Federal Reserve Bulletin, 1982-07

JULY 1982 FEDERAL RESERVE BULLETIN Financial Innovation and Monetary Policy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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VOLUME 68 • NUMBER 7 • JULY 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 393 FINANCIAL INNOVATION AND 413 ANNOUNCEMENTS MONETAR Y POLIC Y Receiver's certificates acceptable as collat- Innovations in financial markets have had eral for advances at the discount window. profound implications for monetary policy. Issuance of policy statement with respect to investments by bank holding companies in 401 STAFF STUDIES nonvoting shares of other bank holding "Interest Rates and Terms on Construction companies or banks. Loans at Commercial Banks" examines Meeting of Consumer Advisory Council. construction loan markets as links between general credit conditions and construction Changes in Board staff. activity and discusses information on inter- Availability of magnetic tape for the call est rates and other characteristics of conand income subscription service. struction loans. Admission of six state banks to membership 403 INDUSTRIAL PRODUCTION in the Federal Reserve System. Output declined about 0.7 percent in June. 417 RECORD OF POLICY ACTIONS OF THE 405 STATEMENTS TO CONGRESS FEDERAL OPEN MARKET COMMITTEE Paul A. Volcker, Chairman, Board of Gov- At its meeting on May 18, 1982, the Comernors, discusses the conduct of monetary mittee agreed to reaffirm the objectives for policy, in particular the framework for tar- monetary growth established at the previgeting the monetary aggregates in light of ous meeting and to seek behavior of reserve recent experience, and says that commit- aggregates associated with growth of Ml ments to gain control of the federal budget and M2 from March to June at annual rates and to maintain appropriate monetary re- of about 3 percent and 8 percent respectivestraint are critical to pursuing an appropri- ly. The Committee noted that deviations ate fiscal and monetary policy, before the from these objectives should be evaluated Joint Economic Committee of the U.S. in light of changes in the relative impor- Congress, June 15, 1982. tance of NOW accounts as a savings vehicle. The intermeeting range for the federal 409 Preston Martin, Vice Chairman, Board of funds rate, which provides a mechanism for Governors, discusses H.R. 6222, which initiating further consultation of the Comwould amend the Federal Reserve Act by mittee, was set at 10 to 15 percent. exempting from reserve requirements the first $2 million of reservable liabilities at all 423 LEGAL DEVELOPMENTS depository institutions, before the Subcommittee on Domestic Monetary Policy of the Amendment to rules regarding delegation of House Committee on Banking, Finance, authority; bank holding company and bank and Urban Affairs, June 16, 1982. merger orders; and pending cases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AL FINANCIAL AND BUSINESS STA TISTICS A82 FEDERAL OPEN MARKET COMMITTEE AND STAFF; ADVISORY COUNCILS A3 Domestic Financial Statistics A46 Domestic Nonfinancial Statistics A83 FEDERAL RESERVE BANKS, A54 International Statistics BRANCHES, AND OFFICES A70 Special Tables A84 FEDERAL RESERVE BOARD A69 GUIDE TO TABULAR PRESENTATION, PUBLICATIONS STATISTICAL RELEASES, AND SPECIAL TABLES A86 INDEX TO STATISTICAL TABLES A80 BOARD OF GOVERNORS AND STAFF A88 MAP OF FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Innovation and Monetary Policy This article was adapted from a presentation capacity to pay prevailing market interest rates made by Lyle E. Gramley, member, Board of for deposits because they hold a substantial Governors of the Federal Reserve System, at the volume of longer-term assets acquired earlier, XIX Meeting of Governors of Central Banks of when inflation and interest rates were lower. the American Continent, Quito, Ecuador, March As the public has become increasingly sensi- 22, 1982. tive to the earnings lost by holding non-interestbearing or low-yielding deposits, they have be- Innovation in financial markets has proceeded at come more adept at economizing on cash an impressive pace for a quarter-century. Re- balances and more receptive to new kinds of cently, the pace seems to be accelerating. While financial investments. The increased financial the implications of these developments for cen- sophistication of households and businesses, tral banking are of most concern to the United moreover, has been coupled with technological States, they nevertheless are relevant for other advances in computers and telecommunications countries as well. First, these innovations affect that have reduced the cost of information and of U.S. interest rates and credit conditions, which transferring funds. in turn have profound effects on financial mar- The innovational process stemming from these kets around the world. Second, innovations be- forces became evident during the 1950s. At that ginning in one market are likely to spread eventu- time, depository institutions did not actively ally to others. seek deposits, but passively accepted the funds placed with them by the public. For individual institutions, deposit levels were determined ex- INNOVATIONS AND THEIR SOURCES ogenously, so that imbalances between deposit flows and net loan extensions were met by The key forces giving rise to financial innovation adjusting holdings of liquid assets, usually secuin the United States are found in the economic, rities issued by the U.S. Treasury. interest rate, and regulatory environment of the A heightened sensitivity to interest rate differpast two decades. During most of the period entials developed during the course of the 1950s since World War II, the U.S. economy has 1. Inflation and market interest rates suffered from a rising rate of inflation. As borrowers and lenders came to expect inflation to Percent continue, or even to accelerate, market interest rates moved progressively higher (chart 1). Higher market rates of interest raised the penalty associated with holding deposits whose yields were limited by law or regulation. The yields that depository institutions could pay were limited by prohibitions or ceilings on the payment of explicit interest, and also by requirements to hold non-interest-bearing reserves, which reduce the rate of return on the investment of deposit proceeds. Moreover, the thrift institutions, which specialize in mortgage lending, were, and still are, severely limited in their 1970 : A9I4 1978 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 Federal Reserve Bulletin • July 1982 among larger business firms, and commercial 2. Growth of money market mutual funds banks found that they could no longer expect an automatic flow of business funds into non-interest-bearing checking accounts. Banks responded to their eroding liquidity position by issuing large-denomination negotiable certificates of deposit and making secondary markets for them. This was the first in a sequence of steps that ultimately led to dependence on liability management as the principal source of bank liquidity. The ability of banks to compete for these funds was at times hampered by deposit rate ceilings, but in the early 1970s the ceilings on large CDs were eliminated. pools of large-denomination money market in- In the mid-1970s, banks began more aggres- struments such as commercial paper and negotiasively to market instruments of very short matu- ble CDs. Most of them permit the immediate rity—such as repurchase agreements on securi- withdrawal of funds by check or other conveties and dollar-denominated deposits at their nient means. While money market funds are a offshore branches. They also began to issue repository for savings, they also can serve as commercial paper through their parent holding transaction balances or as a very close substitute companies. Rates paid on these instruments for them. were not limited by regulation, nor was it neces- Other high-yielding investments have attracted sary to hold reserves against them. considerable public interest as substitutes for During the past decade, the financial sophisti- money. A number of brokerage firms now offer cation of business firms has increased profound- "cash management" accounts, which combine ly. Management of cash positions has assumed the features of money market funds and margin an important place in the duties of financial accounts. Most of these allow for withdrawal of managers, along with their traditional role of funds by check in any denomination, and also by ensuring the availability of capital for business debit card. The newest arrangements, "'sweep enterprise. Considerable effort and investment accounts"—some of which are designed primarihave gone into the development of information ly for smaller businesses and others for individsystems, cash-forecasting methods, and tech- uals—permit funds to move automatically into or niques for transferring funds that enable firms to out of conventional transaction balances to inminimize their holdings of cash and, in the proc- vestment accounts paying market rates of return. ess, to maximize earnings on working capital. The increased competition for savings of indi- Individuals as a group were slower than busi- viduals has forced the financial regulatory aunesses to respond to the forces motivating thorities to accelerate the liberalization of ceiling changes in financial practices, in part because rates on their small-denomination time deposits. they lacked the necessary financial sophistica- Also, individuals may now hold checking action. In addition, the alternative financial invest- counts that bear interest (chart 3). The Monetary ments available to individuals were, until recent- Control Act of 1980 authorized nationwide negoly, limited by minimum denominations on market tiable order of withdrawal accounts—checkable instruments and the relatively high cost of securi- deposits earning 5V4 percent interest at commerties transactions in small amounts. Since the cial banks and at thrift institutions—beginning in mid-1970s, however, new institutions and instru- 1981. These interest-bearing checking deposits ments have emerged to compete for the savings now account for almost one-fifth of total transacof individuals. The most widely publicized of tion balances—that is, of the narrow measure of these are the money market mutual funds, which money, Ml. have grown explosively in the past several years These innovations have particular relevance (chart 2). These funds offer small savers the for monetary policy. First, transaction balances, opportunity to invest indirectly in diversified as measured by Ml, are growing much more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Innovation and Monetary Policy 395 3. Growth of NOW accounts verge of a virtual revolution in electronic payment transfers, which will permit instantaneous Billions of dollars flows of funds between financial instruments at very low cost. IMPLICATIONS FOR MONETARY POLICY 40 Financial innovation in the United States has had important and far-reaching ramifications. It has raised questions about the appropriate definition i iw —— i mmmam i o 1976 1978 1980 '82 of money, the precision of the Federal Reserve's control over the money stock, the meaning of slowly than are other financial assets; the income changes in money balances, and the mechanism velocity of Ml has approximately doubled in the by which monetary policy affects economic acpast 20 years. Second, the differences between tivity. It has altered competitive relationships in money and other financial assets have been the market for financial services. It has encournarrowing. The new instruments have both aged individuals and businesses to hold an intransaction and investment characteristics. Ml, creasing portion of their financial assets in forms the conventional measure of transaction bal- not covered by federal deposit insurance, or at ances, now includes interest-bearing checkable institutions not supervised or regulated by federdeposits that also have a significant savings al authorities. It has added to the risk exposure component. At the same time, money market of many financial institutions. It has fostered the funds and cash management accounts, which are integration of financial markets, and in the procnot included in Ml, are also used partly for ess has altered the mechanism of credit allocatransaction purposes. Third, the distinctions tion among sectors of the economy. among classes of financial institutions, and be- To deal comprehensively with even one of tween financial and nonfinancial firms, have these issues is beyond the scope of a short paper. been blurred. To cite just one example, the retail But I will try to suggest how financial innovation firm of Sears Roebuck has become a financial has affected the conduct of monetary policy in conglomerate with a nationwide electronic funds the United States. transfer system, a savings and loan association subsidiary, a credit card company with more than 20 million customers, the capability to clear The Definition of Money and settle third-party payments, a full-line insurance subsidiary, a nationwide network of more The difficulties associated with defining money than 1,000 offices, and ready access to the com- certainly are not new: the existence of money mercial paper market. Sears has announced its substitutes and "near monies" has always made intention to expand its provision of a wide varieit hard to decide which assets should be included ty of financial services to the public, including in a particular measure of money. Traditionally, payments services. the issue has boiled down to drawing the line The current process of financial innovation is somewhere along a spectrum of assets ranked far from complete. Technological advances have according to degrees of "moneyness," starting spurred changes in the structure of the financial with balances serving as a generally accepted services industry. Automated accounting sys- means of payment—having only a few investtems, advanced telecommunications, computer- ment characteristics—and moving successively based cash management systems, and wire trans- to less liquid assets offering higher returns. fers of funds underpin some of the innovations Innovation has made the dividing line between already mentioned. Automation of data produc- money and other financial assets conceptually tion and transmission will continue to shape the more arbitrary. Assets with both payment and financial industry. We are, I believe, on the investment characteristics are more common; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 Federal Reserve Bulletin • July 1982 moreover, the decline in the cost of shifting from mented by setting targets for several monetary one financial asset to another has widened the aggregates. The principal target has been the spectrum of assets held at any particular time to narrow money stock, Ml, which comprises curmake payments. rency and checking deposits (chart 4). Studies at From a purely theoretical standpoint, concep- the Federal Reserve indicate that, despite its tual arbitrariness in the definition of money need inadequacies, Ml is more closely related to econot be a problem for monetary policy. After all, if nomic activity and prices than are the more a central bank can identify and control a mone- inclusive money aggregates. tary variable that is related in a reasonably stable Financial innovations have not, as yet, seriway to economic activity and prices, it can ously compromised our ability to control Ml. accomplish its broad economic objectives even if The Monetary Control Act of 1980 extended the definition of that variable is arbitrary. If the reserve requirements to all depository institudefinition of money appears arbitrary, however, tions, a step that helped to strengthen the link it is more difficult for the central bank to main- between reserves and Ml. tain credibility with the public. Furthermore, We may, however, be on the threshold of when financial innovation proceeds rapidly, the serious problems of monetary control because of appropriate concept of money on which to focus innovation. The proportion of money market attention will almost certainly change, requiring funds used for transactions apparently is still periodic redefinitions of money that create still quite small, but it may be growing rapidly. Moremore credibility problems. over, the spread of sweep accounts may accelerate. Because these sweep arrangements transfer funds out of conventional transaction balances Controlling the Monetary Aggregates into investment accounts at the end of each business day, they effectively remove transac- Even more serious problems will arise if the tion balances from the reserve requirements of process of innovation undermines the ability of the Federal Reserve. To deal with this developthe monetary authority to control money growth. ment, the Federal Reserve needs legislation au- Monetary policy in the United States is imple- thorizing it to impose reserve requirements on all 4. Components of liquid asset holdings Percent Other liquid assets Large time deposits and RPs Savings and small time deposits Ml is currency held by the public and demand deposits at commer- chase agreements and overnight Eurodollars (both included here with cial banks; other checkable deposits; and traveler's checks (included savings and small time deposits). M3 is M2 plus large time deposits; here with OCDs). M2 is Ml plus general-purpose money market term RPs; and institution-only MMMFs (included here with large time mutual funds; savings and small time deposits; and overnight repur- deposits). L is M3 plus other liquid assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Innovation and Monetary Policy 397 financial instruments that serve as the functional Reserve Board staff suggest that they are too equivalent of transaction balances, regardless of large to be ignored in the conduct of monetary the issuer. policy. For example, over the four quarters of A second kind of problem for monetary con- 1975, measured growth of Ml amounted to 5.1 trol arises if the money variable the central bank percent. However, the demand for money—at seeks to control, or at least a substantial part of given levels of nominal GNP and interest rates— it, pays a market-related rate of interest. For may have declined about VA percent during example, actions of the Federal Reserve to re- 1975. According to this estimate, effective money strain the growth of bank reserves appear to have growth (the actual increase plus the downward less immediate effect on M2 growth than they shift in money demand) was nearly 9 percent used to. The restraint on reserve growth in- over the four quarters. By contrast, the decline creases market rates of interest, but rates on the in money demand in 1977 is estimated to have nontransaction components of M2 rise as well. added less than half a percentage point to effec- There is, consequently, little incentive to shift tive money growth. out of these elements of M2 into nonmonetary Shifts in money demand make it much more assets. Efforts to keep the growth of such a difficult to conduct monetary policy by setting money variable within narrow limits could foster targets for money growth. The Federal Reserve wider short-run fluctuations in interest rates. can, and does, try to estimate these shifts and Eventually, of course, increases in interest rates take them into account in the formulation of may slow income growth and thereby moderate monetary policy. But the estimates are necessarthe demand for M2. In effect, such a process ily imprecise, even for historical periods (chart amounts to slowing the economy to slow money 5). Worse still, at the time of change in growth of growth, a sequence the reverse of that contem- Ml deposits from a predetermined path an obplated in the use of a financial variable for server can never be sure whether it reflects a monetary targeting. shift of money demand or the effects of change in economic activity on needs for transaction balances. The appropriate policy response is, of Stability of Money Demand course, very different in the two circumstances. Financial innovation has also affected the rela- In recent years, the principal problem that finan- tionship between the more inclusive monetary cial innovation has caused for monetary policy aggregates and GNP. In past periods of rising has not concerned the ability of the Federal market interest rates, growth of M2 (which in- Reserve to control the money stock. Rather, it cludes savings and time deposits of individuals) has concerned the relationship among the money tended to slow abruptly because funds were stock, economic activity, and interest rates. diverted from depository institutions to market Successful use of a monetary variable as an securities. But the composition of M2 has intermediate target of central bank policy rer' quires relative stability in the relationship be- i tween money and economic activity. Before 5. Error in money demand, based on FRB quarterly 1974, one could predict reasonably well the econometric model forecasts amount of Ml that the public would want to hold Annual rate, percent given the size of the economy and the level of interest rates. Since then, however, growth of Ml has been considerably slower, relative to the rise of nominal gross national product, than historical relationships suggested. More important, the period since 1974 has been characterized by greater short-run instability of money demand. Estimates of shifts in the public's demand for money are imprecise, but studies by Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 Federal Reserve Bulletin • July 1982 6. Share of nontransaction M2 bearing market-related intermediate target of monetary policy. This suginterest rates gestion has some intellectual appeal. Some broad Percent credit aggregates appear to be relatively closely and stably related to nominal GNP. Unfortunately, the suggestion seems impractical. The data on credit flows in the United States become available to the monetary authority with very long lags, and they are subject to large revisions. They could hardly serve, therefore, as a useful target for monetary policy. Still another suggestion is that the Federal Reserve abandon its attempts to use quantitative targets as intermediate objectives of monetary policy, and instead seek directly to establish the changed materially since 1978; now, more than level of real interest rates. From the standpoint 60 percent of its nontransaction component con- of economic theory, this approach has some sists of assets bearing market-related yields merit. From the standpoint of the practice of (chart 6). As noted above, such a composition central banking, however, it has several deficienaffects the ability of the Federal Reserve to cies. First, the level of real interest rates is not control the growth of M2 in the short run. Also, it directly observable; we observe only nominal tends to alter the relationship of M2 to GNP. interest rates and then infer what real interest Thus, even in the face of substantial variations in rates might be by guessing the price expectations interest rates, the velocity of M2 has changed of borrowers. Second, it is extremely difficult to relatively little over each of the last three years, ascertain the real interest rates needed to proin contrast to the rather wide swings that used to duce the desired performance of the economy. occur. The economic effects of a given level of real The problems posed by the instability of mon- interest rates will change with the sectoral mix of ey demand cannot be solved by making the GNP, tax rates, and the period over which monetary base the target. Such a step is unlikely monetary restraint is in effect. Third, and perto improve monetary policy. The monetary base haps most important, public acceptance of moneis an arbitrary combination of the various com- tary restraint is more readily achieved when the ponents of the monetary aggregates. Its largest central bank focuses on reducing the growth of component is currency, whose magnitude has money and credit than when it sets interest rates always been—and, I believe, always should be— openly and directly. determined by public demand. The remaining I believe, therefore, that the use of monetary portion of the base, bank reserves, is basically a aggregates as intermediate targets of monetary weighted sum of the reservable deposit compo- policy continues to be justified, despite the instanents of the monetary aggregates, with the bility of money demand generated by financial weights determined by reserve ratios. When the innovation. Inevitably, however, the pursuit of significance of movements in the aggregates is monetary aggregate targets under present ciruncertain, so also is the significance of changes cumstances requires both judgment and flexibiliin the monetary base. Furthermore, there is little ty. Short-run movements of the money stock reason to think that stability in the growth of the have even less meaning as indicators of monemonetary base will produce economic stability. tary policy than they once did. Moreover, mone- Over the 1970s, yearly growth rates of the mone- tary targets are best expressed in rather wide tary base never deviated more than 1 Vi percent- ranges; the Federal Reserve's present target age points from their decade average. Neverthe- ranges for money growth of 3 percentage points less, the 1970s was a period of considerable are certainly not too wide, given the kind of economic instability. uncertainty that surrounds movements in the monetary aggregates. Also, we need to continue Another suggestion is that we replace moneto use multiple targets, rather than to focus on tary aggregates by a broad credit aggregate as an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Innovation and Monetary Policy 399 any single measure of money. Indeed, greater tial borrowers, real interest rates may have to weight may need to be given to the broader rise to much higher levels than they otherwise monetary aggregates in the future as a conse- would to moderate aggregate demand. Such a quence of the relative instability of the demand development will be especially likely if monetary for Ml. Finally, we must stand ready to accept restraint is accompanied by an expansive fiscal growth of money outside our target ranges—or to policy. Moreover, the real interest rates conmodify those ranges—when changes in the pub- fronted by different sectors of the economy are lic's asset preferences warrant it. not the same, because expected price increases vary substantially from one sector to another. For example, wholesale prices of farm products Transmission of the Effects generally are lower now than a year ago, in of Monetary Policy contrast to substantial increases in the wholesale prices of nonfarm products. The experience of The mechanism through which changes in mone- sharply rising real interest rates, moreover, is tary policy are transmitted to the nonfinancial one that farmers are unprepared to deal with. sectors of the economy has also been influenced Before 1978, agricultural borrowers obtained by innovation. Twenty-five years ago, monetary funds principally from rural banks, whose lendrestraint worked partly through reductions in the ing rates were largely insulated from developavailability of credit to potential borrowers. Fi- ments in the national money markets. nancial markets at that time were less integrated, Higher interest rates in our money markets so that when inflows of deposits to depository affect borrowers abroad as well as in our own institutions declined and liquid assets were country. The opening up of capital markets has drawn down, banks and thrift institutions were increased international access to the U.S. finanforced to reduce their lending to homebuyers, cial system, and has made the effects of domestic small businesses, and other borrowers who de- monetary policy register more heavily and more pended heavily upon them. The rationing pro- rapidly abroad. The huge amount of dollar incess did not rely exclusively upon higher interest debtedness of developing countries means that rates; on the contrary, nonprice rationing meth- their debt service costs are powerfully affected ods predominated in many sectors of the finan- by changes in U.S. interest rates. For the induscial market. Usury laws and legislated ceiling trialized countries, the primary concern is that rates on government-insured loans also acted to relative interest rates have a heavy impact on reduce the availability of mortgage credit and exchange rates in the short run. A sharp rise in consumer installment lending. And statutory lim- U.S. interest rates, therefore, may confront them its on the rates of interest that could be paid by with the dilemma of accepting a depreciation of states and municipalities blocked the flows of their currency relative to the dollar or taking credit to those political subdivisions. steps to raise their own interest rates. Innovations and regulatory changes have led to a gradual breakdown in the barriers to credit flows that existed in particular markets. As a The Stability of the Financial System result, monetary policy now transmits its effects to the economy largely through changes in real Another way in which financial innovation may interest rates. affect monetary policy is through its effects on This shift in the channels of transmission of the risks of enterprise. I would conjecture that monetary policy has both positive and negative innovation increases the risks of financial intereffects. It improves the efficiency with which mediation. Because it does so, it may limit the money and capital markets allocate resources ability to use monetary policy aggressively to among competing uses. It also rewards savers fight inflation. more fully, thus encouraging saving for invest- In the United States, the risks of financial ment purposes. intermediation have increased for a number of But when monetary restraint does not result in reasons. First, some financial intermediaries, curtailment of the availability of credit to poten- such as the thrift institutions, have been less able Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 Federal Reserve Bulletin • July 1982 than others to adjust to rapid change. Second, rates in the U.S. economy have been more fluctuating interest rates have tempted financial volatile in recent years—partly, in my judgment, institutions with a high propensity to gamble to because innovation has affected the way finanspeculate in an effort to increase net interest cial markets function. Interest rate movements margins. Moreover, it is difficult for supervisors have also become less predictable. As a conseand examiners to monitor and assess the interest- quence, banks and other lenders are seeking to rate-risk exposure of a financial institution. avoid, or at least to minimize, interest rate risk— Third, innovation has sharpened the competition risk that they once accepted willingly. In the among the suppliers of financial services, thus process, they have shifted the risks of fluctuating narrowing profit margins. Fourth, new forms of interest rates to other sectors, which may be less activity, such as foreign lending, have increased able to bear them. Futures markets for financial the chances for mistaken judgments. Fifth, and assets may help eventually to shift the burden of perhaps most important, reliance on liability interest rate risk to those most willing and best management as a principal source of liquidity has able to bear it, but those markets are not as yet increased the risk exposure of individual institu- well developed. tions. The problem of maintaining an image of Problems of this kind have not caused the soundness has taken on critical importance, be- Federal Reserve to deviate from a monetary cause sources of funding can evaporate at a mere policy designed to reduce inflation by gradually hint of difficulty. Reliance on purchased funds slowing the growth of money and credit. The has also intensified the interdependence among process of financial innovation is not complete, institutions. For example, if one institution aphowever, and we cannot be sure of what the pears to be in trouble, depositors may decide, future will bring. At a minimum, concerns about out of an excess of caution, to remove funds the way innovation increases the fragility of the from others. financial system will make it increasingly impor- The risks stemming from financial innovation tant to support policies of monetary restraint have spread beyond financial institutions to the with aggressive use of fiscal policy to fight inflanonfinancial sectors of the economy. Interest tion. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

401 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 INTEREST RATES AND TERMS ON CONSTRUCTION LOANS AT COMMERCIAL BANKS David F. Seiders—Staff\ Board of Governors Prepared as a staff paper in 1981 Private construction activity, particularly for major objectives: (1) to reconsider construction housing, has long been recognized as the compo- loan markets as links between general credit nent of aggregate economic activity that is most conditions and construction activity in view of sensitive to shifts in general credit conditions. institutional arrangements that have been evolv- The linkages between credit conditions and con- ing in both the long-term mortgage markets and struction activity typically have been analyzed in the construction loan markets in recent years; terms of conditions in the markets for long-term and (2) to discuss the information now available or "permanent" mortgage credit. The effects on on interest rates and other characteristics of construction activity of shifting conditions in the construction loans. A unique body of Federal markets for short-term construction loans to Reserve data, collected since 1977 through the builders or developers have received little atten- quarterly Survey of Terms of Bank Lending tion, even though most structures purchased (STBL), is used for both time-series and crosswith long-term mortgage financing require a con- section analysis of the construction loan marstruction loan of roughly comparable size. kets. Two factors have limited research in construc- This paper concludes that disaggregation of tion loan markets. First, many market analysts the published STBL rate averages, by type of have believed that conditions in the markets for property under construction as well as by fixedconstruction loans have had little independent and floating-rate contracts, is essential for relieffect on construction activity. Second, system- able time-series analysis. When disaggregated in atic information on the cost of construction cred- this fashion, the rate series lend some support to it has not been available. This paper has two a markup-over-prime hypothesis that has pre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 Federal Reserve Bulletin • July 1982 vailed among analysts of construction loan mar- tors, as well as for bank size, rate differentials kets for some time. across geographic regions are evident: the high- Cross-section analysis of the STBL data sug- est rates appear in areas where construction gests that large banks tie rates on their floating- activity is relatively strong, and the lowest rates rate construction loans to their own primes, with appear in areas where demands for construction a short lag. The pricing policies at smaller banks, credit are weakest. This result implies some on the other hand, seem more diverse because degree of inefficiency in the allocation of funds consistent relationships between construction across construction loan markets, due in part to loan rates and individual bank primes are not the absence of a secondary market for construcapparent, even when various nonrate loan char- tion loans. Differences in construction loan rates acteristics that affect expected net yields are held also are related to bank size, after allowance for constant in multivariate regression analysis. geographic area and for loan characteristics that Construction loan rates clearly vary with loan influence net yields. The highest rates appear at size, type of property under construction, and the largest banks, but the pattern among smaller collateral status. After allowance for these fac- banks is unclear. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

403 Industrial Production Released for publication July 15 the 1967 average, the total index for June was 10.1 percent below its recent peak in July 1981. Industrial production declined an estimated 0.7 In market groupings, output of consumer durapercent in June, following revised decreases of ble goods increased 1.7 percent in June, reflect- 0.6 percent in May and 1.1 percent in April. ing a sizable gain in automotive products and a Again in June, gains in output of consumer large advance in home goods. Autos were assemdurable goods were offset by a sharp cutback in bled at an annual rate of 5.9 million units—up production of business equipment and a reduc- from the rate of 5.6 million units in May. Output tion in output of materials. At 138.4 percent of of nondurable consumer goods declined, howev- 1967=100 1967 = 100 All series are seasonally adjusted and are plotted on a ratio scale. Auto sales and stocks include imports. Latest figures: June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 Federal Reserve Bulletin • July 1982 1967 = 100 Percentage change from preceding month PPeerrcceennttaaggee change, Grouping 1982 1982 June 1981 ttoo JJuunnee May" June6 Feb. Mar. Apr. May June 1982 Major market groupings Total industrial production 139.4 138.4 1.6 -.8 -1.1 -.6 -.7 -9.5 Products, total 142.4 141.3 1.2 -.6 -.6 -.4 -.8 -7.2 Final products 142.3 141.3 .9 -.6 -.4 -.3 -.7 -6.7 Consumer goods 143.3 143.4 1.6 -.2 .5 .8 .1 -4.6 Durable 133.6 135.9 4.8 1.7 2.0 2.2 1.7 -8.1 Nondurable 147.2 146.4 .5 -.9 .0 .3 -.5 -3.2 Business equipment 160.8 156.4 -.3 -1.5 -2.4 -2.5 -2.7 -14.8 Defense and space 107.6 108.0 1.2 .5 -.1 .7 .4 6.2 Intermediate products 142.6 141.6 2.0 -.8 -1.2 -.6 -.7 -8.6 Construction supplies 122.4 121.5 2.7 -1.5 -2.2 -.4 -.7 -15.3 Materials 134.8 133.9 2.3 -1.4 -1.7 -1.0 -.7 -13.1 Major industry groupings Manufacturing 138.2 137.3 1.7 -.6 -1.0 -.4 -.7 -9.9 Durable 126.4 125.3 1.7 -.9 -1.2 -.2 -.9 -12.5 Nondurable 155.3 154.6 1.7 -.3 -.7 -.6 -.5 -6.8 Mining 130.2 126.7 -1.5 -3.0 -3.3 -2.5 -2.7 -10.6 Utilities 169.9 168.0 -.8 -.2 .6 -.6 -1.1 -2.7 p Preliminary. e Estimated. NOTE. Indexes are seasonally adjusted. er, reflecting decreased output of most consumer has occurred in recent months. Output of basic staples. Production of business equipment was metals and equipment parts was weaker, while reduced 2.7 percent further in June, bringing the parts for consumer durables advanced for the total decline in this sector to 15.4 percent since fifth consecutive month. Another large cutback July 1981; this cutback compares with a total occurred in production of nondurable materials reduction of 14.3 percent that occurred over in June, particularly in the textiles, paper, and seven months in the 1974-75 recession. In June chemical grouping. Energy materials also dereductions occurred in most major categories of clined again. business equipment, but they were most pro- In industry groupings, output of manufacturing nounced in building and mining equipment and in declined further in June, reflecting a reduction of manufacturing equipment. Output of construc- 0.9 percent in output of durable goods and a 0.5 tion supplies declined 0.7 percent further. percent decline in nondurable goods. Output of Production of materials was reduced 0.7 per- both mining and utilities was off sharply, by 2.7 cent in June—a somewhat smaller decline than and 1.1 percent respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

