65,588 67,055 62,531 60,367 61,099 20 Other assets 5,060 7,422 9,216 11,599 11,584 11,879 11,984' 11,667 12,190 12,080 United Kingdom 21 Total, all currencies 106,593 130,873 144,717 150,161 154,0% 153,615 161,531 157,229 157,892 162,351 22 Claims on United States 5,370 11,117 7,509 9,995 11,167 9,668 9,315 11,823 12,045 13,458 23 Parent bank 4,448 9,338 5,275 7,189 7,842 6,351 5,162 7,885 8,374 9,618 24 Other 922 1,779 2,234 2,806 3,325 3,317 4,153 3,938 3,671 3,840 25 Claims on foreigners 98,137 115,123 131,142 134,034 137,056 137,879 145,889 138,888 139,843 142,623 26 Other branches of parent bank 27,830 34,291 34,760 38,035 39,117 38,799 41,476 41,367' 43,358 43,361 27 Banks 45,013 51,343 58,741 58,362 58,986 59,307 63,044 56,315 56,164 57,975 28 Public borrowers2 4,522 4,919 6.688 6,665 7,112 7,305 7,463 7,490 7,249 7,370 29 Nonbank foreigners 20,772 24,570 30.953 30.972 31,841 32,468 33,906 33,716 33,072 33,917 30 Other assets 3,086 4,633 6.066 6,132 5,873 6,068 6,327 6,518 6,004 6,270 31 Total payable in U.S. dollars 75,860 94,287 99,699 109,008 113,014 112,064 117,454 115,188 116,870 121,436 32 Claims on United States 5,113 10,746 7,116 9,552 10,703 9,201 8,811 11,249 11,574 12,966 33 Parent bank 4.386 9,297 5,229 7,128 7,779 6,299 5,110 7,724 8,234 9,456 34 Other 727 1,449 1,887 2,424 2.924 2,902 3,701 3,525 3,340 3,510 35 Claims on foreigners 69.416 81,294 89,723 95,887 98,611 98,934 104,741 99,847 101,337 104,286 36 Other branches of parent bank 22.838 28,928 28,268 31,710 32,845 32,698 34,905 35,436' 37,739 38,122 37 Banks 31.482 36,760 42,073 42,957 43,605 43,345 46,463 40,703' 40,610 42,453 38 Public borrowers2 3,317 3,319 4,911 5,006 5,281 5,485 5,500 5,595 5,423 5,467 39 Nonbank foreigners 11.779 12,287 14,471 16,214 16,880 17,406 17,873 18,113 17,565 18,244 40 Other assets 1,331 2,247 2,860 3.569 3,700 3,929 3,902 4,092 3,959 4,184 Bahamas and Caymans 41 Total, all currencies 91,735 108,977 123,837 142,087 147,904 142,687 148,557 149,051 146,516 142,972 42 Claims on United States 9,635 19,124 17,751 27,131 29,896 26,741 29,909 46,246 49,597 47,678 43 Parent bank 6,429 15,196 12,631 19,303 20,372 16,717 17,665 31,323' 34,849 32,262 44 Other 3,206 3,928 5,120 7,828 9,524 10,024 12,244 14,923' 14.748 15,416 45 Claims on foreigners 79,774 86,718 101,926 109,888 113,048 110,781 113,486 98,302 92,519 90,795 46 Other branches of parent bank 12,904 9,689 13,342 13,909 13,174 13,066 13,972 12,951 15,101 15,732 47 Banks 33,677 43,189 54,861 59.316 62,946 60,220 61,337 55,333 50.736 49,012 48 Public borrowers2 11,514 12,905 12,577 12,610 12,431 12,637 12,741 10,006 8,709 8,580 49 Nonbank foreigners 21,679 20,935 21,146 24,053 24,497 24,858 25,436 20,012 17,973 17,471 50 Other assets 2,326 3,135 4,160 5,068 4,960 5,165 5,162 4,503 4,400 4,499 51 Total payable in U.S. dollars 85,417 102,368 117,654 136,054 142,053 136,854 142,632 143,686 141,379 137,936 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 I inh'l't t 1199778811 11997799 11998800 Aug. Sept. Oct. Nov. Dec. Jan. Feb.? All foreign countries 52 Total, all currencies 306,795 364,409 401,135 435,007 450,234 444,654 462,810 462,635 459,913 461,337 53 To United States 58,012 66,689 91,079 116,190 124.096 120,039 128,084 137,686' 144,002 145,082 54 Parent bank 28,654 24,533 39,286 44,010 48,592 45,909 49,385 56,144' 55,813 55,092 55 Other banks in United States 12,169 13,968 14,473 15,686 17,657 16,464 16,663 19,319' 20,042 22,661 56 Nonbanks 17,189 28,188 37,275 56,494 57,847 57,666 62,036 62,223' 68,147 67,329 57 To foreigners 238,912 283,510 295,411 300,081 306.785 305,040 316,232' 305,643' 296,364 296,653 58 Other branches of parent bank 67,496 77,640 75,773 80,991 83.336 82,038 87,831 86,423' 85,800 84,679 59 Banks 97,711 122,922 132,116 125,563 127.794 128,536 132,111' 124,889' 118,504 119,001 60 Official institutions 31,936 35,668 32,473 28,209 28,715 27,685 24,696 25,997 25,126 24,626 61 Nonbank foreigners 41,769 47,280 55,049 65,318 66.940 66,781 71,594 68,334 66,934 68,347 62 Other liabilities 9,871 14,210 14,690 18,736 19,353 19,575 18,494r 19,306' 19,547 19,602 63 Total payable in U.S. dollars 230,810 273,857 303,281 343,351 355,030 349,602 360,971 364,228 364,063 367,105 64 To United States 55,811 64,530 88,157 113,526 121.130 117,362 125,121 134,582 141,038 142,177 65 Parent bank 27,519 23,403 37,528 42,481 46,766 44,170 47,456 54,252' 53,782 53,150 66 Other banks in United States 11,915 13,771 14,203 15,529 17,479 16,313 16,564 19,005' 19,915 22,430 67 Nonbanks 16,377 27,356 36,426 55,516 56,885 56,879 61,101 61.325 67,341 66,597 68 To foreigners 169,927 201,514 206,883 217,239 221,090 219,818 224,610' 217,487' 211,042 213,368 69 Other branches of parent bank 53,396 60,551 58,172 64,338 66,256 65,160 69,561 69,189' 69,305 68,505 70 Banks 63,000 80,691 87,497 83,842 84.670 84,552 84,789' 79,590 74,283 76,161 71 Official institutions 26,404 29,048 24,697 22,056 22,836 21,948 18,911 20,288 19,939 19,323 72 Nonbank foreigners 27,127 31,224 36,517 47,003 47,328 48,158 51,349 48,420 47,515 49,379 73 Other liabilities 5,072 7,813 8,241 12,586 12.810 12,422 11,240' 12,159 11,983 11,560 United Kingdom 74 Total, all currencies 106,593 130,873 144,717 150,161 154,096 153,615 161,531 157,229 157,892 162,351 75 To United States 9,730 20,986 21,785 31,408 34,143 32,960 36,316 38,022' 40,740 43,185 76 Parent bank 1,887 3,104 4,225 4,189 5,370 3,542 4,045 5,444' 6,385 6,592 77 Other banks in United States 4,189 7,693 5,716 5,646 6,396 6,054 6,652 7.502 7,313 8,973 78 Nonbanks 3,654 10,189 11,844 21,573 22,377 23,364 25,619 25,076 27,042 27,620 79 To foreigners 93,202 104,032 117,438 113,191 113,862 114,415 118,401 112,255' 110,064 111,590 80 Other branches of parent bank 12,786 12,567 15,384 15,255 15,121 15,544 16,090 16,545' 16,298 16,719 81 Banks 39,917 47,620 56,262 51,532 51,830 53,634 56,239 51,336 49,622 49,937 82 Official institutions 20,963 24,202 21,412 17,866 18,687 17,442 15,089 16,517 16,110 15,965 83 Nonbank foreigners 19,536 19,643 24,380 28,538 28,224 27,795 30,983 27,857 28,034 28,969 84 Other liabilities 3,661 5,855 5,494 5,562 6,091 6,240 6,814 6,952 7,088 7,576 85 Total payable in U.S. dollars 77,030 95,449 103,440 114,191 117,920 117,346 122,362 120,277 121,407 127,029 86 To United States 9,328 20,552 21,080 30,661 33.464 32,408 35,706 37,325' 40,248 42,646 87 Parent bank 1,836 3,054 4,078 4,132 5,309 3.484 3,956 5.343' 6,268 66,,449977 88 Other banks in United States 4,101 7,651 5,626 5,594 6.317 5,976 6,611 7,249 7,289 88,,888844 89 Nonbanks 3,391 9,847 11,376 20,935 21,838 22,948 25,139 24,733 26,691 27,265 90 To foreigners 66,216 72,397 79,636 79,988 80,638 81,260 82,766 79,041' 77,491 80,744 91 Other branches of parent bank 9,635 8,446 10,474 10,943 10,747 11,121 11,457 12,055' 11,928 12,417 92 Banks 25,287 29,424 35,388 32,914 33,010 34,312 35,141 32,298 30,995 32,249 93 Official institutions 17,091 20,192 17,024 14,244 15,514 14,415 12,133 13,612 13,497 13,418 94 Nonbank foreigners 14,203 14,335 16,750 21,887 21,367 21,412 24,035 21,076 21,071 22,660 95 Other liabilities 1,486 2,500 2,724 3,542 3,818 3,678 3,890 3,911 3,668 3,639 Bahamas and Caymans 96 Total, all currencies 91,735 108,977 123,837 142,087 147,904 142,687 148,557 149,051 146,516 142,972 97 To United States 39,431 37,719 59,666 73,924 77,533 75,991 80,161 85,704 88,967 87,355 98 Parent bank 20,482 15,267 28,181 31,265 33,282 33,387 36,066 39,250' 37,627 36,683 99 Other banks in United States 6,073 5,204 7,379 8,938 9,964 9,349 8,971 10,620 11,335 12,167 100 Nonbanks 12,876 17,248 24,106 33,721 34,287 33,255 35,124 35,834 40,005 38,505 101 To foreigners 50,447 68,598 61,218 64,565 66,627 62,795 64,462 60,012 54,491 52,417 102 Other branches of parent bank 16,094 20,875 17,040 20,315 22.393 20,521 23,307 20,641 20,721 19,814 103 Banks 23,104 33,631 29,895 27,538 27,983 25,396 24,712 23,202 18,590 18,271 104 Official institutions 4,208 4,866 4,361 4,605 4,028 4,078 3,381 3,498 3,149 2,505 105 Nonbank foreigners 7,041 9,226 9,922 12,107 12,223 12,800 13,062 12,671 12,031 11,827 106 Other liabilities 1,857 2,660 2,953 3,598 3,744 3,901 3,934 3,335 3,058 3,200 107 Total payable in U.S. dollars 87,014 103,460 119,657 137,754 143,507 138,094 144,034 145,227 142,728 139,366 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • May 1982 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1981 1982 IItteemm 11997799 11998800 Sept.' Oct.' Nov.' Dec. JanP Feb.P Mar.P 1 Total' 149,697 164,578 161,591 159,795 164,545 169,436 167,959 166,168 166,568 By type 2 Liabilities reported by banks in the United States2 30,540 30,381 22,870 20,928 23,436 26,306 24,099 24,482 24,865 3 U.S. Treasury bills and certificates3 47,666 56,243 50,181 48,867 49,644 52,389 52,306 48,364 47,048 U.S. Treasury bonds and notes 4 Marketable 37,590 41,455 50,308 51,940 53,937 53,150 53,992 56,333 57,644 5 Nonmarketable4 17,387 14,654 12,402 12,191 11,791 11,791 11,791 11,291 11,291 6 U.S. securities other than U.S. Treasury securities5 16,514 21,845 25,830 25,869 25,737 25,800 25,771 25,698 25,720 By area 7 Western Europe1 85,633 81,592 64,419 61,086 63,107 65,218 63,048 62,034 60,292 8 Canada 1,898 1,562 1,366 1,073 2,248 2,403 2,369 1,669 1,647 9 Latin America and Caribbean 6,291 5,688 5.429 5,089 5,051 6,934 5,923 6,283 6,449 10 52,978 70,784 87,326 89,187 91,161 91,790 94,137 93,559 95,244 11 2,412 4,123 2,090 2,149 1,792 1,849 1,649 1,474 1,336 12 Other countries6 485 829 961 1,212 1,186 1,242 833 1,149 1,600 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 2 Banks' own claims1 3.671 2,419 4,206 4,287r 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 2,508r 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar.P 1 All foreigners 166,842 187,521 205,297 216,555' 199,272' 209,024' 242,533' 250,432' 253,612 259,367 2 Banks' own liabilities 78,661 117,196 124,791 142,362' 124,454' 133,308' 162,433' 170,972' 178,911 185,696 3 Demand deposits 19,218 23,303 23,462 23,592 19,072' 21,127 19,677 18,334' 17,830 16,568 4 Time deposits1 12,427 13,623 15,076 17,319r 17,647' 18,101' 29,381' 31,161' 36,354 42,700 5 Other2 9,705 16,453 17,583 13,641' 11,225 14,129 17,371' 16,451' 16,963 19,209 6 Own foreign offices3 37,311 63,817 68,670 87,809' 76,511 79,951' 96,003' 105,026' 107,864 107,220 7 Banks' custody liabilities4 88,181 70,325 80,506 74,193' 74,819' 75,717' 80,100 79,460' 74,701 73,671 8 U.S. Treasury bills and certificates5 68,202 48,573 57,595 52,369' 51,281 52,005 55,312 55,131 51,332 50,152 9 Other negotiable and readily transferable instruments6 17,472 19,396 20,079 17,312r 18,257 18,269' 18,819 18,842' 18,528 18,907 10 Other 2,507 2,356 2,832 4,512' 5,281' 5,442 5,970 5,487 4,842 4,612 11 Nonmonetary international and regional organizations7 2,607 2,356 2,344 1,826 1,981 2,317 2,721 2,148 2,091 2,049 12 Banks' own liabilities 906 714 444 398 303 555 638 373 298 450 13 Demand deposits 330 260 146 249 185 388 262 130 135 209 14 Time deposits1 84 151 85 60 58 74 58 86 76 143 15 Other2 492 303 212 89 60 93 318 156 87 96 16 Banks' custody liabilities4 1,701 1,643 1,900 1,428 1,678 1,762 2,083 1,775 1,792 1,599 17 U.S. Treasury bills and certificates 201 102 254 96 184 142 541 217 277 109 18 Other negotiable and readily transferable Instruments6 1,499 1,538 1,646 1,332 1,494 1,621 1,542 1,558 1,515 1,490 19 Other 1 2 0 0 0 0 0 0 0 0 20 Official institutions8 90,742 78,206 86,624 73,051' 69,796 73,080' 78,696 76,405' 72,846 71,914 21 Banks' own liabilities 12,165 18,292 17,826 13,956' 11,869 14,214' 16,672 14,626' 14,919 15,141 22 Demand deposits 3,390 4,671 3,771 2,697 2,668 2,459 2,612 2,404' 2,385 2,347 23 Time deposits1 2,560 3,050 3,612 1,986' 1,692 1,910' 4,192 3,684' 4,236 4,692 24 Other2 6,215 10,571 10,443 9,273 7,509 9,846 9,868 8,538' 8,297 8,102 25 Banks' custody liabilities4 78,577 59,914 68,798 59,094r 57,927 58,866' 62,024 61,778' 57,927 56,773 26 U.S. Treasury bills and certificates5 67,415 47,666 56,243 50,181' 48,867 49,644 52,389 52,306 48,364 47,048 27 Other negotiable and readily transferable instruments6 10,992 12,196 12,501 8,659 9,013 9,171' 9,587 9,445' 9,527 9,685 28 Other 170 52 54 255 46 51 47 27 37 40 29 Banks9 57,423 88,316 96,415 118,050r 103,348' 109,204' 135,167' 145,577' 150,563 156,251 30 Banks' own liabilities 52,626 83,299 90,456 108,755' 92,786 98,369' 123,452' 133,691' 139,812 145,049 31 Unaffiliated foreign banks 15,315 19,482 21,786 20,946' 16,275 18,418 27,449' 28,664' 31,948 37,832 32 Demand deposits 11,257 13,285 14,188 15,199 11,346 12,908 11,614 10,893' 10,444 9,263 33 Time deposits1 1,429 1,667 1,703 1,875' 1,631 1,837 9,169' 10,472 13,400 18,037 34 Other2 2,629 4,530 5,895 3,873' 3,298 3,673 6,666' 7,299' 8,104 10,532 35 Own foreign offices3 37,311 63,817 68,670 87,809' 76,511 79,951' 96,003' 105,026' 107,864 107,217 36 Banks' custody liabilities4 4,797 5,017 5,959 9,296' 10,562' 10,835 11,715 11,886 10,751 11,202 37 U.S. Treasury bills and certificates 300 422 623 1,439 1,574 1,584 1,683 1,853 1,876 2,213 38 Other negotiable and readily transferable instruments6 2.425 2,415 2,748 3,898' 4,091 4,169 4,421 4,858 4,405 4,734 39 Other 2,072 2,179 2,588 3,958' 4,897' 5,082 5,611 5,176 4,470 4,255 40 Other foreigners 16,070 18,642 19,914 23,628' 24,148' 24,424' 25,949' 26,303' 28,113 29,153 41 Banks' own liabilities 12,964 14,891 16,065 19,253' 19,496' 20,170' 21,671' 22,282' 23,882 25,056 42 Demand deposits 4,242 5,087 5,356 5,447 4,873' 5,373 5,189 4,906' 4,866 4,749 43 Time deposits 8.353 8,755 9,676 13,399' 14,266' 14,280' 15,963 16,918' 18,542 19,827 44 Other2 368 1,048 1,033 406 358 517 520' 458' 474 479 45 Banks' custody liabilities4 3,106 3,751 3,849 4,375' 4,652 4,253 4,278 4,021 4,231 4,098 46 U.S. Treasury bills and certificates 285 382 474 654 656 635 698 755 815 782 47 Other negotiable and readily transferable instruments6 2,557 3,247 3,185 3,422' 3,659 3,309 3,268 2,981 3,081 2,998 48 Other 264 123 190 300 337 309 312 284 335 318 