405 Statements to Congress Statement by Paul A. Volcker, Chairman, Board and growth were no longer compatible with of Governors of the Federal Reserve System, actuality, at least over the medium and longer before the Joint Economic Committee of the run, and that inflation had emerged as a major U.S. Congress, June 15, 1982. economic problem. A number, including some members of the Congress, placed increased em- I am pleased to appear before this committee to phasis on restraining growth of the monetary discuss the conduct of monetary policy. In par- aggregates over time as a means of dealing with ticular, I would like to focus on the framework of inflation and urged establishing our intentions in targeting the monetary aggregates in light of that respect over a longer period of time. More recent experience. generally, aggregate targeting was thought to The Federal Reserve began reporting to the provide the Congress with a more clearly observ- Congress specific numerical "targets" for the able measure of performance against intentions, growth of the monetary aggregates in 1975. You which in turn implied that targets should not be will recall that the Congress had urged such an changed frequently or without clear justification. approach in House Concurrent Resolution 133. The formulation of specific targets for the Subsequently, the reporting of growth targets for monetary aggregates also has been consistent the aggregates was formalized into law with the with the goals and approach of the Federal enactment of the Full Employment and Balanced Reserve. A basic premise of monetary policy is Growth Act of 1978, commonly referred to as the that inflation cannot persist without excessive Humphrey-Hawkins Act. That law requires the monetary growth, and our view is that appropri- Federal Reserve to present annual targets for ately restrained growth of money and credit over monetary and credit aggregates to the Congress the longer run is critical to achieving the ultimate each February, and to review those targets and objectives of reasonably stable prices and susformulate tentative objectives for the coming tainable economic growth. While other policies calendar year each July. The choice of the appro- must be brought to bear as well, the specific priate measures to "target," as well as the annual targets announced periodically by the quantitative expression of those targets, are, of Federal Reserve have reflected efforts to reconcourse, a matter for the Federal Reserve to cile and support these goals. decide. To me it seems implicit in an aggregate target- The development of this formal reporting ing approach, as urged by the Congress, that framework, focusing on the growth of certain interest rates in themselves are not the dominant monetary and credit variables, was a reflection in immediate objective or focus in assessing the part of changes in attitudes toward monetary posture of monetary policy, even though that policy that occurred in the 1970s, and in part of a remains the instinct of many. Interest rates are, desire to improve communications and reporting of course, highly important economic variables, about our intentions and policies. The worsening and they are intimately involved in the process inflation problem focused increased attention on by which the supply of money and other liquid the critical linkage over the longer run between assets is reconciled in the market with the demoney growth and prices. A growing sense mands for liquidity derived from the growth of among some individuals was that earlier "con- the economy, inflation, and other factors. But ventional" views of a trade-off between inflation interest rates are also influenced importantly by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 Federal Reserve Bulletin • July 1982 other forces, including expectations about infla- nominal gross national product—is reasonably tion and about future interest rates, the budget- predictable over relevant periods. At the same ary posture, and other factors. The experience of time, in the short run of a quarter or two, the seventies emphasized some of the pitfalls and velocity is highly variable. Those short-run devishortcomings of using interest rates as a guide for ations from trend need to be assessed cautiously, policy, particularly in an environment of general- for they commonly are reversed over a period of ly rapid and rising inflation and correspondingly time. However, we cannot always assume a rigid uncertain price expectations. In those circum- relationship between money and the economy stances, gauging the stimulative or restrictive that, in fact, may not exist over a cycle, or over influence associated with a given level of nomi- longer periods of time, especially when technolonal interest rates is especially difficult. Recogni- gy, interest rates, and expectations are changing. tion of these difficulties was an important ele- Consequently, the Federal Open Market Comment in the decision by the Federal Reserve to mittee should reconsider, on a continuing basis, adopt procedures in October 1979 that placed both the appropriateness of its annual targets and emphasis, even in the shorter run, on the supply the implications of shorter-run deviations of acof reserves rather than primarily on short-term tual changes in the aggregates from the targeted interest rates as operational guides toward track. achieving an appropriate degree of monetary The introduction of negotiable order of withcontrol. drawal (NOW) accounts nationwide last year While all these considerations have suggested was illustrative of some of the difficulties arising the use of the framework of targeting the mone- from a changing financial structure. To some tary aggregates, we need also to be conscious of degree, the Federal Reserve was able to anticithe fact that the world, as it is, requires elements pate the impact. Obvious, for example, was that of judgment, interpretation, and flexibility in the rapid spread of NOW accounts, by drawing judging developments in money and credit and in some money from savings accounts as well as setting appropriate targets. One reason is the demand deposits, would have important effects impact of financial innovations on the growth of on the Ml aggregate, and last year's targets particular measures of money and the relation- allowed for such effects. However, after acships among them. In recent years, generally counting for these shifts into NOW accounts, the high and variable interest rates, the continuing growth of the several aggregates was consideraprocess of technological change, and the deregu- bly more divergent than had been anticipated, lation of depository institutions have provided with Ml running relatively low while the increase powerful stimulus for far-reaching changes in the in some of the broader aggregates was a bit financial system. The proliferation of new finan- above the annual objectives. Taking into account cial instruments and the development of increas- all of the financial innovations affecting the agingly sophisticated cash management techniques gregates—particularly the depressing effects on have created a need to adjust the definitions of Ml of extraordinarily rapid growth in money the monetary aggregates from time to time and to market mutual funds—and the relatively rapid reassess the relationship of the various measures growth of M2 and M3, we found the pattern of to one another and to other economic variables. slow growth in Ml acceptable. Indeed, last year's A somewhat separable matter conceptually (but experience seems to me a clear illustration of the in practice hard to distinguish) is that businesses need to consider a variety of money measures, or families may shift their preferences among rather than focusing exclusively on a single agvarious financial assets in a manner that may gregate such as Ml. alter the economic significance of particular Thus far this year, the monetary aggregates changes in any given measure of "money" or have behaved more consistently, although Ml is "credit." running a bit stronger than anticipated relative to Use of monetary targeting procedures is justi- the other aggregates. With the major shift into fied on the presumption that velocity—the ratio NOW accounts, in terms of new accounts between a given measure of money and the opened, mostly behind us, one source of distor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 407 tion has been removed from the data. But I to go through a full financial cycle with a large would also note that as a result of that "structur- money fund industry or with the regulatory and al" shift, NOW accounts and other interest- legal changes recently introduced. In these cirpaying checkable deposits have grown to be cumstances, it is clear that interpreting the peralmost 20 percent of Ml, and evidence exists that formance of the monetary and credit aggregates the cyclical behavior of Ml has been affected to must be assessed against the background of some extent by this change in composition. economic and financial developments generally While Ml is meant to be a measure of transac- —including the course of and prospects for busition balances, NOW accounts also have some ness activity and prices, patterns of financing and characteristics of a savings account (including liquidity in various sectors, the international similar "ceiling" interest rates). This year the scene, and interest rates. In that broader context public's desire to hold a portion of its savings in we do not believe that the growth of the various highly liquid forms has increased noticeably, monetary aggregates has been unduly large so far probably reflecting recession uncertainties. As a this year. result, NOW accounts have grown particularly The point I am making is that a large number of fast, which accounts for the great bulk of the factors have impinged—and in all likelihood will growth in Ml, and at the same time the rapid continue to impinge—on the growth of the monedecline in savings deposits has ceased. Overall, tary aggregates, possibly in the process modify- Ml growth so far this year has been somewhat ing the relationship of any particular measure of more rapid than a "straight line" path toward the "money" to economic performance. The relaannual target would imply. To the extent that the tionships have been good enough over a period relatively strong demand for Ml reflects transi- of time to justify a presumption of stability—but tory precautionary motives, allowing some addi- I do believe we must also take into account a tional growth of money over this period has been wide range of financial and nonfinancial informaconsistent with our general policy intentions. tion when assessing whether the growth of the In arriving at such a judgment, the pattern of aggregates is consistent with the policy intengrowth in the broader aggregates should be con- tions of the Federal Reserve. The hard truth is sidered. Also, important institutional changes in that there inevitably is a critical need for judgrecent years have affected the behavior of M2 ment in the conduct of monetary policy. and M3. For example, an increasingly large share Looking back at the last few years, money of the components of M2 that are not also growth has certainly fluctuated rather sharply included in Ml pay market-determined interest from time to time in the United States (and, I rates. This reflects the spectacular growth of might note, in other countries as well). As I money market funds in recent years as well as noted earlier, relationships have also been affectthe increasing availability at banks and thrift ed by a variety of financial innovations. But the institutions of small-denomination time deposits trend over reasonable spans of time has generally with interest rate ceilings tied to market yields. been consistent with the announced targets of An important consequence is that cyclical or the Federal Reserve, and the restrained growth other changes in the general level of interest has, in my judgment, contributed importantly to rates do not have as strong an influence on the the now-clear progress toward reducing inflagrowth of M2 as in the past. tion. This longer-run and broader perspective The broader aggregates are presently at or just should be kept in mind when considering growth above the upper end of the ranges of growth set in the aggregates. The tentative decision (not yet forth for the year as a whole. In February, we implemented) to publish the Ml data in the form reported to the Congress that M2 and M3 appro- of four-week moving averages is designed to priately would be in the upper half of their divert undue attention from the statistical ranges, or at or even slightly above the upper "noise" in the weekly movements in Ml and to end, should regulatory changes and the possibili- encourage knowledgable observers to focus on ty of stronger savings flows prove to be impor- broader trends in the whole family of aggregates. tant. In that regard, I must point out we have yet One obvious frustration in the current circum- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 Federal Reserve Bulletin • July 1982 stances is that interest rates, particularly longer- in fact appreciate that inflation has slowed at all. term rates, still are painfully high despite the That impression is plainly contrary to fact. But it protracted weakness in the real economy and a is perhaps indicative of how deep seated impresmarked deceleration in the measured rate of sions and expectations of inflation had become inflation. With the unemployment rate currently by the late 1970s, and it is suggestive of the at a new postwar high, there is an understandable concern of renewed higher inflation rates as inclination to want to get interest rates down economic activity recovers. No doubt those conquickly to encourage a rebound in activity. cerns continue to affect investment judgments Nothing would please me more than for inter- and interest rates. est rates to decline, and the progress we are In this situation, one key policy objective must making on inflation, as it is sustained, should be to "build in" what has so far been a partly work powerfully in that direction. But, I also cyclical decline in inflation, to encourage further know that the Federal Reserve would be short- reductions in the rate of increase in nominal sighted to abandon a strong sense of discipline in costs and wages, and then to establish clearly a monetary policy in an attempt to bring down trend toward price stability. That approach interest rates. Maybe the immediate effect of seems to me essential to encourage and sustain encouraging faster growth in the aggregates lower long-term interest rates, which, in turn, would be lower interest rates—particularly in will be important in sustaining economic growth. short-term markets. But over time, the more While monetary policy is only one of the important influence on interest rates—particular- instruments that can be used in restoring price ly longer-term interest rates—is the climate of stability, it is both necessary to that effort and expectations about the economy and inflation, widely recognized to be such. These circumand the balance of savings and investment. In stances emphasize the need to avoid excessive that context, an effort to drive interest rates monetary growth, which brings the threat that lower by the creation of money in excess of the heartening progress against inflation might longer-run needs and intentions would ultimately prove to be only temporary. fail and would threaten to perpetuate policy I think that it also is quite clear that the difficulties and dilemmas of the past. prospect of huge and rising budget deficits as the When long-term interest rates decline deci- economy recovers has been another element in sively, it will be an indication of an important the current situation that raises concerns about change in attitudes about the prospects for the long-term pressures on interest rates. I am eneconomy. One essential element in this process couraged by the efforts of the House and Senate must be a widespread conviction that inflation to begin to come to grips with this problem. At will be contained over the long run. The decline the same time, we are all aware of how much in inflation evident in all of the broadly based remains to be done, not only to reach agreement price indexes over the past year is highly encour- on a budget resolution for fiscal 1983, but also to aging. For example, in the 12-month period end- take the action necessary to implement such a ing in April, the consumer price index rose 6V2 resolution in legislation concerning appropriapercent compared with 10 percent over the previ- tions and revenues. Moreover, as you well ous 12 months. Over the past few months, the know, further legislation will be needed beyond CPI has been virtually stable. that affecting fiscal 1983 to assure that elements But, also evident is that some particular ele- in the structural deficit are brought more firmly ments accounting for the sharp reduction in under control. inflation are not sustainable; they have been Let me emphasize that a strong program of achieved in a period of recession and slack credible budget restraint will work in the direcmarkets and have reflected some sizable declines tion of lower interest rates. The perception that in energy prices that now appear behind us. future credit demands by the federal government Progress toward reducing the underlying trend in would be lower would reinforce the emerging costs, while real, has been slower. We have seen expectations of less inflation. The threat that some polls that suggest many Americans do not huge deficits would preempt the bulk of the net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 409 savings the economy seems likely to generate in will be reviewed in the process of considering the the years ahead—with the likely consequence of specific objectives. And while I do not anticipate exceptionally high real interest rates continuing any significant change in our operating proce- —would be dissipated. Confidence would be dures in the near term, we will also continue to enhanced that monetary policy will be able to assess and reassess the means by which our maintain a noninflationary course, without the policies are implemented. However, I do believe squeezing of homebuilding, business investment, that you can assume that the decisions that do and other interest-sensitive sectors of the econo- emerge from this review will reflect our continmy, and without excessive financial strains in the ued commitment to disciplined monetary policy economy generally. And by dealing with very in the interest of sustaining progress toward price real concerns about the future financial environ- stability—and, not incidentally, of encouraging a ment, budgetary action would be an important financial climate conducive to achieving and support to the recovery today. sustaining lower interest rates. In summary, casting monetary policy objec- We cannot yet claim victory against inflation, tives in terms of the aggregates has been a useful in fact or in public attitudes. But I do sense discipline and also has been helpful in communi- substantial progress—and a clear opportunity to cating to the Congress, the markets, and the reverse the debilitating pattern of growing inflageneral public the intent and results of the Feder- tion, slowing productivity, and rising unemployal Reserve actions. At the same time, we must ment of the 1970s. The challenge is to make this retain some element of caution in their interpre- recession not another wasted, painful episode, tation; the monetary targets convey a sense of but a transition to a sustained improvement in simplicity that may not always be justified in a the economic environment. complex economic and financial environment. Central to that effort is an appropriate course The fact that the economic significance of partic- for fiscal and monetary policy—a course approular aggregates is constantly evolving in re- priate, and seen to be appropriate, for the years sponse to rapid changes in financial markets and ahead. Critical elements in that effort are the practices is not universally appreciated. Conse- commitments to gain control of the federal budquently, the Federal Reserve is continually faced get and to maintain appropriate monetary rewith difficult judgments about the implications straint. Those policies provide the best—indeed for the economy. the only real—assurance that financial market As you know, the Federal Open Market Com- conditions will be conducive to a sustained perimittee soon will be meeting to review the annual od of economic growth and rising employment targets for the monetary aggregates for 1982 and and productivity. In the long years to come, we to formulate tentative targets for 1983. I would want to look back to our present circumstances not presume to anticipate the precise decisions and know that the pain and uncertainty of today that will be made by the Committee. A wide have, in fact, been a turning point to something array of financial and nonfinancial information much better. • Statement by Preston Martin, Vice Chairman, serve Act would exempt from reserve require- Board of Governors of the Federal Reserve Sys- ments the first $2 million of reservable liabilities tem, before the Subcommittee on Domestic at all depository institutions. On several occa- Monetary Policy of the Committee on Banking, sions the Federal Reserve has expressed support Finance and Urban Affairs, U.S. House of Rep- for legislation that would permanently reduce the resentatives, June 16, 1982. relatively heavy burden of reserve requirements on the smallest institutions. This bill accom- I am pleased to appear before this committee on plishes that objective, thereby fostering competibehalf of the Federal Reserve Board to discuss tive balance among depository institutions. H.R. 6222. This amendment to the Federal Re- However, granting an exemption on reservable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 Federal Reserve Bulletin • July 1982 liabilities to all depository institutions would requirements: 300 nonmember banks, 400 savimpair the Federal Reserve's ability to control ings and loans, and 17,000 credit unions.1 Withthe monetary aggregates if the level of the initial out the present deferral, a sizable proportion exemption were higher than $2 million. Accord- would be forced to maintain required reserves. ingly, the Board would find this legislation ac- Ending the deferral would substantially increase ceptable so long as the exemption level were not the overall administrative and operational burhigher than $2 million. Before discussing the den of reserve requirements for these institutions specifics of this bill, I will review both the and raise somewhat the operating costs of the problems involved in the present reserve deferral Federal Reserve System. But ending the deferral for smaller institutions and an alternative ap- would not perceptibly aid monetary policy. The proach for dealing with this issue. entire group of institutions not currently subject The Depository Institutions Deregulation and to reserve requirements, while representing Monetary Control Act of 1980 imposed uniform about 44 percent of all depository institutions, reserve requirements on all depository institu- has less than 1 percent of total deposits. tions, which has aided the conduct of monetary Although the Board recognizes that reserve policy and moved in the direction of a more requirements are necessary for effective monesimilar regulatory environment for member and tary control, I would like to emphasize that we nonmember institutions. However, in 1980 the are mindful of the reserve burden on all institu- Federal Reserve was concerned that subjecting a tions. The Board supports the aim of the Monelarge number of institutions all at once to new tary Control Act that all depository institutions reporting and reserve maintenance requirements share the reserve burden equitably. The earnings would cause significant operational difficulties forgone by holding non-interest-bearing reserves and interfere with the orderly implementation of are proportional to required reserves and therethe act. Therefore, the Board granted a six- fore would be distributed fairly across institumonth deferral of reporting and reserve require- tions of different sizes if no institutions were ments to certain depository institutions with total exempt. Paying interest on required reserves deposits of less than $2 million as of December would equitably offset this burden. However, 31, 1979. This deferral could not apply to mem- with no exemption, the administrative and operaber banks, which were already subject to reserve tional costs of compliance would not be distributand reporting requirements. Also, the Board did ed fairly because these burdens fall more heavily not apply the deferral of reserve and reporting on smaller institutions. In light of the relatively requirements to Edge Act and Agreement corpo- heavy burden of smaller institutions, the Board rations or U.S. agencies and branches of foreign supports efforts to exempt them permanently banks that are part of relatively large organiza- from reserve requirements. tions. The issue before us today is determining the The Board later extended the deferral on three best approach for accomplishing this goal. The occasions, initially to minimize operational diffi- Federal Reserve has in the past recommended culties and later in light of legislation pending consideration of two alternative approaches. before the Congress that would permanently One approach, exempting institutions below a exempt smaller institutions from reserve require- certain level of total deposits from reserve rements. The current deferral expires on Decem- quirements, was contained in legislation previber 31 of this year. In view of the requirements of ously introduced in the U.S. Senate. The other the Monetary Control Act and the improving approach, which exempts from reserve requirecapacity of the Federal Reserve to absorb the ments a certain level of reservable liabilities at all operational requirements associated with de- institutions, is embodied in the present bill, H.R. ferred institutions, we believe it would be inap- 6222. propriate for the Board to grant further extensions indefinitely without legislative action. 1. The attachments to this statement are available on As shown in tables 1 and 2, an estimated request from Publications Services, Board of Governors of 17,700 institutions are not now subject to reserve the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to Congress 411 Section 211 of the comprehensive banking bill The present bill would cost the Treasury someintroduced by Senator Garn, S. 1720, reflects the what more in lost revenue because the exempfirst approach. It would exempt from reserve tion applies to all institutions rather than just to requirements about 19,900 depository institu- those below a certain level of total deposits. With tions that have less than $5 million in total an exemption provided solely to depositories deposits (note the difference from reservable with less than $5 million in total deposits, the liabilities). These institutions now account for estimated annual revenue loss to the Treasury about VA percent of total deposits. The $5 mil- would be less than $1 million initially. By conlion cutoff figure would increase annually by an trast, the present bill would involve an estimated amount equal to 80 percent of the percentage loss to the Treasury of about $25 million per increase in total deposits at all institutions. In year. Any exemption level above $2 million of testimony on S. 1720 on October 29, 1981, Chair- reservable liabilities would imply still greater man Volcker indicated that the Board could revenue loss. support such an amendment, although he noted Any higher exemption level immediately raises that the amendment had certain drawbacks and questions about monetary control as well as suggested consideration of the second approach revenue loss. Because this exemption applies to contained in the bill under discussion today. all depository institutions, it lowers required One drawback of the total deposit approach is reserves at all institutions. In consequence, a that when an institution grows above $5 million, higher exemption would increase the number of it becomes subject to reserve requirements not institutions able to satisfy reserve requirements only on deposits above that level but also on its with vault cash held in the course of everyday total reservable deposits. To use the jargon of business. With exemption levels above $2 mileconomists, institutions just passing over the lion, the percent of transaction deposits at instithreshold confront a very high marginal reserve tutions with reserve balances at the Federal requirement. Also, this system contains an ineq- Reserve approaches the fraction prevailing beuity because institutions just below the cutoff fore the Monetary Control Act. During deliberawould be completely exempt from reserve re- tions before passage of this act, the Federal quirements, while slightly larger institutions just Reserve noted that this coverage ratio was alabove the cutoff would be fully subject to re- ready low enough to begin to impair monetary quirements on all their reservable deposits. control. The Board finds the proposed legislation The approach in the present bill exempts from acceptable, but with no higher an exemption reserve requirements the first $2 million in re- level than the contemplated $2 million in reservservable liabilities of all institutions. The number able liabilities. Although the Board does not feel of fully exempt institutions is somewhat larger that providing to all institutions an exemption of under this approach than under the total deposit only $2 million in reservable liabilities would method. Because almost all institutions with $5 seriously erode control over the aggregates, an million or less in total deposits have no more exemption above this level would begin to be a than $2 million in reservable liabilities, the pres- cause for concern. We note that the bill would ent bill would fully exempt from reserve require- allow the $2 million exemption to be allocated ments roughly 19,750 of the 19,900 institutions among reservable liabilities in accordance with with less than $5 million in total deposits. The rules and regulations established by the Board. present bill would also exempt about 4,100 insti- Under this provision, the Board would allocate tutions with more than $5 million in total deposits the exemption among reservable liabilities in a but less than $2 million in reservable liabilities. manner consistent with operational and mone- Also, by granting an equal reduction in reserve tary policy considerations. requirements to all institutions on their first $2 The Board would not object to the provision million in reservable liabilities, this method that would index the exemption level to a meaavoids the penalty for deposit growth above the sure of deposits, although it is not clear to us that cutoff and treats institutions in the neighborhood such a provision is necessary to achieve the of the threshold more equitably. intended results. However, because the exemp- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 Federal Reserve Bulletin • July 1982 tion applies to reservable liabilities, indexing the to avoid subjecting smaller depository instituexemption to 80 percent of the growth in reserv- tions to undue burdens of reserve requirements. able liabilities rather than in total deposits would While requirements are necessary for monetary be more appropriate. Such treatment would be control, we must take care that their costs are more comparable to the indexing in the Mone- not so high as to swamp their intended benefits. tary Control Act of the original $25 million cutoff Because for the Board to continue indefinitely of transaction deposits between the 3 percent the current deferral of reserve requirements unand 12 percent reserve ratios. This cutoff is der its own authority would be inappropriate, we indexed to a measure of those deposits affected believe that a resolution of this issue by the by this provision; that is, to total transaction Congress is necessary to prevent a substantial deposits at all institutions. increase in the reserve burden on smaller deposi- In conclusion, the Board fully supports efforts tory institutions. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