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 11,007 10,984 10,745 9,467' 9,424 9,985' 10,547 10,470' 10,916 11,215 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 • May 1982 3.17 Continued 1981 Area and country 11997788 11997799 11998800 Sept. Oct. Nov. Dec.A Jan. 1 Total 166,842 187,521 205,297 216,555 ' 199,272' 209,024' 242,533' 250,432' 253,612 259,367 2 Foreign countries 164,235 185,164 202,953 214,729' 197,292' 206,708' 239,812' 248,284' 251,521 257,318 3 Europe 85,172 90,952 90,897 85,125' 77,652' 82,302' 90,622 89,708' 91,574 93,406 4 Austria 513 413 523 590 583 595 587 719' 647 520 5 Belgium-Luxembourg 2,550 2,375 4,019 4,852 3,644 3,989 4,117 3,954' 3.252 3,001 6 Denmark 1,946 1,092 497 163 232 306 333 512 524 514 7 Finland 346 398 455 198 187 196 296 157 292 273 8 France 9,214 10,433 12,125 7,637 7,125 7,385 8,486 8,078' 8,042 7,784 9 Germany 17,283 12,935 9,973 8,410 6,555 7,211 7,665 6,953' 6,668 7,696 10 Greece 826 635 670 578 496 428 463 469' 535 472 11 Italy 7,739 7,782 7,572 6,264 5,677' 5,656 7,290 7,104' 6,495 4,300 12 Netherlands 2,402 2.337 2,441 2,240 2,173 2,351 2,773 2,808' 2,926 3,066 13 Norway 1,271 1,267 1,344 1,008 1,449 1,642 1,457 1,245' 1,129 1,518 14 Portugal 330 557 374 486 424 358 354 301' 275 272 15 Spain 870 1,259 1,500 1,189 975 954 916 1,024' 946 1,130 16 Sweden 3,121 2,005 1,737 2,102 1,609 1,508 1,545 1,274' 1,480 1,358 17 Switzerland 18,225 17,954 16,689 16,980' 17,114 18,937 18,878 18,927' 18,590 19,454 18 Turkey 157 120 242 234 252 197 518 336 216 283 19 United Kingdom 14,272 24,700 22,680 26,376r 23,985 24,258 28,230 30,581' 33,799 35,141 2 2 0 1 Y O u th g e o r s l W av e ia s tern Europe1 3,4 2 4 5 0 4 4,0 2 7 6 0 6 6,9 6 3 8 9 1 5,0 3 1 6 0 6 4,4 2 7 6 2 5 5, 3 3 8 9 0 4 ' 5,7 3 9 7 8 5 4, 2 7 1 1 5 0 ' 5,2 2 0 1 4 9 5, 2 93 2 9 3 2 2 3 2 O U t . h S e . r S . E R a stern Europe2 33 8 0 2 30 5 2 2 37 6 0 8 41 2 4 8 3 4 9 2 6 4 7 8 2 6 49 4 3 9 2 6 7 9 1 ' 28 5 4 2 41 4 7 4 24 Canada 6,969 7,379 10,031 10,119 8,934 10,091 10,256 11,572' 10,999 10,707 25 Latin America and Caribbean 31,638 49,686 53,170 66,757' 59,896' 62,011' 84,504' 92,203' 94,415 96,491 26 Argentina 1,484 1,582 2,132 1,979 1,929 2,012 2,445 2,879' 2,897 2,926 27 Bahamas 6,752 15,255 16,381 25,552' 21,325' 23,625' 34,380' 4433,,552222'' 43,589 43,546 28 Bermuda 428 430 670 806 721 624 765 668800'' 855 1,103 29 Brazil 1,125 1,005 1,216 1,301 1,265 1,285' 1,548 1,608' 1,803 1,338 30 British West Indies 5,974 11,138 12,766 14,456 10,472 9,524' 17,692 17,868' 18,783 18,668 31 Chile 398 468 460 491 538 505 664 771' 815 950 32 Colombia 1,756 2,617 3,077 2,527 2,759 2,776 2,993 2,861' 2,924 2,648 33 Cuba 13 13 6 8 6 7 9 7 10 7 3 3 4 5 E G c u u a a te d m or ala3 4 3 1 2 6 2 4 4 2 1 5 4 3 36 7 7 1 3 4 9 7 4 6 4 41 0 9 3 4 5 4 1 4 6 4 4 3 7 4 9 3 4 5 8 5 5 ' ' 3 5 7 1 0 9 5 59 1 0 3 36 Jamaica3 52 76 97 92 147 96 87 120 100 129 37 Mexico 3,467 4,185 4,547 6,021 5,902' 6,047' 7,163 6,668' 7,246 7,578 38 Netherlands Antilles 308 499 413 697 2,771 2,896 3,073 3,042 3,135 3,422 39 Panama 2,967 4,483 4,718 4,974' 4,599 4,904 4,852 3,478' 3,338 4,188 40 Peru 363 383 403 380 379 r 473 694 559944'' 531 530 41 Uruguay 231 202 254 259 249 266 367 448811'' 344 322 42 Venezuela 3,821 4,192 3,170 3,982 4,044 3,971 4,245 4,557' 4,713 5,117 43 Other Latin America and Caribbean.. 1,760 2,318 2,123 2,362 1,969 2,041' 2,612 2,227' 2,443 2,917 44 Asia 36,492 33,005 42,420 48,733' 46,851' 48,632' 49,810 50,658' 50,290 52,544 China 45 Mainland 67 49 49 76 85 200 158 183 215 257 46 Taiwan 502 1,393 1,662 2,195' 2,189' 2,147 2,082 2,227' 2.253 2,213 47 Hong Kong 1,256 1,672 2,548 4,062 4,158 4,090 3,950 3,946' 4,302 4,198 48 India 790 527 416 491 433 514 385 512' 414 433 49 Indonesia 449 504 730 809 1,269 985 640 1,230 1,241 1,127 50 Israel 688 707 883 412 418 475 589 546' 507 449 51 Japan 21,927 8,907 16,281 20,745' 20,204 19,988 20,559 20,051' 20,664 21,938 52 Korea 795 993 1,528 1,434 1,291 1,322 2,013 2,146' 2,162 2,138 53 Philippines 644 795 919 832 691 736 876 757 739 671 54 Thailand 427 277 464 392 274 409 534 369 494 340 55 Middle-East oil-exporting countries4 .. 7,534 15,300 14,453 13,295' 12,196 13,603 13,172 13,623' 13,564 14,747 56 Other Asia 1,414 1,879 2,487 3,990' 3,643 4,163 4,852 5,068' 3,735 4,033 57 Africa 2,886 3,239 5,187 2,561 2,535 2,381 3,201 3,065' 2,814 2,395 58 Egypt 404 475 485 433 343 328 360 571' 339 297 59 Morocco 32 33 33 43 28 37 32 36 35 36 60 South Africa 168 184 288 244 282 202 420 252' 368 327 61 Zaire 43 110 57 76 44 56 134 33 40 69 62 Oil-exporting countries5 1,525 1,635 3,540 1,040 1,165 830 11,,339955 1,207' 1,112 627 63 Other Africa 715 804 783 725 672 929 886600 966' 920 1,039 64 Other countries 1,076 904 1,247 1,434 1,423 1,291 1,419 1,078' 1,430 1,775 65 Australia 838 684 950 1,174 1,212 1.065 1,223 853' 1,204 1,550 66 All other 239 220 297 260 211 226 196 225 226 225 67 Nonmonetary international and regional organizations 2,607 2,356 2,344 1,826 1,981 2.317 2,721 2,148 2,091 2,049 68 International 1,485 1,238 1,157 631 945 1,128 1,661 1,072 1,082 1,081 69 Latin American regional 808 806 890 750 724 797 710 17 706 634 70 Other regional6 314 313 296 445 312 391 350 1,059 303 335 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 Sept. Oct. Nov. Dec.A Jan. Feb. Mar.P 1 115,545 133,943 172,592 210,856' 197,584 r 208,754' 250,136 255,456' 264,068 275,237 2 Foreign countries 115,488 133,906 172,514 210,801' 197,540' 208,713' 250,080 255,405' 264,021 275,180 3 Europe 24,201 28,388 32,108 41,078' 34,678' 39,637' 48,711 51,584' 53,005 56,465 4 Austria 140 284 236 436 138 179 127 198' 172 134 5 Belgium-Luxembourg 1,200 1,339 1,621 2,628' 1,761' 2,025' 2,832 2,788 3,259 3,667 6 Denmark 254 147 127 158 187' 208' 186 226 253 282 7 Finland 305 202 460 347' 397 528' 549 555 573 569 8 France 3,735 3,322 2,958 3,351 2,563 3,261 4,069 4,682' 4,933 5,549 9 Germany 845 1,179 948 1,267 841 979 936 1,084 874 1,127 10 Greece 164 154 256 287 235 255 333 378' 319 323 11 Italy 1,523 1,631 3,364 4,016 4,322 4,559 5,186 5,461' 5,601 5,183 12 Netherlands 677 514 575 573' 567' 570' 685 729 808 950 13 Norway 299 276 227 300 230 281 384 384 437 455 14 Portugal 171 330 331 328 353 390 529 584 666 770 15 Spain 1,120 1,051 993 1,711 1,627 1,693 2,100 2,171' 2,505 2,602 16 Sweden 537 542 783 930 871 1,339' 1,206 1,329' 1,504 1,579 17 Switzerland 1,283 1,165 1,446 1,953' 1,475' 1,963' 2,211 1,845' 1,999 1,709 18 Turkey 300 149 145 144 153 144 421 464 522 492 19 United Kingdom 10,147 13,795 14,917 19,569' 16,047' 18,204' 23,431 24,986 25,067 27,675 20 Yugoslavia 363 611 853 932 954 1,016 1,224 1,213' 1,243 1,154 21 Other Western Europe1 122 175 179 185 148 197 209 235 192 317 22 U.S.S.R 360 268 281 232 203 248 367 455 262 212 23 Other Eastern Europe2 657 1,254 1,410 1,733 1,605 1,596 1,725 1,816 1,816 1,716 24 Canada 5,152 4,143 4,810 8,067' 7,456' 7,079' 9,041 9,478' 9,755 10,772 25 Latin America and Caribbean 57,565 67,993 92,992 112,088' 108,289' 113,073' 137,718 143,098' 147,494 152,067 26 Argentina 2,281 4,389 5,689 5,772' 5,887 6,044 7,506 8,704' . 8,826 8,920 27 Bahamas 21,555 18,918 29,419 38,380' 36,921' 39,438' 43,351 44,739' 45,616 47,462 28 Bermuda 184 496 218 490 335 255 326 481' 449 422 29 Brazil 6,251 7,713 10,496 9,877' 10,374 10,823 16,874 17,379' 17,872 18,646 30 British West Indies 9,694 9,818 15,663 19,162' 17,262' 17,890' 21,579 21,021' 21,941 22,840 31 Chile 970 1,441 1,951 2,514 2,567 2,643' 3,682 4,169' 4,370 4,495 32 Colombia 1,012 1,614 1,752 1,487 1,529 1,598 2,018 2,112' 2,607 2,013 33 Cuba 0 4 3 3 4 3 3 7 9 3 34 Ecuador 705 1,025 1,190 1,298 1,282 1,328 1,531 1,723' 1,752 1,839 35 Guatemala3 94 134 137 119 127 123 124 119 119 106 36 Jamaica3 40 47 36 54' 40 45 62 177 115 164 37 Mexico 5,479 9,099 12,595 17,264' 17,153' 18,505' 22,358 23,098' 24,235 24,966 38 Netherlands Antilles 273 248 821 869 933' 951 1,068 950 1,131 895 39 Panama 3,098 6,041 4,974 6,674' 5,798' 5,655' 6,719 6,918' 7,269 7,256 40 Peru 918 652 890 788 796 705 1,213 1,432' 1,432 1,474 41 Uruguay 52 105 137 142 166 148 157 267' 240 229 42 Venezuela 3,474 4,657 5,438 5,326' 5,273 5,129 7,046 7,307' 7,704 8,097 43 Other Latin America and Caribbean 1,485 1,593 1,583 1,869' 1,843' 1,790 2,102 2,494' 2,348 2,241 44 25,362 30,730 39,078 45,493' 43,263' 45,008' 49,690 45,960' 4488,,116655 4499,,888888 China 45 Mainland 4 35 195 153 148 199 107 85 83 84 46 Taiwan 1,499 1,821 2,469 2,476 2,349 2,262 2,461 2,643' 2,215 2,300 47 Hong Kong 1,479 1,804 2,247 3,717' 3,786' 3,923' 4,115 4,091' 4,287 5,430 48 India 54 92 142 144 176 179 134 148 188 212 49 Indonesia 143 131 245 363 267 329 346 325' 330 356 50 Israel 888 990 1,172 1,086 1,200 1,325 1,561 1,318 1,467 1,234 51 Japan 12,646 16,911 21,361 25,166' 22,790 23,785 26,682 24,109' 26,081 25,843 52 Korea 2,282 3,793 5,697 6,542' 6,632' 6,733 7,311 6,567' 6,272 6,566 53 Philippines 680 737 989 1,530 1,448 1,621 1,817 1,766 1,989 2,270 54 Thailand 758 933 876 549 559 546 564 527 559 513 55 Middle East oil-exporting countries4 3,125 1,548 1,432 1,394 1,381 1,569 1,597 1,613 1,964 1,966 56 Other Asia 1,804 1,934 2,252 2,374' 2,526' 2,537' 2,996 2,767 2,730 3,114 57 Africa 2,221 1,797 2,377 2,964' 2,796 2,803 3,546 3,822 4,019 4,212 58 Egypt 107 114 151 145 147 137 238 259 293 327 59 Morocco 82 103 223 273 269 243 284 273 273 294 60 South Africa 860 445 370 917 848 904 1,011 948 1,249 1,426 61 Zaire 164 144 94 102 102 100 112 98 93 87 62 Oil-exporting countries5 452 391 805 689 534 531 657 786' 593 626 63 Other 556 600 734 839' 896 888 1,244 1,458' 1,518 1,451 64 Other countries 988 855 1,150 1,110 1,059 1,114 1,374 1,463 1,583 1,776 65 Australia 877 673 859 959 962 989 1,197 1,280 1,385 1,500 66 All other 111 182 290 152 97 125 177 183 198 276 67 Nonmonetary international and regional organizations6 56 36 78 55 43 40 56 51' 47 57 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 • May 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 Sept. Oct. Nov. Dec.A Jan. Feb. Mar. P 1 Total 111111122222226666666,,,,,,,777777788888887777777 111111155555554444444,,,,,,,000000033333330000000 111111199999998888888,,,,,,,666666699999998888888 222222244444446666666,,,,,,,555555566666660000000 ''''''' 222222288888887777777,,,,,,,444444400000000000000 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 111111111111115555555,,,,,,,555555544444445555555 111111133333333333333,,,,,,,999999944444443333333 111111177777772222222,,,,,,,555555599999992222222 222222211111110000000,,,,,,,888888855555556666666 ''''''' 197,584' 208,754' 222222255555550000000,,,,,,,111111133333336666666 255,456' 264,068 275,237 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 11111110000000,,,,,,,333333344444446666666 11111115555555,,,,,,,999999933333337777777 22222220000000,,,,,,,888888888888882222222 22222225555555,,,,,,,000000022222224444444''''''' 25,436 26,397' 33333330000000,,,,,,,999999933333330000000 33,325' 33,286 33,237 44 OOwwnn ffoorreeiiggnn ooffffiicceess'' 44444441111111,,,,,,,666666600000005555555 44444447777777,,,,,,,444444422222228888888 66666665555555,,,,,,,000000088888884444444 88888888888888,,,,,,,444444411111119999999''''''' 78,988' 84,651' 99999996666666,,,,,,,666666600000007777777 96,268' 96,823 101,255 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 44444440000000,,,,,,,444444488888883333333 44444440000000,,,,,,,999999922222227777777 55555550000000,,,,,,,111111166666668888888 55555558888888,,,,,,,999999922222228888888''''''' 55,711' 58,477' 77777773333333,,,,,,,444444466666662222222 75,951' 82,233 86,662 66 DDeeppoossiittss 5555555,,,,,,,444444422222228888888 6666666,,,,,,,222222277777774444444 8888888,,,,,,,222222255555554444444 11111113333333,,,,,,,444444466666661111111''''''' 13,148' 13,637' 22222221111111,,,,,,,999999999999992222222 23,485' 25,514 28,493 77 OOtthheerr 33333335555555,,,,,,,000000055555554444444 33333334444444,,,,,,,666666655555554444444 44444441111111,,,,,,,999999911111114444444 44444445555555,,,,,,,444444466666667777777''''''' 42,563' 44,840' 55555551111111,,,,,,,444444477777770000000 52,466' 56,719 58,169 88 AAllll ootthheerr ffoorreeiiggnneerrss 22222223333333,,,,,,,111111111111111111111 22222229999999,,,,,,,666666655555550000000 33333336666666,,,,,,,444444455555559999999 33333338888888,,,,,,,444444488888884444444''''''' 37,449' 39,228' 44444449999999,,,,,,,111111133333337777777 49,912' 51,726 54,083 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 .... 11111111111111,,,,,,,222222244444443333333 22222220000000,,,,,,,000000088888888888888 22222226666666,,,,,,,111111100000006666666 33333335555555,,,,,,,777777700000004444444''''''' 33333337777777,,,,,,,222222266666664444444 444444488888880000000 999999955555555555555 888888888888885555555 999999999999992222222 1111111,,,,,,,333333355555555555555 11 Negotiable and readily transferable 5555555,,,,,,,333333399999996666666 11111113333333,,,,,,,111111100000000000000 11111115555555,,,,,,,555555577777774444444 22222225555555,,,,,,,222222299999997777777''''''' 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 36,466' 40,000' 41,608' 39,177 42,049' 43,496 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. ± 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-A 1 Total 73,635 86,181 106,748 107,276 117,445r 122,257' 151,955 By borrower 2 Maturity of 1 year or less1 58,345 65,152 82.555 83,471 91,982' 94,722' 114,059 3 Foreign public borrowers 4,633 7.233 9.974 10,734 11.733' 12,955' 15,071 4 All other foreigners 53,712 57,919 72.581 72,737 80,248' 81.767' 98,988 5 Maturity of over 1 year' 15,289 21,030 24,193 23,805 25,463' 27,535' 37,897 6 Foreign public borrowers 5,395 8.371 10.152 10,250 11,022 12,410' 15,607 7 All other foreigners 9,894 12,659 14,041 13,555 14,441' 15,125' 22,290 By area Maturity of 1 year or less' 8 Europe 15,169 15.235 18,715 18,681 21,095' 22.898' 27,145 9 Canada 2,670 1,777 2.723 2,743 3,319' 3,906' 4,273 10 Latin America and Caribbean 20,895 24,928 32,034 31,329 33,514' 35,524' 47,576 11 17,545 21,641 26,686 28,363 31.489' 29,296' 31,653 12 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 year' 14 Europe 33,,114422 4.160 5,118 5,585 6,307' 6,424' 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 17,478' 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. 