413 Announcements COLLATERAL FOR ADVANCES AT ing the existence or absence of control in any THE DISCOUNT WINDOW particular case must take into account the effect of the combination of provisions and covenants in the agreement as a whole and the particular facts and circum- In connection with the closing of the Penn stances of each case. Nevertheless, the Board believes Square Bank in Oklahoma City, the Federal that the factors outlined in this statement provide a Reserve Board has indicated that "Receiver's framework for guiding bank holding companies in Certificates" issued by the Deposit Insurance complying with the requirements of the act. National Bank of Oklahoma City will be acceptable as collateral from depository institutions for While investments in nonvoting shares can be advances at the Federal Reserve discount win- consistent with the act, the statement said, some dow at the regular discount rate. agreements reviewed by the Board raise substantial problems regarding control. The statement provides examples of the problem features of STATEMENT OF POLICY ON NONVOTING some agreements. As guidance for bank holding EQUITY INVESTMENTS BY BANK HOLDING companies contemplating such investments, the COMPANIES Board statement points to a number of provisions that might avoid control questions, by The Federal Reserve Board on July 8, 1982, preserving the discretion of management over issued a policy statement setting forth its con- the policies and decisions of a banking organizacerns and providing guidance with respect to tion. investments by bank holding companies in non- The Board has instructed its staff to monitor voting shares of other bank holding companies or agreements respecting investments by bank banks. The statement notes considerations the holding companies in nonvoting shares of bank- Board will take into account in determining ing organizations and to bring to the Board's whether such investments are consistent with the attention those that raise problems of consisten- Bank Holding Company Act, and describes the cy with the act. The Board requests bank holding general scope of arrangements to be avoided in companies to submit such proposals to the Board these agreements. for review before being made final. The Board's statement was occasioned by the The statement is as follows: fact that in recent months a number of bank holding companies have made substantial equity investments in banks or bank holding companies Introduction located across state lines, in expectation of statu- In recent months, a number of bank holding compatory changes that might make interstate banking nies have made substantial equity investments in a permissible. bank or bank holding company (the "acquiree") locat- In issuing its statement, the Board said: ed in states other than the home state of the investing company through acquisition of preferred stock or Because of the evident interest in these types of nonvoting common shares of the acquiree. Because of investments and because they raise substantial ques- the evident interest in these types of investments and tions under the Bank Holding Company Act, the because such investments raise substantial questions Board believes it is appropriate to provide guidance under the Bank Holding Company Act (the "act"), the regarding the consistency of such arrangements with Board believes it is appropriate to provide guidance the act. regarding the consistency of such arrangements with The Board recognizes that the complexity of legiti- the act. mate business arrangements precludes rigid rules de- This statement sets out the Board's concerns with signed to cover all situations and that decisions regard- these investments, the considerations the Board will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 Federal Reserve Bulletin • July 1982 take into account in determining whether the invest- 1. Options on, warrants for, or rights to convert ments are consistent with the act, and the general nonvoting shares into substantial blocks of voting scope of arrangements to be avoided by bank holding securities of the acquiree bank holding company or its companies. The Board recognizes that the complexity subsidiary bank(s). of legitimate business arrangements precludes rigid 2. Merger or asset acquisition agreements with the rules designed to cover all situations and that decisions out-of-state bank or bank holding company that are to regarding the existence or absence of control in any be consummated in the event interstate banking is particular case must take into account the effect of the permitted. combination of provisions and covenants in the agree- 3. Provisions that limit or restrict major policies, ment as a whole and the particular facts and circum- operations, or decisions of the acquiree. stances of each case. Nevertheless, the Board believes 4. Provisions that make acquisition of the acquiree that the factors outlined in this statement provide a or its subsidiary bank(s) by a third party either imposframework for guiding bank holding companies in sible or economically impracticable. complying with the requirements of the act. The various warrants, options, and rights are not exercisable by the investing bank holding company unless interstate banking is permitted, but may be Statutory and Regulatory Provisions transferred by the investor either immediately or after the passage of a period of time or upon the occurrence Under section 3(a) of the act, a bank holding company of certain events. may not acquire direct or indirect ownership or control After a careful review of a number of these agreeof more than 5 percent of the voting shares of a bank ments, the Board believes that investments in nonvotwithout the Board's prior approval. (12 U.S.C. ing stock, absent other arrangements, can be consis- § 1842(a)(3)). In addition, this section of the act pro- tent with the act. Some of the agreements reviewed vides that a bank holding company may not, without appear consistent with the act because they are limited the Board's prior approval, acquire control of a bank: to investments of relatively moderate size in nonvoting that is, in the words of the statute, "for any action to equity that may become voting equity only if interstate be taken that causes a bank to become a subsidiary of banking is authorized. a bank holding company." (12 U.S.C. § 1842(a)(2)). However, other agreements reviewed by the Board Under the act, a bank is a subsidiary of a bank holding raise substantial problems of consistency with the company if (1) the company directly or indirectly control provisions of the act because the investors, owns, controls, or holds with power to vote 25 per- uncertain whether or when interstate banking may be cent or more of the voting shares of the bank; (2) the authorized, have evidently sought to assure the soundcompany controls in any manner the election of a ness of their investments, prevent takeovers by othmajority of the board of directors of the bank; or (3) ers, and allow for sale of their options, warrants, or the Board determines, after notice and opportunity for rights to a person of the investor's choice in the event hearing, that the company has the power, directly or a third party obtains control of the acquiree or the indirectly, to exercise a controlling influence over the investor otherwise becomes dissatisfied with its inmanagement or policies of the bank. (12 U.S.C. vestment. Since the act precludes the investors from § 1841(d)). protecting their investments through ownership or use of voting shares or other exercise of control, the In intrastate situations, the Board may approve investors have substituted contractual agreements for bank holding company acquisitions of additional bankrights normally achieved through voting shares. ing subsidiaries. However, when the acquiree is located outside the home state of the investing bank holding For example, various covenants in certain of the company, section 3(d) of the act prevents the Board agreements seek to assure the continuing soundness of from approving any application that will permit a bank the investment by substantially limiting the discretion holding company to "acquire, directly or indirectly, of the acquiree's management over major policies and any voting shares of, interest in, or all or substantially decisions, including restrictions on entering into new all of the assets of any additional bank." (12 U.S.C. banking activities without the investor's approval and § 1842(d)(1)). requirements for extensive consultations with the investor on financial matters. By their terms, these covenants suggest control by the investing company Review of Agreements over the management and policies of the acquiree. Similarly, certain of the agreements deprive the In apparent expectation of statutory changes that acquiree bank holding company, by covenant or bemight make interstate banking permissible, bank hold- cause of an option, of the right to sell, transfer, or ing companies have sought to make substantial equity encumber a majority or all of the voting shares of its investments in other bank holding companies across subsidiary bank(s) with the aim of maintaining the state lines, but without obtaining more than 5 percent integrity of the investment and preventing takeovers of the voting shares or control of the acquiree. These by others. These long-term restrictions on voting investments involve a combination of the following shares fall within the presumption in the Board's arrangements: Regulation Y that attributes control of shares to any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 415 company that enters into any agreement placing long- The Board expects that one effect of this guideline term restrictions on the rights of a holder of voting would be to hold down the size of the nonvoting equity securities. (12 C.F.R. § 225.2(b)(4)). investment by the investing company relative to the Finally, investors wish to reserve the right to sell acquiree's total equity, thus avoiding the potential for their options, warrants, or rights to a person of their control because the investor holds a very large proporchoice to prevent being locked into what may become tion of the acquiree's total equity. Observance of the an unwanted investment. The Board has taken the 25 percent guideline will also make provisions in position that the ability to control the ultimate disposi- agreements providing for a right of first refusal or a tion of voting shares to a person of the investor's public and widely dispersed offering of rights to the choice and to secure the economic benefits therefrom acquiree's shares more practical and realistic. indicates control of the shares under the act.1 More- Finally, certain arrangements should clearly be over, the ability to transfer rights to large blocks of avoided regardless of other provisions in the agreevoting shares, even if nonvoting in the hands of the ment that are designed to avoid control, as follows: investing company, may result in such a substantial 1. Agreements that enable the investing bank holdposition of leverage over the management of the ing company (or its designee) to direct in any manner acquiree as to involve a structure that inevitably the voting of more than 5 percent of the voting shares results in control prohibited by the act. of the acquiree. 2. Agreements whereby the investing company has the right to direct the acquiree's use of the proceeds of Provisions That Avoid Control an equity investment by the investing company to effect certain actions, such as the purchase and re- In the context of any particular agreement, provisions demption of the acquiree's voting shares. of the type described above may be acceptable if 3. The acquisition of more than 5 percent of the combined with other provisions that serve to preclude voting shares of the acquiree that "simultaneously" control. The Board believes that such agreements will with their acquisition by the investing company benot be consistent with the act unless provisions are come nonvoting shares, remain nonvoting shares included that will preserve management's discretion while held by the investor, and revert to voting shares over the policies and decisions of the acquiree and when transferred to a third party. avoid control of voting shares. As a first step toward avoiding control, covenants in any agreement should leave management free to con- Review by the Board duct banking and permissible nonbanking activities. Another step to avoid control is the right of the This statement does not constitute the exclusive scope acquiree to "call" the equity investment and options of the Board's concerns, nor are the considerations or warrants to assure that covenants that may become with respect to control outlined in this statement an inhibiting can be avoided by the acquiree. This right exhaustive catalog of permissible or impermissible makes such investments or agreements more like a arrangements. The Board has instructed its staff to loan in which the borrower has a right to escape review agreements of the kind discussed in this statecovenants and avoid the lender's influence by prepayment and to bring to the Board's attention those that ing the loan. raise problems of consistency with the act. In this A measure to avoid problems of control arising regard, companies are requested to notify the Board of through the investor's control over the ultimate dispothe terms of such proposed merger or asset acquisition sition of rights to substantial amounts of voting shares agreements or nonvoting equity investments prior to of the acquiree would be a provision granting the their execution or consummation. acquiree a right of first refusal before warrants, options, or other rights may be sold and requiring a public and dispersed distribution of these rights if the right of first refusal is not exercised. In this connection, the Board believes that agree- MEETING OF CONSUMER ADVISORY ments that involve rights to less than 25 percent of the COUNCIL voting shares, with a requirement for a dispersed public distribution in the event of sale, have a much The Federal Reserve Board has announced that greater prospect of achieving consistency with the act than agreements involving a greater percentage. This its Consumer Advisory Council met on July 28 guideline is drawn by analogy from the provision in the and 29, 1982. act that ownership of 25 percent or more of the voting The Council, with 30 members who represent securities of a bank constitutes control of the bank. a broad range of consumer and creditor interests, advises the Board on its responsibilities regarding consumer credit protection legislation and 1. See Board letter dated March 18, 1982, to C.A. Cavendes, Sociedad Financiera. regulation at quarterly meetings. 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416 Federal Reserve Bulletin • July 1982 CHANGES IN BOARD STAFF income, FFIEC 011, FFIEC 013, FFIEC 013S (RIAD); and (7) large-bank supplement to the The Board of Governors has announced the report of income, FFIEC 015 (RIAS). following appointment. The Board will make available the magnetic Michael P. Dooley as Assistant Director in the tape, including complete documentation, at a Division of International Finance. Mr. Dooley, cost of $150.00 per reporting period. Orders with who joined the Board in June 1971, received his remittance should be addressed to the Office of Ph.D. from Pennsylvania State University. He the Controller, Board of Governors of the Federhas been on leave at the International Monetary al Reserve System, Washington, D.C. 20551. Fund since January 1981. Information about the content or format may be obtained by telephoning (202) 452-2816, or by The Board has also announced the retirement writing the Data Request Coordinator in the Data of John Kakalec, Controller, effective July 9, Services Section, Division of Data Processing, 1982, and Janet O. Hart, Director of the Division Board of Governors of the Federal Reserve of Consumer and Community Affairs, effective System, Washington, D.C. 20551. July 31, 1982. SYSTEM MEMBERSHIP: CALL AND INCOME SUBSCRIPTION SERVICE ADMISSION OF STATE BANKS The two magnetic tapes per quarter for the call The following banks were admitted to memberand income subscription service have been com- ship in the Federal Reserve System during the bined into one, beginning with the reports of period June 11 through July 10, 1982: condition and income and related reports for Colorado March 31, 1982. The single tape, with a density Denver First Charter Bank of 6,250 bits per inch, will contain the following Delaware data files: (1) consolidated report of condition— Wilmington Philadelphia Bank domestic only, FFIEC 010 and FFIEC 012 Illinois (RCON); (2) consolidated foreign and domestic Rockford ... Northwest Bank of Winnebago report of condition, FFIEC 014 (RCFD); (3) County large-bank supplement to the report of condition, Michigan FFIEC 015 (RCOS); (4) report of assets and Troy Liberty Bank-Oakland liabilities of U.S. branches and agencies of for- Oregon eign banks, FFIEC 002 (RIBA); (5) quarterly Lake Oswego Bank of Lake Oswego report of international banking facility accounts, Wyoming FR 2073-5 (IBFQ); (6) consolidated report of Jackson American State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

417 Record of Policy Actions of the Federal Open Market Committee Meeting Held tion of consumer durable goods rose on May 18, 1982 markedly. In April, industrial output was 8!/2 percent below its prereces- The information reviewed at this sion peak in July 1981. meeting suggested that real GNP Nonfarm payroll employment dewould change little in the current clined in March and April, reflecting quarter after declining at annual continued sizable job losses in manrates of about 4 percent in the first ufacturing and construction and quarter, according to preliminary es- smaller losses in other major sectimates of the Commerce Depart- tors. The unemployment rate rose an ment, and 4Vz percent in the fourth additional 0.4 percentage point in quarter of 1981. In the current quar- April to 9.4 percent. ter, business inventory liquidation Private housing starts edged up in appeared to be moderating from the March for the fifth consecutive first quarter's extraordinary rate. month, but at an annual rate still The rise in average prices, as mea- below 1 million units, they remained sured by the fixed-weight price in- depressed. Sales of new homes dedex for gross domestic business clined further, while sales of existing product, appeared to be slowing homes picked up slightly. somewhat further from the annual The producer price index for finrate of about 51/2 percent in the first ished goods changed little in March quarter indicated by the preliminary and April. Prices of energy-related estimates. items declined substantially in The nominal value of retail sales March and fell even more sharply in increased appreciably in April, ac- April. Prices of other nonfood concording to the advance report, fol- sumer goods and of capital equiplowing little change on average over ment rose in both months, and prices the first quarter. The advance report of foods and food materials rose indicated especially strong sales sharply in April following little gains in the automotive group, at change in March. The consumer stores selling building materials and price index declined 0.3 percent in related items, and at furniture and March, largely because of substanappliance stores. Unit sales of new tial reductions in costs of gasoline domestic automobiles were at an an- and homeownership, but declines in nual rate of 5.5 million units com- food prices also had a moderating pared with a rate of nearly 6 million influence. Thus far in 1982, both the in March and in the first quarter as a producer price index for finished whole; unit sales picked up apprecia- goods and the consumer price index bly in early May, buoyed by new have risen at annual rates of 1 perpurchase-incentive programs. cent or less on balance, and the The index of industrial production advance in the index of average fell 0.6 percent in April, following a hourly earnings has remained at a decline of 0.8 percent in March. In reduced pace. both months output of business In foreign exchange markets the equipment, construction supplies, trade-weighted value of the dollar and durable goods materials de- against major foreign currencies rose clined substantially, while produc- somewhat further in early April but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 Federal Reserve Bulletin • July 1982 then fell about 3'/4 percent over the reflecting a slackening in the expanfollowing month, reflecting in part a sion of its nontransaction compodecline in U.S. interest rates relative nent. to foreign rates and market expecta- Total credit outstanding at U.S. tions of further declines. The U.S. commercial banks grew at an annual foreign trade deficit was about one- rate of VA percent in April, about the third less in the first quarter than in same as in March. Banks added subthe preceding quarter, as imports fell stantially to their holdings of Treamore sharply than exports. sury securities, but expansion in At its meeting on March 29-30, their total loans, including business the Committee had decided that loans, moderated somewhat further. open market operations in the period Business borrowing from other until this meeting should be directed sources also moderated, as issuance toward behavior of reserve aggre- of commercial paper by nonfinancial gates consistent with growth of Ml businesses slowed substantially and and M2 from March to June at annu- offerings of corporate securities deal rates of about 3 percent and 8 clined. percent respectively. It was under- Nonborrowed reserves, adjusted stood that most, if not all, of the to include special borrowing and expansion in Ml over the period other extended credit from Federal might well occur in April, and within Reserve Banks, changed little in limits, an April bulge in Ml alone April. Virtually all of the increase in should not be strongly resisted. In total reserves associated with the any event, it was agreed that devi- expansion of Ml was provided ations from those targets should be through the discount window. Borevaluated in light of the probability rowing from Federal Reserve Banks that over the period M2 would be for purposes of adjusting reserve poless affected than Ml by deposit sitions (including seasonal borrowshifts related to the mid-April tax ing) rose to an average of $1.5 billion date and by changes in the relative in the two statement weeks ending importance of NOW accounts as a April 28 from a weekly average of savings vehicle. Some shortfall in about $1.2 billion in March and the growth of Ml, consistent with prog- first half of April. Such borrowing ress toward the upper part of the subsequently fell back to an average range for the year as a whole, would of about $1.1 billion in the two be acceptable in the context of ap- weeks ending May 12. preciably reduced pressures in the The federal funds rate, which had money market and the relative been about 15 percent at the time of strength of other aggregates. The the March meeting, generally fluctuintermeeting range for the federal ated in a narrow range of about 143/4 funds rate, which provides a mecha- to \5Vi percent during the subsenism for initiating further consulta- quent intermeeting period. Most othtion of the Committee, was set at 12 er short-term interest rates fell Vi to to 16 percent. 1 percentage point on balance over Growth of Ml accelerated to an the intermeeting interval, and longannual rate of ll3/4 percent in April term yields registered similar defrom Vh percent in March. But the clines. The prime rate charged by expansion was concentrated in the commercial banks on short-term first half of the month and was large- business loans remained at the I6V2 ly retraced by month-end. As in oth- percent rate that has prevailed since er recent months, checkable depos- early February. Average rates on its other than demand deposits new commitments for fixed-rate (OCDs) posted a sizable increase. mortgage loans at savings and loan Growth of M2 moderated to an an- associations declined slightly, to nual rate of about 9'/2 percent in about 163/4 percent. April from 11V* percent in March, During the meeting the Committee Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 419 was apprised of developments in the of the economy was likely to revive, market for U.S. government securi- perhaps more quickly than many anties stemming from the failure of a ticipated, if inflation remained relasecurities firm to make sizable inter- tively moderate and interest rates est payments that were due on bor- declined. rowed Treasury obligations. System It was emphasized during the disofficials were monitoring the situa- cussion that a key element in the tion closely and it was understood economic outlook would be developthat they would continue to do so. ments affecting the federal budget Staff projections at this meeting and the size of future deficits. Signifsuggested that real GNP would ex- icant progress in reducing prospecpand moderately over the balance of tive deficits would serve to improve 1982. Inflation, as measured by the business and consumer confidence fixed-weight price index for gross and help to achieve and maintain the domestic business product, was pro- lower interest rates necessary to jected to remain moderate while the support a sustained economic recovunemployment rate was expected to ery. remain near its April level. It was noted during the discussion Views of Committee members that considerable progress had been concerning prospects for economic made in the fight against inflation. activity and the behavior of prices Although the major price indexes generally differed little from the staff overstated the extent of the recent projections. However, several mem- improvement, the underlying rate of bers commented that the risks of a inflation was down substantially and deviation from the projections were cost pressures in general appeared to on the downside; they noted reports be continuing to ease. Inflationary of gloomy sentiment prevailing expectations also appeared to have among businessmen and consumers moderated somewhat further, but and of financial strains being experi- they remained sensitive to developenced by many business firms, fi- ments in the fiscal and monetary nancial institutions, farmers, and policy areas. consumers. Reduced economic ac- At its meeting on February 1-2, tivity and high interest rates were 1982, the Committee had adopted adversely affecting profits and erod- the following ranges for growth of ing financial positions; the impact on the monetary aggregates over the key sectors of the economy such as period from the fourth quarter of capital investment, housing, and 1981 to the fourth quarter of 1982: spending on consumer durables Ml, 2Vi to 51/2 percent; M2, 6 to 9 could impede the recovery. percent; and M3, 6V2 to 9Vi percent. A few members gave more empha- The associated range for bank credit sis to elements of strength in the was 6 to 9 percent. near-term outlook, which they be- At this meeting the Committee relieved reduced the risks of prolonged viewed the short-run objectives for recession and enhanced the pros- monetary growth that it had estabpects for a near-term recovery in lished in late March calling for execonomic activity. The favorable pansion at annual rates of about 3 factors included the large tax cut at percent for Ml and about 8 percent midyear and the concurrent increase for M2 over the three months from in social security payments. In addi- March to June. The Committee took tion, liquidation of business inven- note of a staff analysis suggesting tories, which had been of unusual that, despite the bulge in April as a proportions in recent months, was whole, growth of Ml was generally likely to be reduced or reversed, consistent with the objective for the thereby contributing to economic re- three-month period, reflecting weakcovery. It was also suggested that ness in late April and early May. spending in interest-sensitive sectors Thus the level of Ml, although still Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 Federal Reserve Bulletin • July 1982 above a path consistent with the reflected in some decline in short- Committee's range for growth from term interest rates. Rates appeared the fourth quarter of 1981 to the high, considering the recession in fourth quarter of 1982, had moved activity, the slower rise in prices, down toward that path somewhat and more technically, the degree of more rapidly than had been antici- pressure on bank reserve positions. pated earlier. Growth of M2 also During the Committee's review of appeared to be consistent with the its second-quarter objectives, almost Committee's objective for the all the members agreed that growth March-to-June period, and the level rates consistent with those adopted of that aggregate remained close to at the previous meeting remained the upper end of its range for 1982. appropriate under current economic As at the previous meeting, staff and financial conditions. Some sentianalysis suggested that the demand ment was expressed for moderately for money, as defined by Ml, might faster monetary growth in the curmoderate significantly in the current rent quarter with the objective of quarter. In the first quarter, growth improving liquidity and easing finanof Ml had been considerably greater cial pressures, but no member faon average than would have been vored substantially faster monetary expected on the basis of the actual expansion. Pursuit of the latter polibehavior of nominal GNP and inter- cy course, it was suggested, would est rates; as a result, the income probably exacerbate inflationary exvelocity of Ml had shown an unusu- pectations, especially in light of the ally large decline. The great bulk of outlook for large deficits in the fedthe growth in Ml in the first quarter, eral budget, and thereby exert upand indeed in the period since Octo- ward pressure on interest rates. ber 1981, had occurred in its NOW Given the uncertainties relating to account component. A variety of the public's demand for liquid balevidence suggested an increased ances, notably NOW accounts, most preference on the part of individuals members continued to believe that to accumulate highly liquid balances the behavior of Ml should be evaluin an environment of considerable ated partly in light of the behavior of uncertainty about prospects for eco- M2 over the weeks ahead. Thus, for nomic activity and interest rates. It example, somewhat more rapid was thought that in the course of the growth of Ml might be accepted if it current quarter the strong savings or appeared to be associated with a precautionary demands for liquid continuing desire by the public to balances were likely to begin to build up liquid balances and with moderate, and perhaps to unwind, if growth of M2 near its specified rate. economic prospects appeared to be At the conclusion of the discusimproving as projected and if uncer- sion the Committee agreed to reaftainties about financial conditions firm the objectives for monetary were reduced. While considerable growth established at the previous uncertainties remained, the behavior meeting and to seek behavior of reof NOW accounts in late April and serve aggregates associated with early May was consistent with that growth of Ml and M2 from March to expectation. June at annual rates of about 3 per- The staff analysis also suggested cent and 8 percent respectively. The that continued pursuit of the second- Committee noted that deviations quarter objectives for monetary from these objectives should be growth set at the preceding meeting evaluated in light of changes in the and the related provision of reserves relative importance of NOW acthrough open market operations counts as a savings vehicle. The would be consistent with at least intermeeting range for the federal modest easing in bank reserve posi- funds rate, which provides a mechations. Such easing in turn could be nism for initiating further consulta- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 421 tion of the Committee, was set at 10 conditions that will help to reduce inflato 15 percent. tion, promote a resumption of growth in output on a sustainable basis, and con- The following domestic policy ditribute to a sustainable pattern of interrective was issued to the Federal national transactions. At its meeting in Reserve Bank of New York: early February, the Committee agreed that its objectives would be furthered by growth of Ml, M2, and M3 from the The information reviewed at this meetfourth quarter of 1981 to the fourth quaring suggests that real GNP will change ter of 1982 within ranges of 2Vi to 5Vi little in the current quarter after the percent, 6 to 9 percent, and 6V2 to 9/2 appreciable further decline in the first percent respectively. The associated quarter, as business inventory liquidarange for bank credit was 6 to 9 percent. tion moderates from last quarter's ex- In the short run, the Committee seeks traordinary rate. In April the nominal behavior of reserve aggregates consistvalue of retail sales expanded, while industrial production and nonfarm pay- ent with growth of Ml and M2 from roll employment continued to decline. March to June at annual rates of about 3 The unemployment rate rose 0.4 per- percent and 8 percent respectively. The centage point to 9.4 percent. Although Committee also noted that deviations housing starts edged up in March for the from these targets should be evaluated in fifth consecutive month, they remained light of changes in the relative imporat a depressed level. The rate of increase tance of NOW accounts as a savings in prices on the average appears to be vehicle. The Chairman may call for slowing somewhat further in the current Committee consultation if it appears to quarter; so far this year both the con- the Manager for Domestic Operations sumer price index and the producer price that pursuit of the monetary objectives index for finished goods have risen little and related reserve paths during the perion balance, and the advance in the index od before the next meeting is likely to be of average hourly earnings has remained associated with a federal funds rate perat a reduced pace. sistently outside a range of 10 to 15 percent. The weighted average value of the dollar against major foreign currencies, Votes for this action: Messrs. after rising somewhat further in early Volcker, Balles, Black, Ford, Gram- April, has fallen sharply over the past ley, Mrs. Horn, Messrs. Martin, Parmonth, reflecting in part a decline in tee, Rice, Wallich, and Timlen. Vote U.S. interest rates relative to foreign against this action: Mrs. Teeters. (Mr. rates and market expectations of further Timlen voted as alternate for Mr. declines. The U.S. foreign trade deficit Solomon.) in the first quarter was one-third less than in the preceding quarter. Ml increased sharply in April, but the Mrs. Teeters dissented from this expansion was concentrated in the first action because she favored specifihalf of the month and was largely re- cation of somewhat higher rates of traced later. Growth of M2 moderated monetary growth from March to somewhat, owing to a slackening of the June with the objective of improving expansion in the nontransaction component. Short-term market interest rates liquidity and easing financial presand bond yields on balance have de- sures. In her opinion, the time had clined since the end of March, and mort- come to foster lower and less varigage interest rates have edged down furable interest rates in order to enther. hance prospects for significant re- The Federal Open Market Committee seeks to foster monetary and financial covery in output and employment. * * * * * Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board's Annual Report, are made available a few days after the next regularly scheduled meeting and are later published in the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

423 Legal Developments AMENDMENT TO RULES REGARDING den City, New York. LITCO, a registered bank hold- DELEGATION OF AUTHORITY ing company, owns 100 percent of the voting shares of Long Island Trust Company, N.A. ("Bank"), Garden The Board of Governors of the Federal Reserve Sys- City, New York. tem has amended its Rules Regarding Delegation of Notice of the application, affording opportunity for Authority (12 CFR Part 265) to effect a technical interested persons to submit comments and views, has amendment removing the "sunset" provision con- been given in accordance with section 3(b) of the act. tained in the final sentence of 12 CFR 265.1a(c) The time for filing comments and views has expired, providing for the expiration on June 30, 1982, of the and the Board has considered the application and all delegation of authority contained in § 265.1a(c). This comments received in light of the factors set forth in action will continue the delegation of authority by the section 3(c) of the act (12 U.S.C. § 1842(c)). Board of Governors to any three Board members BCI, with consolidated assets of $34.5 billion,1 is the designated by the Chairman to act on certain matters second largest commercial bank in Italy and the 36th in the absence of a quorum of the Board when delay largest banking organization in the world. BCI operwould be inconsistent with the public interest. The ates primarily as a short-term credit institution and effective date of the amendment is June 4, 1982. generally makes loans and accepts deposits with a maximum maturity of 18 months. Domestic banking is Part 265—Rules Regarding Delegation of conducted through a network of over 350 branches Authority throughout Italy. In addition, BCI operates worldwide through branches, agencies, and subsidiary and affili- Section 265.1a—[Amended] ated organizations. BCI is majority-owned by Istituto per la Ricostruzione Industriale ("IRI"), a holding Pursuant to its authority under section ll(k) of the company that is controlled by the government of the Federal Reserve Act (12 U.S.C. 248(k)), the Board Republic of Italy. IRI also holds two other major hereby amends 12 CFR 265. la(c) by removing the final Italian banks and numerous commercial and industrial sentence of that section which provides: "This delega- companies. tion of authority shall terminate June 30, 1982." BCI operates in the United States branches in New York City and Chicago, and an agency in Los Angeles. These offices are grandfathered under section 5 of the BANK HOLDING COMPANY AND BANK MERGER International Banking Act of 1978 ("IBA") (12 U.S.C. ORDERS ISSUED BY THE BOARD OF GOVERNORS § 3102) and BCI has selected New York as its home state under the Board's Regulation K (12 CFR Orders Issued Under Section 3 of Bank Holding § 211.22). Company Act LITCO, with consolidated assets of $1.1 billion, is the 22nd largest commercial banking organization in Banca Commerciale Italiana, New York State. Bank, with consolidated deposits of Milan, Italy $870.0 million, has 46 branch offices in the Metropolitan New York banking market2 and two branch offices Order Approving Formation of Bank Holding in the Eastern Long Island banking market.3 Bank Company 1. Unless otherwise noted, all financial data are as of December 31, Banca Commerciale Italiana ("BCI"), Milan, Italy, 1981. has applied for the Board's approval under section 2. The Metropolitan New York banking market is defined to include southwestern Fairfield County in Connecticut; northeastern Bergen 3(a)(1) of the Bank Holding Company Act (12 U.S.C. County and eastern Hudson County in New Jersey; New York City; § 1842(a)(1)) to become a bank holding company by and all of Nassau, Putnam, Westchester, and Rockland Counties, and western Suffolk County, New York. acquiring 100 percent of the voting shares of LITCO 3. The Eastern Long Island banking market is approximated by the Bancorporation of New York, Inc. ("LITCO"), Gar- eastern portion of Suffolk County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 Federal Reserve Bulletin • July 1982 ranks as the 17th largest commercial banking organiza- consummation and the Board considered it particulartion in the New York banking market, holding 0.5 ly important that BCI has committed to maintain percent of total commercial bank deposits in the LITCO as among the more strongly capitalized bankmarket. BCI's New York office is a wholesale, unin- ing organizations of comparable size in the United sured branch with total deposits and credit balances of States. Having considered these and other related $328.5 million as of June 30, 1981. In light of the small factors, the Board finds that BCI would serve as a presence that BCI and LITCO have in the New York source of strength to LITCO and Bank, and concluded banking market, the Board finds that consummation of that the financial and managerial resources of BCI, the proposal would have no significantly adverse ef- LITCO and Bank are generally satisfactory and the fects on the concentration of banking resources or on future prospects for each appear favorable. existing competition in any relevant area. Moreover, As noted, BCI, through common government ownconsummation of the transaction would have no ad- ership, is affiliated with a number of banking and verse effect on potential competition in the Eastern nonbanking organizations, some of which operate lo- Long Island market. LITCO is the eleventh largest of cally in Italy and others internationally. Upon acquisi- 28 commercial banking organizations operating in that tion of LITCO by BCI, Bank will become affiliated market and holds 3.7 percent of market deposits in with these organizations. Section 23A of the Federal commercial banks. The market is not highly concen- Reserve Act (12 U.S.C. § 371c) applies to extensions trated and there are numerous potential entrants into of credit to and investments in affiliates by member the market. Thus, the Board concludes that consum- banks. Generally, section 23A sets limits on the mation of the proposal would have no significantly amounts that may be loaned by a member bank to adverse effects with respect to potential competition. affiliates and sets strict collateral requirements for any Section 3(c) of the act requires in every case that the loans to an affiliate. Thus, Bank's extensions of credit Board consider the financial resources of the applicant to any majority-owned subsidiaries of the Italian govorganization and the bank or bank holding company to ernment, including IRI and its majority-owned subsidbe acquired. The Board has considered this applica- iaries, will be subject to the requirements of section tion in the context of the Board's guidelines for capital 23A. adequacy4 and its policy statement on the supervision In light of all the facts of record, the Board conof foreign bank holding companies.5 In that policy cludes that banking factors and considerations relating statement the Board indicated that, in reaching a to the convenience and needs of the communities to be judgment on the strength of a foreign bank, the Board served are consistent with approval of the application. would consider several factors: the bank's financial BCI currently has interests in two firms that engage condition; the record and integrity of management; its in certain activities in the United States, BSI Securirole and standing in its home country; and the opinion ties, and Lehman Brothers Kuhn Loeb Holding, Inc., of the home country regulators. both in New York, New York. BCI owns indirectly The Board evaluated the financial and managerial 100 percent of the shares of BSI Securities, which resources of BCI and, applying the Board's capital engages solely in providing information to its direct adequacy guidelines within a solely U.S. context, had parent, Banca della Svizzera Italiana, a Swiss bank some concern that the stated capital of BCI may not subsidiary of BCI. Lehman Brothers engages in inwarrant an investment of the size of LITCO. At the vestment banking, securities trading, and brokerage same time, evaluating BCI in the context of the policy activities. statement on supervision of foreign bank holding com- While both holdings appear to meet the requirepanies, the Board noted that BCI is primarily a short- ments for the grandfather privileges under section 8(c) term credit institution with a relatively stable deposit of the International Banking Act of 1978 (12 U.S.C. base characteristic of Italian banks. BCI has an estab- 3106(c)), the Board has previously determined that an lished record of operating successfully both in its local otherwise grandfathered foreign banking organization market and as an international bank and the Board loses that status upon the acquisition of a U.S. subsidunderstands that the board of directors of BCI has iary bank. {Midland Bank Limited, 67 FEDERAL REembarked on a program designed to improve its capital SERVE BULLETIN 729, 733 n. 9 (1981)). Under section position. Moreover, BCI has committed to inject capi- 4(a)(2) of the act and section 8(e) of the IB A, a tal of $20 million into LITCO within six months of company may not retain, two years after becoming a bank holding company, more than 5 percent of the shares of a company that engages in the business of underwriting, selling or distributing securities in the 4. 