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 116.4 124.7 138.4 141.3 154.2 158.8 162.1 167.9 167.8 171.8 172.3 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 18.2 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 63.0 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 ..44 .6 .7 .8 .6 .8 .8 .7 11..00 11..11 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 99..88 10.1 10.6 11.7 12.4 11.9 12.2 60 Netherlands Antilles .7 .8 1.2 .9 11..22 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 Iraq, 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 • May 1982 3.22 LIABILITIES TO 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 14,952' 17,174' 21,652' 18,790' 21,652' 21,672' 21,192' 21,275' 3 2 P P a a y y a a b b l l e e i i n n d fo o r l e la ig rs n currencies2 11 3, , 4 5 2 2 9 3 r 1 3 4 , , 0 1 7 0 5 0 ' 1 3 7 . , 7 9 0 4 9 4 ' 1 3 5 , , 3 4 3 5 7 3 ' 1 3 7 , , 7 9 0 4 9 4 ' 1 3 8 , , 5 1 2 4 8 5 ' ' 1 3 7 , , 2 9 4 4 7 4 ' 1 2 8 , , 9 2 9 8 2 4 ' By type 4 Financial liabilities 6,368 7,485' 11,135' 8,453' 11,135' 11,506' 11,414' 10,921 5 Payable in dollars 3,853 5,215' 8,363' 5,966' 8,363' 8,873' 9,082' 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 8,584' 9,690' 10,517' 10,337 10,517' 10,166' 9,777 10,355' 8 Trade payables 4,001 4,421 4,708 4,377 4,708 4,758' 4,377 4,351' 9 Advance receipts and other liabilities. 4,583r 5,268' 5,810' 5,960 5,810' 5,409' 5,401 6,003' 10 Payable in dollars 7,670' 8,885' 9,581' 9,487 9,581' 9,272' 8,862 9,545' 11 Payable in foreign currencies 914 805 936 850 936 895' 915 810 By area or country Financial liabilities 12 Europe 3,971 4,658' 6,320' 5,327' 6,320' 6,019' 5,955' 6,073 13 Belgium-Luxembourg 293 345 487' 435' 487' 558' 532' 440 14 France 173 175 327 360 327 324 367' 607 15 Germany 366 497 582 557 582 498 451' 430 16 Netherlands 391 829 663 781 663 544 746' 583 17 Switzerland 248 170 354 224 354 315 321 335 18 United Kingdom 2,167 2,463' 3,772' 2,839' 3,772' 3,668' 3,422' 3,526 19 Canada 247 532 964' 648' 964' 1,096' 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 1,217 11,,227722 1,019 22 Bermuda 4 81 1 1 1 1 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 11,,553344 1,296 25 Mexico 102 121 99 108 99 97 9988 107 26 Venezuela 49 72 81 74 81 85 91 90 27 Asia 784 804' 723 712 723 880 861 805 2 2 8 9 J M a i p d a d n l e East oil-exporting countries3 71 3 7 2 72 3 6 1 64 3 4 8 61 3 8 7 64 3 4 8 76 5 6 1 74 2 1 9 68 3 7 0 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 3 3 3 3 3 3 3 4 7 9 3 5 6 8 Eu N S B U G F r w r o e e n e a p l t r i i n g h t t e m z e c i e d u e e a r r m l n l a K y a - n n i L d n d u s g x d e o m m b ourg 3,0 2 3 8 3 5 4 9 4 0 2 2 2 7 7 6 2 4 1 3 3 1 , , 6 0 2 3 4 5 1 3 7 1 2 6 4 3 6 7 0 7 7 5 7 4 1 . . 1 0 4 5 6 2 9 1 9 8 9 7 1 7 7 3 2 0 9 9 4 1 , , 0 0 5 6 2 4 1 7 4 5 0 8 7 0 4 7 2 1 6 6 9 4 1 , , 1 0 5 4 6 2 9 1 l 9 8 9 1 9 7 7 3 2 0 9 3, 6 8 5 8 2 3 4 4 0 8 8 8 4 3 5 6 0 7 1 1 ' ' ' ' 3,8 2 3 5 6 9 9 7 2 7 5 1 5 2 5 5 2 0 7 8 3, 5 2 9 9 5 5 9 3 5 6 2 7 7 3 8 5 5 0 8 5 ' ' ' ' 40 Canada 667 868 806 591 806 740' 652 742 41 Latin America 997 1,323 1,244 1.361 1,244 1,287 1,149 1,087' 42 Bahamas 25 69 8 8 8 1 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 303 301 307 293 307 253 290 273' 48 Asia 2,927' 2,902' 3,001' 2,909 3,001' 3,071 2,787 3,221' 5 4 0 9 M Ja i p d a d n l e East oil-exporting countries3 l,5 4 1 4 8 8 r 1,0 49 1 4 4 ' 8 8 9 02 0 ' 5 94 0 4 2 8 8 9 02 0 ' 9 8 5 1 5 0 8 8 3 6 7 7 7 8 7 8 77 88 55 11 '' '' 5 5 1 2 Af O ri i c l a - exporting countries4 7 31 4 2 3 7 38 2 4 8 5 8 1 1 4 4 1,0 6 0 3 6 3 8 5 1 1 4 4 8 51 2 9 8 6 3 7 9 6 2 7 3 5 5 7 5 ' ' 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 28,001' 31,315' 34,469' 32,064' 34,469' 37,619' 35,152' 33,855 2 Payable in dollars 24,998' 28,122' 31,543' 28,728' 31,543' 34,613' 32,245' 30,866 3 Payable in foreign currencies2 3,003 3,193 2,926 3,336 2,926 3,007' 2,907' 2,989 By type 4 Financial claims 16,644 18,443' 19,844' 18,646' 19,844' 22,175' 20,027' 18,949 5 Deposits 11,201 12,809' 14,010' 12,587' 14,010' 16,446' 14,398' 13,239 6 Payable in dollars 1100,,113333 11,893' 13,235' 11,374' 13,235' 15,651' 13,672' 12,508 7 Payable in foreign currencies 11,,006688 916 775 1,213 775 795 725 732 8 Other financial claims 5,443 5,634 5,834 6,059 5,834 5,729 5,629' 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 1,638' 1,701 11 Commercial claims 11,357' 12,872' 14,625' 13,418 14,625' 15,445' 15,125 14,906 12 Trade receivables 10,798' 12,178' 13,906' 12,717' 13,906' 14,644' 14,295 14,047 13 Advance payments and other claims.. 559 694 720 702 720 801 830 859 14 Payable in dollars 10,991' 12,422' 14,157' 12,950' 14,157' 14,879' 14,581 14,349 15 Payable in foreign currencies 366 450 468 469 468 566' 544 556 By area or country Financial claims 16 Europe 5,225 6,167' 6,098' 5,692 6,098' 6,054' 5,114' 4,628 17 Belgium-Luxembourg 48 32 195 17 195 170 174 26 18 France 178 177 337' 409 337' 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 5,111' 4,968' 4,646 4,968' 4,856' 3,948' 3,476 23 Canada 4,549 4,984 5,057 4,948 5,057 6,611 6,159' 6,018 24 Latin America and Caribbean 5,714 6,290' • 7,709' 6,825' 7,709' 8,568' 7,891' 7,313 25 Bahamas 3,001 2,765' 3,448' 2,858' 3,448' 3,957' 3,240' 3,128 26 Bermuda 80 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 2,684' 2,342 2,684' 3,404' 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 920 706 710 853 710 691 609' 653 32 Japan 305 199 177 331 177 191 99' 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 10 49 26 29 26 27 39 41 35 Oil-exporting countries4 55 44 32 68 32 36 37 116 36 All other5 Commercial claims 3,983 4,909 5,502' 4,709 5,502' 5,807' 5,467 5,347 37 Europe 144 202 233 230 233 277 235 220 38 Belgium-Luxembourg 609 727 1,127' 710 1,127' 900' 783 767 39 France 399 589 589' 571 589' 597 572 580 40 Germany 267 298 318 289 318 347 308 308 41 Netherlands 198 272 351 339 351 461 474 404 42 Switzerland 824 901 928' 994 928' 1,190' 1,067 1,032 43 United Kingdom 44 Canada 1,094 849 896' 934 896' 1,034' 991 1,011 45 Latin America and Caribbean 2,546 2,869' 3,753' 3,389 3,753' 3,838' 3,793 3,726 46 Bahamas 109 21 21 53 21 15 29 18 47 Bermuda 215 197 108' 81 108' 170 192 241 48 Brazil 628 645 861 712 861 799 823 726 49 British West Indies 9 16 34 17 34 15 34 13 50 Mexico 505 698 1,091' 992 1,091' 1,053' 1,113 983 51 Venezuela 291 343 409' 388 409' 439' 420 454 52 Asia 3,108' 3,451' 3,505' 3,446' 3,505' 3,761' 3,767 3,653 53 Japan 1,006 1,177' 1,045 1,140' 1,045 1,294 1,218 1,104 54 Middle East oil-exporting countries^ 713' 765' 819' 835' 819' 923' 934 828 55 Africa 447 554 651 669 651 678 703 717 56 Oil-exporting countries4 136 133 151 135 151 143 137 154 57 All other5 178 240 318 272 318 327' 404 451 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 • May 1982 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1982 1981 1982 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11998800 11998811 Jan.- Mar. Sept. Oct. Nov. Dec. Jan. Feb. Mar.P U.S. corporate securities STOCKS 1 Foreign purchases 40,293' 40,582' 7,218 2.851' 2,839 2,689 2,940 2,016 2,524 2,678 2 Foreign sales 34,870 34,821' 6,241 2,322 2,792 2,494 2,740 1,748 1,988 2,505 3 Net purchases, or sales (-) 5,423' 5,761r 977 529' 47 195 200 268 536 173 4 Foreign countries 5,405' 5,737' 965 535' 53 207 199 263 537 164 5 Europe 3,112'' 3,599' 770 38 46 109 176 231 347 192 6 France 490 889 -59 10 21 -7 5 -2 -6 -52 7 Germany 172' -28 70 -48 6 -4 -6 11 17 42 8 Netherlands -328 37 42 -3 13 28 -73 3 38 1 9 Switzerland 308 276' -53 -68 -97 0 75 40 -33 -60 10 United Kingdom 2,523 2,210 734 132 86 96 171 169' 317 248 11 Canada 887 783' -143 44 -47 7 8 -45 20 -118 1 1 2 3 L M a i t d in d le A m Ea e s r t i 1 c a and Caribbean 1,2 1 0 4 6 8 1 - ,1 3 4 0 0 2 -1 7 2 - 4 8 9 1 7 164 7 5 4 4 6 - -2 3 4 6 -1 5 3 1 1 3 3 1 7 -1 8 9 4 1 lb 4 A O f t r h i e c r a Asia -1 1 6 28 7 4 ' -2 5 7 3 0 3 ' -117 0 -7 1 74 0 40 0 -6 1 -3 2 3 16 Other countries 38 -46 12 4 -2 -3 1 -1 6 6 17 Nonmonetary international and regional organizations 18 24 13 -5 -6 -12 0 5 -1 9 BONDS2 18 Foreign purchases 15,425 17,192' 3,494 1,306 1,176' 1,099 1,192 946 929 1,619 19 Foreign sales 9,964 12,152' 3,189 1,051 1,203 1,303 1,038 778 930 1,481 20 Net purchases, or sales (-) 5,461 5,039' 305 255 -26' -204 153 168 -1 138 21 Foreign countries 5,526 4,973' 309 243 -17' -212 157 154 10 145 22 Europe 1,576 1,353' 330 5 -96 -112 139 144 16 169 23 France 129 11 40 4 5 4 7 1155 14 12 24 Germany 213' 848' 417 64 43 67 52 8888 104 225 2 2B 6 N Sw et i h tz e e r r l l a a n n d d s -6 5 5 4 1 7 0 0 8 ' ' 4 1 2 9 -2 -2 3 1 7 3 ' 10 9 -3 3 19 2 0 8 0 8 1 1 5 7 27 United Kingdom 1,257 178 -201 -53 -164 -174 55 3 -102 -102 28 Canada 135 -12' 73 -12 -35 -29 -2 29 15 29 3 2 0 9 M La i t d in d le A m Ea e s r t i 1 c a and Caribbean 3,4 1 9 8 9 5 3,4 1 6 3 5 2 -19 3 4 1 252 7 -1 8 2 4 -72 4 -6 2 2 2 -89 1 7 - - 1 6 1 3 -4 2 1 6 31 Other Asia 117 44 76 -9 43 -1 60 53 52 -29 32 Africa 5 - 1 -7 0 0 -1 0 0 0 -6 33 Other countries 10 -7 -1 -1 0 -2 -2 0 2 -3 34 Nonmonetary international and regional organizations -65 66 -4 12 -10 9 -4 14 -11 -6 Foreign securities 35 Stocks, net purchases, or sales (-) -2,141' 5' 228 191 -30 -70 82 159 44 25 36 Foreign purchases 7,888 9,199' 1,700 794 588 625 699 521 507 672 3/ Foreign sales 10,029 9,195' 1,472 603 617 695 617 362 463 647 3 3 8 9 Bo F n o d r s e , ig n n e t p p u u r r c c h h a a s s e e s s, or sales (-) - 1 1 7 , , 0 0 0 8 1 4 ' ' — 1 7 5 , , 7 17 9 7 6 R ' 5 - , 4 2 3 7 5 6 - 1, 2 0 5 23 5 ' - 1 1 ,5 0 53 9 ' -1 2 , , 9 2 4 9 5 7 ' ' - 1 7 ,9 7 8 2 0 1, - 2 2 22 2 ' 1 - ,5 9 1 4 4 2 - , 3 5 2 4 0 1 40 Foreign sales 18,086 22,973' 5,712 1,279' 1,661' 4,242 2,751 1,243 1,607 2,861 41 Net purchases, or sales ( —), of stocks and bonds . -3,143' -5,172' -207 -64' -139' -2,015 -689 138 -50 -295 42 Foreign countries -4,019' -4,416' -312 -78' -311' -1,426' 31 109' -110 -311 43 Europe -1,108 -642' 209 78' -45 -453 136 143 -52 117 44 Canada -1,948 -3,698' -597 -325' -205' -878' -166 -80 -102 -415 45 Latin America and Caribbean 81' 170 229 1 50 -6 -2 67 67 95 46 -1,147 -287 -144 177 -113 -148 49 -2 -20 -123 47 Africa 24 -53 -21 -6 1 1 6 -15 -1 -5 4 4 8 9 N O o th n e m r o c n o e u ta n r t y ri e i s n ternational and 79' 94' 12 -3 0 57 8 -4 -3 1188 regional organizations 876 -756 104 14 173 -588 -720 28 60 16 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). ernment 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.- Mar. Sept. Oct. Nov. Dec. Jan. Feb. Mar/ Holdings (end of period)1 1 Estimated total2 57,549 70,201r 67,002r 68,482r 70,370 r 70,201r 71,487r 73,800 75,637 2 Foreign countries2 52,961 64,530r 62,363r 64,061r 65,893 64,530r 65,850r 68,274 70,095 3 Europe2 24,468 23,976 24,334 24,531 24,952 23,976 24,373 25,332 25,928 4 Belgium-Luxembourg 77 543 372 384 329 543 614 363 374 5 Germany2 12,327 11,861 12,830 13,029 13,226 11,861 11,898' 12,845 13,055 6 Netherlands 1,884 1,955 1,756 1,784 1,889 1,955 1,998 2,038 2,052 7 Sweden 595 643 646 661 645 643 644 635 697 8 Switzerland2 1,485 846 876 861 833 846 904 984 1,033 9 United Kingdom 7,323 6,709 6,469 6,446 6,693 6,709 6,800 6,931 7,037 10 Other Western Europe 777 1,419 1,385 1,367 1,337 1,419 1,514 1,535 1,680 11 Eastern Europe 0 0 0 0 0 0 0r 0 0 12 Canada 449 514r 521r 540r 501r 514r 533r 500 459 13 Latin America and Caribbean 999 736 854 788 761 736 721 728 760 14 Venezuela 292 286 294 289 306 286 286 286 286 15 Other Latin America and Caribbean 285 319 313 317 289 319 321 337 370 16 Netherlands Antilles 421 131 246 182 165 131 113 104 103 17 Asia 26,112 38,671r 35,506 37,052 38,638r 38,671r 39,700r 41,310 42,531 18 Japan 9,479 10,780r 10,102 10,094 10,732 10,780 10,844 11,022 11,203 19 Africa 919 631 1,140 1,141 1,037 631 519 400 401 20 All other 14 2 8 8 3 2 3 5 17 21 Nonmonetary international and regional organizations 4,588 5,671 4,639 4,421r 4,477 5,671 5,637 5,526 5,542 22 International 4,548 5,637 4,636 4,419 4,462 5,637 5,603 5,493 5,529 23 Latin American regional 36 1 1 1 1 1 1 -4 -4 Transactions (net purchases, or sales (-) during period) 24 Total2 6,066 12,652r 5,436 571 1,480 1,888r -169 1,286 2,314 1,837 25 Foreign countries2 6,906 11,568r 5,565 791 1,698 1,832' -1,363 1,320 2,424 1,821 26 Official institutions 3,865 11,694r 4,494 1,376 1,632r 1,997r -787 841 2,343 1,311 27 Other foreign2 3,040 -127r 1,069 -585 65 -165 -576 478 81 510 28 Nonmonetary international and regional organizations.. -843 1,085 -127 -220 -217 57' 1,194 -33 -110 16 MEMO: Oil-exporting countries 29 Middle East3 7,672 11,156 2,862 1,354 1,442 1,250 17 1,019 1„373 470 30 Africa4 327 -289 -231 0 0 -102 -407 -112 -119 0 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 Apr. 30, 1982 Rate on Apr. 30, 1982 Rate on Apr. 30, 1982 Country Country Country Per- Month Per- Month Percent effective cent effective cent Argentina 168.9 Mar. 1982 France1 16.0 Apr. 1982 Sweden 10.0 Austria .. 6.75 Mar. 1980 Germany, Fed. Rep. of 7.5 May 1980 Switzerland 5.5 Belgium.. 14.0 Apr. 1982 Italy 19.0 Mar. 1981 United Kingdom- Brazil 49.0 Mar. 1981 Japan 5.5 Dec. 1981 Venezuela 14.0 Canada .. 15.23 Apr. 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 days. 