68 FEDERAL RESERVE BULLETIN 33 (1982); 1 Federal Reserve United States. Consistent with this requirement, BCI Regulatory Service 11 3-1506.1 (1982). 5. 1 Federal Reserve Regulatory Service H 4-835 (1981). will reduce its interest in Lehman Brothers to 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 425 percent or less within two years of consummation of The act prohibits domestic companies under comthe proposed transaction. BSI Securities does not mon ownership from engaging in these types of nonactively engage in the securities business in the United banking and interstate banking activities, and Con- States, and its New York office, which acts merely as gress, in applying the concept of national treatment in a representative office, does not appear to engage in the IBA, placed similar limitations upon foreign priany prohibited activities. Accordingly, the Board finds vately-owned enterprises under common ownership. that BCI's proposed retention of certain interests in Thus, consistency with national treatment does not these two organizations is consistent with the act and prevent application of the act to foreign governmentthe Board's regulations. owned institutions in similar circumstances. In acting on this application, the Board noted, as The Board examined the issues involved in interdiscussed above, that BCI is owned, in major part, by preting the act. It considered whether a foreign gova government-owned holding company, IRI, which ernment or agency meets the jurisdictional test for owns two other commercial banks, Banco di Roma, application of the act—the entity must be a "compa- S.p.A., and Credito Italiano, each of which has a ny" for the purposes of the act. In focusing on whether banking presence in the United States, as well as over the act was intended to reach governments or govern- 100 subsidiaries engaged in nonbanking activities. mental corporations, the Board discussed two key In several cases since the 1970 amendments to the issues: (a) whether a foreign government-owned bank act, the Board has approved applications in which is in fact operated independently from other banks and foreign government ownership of the applicant was commercial enterprises that are subject to common noted but the Board did not apply the act to the government ownership and, therefore, as an indepenapplicant's government owners.6 The Board recog- dently organized and operated entity, should not be nizes that the banking community understands, with- considered commonly owned, thus avoiding applicaout dissent, that this is the Board's practice in handling tion of the act to its parent; and (b) the conditions such applications. The Board has decided that it is under which the act's focus on prohibiting the potenappropriate to continue this practice in the present tial for conflicts of interests and concentration of case and to confirm it with respect to currently con- resources requires application of the act because of the ducted activities of foreign government-owned entities fact of common ownership. Moreover, the Board with a banking presence in the United States. noted the possibility that applying the act could have a However, as more foreign government-owned bank- restrictive impact on the ability of foreign governmenting entities become established here, making addition- owned banks to operate in this country if the nonbankal acquisitions of existing banking institutions, the ing prohibitions of the act were to be rigidly applied, Board believes that further attention should be given and noted the international economic policy issues to the policy issues involved in government ownership that would be raised in this context. of multiple banks and commercial-industrial enter- The Board believes that more extensive analysis and prises. Several significant and complex problems were broader participation in the decisionmaking process considered by the Board. Where the applicant is are necessary before these public policy issues are owned by a government agency, or by a government resolved. The issues and policy considerations outdirectly, that is engaged in a wide range of banking and lined in this Order should facilitate the necessary full commercial-industrial activities, there may be prob- public discussion. Moreover, the Board believes that lems of compatibility of these cross-industry links with the complex issues raised by applying the act are best one of the stated purposes of the act—maintaining a resolved in a congressional framework which allows separation between commerce and banking in the for the bringing to bear of broader international eco- United States. Similarly, common ownership by a nomic policy considerations , and the present Board government or its agencies of multiple banking organi- action would allow an opportunity for congressional zations, even though organized under separate corpo- review. rate and management structures, but operating in this Within the framework and under the authority of country in different states, could raise issues of com- existing law, however, the Board wishes to avoid a patibility with the interstate banking limitations of the situation of competitive inequality and to apply as a act and the IBA. general matter the policy that foreign governmental entities should be entitled only to the benefits of 6. Societe GeneralelSogelease Corp., 67 FEDERAL RESERVE BUL- national treatment. The Board would be particularly LETIN 453 (1981); Banco Exterior de Espana, S.A., 66 FEDERAL concerned should a circumstance arise where a gov- RESERVE BULLETIN 504 (1980); Banco Exterior de Espana, S.A., 63 FEDERAL RESERVE BULLETIN 1079 (1977); Korea Exchange Bank, 39 ernment-owned entity is established for the principal Federal Register 20,423 (1974); Banque Nationale de Paris, 58 purpose of evading the interstate banking prohibitions FEDERAL RESERVE BULLETIN 311 (1972); and Banco di Roma, 58 of section 3(d) of the act, or where the activities of FEDERAL RESERVE BULLETIN 930 (1972). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 Federal Reserve Bulletin • July 1982 commonly owned banking and nonbanking entities mercial banks in the state. Acquisition of Bank would were conducted in a manner that clearly frustrates the have no appreciable effect upon the concentration of purposes of the act. Moreover, the Board believes that banking resources in Florida. the application of section 23A of the Federal Reserve Bank is the 13th largest of 32 banking organizations Act, as described above, will make a contribution competing in the Pinellas County banking market,2 towards limiting the potential for actions inconsistent controlling approximately 2.7 percent of the total with the policies of the act. deposits in commercial banks in the market. Applicant Based on the foregoing and other facts of record, the also operates in the Pinellas County banking market, Board has determined that consummation of the trans- and is the seventh largest banking organization in the action would be consistent with the public interest and relevant market, with about 5.6 percent of the total that the application should be and hereby is approved. deposits in commercial banks in the market. Upon The transaction shall not be made before the thirtieth consummation, Applicant would become the third calendar day following the effective date of this Order, largest banking organization in the market with 8.3 or later than three months after the effective date of percent of the market's deposits. Although consumthis Order, unless such period is extended for good mation of the proposal would eliminate some existing cause by the Board or by the Federal Reserve Bank of competition between Applicant and Bank, in view of New York, pursuant to delegated authority. all the facts of record, including the low level of By order of the Board of Governors, effective market concentration and the presence of numerous June 9, 1982. competitors in the market, the Board does not regard the amount of existing competition eliminated as so Voting for this action: Chairman Volcker and Governors significant as to warrant denial of the application. Martin, Wallich, Partee, Teeters, Rice, and Gramley. Accordingly, the Board concludes that consummation of the proposal would not have a significant adverse (Signed) JAMES MCAFEE, effect upon existing or potential competition, and [SEAL] Associate Secretary of the Board. would not increase the concentration of banking resources in any relevant area. Thus, competitive considerations are consistent with approval of the applica- Ellis Banking Corporation, tion. Bradenton, Florida The financial and managerial resources of Applicant, its subsidiaries and Bank are regarded as general- Order Approving Acquisition of Bank ly satisfactory and their future prospects appear favorable. The Board has indicated on previous occasions Ellis Banking Corporation, Bradenton, Florida, a bank that a holding company should serve as a source of holding company within the meaning of the Bank financial and managerial strength to its subsidiary Holding Company Act, has applied for the Board's bank(s), and that the Board would closely examine the approval under section 3(a)(3) of the act (12 U.S.C. condition of an applicant in each case with this consid- § 1842(a)(3)) to acquire 100 percent of the voting eration in mind. In this case, the Board concludes that shares of Bank of Indian Rocks, Largo, Florida although the proposal would entail significant acquisi- ("Bank"). tion debt, the amount of debt involved in this proposal Notice of the application, affording an opportunity would not preclude the Applicant from serving as a for interested persons to submit comments and views, source of strength to its subsidiary banks. Accordinghas been given in accordance with section 3(b) of the ly, considerations relating to banking factors are conact. The time for filing comments and views has sistent with approval of the application. Following expired and the Board has considered the application consummation of the proposal, Applicant intends to and all comments received in light of the factors set provide Bank with additional expertise in accounting, forth in section 3(c) of the act (12 U.S.C. § 1842(c)). operations, credit, trust, investments, and marketing Applicant, the eighth largest banking organization in and auditing, thereby increasing Bank's ability to Florida, controls 21 banks with aggregate deposits of serve its customers. Thus, the Board concludes that $1.1 billion, representing 2.5 percent of total deposits considerations relating to the convenience and needs in commercial banks in the state.1 Bank, with deposits of the community to be served lend slight weight of $90 million, is the 115th largest commercial bank in toward approval and outweigh any adverse competi- Florida, holding 0.2 percent of total deposits in com- 2. The Pinellas County banking market consists of Pinellas County, 1. All banking data are as of June 30, 1981. Florida. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 39 tive effects that may result from consummation of the total bank deposits in the state.' Upon consummation proposal. Accordingly, the Board's judgment is that of the proposed transaction, NCC's share of total consummation of the proposal to acquire Bank would deposits in commercial banks in Ohio would increase be in the public interest and that the application should by only 0.5 percent, and its ranking in the state would be approved. remain unchanged. Thus, the Board concludes that On the basis of the record, the application is ap- consummation of the transaction would have no signifproved for the reasons summarized above. The acqui- icant effect on the concentration of banking resources sition of shares of Bank shall not be made before the in Ohio. thirtieth calendar day following the effective date of Bank, with total deposits of $239.1 million, is the this Order, or later than three months after that date, fourth largest of thirteen commercial banking organiunless such period is extended for good cause by the zations in the Akron banking market and controls 8.2 Board of Governors or by the Federal Reserve Bank of percent of that market's commercial bank deposits.2 Atlanta, pursuant to delegated authority. Because NCC does not currently operate in this mar- By order of the Board of Governors, effective ket, consummation of the proposed transaction would June 14, 1982. not increase the concentration of banking resources or reduce the number of competitors in the market. Voting for this action: Chairman Volcker and Governors Accordingly, the Board concludes the proposed trans- Martin, Partee, and Teeters. Absent and not voting: Gover- action would have no adverse effects on existing nors Wallich, Rice, and Gramley. competition in this market. With respect to potential competition, the Board (Signed) JAMES MCAFEE, regards the effects of a proposed acquisition on poten- [SEAL] Associate Secretary of the Board. tial competition as most serious where the markets involved are concentrated, and where one of the participants is a dominant organization in the market National City Corporation, and the other is one of the few likely entrants into that Cleveland, Ohio market. The Akron banking market is not highly concentrated, and Bank, with 8.2 percent of market Order Approving Acquisition of Bank deposits, cannot be regarded as a dominant organization in the market. Moreover, following consumma- National City Corporation, Cleveland, Ohio tion of the proposed acquisition, four bank holding ("NCC"), a bank holding company within the mean- companies not currently represented in the market ing of the Bank Holding Company Act, has applied for would remain as potential entrants. Although NCC has the Board's approval under section 3(a)(3) of the act sufficient resources to enter the Akron market on a (12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the de novo basis, it is not likely to do so in the near future voting shares of Goodyear Bank, Akron, Ohio because the Akron market, relative to other Ohio ("Bank"). markets of similar size, is relatively unattractive for Notice of this application, affording interested per- such entry. Accordingly, the Board concludes that sons an opportunity to submit comments and views, consummation of the proposed acquisition of Bank by has been given in accordance with section 3(b) of the NCC would not have any significantly adverse effects act and section 262.3 of the Board's Rules of Proce- on potential competition in the Akron market. dure (12 CFR § 262.3). The time for filing comments Bank operates one branch in the Cleveland banking and views has expired and comments have been market where NCC is the second largest of 28 banking received from the Akron Coalition for Community organizations with deposits of $2.4 billion, represent- Reinvestment, Akron, Ohio ("ACCR"). ACCR's ing 20.9 percent of total deposits in commercial banks comments on this application relate principally to the in the market.3 Consummation of the transaction records of Applicant's lead bank, National City Bank, Cleveland, Ohio ("NCB"), and Bank under the Community Reinvestment Act of 1977 (12 U.S.C. §§ 2901-05, 1. Deposit data are as of December 31, 1981. "CRA"). The Board has considered the application 2. The Akron banking market is approximated by the southern and all comments received in light of the factors set two-thirds of Summit and Portage Counties; Sharon Township and forth in section 3(c) of the act, the CRA, and the the southern perimeter of townships in Medina County; Milton and Chippewa Townships in Wayne County, and Lawrence Township and Board's Regulation BB, 12 CFR § 228. the western half of Lake Township in Stark County. NCC, the fourth largest banking organization in 3. The Cleveland banking market comprises all of Cuyahoga, Lake, Lorain, and Geauga Counties; the northern third of Summit County; Ohio, controls twelve banking subsidiaries with total all but the southern tier of townships in Medina County ; and the City deposits of $3.3 billion, representing 7.3 percent of of Vermilion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 Federal Reserve Bulletin • July 1982 would increase NCC's market share by only 0.1 per- in this instance, the Board could in its discretion order cent and NCC's ranking within the market would not an informal proceeding if it were deemed appropriate. change. Thus, acquisition of Bank by NCC would Generally, the Board will hold a hearing if it deterhave no significantly adverse effects on concentration mines there are material questions of fact in dispute of banking resources or existing competition in the that can best be resolved by a trial-type proceeding. Cleveland market. Review of the record reveals that NCC has not disput- Bank also operates one branch in the Canton bank- ed the statistical data submitted by ACCR, and there ing market where it is the 12th largest of 14 commercial are no material questions of fact at issue. To a great banking organizations with 0.1 percent of total depos- extent, the matters ACCR seeks to air at a public its in that market.4 Applicant is not currently repre- proceeding involve judgments concerning the interpresented in the Canton banking market. Therefore, con- tation or significance of certain facts in the record. summation of the proposal would have no significantly Inasmuch as the Board is charged by statute with adverse effects on concentration of resources or exist- making these judgments and in light of the fact that ing competition in this market. With respect to poten- ACCR has had ample opportunity to submit written tial competition, the Board notes that Bank is one of comments into the record, the Board concludes that a the smallest organizations in the market and its acqui- public proceeding on this application is not warranted. sition by NCC can be considered a foothold entry. Accordingly, ACCR's request for a public proceeding Therefore, consummation of the acquisition would is denied and the Board has considered this application have no significant effect on potential competition in and the objections raised by ACCR on the merits. the Canton market. In considering the effects of the proposed acquisi- The financial and managerial resources of NCC, its tion on the convenience and needs of the communities subsidiaries and Bank are considered satisfactory and to be served, the Board has examined the record of the future prospects for each appear favorable. There- NCC and its banking subsidiaries in meeting the credit fore, the Board regards banking factors as consistent needs of their communities, including low- and moderwith approval of this application. ate-income areas, consistent with safe and sound As noted, ACCR, a coalition of community and banking practices, as provided in the CRA and the public interest groups, has objected to approval of this Board's Regulation BB. Specifically, the Board has application. In addition to interposing numerous ob- reviewed the CRA records of NCC's banking subsidjections to the proposed transaction based on the CRA iaries other than NCB and has concluded that the records of NCB and Bank, ACCR has requested that record of each is satisfactory. the Board convene a hearing or a public meeting in With respect to the CRA record of NCB, the Board order to discuss various aspects of the CRA records of has considered the comments of ACCR concerning NCB and Bank. Specifically, ACCR asserts such a NCB's record of meeting the credit needs of its entire proceeding would allow experts to fully discuss the community.5 Specifically, ACCR alleges that NCB's ramifications of multiple regression studies provided CRA record is inadequate based on the following: the by ACCR. In addition, a full examination of the geographic distribution of its residential credit; its negotiation process between ACCR and Bank would participation in local community development efforts; be conducted; testimony by depositors about NCB's its liquidation of a portion of its municipal bond and Bank's lending practices would be heard; repre- portfolio; its failure to comply with previous commitsentatives of any interested community organization ments made to the Board; and its loan underwriting could supplement comments filed in this protest, and criteria. ACCR has submitted information regarding clarification of any points at issue between NCC and each of these allegations, including the results of its ACCR would be accomplished. own statistical analysis of the geographic distribution Section 3(b) of the act requires that the Board order of NCB's mortgage loan activity in the Cleveland area. a formal hearing concerning an application filed pursu- NCC has responded to ACCR's submissions. The ant to section 3(a) only when the appropriate supervi- Board has considered both of these submissions, the sory authority makes a timely written recommenda- findings of a consumer compliance and CRA examination of disapproval of the application, and no such tion of NCB that was conducted by the Office of the recommendation has been received with respect to Comptroller of the Currency ("Comptroller"), as well NCC's proposal. While no formal hearing is required as information gathered by the Federal Reserve Bank 4. The Canton banking market consists of Stark County (except 5. Although ACCR has challenged the adequacy of Bank's CRA Lawrence Township and the western half of Lake Township); Augus- record, the Board notes that the CRA requires the Board to assess an ta, Brown, East, Rose and the northern half of Harrison Township in applicant's record of meeting its community's credit needs and that Carroll County; Lawrence and Sandy Townships in Tuscarawas Bank's record is not material in this regard because NCC does not County; and Smith Township in Mahoning County. control Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 429 of Cleveland with respect to its ongoing monitoring of referrals by real estate agents may partially account NCC's commitments to the Board. for the lending patterns cited by ACCR. ACCR has not With respect to NCB's residential lending record, provided evidence that NCB has discriminated against ACCR alleges that the geographic distribution of individuals in the provision of its credit services and NCB's residential loans reflects racially discrimina- review of NCB's residential loan applications does not tory practices. In support of this contention, ACCR support allegations of discrimination. NCB's residenhas conducted an extensive analysis of the Home tial lending pattern continues to reflect the fact that Mortgage Disclosure Act ("HMDA") data of lenders apparently, it receives relatively few mortgage loan in Cuyahoga County for the years 1977-1980.6 Based applications from lower-income neighborhoods and on this analysis, ACCR points out that NCB has neighborhoods with a predominantly minority populaoriginated only a small share of mortgage loans ex- tion. From all the facts of record, the Board is unable tended by all Cuyahoga County lenders, and that, with to conclude that NCB discriminates in its provision of respect to integrated and predominantly non-white residential credit to low- and moderate-income or neighborhoods, NCB serves primarily white home- minority neighborhoods. buyers or avoids lending in such areas entirely.7 ACCR also alleges that NCC's participation in com- In addition, the Board notes that in 1980 it consid- munity development projects is suspect. Specifically, ered NCB's residential lending record in connection ACCR claims that NCC applied to the Board to with a previous application and found it to be generally establish a community development corporation satisfactory. While it is true that NCB has extended ("CDC") in order to avoid complying with the stanfewer residential mortgage loans since 1979, the reduc- dards established by the Comptroller. Review of the tion appears to be consistent with the difficult residen- record indicates that NCC's action was based on its tial mortgage market conditions encountered in recent judgment that it would be more advantageous to years and parallels the experiences of other major establish a CDC as a nonbank subsidiary of the holding banks in that area. The record also indicates that the company than as a subsidiary of the bank. Moreover, reduction has not been at the expense of low- and the Comptroller approved NCB's application for a moderate-income neighborhoods. In fact, NCB has CDC subsidiary indicating that NCB did, in fact, meet steadily increased the proportion of mortgage and the Comptroller's standards. home-improvement loans to both low- and moderate- ACCR alleges further that NCB's recent divestiture income neighborhoods during the 1980-1981 period. of a portion of its municipal bond portfolio is inconsis- Moreover, other factors such as the presence of non- tent with a commitment to the development needs of bank providers of mortgage credit in the market and its local community. Although ACCR is correct that NCB has reduced its holdings in municipal securities, this decision appears to be reasonable in light of prevailing economic conditions. In any event, state and municipal securities continue to constitute a sig- 6. In addition to the HMDA analysis, ACCR applied multi-variate regression analysis to evaluate the geographic dispersion of NCB's nificant proportion of NCB's investment portfolio. 1979 mortgage loans. Utilizing HMDA data, deed title transfer infor- In addition, ACCR asserts that NCC has failed to mation, and census data, the analysis examined the 1979 mortgage fulfill commitments it made to the Board to strengthen lending activity of Cuyahoga County (Cleveland) banks and savings and loan associations in the aggregate. It also examined the mortgage NCB's CRA record in connection with a prior applicalending activity of these institutions separately, and NCB individually. tion, including the commitments to establish an adver- The results of ACCR's analysis indicated that NCB, as well as other Cuyahoga County lenders, extended fewer conventional mortgage tising program designed to inform low- and moderateloans in non-white neighborhoods than they did in comparable white income residents within its community of NCB's neighborhoods. credit services; to establish a CRA sensitivity program 7. The Board notes that while the reduced form equations in the multiple regression analysis performed by ACCR are helpful in for NCB personnel; to increase attendance at commudetermining the factors that affect lending patterns, they do not prove nity group meetings; and to improve its officer call that a particular lender has engaged in discriminatory credit practices program. With respect to NCC's advertising commitbecause they do not conclusively establish the significance of any particular variable in the regression. In fact, the analyses undertaken ment, ACCR alleges that the only promotional efforts by ACCR do not indicate whether a particular variable affects the NCB has made relate to its deposit services. ACCR supply or the demand, or both, for the good or service in question. Moreover, the analysis does not take into account the potential does not make any specific allegations concerning influence of omitted variables, which may result in the overstatement NCC's other commitments. of the importance of the variables under consideration. In addition, The Board has reviewed NCC's record of complicorrelation among the independent variables used in the analysis may result in an incorrect interpretation of the significance of a particular ance regarding all of the commitments it made in 1980. independent variable. Thus, the Board is unable to agree with ACCR Contrary to ACCR's assertion, the record indicates that this analysis proves NCB has engaged in racially discriminatory practices or that performing additional analysis would be useful at this that in November 1980, NCB instituted a special time. "Neighborhood Campaign" consisting of a series of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 Federal Reserve Bulletin • July 1982 advertisements promoting NCB's real estate mort- sonnel available to counsel community residents on gages, home improvement loans, education loans, and financial matters; to increase Bank's attendance at small business loans in local neighborhood newspa- community meetings; and to encourage input from pers. These newspapers included the Plain Dealer, the community groups on how to serve the financial needs Cleveland Press, the Call and Post as well as a number of its community, including continuing to consider the of foreign language newspapers. In addition, NCB has feasibility of participation in a local community develplaced announcements on three local radio stations opment corporation. Lastly, Bank has agreed to meet and has utilized outdoor billboards in low- and moder- periodically with ACCR to review Bank's efforts in ate-income neighborhoods to publicize its credit serv- meeting its community's credit needs. In light of these ices. NCB also conducted a survey to assess the commitments, the Board believes the acquisition of effectiveness of these promotions and redesigned the Bank by NCC will enable Bank to better serve its orientation of its next marketing effort to reflect the community. Accordingly, the Board's judgment is that results of that survey. Review of the record indicates the proposed transaction would be in the public interthat NCB is making efforts to implement an advertis- est and that the application should be approved. ing campaign designed to educate consumers in low- On the basis of the record, this application is apand moderate-income neighborhoods. In addition, proved for the reasons summarized above. The trans- NCB has devised a "Community Bankers' CRA Sen- action shall not be made before the thirtieth calendar sitivity Program", aimed at increasing NCB person- day following the effective date of this Order, or later nel's awareness of the needs of its community, partic- than three months after the effective date of this ularly in the low- and moderate-income neighborhoods. Order, unless such period is extended for good cause Lastly, the record indicates that NCB has increased its by the Board or by the Federal Reserve Bank of attendance at community meetings. Thus, the Board Cleveland acting pursuant to delegated authority. concludes that NCC has complied with all of the By order of the Board of Governors, effective commitments it made to the Board in 1980. June 16, 1982. ACCR also asserts that NCB's loan underwriting criteria are suggestive of discriminatory credit prac- Voting for this action: Chairman Volcker and Governors tices. In support of this contention, ACCR points out Martin, Partee, and Teeters. Absent and not voting: Goverthat NCB's "Residential Real Estate Underwriting nors Wallich, Rice, and Gramley. Guide" ("Guide") directs staff to closely scrutinize applications for properties located in neighborhoods (Signed) JAMES MCAFEE, undergoing transition from single family homes to [SEAL] Associate Secretary of the Board. apartment, commercial, or industrial buildings and asserts that this practice could discriminate against credit-worthy applicants. However, the Guide goes on State Bank of India, to point out that "... full, unbiased consideration be Bombay, India given to meeting the financing needs of low-income residents regardless of the location, age or price of the Order Approving Formation of a Bank Holding property to be offered as security for the loan." Thus, Company it would appear that the Guide states expressly that low-income individuals should not be discriminated State Bank of India, Bombay, India, has applied for against. Moreover, review of the loan applications the Board's approval under section 3(a)(1) of the Bank denied by NCB does not reveal any discriminatory Holding Company Act (12 U.S.C. § 1842(a)(1)) to actions. Based on the foregoing and all the facts of become a bank holding company by acquiring 100 record, the Board concludes that NCB's record of percent of the voting shares of State Bank of India meeting the credit needs of its community is satisfac- (California), Los Angeles, California ("Bank"), a protory. posed new bank. While not a part of NCC's record, the Board is Notice of the application, affording opportunity for concerned with the weak record of Bank in meeting interested persons to submit comments and views, has the credit needs of its community, particularly its low- been given in accordance with section 3(b) of the act. and moderate-income neighborhoods. In this regard, The time for filing comments and views has expired, the Board has considered the commitments offered by and the application and all comments received have NCC and Bank to improve Bank's CRA record. NCC been considered in light of the factors set forth in and Bank have commited to meet with ACCR to work section 3(c) of the act (12 U.S.C. § 1842(c)). out an advertising program designed to reach low- and Applicant, with total deposits of $12.1 billion and moderate-income neighborhoods; to make Bank per- total assets of $18.8 billion, ranks 92nd in the world in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 431 deposits and is the largest full service commercial context, had some concern regarding Applicant's statbank in India with 22 subsidiary banks and over 5,200 ed capital position. At the same time, evaluating branches in India.1 Applicant also operates more than Applicant in the context of the policy statement on 30 offices in 20 countries including two branches in supervision of foreign bank holding companies, and New York City (Applicant's "home state" for pur- based on all of the information available to the Board, poses of the International Banking Act of 1978 the Board concluded that financial and managerial ("IBA")),2 one branch in Chicago, agencies in New resources of Applicant and Bank are consistent with York City and Los Angeles, and a representative approval and their future prospects appear to be office in Washington, D.C. The operations of Appli- favorable. In making this determination, the Board cant are involved with all segments of economic noted that Applicant is establishing Bank de novo and activity in India. Applicant finances approximately has indicated that Bank is not expected to experience half of India's foreign trade and 35.0 percent of India's rapid asset growth in the next three years. However, total banking business, and plays a leading role in all as Bank's asset size increases, the Board expects that Eurodollar loans raised by India. The Reserve Bank of Applicant will maintain Bank as among the more India, which is the central bank of India and is wholly- strongly capitalized banking organizations of comparaowned by the Government of India, owns 93.0 percent ble size in the United States. Accordingly, the Board of Applicant. has determined that considerations relating to banking Bank proposes to operate primarily as a wholesale factors are consistent with approval. bank engaged principally in servicing international Upon acquisition of Bank by Applicant, Bank will trade between the United States and India. Although become affiliated with organizations that are owned by Applicant does not intend to have Bank solicit retail the Government of India. Section 23A of the Federal customers in the immediate future, Bank expects to Reserve Act (12 U.S.C. § 371c) applies to extensions provide retail banking services to its customers' em- of credit to and investments in affiliates by member ployees as an incident to wholesale activities. banks. Generally, section 23A, which is made applica- Applicant has an agency in Los Angeles, but the ble to nonmember insured banks by the Federal Deagency (assets of $25.5 million as of December 31, posit Insurance Act, (12 U.S.C. § 1828(j)), sets limits 1980) is of relatively small size and, moreover, is not on the amounts that may be loaned by a member bank authorized to accept domestic deposits. Based upon to affiliates and sets strict collateral requirements for the facts of record, the Board concludes that the any loans to an affiliate. Thus, Bank's extensions of proposed transaction would have no adverse effects on credit to any majority-owned subsidiaries of the Indian existing or potential competition; nor would it have a government will be subject to the requirements of significant effect on the concentration of resources in section 23A. any relevant area. As a de novo institution, Bank will Considerations relating to the convenience and serve as an additional source of banking services, needs of the community to be served are consistent thereby enhancing competition. with approval. Accordingly, the Board has determined The Board evaluated Applicant's financial and man- that consummation of the proposed transaction would agerial resources, and applying the Board's recently be in the public interest and that the application should issued capital adequacy guidelines within a solely U.S. be approved. In acting upon this application, the Board noted, as discussed above, that Applicant is majority-owned by 1. All financial data are as of September 25, 1981, unless otherwise the Reserve Bank of India, which is in turn whollyindicated. owned by the Government of India. As the Board has 2. Section 5(a)(5) of the IBA generally prohibits a foreign bank from discussed in another Order issued today, the Board directly or indirectly acquiring any voting shares of a bank "located outside of its home state if such acquisition would be prohibited under believes that foreign government control of banks that section 3(d) of the Bank Holding Company Act of 1956 if the foreign engage in the banking business in the United States bank were a bank holding company the operations of whose banking raises a number of significant policy issues. Banca subsidiaries were principally conducted in the foreign bank's home state." Section 5(b) of the IBA excepts from this prohibition the Commerciale Italiana, 68 FEDERAL RESERVE BULLEestablishment and opertaion by a foreign bank, outside its home state, TIN 423 (1982). In that Order, the Board stated that of a bank "which commenced lawful operation or for which an further attention needs to be given to the policy issues application to commence business had been lawfully filed with the appropriate State or Federal authority, as the case may be, on or involved in government ownership of multiple banks before July 27, 1978." Although Applicant has selected New York as and commercial-industrial enterprises. The Board also its home state, Applicant may acquire Bank without changing its home state to California because Bank is a grandfathered facility under stated that under the existing statutory and regulatory section 5(b) of the IBA because Applicant had, on April 18, 1978, a framework, the Board will carefully scrutinize applicadate prior to the section 5(b) grandfather date of July 27, 1978, applied tions from such organizations in the future in order to to the California State Banking Department to organize and establish Bank. avoid a situation of competitive inequality and to apply Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 Federal Reserve Bulletin • July 1982 as a general matter the policy that foreign governmen- comments received in light of the pubic interest factors tal entities should be entitled only to the benefits of set forth in section 4(c)(8) of the Bank Holding national treatment. Company Act. On the basis of the record, the application is ap- Applicant, with consolidated assets equivalent to proved for the reasons summarized above. The trans- $98.7 billion and deposits equivalent to $85.8 billion, actions shall not be made before the thirtieth calendar ranks as the third largest bank in France and the fifth day following the effective date of this Order or later largest bank worldwide.1 Applicant, which is 91.3 than three months after the effective date of this percent owned by the French government as a result Order, and Bank shall be opened for business not later of its nationalization on January 1, 1946, operates than six months after the effective date of this Order. 2,283 branches (including 55 branches in 14 countries Each of the periods described above may be extended outside of France), representative offices in 20 counfor good cause by the Board or by the Federal Reserve tries, and a number of subsidiary and affiliated banks Bank of San Francisco acting pursuant to delegated and financially-related companies, and participates in authority. a joint venture under which four joint subsidiaries By order of the Board of Governors, effective have been created in several countries. In the United June 9, 1982. States, Applicant operates branches in New York City and Chicago, agencies in Los Angeles, San Francisco, Voting for this action: Chairman Volcker and Governors and Atlanta, as well as nonbank subsidiaries engaged Martin, Wallich, Partee, Teeters, Rice, and Gramley. in financing activities, certain securities for shareholder banks and subsidiaries, and issuance of commercial (Signed) JAMES MCAFEE, paper.2 [SEAL] Associate Secretary of the Board. On March 9, 1981, Applicant acquired 50 percent of the shares of NVS Bank (with the equivalent of $5.2 billion in assets and $4.9 billion in deposits), which Orders Issued Under Section 4 of Bank Holding ranks as the seventh largest bank in The Netherlands. Company Act In December 1981, Applicant increased its interest to 78 percent of NVS Bank.3 NVS Bank's sole United Credit Lyonnais, States presence is through Slavenburg (with the equiv- Paris, France alent of $80.3 million in assets and $61.2 million in liabilities as of September 30, 1981), a wholly-owned Order Approving Retention of Indirect Control of subsidiary of NVS Bank with offices in New York, The Slavenburg Corporation New York, and Los Angeles, California. This application is for the retention by Applicant of Credit Lyonnais, Paris, France, which is subject to its interest in Slavenburg, which was indirectly acsection 4(c)(8) of the Bank Holding Company Act quired when Applicant acquired 50 percent of NVS (12 U.S.C. § 1843(c)(8)) pursuant to section 8(a) of the Bank without the Board's prior approval, as required International Banking Act of 1978 ("IBA") (12 U.S.C. by section 4(c)(8) of the Bank Holding Company Act § 3106(a)) by virtue of its maintenance of branches and and section 225.4(b)(2) of the Board's Regulation Y. agencies in the United States, has applied for the Applicant also seeks to retain the Los Angeles office of Board's approval under section 4(c)(8) of the act and Slavenburg, which was expanded in September 1981 section 225.4(b)(2) of the Board's Regulation Y without prior notice to the Board. (12 CFR § 225.4(b)(2)), to retain its indirect control of To approve this application, the Board must find The Slavenburg Corporation, New York, New York that Applicant's performance of the activities through ("Slavenburg"), through N. V. Slavenburg's Bank, Slavenburg "can reasonably be expected to produce Rotterdam, The Netherlands ("NVS Bank"). The activities of Slavenburg include factoring services and 1. All financial data are as of December 31, 1980, unless otherwise related financing activities, which have been deter- indicated. mined by the Board to be closely related to banking 2. The retention of the nonbank subsidiaries engaged in financing and securities activities appears permissible under the grandfather and, therefore, permissible for bank holding compaprovisions of section 8(b) of the IBA (12 U.S.C. § 3106(b)); the nies (12 CFR § 225.4(a)(1)). commercial paper activity appears to qualify for the exemption in Notice of the application, affording opportunity for section 4(c)(1)(C) of the Bank Holding Company Act (12 U.S.C. § 1843(c)(1)(C)). interested persons to submit comments and views on 3. This additional investment in NVS Bank was made only after the public interest factors, has been duly published. consultation with the Federal Reserve Bank of New York and The time for filing comments and views has expired, assurances by the Reserve Bank that consummating the investment would not aggravate Applicant's violation of the act, as discussed and the Board has considered the application and all below. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 433 benefits to the public, such as greater convenience, which was acquired and expanded in apparent violaincreased competition, or gains in efficiency, that tion of the ntoice provisions of the Bank Holding outweigh possible adverse effects, such as undue Company Act and the Board's Regulation Y. In acting concentration of resources, decreased or unfair com- on this application, the Board has taken into considerpetition, conflicts of interests, or unsound banking ation the fact that Applicant's violations appear to practices." In acting on an application, pursuant to have been inadvertent and that Applicant, upon besection 4(c)(8) of the act and section 225.4 of Regula- coming aware of the violations, took actions to contion Y, to retain companies and offices engaged in form its operations to the act by filing the retention permissible bank holding company activities where application and consulting with the appropriate regularequired prior Board approval was not obtained, the tory authorities regarding the acquisition. In addition, Board applies the same standards that it applies to an Applicant's management has taken steps to prevent application to commence such activities. Further- future violations, particularly by advising all its demore, the Board analyzes the competitive effects of partment heads involved in acquisitions of the necessisuch proposal both at the time of the acquisition and at ty of obtaining required U.S. regulatory approvals on the time of the application to retain such companies any transaction involving direct or indirect U.S. operand offices. ations. As a result, the Board expects that Applicant It does not appear that any significant adverse will avoid similar violations in the future. In light of the effects on existing or potential competition resulted above facts surrounding the violations and other facts from Applicant's acquisition of Slavenburg nor does it of record supporting Applicant's contention that its appear that Applicant's retention of Slavenburg would violations of the act were inadvertent, and evidencing result in any such anticompetitive effects in any mar- Applicant's intent to comply with the requirements of ket. Neither Applicant nor any of its other subsidiaries the act, the Board has determined that the circumis engaged in factoring and related financial activities stances of the described violations do not warrant in the United States, and Slavenburg does not have a denial of this application. significant share of any regional or national factoring Based upon the foregoing and other considerations or commercial financing market. Moreover, Appli- reflected in the record, the Board has determined that cant's retention of Slavenburg would assist it in re- the balance of public interest factors it is required to maining a viable competitor in the factoring and relat- consider under section 4(c)(8) is favorable. Accordinged financing market; in continuing to serve its current ly, the application is hereby approved. This determinacustomers; and in serving as an alternative source of tion is subject to the conditions set forth in section such services in the states of New York, New Jersey, 225.4(c) of Regulation Y and to the Board's authority Connecticut, and California. Accordingly, it is con- to require such modification or termination of the cluded that the proposed retention of its indirect activities of a holding company or any of its subsidiarinterest in Slavenburg by Applicant can reasonably be ies as the Board finds necessary to assure compliance expected to produce benefits to the public. with the provisions and purposes of the act and the Applicant's indirect acquisition of Slavenburg had, Board's regulations and orders issued thereunder, or and its retention should continue to have, only a de to prevent evasion thereof. minimis effect upon the financial condition of Appli- By order of the Board of Governors, effective cant and its other subsidiaries. Furthermore, there is June 30, 1982. no evidence that the performance of the activities through Slavenburg would result in any undue concentration of resources, decreased or unfair competition, Voting for this action: Chairman Volcker and Governors conflicts of interests, unsound banking practices, or Martin, Wallich, Partee, Teeters, Rice, and Gramley. other adverse effects on the public interest. As indicated above, this application is an after-the- (Signed) JAMES MCAFEE, fact request for Board approval to retain Slavenburg, [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

434 Federal Reserve Bulletin • July 1982 ORDERS APPROVING APPLICATIONS UNDER THE BANK HOLDING COMPANY ACT AND BANK MERGER ACT By the Board of Governors During June 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) First City Bancorporation of Texas, Inc., Bank of Pasadena, June 8, 1982 Houston, Texas Pasadena, Texas McAllen State Bank, June 8, 1982 McAllen, Texas First Lakefield BanCorporation, Inc., First Trust Bank of Lakefield, June 14, 1982 Lakefield, Minnesota Lakefield, Minnesota First Mabel BanCorporation, Inc., The First National Bank of Mabel, June 14, 1982 Mabel, Minnesota Mabel, Minnesota Mercantile Texas Corporation, The Merchants and Planters National June 22, 1982 Dallas, Texas Bank of Sherman, Sherman, Texas Texas Commerce Bancshares, Inc., Texas Commerce Bank-Champions June 23, 1982 Houston, Texas Park, N.A., Houston, Texas Union Planters Corporation, Bank of Eagleville, June 29, 1982 Memphis, Tennessee Eagleville, Tennessee U.S. Bancorp, Bank of Milton-Freewater, June 28, 1982 Portland, Oregon Milton-Freewater, 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 American Bancorp of Nevada, American Bank of Commerce, San Francisco June 18, 1982 Las Vegas, Nevada Las Vegas, Nevada American Interstate Bancshares, American National Bank, Kansas City June 18, 1982 Inc., Woodward, Oklahoma Woodward, Oklahoma Americana Bancorporation of Americana State Bank of Danube, Minnesota June 22, 1982 Danube, Inc., Danube, Minnesota Edina, Minnesota AmeriTrust Corporation, AmeriTrust Company of Toledo, Cleveland June 23, 1982 Cleveland, Ohio Toledo, Ohio Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 435 Section 3—Continued Reserve Effective AApppplliiccaanntt BBaannkk((ss)) Bank date Amoret Bancshares, Inc., Bates County National Bank, Kansas City June 22, 1982 Amoret, Missouri Amoret, Missouri BSD Bancorp, Inc., Borrego Springs Bank, San Francisco June 21, 1982 San Diego, California Borrego Springs, California Boulevard Bancorp, Inc., National Boulevard Bank of Chicago June 23, 1982 Chicago, Illinois Chicago, Chicago, Illinois First National Bank of Wilmette, Wilmette, Illinois The Hinsdale Capital Corporation, Chicago, Illinois Firstwin Corporation, Winnetka, Illinois The Glencoe Capital Corporation, Glencoe, Illinois Miami Corporation, Chicago, Illinois Boulevard Bancorp, Inc., Chicago, Illinois C B & T, Inc., City Bank and Trust Company, Atlanta June 18, 1982 McMinnville, Tennessee McMinnville, Tennessee Caprock Bancshares, Inc., Eagle Bancshares, Inc., Dallas May 27, 1982 Shallowater, Texas Shallowater, Texas First State Bank of Shallowater, Shallowater, Texas Century Bancorp, Inc., Centennial State Bank of Minneapolis May 24, 1982 New Brighton, Minnesota Lexington, Lexington, Minnesota Ceylon Bancorporation, Inc., State Bank of Ceylon, Minneapolis May 28, 1982 Ceylon, Minnesota Ceylon, Minnesota Chemical Financial Corporation, The Pinney State Bank, Chicago June 24, 1982 Midland, Michigan Cass City, Michigan Citizens Bancorp, Kennedy Bank and Trust Company, Richmond June 21, 1982 Riverdale, Maryland Bethesda, Maryland Citizens First Bancorp, Inc., Citizens First National Bank of New York June 28, 1982 Glen Rock, New Jersey New Jersey, Ridgewood, New Jersey Colorado National Bankshares, Republic Bancorporation, Inc., Kansas City June 8, 1982 Inc., Englewood, Colorado Denver, Colorado Republic National Bank of Englewood, Englewood, Colorado Colorado River Bancorp, Bank of Clifton, Kansas City June 8, 1982 Clifton, Colorado Clifton, Colorado Commerce Bancshares, Inc., Plaza Bancshares, Inc., Kansas City June 2, 1982 Kansas City, Missouri Kansas City, Missouri Community Bancorporation, Bank of Pullman, San Francisco June 21, 1982 Pullman, Washington Pullman, Washington Crown Bancshares, Inc., Merchants Bancorporation, Kansas City May 28, 1982 Kansas City, Missouri Topeka, Kansas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 Federal Reserve Bulletin • July 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Dacotah Bank Holding Co., Faulk County State Bank, Minneapolis June 22, 1982 Aberdeen, South Dakota Faulkton, South Dakota Dixie Bancshares, Corp., Hunter Farms, Inc., St. Louis June 9, 1982 New Madrid, Missouri New Madrid, Missouri Peoples Bank of Lilbourn, Lilbourn, Missouri Early Bankshares, Inc., Early Savings Bank, Chicago June 17, 1982 Early, Iowa Early, Iowa East-Tex Bancorp, Inc., Mont Belvieu State Bank, Dallas June 17, 1982 Trinity, Texas Mont Belvieu, Texas Elgin State Bancorp, Inc., The Elgin State Bank, Chicago June 3, 1982 Elgin, Illinois Elgin, Illinois Elk City State Bancshares, Inc., Elk City State Bank, Kansas City June 25, 1982 Elk City, Oklahoma Elk City, Oklahoma FSB Bancorporation, First State Bank of Decatur, Atlanta June 22, 1982 Decatur, Alabama Decatur, Alabama FSB, Covington, Tennessee, First State Bank, St. Louis June 25, 1982 Covington, Tennessee Covington, Tennessee Fidelity BancShares (N.C.), Inc., The Fidelity Bank, Richmond June 9, 1982 Fuquay-Varina, North Carolina Faquay-Varina, North Carolina Financial Services of Winger, Inc., Farmers State Bank of Winger, Minneapolis June 28, 1982 Winger, Minnesota Winger, Minnesota First Alamogordo Bancorp, Inc., First National Bank in Alamogordo, Dallas June 7, 1982 Alamogordo, New Mexico Alamogordo, New Mexico First Amarillo Bancorporation, Inc., The First National Bank of Dallas June 24, 1982 Amarillo, Texas Amarillo, Amarillo, Texas First American Bank Group, Ltd., The State Bank, Chicago June 15, 1982 Fort Dodge, Iowa Fort Dodge, Iowa First Bancgroup-Alabama, Inc., First National Bank of Russellville, Atlanta June 11, 1982 Mobile, Alabama Russellville, Alabama First Bancshares of Eastern Arkan- First National Bank in West St. Louis May 28, 1982 sas, Inc., Memphis, West Memphis, Arkansas West Memphis, Arkansas First Bancshares of Texas, Inc., Tyler National Bank, Dallas June 25, 1982 Longview, Texas Tyler, Texas First Bankshares of Las Animas, The First National Bank of Kansas City June 21, 1982 Inc., Las Animas, Las Animas, Colorado Las Animas, Colorado First Bolivar Capital Corporation, First National Bank of Bolivar St. Louis June 22, 1982 Cleveland, Mississippi County, Cleveland, Mississippi First Midwest Bancorp., Inc., Lake National Bank, Kansas City June 18, 1982 St. Joseph, Missouri Lake Ozark, Missouri First NorthWest Bancorporation, NorthWest Bank, San Francisco June 18, 1982 Seattle, Washington Seattle, Washington First of Austin Bancshares, Inc., First National Bank of Cedar Park, Dallas June 4, 1982 Austin, Texas Cedar Park, Texas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 437 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date First Prestonsburg Bancshares, First Commonwealth Bank of Cleveland June 7, 1982 Inc., Prestonsburg, Prestonsburg, Kentucky Prestonsburg, Kentucky First Securities Investment, Inc., The First Security Bank, Kansas City June 8, 1982 Beaver, Oklahoma Beaver, Oklahoma First State Corporation, First State Bank, Atlanta June 18, 1982 Waynesboro, Mississippi Waynesboro, Mississippi First Tennessee National Corpora- Harpeth National Bank of Franklin, St. Louis June 21, 1982 tion, Franklin, Tennessee Memphis, Tennessee Fourth Financial Corporation, The Towanda State Bank, Kansas City May 28, 1982 Wichita, Kansas Towanda, Kansas Fresnos Bancshares, Inc., Los Fresnos State Bank, Dallas May 28, 1982 Los Fresnos, Texas Los Fresnos, Texas Gale Bank Holding Company, Inc., Bank of Galesville, Minneapolis June 15, 1982 Galesville, Wisconsin Galesville, Wisconsin Georgia Peoples Bankshares, Inc., Peoples State Bank & Trust, Atlanta June 25, 1982 Baxley, Georgia Baxley, Georgia The Girard Company, TGC Holdings, Inc., Philadelphia June 25, 1982 Bala-Cynwyd, Pennsylvania Bala-Cynwyd, Pennsylvania Girard Bank Delaware, Wilmington, Delaware Glenwood Bancshares, Inc., First National Bank of Glenwood, Minneapolis June 1, 1982 Glenwood City, Wisconsin Glenwood City, Wisconsin Grand Bancshares, Inc., Grand Bank Central At Fitzhugh, Dallas June 25, 1982 Dallas, Texas N.A., Dallas, Texas Grand Bank Woodall Rodgers, at Pearl, N.A., Dallas, Texas Great American Bancshares, Inc., American Bank of Arlington, Dallas June 21, 1982 Arlington, Texas Arlington, Texas Hardin County Bancshares, Inc., The Hardin County Bank, St. Louis June 2, 1982 Savannah, Tennessee Savannah, Tennessee Harris Bankcorp, Inc., Argo State Bank, Chicago June 25, 1982 Chicago, Illinois Summit, Illinois Hiawatha Bancshares, Inc., Hiawatha National Bank, Minneapolis May 28, 1982 Hager City, Wisconsin Hager City, Wisconsin Highlands Bancshares, Inc., Highlands State Bank, Dallas June 11, 1982 Highlands, Texas Highlands, Texas Howland Bancshares, Inc., The Bank of Robstown, Dallas June 7, 1982 San Antonio, Texas Robstown, Texas First State Bank and Trust Company, Port Lavaca, Texas Huntington Bancshares Union Commerce Corporation, Cleveland May 20, 1982 Incorporated, Cleveland, Ohio Columbus, Ohio Industrial Bancshares, Inc., Commercial National Bank, Kansas City June 4, 1982 Kansas City, Kansas Kansas City, Kansas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 Federal Reserve Bulletin • July 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date International Bancshares of Oklaho- Citizens Mortgage Corporation, Kansas City June 21, 1982 ma, Inc., Oklahoma City, Oklahoma Yukon, Oklahoma Jefferson Bankshares, Inc., The First National Bank of Luray, Richmond June 14, 1982 Charlottesville, Virginia Luray, Virginia Jennings Bank Shares, Inc., Peoples Insurance Agency, Inc., Kansas City June 21, 1982 Jennings, Kansas Sharon Springs, Kansas First Insurance Agency, Inc., Goodland, Kansas First of Herington, Inc., Herington, Kansas American, Inc., Oswego, Kansas Keystone Securities, Inc., Keystone State Bank, Atlanta June 28, 1982 Keystone Heights, Florida Keystone Heights, Florida Lancaster Bancshares, Inc., Lancaster State Bank, Chicago June 1, 1982 Lancaster, Wisconsin Lancaster, Wisconsin Lansing Bancshares, Inc., First State Bank of Lansing, Kansas City June 3, 1982 Lansing, Kansas Lansing, Kansas Larue Bancshares, Inc., The Peoples State Bank, St. Louis June 14, 1982 Hodgenville, Kentucky Hodgenville, Kentucky Lometa Bancshares, Inc., The Citizens State Bank of Lometa, Dallas June 21, 1982 Lometa, Texas Lometa, Texas Louisiana Bancorp, Inc., Louisiana Bank & Trust Company, Atlanta June 21, 1982 Crowley, Louisiana Crowley, Louisiana MPS Bancorp, Inc., Tollway-Arlington National Bank of Chicago June 23, 1982 Mt. Prospect, Illinois Arlington Heights, Illinois Arlington Heights, Illinois McLeod Bancshares, Inc., First National Bank of Glencoe, Minneapolis June 28, 1982 Glencoe, Minnesota Glencoe, Minnesota McLean County Bancshares, Inc., McLean County Bank, Chicago June 22, 1982 Bloomington, Illinois Bloomington, Illinois Stanford State Bank, Stanford, Illinois Mission Bancshares, Inc., Commercial National Bank, Kansas City June 4, 1982 Mission, Kansas Kansas City, Kansas Montana Bancsystem, Inc., Montana Bank of Billings, Minneapolis June 9, 1982 Billings, Montana Billings, Montana Montgomery County Bancshares, Montgomery County Bank, N.A., Dallas June 25, 1982 Inc., Spring, Texas Spring, Texas Morehouse Bancshares, Inc., Bank of Morehouse, Dallas June 18, 1982 Bastrop, Louisiana Bostrop, Louisiana Munter Agency, Inc., Union Bank and Trust Company, Chicago June 3, 1982 Strawberry Point, Iowa Strawberry Point, Iowa N.F.B. Corporation, Bank of Madison County, Atlanta June 7, 1982 Madison, Florida Madison, Florida Napa Valley Bancorp, Napa Valley Bank, San Francisco June 21, 1982 Napa, California Napa, California Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 439 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date North Texas Bancshares, Inc., Arlington State Bank, Dallas June 11, 1982 North Richland Hills, Texas Arlington, Texas Pioneer Bancorporation, City Center National Bank, Kansas City June 24, 1982 Denver, Colorado Aurora, Colorado Pioneer Bancshares, Inc., Pioneer Bank, St. Louis June 18, 1982 Canmer, Kentucky Canmer, Kentucky Rifle Bank Agency, Inc., The First National Bank in Para- Kansas City June 21, 1982 Rifle, Colorado chute, Parachute, Colorado Republic of Texas Corporation, Tyler Bank and Trust Company, Dallas June 2, 1982 Dallas, Texas Tyler, Texas Royal Trustco Limited, Century First National Bank of Atlanta May 28, 1982 Toronto, Ontario, Canada Pinellas County, Royal Trust Bank Corp., St. Petersburg, Florida Miami, Florida Security Financial Services, Inc. Manitowoc County Bank, Chicago June 22, 1982 Sheboygan, Wisconsin Manitowoc, Wisconsin Security Holding Company, Security Financial Corporation of Dallas June 18, 1982 Fredericksburg, Texas Fredericksburg, Fredericksburg, Texas Shively Bancshares Corporation, Bank of St. Helens, St. Louis June 16, 1982 Shively, Kentucky Shively, Kentucky Shoshone Financial Corporation, The First National Bank of Lovell, Kansas City May 28, 1982 Lovell, Wyoming Lovell, Wyoming Southern Bancshares, Inc., Southern Illinois Bank, St. Louis May 26, 1982 Fairview Heights, Illinois Fairview Heights, Illinois Southern Wisconsin Bancshares Farmers Saving Bank, Chicago June 11, 1982 Corporation, Mineral Point, Wisconsin Mineral Point, Wisconsin Southtrust Corporation, The First National Bank of Atlanta June 8, 1982 Birmingham, Alabama Piedmont, Piedmont, Alabama Southwest Bancshares, Inc., The Bank of Hermitage, Kansas City May 25, 1982 Hermitage, Missouri Hermitage, Missouri Stamford Bancshares, Inc., Stamford Financial Corporation, Dallas June 23, 1982 Stamford, Texas Stamford, Texas Stark Bancshares, Inc., Lansing Bancshares, Inc., Kansas City June 3, 1982 Stark, Kansas Lansing, Kansas First State Bank of Lansing, Lansing, Kansas State Bancshares, Inc., West Texas Bancshares, Inc., Dallas June 9, 1982 Littlefield, Texas Muleshoe, Texas Muleshoe State Bank, Muleshoe, Texas Summersville Bancshares, Inc., Summersville State Bank, St. Louis June 18, 1982 Summersville, Missouri Summersville, Missouri Trimont Bancorporation, Inc., Triumph State Bank, Minneapolis June 29, 1982 Trimont, Minnesota Trimont, Minnesota Troup Bancshares, Inc., Troup Bank & Trust Company, Dallas June 11, 1982 Troup, Texas Troup, Texas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 Federal Reserve Bulletin • July 1982 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Turtle Bancshares, Inc., Bank of Turtle Lake, Minneapolis May 28, 1982 Turtle Lake, Wisconsin Turtle Lake, Wisconsin United Texas Financial Corpora- The Farmers National Bank of Dallas June 9, 1982 tion, Seymour, Wichita Falls, Texas Seymour, Texas University State Bancshares, Inc., The University State Bank, Kansas City June 23, 1982 Lawrence, Kansas Lawrence, Kansas Valley View Bancshares, Inc., Commercial National Bank, Kansas City June 4, 1982 Overland Park, Kansas Kansas City, Kansas Victoria Bankshares, Inc., Hays County National Bank, Dallas May 28, 1982 Victoria, Texas San Marcos, Texas The Walton Bancshares, Inc., The Walton State Bank, Kansas City May 28, 1982 Walton, Kansas Walton, Kansas Sections 3 and 4 Nonbanking Reserve Effective Applicant Bank(s) company Bank date (or activity) Knob Noster Banc- The Bank of Knob to engage in the sale of Kansas City June 24, 1982 shares, Inc., Noster, general insurance in Knob Noster, Mis- Knob Noster, Mis- a town with a popusouri lation of less than 5,000 Mid-America Banc- MidAmerica Bank and St. Louis June 3, 1982 System, Inc., Trust Company of Fairview Heights, Il- Alton, linois Alton, Illinois MidAmerica Bank and Trust Company of Edgemont, East St. Louis, Illinois MidAmerica Bank and Trust Company of Fairview Heights, Fairview Heights, Illinois Carbondale Bancshares, Inc., Carbondale, Illinois Illinois Bancshares, Inc., Mascoutah, Illinois MidAmerica Banc- Lincoln Trail Insurshares, Inc., ance Agency, Inc., Lebanon, Illinois Lebanon, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 441 Sections 3 and 4—Continued Nonbanking Reserve Effective Applicant Bank(s) company Bank date (or activity) Suburban Bancorp, Suburban Bancorp, Chicago June 15, 1982 Inc., Inc., Palatine, Illinois Palatine, Illinois Subpal Bancorp, Inc., Palatine, Illinois Cary-Grove Bancorp, Inc., Cary, Illinois Hoffman Bancorp, Inc., Hoffman Estates, Illinois Meadows Bankcorp, Inc., Rolling Meadows, Illinois Elk Grove Bancorp, Inc., Brockway Insurance Elk Grove Village, Agency, Illinois Palatine, Illinois Woodfield Bancorp, Suburban Mortgage Inc., Corp., Schaumburg, Illinois Palatine, Illinois Section 4 Nonbanking Reserve Effective Applicant company Bank date (or activity) First Interstate Bancorp, Thomas L. Karsten Associates, San Francisco June 11, 1982 Los Angeles, California Los Angeles, California Zappco Inc., Financomp Inc., Minneapolis June 15, 1982 St. Cloud, Minnesota St. Cloud, Minnesota ORDERS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Reserve Effective Applicant Bank(s) Bank date AmeriTrust Company, AmeriTrust Company of Toledo, June 23, 1982 Cleveland, Ohio Toledo, Ohio Bank One of Geauga County, The Chardon Savings Bank Company, June 11, 1982 Chardon, Ohio Chardon, Ohio Central Bank of the South, Central Bank, May 27, 1982 Birmingham, Alabama Mobile, Alabama Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 Federal Reserve Bulletin • July 1982 PENDING CASES INVOLVING THE BOARD OF GOVERNORS* *This list of pending cases does not include suits Allen Wolfs on v. Board of Governors, filed September against the Federal Reserve Banks in which the Board 1981, U.S.D.C. for the Middle District of Florida. of Governors is not named a party. Option Advisory Service, Inc. v. Board of Governors, filed September 1981, U.S.C.A. for the Second Richten v. Board of Governors, et al., filed May 1982, Circuit (two cases). U.S.D.C. for the Northern District of Illinois. Bank Stationers Association, Inc., et al. v. Board of Montgomery v. Utah, et al., filed May 1982, U.S.D.C. Governors, filed July 1981, U.S.D.C. for the Northfor the District of Utah. ern District of Georgia. Wyoming Bancorporation v. Board of Governors, filed Public Interest Bounty Hunters v. Board of Gover- May 1982, U.S.C.A. for the Tenth Circuit. nors, et al., filed June 1981, U.S.D.C. for the Florida National Banks of Florida, Inc. v. Board of Northern District of Georgia. Governors, filed April 1982, U.S.C.A. for the Dis- Edwin F. Gordon v. John Heimann, et al., filed May trict of Columbia. 1981, U.S.C.A. for the Fifth Circuit. John A. Gabriel v. Board of Governors, filed April First Bank & Trust Company v. Board of Governors, 1982, U.S.C.A. for the Ninth Circuit. filed February 1981, U.S.D.C. for the Eastern Dis- First Bancorporation v. Board of Governors, filed trict of Kentucky. April 1982, U.S.C.A. for the Tenth Circuit. 9 to 5 Organization for Women Office Workers v. Charles G. Vick v. Paul A. Volcker, et. al., filed Board of Governors, filed December 1980, March 1982, U.S.D.C. for the District of Columbia. U.S.D.C. for the District of Massachusetts. Jolene Gustafson v. Board of Governors, filed March Securities Industry Association v. Board of Gover- 1982, U.S.C.A. for the Fifth Circuit. nors, et al., filed October 1980, U.S.D.C. for the First Lakefield BanCorporation v. Board of Gover- District of Columbia. nors, et al., filed January 1982, U.S.D.C. for the Securities Industry Association v. Board of Gover- District of Minnesota. nors, et al., filed October 1980, U.S.C.A. for the Christian Educational Association, Inc. v. Federal District of Columbia. Reserve System, filed January 1982, U.S.D.C. for A. G. Becker, Inc. v. Board of Governors, et al., filed the Middle District of Florida. October 1980, U.S.D.C. for the District of Colum- Option Advisory Service, Inc. v. Board of Governors, bia. filed December 1981, U.S.C.A. for the Second A. G. Becker, Inc. v. Board of Governors, et al., filed Circuit. October 1980, U.S.C.A. for the District of Colum- Edwin F. Gordon v. Board of Governors, et al., filed bia. October 1981, U.S.C.A. for the Eleventh Circuit A. G. Becker, Inc. v. Board of Governors, et al., filed (two consolidated cases). August 1980, U.S.D.C. for the District of Columbia. Wendall Hall v. Board of Governors, et al., filed Berkovitz, et al. v. Government of Iran, et al., filed September 1981, U.S.D.C. for the Northern District June 1980, U.S.D.C. for the Northern District of of Georgia. California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

55 Financial and Business Statistics CONTENTS WEEKLY REPORTING COMMERCIAL BANKS Assets and liabilities Domestic Financial Statistics A18 All reporting banks A19 Banks with assets of $1 billion or more A3 Monetary aggregates and interest rates A20 Banks in New York City A4 Reserves of depository institutions, reserve, A21 Balance sheet memoranda bank credit All Branches and agencies of foreign banks A5 Reserves and borrowings of depository A23 Commercial and industrial loans institutions A24 Gross demand deposits of individuals, A6 Federal funds and repurchase agreements of partnerships, and corporations large member banks FINANCIAL MARKETS POLICY INSTRUMENTS A25 Commercial paper and bankers dollar A7 Federal Reserve Bank interest rates acceptances outstanding A8 Depository institutions reserve requirements A26 Prime rate charged by banks on short-term A9 Maximum interest rates payable on time and business loans savings deposits at federally insured institutions A26 Terms of lending at commercial banks A10 Federal Reserve open market transactions All Interest rates in money and capital markets A28 Stock market—Selected statistics A29 Selected financial institutions—Selected assets FEDERAL RESERVE BANKS and liabilities All Condition and Federal Reserve note statements A12 Maturity distribution of loan and security FEDERAL FINANCE holdings A30 Federal fiscal and financing operations A31 U.S. budget receipts and outlay MONETAR Y 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

56 Federal Reserve Bulletin • July 1982 SECURITIES MARKETS AND A55 Foreign official assets held at Federal Reserve CORPORATE FINANCE Banks A56 Foreign branches of U.S. banks—Balance sheet A36 New security issues—State and local data governments and corporations A58 Selected U.S. liabilities to foreign official A37 Open-end investment companies—Net sales and institutions asset position A37 Corporate profits and their distribution A38 Nonfinancial corporations—Assets and REPORTED BY BANKS IN THE UNITED STATES liabilities A38 Total nonfarm business expenditures on new A58 Liabilities to and claims on foreigners plant and equipment A59 Liabilities to foreigners A39 Domestic finance companies—Assets and A61 Banks' own claims on foreigners liabilities; business credit A62 Banks' own and domestic customers' claims on foreigners A62 Banks' own claims on unaffiliated foreigners REAL ESTATE A63 Claims on foreign countries—Combined domestic offices and foreign branches A40 Mortgage markets A41 Mortgage debt outstanding REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CONSUMER INSTALLMENT CREDIT A64 Liabilities to unaffiliated foreigners A42 Total outstanding and net change A65 Claims on unaffiliated foreigners A43 Extension and liquidations SECURITIES HOLDINGS AND TRANSACTIONS FLOW OF FUNDS A66 Foreign transactions in securities A44 Funds raised in U.S. credit markets A67 Marketable U.S. Treasury bonds and notes— A45 Direct and indirect sources of funds to credit Foreign holdings and transactions markets INTEREST AND EXCHANGE RATES Domestic Nonfinancial Statistics A67 Discount rates of foreign central banks A46 Nonfinancial business activity—Selected A68 Foreign short-term interest rates measures A68 Foreign exchange rates A46 Output, capacity, and capacity utilization A47 Labor force, employment, and unemployment A48 Industrial production—Indexes and gross value A69 Guide to Tabular Presentation, A50 Housing and construction Statistical Releases, and Special A51 Consumer and producer prices Tables A52 Gross national product and income A53 Personal income and saving Special Tables International Statistics A70 Commercial bank assets and liabilities, March 31, 1982 A54 U.S. international transactions—Summary A76 Assets and Liabilities of U.S. branches and A55 U.S. foreign trade agencies of foreign banks, March 31, 1982 A55 U.S. reserve assets 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 1982 Item Q2 Q3 Q4 Q1 Jan. Feb. Mar. Apr. May Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent) Reserves of depository institutions 1 Total 4.2 4.0 3.2 8.3 22.2 -10.2 4.8' 2.7 4.3 2 Required 5.0 3.1 3.5 7.9 19.4 -6.9 3.1 5.3 1.8 3 Nonborrowed -2.4 7.9 10.5 .4 -4.0 -18.8 12. 2' 2.4' 18.1 4 Monetary base2 5.8 4.3 3.9 8.0 11.6 3.4 4.1 9.2 9.0 Concepts of money and liquid assets3 5 Ml 9.2 .3 5.7 10.4 21.0 -3.5 2.7' 10.7' -2.1 6 M2 12.0 8.3 8.9' 9.8' 12.2 4.4' 11.2 10.0' 10.7 7 M3 12.2 11.2 9.3r 8.7' 8.9 5.8 11.3 12.0' 10.9 8 L 10.6 11.9 10.7' n.a. 10.6r 9.5 n.a. n.a. n.a. Time and savings deposits Commercial banks 9 Total 11.9 18.4 8.3 7.5 5.0 11.1 19.9 15.7' 18.0 10 Savings4 -8.9 -22.7 -11.9 8.7 14.5 .8 13.6 -.7' -1.5 11 Small-denomination time5 16.2 24.3 20.8 9.7 4.4 16.1 25.1 28.8 20.8 12 Large-denomination time6 19.9 36.0 5.4 4.6 1.1 10.7 17.6' 8.7' 24.0 13 Thrift institutions7 3.2 2.6 2.7 3.1 1.1 5.2 7.4' 5.5' 9.9 14 Total loans and securities at commercial banks8 8.5 8.7 3.6 2.6' 3.5 10.7 8.2' 8.8' 8.3 1981 1982 1982 Q3 Q4 Q1 Q2 Feb. Mar. Apr. May June Interest rates (levels, percent per annum) Short-term rates 15 Federal funds9 17.58 13.59 14.23 14.52 14.78 14.68 14.94 14.45 14.15 16 Discount window borrowing10 14.00 13.04 12.00 12.00 12.00 12.00 12.00 12.00 12.00 17 Treasury bills (3-month market vield)11 15.05 11.75 12.81 12.42 13.48 12.68 12.70 12.09 12.47 18 Commercial paper (3-month)1 16.78 13.04 13.81 13.81 14.53 13.80 14.06 13.42 13.96 Long-term rates Bonds 19 U.S. government13 14.51 14.14 14.27 13.74 14.48 13.75 13.57 13.46 14.18 20 State and local government14 12.11 12.54 13.02 12.33 12.97 12.82 12.59 11.95 12.45 21 Aaa utility (new issue)15 16.82 15.67 15.71 15.73 15.93 15.43 15.83 15.22 15.92 22 Conventional mortgages'6 17.50 17.33 17.10 16.63 17.20 16.80 16.65 16.50 16.75 1. Unless otherwise noted, rates of change are calculated from average amounts 5. Small-denomination time deposits—including retail RPs—are those issued in outstanding in preceding month or quarter. amounts of less than $100,000. 2. Includes reserve balances at Federal Reserve Banks in the current week plus 6. Large-denomination time deposits are those issued in amounts of $100,000 or vault cash held two weeks earlier used to satisfy reserve requirements at all deposi- more. tory institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, 7. Savings and loan associations, mutual savings banks, and credit unions. the vaults of depository institutions, and surplus vault cash at depository institu- 8. Changes calculated from figures shown in table 1.23. Beginning December tions. 1981, growth rates reflect shifts of foreign loans and securities from U.S. banking 3. Ml: Averages of daily figures for (1) currency outside the Treasury, Federal offices to international banking facilities. Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of non- 9. Averages of daily effective rates (average of the rates on a given date weighted bank issuers; (3) demand deposits at all commercial banks other than those due by the volume of transactions at those rates). to domestic banks, the U.S. government, and foreign banks and official institutions 10. Rate for the Federal Reserve Bank of New York. less cash items in the process of collection and Federal Reserve float; and (4) 11. Quoted on a bank-discount basis. negotiable order of withdrawal (NOW) and automatic transfer service (ATS) ac- 12. Unweighted average of offering rates quoted by at least five dealers. counts at banks and thrift institutions, credit union share draft (CUSD) accounts, 13. Market yields adjusted to a 20-year maturity by the U.S. Treasury. and demand deposits at mutual savings banks. 14. Bond Buyer series for 20 issues of mixed quality. M2: Ml plus savings and small-denomination time deposits at all depository 15. Weighted averages of new publicly offered bonds rated Aaa, Aa, and A by institutions, overnight repurchase agreements at commercial banks, overnight Eu- Moody's Investors Service and adjusted to an Aaa basis. Federal Reserve comrodollars held by U.S. residents other than banks at Caribbean branches of member pilations. banks, and balances of money market mutual funds (general purpose and broker/ 16. Average rates on new commitments for conventional first mortgages on new dealer). homes in primary markets, unweighted and rounded to nearest 5 basis points, from M3: M2 plus large-denomination time deposits at all depository institutions and Dept. of Housing and Urban Development. term RPs at commercial banks and savings and loan associations and balances of institution-only money market mutual funds. NOTE. Revisions in M2, M3, and L reflect the inclusion of three general purpose L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents and broker/dealer money market funds that began reporting in May 1982 though other than banks, bankers acceptances, commercial paper, Treasury bills and other their operations began earlier. liquid Treasury securities, and U.S. savings bonds. 