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 • May 1982 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1981 1982 CCoouunnttrryy,, oorr ttyyppee 11997799 11998800 11998811 Oct. Nov. Dec. Jan. Feb. Mar. Apr. 1 Eurodollars 11.96 14.00 16.79 16.34 13.33 13.24 14.29 15.75 14.90 15.20 2 United Kingdom 13.60 16.59 13.86 16.27 15.03 15.31 15.14 14.47 13.53 13.69 3 Canada 11.91 13.12 18.34 18.84 16.53 15.97 15.01 15.25 15.67 15.74 4 Germany 6.64 9.45 12.05 11.72 11.05 10.72 10.43 10.22 9.84 9.30 5 Switzerland 2.04 5.79 9.15 10.85 9.88 9.76 8.53 8.29 6.37 4.96 6 Netherlands 9.33 10.60 11.52 12.57 11.70 11.03 10.49 10.06 8.90 8.20 7 France 9.44 12.18 15.28 16.47 15.35 15.30 15.07 14.58 15.21 16.36 8 Italy 11.85 17.50 19.98 21.00 21.12 21.24 21.38 21.34 20.63 20.62 9 Belgium 10.48 14.06 15.28 15.83 15.28 15.48 15.09 14.89 14.02 14.95 10 Japan 6.10 11.45 7.58 7.13 7.15 6.75 6.41 6.38 6.43 6.57 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 Nov. Dec. Jan. Feb. Mar. Apr. 1 Argentina/peso n.a. n.a. n.a. 6425.20 7417.10 9910.00 10256.00 10795.65 11761.36 2 Australia/dollar1 111.77 111.57 114.57 114.55 113.39 111.41 108.50 106.03 105.15 3 Austria/schilling 13.387 12.945 15.948 15.621 15.852 16.066 16.587 16.711 16.853 4 Belgium/franc 29.342 29.237 37.194 37.420 38.296 39.027 41.144 44.379 45.292 5 Brazil/cruzeiro n.a. n.a. 92.374 117.71 121.98 130.14 137.97 144.07 151.03 6 Canada/dollar 1.1603 1.1693 1.1990 1.1872 1.1851 1.1926 1.2140 1.2205 1.2252 7 Chile/peso n.a. n.a. n.a. 39.100 39.100 39.100 39.100 39.100 39.407 8 China, P.R./yuan n.a. n.a. 1.7031 1.7409 1.7405 1.7713 1.8200 1.8429 1.8565 9 Colombia/peso n.a. n.a. n.a. 57.175 57.129 59.409 60.129 60.956 61.057 10 Denmark/krone 5.2622 5.6345 7.1350 7.1720 7.3210 7.4977 7.7950 8.0396 8.1591 11 Finland/markka 3.8886 3.7206 4.3128 4.3442 4.3666 4.4033 4.5058 4.5663 4.6097 12 France/franc 4.2566 4.2250 5.4396 5.6240 5.7141 5.8298 6.0176 6.1428 6.2457 13 Germany/deutsche mark 1.8342 1.8175 2.2631 2.2292 2.2579 2.2938 2.3660 2.3800 2.3970 14 Greece/drachma n.a. n.a. n.a. 56.297 57.231 58.811 60.973 61.769 63.541 15 Hong Kong/dollar n.a. n.a. 5.5678 5.6681 5.6329 5.7959 5.8857 5.8298 5.8270 16 India/rupee 8.1555 7.8866 8.6807 9.1350 9.1304 9.1525 9.2144 9.2935 9.3923 17 Indonesia/rupiah n.a. n.a. n.a. 632.00 632.36 645.7 645.89 649.00 651.14 18 Iran/rial n.a. n.a. 79.324 80.606 79.000 n.a. n.a. n.a. n.a. 19 Ireland/pound1 204.65 213.53 161.32 158.95 157.30 153.97 148.86 147.25 144.22 7(1 Israel/shekel n.a. n.a. n.a. 14.537 15.363 16.163 17.488 18.766 20.014 21 Italy/lira 831.10 856.20 1138.60 1191.60 1206.40 1228.20 1263.20 1293.29 1321.60 7? Japan/yen 219.02 226.63 220.63 223.13 218.95 224.80 235.31 241.23 244.11 23 Malaysia/ringgit 2.1721 2.1767 2.3048 2.2562 2.2477 2.2575 2.3662 2.3265 2.3395 24 Mexico/peso 22.816 22.968 24.547 25.722 26.071 26.469 31.736 45.366 46.152 25 Netherlands/guilder 2.0072 1.9875 2.4998 2.4442 2.4734 2.5145 2.5947 2.6186 2.6594 2.6 New Zealand/dollar1 102.23 98.65 86.848 83.104 82.784 81.399 79.325 77.698 76.562 27 Norway/krone 5.0650 4.9381 5.7430 5.8164 5.7801 5.8623 5.9697 6.0255 6.0820 28 Peru/sol n.a. n.a. n.a. 469.83 487.73 515.21 534.47 561.08 591.29 29 Philippines/peso n.a. n.a. 7.8113 8.0868 8.1446 8.2132 8.2530 8.3291 8.3565 30 Portugal/escudo 48.953 50.082 61.739 64.375 65.348 66.492 69.067 70.488 72.493 31 Singapore/dollar n.a. n.a. 2.1053 2.0610 2.0530 2.0607 2.1095 2.1213 2.1329 37 South Africa/rand/1 118.72 122.72 114.77 103.82 103.10 103.46 101.95 97.930 94.880 33 South Korea/won n.a. n.a. n.a. 688.56 694.68 705.17 710.05 714.67 721.03 34 Spain/peseta 67.158 71.758 92.396 95.398 96.97 98.357 100.70 104.53 106.15 35 Sri Lanka/rupee 15.570 16.167 18.967 20.826 20.259 20.228 20.611 20.700 20.575 36 Sweden/krona 4.2892 4.2309 5.0659 5.4894 5.5411 5.6206 5.7579 5.8361 5.9144 37 Switzerland/franc 1.6643 1.6772 1.9674 1.8844 1.7859 1.8152 1.8909 1.8886 1.9624 38 Thailand/baht n.a. n.a. 21.731 23.050 23.050 23.050 23.050 23.050 23.025 39 United Kingdom/pound1 212.24 227.74 202.43 190.25 190.33 188.60 184.70 180.53 177.20 40 Venezuela/bolivar n.a. n.a. 4.2781 4.2961 4.2958 4.2960 4.2960 4.3012 4.3023 MEMO: United States/dollar2 88.09 87.39 102.94 104.53 105.21 106.96 110.36 112.45 114.07 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 All 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 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 JOSEPH S. ZEISEL, Deputy Director ROBERT E. MANNION, Deputy General Counsel MICHAEL J. PRELL, Associate Director J. VIRGIL MATTINGLY, JR., Associate General Counsel JARED J. ENZLER, Senior Deputy Associate Director GILBERT T. SCHWARTZ, Associate General Counsel DONALD L. KOHN, Senior Deputy Associate Director RICHARD M. ASHTON, Assistant General Counsel ELEANOR J. STOCKWELL, Senior Deputy Associate Director NANCY P. JACKLIN, Assistant General Counsel J. CORTLAND G. PERET, Deputy Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel HELMUT F. WENDEL, Deputy Associate Director MARTHA BETHEA, Assistant Director JOE M. CLEAVER, Assistant Director OFFICE OF THE SECRETARY ROBERT M. FISHER, Assistant Director DAVID E. LINDSEY, Assistant Director WILLIAM W. WILES, Secretary LAWRENCE SLIFMAN, Assistant Director BARBARA R. LOWREY, Associate Secretary FREDERICK M. STRUBLE, Assistant Director JAMES MCAFEE, Associate Secretary STEPHEN P. TAYLOR, Assistant Director *DOLORES S. SMITH, Assistant Secretary PETER A. TINSLEY, Assistant Director LEVON H. GARABEDIAN, Assistant Director (Administration) DIVISION OF CONSUMER AND COMMUNITY AFFAIRS DIVISION OF INTERNATIONAL FINANCE JANET O. HART, Director EDWIN M. TRUMAN, Director GRIFFITH L. GARWOOD, Deputy Director ROBERT F. GEMMILL, Associate Director JERAULD C. KLUCKMAN, Associate Director CHARLES J. SIEGMAN, Associate Director GLENN E. LONEY, Assistant Director LARRY J. PROMISEL, Senior Deputy Associate Director DALE W. HENDERSON, Deputy Associate Director SAMUEL PIZER, Staff Adviser DIVISION OF BANKING RALPH W. SMITH, JR., Assistant Director SUPERVISION AND REGULATION 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

A71 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 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

A72 Federal Reserve Bulletin • May 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 DONALD L. KOCH, Associate Economist MICHAEL BRADFIELD, General Counsel JAMES PARTHEMOS, Associate Economist JAMES H. OLTMAN, Deputy General Counsel MICHAEL J. PRELL, 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

A73 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 Karen N. Horn 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 Eugene E. Cohen 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. Boy kin 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

A74 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