4. Savings deposits exclude NOW and ATS accounts at commercial banks and thrifts and CUSD accounts at credit unions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 Domestic Financial Statistics • July 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 Apr. May JuneP May 19 May 26 June 2 June 9 June 16 June 23P June 30p SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 150,361 151,333 152,140 150,780 149,915 151,210 150,995 152,095 152,792 151,845 2 U.S. government securities1 127,526 129,686 130,737 129,727 129,340 129,861 129,701 131,418 131,337 130,458 3 Bought outright 126,542 128,964 130,408 128,934 128,784 129,291 129,701 131,418 130,497 130,458 4 Held under repurchase agreements 984 722 329 793 556 570 0 0 840 0 5 Federal agency securities 9,123 9,123 9,077 9,097 9,084 9,085 9,008 9,002 9,236 9,002 6 Bought outright 9,010 9,008 9,004 9,008 9,008 9,008 9,008 9,002 9.002 9,002 7 Held under repurchase agreements 113 115 73 89 76 77 0 0 234 0 8 Acceptances 150 164 149 233 231 351 0 0 289 0 9 Loans 1,581 1,105 1,211 966 1,046 1,048 1,304 929 1,015 1,616 10 Float 2,629 2,167 2,227 1,751 1,967 2,423 2,464 2,088 2,062 1,742 11 Other Federal Reserve assets 9,352 9,088 8,739 9,006 8,247 8,443 8,518 8,657 8,852 9,027 12 Gold stock 11,150 11,149 11,149 11,149 11,149 11,149 11,149 11,149 11,149 11,149 13 Special drawing rights certificate account... 3,660 3,818 3,818 3,818 3,818 3,818 3,818 3,818 3,818 3,818 14 Treasury currency outstanding 13,744 13,758 13,774 13,756 13,757 13,767 13,768 13,772 13,777 13,781 ABSORBING RESERVE FUNDS 15 Currency in circulation 143,024 144,683 146,503 144,896 144,737 145,751 146,684 146,915 146,321 146,127 16 Treasury cash holdings 490 489 465 488 486 476 469 464 455 460 Deposits, other than reserves, with Federal Reserve Banks 17 Treasury 4,695 4,292 3,303 3,122 3,023 2,838 3,409 2,950 3,730 3,140 18 Foreign 289 332 296 259 260 339 269 303 271 322 19 Other 443 509 506 500 501 610 498 530 450 461 20 Required clearing balances 172 184 205 186 186 187 200 203 207 213 21 Other Federal Reserve liabilities and capital 5,237 5,364 5,373 5,203 5,319 5,591 5,369 5,308 5,471 5,344 22 Reserve accounts2 24,565 24,207 24,230 24.849 24,128 24,153 22,832 24,162 24,632 24,526 End-of-month figures Wednesday figures 1982 1982 Apr. May June May 19 May 26 June 2 June 9 June 16 June 23 June 30 SUPPLYING RESERVE FUNDS 23 Reserve Bank credit outstanding 158,729 149,884 149,003 153,320 149,245 155,459 154,157 153,126 152,677 149,003 24 U.S. government securities1 134,257 129,407 127,005 131,291 128,765 132,123 129,082 130,803 131,021 127,005 25 Bought outright 128,988 129,407 127,005 128,358 128,765 129,127 129,082 130,803 131,021 127,005 26 Held under repurchase agreements 5,269 0 0 2,933 0 2,996 0 0 0 0 27 Federal agency securities 10,004 9,008 9,002 9,425 9,008 9,296 9,008 9,002 9,002 9,002 28 Bought outright 9,008 9,008 9.002 9,008 9,008 9,008 9,008 9,002 9,002 9,002 29 Held under repurchase agreements 996 0 0 417 0 288 0 0 0 0 30 Acceptances 768 0 0 944 0 1,424 0 0 0 0 31 Loans 1,799 1,058 1,638 1,058 1,367 1,202 5,670 1,504 1,054 1,638 32 Float 1,507 1,776 2,545 2,008 1,648 2,923 1,331 2,911 2,568 2,545 33 Other Federal Reserve assets 10,394 8,635 8,813 8,594 8,457 8.491 9,066 8,906 9,032 8,813 34 Gold stock 11,149 11,149 11,149 11,149 11,149 11.149 11,149 11,149 11,149 11,149 35 Special drawing rights certificate account... 3,818 3,818 3,818 3.818 3,818 3.818 3,818 3,818 3,818 3,818 36 Treasury currency outstanding 13,756 13,767 13,781 13,756 13,761 13,767 13,771 13,776 13,781 13,781 ABSORBING RESERVE FUNDS 37 Currency in circulation 143,044 145,523 147,134 145,037 145,504 146,717 147,269 147,069 146,426 147,134 38 Treasury cash holdings 491 477 460 487 483 473 467 462 453 460 Deposits, other than reserves, with Federal Reserve Banks 39 Treasury 12,239 2,540 4,099 3,697 2,969 3,554 3,637 4,463 2,857 4,099 40 Foreign 966 308 586 241 272 265 296 228 275 586 41 Other 450 523 437 507 545 680 505 487 423 437 42 Required clearing balances 176 189 213 186 189 189 200 204 207 213 43 Other Federal Reserve liabilities and capital 5,561 5,784 4,837 5,096 5,118 5,284 5,644 5,135 5,229 4,837 44 Reserve accounts2 24,526 23,274 19,985 26,792 22,893 27,031 24,878 23,821 25,555 19,985 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. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June'' 1 Reserve balances with Reserve Banks1.... 26,664 25,690 25,892 26.163 26,721 25,963 24.254 24,565 24,207 24,230 2 Total vault cash (estimated) 18,149 18.810 18,844 19,538 20,284 19,251 18,749 18,577 19,048 19,321 3 Vault cash at institutions with required reserve balances2 12,602 12,924 12,986 13,577 14,199 13,082 12,663 12,709 12,972 13,129 4 Vault cash equal to required reserves at other institutions 704 2,097 2,073 2,178 2,290 2,235 2,313 2,284 2,373 2,416 5 Surplus vault cash at other institutions3 . 4,843 3,789 3,785 3,783 3,795 3,934 3,773 3,584 3,703 3,776 6 Reserve balances + total vault cash4 44,940 44,500 44,736 45,701 47,005 45,214 43,003 43,142 43,255 43,553 7 Reserve balances + total vault cash used to satisfy reserve requirements4-5 40,097 40,711 40,951 41,918 43,210 41,280 39,230 39,558 39,552 39,777 8 Required reserves (estimated) 40,067 40,433 40,604 41,606 42,785 40,981 38,873 39,284 39,192 39,252 9 Excess reserve balances at Reserve Banks4-6 30 278 347 312 425 299 357 274 360 525 10 Total borrowings at Reserve Banks 1,617 1,149 695 642 1,526 1.713 1,611 1,581 1,105 1,211 11 Seasonal borrowings at Reserve Banks 116 152 79 53 75 132 174 167 237 239 12 Extended credit at Reserve Banks.... n.a. 442 178 149 197 232 309 245 177 103 Weekly averages of daily figures for week ending 1982 Apr. 28 May 5 May 12 May 19 May 26 June 2 June 9 June 16 June 23p June 30p 13 Reserve balances with Reserve Banks1.... 25,205 24,671 23,351 24,849 24,128 24,153 22,832 24,162 24,632 24,526 14 Total vault cash (estimated) 18,702 19,611 19.639 18,552 18.460 19,175 19,559 19,401 18,684 19,687 15 Vault cash at institutions with required reserve balances2 12,939 13,485 13,324 12,557 12,667 12,977 13,131 12,878 12,898 13,440 16 Vault cash equal to required reserves at other institutions 2,252 2,403 2,483 2,309 2,241 2,464 2,587 2,551 2,271 2,429 17 Surplus vault cash at other institutions3 . 3,511 3,723 3,832 3,686 3,552 3,734 3,841 3,972 3,515 3,818 18 Reserve balances + total vault cash4 43,907 44,282 42,990 43,401 42,588 43,328 42,391 43,563 43,317 44,214 19 Reserve balances + total vault cash used to satisfy reserve requirements4-5 40,396 40,559 39,158 39,715 39,036 39,594 38,550 39,591 39,802 40,396 20 Required reserves (estimated) 40,111 40,115 38.894 39,275 38,937 38,922 38,401 39,352 39,554 39,799 21 Excess reserve balances at Reserve Banks4-6 285 444 264 440 99 672 149 239 248 597 22 Total borrowings at Reserve Banks 1,823 1,499 1,117 966 1,046 1,048 1,304 929 1,015 1,616 23 Seasonal borrowings at Reserve Banks 177 205 218 232 258 260 217 221 253 268 24 Extended credit at Reserve Banks.... 227 214 192 179 162 132 115 104 96 93 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 clear- 3. Total vault cash at institutions without required reserve balances less vault ing 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 clearwith Board policy, effective Nov. 19, 1975, of permitting transitional relief on a ing balances plus vault cash used to satisfy reserve requirements less required graduated basis over a 24-month period when a nonmember bank merged into an reserves. (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 • July 1982 1.13 FEDERAL FUNDS AND REPURCHASE AGREEMENTS Large Member Banks' Averages of daily figures, in millions of dollars 1982, week ending Wednesday BByy mmaattuurriittyy aanndd ssoouurrccee May 5 May 12 May 19r May 26' June 2 June 9 June 16 June 23 June 30 One day and continuing contract 1 Commercial banks in United States 56,418 58,947 55,246 54,268 56,689 61,308 59,136 54,217 4488,,883366 2 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 19,663 20,582 22,498 23,649 23,314 22,468 23,503 22,938 21,816 3 Nonbank securities dealers 3,900 3,982 3,856 3,684 4,483 3,484 3,870 4,322 4,223 4 All other 22,152 22,111 22,940 21,524 21,118 22,044 22,011 22,178 22,114 All other maturities 5 Commercial banks in United States 4,789 4,593 4,340 4,286 4,114 4,364 4,736 4,538 4,679 6 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 9,569 9,308 9,372 9,640 9,533 9,256 9,277 9,759 9,765 7 Nonbank securities dealers 4,433 4,212r 4,022 3,706 3,873 3,315 3,308 3,563 3,451 8 All other 8,798 9,115r 9,222 10,150 10,180 9,414 9,019 9,259 9,048 MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract 9 Commercial banks in United States 20,204 19,332 18,401 18,460 20,680 19,879 19,418 18,304 17,558 10 Nonbank securities dealers 4,312 3,709 3,970 4,169 3,923 4,072 3,737 4,779 4,387 1. Banks with assets of $1 billion or more as of Dec. 31, 1977. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per annum Current and previous levels Extended credit1 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 6/30/82 date rate 6/30/82 rate 6/30/82 rate 6/30/82 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 All F.R. of Effective date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1972 4V4 4'/2 1976— Jan. 19 5'/2-6 51/2 11997799—— SSeepptt.. 19 10Vi-ll 11 1973— Jan. 15 5 5 73 5>/2 5 VI 21 11 11 Feb. 26 5-5'/2 51/2 Nov. 11 5<A-5>/2 51/4 Oct. 8 11-12 12 Mar. 2 5'A 5 Vi 76 5>/4 51/4 10 12 12 Apr. 23 5VS-53/4 5>/2 MMaayy 4 53/4 5% 11997777—— AAuugg.. 30 51/4-53/4 51/4 1980— Feb. 15 12-13 13 11 53/4-6 6 31 5V4-53/4 53/4 19 13 13 18 6 6 Sept. 1 53/4 53/4 MMaayy 29 12-13 13 June 11 6-6V2 6V5 Oct. 16 6 6 30 12 12 15 6V2 6V5 June 13 11-12 11 July 2 1 7 1978— Jan. 9 6-6'/2 6 VI 16 11 11 AAuugg.. 14 7-7'/> M 20 6>/2 6V2 JJuullyy 28 10-11 10 23 IVI M MMaayy 11 6>/2-7 7 29 10 10 17 1 1 Sept. 26 11 11 1974— Apr. 25 77''//>>--88 8 JJuullyy 3 7-71/4 71/4 Nov. 17 12 12 30 88 8 10 71/4 71/4 Dec. 5 12-13 13 Dec. 9 7%-8 7% Aug. 71 73/4 73/4 8 13 13 16 73/4 73/4 Sept. ?? Oct. 16 8-8'/> 8'/> 1981— May 5 13-14 14 1975— Jan. 6 7V4-73/4 73/4 10 8V2 8 VI May 8 14 14 10 7V4-73/4 7'/4 Nov. 1 8>A-9>/2 9'/I Nov. 2 13-14 13 24 7V4 7>/4 3 91/2 9VI Nov. 6 13 13 Feb. 5 63/4-7V4 63/4 Dec. 4 12 12 7 63/4 63/4 1979— July 70 10 10 Mar. 10 6V4-63/4 6'/4 AAuugg.. 17 10-101/! 10 VI 14 6'A 61/4 70 10 VZ lO'/S MMaayy 16 6-6V4 6 23 6 6 In effect June 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 tor 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 • July 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 demand1 Net transaction accounts6-7 0-2 .. 7 12/30/76 $0-$26 million 3 11/13/80 2-10 12/30/76 1122 1111//1133//8800 10-100 ll3/4 12/30/76 100-400 123/4 12/30/76 Nonpersonal time deposits8 Over 400 161/4 12/30/76 By original maturity Less than 3Vi years 3 4/29/82 TTiimmee aanndd ssaavviinnggss22 33 y/2 years or more 0 4/29/82 SSaavviinnggss 3 3/16/67 Eurocurrency liabilities Time4 3 11/13/80 0-5, by maturity 30-179 days 3 3/16/67 180 days to 4 years 2Vi 1/8/76 4 years or more 1 10/30/75 Over 5, by maturity 30-179 days 6 12/12/74 180 days to 4 years iVi 1/8/76 4 years or more 1 10/30/75 1. For changes in reserve requirements beginning 1963, see Board's Annual was reduced to zero beginning July 24, 1980. Managed liabilities are defined as Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report for large time deposits. Eurodollar borrowings, repurchase agreements against U.S. 1976, table 13. Under provisions of the Monetary Control Act, depository insti- government and federal agency securities, federal funds borrowings from nontutions include commercial banks, mutual savings banks, savings and loan asso- member institutions, and certain other obligations. In general, the base for the ciations, credit unions, agencies and branches of foreign banks, and Edge Act marginal reserve requirement was originally the greater of (a) $100 million or (b) corporations. the average amount of the managed liabilities held by a member bank, Edge 2. (a) Requirement schedules are graduated, and each deposit interval applies corporation, or family of U.S. branches and agencies of a foreign bank for the two to that part of the deposits of each bank. Demand deposits subject to reserve statement weeks ending Sept. 26,1979. For the computation period beginning Mar. requirements were gross demand deposits minus cash items in process of collection 20,1980, the base was lowered by (a) 7 percent or (b) the decrease in an institution's and demand balances due from domestic banks. U.S. office gross loans to foreigners and gross balances due from foreign offices (b) The Federal Reserve Act as amended through 1978 specified different ranges of other institutions between the base period (Sept. 13-26, 1979) and the week of requirements for reserve city banks and for other banks. Reserve cities were ending Mar. 12,1980, whichever was greater. For the computation period beginning designated under a criterion adopted effective Nov. 9,1972, by which a bank having May 29,1980, the base was increased by 7[/2 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. New institutions have a two-year phase-in beginning with the date that foreign branches lend to U.S. residents were reduced to zero from 4 percent and they open for business, except for those institutions having total reservable liabilities 1 percent respectively. The Regulation D reserve requirement on borrowings from of $50 million or more. unrelated banks abroad was also reduced to zero from 4 percent. 6. Transaction accounts include all deposits on which the account holder is (d) Effective with the reserve computation period beginning Nov. 16, 1978, permitted to make withdrawals by negotiable or transferable instruments, payment domestic deposits of Edge corporations were subject to the same reserve require- orders of withdrawal, and telephone and preauthorized transfers (in excess of three ments as deposits of member banks. per month) for the purpose of making payments to third persons or others. 3. (a) Negotiable order of withdrawal (NOW) accounts and time deposits such 7. The Monetary Control Act of 1980 requires that the amount of transaction as Christmas and vacation club accounts were subject to the same requirements as accounts against which the 3 percent reserve requirement will apply be modified savings deposits. annually to 80 percent of the percentage increase in transaction accounts held by (b) The average reserve requirement on savings and other time deposits before all depository institutions on the previous June 30. At the beginning of 1982 the implementation of the Monetary Control Act had to be at least 3 percent, the amount was accordingly increased from $25 million to $26 million. minimum specified by law. 8. In general, nonpersonal time deposits are time deposits, including savings 4. (a) Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent deposits, that are not transaction accounts and in which the beneficial interest is was imposed on large time deposits of $100,000 or more, obligations of affiliates, held by a depositor that is not a natural person. Also included are certain transand ineligible acceptances. This supplementary requirement was eliminated with ferable time deposits held by natural persons, and certain obligations issued to the maintenance period beginning July 24, 1980. depository institution offices located outside the United States. For details, see (b) Effective with the reserve maintenance period beginning Oct. 25, 1979, a section 204.2 of Regulation D. marginal reserve requirement of 8 percent was added to managed liabilities in excess of a base amount. This marginal requirement was increased to 10 percent NOTE. Required reserves must be held in the form of deposits with Federal beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980, and Reserve Banks or vault cash. After implementation of the Monetary Control Act, nonmembers may maintain reserves on a pass-through basis with certain approved institutions. NOTES TO TABLE 1.16 NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally 18. Effective Dec. 1, 1981, depository institutions were authorized to offer time insured commercial banks, mutual savings banks, and savings and loan associations deposits not subject to interest rate ceilings when the funds are deposited to the were established by the Board of Governors of the Federal Reserve System, the credit of, or in which the entire beneficial interest is held by, an individual pursuant Board of Directors of the Federal Deposit Insurance Corporation, and the Federal to an IRA agreement or Keogh (H.R. 10) plan. Such time deposits must have a Home Loan Bank Board under the provisions of 12 CFR 217, 329, and 526 reminimum maturity of 18 months, and additions may be made to the time deposit spectively. Title II of the Depository Institutions Deregulation and Monetary Conat any time before its maturity without extending the maturity of all or a portion trol Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish of the balance of the account. maximum rates of interest payable on deposits to the Depository Institutions De- 19. Effective May 1, 1982, depository institutions were authorized to offer ne- regulation Committee. The maximum rates on time deposits in denominations of gotiable or nonnegotiable time deposits with a minimum original maturity of 3'/i $100,000 or more with maturities of 30-89 days were suspended in June 1970; such years or more that are not subject to interest rate ceilings. Such time deposits have deposits maturing in 90 days or more were suspended in May 1973. For information no minimum denomination, but must be made available in a $500 denomination. regarding previous interest rate ceilings on all types of accounts, see earlier issues Additional deposits may be made to the account during the first year without of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal, extending its maturity. 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 June 30, 1982 Previous maximum In effect June 30, 1982 Previous maximum Percent Eff d e a c te t ive Eff d e a c te t ive Percent Eff d e a c te t ive 5'/2 1 Savings 5'/4 7/1/79 7/1/73 7/1/79 51/4 2 Negotiable order of withdrawal accounts 2 5V4 12/31/80 1/1/74 5V4 12/31/80 5 Time accounts 3 Fixed ceiling rates by maturity 4 3 14-89 days" 5'/4 8/1/79 5 7/1/73 (6) (6) 4 90 days to 1 vear 53/4 1/1/80 5 Vi 7/1/73 6 1/1/80 53/4 5 6 2 1 t t o o 2 2 V y i e y a e rs a rs \ 7 6 7/1/73 5 53 V /4 i 1 1 / / 2 2 1 1 / / 7 7 0 0 6Vi (') 6 5 3/4 7 2Vi to 4 years 7 6'/i 7/1/73 5% 1/21/70 63 /4 0) 6 8 9 4 6 t t o o 8 6 y y e e a a r r s s 8 8 7 I 1 V /4 i 12 1 / 1 2 / 3 1 / / 7 7 4 3 7'/4 11/1/73 I 7 V 3/ I 4 12 1 / 1 2 / 3 1 / / 7 7 4 3 7 Vi 1 1 0 1 8 Is s y u e e a d r s to o r g m ov o e re r n 8 m ental units (all maturities') 10 73/4 6 6 / / 1 1 / / 7 7 8 8 V4 '12/23/74' 6 6 / / 1 1 / / 7 7 8 8 V3/4 12 Individual retirement accounts and Keogh (H.R. 10) plans (3 years or more) 10,11 6/1/78 73/4 7/6/77 6/1/78 73/4 Special variable ceiling rates by maturity 13 91-day time deposits13 ri3i 14 6-month money market time deposits 14 15 12-month all savers certificates " 16 2Vi years to less than 3Vi years 16 Accounts with no ceiling rates 17 Individual retirement accounts and Keogh (H.R. 10) plans (18 months or more) 18 18 3Vi years or more time deposits 19 1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loans. beginning Nov. 1, 1981, depository institutions may pay rates of interest on these 2. For authorized states only. Federally insured commercial banks, savings and deposits indexed to the higher of (1) the rate for 26-week Treasury bills established loan associations, cooperative banks, and mutual savings banks in Massachusetts immediately before the date of deposit (bill rate) or (2) the average of the four and New Hampshire were first permitted to offer negotiable order of withdrawal rates for 26-week Treasury bills established for the 4 weeks immediately before (NOW) accounts on Jan. 1, 1974. Authorization to issue NOW accounts was ex- the date of deposit (4-week average bill rate). Ceilings are determined as follows: tended to similar institutions throughout New England on Feb. 27, 1976, in New York State on Nov. 10, 1978, and in New Jersey on Dec. 28, 1979. Authorization Bill rate or 4-week Commercial bank ceiling to issue NOW accounts was extended to similar institutions nationwide effective average bill rate Dec. 31, 1980. 7.50 percent or below 7.75 percent 3. For exceptions with respect to certain foreign time deposits see the BULLETIN Above 7.50 percent 1/4 of 1 percentage point plus the higher of for October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 (p. 167). the bill rate or 4-week average bill rate 4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts at savings and loan associations was decreased to 14 days and the minimum maturity Thrift ceiling period for time deposits at savings and loan associations in excess of $100,000 was 7.25 percent or below 7.75 percent decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice Above 7.25 percent, but below >/S of 1 percentage point plus the higher of period for time deposits was decreased from 30 to 14 days at mutual savings banks. 8.50 percent the bill rate or 4-week average bill rate 5. Effective Oct. 30, 1980, the minimum maturity or notice period for time 8.50 percent or above, but below 9 percent deposits was decreased from 30 to 14 days at commercial banks. 8.75 percent 6. No separate account category. 8.75 percent or above '/4 of 1 percentage point plus the higher of 7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was the bill rate or 4-week average bill rate required for savings and loan associations, except in areas where mutual savings banks permitted lower minimum denominations. This restriction was removed for The maximum allowable rates in June for commercial banks and thrifts based on deposits maturing in less than 1 year, effective Nov. 1, 1973. the bill rate were as follows: June 8,12.367; June 15, 12.753; June 22,13.281; June 8. No minimum denomination. Until July 1, 1979, the minimum denomination 29, 13.669. The maximum allowable rates in June for commercial banks and thrifts was $1,000 except for deposits representing funds contributed to an individual based on the 4-week average bill rate were as follows: June 8, 12.142; June 15, retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the 12.222; June 22, 12.56; June 29, 13.018. Internal Revenue Code. The $1,000 minimum requirement was removed for such 15. Effective Oct. 1, 1981, depository institutions are authorized to issue all accounts in December 1975 and November 1976 respectively. savers certificates (ASCs) with a 1-year maturity and an annual investment yield 9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or equal to 70 percent of the average investment yield for 52-week U.S. Treasury bills more with minimum denominations of $1,000 had no ceiling; however, the amount as determined by the auction of 52-week Treasury bills held immediately before of such certificates that an institution could issue was limited to 5 percent of its the calendar week in which the certificate is issued. A maximum less than 9.50 total time and savings deposits. Sales in excess of that amount, as well as certificates percent, commercial banks may pay lifetime exclusion of $1,000 ($2,000 on a joint of less than $1,000, were limited to the 6Vi percent ceiling on time deposits maturing return) from gross income is generally authorized for interest income from ASCs. in 2years or more. Effective Nov. 1,1973, ceilings were reimposea on certificates The annual investment yields for ASCs issued in June (in percent) were as follows: maturing in 4 years or more with minimum denomination of $1,000. There is no June 13, 9.85. limitation on the amount of these certificates that banks can issue. 16. Effective Aug. 1, 1981, commercial banks may pay interest on any variable 10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denom- ceiling nonnegotiable time deposit with an original maturity of 2'/5 years to less ination requirements. than 4 years at a rate not to exceed '/4 of 1 percent below the average 2Vi-year 11. Effective Jan. 1,1980, commercial banks are permitted to pay the same rate yield for U.S. Treasury securities as determined and announced by the Treasury as thrifts on IRA and Keogh accounts and accounts of governmental units when Department immediately before the date of deposit. Effective May 1, 1982, the such deposits are placed in the new 2'/i-year or more variable-ceiling certificates maximum maturity for this category of deposits was reduced to less than 3Vi years. or in 26-week money market certificates regardless of the level of the Treasury bill Thrift institutions may pay interest on these certificates at a rate not to exceed the rate. average 2Vi -year yield for Treasury securities as determined and announced by 12. Must have a maturity of exactly 26 weeks and a minimum denomination of the Treasury Department immediately before the date of deposit. If the announced $10,000, and must be nonnegotiable. average 2Vi-year yield for Treasury securities is 9.25 percent and thrift institutions 13. Effective May 1, 1982, depository institutions were authorized to offer time 9.50 percent for these deposits. These deposits have no required minimum denomdeposits that have a minimum denomination of $7,500 and a maturity of 91 days. ination, and interest may be compounded on them. The ceiling rates of interest at The ceiling rate of interest on these deposits is indexed to the discount rate (auction which they may be offered vary biweekly. The maximum allowable rates in June average) on most recently issued 91-day Treasury bills for thrift institutions and (in percent) for commercial banks were as follows: June 8, 13.75; June 22, 14.45; the discount rate minus 25 basis points for commercial banks. The rate differential and for thrifts: June 8, 14.00; June 22, 14.70. ends 1 year from the effective date of these instruments and is suspended at any 17. Between Jan. 1,1980, and Aug. 1, 1981, commercial banks, and thrifts were time the Treasury bill discount rate is 9% or below for four consecutive auctions. authorized to offer variable ceiling nonnegotiable time deposits with no required The maximum allowable rates in June (in percent) for commercial banks were as minimum denomination and with maturities of 2Vi years or more. Effective Jan. follows: June 8,11.824; June 15,11.998; June 22,12.338; June 29,13.019; and for 1, 1980, the maximum rate for commercial banks was 3/4 percentage point below thrift institutions: June 8,12.074; June 15,12.248; June 22,12.588; June 29,13.269. the average yield on 2Vi-year U.S. Treasury securities; the ceiling rate for thrifts 14. Commercial banks and thrift institutions were authorized to offer money was VA percentage point higher than that for commercial banks. Effective Mar. 1, market time deposits effective June 1, 1978. These deposits have a minimum de- 1980, a temporary ceiling of ll3/4 percent was placed on these accounts at comnomination requirement of $10,000 and a maturity of 26 weeks. The ceiling rate mercial banks and 12 percent on these accounts at savings and loans. Effective of interest on tnese deposits is indexed to the discount rate (auction average) on June 2, 1980, the ceiling rates for these deposits at commercial banks and savings most recently issued 26-week U.S. Treasury bills. Interest on these certificates may and loans was increased Vi percentage point. The temporary ceiling was retained, not be compounded. Effective for ail 6-month money market certificates issued and a minimum ceiling of 9.25 percent for commercial banks and 9.50 percent for thrifts was established. NOTES are continued on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Nonfinancial Statistics • July 1982 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars 1981 1982 TTyyppee ooff ttrraannssaaccttiioonn 11997799 11998800 11998811 Nov. Dec. Jan. Feb. Mar. Apr. May U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 15,998 7,668 13,899 1.765 2,170 0 1.017 474 4,149 595 2 Gross sales 6,855 7.331 6,746 0 0 2,756 868 995 0 519 3 Exchange 0 0 0 0 0 0 0 0 0 0 4 Redemptions 2,900 3.389 1,816 16 0 600 0 600 0 400 Others within I year1 5 Gross purchases 3.203 912 317 0 80 0 20 0 132 0 6 Gross sales 0 0 23 0 0 0 0 0 0 0 7 Maturity shift 17,339 12.427 13,794 1,389 887 542 2,633 900 333 1,498 8 Exchange -11,308 -18.251 - 12,869 -3,047 -754 0 -940 -1.479 -525 -2,541 9 Redemptions 2.600 0 0 0 0 0 0 0 0 0 1 to 5 years 10 Gross purchases 2,148 2,138 1,702 100 526 0 50 0 570 0 11 Gross sales 0 0 0 0 0 0 0 0 0 0 12 Maturity shift - 12.693 -8.909 - 10,299 -1.057 -887 -542 -974 -900 -333 -1,000 13 Exchange 7,508 13,412 10.117 2.325 754 0 765 1.479 525 1,600 5 to 10 years 14 Gross purchases 523 703 393 0 165 0 0 0 81 0 IS Gross sales 0 0 0 0 0 0 0 0 0 0 16 Maturity shift -4,646 -3.092 -3,495 -332 0 0 - 1,659 0 0 -498 1/ Exchange 2,181 2.970 1.500 400 0 0 100 0 0 941 Over 10 years 18 Gross purchases 454 811 379 0 108 0 0 0 52 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 1.253 322 0 0 75 0 0 0 All maturities1 22 Gross purchases 22,325 12,232 16.690 1,865 3,049 0 1.087 474 4,984 595 23 Gross sales 6.855 7,331 6.769 0 0 2,756 868 995 0 519 24 Redemptions 5,500 3,389 1,816 16 0 600 0 600 0 400 Matched transactions 25 Gross sales 627,350 674,000 589,312 42.012 54,098 51,132 28.033 38.946 44,748 36,047 26 Gross purchases 624,192 675.496 589,647 41.900 54,044 51,717 28.258 38,650 44,759 36,790 Repurchase agreements 2/ Gross purchases 107,051 113.902 79.920 9.505 14,180 12,962 18.656 8,595 18,396 10,155 28 Gross sales 106,968 113,040 78.733 7.709 12,760 12,914 21,919 6,998 14,724 15,424 29 Net change in U.S. government securities 6,896 3,869 9,626 3,534 4,415 -2.724 -2,820 179 8,667 -4,850 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 853 668 494 494 0 0 0 0 0 0 31 Gross sales 399 0 0 0 0 0 0 0 0 00 32 Redemptions 134 145 108 10 4 68 32 13 5 11 Repurchase agreements 33 Gross purchases 37,321 28,895 13,320 1,607 1.647 800 872 554 2,033 1,305 34 Gross sales 36,960 28,863 13,576 1,288 1.697 935 1,006 471 1,119 2,301 35 Net change in federal agency obligations 681 555 130 802 -54 -203 - 166 70 909 -997 BANKERS ACCEPTANCES 36 Repurchase agreements, net 116 73 -582 744 -549 402 -597 488 280 -768 37 Total net change in System Open Market Account 7,693 4,497 9,175 5,080 3,812 -2,524 -3,583 737 9,856 -6,615 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 June 2 June 9 June 16 June 23 June 30 Apr. May June Consolidated condition statement ASSETS 1 Gold certificate account 11.149 11,149 11,149 11.149 11,149 11,149 11,149 11,149 2 Special drawing rights certificate account 3,818 3,818 3,818 3,818 3,818 3,818 3,818 3,818 3 Coin 386 386 397 408 415 411 386 415 Loans 4 To depository institutions 1,202 5,670 1,504 1,054 1,638 1,799 1,058 1,638 5 Other 0 0 0 0 0 0 0 0 Acceptances 6 Held under repurchase agreements 1,424 0 0 0 0 768 0 0 Federal agency obligations 7 Bought outright 9.008 9,008 9,002 9,002 9,002 9,008 9,008 9,002 8 Held under repurchase agreements 288 0 0 0 0 996 0 0 U.S. government securities Bought outright 9 Bills 49,843 49,798 51,519 51,737 47,921 49.704 50,123 47,921 10 Notes 61,143 61,143 61,143 61.143 60,943 61,143 61,143 60,943 11 Bonds 18,141 18,141 18,141 18,141 18,141 18,141 18,141 18,141 12 Total1 129,127 129,082 130,803 131.021 127,005 128.988 129,407 127,005 13 Held under repurchase agreements 2,996 0 0 0 0 5,269 0 0 14 Total U.S. government securities 132,123 129,082 130.803 131,021 127,005 134,257 129,407 127,005 15 Total loans and securities 144,045 143,760 141,309 141,077 137,645 146,828 139,473 137,645 16 Cash items in process of collection 10,876 6,785 9,969 8,775 9,603 8,449 8,033 9,603 17 Bank premises 518 518 519 519 521 514 518 521 Other assets 18 Denominated in foreign currencies2 4,885 4,886 4,929 4.930 4,779 5.591 4,880 4,779 19 All other3 3,088 3,662 3,458 3,583 3,513 4,289 3,237 3,513 20 Total assets 178,765 174,964 175,548 174,259 171,443 181,049 171,494 171,443 LIABILITIES 21 Federal Reserve notes 133,809 134,350 134,152 133,506 134,228 130,189 132,619 134,228 Deposits 22 Depository institutions 27,220 25,078 24,025 25.762 20,198 24,702 23,463 20,198 23 U.S. Treasury—General account 3,554 3,637 4,463 2,857 4,099 12,239 2,540 4,099 24 Foreign—Official accounts 265 296 228 275 586 966 308 586 25 Other 680 505 487 423 437 450 523 437 26 Total deposits 31,719 29,516 29,203 29,317 25,320 38,357 26,834 25,320 27 Deferred availability cash items 7,953 5,454 7,058 6,207 7,058 6,942 6,257 7,058 28 Other liabilities and accrued dividends4 2,319 2,702 2,166 2,267 2,079 2,497 2,643 2,079 29 Total liabilities 175,800 172,022 172,579 171,297 168,685 177,985 168,353 168,685 CAPITAL ACCOUNTS 30 Capital paid in 1,317 1,317 1,325 1,327 1,327 1,308 1,316 1,327 31 Surplus 1,278 1,278 1,278 1,278 1,278 1,278 1,278 1,278 32 Other capital accounts 370 347 366 357 153 478 547 153 33 Total liabilities and capital accounts 178,765 174,964 175,548 174,259 171,443 181,049 171,494 171,443 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 91,035 92,535 94.697 91,502 96,122 90,609 91,025 96,122 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to bank) .... 153,330 153,584 153,715 153,920 154,036 152,734 152,932 154,036 36 LESS: Held by bank5 19,521 19,234 19,563 20,414 19,808 22,545 20,313 19,808 37 Federal Reserve notes, net 133,809 134,350 134,152 133,506 134,228 130,189 132,619 134,228 Collateral for Federal Reserve notes 38 Gold certificate account 11,149 11,149 11,149 11,149 11,149 11,149 11,149 11,149 39 Special drawing rights certificate account 3,818 3,818 3,818 3,818 3,818 3,818 3,818 3,818 40 Other eligible assets 0 0 0 0 39 0 0 39 41 U.S. government and agency securities 118,842 119,383 119,185 118,539 119,222 115,222 117,652 119,222 42 Total collateral 133,809 134,350 134,152 133,506 134,228 130,189 132,619 134,228 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 Nonfinancial Statistics • July 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 June 2 June 9 June 16 June 23 June 30 Apr. 30 May 28 June 30 1 Loans—Total 1,202 5,670 1,504 1,054 1,638 1,799 1,058 1,638 2 Within 15 days 1,068 5,543 1,481 1,017 1,585 1,704 1,010 1,585 3 16 days to 90 days 134 127 23 37 53 95 48 53 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Acceptances—Total 1.424 0 0 0 0 768 0 0 6 Within 15 days 1,424 0 0 0 0 768 0 0 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 132,123 129,082 130,803 131,021 127,005 134,257 129,407 127,005 10 Within 15 days1 8,962 6,254 7,273 5,435 2,316 9,832 3.090 2,316 11 16 days to 90 days 25,915 25,586 26,443 27,227 25,432 26,284 28,912 25,432 12 91 days to 1 year 32,093 32,089 32,021 33,293 34,454 34,442 32,138 34,454 13 Over 1 year to 5 years 37,676 37,676 37,589 37,589 37.326 36,665 37,790 37,326 14 Over 5 years to 10 years 10.717 10,717 10,717 10,717 10,717 10,274 10,717 10,717 15 Over 10 years 16,760 16,760 16,760 16,760 16,760 16,760 16,760 16,760 16 Federal agency obligations—Total 9,296 9,008 9,002 9,002 9,002 10,004 9,008 9,002 17 Within 15 days1 334 46 135 135 184 1,082 105 184 18 16 days to 90 days 510 591 491 491 443 465 510 443 19 91 days to 1 year 1,591 1,510 1,602 1,602 1,629 1,591 1,545 1,629 20 Over 1 year to 5 years 5,394 5,394 5,344 5,344 5,316 5,413 5,387 5,316 21 Over 5 years to 10 years 933 933 927 927 927 919 927 927 22 Over 10 years 534 534 503 503 503 534 534 503 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. 1982 BBaannkk ggrroouupp,, oorr ttyyppee ooff ccuussttoommeerr 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May Debits to demand deposits1 (seasonally adjusted) 1111 AAAAllllllll ccccoooommmmmmmmeeeerrrrcccciiiiaaaallll bbbbaaaannnnkkkkssss 49,775.0 63.013.4 80,059.7 83,804.4 85,274.3 83,617.4 83,404.1 87,488.1 2222 MMMMaaaajjjjooooiiii NNNNeeeewwww YYYYoooorrrrkkkk CCCCiiiittttyyyy bbbbaaaannnnkkkkssss 18.512.7 25.192.5 33,642.7 35,117.6 35,983.8 34,218.3 35.238.0 37,379.7 3333 OOOOtttthhhheeeerrrr bbbbaaaannnnkkkkssss 31,262.3 37,820.9 46,417.0 48,686.8 49,290.5 49,399.1 48.166.1 50,108.4 Debits to savings deposits2 (not seasonally adjusted) 4444 AAAATTTTSSSS////NNNNOOOOWWWW3333 83.3 158.4 741.3 934.7 836.7 935.4 1,072.5 929.0 5555 BBBBuuuussssiiiinnnneeeessssssss4444 77.3 93.4 112.1 104.4 95.2 115.4 103.0 90.2 6666 OOOOtttthhhheeeerrrrssss5555 515.2 605.3 582.2 636.8 534.8 586.9 609.6 570.4 7777 AAAAllllllll aaaaccccccccoooouuuunnnnttttssss 675.8 857.2 1,435.6 1,675.8 1,466.7 1,637.6 1,785.1 1,589.6 Demand deposit turnover1 (seasonally adjusted) 8 All commercial banks 163.5 201.6 281.4 293.4 307.1 304.7 301.3 315.8 9 Major New York City banks 646.2 813.7 1,100.5 1,129.0 1,252.1 1,211.7 1,255.3 1,292.8 10 Other banks 113.3 134.3 182.8 191.2 198.0 200.7 193.7 202.0 Savings deposit turnover2 (not seasonally adjusted) 11 ATS/NOW3 7.8 9.7 14.2 14.3 13.0 14.2 15.4 14.0 12 Business4 7.2 9.3 12.3 12.5 12.1 14.6 13.2 11.4 13 Others5 2.7 3.4 3.7 4.2 3.6 3.9 4.0 3.8 14 All accounts 3.1 4.2 6.6 7.5 6.6 7.3 7.8 7.1 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 SMSAs, which were 2. Excludes special club accounts, such as Christmas and vacation clubs. available through June 1977. Back data are available from Publications Services, 3. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts Board of Governors of the Federal Reserve System, Washington, D.C. 20551. authorized for automatic transfer to demand deposits (ATS). ATS data availability Debits and turnover data for savings deposits are not available before July 1977. starts with December 1978. 4. Represents corporations and other profit-seeking organizations (excluding commercial banks but including savings and loan associations, mutual savings banks, credit unions, the Export-Import Bank, and federally sponsored lending agencies). 5. Savings accounts other than NOW; business; and, from December 1978, ATS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary Aggregates A13 1.21 MONEY STOCK MEASURES AND COMPONENTS Billions of dollars, averages of daily figures 1982 IItteemm D 19 e 7 c 8 . D 19 e 7 c 9 . D 19 e 8 c 0 . D 19 e 8 c 1 . Jan.' Feb.' Mar.' Apr/ May Seasonally adjusted MEASURES1 1 Ml 363.2 389.0 414.5 440.9 448.6 447.3 448.3 452.3 451.5 2 M2 1,403.9 1,518.9 1,656. V L,822.7R 1,841.3 1,848.0 1,865.2 1,880.7 1,897.5 .3 M3 1,629.0 1,779.4' 1,963.1 2,188. R 2,204.3 2,215.0 2,235.8 2,258.1 2,278.6 4 L2 1,938.9 2,153.9 2,370.4 2,642.8' 2,666.1 2,687.2 n.a. n.a. n.a. SELECTED COMPONENTS 5 Currency 97.4 106.1 116.2 123.1 123.8 124.6 125.1 126.3 127.4 6 Traveler's checks3 3.5 3.7 4.2 4.3 4.3 4.3 4.4 4.4 4.5 7 Demand deposits 253.9 262.2 267.2 236.4 239.3 234.5 233.0 233.0 232.6 8 Other checkable deposits7 8.4 16.9 26.9 77.0 81.1 83.8 85.7 88.6 87.0 9 Savings deposits4 479,9 421.7 398.9 343.6 348.8 348.6 350.7 350.5 350.9 10 Small-denomination time deposits5 533.9 652.6 751.7 854.7 852.3 859.4 870.0 881.6 894.1 11 Large-denomination time deposits6 194.6 221.8 257.9 300.3' 302.6 308.0 312.5 317.1 321.3 Not seasonally adjusted MEASURES1 12 Ml 372.5 398.8 424.6 451.2 453.4 437.2 440.0 455.5 445.1 13 M2 1,408.5 1,524.7' 1,662.5' 1,829.4' 1,849.2 1,842.9 1,861.9 1,887.9 1,888.8 14 M3 1,637.5 1,789.2 1,973.9' 2,199.9' 2,217.2 2,216.0 2,237.4 2,266.1 2,268.6 15 L2 1,946.6 2,162.8 2,380.2 2.653.8' 2,680.4 2,695.0 n.a. n.a. n.a. SELECTED COMPONENTS 16 Currency 99.4 108.2 118.3 125.4 123.3 123.0 123.8 125.7 127.2 17 Traveler's checks3 3.3 3.5 3.9 4.1 4.1 4.1 4.2 4.2 4.3 18 Demand deposits 261.5 270.1 275.1 243.3 243.6 228.5 228.2 236.1 228.2 19 Other checkable deposits7 8.4 17.0 27.2 78.4 82.5 81.4 83.7 89.5 85.3 20 Overnight RPs and Eurodollars8 24.1 26.3 35.0 38.1 43.2 42.9 43.0 40.4 42.8 21 Savings deposits4 478.0 420.5 398.0 343.0 346.8 344.5 346.1 348.1 347.4 22 Small-denomination time deposits5 531.1 649.7 748.9 851.7 857.5 868.5 879.6 888.2 895.3 Money market mutual funds 23 General purpose and broker/dealer 7.1 34.4' 61.9' 151.2' 154.9 156.0 159.2 161.9 164.3 24 Institution only 3.1 9.3 13.9 33.7 32.5 30.5 31.5 31.5 32.8 25 Large-denomination time deposits6 198.6 226.0 262.3 305.4' 307.6 314.2 317.4 317.9 320.0 1. Composition of the money stock measures is as follows: 5. Small-denomination time deposits—including retail RPs—are those issued in Ml: Averages of daily figures for (1) currency outside the Treasury. Federal amounts of less than $100,000. Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of non- 6. Large-denomination time deposits are those issued in amounts of $100,000 bank issuers; (3) demand deposits at all commercial banks other than those due or more and are net of the holdings of domestic banks, thrift institutions, the U.S. to domestic banks, the U.S. government, and foreign banks and official institutions government, money market mutual funds, and foreign banks and official instituless cash items in the process of collection and Federal Reserve float; and (4) tions. negotiable order of withdrawal (NOW) and automatic transfer service (ATS) ac- 7. Includes ATS and NOW balances at all institutions, credit union share draft counts at banks and thrift institutions, credit union share draft (CUSD) accounts, balances, and demand deposits at mutual savings banks. and demand deposits at mutual savings banks. 8. Overnight (and continuing contract) RPs are those issued by commercial M2: Ml plus savings and small-denomination time deposits at all depository banks to other than depository institutions and money market mutual funds (general institutions, overnight repurchase agreements at commercial banks, overnight Eu- purpose and broker/dealer), and overnight Eurodollars are those issued by Carodollars held by U.S. residents other than banks at Caribbean branches of member ribbean branches of member banks to U.S. residents other than depository instibanks, and balances of money market mutual funds (general purpose and broker/ tutions and money market mutual funds (general purpose and broker/dealer). dealer). M3: M2 plus large-denomination time deposits at all depository institutions, term NOTE. Latest monthly and weekly figures are available from the Board's H.6 RPs at commercial banks and savings and loan associations, and balances of in- (508) release. Back data are available from the Banking Section, Division of Restitution-only money market mutual funds. search and Statistics, Board of Governors of the Federal Reserve System, Wash- 2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents ington, D.C. 20551. other than banks, bankers acceptances, commercial paper, Treasury bills and other liquid Treasury securities, and U.S. savings bonds. Revisions in M2, M3, L, and money market mutual funds reflect the inclusion of 3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank three general purpose and broker/dealer money market funds that began reporting issuers. in May 1982 though their operations had begun earlier. 4. Savings deposits exclude NOW and ATS accounts at commercial banks and thrift institutions and CUSDs at credit unions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • July 1982 1.22 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 1981 1982 IItteemm 1978 1979 1980 Dec. Dec. Dec. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 35.08 36.37 39.01 40.31 40.12 40.15 40.53 41.28 40.93 41.09 41.18 41.33 41.48 2 Nonborrowed reserves 34.22 34.90 37.32 38.86 38.94 39.49 39.89 39.76 39.14 39.53 39.61 40.21 40.28 3 Required reserves 34.85 36.04 38.49 39.90 39.84 39.81 40.21 40.86 40.62 40.73 40.91 40.97 41.13 4 Monetary base4 134.7 145.0 158.0 163.7 163.8 164.3 165.8 167.4 167.9 168.5 169.8 171.0 172.2 Not seasonally adjusted 5 Total reserves3 35.66 36.97 39.70 40.09 40.22 40.33 41.26 42.70 40.74 40.53 41.09 40.98 40.92 6 Nonborrowed reserves 34.80 35.50 38.01 38.63 39.04 39.67 40.63 41.18 38.95 38.98 39.52 39.87 39.72 7 Required reserves 35.43 36.65 39.19 39.67 39.94 39.99 40.94 42.28 40.44 40.18 40.81 40.63 40.57 8 Monetary base4 137.4 147.9 161.0 163.3 163.8 165.6 168.9 168.5 166.1 166.5 168.9 170.4 171.5 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS5 9 Total reserves3 41.68 43.91 40.66 40.59 40.71 40.95 41.92 43.20 41.29 39.23 39.56 39.55 39.60 10 Nonborrowed reserves 40.81 42.43 38.97 39.13 39.53 40.29 41.29 41.69 39.50 37.68 37.99 38.43 38.40 11 Required reserves 41.45 43.58 40.15 40.18 40.43 40.60 41.60 42.78 40.98 38.88 39.28 39.19 39.25 12 Monetary base4 144.6 156.2 162.4 163.9 164.3 166.3 169.7 169.1 166.8 165.4 167.6 169.2 170.5 1. Reserve measures from November 1980 to date reflect a one-time increase— 5. Reserves of depository institutions series reflect actual reserve requirement estimated at $550 million to $600 million—in required reserves associated with the percentages with no adjustments to eliminate the effect of changes in Regulation reduction of week-end avoidance activities of a few large banks. D, including changes associated with the implementation of the Monetary Control 2. Reserve aggregates include required reserves of member banks and Edge Act Act. Includes required reserves of member banks and Edge Act corporations and, corporations ana other depository institutions. Discontinuities associated with the beginning Nov. 13, 1980, other depository institutions. Under the transitional phaseimplementation of the Monetary Control Act, the inclusion of Edge Act corporation in program of the Monetary Control Act of 1980, the net changes in required reserves, and other changes in Regulation D have been removed. reserves of depository institutions have been as follows: effective Nov. 13, 1980, 3. Reserve balances with Federal Reserve Banks (which exclude required clear- a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; Mar. 12, ing balances) plus vault cash at institutions with required reserve balances plus 1981, an increase of $75 million; May 14. 1981, an increase of $245 million; Aug. vault cash equal to required reserves at other institutions. 13, 1981, an increase of $245 million; Sept. 3, 1981, a reduction of $1.3 billion; 4. Includes reserve balances and required clearing balances at Federal Reserve and Nov. 19, 1981, an increase of $220 million. Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. NOTE. Latest monthly and weekly figures are available from the Board's H.3(502) Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus statistical release. Back data and estimates of the impact on required reserves and vault cash at depository institutions. changes in reserve requirements are available from the Banking Section, Division of Research and Statistics. Board of Governors of the Federal Reserve System, Washington. D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary Aggregates A15 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars; averages of Wednesday figures 1981 1982 1981 1982 Dec.2 Feb.2 Mar.2 Apr.2 May Dec.2 Feb.2 Mar.2 Apr.2 May Seasonally adjusted Not seasonally adjusted 1 Total loans and securities3 1,316.3 1,332.4" 1,342.5s 1,352.5 1,362.0 1,326.1 1,328.2" 1,337.3s 1,351.3 1,356.0 2 U.S. Treasury securities 111.0 115.I4 114.4s 116.6 116.3 111.4 115.64 116.15 118.7 115.8 3 Other securities 231.4 232.04 233.1s 234.0 234.9 232.8 231,5 232.6s 234.0 235.1 4 Total loans and leases3 973.9 985.24 995.0s 1,002.0 1,010.8 981.8 981.14 988.65 998.7 1,005.1 5 Commercial and industrial loans 358.0 365.6 370.0 373.1 378.9 360.1 364.2 369.0 375.2 378.9 6 Real estate loans 285.7 289.84 292.35 293.9 295.5 286.8 289.64 291.5s 293.0 294.4 7 Loans to individuals 185.1 185.7 186.4 186.9 187.4 186.4 185.1 184.7 185.6 186.2 8 Security loans 21.9 20.8 20.9 20.9 20.6 22.7 20.1 20.3 20.9 19.8 9 Loans to nonbank financial institutions... 30.2 31.4 32.7 33.3 33.5 31.2 31.5 32,2 33.0 33.0 10 Agricultural loans 33.0 33.8 34.3 34.4 34.5 33.0 33.3 33.6 33.8 34.3 11 Lease financing receivables 12.7 13.1 13.1 13.1 13.1 12.7 13.1 13.1 13.1 13.1 12 All other loans 47.2 45.0 45.3 46.5 47.4 49.2 44.1 44.2 44.1 45.3 MEMO: 13 Total loans and securities plus loans sold3-6.. 1,319.1 1,335.24 1,345.3s 1,355.4 1,364.8 1,328.9 1,331.0" 1,340.1s 1,354.2 1,358.8 14 Total loans plus loans sold3,6 976.7 988.14 997.95 1,004.8 1,013.6 984.7 983.94 991.5s 1,001.5 1,007.9 15 Total loans sold to affiliates6 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.8 2.9 2.8 16 Commercial and industrial loans plus loans sold6 360.2 367.8 372.2 375.3 381.1 362.3 366.5 371.3 377.5 381.2 17 Commercial and industrial loans sold6.... 2.2 2.2 2.2 2.3 2.2 2.2 2.2 2.2 2.3 2.2 18 Acceptances held 8.9 8.9 9,6 10.3 10.1 9.8 9.1 9.2 9.5 9.5 19 Other commercial and industrial loans ... 349.1 356.6 360.4 362.8 368.8 350.3 355.2 359.8 365.7 369.4 20 To U.S. addressees7 334.9 344.1 347.7 350.2 355.3 334.3 342.6 347.2 353.0 356.8 21 To non-U.S. addressees 14.2 12.5 12.7 12.6 13.5 16.1 12.6 12.6 12.7 12.6 22 Loans to foreign banks 19.0 16.6 16.1 15.2 15.0 20.0 16.2 15.7 14.7 14.4 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 Mar. banks, New York investment companies majority owned by foreign banks, and 17, 1982, increased total loans and securities $0.6 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, $0.4 billion; and 2. Beginning December 1981, shifts of foreign loans and securities from U.S. real estate loans, $0.4 billion. banking offices to international banking facilities (IBFs) reduced the levels of 6. Loans sold are those sold outright to a bank's own foreign branches, nonseveral items. Seasonally adjusted data that include adjustments for the amounts consolidated nonbank affiliates of the bank, the bank's holding company (if not a shifted from domestic offices to IBFs are available in the Board's G.7 (407) sta- bank), and nonconsolidated nonbank subsidiaries of the holding company. tistical release (available from Publications Services, Board of Governors of the 7. United States includes the 50 states and the District of Columbia. Federal Reserve System, Washington, D.C. 20551). 3. Excludes loans to commercial banks in the United States. NOTE. Data are prorated averages of Wednesday estimates for domestically 4. The merger of a commercial bank with a mutual savings bank beginning Feb. chartered banks, based on weekly reports of a sample of domestically chartered 24, 1982, increased total loans and securities $1.0 billion; U.S. Treasury securities, banks and quarterly reports of all domestically chartered banks. For foreign-related $0.1 billion; other securities, $0.1 billion; total loans and leases, $0.8 billion; and institutions, data are averages of month-end estimates based on weekly reports real estate loans, $0.7 billion. 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 • July 1982 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS' Monthly averages, billions of dollars 1980 1981 1982 SSoouurrccee Dec. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total nondeposit funds 1 Seasonally adjusted2 121.9 122.7 123.3 119.8 116.3 116.2 98.7 89.5 87.8 83.5 83.3 81.4 2 Not seasonally adjusted 122.5 124.6 127.4 125.0 118.3 120.8 99.1 87.9 88.1 84.3 84.0 84.7 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 111.0 113.8 110.5 108.2 109.1 110.1 114.4 116.2 113.7 113.5 113.0 113.0 4 Not seasonally adjusted 111.6 115.7 114.6 113.3 111.1 114.7 114.8 114.6 114.0 114.3 113.7 116.3 5 Net balances due to foreign-related institutions, not seasonally adjusted 8.2 6.2 10.1 8.9 4.5 3.4 -18.5 -29.6 -28.8 -32.9 -32.5 -34.4 6 Loans sold to affiliates, not seasonally adjusted4 2.7 2.7 2.6 2.7 2.7 2.7 2.8 2.9 2.8 2.8 2.8 2.8 MEMO 7 Domestically chartered banks net positions with own foreign branches, not seasonally adjusted5 -14.7 -14.6 -10.2 -12.3 -15.4 -14.9 -22.4 -27.1 -26.1 -29.0 -29.8 -30.3 8 Gross due from balances 37.5 45.0 43.7 44.5 45.5 47.9 54.9 57.1 57.2 59.2 60.0 59.1 9 Gross due to balances 22.8 30.4 33.5 32.2 30.1 32.9 32.5 30.0 31.1 30.1 30.1 28.8 10 Foreign-related institutions net positions with directly related institutions, not seasonally adjusted6 22.9 20.8 20.4 21.2 19.9 18.4 3.9 -2.5 -2.7 -3.8 -2.7 -4.0 11 Gross due from balances 32.5 37.4 38.0 40.1 38.3 39.1 48.1 50.0 50.5 50.0 49.1 49.4 12 Gross due to balances 55.4 58.2 58.4 61.3 58.2 57.4 52.0 47.5 47.8 46.2 46.4 45.4 Security RP borrowings 13 Seasonally adjusted 64.0 69.2 65.7 63.0 64.9 65.0 70.0 73.0 71.0 71.4 71.9 69.0 14 Not seasonally adjusted 62.3 68.9 67.6 65.9 64.7 67.3 68.2 69.2 69.1 70.0 70.4 70.0 U.S. Treasury demand balances8 15 Seasonally adjusted 9.5 10.9 8.3 9.3 11.1 12.1 11.8 13.5 22.2 17.6 13.6 15.4 16 Not seasonally adjusted 9.0 10.8 7.5 10.9 13.3 9.7 11.3 14.5 20.1 15.6 13.8 15.4 Time deposits, $100,000 or more9 17 Seasonally adjusted 267.0 313.1 321.7 324.7 324.8 323.4 324.0 324.3 327.2 332.0 334.4 341.1 18 Not seasonally adjusted 272.4 304.7 314.8 320.2 322.6 324.6 330.3 330.6 335.3 337.2 335.6 339.9 1. Commercial banks are those in the 50 states and the District of Columbia 8. Includes U.S. Treasury demand deposits and Treasury tax-and-Ioan notes at with national or state charters plus agencies and branches of foreign banks, New commercial banks. Averages of daily data. York investment companies majority owned by foreign banks, and Edge Act cor- 9. Averages of Wednesday figures. porations owned by domestically chartered and foreign banks. 2. Includes seasonally adjusted federal funds, RPs, and other borrowings from NOTE. Beginning December 1981, shifts of foreign assets and liabilities from U.S. nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. In- banking offices to international banking facilities (IBFs) reduced levels for several cludes averages of Wednesday data for domestically chartered banks and averages items as follows: lines 1 and 2, $22.4 billion; lines 3 and 4, $1.7 billion; line 5, of current and previous month-end data for foreign-related institutions. $20.7 billion; line 7, $3.1 billion; and line 10, $17.6 billion. For January 1982, levels 3. Other borrowings are borrowings on any instrument, such as a promissory were reduced as follows: lines 1 and 2, $29.6 billion; lines 3 and 4, $2.4 billion; note or due bill, given for the purpose of borrowing money for the banking business. line 5, $27.2 billion; line 7, $4.7 billion; and line 10, $22.4 billion. This includes borrowings from Federal Reserve Banks and from foreign banks, For January 1982, levels were reduced as follows: lines 1 and 2, $29.6 billion; term federal funds, overdrawn due from bank balances, loan RPs, and participa- lines 3 and 4, $2.4 billion; line 5, $27.2 billion; line 7, $4.7 billion; and line 10, tions in pooled loans. Includes averages of daily figures for member banks and $22.4 billion. averages of current and previous month-end data for foreign-related institutions. For February 1982 the levels were reduced as follows: lines 1 and 2, $30.3 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. $27.9 billion; line 7, $4.8 billion; and line 10, held by affiliates. Averages of Wednesday data. $23.1 billion. For March the levels were reduced as follows: lines 1 and 2, $30.8 5. Averages of daily figures for member and nonmember banks. billion; lines 3 and 4, $2.4 billion; line 5, $28.4 billion; line 7, $4.8 billion and line 6. Averages of daily data. 10, $23.6 billion. For April the levels were reduced as follows: lines 1 and 2, $31.3 7. Based on daily average data reported by 122 large banks. billion; lines 3 and 4, $2.4 billion; line 5, $28.9 billion; line 7, $4.9 billion; and line 10, $23.9 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks All 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June DOMESTICALLY CHARTERED COMMERCIAL BANKS' 1 Loans and securities, excluding interbank 1.221.3 1,242.5 1,239.9 1,249.4 1,267.4 1,261.2 1,271.2 1,285.8 1,292.6 1,300.7 1,315.2 2 Loans, excluding interbank 888.7 906.2 902.9 912.8 926.4 920.1 929.1 939.9 947.2 954.3 969.0 3 Commercial and industrial 301.2 308.5 308.5 312.6 320.3 321.0 325.6 332.4 336.7 341.9' 348.5 4 Other 587.5 597.8 594.3 600.2 606.0 599.1 603.5 607.5 610.5 612.4' 620.6 5 U.S. Treasury securities 111.3 109.4 110.0 106.7 109.8 111.5 112.3 114.5 113.0 111.5 113.3 6 Other securities 221.4 226.9 227.1 229.9 231.3 229.6 229.8 231.4 232.4 234.9 232.9 7 Cash assets, total 168.4 190.2 149.8 162.8 173.1 155.3 151.6 164.5 153.6 153.0 165.4 8 Currency and coin 20.0 19.2 19.7 18.3 22.0 19.8 19.7 18.9 19.9 20.0 20.1 9 Reserves with Federal Reserve Banks 25.4 26.8 25.3 26.1 28.0 30.2 24.8 25.7 25.5 21.7 18.3 10 Balances with depository institutions . 61.4 68.9 49.3 52.0 54.5 50.3 51.0 55.9 52.4 54.9 59.6 11 Cash items in process of collection ... 61.6 75.4 55.5 66.4 68.6 55.0 56.1 64.0 55.8 56.3 67.5 12 Other assets2 168.3 184.5 175.5 194.4 211.2 197.0 201.9 219.3 206.6 209.9' 223.1 13 Total assets/total liabilities and capital... 1,558.0 1,617.2 1,565.2 1,606.7 1,651.8 1,613.5 1,624.7 1,669.5 1,652.9 1,663.6r 1,703.8 14 Deposits 1,181.3 1,224.4 1.177.1 1,206.0 1,240.3 1,205.8 1,213.7 1,250.8 1,231.0 1,244.0 1,284.5 15 Demand 342.5 378.0 324.0 339.2 363.9 322.3 316.7 338.3 315.5 315.4 345.1 16 Savings 217.2 216.7 214.0 217.9 222.4 223.0 222.5 229.9 226.6 227.6 228.8 17 Time 621.6 629.7 639.1 648.9 654.0 660.5 674.4 682.6 688.9 701.0 710.6 18 Borrowings 164.4 176.9 174.5 179.3 190.2 191.9 191.0 196.4 201.1 195.1R 189.7 19 Other liabilities 89.8 91.4 89.3 95.2 91.7 89.7 92.5 94.4 92.4 93.9 96.7 20 Residual (assets less liabilities) 122.5 124.4 124.3 126.2 129.6 126.1 127.5 128.0 128.4 130.6 132.9 MEMO: 21 U.S. Treasury note balances included in borrowing 6.4 15.3 13.9 5.6 13.6 16.7 17.1 10.9 16.6 7.1 7.5 22 Number of banks 14,720 14,720 14,740 14,743 14,744 14,690 14,702 14.709 14,710 14,722 14,736 ALL COMMERCIAL BANKING INSTITUTIONS3 23 Loans and securities, excluding interbank 1,306.7 1,334.3 1,324.7 1,335.5 1,330.0 1,321.6 1,331.5 1,345.8 1,350.7 1,358.5 1,374.1 24 Loans, excluding interbank 969.8 993.8 983.6 994.7 984.5 975.8 984.4 995.1 1,000.6 1,007.6'- 1,023.6 25 Commercial and industrial 354.2 366.3 361.7 365.5 360.8 360.3 364.6 372.4 374.7 379.3 386.5 26 Other 615.6 627.5 621.9 629.2 623.7 615.5 619.7 622.7 625.8 628.3 637.1 27 U.S. Treasury securities 115.3 111.6 111.9 108.8 112.5 114.5 115.5 117.6 116.1 114.3 116.2 28 Other securities 223.4 228.9 229.2 232.0 233.0 231.4 231.6 233.1 234.1 236.6 234.3 29 Cash assets, total 205.2 234.5 165.4 179.3 188.1 170.0 165.8 178.8 168.1 167.7 180.4 30 Currency and coin 20.1 19.2 19.7 18.3 22.0 19.8 19.7 18.9 19.9 20.0 20.2 31 Reserves with Federal Reserve Banks 26.6 28.1 26.6 27.5 29.3 31.3 26.1 26.9 26.8 23.0 19.7 32 Balances with depository institutions . 95.7 110.7 62.5 66.0 67.1 62.7 63.0 68.0 64.6 67.3 72.2 33 Cash items in process of collection ... 62.9 76.5 56.6 67.4 69.6 56.1 57.1 65.0 56.8 57.3 68.5 34 Other assets2 233.7 251.0 244.0 267.0 288.7 274.2 278.1 295.2 280.3 285.9' 300.0 35 Total assets/total liabilities and capital... 1,745.6 1,819.8 1,734.0 1,781.7 1,806.8 1,765.8 1,775.5 1,819.9 1,799.1 1,812.1r 1,854.5 36 Deposits 1,250.3 1.293.7 1,224.6 1,254.1 1,288.7 1,251.5 1,258.3 1,295.0 1,272.7 1,286.2' 1,325.6 37 Demand 378.3 412.2 337.1 352.6 377.7 335.1 329.4 350.8 327.9 327.9 357.4 38 Savings 217.5 216.9 214.3 218.1 222.6 223.2 222.8 230.2 226.9 227.8 229.1 39 Time 654.5 664.7 673.1 683.4 688.3 693.1 706.2 714.0 717.9 730.4 739.2 40 Borrowings 223.5 242.7 236.8 246.2 250.8 253.5 255.9 260.0 260.8 255.3' 253.2 41 Other liabilities 147.4 157.0 146.4 153.3 135.6 132.8 131.8 135.0 135.3 138.2' 140.9 42 Residual (assets less liabilities) 124.4 126.3 126.3 128.1 131.5 128.1 129.4 129.9 130.3 132.5 134.8 MEMO: 43 U.S. Treasury note balances included in borrowing 6.4 15.3 13.9 5.6 13.6 16.7 17.1 10.9 16.6 7.1 7.5 44 Number of banks 15,189 15,189 15,209 15,212 15,213 15,185 15,201 15,214 15,215 15,235 15,254 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 • July 1982 1.26 ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on December 31, 1977, Assets and Liabilities, 1982 Millions of dollars, Wednesday figures Account May 5 May 12 May 19 May 26 June 2 P June 9P June 16P June 23P June 30? 1 Cash items in process of collection 48,215 45,426 45,233 44,466 59,329 42,741 49,322 43,056 53,252 2 Demand deposits due from banks in the United States.. 6,416 6,224 6,425 6,542 8,394 6,726 7,322 6,512 7,215 3 All other cash and due from depository institutions 32,594 35,201 35,136 31,425 36,155 33,454 32,957 34,041 28,567 4 Total loans and securities 623,485 616,115 612,505 614,907 623,221 620,563 621,766 614,506 624,979 Securities 5 U.S. Treasury securities 38,157 37,628 37,378 36,396 36,938 38,056 37,245 36,819 37,020 6 Trading account 8,110 8,518 8,195 7,076 7,767 8,266 7,683 7,301 7,821 7 Investment account, by maturity 30,047 29,110 29,183 29,320 29,170 29,790 29,562 29,518 29,199 8 One year or less 10,083 9,696 9,317 9,484 9,573 9.966 10,046 10,118 9,822 9 Over one through five years 17,804 17,260 17,545 17,519 17,055 17,282 17,051 17,018 16,995 10 Over five years 2,159 2,154 2,321 2,317 2,542 2,542 2,464 2,382 2,382 11 Other securities 80,912 79,228 79,119 80,984 80,609 81,164 79,348 78,883 78,083 12 Trading account 5,300 3,611 3,456 4,770 4,816 5,290 3,708 3,226 2,862 13 Investment account 75,612 75,617 75.662 76,214 75,792 75,874 75,640 75,658 75,221 14 U.S. government agencies 15,933 15,963 16.024 15,829 15,798 15,733 15,622 15,554 15,516 15 States and political subdivisions, by maturity 56,773 56,698 56,630 57,303 57,006 57,037 56,947 57,074 56,512 16 One year or less 7,769 7,675 7,659 8,247 8,103 8,151 8,098 8,247 7,657 17 Over one year 49,004 49,023 48.971 49,056 48,902 48,885 48,849 48,827 48,856 18 Other bonds, corporate stocks and securities 2,906 2,955 3,008 3,082 2,988 3,103 3,071 3,029 3,193 Loans 19 Federal funds sold1 38,948 34,782 31,752 31.640 35,426 31,920 35,649 31,572 36,336 20 To commercial banks 27,661 24,376 22,030 21,255 25,600 21,819 25,416 20,384 24,947 21 To nonbank brokers and dealers in securities 8,363 7,477 7,133 7,625 7,051 7,306 7,397 8,400 8,398 22 To others 2,925 2,928 2,588 2,760 2,775 2,795 2,836 2,788 2,990 23 Other loans, gross 478,204 477,267 477,075 478,717 483,115 482,364 482,493 480,149 486,362 24 Commercial and industrial 207,957 207,542 207,599 208,362 209,058 209,589 209,489 208,505 212,150 25 Bankers acceptances and commercial paper 4,453 4,406 4.941 5,131 5,320 4,924 4,909 3,911 4,165 26 All other 203,504 203,136 202.657 203.231 203,737 204,665 204,580 204,594 207,985 27 U.S. addressees 196,854 196,353 195.917 196,392 196,854 197,697 197,691 197,643 200,840 28 Non-U.S. addressees 6,650 6,783 6,740 6,839 6,883 6,968 6,889 6,951 7,145 29 Real estate 128,500 128,704 128,902 128,956 129,098 129,196 129,466 129,730 129,707 30 To individuals for personal expenditures 72,090 71,771 71,780 71,783 72,207 72,179 72,316 72,435 72,674 To financial institutions 31 Commercial banks in the United States 6,027 6,038 5,996 6,133 6,858 6,943 6,737 6,625 6,965 32 Banks in foreign countries 7,225 7,245 7,391 6,649 7,513 6,946 7,026 6,925 7,236 33 Sales finance, personal finance companies, etc 11,269 11.138 10,893 11,222 11,504 11,249 11,637 11,137 11,322 34 Other financial institutions 16,412 16,561 16,396 16,225 16,264 16,305 16,232 16,143 16,356 3 3 5 6 T T o o o n t o h n e b r a s n f k o r b p ro u k rc e h rs a s a in n g d a d n e d a le c r a s r r i y n i n s g e c s u e r c i u ti r e i s t ies2 2 5 , , 5 2 9 5 2 6 2 5 , , 6 7 6 9 6 7 2 5 . , 6 0 0 8 2 7 6 2, , 5 2 9 9 0 2 6 2 , , 4 6 5 0 5 1 6 2 , , 6 6 8 0 2 3 6 2 , , 0 5 2 4 1 7 5 2 , , 5 5 0 1 9 9 6 2 , , 0 6 3 8 4 6 37 To finance agricultural production 6,108 6,127 6.185 6,222 6,208 6,213 6,288 6,310 6,347 38 All other 14,767 13,679 14,245 14,284 15,348 14,460 14,734 14,310 14,882 39 LESS: Unearned income 5,843 5,868 5,896 5,903 5,859 5,896 5,916 5,912 5,871 40 Loan loss reserve 6,892 6,922 6,923 6,929 7,007 7,045 7,053 7,006 6,950 41 Otherloans.net 465,468 464,477 464,256 465,885 470,248 469,423 469,524 467,230 473,541 42 Lease financing receivables 11,088 11,078 11,084 11,084 11,089 11,100 11,095 11,086 11,127 43 All other assets 112,978 113,314 112,077 109.501 112,869 113,197 115,206 112,307 115,852 44 Total assets 834,777 827,358 822,461 817,926 851,057 827,781 837,668 821,507 840,992 Deposits 45 Demand deposits 166,522 160,003 162,126 158,222 179,471 158,284 168,528 155,401 178,334 46 Mutual savings banks 583 553 536 515 651 501 528 433 623 47 Individuals, partnerships, and corporations 124,032 122,148 121,654 119,961 133,774 122,844 126,610 117,706 133,158 48 States and political subdivisions 5,386 4,189 4,324 4,980 4,521 3,837 4,577 4,430 5,662 49 U.S. government 3,577 2,056 2,980 1,848 1,148 1,264 3,476 2,424 2,337 50 Commercial banks in the United States 18,514 17,102 17.971 17,729 23,721 16,667 18,916 16,848 20,386 51 Banks in foreign countries 6,768 6,590 6,755 6,357 7,508 6,111 6,817 66,,449955 6,650 52 Foreign governments and official institutions 1,085 1,013 933 1,043 826 926 1,100 884488 1,699 53 Certified and officers' checks 6,577 6,352 6,972 5,788 7,321 6,133 6,506 6,215 7,819 54 Time and savings deposits 374,624 375,802 376,728 379,592 381,227 382,513 381,658 380,454 385,112 55 Savings 80,043 79,562 79,590 79,290 80,795 80,709 80,384 78.880 79,628 56 Individuals and nonprofit organizations 76,654 76,066 76,182 75,776 77,363 77,294 77,016 75,537 76,146 57 Partnerships and corporations operated for profit .. 2,807 2,812 2,776 2,797 2,823 2,828 2,769 2,770 2,770 58 Domestic governmental units 564 669 608 695 587 561 579 552 691 59 All other 16 15 24 22 21 25 20 20 21 60 Time 294,582 296,239 297,139 300,302 300,432 301,804 301,273 301,574 305,483 61 Individuals, partnerships, and corporations 257,534 258,670 259,904 262,526 263,021 264,591 264,764 264,902 269,334 62 States and political subdivisions 21,285 21,446 21,349 21,654 21,546 21,388 20,761 21,023 20,069 63 U.S. government 560 528 512 538 541 541 534 574 576 64 Commercial banks in the United States 10,821 11,063 10,789 10,947 10,686 10,717 10,677 10,636 10,867 65 Foreign governments, official institutions, and banks 4,382 4,531 4,585 4,636 4,638 4,565 4,537 4,440 4,637 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 356 858 175 452 550 5,088 838 145 502 6 6 7 8 T A r l e l a o s t u h r e y r t l a ia x b -a il n it d ie -l s o a fo n r n b o o t r e r s o wed money3 15 12 1 , , 1 9 2 2 5 2 1 1 5 1 0 , , 2 6 1 8 4 9 14 5 8 , , 1 3 5 5 0 1 14 4 5 , , 7 0 1 4 3 0 15 4 4 , , 5 2 6 3 9 0 150 1 , , 6 1 8 6 7 0 14 7 9 , , 0 6 2 2 9 4 14 8 3 , , 4 6 7 4 0 4 13 4 9 , , 9 0 5 4 0 1 69 Other liabilities and subordinated notes and debentures 73,446 72,806 74,219 74,059 74,606 73,710 73,760 77,362 76,698 70 Total liabilities 778,996 771,373 766,749 762,078 794,654 771,441 781,436 765,475 784,636 71 Residual (total assets minus total liabilities)4 55,781 55,985 55,711 55,848 56,403 56,340 56,232 56,032 56,355 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 4. Not a measure of equity capital for use in capital adequacy analysis or for positions with IBFs are now included in net due from or net due to related instiother analytic uses. tutions. More detail will be available later. Digitized for FRASER 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 May 5 May 12 May 19 May 26 June 2'' June 9'' June 16? June 23r June 30p 1 Cash items in process of collection 45.342 42.782 42,621 41.809 55,704 40.333 46,157 40,335 50,178 2 Demand deposits due from banks in the United States.... 5.763 5.616 5,807 5,850 7,511 6,145 6.623 5,901 6,594 3 All other cash and due from depository institutions 30.141 32,793 32,490 28.801 33.621 31.020 30.425 31,082 26,062 4 Total loans and securities 583,854 576,792 573,641 576,240 583,875 581,187 582,341 575,626 585,269 Securities 5 U.S. Treasury securities 35.205 34,637 34,438 33,471 33.992 35.071 34,191 33,703 33.860 6 Trading account 7.995 8,362 8,094 6,991 7.649 8.194 7.591 7,208 7,710 7 Investment account, by maturity 27.210 26,276 26,344 26,480 26,343 26.877 26.600 26,494 26,150 8 One year or less 9.072 8.684 8,340 8.532 8,604 8.923 8.965 8.989 8,821 9 Over one through five years 16.252 15.711 15.956 15,907 15.468 15.684 15.442 15,396 15.222 10 Over five years 1.886 1.880 2.048 2,042 2.270 2.270 2.193 2,109 2.107 11 Other securities 74.558 72.890 72.736 74,593 74,258 74.781 72,988 72,513 71,756 12 Trading account 5.166 3,504 3.333 4.653 4,719 5.178 3,609 3,127 2,777 13 Investment account 69.393 69,386 69,403 69,940 69,539 69.603 69,378 69,386 68,979 14 U.S. government agencies 14.751 14.779 14,824 14,637 14,584 14,516 14.428 14,341 14,309 15 States and political subdivision, by maturity 51.923 51,836 51,758 52,408 52.155 52,178 52,080 52,216 51,674 16 One year or less 6.983 6,884 6,863 7,436 7,320 7,373 7.309 7,412 6,904 17 Over one year 44.940 44,953 44,895 44,972 44,835 44,805 44,771 44,804 44,770 18 Other bonds, corporate stocks and securities 2.719 2.770 2,821 2,895 2,800 2,909 2,870 2,828 2,996 Loans 19 Federal funds sold1 34.511 30.601 28.064 28,220 31,375 27,840 31,638 28.118 32,335 20 To commercial banks 23.869 20,987 19.075 18,547 22,344 18,536 22.162 17.849 21,814 21 To nonbank brokers and dealers in securities 7.812 6,780 6.495 7,015 6,395 6,639 6.773 7.625 7,644 22 To others 2.830 2.834 2,494 2,658 2,636 2.665 2.703 2,644 2,877 23 Other loans, gross 451.293 450.430 450,196 451,763 456,096 455.411 455.468 453,179 459,113 24 Commercial and industrial 197.539 197,196 197,233 197.927 198,611 199.172 199,091 198,149 201,582 25 Bankers acceptances and commercial paper 4.316 4.267 4,800 5.002 5,178 4.775 4,779 3,781 4,033 26 All other 193.223 192.929 192,433 192,925 193,433 194,397 194,312 194,368 197,549 27 U.S. addressees 186.669 186.243 185.795 186.196 186,667 187,546 187.537 187.535 190,527 28 Non-U.S. addressees 6.554 6.686 6.638 6.729 6.766 6,851 6.774 6.833 7,022 29 Real estate 121.378 121,557 121.743 121,796 121,928 122,030 122.287 122.545 122,497 30 To individuals for personal expenditures 64.706 64,398 64.416 64,383 64.853 64,774 64.888 64,998 65,232 To financial institutions 31 Commercial banks in the United States 5.835 5,846 5,834 5,968 6.715 6,785 6,600 6.468 6,785 32 Banks in foreign countries 7.141 7,169 7.307 6,573 7,438 6,869 6.926 6,844 7,153 33 Sales finance, personal finance companies, etc 11.081 10.955 10.713 11,041 11,315 11,069 11.452 10,956 11,136 34 Other financial institutions 16.015 16,161 15.992 15,817 15,864 15.898 15,808 15,729 15,938 35 To nonbank brokers and dealers in securities 5.205 5,739 5.038 6,240 6,398 6,619 5.966 5,460 5,981 36 To others for purchasing and carrying securities2 2.374 2.452 2,390 2,373 2,378 2,377 2.327 2,296 2.471 37 To finance agricultural production 5.956 5,969 6,025 6,061 6,046 6.049 6.124 6,144 6,179 38 All other 14.063 12,988 13,504 13,583 14,550 13.768 13.999 13,590 14,158 39 LESS: Unearned income 5.189 5,213 5.238 5.246 5,210 5.246 5.263 5.256 5,222 40 Loan loss reserve 6.524 6.554 6,554 6,560 6,636 6,670 6.680 6.630 6,574 41 Otherloans.net 439.579 438.664 438.403 439,956 444,250 443.496 443.524 441.293 447,317 42 Lease financing receivables 10.748 10.739 10,740 10.741 10,745 10,757 10.751 10,756 10.795 43 All other assets 109.186 109.517 108.424 105,757 108,975 109.381 111.293 108,525 111,914 44 Total assets 785,034 778,240 773,725 769,198 800,432 778,823 787,590 772,226 790,811 Deposits 45 Demand deposits 154.614 148,817 150.902 146,990 166,832 147,175 156.300 144,217 166,137 46 Mutual savings banks 558 534 521 500 629 484 507 417 599 47 Individuals, partnerships, and corporations 114.990 113,283 112,996 111,084 124,087 113.975 117,387 109,296 123,812 48 States and political subdivisions 4.732 3,729 3,802 4,480 4,001 3.412 3,925 3,778 5,021 49 U.S. government 3.248 1,892 2,701 1,693 1,007 1,109 2,976 2,091 2,126 50 Commercial banks in the United States 17.023 15,755 16.573 16,357 21.827 15.356 17.456 15.524 18,883 51 Banks in foreign countries 6.693 6.516 6,677 6,300 7,442 6.050 6.720 6,426 6,543 52 Foreign governments and official institutions 1.083 1,008 926 1,034 822 920 1,099 833 1,698 53 Certified and officers' checks 6.288 6,099 6,706 5,543 7,017 5.869 6.229 5.851 7,454 54 Time and savings deposits 351.538 352,509 353.523 356,168 357,680 358,741 357.958 356.798 361,360 55 Savings 73.857 73,420 73,463 73,201 74,581 74.493 74,179 72.821 73,495 56 Individuals and nonprofit organizations 70.732 70,185 70,306 69,940 71,397 71,330 71,060 69.727 70,291 57 Partnerships and corporations operated for profit 2.587 2,588 2.559 2,577 2,608 2.608 2.553 2,552 2,554 58 Domestic governmental units 521 632 574 662 554 529 546 522 628 59 All other 16 15 24 22 21 25 20 20 21 60 Time 277.681 279,089 280,060 282,967 283.099 284.248 283.779 283,977 287,865 61 Individuals, partnerships, and corporations 242.665 243,609 244,890 247,286 247,771 249.103 249.296 249,344 253,681 62 States and political subdivisions 19.625 19.726 19.637 19,918 19,833 19,683 19.100 19,349 18,478 63 U.S. government 508 477 461 483 487 483 477 516 514 64 Commercial banks in the United States 10.500 10,746 10,487 10,643 10,370 10,412 10.368 10.327 10,555 65 Foreign governments, official institutions, and banks . 4.382 4.531 4,585 4,636 4.638 4,565 4.537 4,440 4,637 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 331 808 130 421 550 5.061 803 105 356 67 Treasury tax-and-loan notes 11.251 10,411 4,738 4,372 4,272 1,085 6,534 7.878 4,494 68 All other liabilities for borrowed money-1 143.735 142,500 140,124 136,900 145,768 142,325 141.553 135,405 131,056 69 Other liabilities and subordinated notes and debentures 71.328 70,761 72,136 72,061 72,507 71,679 71.772 75.277 74.550 70 Total liabilities 732,797 725,806 721,552 716,912 747,610 726,065 734,921 719,679 737,954 71 Residual (total assets minus total liabilities)4 52.237 52,434 52.173 52,287 52,822 52,757 52.669 52.547 52,857 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 SI 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 • July 1982 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures, 1982 Account May 5 May 12 May 19 May 26 June 2'' June 9i' June 16^ June 23^ June 30 p 22 11 C D a e s m h a i n t d e m d s e p in o s p i r ts o c d e u s e s o fr f o c m o l b le a c n t k io s n i n the United 13.27ft 12,289 13.683 13,600 15.493 1122..886600 1133..443366 1111,,996622 1166,,444444 States 1.195 1,081 1.147 1.276 1.743 1.362 1.406 1,216 1,370 33 All other cash and due from depository institutions.. 7,511 8.290 6.928 4,282 7.800 6,327 7,543 5,122 4,324 4 Total loans and securities' 137,508 134,608 134,254 135,964 138,067 135,906 136,397 135,226 138,540 Securities 5 U.S. Treasury securities2 6 Trading account2 7 Investment account, by maturity 6.812 6.030 6.471 6.480 6.492 6.629 6.231 6,172 6,032 8 One year or less 1.629 1,135 1.129 1,141 1.089 1,040 1.012 1.014 909 9 Over one through five years 4,731 4,437 4.680 4,649 4.543 4.735 4.441 4.431 4,397 1 1 ( 1 1 O the O r v s e e r c u f r i i v t e ie y s2 e ars 453 458 662 690 859 854 778 727 772266 1? Trading account2 13 Investment account 14.469 14,463 14,499 15,123 14.962 15.056 15.015 14,907 14,785 14 U.S. government agencies 2.036 2.036 2.086 2,062 2.057 2.042 2.035 2.027 2,006 l.i States and political subdivision, by maturity .... 11,607 11,572 11,538 12.118 12,057 12.065 12.026 11,934 11,669 1ft One year or less 2,063 2,027 1.984 2,561 2,506 2.496 2,449 2,356 2,034 1/ Over one year 9.543 9.545 9.554 9.556 9.551 9.569 9,577 9,578 9,635 18 Other bonds, corporate stocks and securities.... 826 855 875 944 848 949 954 946 1,111 Loans 19 Federal funds sold 3 9,250 7.378 7.210 7,488 8.222 7,121 7.081 8,066 9,073 2(1 To commercial banks 4,789 3.465 3.722 3,685 4.311 3.338 3,052 3.356 4,360 21 To nonbank brokers and dealers in securities 3,157 2.624 2.396 2.572 2.775 2,854 2.994 3.300 3,324 22 To others 1.304 1.289 1.092 1,232 1.136 929 1.035 1.410 1,388 23 Other loans, gross 110,672 110.460 109.808 110,616 112.158 110.880 111.874 109.836 112,372 24 Commercial and industrial 58.957 58.590 58.151 58,677 58,927 59.212 59.644 58,861 59.868 2.S Bankers acceptances and commercial paper 1.478 1.468 1,546 1,770 1.757 1.545 1.678 1,191 1,457 2ft All other 57.478 57.122 56.605 56.908 57.170 57.667 57.967 57,670 58,412 11 U.S. addressees 56.091 55.691 55.104 55,474 55.698 56.187 56.458 56,217 56.893 28 Non-U.S. addressees 1,388 1.431 1.500 1.434 1.472 1.480 1.509 1.453 1,518 29 Real estate 17.961 18.017 18.072 18,129 18,167 18.202 18.260 18,316 18,336 3(1 To individuals for personal expenditures 11.21(1 11,194 11,187 11,182 11.105 11.110 11.143 11.166 1111,,117722 31 To financial institutions Commercial banks in the United States 1.857 1.718 1.637 1.678 1.946 1.968 1.684 1,650 2.121 32 Banks in foreign countries 2,994 3.089 3.296 2,639 3.306 2.662 2.914 2,801 2,895 33 Sales finance, personal finance companies, etc.. . 4,830 4,818 4,561 4.731 5.058 4.903 5,186 4,829 4.924 34 Other financial institutions 4.789 4,887 4.818 4,729 4.823 4.879 4,745 4,662 4.704 3.1 To nonbank brokers and dealers in securities 3,214 3.564 3.265 3.892 3,683 3.382 3,291 3.054 3.644 3ft To others for purchasing and carrying securities4 . 