A75 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. BELOW THE BOTTOM LINE: THE USE OF CONTINGENCIES AND COMMITMENTS BY COMMERCIAL BANKS, by Benjamin Wolkowitz and others. 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 COSTS, SCALE, ECONOMIES, COMPETITION, AND PRODUCT Consumer Handbook to Credit Protection Laws MIX IN THE U.S. PAYMENTS MECHANISM, by David B. Dealing with Inflation: Obstacles and Opportunities Humphrey. Apr. 1982. 18 pp. The Equal Credit Opportunity Act and . . . Age The Equal Credit Opportunity Act and . . . Credit Rights in Housing REPRINTS The Equal Credit Opportunity Act and . . . Doctors, Law- Most of the articles reprinted do not exceed 12 pages. yers, Small Retailers, and Others Who May Provide Incidental Credit Revision of Bank Credit Series. 12/71. The Equal Credit Opportunity Act and . . . Women Rates on Consumer Installment Loans. 9/73. Fair Credit Billing Industrial Electric Power Use. 1/76. Federal Reserve Glossary Revised Series for Member Bank Deposits and Aggregate Guide to Federal Reserve Regulations Reserves. 4/76. How to File A Consumer Credit Complaint Federal Reserve Operations in Payment Mechanisms: A If You Borrow To Buy Stock Summary. 6/76. If You Use A Credit Card Perspectives on Personal Saving. 8/80. Series on the Structure of the Federal Reserve System The Impact of Rising Oil Prices on the Major Foreign The Board of Governors of the Federal Reserve System Industrial Countries. 10/80. The Federal Open Market Committee Federal Reserve and the Payments System: Upgrading Elec- Federal Reserve Bank Board of Directors tronic Capabilities for the 1980s. 2/81. Federal Reserve Banks Survey of Finance Companies, 1980. 5/81. Monetary Control Act of 1980 Bank Lending in Developing Countries. 9/81. Truth in Leasing U.S. International Transactions in 1981. 4/82. U.S. Currency What Truth in Lending Means to You Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A76 Index to Statistical Tables References are to pages A3 through A68 although the prefix 'A" is omitted in this index ACCEPTANCES, bankers, 10, 25, 27 Demand deposits Agricultural loans, commercial banks, 18, 19, 20, 26 Adjusted, commercial banks, 12 Assets and liabilities (See also Foreigners) Banks, by classes, 17, 18-21 Banks, by classes, 17, 18-21 Ownership by individuals, partnerships, and Domestic finance companies, 39 corporations, 24 Federal Reserve Banks, 11 Subject to reserve requirements, 14 Foreign banks, U.S. branches and agencies, 22 Turnover, 12 Nonfinancial corporations, 38 Depository institutions Savings institutions, 29 Reserve requirements, 8 Automobiles Reserves, 3, 4, 5, 14 Consumer installment credit, 42, 43 Deposits (See also specific types) Production, 48, 49 Banks, by classes, 3, 17, 18-21, 29 Federal Reserve Banks, 4, 11 Subject to reserve requirements, 14 BANKERS balances, 17, 18-20 Turnover, 12 (See also Foreigners) Discount rates at Reserve Banks and at foreign central Banks for Cooperatives, 35 banks (See Interest rates) Bonds (See also U.S. government securities) Discounts and advances by Reserve Banks (See Loans) New issues, 36 Dividends, corporate, 37 Yields, 3 Branch banks, 15, 21, 22, 56 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 Federal credit agencies, 35 CAPACITY utilization, 46 Federal finance Capital accounts Debt subject to statutory limitation and types and Banks, by classes, 17 ownership of gross debt, 32 Federal Reserve Banks, 11 Receipts and outlays, 31 Central banks, 67 Treasury operating balance, 30 Certificates of deposit, 21, 27 Federal Financing Bank, 30, 35 Commercial and industrial loans Federal funds, 3, 6, 18, 19, 20, 27, 30 Commercial banks, 15, 17, 22, 26 Federal Home Loan Banks, 35 Weekly reporting banks, 18-22, 23 Federal Home Loan Mortgage Corporation, 35, 40, 41 Commercial banks Federal Housing Administration, 35, 40, 41 Assets and liabilities, 17, 18-21 Federal Intermediate Credit Banks, 35 Business loans, 26 Federal Land Banks, 35, 41 Commercial and industrial loans, 15, 17, 22, 23, 26 Federal National Mortgage Association, 35, 40, 41 Consumer loans held, by type, 42, 43 Federal Reserve Banks Loans and securities, 3,15 Condition statement, 11 Loans sold outright, 21 Discount rates (See Interest rates) Nondeposit funds, 16 U.S. government securities held, 4, 11, 12, 32, 33 Number by classes, 17 Federal Reserve credit, 4, 5, 11, 12 Real estate mortgages held, by holder and property, 41 Federal Reserve notes, 11 Time and savings deposits, 3 Federally sponsored credit agencies, 35 Commercial paper, 3, 25, 27, 39 Finance companies Condition statements (See Assets and liabilities) Assets and liabilities, 39 Construction, 46, 50 Business credit, 39 Consumer installment credit, 42, 43 Loans, 18, 19, 20, 42, 43 Consumer prices, 46, 51 Paper, 25, 27 Consumption expenditures, 52, 53 Financial institutions Corporations Loans to, 18, 19, 20 Assets and liabilities of nonfinancial corporations, 38 Selected assets and liabilities, 29 Profits and their distribution, 37 Float, 4 Security issues, 36, 66 Flow of funds, 44, 45 Cost of living (See Consumer prices) Foreign banks, assets and liabilities of U.S. branches and Credit unions, 29, 42, 43 agencies, 22 Currency and coin, 5, 17 Foreign currency operations, 11 Currency in circulation, 4, 13 Foreign deposits in U.S. banks, 4, 11, 18, 19, 20 Customer credit, stock market, 28 Foreign exchange rates, 68 Foreign trade, 55 Foreigners DEBITS to deposit accounts, 12 Claims on, 56, 58, 61, 62, 63, 65 Debt (See specific types of debt or securities) Liabilities to, 21, 55, 56-60, 64, 66, 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All 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 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 Interbank loans and deposits, 17 U.S. reserve assets, 55 Interest rates Residential mortgage loans, 40 Bonds, 3 Retail credit and retail sales, 42, 43, 46 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 Prime rate, commercial banks, 26 Savings deposits (See Time deposits) Time and savings deposits, 9 Securities (See also U.S. government securities) International capital transactions of United States, 56-67 Federal and federally sponsored credit agencies, 35 International organizations, 58, 59-62, 64-67 Foreign transactions, 66 Inventories, 52 New issues, 36 Investment companies, issues and assets, 37 Prices, 28 Investments (See also specific types) Special drawing rights, 4, 11, 54, 55 Banks, by classes, 17, 29 State and local governments Commercial banks, 3, 15, 17, 18-20 Deposits, 18, 19, 20 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 LABOR force, 47 Yields of securities, 3 Life insurance companies (See Insurance companies) Stock market, 28 Loans (See also specific types) Stocks (See also Securities) Banks, by classes, 17, 18-21 New issues, 36 Commercial banks, 3, 15, 17, 18-21, 22, 26 Prices, 28 Federal Reserve Banks, 3, 4, 5, 7, 11, 12 Insured or guaranteed by United States, 40, 41 Savings institutions, 29, 41 TAX receipts, federal, 31 Time deposits, 3, 9, 12, 14, 17, 18-21 MANUFACTURING Trade, foreign, 55 Capacity utilization, 46 Treasury currency, Treasury cash, 4 Production, 46, 49 Treasury deposits, 4, 11, 30 Margin requirements, 28 Treasury operating balance, 30 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 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 Ownership of securities issued by, 29 National income, 52 Rates, 3, 27 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, 26 Production, 46, 48 Profits, corporate, 37 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A78 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