637 697 632 642 653 650 645 622 619 3/ To finance agricultural production 400 405 414 404 391 377 361 354 337 38 All other 3.822 3.480 3.775 3,912 4.097 3.535 4.001 3,522 3,750 39 LESS: Unearned income 1.466 1.473 1.495 1,507 1.496 1.500 1.514 1.504 1,501 40 Loan loss reserve 2.229 2.250 2.239 2,238 2.271 2.281 2.289 2.250 2,221 41 Other loans, net 106.977 106.736 106.074 106,872 108.391 107.099 108.070 106,082 108,649 42 Lease financing receivables 2,282 2.278 2.278 2,276 2.258 2.262 2.265 2.267 2.269 43 All other assets' 48.193 46.888 46.764 43.812 45.955 44.100 43.966 42.404 44,348 44 Total assets 209,965 205,434 205,054 201,210 211,317 202,817 205,013 198,196 207,295 Deposits 4.1 Demand deposits 43,568 40.603 43.774 41.772 47.201 40.895 43.330 40.029 49,228 4ft Mutual savings banks 238 259 267 247 303 228 251 196 293 4/ Individuals, partnerships, and corporations 29,253 27,348 29.150 27.750 31.592 28.479 28.896 26,556 32,610 48 States and political subdivisions 684 372 409 966 471 488 532 584 756 49 U.S. government 876 613 728 426 159 296 1.045 586 541 50 Commercial banks in the United States 3.676 3,408 3.986 4.238 4.985 3.408 3.821 3,745 5,032 51 Banks in foreign countries 5.119 5.026 5.085 4,788 5.721 4.569 5.186 4,953 4,938 52 Foreign governments and official institutions 853 699 697 814 590 698 887 628 1,498 53 Certified and officers' checks 2.868 2.878 3.453 2.542 3.380 2.729 2.711 2.780 3,561 54 Time and savings deposits 67,873 68.728 69.467 68.498 67.939 68,151 68.438 67.502 70.010 5.1 Savings 9,536 9.553 9,614 9.679 9.694 9.670 9.714 9.581 9,682 5ft Individuals and nonprofit organizations 9,195 9.138 9,225 9.249 9.337 9.328 9.354 99,,224411 99,,330033 5/ Partnerships and corporations operated for profit 230 229 227 230 234 235 230 228 234 58 Domestic governmental units 110 183 160 198 121 105 129 110 143 59 All other 2 2 2 i 2 2 2 2 2 FTL) Time 58.337 59.175 59,854 58.819 58.245 58.481 58.723 57,921 60,328 HI Individuals, partnerships, and corporations 49,407 50.000 50.857 49,764 49,302 49.798 50.117 49,493 52,070 tl States and political subdivisions 2.342 2.331 2.273 2,336 2.433 2.355 2.277 2,286 1,935 ft3 U.S. government 114 114 104 124 123 115 114 119 127 64 Commercial banks in the United States 4,279 4.451 4.324 4.300 4.119 4.022 4.044 33..995555 33,,997711 65 Foreign governments, official institutions, and banks 2,195 2.280 2.295 2.294 2,268 2.192 2.171 22..006688 22,,222255 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 675 365 2.415 17 67 Treasury tax-and-loan notes 3,396 3,200 1,364 1,376 1,266 289 2.370 2,358 1.171 68 All other liabilities for borrowed money6 49,076 46,900 44.685 43.326 48.115 45.167 45.074 4400..449922 3399,,443333 69 Other liabilities and subordinated notes and debentures 28,558 27.718 28,226 28,405 29.120 28.131 28.098 30.219 29,722 70 Total liabilities 192,472 187,824 187,518 183,744 193,642 185,048 187,328 180,601 189,565 71 Residual (total assets minus total liabilities)7 17.493 17.610 17,536 17,466 17.674 17.768 17.685 17.596 17,730 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 Account May 5 May 12 May 19 May 26 June 2 P June 9 P June 16P June 23 P June 30P BANKS WITH ASSETS OF $750 MILLION OR MORE 1 Total loans (gross) and securities adjusted1 602,533 598,491 597,298 600,350 603,629 604,742 602,582 600,414 605,888 2 Total loans (gross) adjusted1 483,464 481,635 480,801 482,970 486,083 485,522 485,989 484,712 490,785 3 Demand deposits adjusted2 96,216 95,419 95,942 94,179 95,273 97,612 96,815 93,073 102,358 4 Time deposits in accounts of $100,000 or more 186,137 187,475 187,982 190,896 190,597 191,561 190,545 190,676 193,847 5 Negotiable CDs 132,496 133,617 133,886 136,061 135,919 136,613 135,814 135,451 138,929 6 Other time deposits 53,641 53,857 54,096 54,836 54,678 54,948 54,730 55,225 54,918 7 Loans sold outright to affiliates3 2,801 2,793 2,798 2,693 2,805 2,850 2,924 3,060 3,098 8 Commercial and industrial 2,252 2,236 2,265 2,148 2,266 2,302 2,400 2,395 2,408 9 Other 549 557 533 545 539 548 525 665 689 BANKS WITH ASSETS OF $1 BILLION OR MORE 10 Total loans (gross) and securities adjusted1 565,864 561,726 560,525 563,532 566,663 567,782 565,523 563,195 568,466 11 Total loans (gross) adjusted1 456,100 454,198 453,351 455,467 458,412 457,930 458,344 456,980 462,849 12 Demand deposits adjusted2 89,001 88,387 89,006 87,131 88,293 90,378 89,711 86,266 94,951 13 Time deposits in accounts of $100,000 or more 177,826 178,958 179,565 182,248 181,968 182,753 181,853 181,910 185,095 14 Negotiable CDs 127,500 128,548 128,874 130,909 130,745 131,294 130,568 130,166 133,610 15 Other time deposits 50,327 50,410 50,690 51,339 51,223 51,460 51,285 51,745 51,485 16 Loans sold outright to affiliates3 2,709 2,695 2,701 2,598 2,716 2,757 2,828 2,852 3,012 17 Commercial and industrial 2,176 2,154 2,185 2,073 2,193 2,226 2,321 2,321 2,345 18 Other 533 541 516 525 523 532 508 530 667 BANKS IN NEW YORK CITY 19 Total loans (gross) and securities adjusted1-4 134,558 133,147 132,629 134,345 135,577 134,382 135,465 133,975 135,780 20 Total loans (gross) adjusted1 113,277 112,654 111,659 112,742 114,123 112,696 114,219 112,896 114,962 21 Demand deposits adjusted2 25,740 24,293 25,378 23,508 26,565 24,331 25,028 23,736 27,211 22 Time deposits in accounts of $100,000 or more 44,502 45,400 46,028 45,029 44,313 44,545 44,671 43,935 46,209 23 Negotiable CDs 33,494 34,466 35,162 34,093 33,359 33,495 33,765 33,127 35,396 24 Other time deposits 11,008 10,933 10,866 10,936 10,954 11,050 10,906 10,809 10.813 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 • July 1982 1.291 LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS Assets and Liabilities Millions of dollars, Wednesday figures, 1982 Account May 5 May 12 May 19 May 26 June 2i' June 9'' June 16'' June 23'' June 30p 1 Cash and due from depository institutions 5.560 5.902 5.865 6.101 6.423 5.775 5.911 5,951 6,400 2 Total loans and securities 44.669 43.871 43.710 45.818 45.174 46,079 44,830 45,873 47,034 3 U.S. Treasury securities 2.484 2.497 2.453 2.264 2.260 2.276 2.183 2,129 2.327 4 Other securities 766 769 757 786 844 849 768 770 775 ,S Federal funds sold1 3.177 2.317 2.777 4.678 3.986 4.346 3.337 4,816 4.962 6 To commercial banks in United States .. 2,881 2.120 2.596 4.328 3.737 3.970 2.982 4.592 4,627 / To others 296 197 180 351 248 377 356 224 335 8 Other loans, gross 38.242 38.288 37.723 38.090 38.084 38.608 38.542 38,158 38,970 9 Commercial and industrial 18.806 18.498 18.701 18.460 18.870 18.904 19.031 1188,,775544 1188,,889900 1(1 Bankers acceptances and commercial paper 3.419 3.311 3.298 3.187 3.168 3.393 3.371 3,355 3,362 11 All other 15.387 15.187 15.404 15.273 15.702 15.511 15.660 15.399 15,528 12 U.S. addressees 13.221 12.991 13.304 13.154 13.564 13.413 13.478 13.223 13.270 13 Non-U.S. addressees 2.166 2.196 2.099 2.119 2.137 2.098 2.183 2,176 2,258 14 To financial institutions 15.152 15.286 14.895 14.968 14.607 14.890 14.824 15,055 15,320 15 Commercial banks in United States .. 12.021 12.166 11.839 11.917 11.605 11.888 11,840 11,983 11,889 l(i Banks in foreign countries 2.593 2.610 2.512 2.521 2.448 2.445 2.396 2,409 2,700 17 Nonbank financial institutions 537 510 543 530 554 557 588 663 731 18 For purchasing and carrying securities . . 432 523 214 586 452 767 575 304 389 19 All other 3.852 3.980 3.913 4.076 4.155 4.046 4,113 4.045 44,,337711 2(1 Other assets (claims on nonrelated parties) 12.367 12.807 12.500 12.517 12.403 12.508 12,663 12.495 12,569 21 Net due from related institutions 12.449 11.871 12.093 11.731 11.974 12.277 11.836 11.520 12,551 22 Total assets 75.046 74.451 74.168 76.168 75.973 76.639 75,240 75.839 78.554 23 Deposits or credit balances2 22.072 21.575 20.658 22.039 21.990 21.647 20.459 20.871 21.962 24 Credit balances 224 273 225 208 268 259 214 196 262 25 Demand deposits 2.001 1.961 1.846 2.079 2.156 1.865 1.912 1.968 2.394 26 Individuals, partnerships, and corporations 868 746 760 878 826 741 846 726 955 2/ Other 1.132 1.215 1.086 1.201 1.330 1.124 1.065 1.242 1,440 28 Total time and savings 19.847 19.341 18.586 19.752 19.567 19.523 18.333 18.707 1199,,330066 29 Individuals, partnerships, and corporations 16.496 16.126 15.473 16.372 16.019 16.187 14,120 15,413 15,966 3(1 Other 3.351 3.214 3.113 3.380 3.548 3.336 4.213 3,294 3,339 31 Borrowings1 30.579 30.235 30.634 30.333 30.615 31,201 31.306 29,900 32,203 32 Federal funds purchased4 8.054 7.668 8.193 7.309 7.839 7.497 7.744 6,005 7.810 33 From commercial banks in United States 6.837 6.676 6.711 5.939 6.626 6.337 6.569 4,931 6,852 34 From others 13 1.217 992 1.482 1.370 1.213 1.159 1,175 1.074 957 35 Other liabilities for borrowed money . .. 22.525 22.567 22.441 23.024 22.776 23.704 23,562 23.894 24,393 36 To commercial banks in United States 20.267 20.283 20.124 20.666 20.500 21.349 21.157 21,535 22,040 37 To others 2.258 2.283 2.317 2.358 2.276 2.355 2.405 2.360 2,353 38 Other liabilities to nonrelated parties 12.947 13.347 12.987 13.067 12.922 13.068 13.004 13.003 12,549 39 Net due to related institutions 9.448 9.294 9.888 10.729 10.446 10.722 10,471 12,065 11.840 4(1 Total liabilities 75.046 74.451 74.168 76.168 75.973 76.639 75,240 75.839 78.554 MEMO 41 Total loans (gross) and securities adjusted5 29.767 29.585 29.274 29.574 29.832 30.221 30.009 29.297 30.518 42 Total loans (gross) adjusted5 26.517 26.319 26.064 26.524 26.727 27.096 27,058 26,399 27.416 1. Includes securities purchased under agreements to resell. NOTL. 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 United $22.2 billion of assets to their IBFs in the six weeks ending Jan. 13, 1982. Domestic States 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 IIInnnddduuussstttrrryyy ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1982 1982 Feb. 24 Mar. 31 Apr. 28 May 26 June 30p Q1 Q2 p Apr. May June? 1 Durable goods manufacturing 28,314 28,638 29,086 28,842 28,833 1,720 194 447 -244 -9 2 Nondurable goods manufacturing 21,948 23,162 23,577 23,998 25,250 1,364 2,088 415 420 1,252 3 Food, liquor, and tobacco 4,419 4,550 4,816 4,784 4,795 346 245 266 -31 11 4 Textiles, apparel, and leather 4,427 4,535 4,654 4,722 4,832 353 298 119 68 110 5 Petroleum refining 4,142 4,449 4,409 4,677 5,102 -418 653 -40 269 425 6 Chemicals and rubber 4,746 5,138 5,187 5,232 5,558 795 420 49 45 326 7 Other nondurable goods 4,214 4,490 4,512 4,581 4,962 287 472 22 70 380 8 Mining (including crude petroleum and natural gas) 25,804 25,851 26,792 28,171 28,254 1,486 2,403 941 1,379 83 9 Trade 27,793 28,868 28,642 28,704 29,193 794 325 -226 62 489 10 Commodity dealers 1,802 2,322 1,858 1,873 1,873 30 -448 -464 14 0 11 Other wholesale 13,172 13,573 13,558 13,489 13,836 606 262 -15 -69 347 12 Retail 12,819 12,972 13,225 13,342 13,484 158 511 253 116 142 13 Transportation, communication, and other public utilities 23,381 23,642 23,686 23,703 25,076 462 1,433 43 18 1,372 14 Transportation 8,890 9,154 9,101 9,070 9,285 540 132 -52 -31 215 1 1 5 6 C O o th m e m r u p n u i b c l a ic t io u n ti lities 1 4 0 , , 0 4 7 1 6 5 1 4 0 , , 2 2 4 4 2 7 1 4 0 , , 4 1 7 1 1 4 1 4 0 , , 5 0 5 7 9 4 1 4 1 , , 7 0 7 2 1 0 -3 2 6 8 5 7 5 1 3 1 0 1 -1 2 3 2 4 9 -4 8 0 8 9 2 4 1 6 2 17 Construction 7,202 7,252 7,413 7,690 7,808 14 556 161 277 118 18 Services 27,270 27,142 27,359 27,956 28,636 554 1,493 216 597 680 19 All other1 16,883 17,268 16,942 17,133 17,477 195 208 -326 191 344 20 Total domestic loans 178,596 181,825 183,496 186,196 190,527 6,589 8,702 1,672 2,699 4,331 21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans . 87,829 87,203 88,277 89,282 90,111 1,917 2,908 1,074 1,004 830 1. Includes commercial and industrial loans at a few banks with assets of $1 NOTE. New series. The 134 large weekly reporting commercial banks with dobillion or more that do not classify their loans. mestic assets of $1 billion or more as of Dec. 31, 1977, are included in this series. The series is on a last-Wednesday-of-the-month basis. Partly estimated historical data 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

A24 DomesticN onfinancial Statistics • July 1982 1.31 GROSS DEMAND DEPOSITS of Individuals, Partnerships, and Corporations1 Billions of dollars, estimated daily-average balances Commercial banks TTyyppee ooff hhoollddeerr 1980 1981 11997777 11997788 1199779922 DDeecc.. DDeecc.. DDeecc.. June Sept. Dec. Mar.3 June4 Sept. Dec. 1 All holders—Individuals, partnerships, and corporations 274.4 294.6 302.2 288.6 302.0 315.5 280.8 277.5 288.9 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 negotiable order of withdrawal (NOW) accounts authorized at year-end 1980. For tne 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 1980 Dec. Dec. Dec. Dec. Nov. Dec. Jan. r Feb.r Mar. ' Apr. ' May Commercial paper (seasonally adjusted) 1 All issuers 65,051 83,438 112,803 124,524 164,958 165,508 165,305 164,954 166,572 171,709 176,048 Financial companies2 Dealer-placed paper3 2 Total 8,796 12,181 17,359 19,790 30,024 30,188 29,303 30,057 31,574 32,848 34,683 3 Bank-related 22,,113322 33,,552211 22,,778844 33,,556611 55,,773355 66,,004455 6,200 66,,553388 77,,003344 77,,888877 77,,997744 Directly placed paper4 4 Total 40,574 51,647 64,757 67,854 82,291 81,660 80,566 79,370 78,168 81,428 82,228 5 Bank-related 7,102 12,314 17,598 22,382 26,225 26,914 28,801 27,435 27,426 29,276 30,414 6 Nonfinancial companies5 15,681 19,610 30,687 36,880 52,643 53,660 55,436 55,527 56,830 57,433 59,137 Bankers dollar acceptances (not seasonally adjusted) 7 Total 25,450 33,700 45,321 54,744 68,749 69,226 70,088 70,468 71,619r 71,128 Holder 8 Accepting banks 10,434 8,579 9,865 10,564 11,253 10,857 10,227 11,953 12,964 12,675 9 Own bills 8,915 7,653 8,327 8,963 10,268 9,743 9,095 10,928 11,139 11,409 10 Bills bought 1,519 927 1,538 1,601 985 1,115 1,132 1,025 1,825 1,266 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 1,408 1,442 1,427 1,530 1,379 1,234 13 Others 13,700 24,456 33,370 41,614 56,089 56,926 58,434 56,985 57,276 57.124 Basis 14 Imports into United States 6,378 8,574 10,270 11,776 14,851 14,765 14,727 15,430 14,877 15,303 15 Exports from United States 5,863 7,586 9,640 12,712 14,936 15,400 15,599 16,119 16,835 16,887 16 All other 13,209 17,540 25,411 30,257 38,962 39,061 39,762 38,919 39,907 38,937 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 • July 1982 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective date Effective Date Average Month rate 1981—June 3 20.00 1981—Nov. 20 16.50 1981—Mar. 18.05 1981—Dec July 8 20.50 24 16.00 Apr. 17.15 Sept. 15 20.00 Dec. 1 15.75 May 19.61 1982—Jan 22 19.50 June 20.03 Feb Oct. 5 19.00 1982—Feb. 2 16.50 July 20.39 Mar 13 18.00 18 17.00 Aug. 20.50 Apr Nov. 3 17.50 23 16.50 Sept. 20.08 May 9 17.00 1981—Jan. ... 20.16 Oct. 18.45 June 17 16.50- Feb. ... 19.43 Nov. 16.84 17.00 1.34 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 3-8, 1982 Size of loan (in thousands of dollars) All sizes 1,000 50-99 100-499 500-999 and over SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS 1 Amount of loans (thousands of dollars) 36.600,259 885.940 501.046 707,807 2,349.121 1,198.641 30,957,703 2 Number of loans 161.197 115.667 14,935 11,137 13,022 1,848 4,588 3 Weighted-average maturity (months) 1.2 3.4 3.8 3.4 3.6 2.4 .9 4 Weighted-average interest rate (percent per annum). 17.11 18.51 18.56 18.06 17.77 17.98 16.94 5 Interquartile range1 16.58-17.51 17.42-19.51 17.55-19.25 17.62-18.50 17.00-18.67 17.00-18.97 16.57-17.30 Percentage of amount of loans 6 With floating rate 29.8 39.2 48.4 44.8 52.3 50.8 26.3 7 Made under commitment 51.7 36.2 40.3 49.3 63.7 51.2 51.5 8 With no stated maturity 14.4 12.8 14.8 24.9 19.9 24.0 13.4 LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS 9 Amount of loans (thousands of dollars) 3.705.382 253,640 410,817 164.045 2,876,880 10 Number of loans 20,575 18,222 1.547 244 562 11 Weighted-average maturity (months) 49.8 29.9 50.1 43.3 51.8 12 Weighted-average interest rate (percent per annum) 16.96 18.80 17.59 17.29 16.69 13 Interquartile range' 16.50-17.51 17.79-19.56 17.50-17.81 16.50-18.00 16.00-17.32 Percentage of amount of loans 14 With floating rate 71.7 38.6 45.9 83.5 77.7 15 Made under commitment 72.1 28.9 36.2 82.8 80.4 CONSTRUCTION AND LAND DEVELOPMENT LOANS 16 Amount of loans (thousands of dollars) 1.921.308 182.396 228,405 166,690 427,520 916.297 17 Number of loans 31,454 18.881 6,446 2,273 3,050 805 18 Weighted-average maturity (months) 11.1 7.2 12.3 8.3 14.1 10.6 19 Weighted-average interest rate (percent per annum) 17.80 19.13 18.81 17.97 18.45 16.96 20 Interquartile range' 16.07-19.10 18.54-20.15 17.00-19.82 16.72-19.25 18.13-19.59 16.07-17.88 Percentage of amount of loans 21 With floating rate 28.8 37.7 22.5 47.1 20.7 29.0 22 Secured by real estate 85.0 74.1 82.1 80.6 97.9 82.8 23 Made under commitment 32.9 55.5 65.6 19.3 18.4 29.6 24 With no stated maturity .9 1.9 1.1 2.7 1.4 .0 Type of construction 25 1- to 4-family 30.0 40.0 54.0 40.8 26.0 21.9 26 Multifamily 4.8 3.2 1.1 4.9 2.7 7.1 27 Nonresidential 65.2 56.8 44.9 54.3 71.3 71.0 All 250 sizes 25-49 50-99 100-249 and over LOANS TO FARMERS 28 Amount of loans (thousands of dollars) 1,224,054 172.901 214,006 167.333 190,019 193,183 286,611 29 Number of loans 70.983 46,365 15.091 4.919 2,781 1,363 465 30 Weighted-average maturity (months) 7.6 6.6 6.4 7.6 5.3 9.3 9.4 31 Weighted-average interest rate (percent per annum) 17.76 17.63 17.59 17.59 18.01 17.76 17.91 32 Interquartile range' 17.18-18.39 17.00-18.39 17.18-18.27 17.06-18.13 17.25-18.68 17.17-18.27 17.25-18.77 By purpose of loan 33 Feeder livestock 17.81 17.89 17.73 17.69 18.56 17.84 17.56 34 Other livestock 17.51 17.75 17.57 17.34 17.42 17.97 35 Other current operating expenses 17.66 17.46 17.61 17.57 17.83 17.65 17.59 36 Farm machinery and equipment 18.19 18.14 17.31 17.30 37 Other 17.85 18.21 17.70 17.68 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 A27 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 Mar. Apr. May June June 4 June 11 June 18 June 25 July 2 MONEY MARKET RATES 1 Federal funds1-2 11.19 13.36 16.38 14.68 14.94 14.45 14.15 13.43 13.60 14.24 14.17 14.81 Commercial paper3-4 7 10.86 12.76 15.69 13.99 14.38 13.79 13.95 13.37 13.47 14.06 1144..3355 1144..6688 3 3-month 10.97 12.66 15.32 13.80 14.06 13.42 13.96 13.23 13.43 14.02 14.52 14.71 4 6-month 10.91 12.29 14.76 13.47 13.64 13.02 13.79 13.00 13.20 13.86 14.49 14.46 Finance paper, directly placed3-4 5 1-month 10.78 12.44 15.30 13.73 14.17 13.49 13.79 13.28 13.46 13.86 1144..1166 1144..4466 6 10.47 11.49 14.08 12.91 13.21 12.75 13.09 12.56 12.82 13.12 13.50 13.52 7 6-month 10.25 11.28 13.73 12.89 13.09 12.61 12.69 12.17 12.33 12.75 13.07 13.26 Bankers acceptances4-5 8 3-month 11.04 12.78 15.32 13.73 13.95 13.29 14.00 13.24 13.42 14.12 1144..6600 14.68 9 6-month n.a. n.a. 14.66 13.33 13.49 12.90 13.76 13.01 13.14 13.89 14.42 14.37 Certificates of deposit, secondary market6 10 1-month 11.03 12.91 15.91 14.12 14.44 13.95 14.18 13.59 13.69 14.26 1144..6633 14.86 11 3-month 11.22 13.07 15.91 14.21 14.44 13.80 14.46 13.72 13.83 14.56 15.13 15.21 1? 6-month 11.44 12.99 15.77 14.25 14.42 13.77 14.66 13.76 14.03 14.81 15.43 15.36 13 Eurodollar deposits, 3-month2 11.96 14.00 16.79 14.90 15.18 14.53 15.45 14.42 14.75 15.05 16.09 16.28 U.S. Treasury bills4 Secondary market7 14 3-month 10.07 11.43 14.03 12.68 12.70 12.09 12.47 12.09 12.06 12.46 1122..8888 1122..8811 15 6-month 10.06 11.37 13.80 12.77 12.80 12.16 12.70 12.12 12.19 12.83 13.25 13.08 16 1-year 9.75 10.89 13.14 12.47 12.50 11.98 12.57 12.09 12.20 12.68 13.00 12.86 Auction average8 17 3-month 10.041 11.506 14.077 12.493 12.821 12.148 12.108 11.520 12.074 12.248 12.588 13.269 18 6-month 10.017 11.374 13.811 12.621 12.861 12.220 12.310 11.589 12.117 12.503 13.031 13.419 1199 1 year 99..881177 1100..774488 1133..115599 1122..550099 1122..773311 1122..119944 1122..117733 1122..117733 CAPITAL MARKET RATES U.S. Treasury notes and bonds9 Constant maturities10 70 1-year 10.67 12.05 14.78 13.95 13.98 13.34 14.07 13.46 13.59 14.22 14.62 14.41 71 2-year 10.12 11.77 14.56 14.19 14.20 13.78 14.47 13.95 14.06 14.60 14.94 14.75 T 73 > 2 3- - y V e 2 a -y r earn 9.71 11.55 14.44 14.13 14.18 13.77 14.48 1 1 4 3 . . 0 9 0 9 14.08 1 14 4 . . 5 7 7 0 14.95 1 1 4 4 . . 8 8 1 0 24 5-year 9.52 11.48 14.24 13.98 14.00 13.75 14.43 13.98 14.04 14.48 14.90 14.73 25 7-year 9.48 11.43 14.06 13.93 13.94 13.74 14.47 14.07 14.11 14.51 14.90 14.73 26 10-year 9.44 11.46 13.91 13.86 13.87 13.62 14.30 13.92 13.97 14.36 14.70 14.54 27 20-year 9.33 11.39 13.72 13.75 13.57 13.46 14.18 13.92 13.93 14.26 14.48 14.28 28 30-year 9.29 11.30 13.44 13.53 13.37 13.24 13.92 13.67 13.68 13.99 14.21 14.03 Composite12 29 Over 10 years (long-term) 8.74 10.81 12.87 12.98 12.84 12.67 13.32 13.08 13.09 13.40 13.59 13.42 State and local notes and bonds Moody's series13 30 Aaa 5.92 7.85 10.43 11.95 11.66 11.05 11.55 11.00 11.70 11.90 11.60 11.60 31 Baa 6.73 9.01 11.76 13.70 13.29 12.54 12.83 12.75 12.75 12.80 13.00 13.20 32 Bond Buyer series14 6.52 8.59 11.33 12.82 12.59 11.95 12.45 12.13 12.40 12.63 12.62 12.58 Corporate bonds Seasoned issues15 33 All industries 10.12 12.75 15.06 15.68 15.53 15.34 15.77 15.52 15.62 15.76 15.99 15.96 34 Aaa 9.63 11.94 14.17 14.58 14.46 14.26 14.81 14.50 14.62 14.79 15.10 15.07 35 Aa 9.94 12.50 14.75 15.21 14.90 14.77 15.26 14.98 15.09 15.22 15.52 15.50 36 A 10.20 12.89 15.29 16.12 15.95 15.70 16.07 15.80 15.92 16.08 16.31 16.29 37 Baa 10.69 13.67 16.04 16.82 16.78 16.64 16.92 16.80 16.85 16.92 17.03 16.95 Aaa utility bonds16 38 10.03 12.74 15.56 15.26 15.83 15.22 15.92 15.92 39 Recently offered issues 10.02 12.70 15.56 15.19 15.45 15.24 15.84 15.39 15.59 16.11 16.19 16.02 MEMO: Dividend/price ratio17 40 Preferred stocks 9.07 10.57 12.36 12.97 12.90 12.58 12.96 12.43 12.91 12.97 13.30 13.20 41 Common stocks 5.46 5.25 5.41 6.28 5.99 5.97 5.97 6.15 6.33 6.35 6.26 6.29 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 quoted 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 bills 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 Domestic Nonfinancial Statistics • July 1982 1.36 STOCK MARKET Selected Statistics 1981 1982 t A' IT™ 11997799 11998800 11998811 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 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 69.40 71.49 71.81 67.91 66.16 63.86 66.97 67.07 60.29 2 Industrial 61.82 78.64 85.44 78.94 80.86 81.70 76.85 74.78 71.51 75.59 75.97 71.59 3 Transportation 45.20 60.52 72.61 65.65 67.68 68.27 62.04 59.09 55.19 57.91 56.84 53.07 4 Utility 36.46 37.35 38.90 38.87 40.73 40.22 39.30 38.32 38.57 39.20 39.40 37.34 5 Finance 58.65 64.28 73.52 72.58 76.47 74.74 70.99 70.50 69.08 71.44 69.16 63.19 6 Standard & Poor's Corporation (1941-43 = 10)1 107.94 118.71 128.05 119.84 122.92 123.79 117.41 114.50 110.84 116.31 116.35 109.70 7 American Stock Exchange (Aug. 31, 1973 = 100) 186.56 300.94 343.58 308.81 321.0 322.65 296.49 275.10 255.08 271.15 272.88 254.72 Volume of trading (thousands of shares) 8 New York Stock Exchange 32,233 44,867 46,967 45,287 50,791 43,598 4488,,441199 51,169 55,227 54,119 51,323 50,479 9 American Stock Exchange 4,182 6,377 5,346 4,233 5,257 4,992 4,497 4,400 4,329 3,937r 4,292r 3,720 Customer financing (end-of-period balances, in millions of dollars) 10 Regulated margin credit at brokers-dealers2 11,619 14,721 14,411 13,926 14,124 14,411 13,441 13,023 12,095 12,202 12,237 4 11 Margin stock3 11,450 14,500 14,150 13,660 13,860 14,150 13,190 12,770 11,840 11,950 11,990 12 Convertible bonds 167 219 259 263 261 259 249 251 249 251 246 n a. 13 Subscription issues 2 2 2 3 3 2 2 2 6 1 1 Free credit balances at brokers4 14 Margin-account 1,105 2,105 3,515 2,990 3,290 3,515 3,455 3,755 3,895 4,145 4,175 15 Cash-account 4,060 6,070 7.150 6.100 6,865 7,150 6,575 6,595 6,510 6,270 6,355 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 (in percent)s 17 Under 40 16.0 14.0 37.0 32.0 30.0 37.0 3377..00 44.0 3399..00 34.0 40.0 18 40-49 29.0 30.0 21.0 28.0 25.0 24.0 24.0 22.0 24.0 25.0 24.0 19 50-59 27.0 25.0 22.0 18.0 21.0 17.0 16.0 15.0 16.0 18.0 15.0 n a. 20 60-69 14.0 14.0 10.0 10.0 11.0 10.0 10.0 8.0 10.0 10.0 9.0 21 70-79 8.0 9.0 6.0 6.0 6.0 6.0 7.0 6.0 6.0 7.0 6.0 1 22 80 or more 7.0 8.0 6.0 6.0 7.0 6.0 6.0 5.0 5.0 6.0 5.0 T Special miscellaneous-account balances at brokers (end of period) 23 Total balances (millions of dollars)6 16,150 21,690 25,870 24,962 25,409 25,870 26,080 26,850 28,030 28,252 28,521 Distribution by equity status (percent) 24 Net credit status 44.2 47.8 58.0 55.0 57.0 58.0 58.0 58.0 59.0 57.0 58.0 n a. Debt status, equity of 25 60 percent or more 47.0 44.4 31.0 35.0 33.0 31.0 31.0 30.0 28.0 29.0 29.0 1 26 Less than 60 percent 8.8 7.7 11.0 10.0 10.0 11.0 11.0 12.0 13.0 13.0 13.0 t 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 1980 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May? Savings and loan associations 1 Assets 578,962 630,712 653,022 655,658 659,073 660,326 663,844 667,600 671,895 678,039 681,368 686,281 7 Mortgages 475,688 503,192 518,172 518,778 519,248 519,146 518,350 517,493 516,284 515,896 514,475 514,064 3 Cash and investment securities' 46,341 57,928 58,932 59,530 61,517 61,369 62,756 64,089 66,585 67,758 67,859 69,906 4 Other 56,933 69,592 75,918 77,350 78,308 79,811 82,738 86,018 89,026 94,835 99,034 102,311 5 Liabilities and net worth 578,962 630,712 653,022 655,658 659,073 660,326 663,844 667,600 671,895 678,039 681,368 686,281 6 Savings capital 470,004 511,636 513,438 515,649 519,288 519,777 524,374 526,382 529,064 535,566 532,899 534,509 7 Borrowed money 55,232 64,586 83,456 87,477 86,108 86,255 89,097 89,099 89,465 91,013 93,883 94,562 8 FHLBB 40,441 47,045 60,025 61,857 62,000 61,922 62,794 62,581 62,690 63,639 65,347 65,289 9 Other 14,791 17,541 23,431 25,620 24,108 24,333 26,303 26,518 26,775 27,374 28,536 29,273 10 Loans in process 9,582 8,767 7,354 7,040 6,757 6,451 6,369 6,249 6,144 6,399 6,550 6,747 11 Other 11,506 12,394 18,275 15,307 17,506 19,101 15,612 18,356 20,145 18,574 22,012 25,026 12 Net worth2 32,638 33,329 30,499 30,185 29,414 28,742 28,392 27,514 27,077 26,487 26,024 25,437 13 MEMO: Mortgage loan commitments outstanding3 16,007 16,102 16,689 16,012 15,733 15,758 15,225 15,131 15,397 15,582 16,375 16,624 Mutual savings banks4 14 Assets 163,405 171,564 174,761 175,234 175,693 175,258 175,728 175,938 175,763 174,776 174,813 Loans 15 Mortgage 98,908 99,865 99,987 99,944 99,903 99,879 99,997 99,788 98.838 97,464 97,160 16 Other 9,253 11,733 14,560 14,868 14,725 15,073 14,753 15,029 15,604 16,514 16,424 Securities 17 U.S. government5 7,658 8,949 9,369 9,594 9,765 9,508 9,810 9,991 9,966 10,072 10,146 18 State and local government 2,930 2,390 2,326 2,323 2,394 2,271 2,288 2,290 2,293 2,276 2,269 19 Corporate and other6 37,086 39,282 38,180 38,118 38,108 37,874 37,791 37,849 37,781 37,379 37,473 70 3,156 4,334 4,791 4,810 5,118 5,039 5,442 5,210 5,412 5,219 5,494 21 Other assets 4,412 5,011 5,547 5,577 5,681 5,615 5,649 5,781 5,869 5,852 5,846 n a. 22 Liabilities 163,405 171,564 174,761 175,234 175,693 175,258 175,728 175,938 175,763 174,776 174,813 73 Deposits 146,006 154,805 153,120 153,412 154,066 153,809 155,110 154,843 154,626 154,022 153,187 74 Regular7 144,070 151,416 150,753 151,072 151,975 151,787 153,003 152,801 152,616 151,979 151,021 25 Ordinary savings 61,123 53,971 49,003 49,254 48,238 48,456 49,425 48,898 48,297 48,412 47,733 76 Time and other 82,947 97,445 101,750 101,818 103,737 126,889 121,343 120,740 120,282 118,536 117,372 77 Other 1,936 2,086 27,073 25,769 24,806 2,023 2,108 2,042 2,010 2,043 2,166 78 Other liabilities 5,873 6,695 11,125 11,458 11,513 11,434 10,632 11,280 11,464 11,132 12,141 29 General reserve accounts 11,525 11,368 10,516 10,364 10,114 10,015 9,986 9,814 9,672 9,622 9,485 30 MEMO: Mortgage loan commitments outstanding8 3,182 1,476 1,333 1,218 1,140 1,207 1,293 916 950 978 953 Life insurance companies 31 Assets , 432,282 479,210 506,585 509,478 515,079 519,281 521,354 525,331 526,573 530,014 533,810 Securities 37 Government 338 21,378 23,949 24,280 24,621 25,200 25,310 26,157 26,847 27,322 27,691 33 United States9 4,888 5,345 7,544 7,670 7,846 8,321 8,578 9,204 9,887 10,236 10,465 34 State and local 6,428 6,701 6,904 7,033 7,129 7,148 6,968 7,063 7,043 7,069 7,139 35 Foreign"' 9,022 9,332 9,501 9,577 9,646 9,731 9,764 9,890 9,917 10,017 10,087 36 Business 222,332 238,113 250,371 250,315 253,976 255,632 254,978 257,614 257,318 257,452 260,034 37 Bonds 178,371 190,747 204,501 205,908 208,004 209,194 208,587 211,686 212,685 213,217 214,984 n a. 38 Stocks 39,757 47,366 45,870 44,407 45,972 46,438 46,391 45,928 44,633 44,235 45,050 39 Mortgages 118,421 131,080 136,516 136,982 137,736 138,433 139,046 139,596 139,777 140,259 140,688 40 Real estate 13,007 15,033 17,626 17,801 18,382 18,629 19,157 19,276 18,999 19,472 19,947 41 Policy loans 34,825 41,411 46,252 47,042 47,731 48,275 48,741 49,092 49,535 50,083 50,640 42 Other assets 27,563 31,702 31,971 33,058 32,633 33,112 34,122 33,288 34,097 35,426 34,810 Credit unions 43 Total assets/liabilities and capital 65,854 71,709 75,656 76,145 76,123 76,830 77,682 78,012 78,986 81,055 81,351 82,858 44 Federal 35,934 39,801 41,394 41,682 41,727 42,025 42,382 42,512 43,111 44,263 44,371 45,077 45 State 29,920 31,908 34,262 34,463 34,396 34,805 35,300 35,500 35,875 36,792 36,980 37,781 46 Loans outstanding 53,125 47,774 51,207 51,407 51,029 50,631 50,448 49,949 49,610 49,668 49,533 49,556 47 Federal 28,698 25,627 27,701 27,871 27,686 27,508 27,458 27,204 27,051 27,119 27,064 27,073 48 State 24,426 22,147 23,506 23,536 23,343 23,123 22,990 22,745 22,559 22.549 22,469 22,483 49 Savings 56,232 64,399 66,943 67,512 67,625 67,981 68,871 69,432 70,227 72,218 72,569 73,602 50 Federal (shares) 35,530 36,348 36,713 36,928 37,015 37,261 37,574 37,875 38,331 39,431 39,688 40,213 51 State (shares and deposits) 25,702 28,051 30,230 30,584 30,610 30,720 31,297 31,557 31,896 32,787 32,881 33,389 For notes see bottom of page A30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • July 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 Mar. Apr. May U.S. budget 1 Receipts' 463.302 517.112 599,272 260,569 317,304 301,777 45,291 75,777 36,753 2 Outlays1-2 490.997 576,675 657,204 309,389 333,115 358,558 63,546 66,073 55,683 3 Surplus, or deficit (-) -27,694 -59,563 -57,932 -48,821 -15,811 -56,780 -18,255 9,704 -18,930 4 Trust funds 18,335 8,801 6,817 -2,551 5,797 -8,085 966 626 1,958 5 Federal funds3 -46,030 -68,364 - 64,749 -46,270 -21,608 -48,697 - 19,221 9,077 -20,888 OOffff--bbuuddggeett eennttiittiieess ((ssuurrpplluuss,, oorr ddeeffiicciitt ((--)))) 66 FFeeddeerraall FFiinnaanncciinngg BBaannkk oouuttllaayyss -13,261 -14,549 -20,769 -7,552 -11,046 -8,728 -601 -1,153 -2,459 77 OOtthheerr44 793 303 -236 376 -900 -1,752 83 160 -34 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 -18,773 8,711 -21,424 Source or financing 9 Borrowing from the public 33,641 70,515 79,329 54,764 33,213 54,081 12,305 2,527 3,187 10 Cash and monetary assets (decrease, or increase (-)) -408 -355 -1.878 -6.730 2,873 -1,111 7,035 -11,256 15,700 11 Other6 6,929 3,648 1,485 7,964 -8,328 14,290 -567 19 2,537 MEMO: 12 Treasury operating balance (level, end of period) 24.176 20,990 18.670 12,305 16,389 12,046 13,001 28,740 7,947 13 Federal Reserve Banks 6,489 4.102 3,520 3,062 2,923 4,301 2,866 12,239 2,540 14 Tax and loan accounts 17,687 16,888 15,150 9,243 13,466 7,745 10,135 16,501 5,407 1. The Budget of the U.S. Government, Fiscal Year 1983, has reclassified sup- 5. 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. 6. 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. Other off-budget includes Postal Service Fund; Rural Electrification and Tele- SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. phone Revolving Fund; and Rural Telephone Bank; it also includes petroleum Government," Treasury Bulletin, and the Budget of the United States Government, acquisition and transportation and strategic petroleum reserve effective November Fiscal Year 1983. 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 Mar. Apr. May RECEIPTS 1 All sources1 463,302 517,112 599,272 260,569 317,304 301,777 45,291 75,777 36,753 2 Individual income taxes, net 217,841 244,069 285,917 131,962 142,889 147,035 13,391 41,672 9,576 3 Withheld 195,295 223,763 256,332 120,924 126,101 134,199 23,307 22,699 20,965 4 Presidential Election Campaign Fund... 36 39 41 4 36 5 11 6 7 5 Nonwithheld 56,215 63,746 76,844 14,592 59,907 17,391 4,329 35,282 1,183 6 Refunds 33,705 43,479 47,299 3,559 43,155 4,559 14,255 16,315 12,580 Corporation income taxes 7 Gross receipts 71,448 72,380 73,733 28,579 44,048 31,056 8,435 9,032 2,159 8 Refunds 5,771 7,780 12,596 4,518 6,565 738 1,525 1,690 957 9 Social insurance taxes and contributions. net 138,939 157,803 182,720 75,679 101,316 91,592 18,752 21,593 20,483 10 Payroll employment taxes and contributions2 115,041 133,042 156,953 66,831 83,851 82,984 17,740 14,642 14,650 11 Self-employment taxes and contributions3 5,034 5,723 6,041 188 6,240 244 488 4,470 502 12 Unemployment insurance 15,387 15,336 16,129 6,742 9.205 6,355 130 2,120 5,004 13 Other net receipts1-4 3,477 3,702 3,598 1,919 2,020 2.009 395 362 327 14 Excise taxes 18,745 24,329 40,839 15,332 21,945 22,097 3,182 2,732 2,848 15 Customs deposits 7,439 7,174 8,083 3,717 3,926 4,661 812 704 683 16 Estate and gift taxes 5,411 6,389 6,787 3,499 3,259 3,742 787 582 613 17 Miscellaneous receipts5 9,252 12,748 13,790 6,318 6,487 8,441 1,457 1,152 1,349 OUTLAYS 18 All types1'6 490,997 576,675 657,204 309,389 333,115 358,558 63,546 66,073 55,683 19 National defense 117,681 135,856 159,765 72,457 80,005 87,421 16,436 16,385 15,204 20 International affairs 6,091 10,733 11,130 5,430 5,999 4,655 1,796 1,111 559 21 General science, space, and technology ... 5,041 5,722 6,359 3,205 3.314 3,388 617 532 613 22 Energy 6,856 6,313 10,277 3,997 5,677 4,394 519 511 486 23 Natural resources and environment 12,091 13.812 13,525 7,722 6.476 7,296 1,017 1,148 849 24 Agriculture 6,238 4,762 5,572 1,892 3,101 5,181 2,621 949 -400 25 Commerce and housing credit 2,579 7,788 3,946 3,163 2,073 1,825 -235 1,178 -129 26 Transportation 17,459 21,120 23,381 11,547 11,991 10,753 1,241 1,867 1,425 27 Community and regional development.... 9,542 10,068 9,394 5,370 4,621 4,269 488 523 457 28 Education, training, employment, social services 29,685 30,767 31,402 15,221 15,928 13,878 1,952 2,304 1,996 29 Health1 46,962 55,220 65,982 29,680 33,113 35,322 6,578 6,298 6,019 30 Income security6 160,159 193,100 225,099 107,912 113,490 129,269 22,074 21,912 20,269 31 Veterans benefits and services 19,928 21,183 22,988 11,731 10,531 12,880 2,273 3,239 753 32 Administration of justice 4,153 4,570 4,698 2,299 2,344 2,290 478 419 364 33 General government 4,093 4,505 4,614 2,432 2,692 2.311 692 123 433 34 General-purpose fiscal assistance 8,372 8,584 6.856 4,191 3,015 3,043 13 1,176 352 35 Interest 52,566 64,504 82,537 35,909 41.178 47,667 6,664 7,633 7,720 36 Undistributed offsetting receipts7 -18,488 -21,933 -30,320 -14,769 -12,432 -17,281 -1,679 -1,235 -1,286 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 • July 1982 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars 1980 1981 1982 IItteemm Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 1 Federal debt outstanding 870.4 884.4 914.3 936.7 970.9 977.4 1,003.9 1,034.7 1,066.4 2 Public debt securities 863.5 877.6 907.7 930.2 964.5 971.2 997.9 1,028.7 1,061.3 3 Held by public 677.1 682.7 710.0 737.7 773.7 771.3 789.8 825.5 858.9 4 Held by agencies 186.3 194.9 197.7 192.5 190.9 199.9 208.1 203.2 202.4 5 Agency securities 7.0 6.8 6.6 6.5 6.4 6.2 6.1 6.0 5.1 6 Held by public 5.5 5.3 5.1 5.0 4.9 4.7 4.6 4.6 3.9 7 Held by agencies 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.2 8 Debt subject to statutory limit 864.S 878.7 908.7 931.2 965.5 972.2 998.8 1,029.7 1,062.2 9 Public debt securities 862.8 877.0 907.1 929.6 963.9 970.6 997.2 1,028.1 1,062.7 10 Other debt1 1.7 1.7 1.6 1.6 1.6 1.6 1.6 1.6 1.5 11 MEMO: Statutory debt limit 879.0 925.0 925.0 935.1 985.0 985.0 999.8 1,079.8 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 1982 TTyyppee aanndd hhoollddeerr 11997788 11997799 11998800 11998811 Feb. Mar. Apr. May June 1 Total gross public debt 789.2 845.1 930.2 1,028.7 1,048.2 1,061.3 1,065.7 1,071.7 1,079.6 By type 2 Interest-bearing debt 782.4 844.0 928.9 1,027.3 1,042.2 1,059.8 1,064.5 1,066.4 1,078.4 3 Marketable 487.5 530.7 623.2 720.3 737.5 752.6 755.8 755.7 764.0 4 Bills 161.7 172.6 216.1 245.0 254.0 256.2 254.9 256.1 256.0 5 Notes 265.8 283.4 321.6 375.3 382.1 395.0 399.7 398.4 406.9 6 Bonds 60.0 74.7 85.4 99.9 101.4 101.4 101.3 101.2 101.1 7 Nonmarketable1 294.8 313.2 305.7 307.0 304.7 307.2 308.7 310.7 314.4 8 2.2 2.2 9 State and local government series 24.3 24.6 23.8 23.0 22.7 23.2 23.2 23.4 23.4 10 Foreign issues3 29.6 28.8 24.0 19.0 18.4 19.6 19.4 18.4 17.5 11 Government 28.0 23.6 17.6 14.9 14.3 15.6 15.4 4.8 3.8 12 Public 1.6 5.3 6.4 4.1 4.1 4.1 4.1 3.6 3,6 13 Savings bonds and notes 80.9 79.9 72.5 68.1 67.6 67.4 67.3 67.3 67.4 14 Government account series4 157.5 177.5 185.1 196.7 195.7 196.7 198.5 201.3 206.0 15 Non-interest-bearing debt 6.8 1.2 1.3 1.4 6.0 1.5 1.1 5.3 1.2 By holder5 16 U.S. government agencies and trust funds 170.0 187.1 192.5 203.3 201.1 202.5 204.3 17 Federal Reserve Banks 109.6 117.5 121.3 131.0 125.4 126.6 134.3 18 Private investors 508.6 540.5 616.4 694.5 720.8 733.3 727.1 19 Commercial banks 93.2 96.4 116.0 109.4 111.8 114.3 110.1 20 Mutual savings banks 5.0 4.7 5.4 5.2 5.4 5.8 5.6 21 Insurance companies 15.7 16.7 20.1 19.1 18.7 19.8 21.2 n a. n.a. 22 Other companies 19.6 22.9 25.7 37.8 37.5 37.5 37.5 23 State and local governments 64.4 69.9 78.8 85.6 88.2r 88.3 88.5 Individuals 24 Savings bonds 80.7 79.9 72.5 68.0 67.7 67.5 67.3 25 Other securities 30.3 36.2 56.7 75.6 77.0 79.0 78.4 26 Foreign and international6 137.8 124.4 127.7 141.4 140.0 140.8 139.5 27 Other miscellaneous investors7 58.9 90.1 106.9 152.3 174.5 180.3 180.0 1. Includes (not shown separately): Securities issued to the Rural Electrification 5. Data for Federal Reserve Banks and U.S. government agencies and trust Administration, depository bonds, retirement plan bonds, and individual retire- funds are actual holdings; data for other groups are Treasury estimates. ment bonds. 6. Consists of investments of foreign balances and international accounts in the 2. These nonmarketable bonds, also known as Investment Series B Bonds, may United States. be exchanged (or converted) at the owner's option for IV2 percent, 5-year mar- 7. Includes savings and loan associations, nonprofit institutions, corporate penketable Treasury notes. Convertible bonds that have been so exchanged are re- sion trust funds, dealers and brokers, certain government deposit accounts, and moved from this category and recorded in the notes category (line 5). government sponsored agencies. 3. Nonmarketable dollar-denominated and foreign currency-denominated series held by foreigners. NOTE. Gross public debt excludes guaranteed agency securities. 4. Held almost entirely by U.S. government agencies and trust funds. Data by type of security from Monthly Statement of the Public Debt of the United States (U.S. Treasury Department); data by holder from Treasury Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A33 1.42 U.S. GOVERNMENT MARKETABLE SECURITIES Ownership, by maturity Par value; millions of dollars, end of period 1982 1982 Type of holder 1980 1981 11998800 11998811 Mar. Apr. Mar. Apr. All maturities 1 to 5 years 1 All holders 623,186 720,293 752,620 755,832 197,409 228,550 242,354 240,814 2 U.S. government agencies and trust funds 9,564 8,669 8,001 8,001 1,990 1,906 1,906 1,906 3 Federal Reserve Banks 121,328 130,954 125,589 134,257 835 38,223 37,193 39,629 4 Private investors 492,294 580,671 619,030 613,576 159,585 188,422 203,254 199,279 5 Commercial banks 77,868 74,618 79,398 76,488 44,482 39,021 41,420 39,823 6 Mutual savings banks 3,917 3,971 4,533 4,352 1,925 1,870 2,253 2,031 7 Insurance companies 11,930 12,090 13,088 13,848 4,504 5,596 5,945 6,512 8 Nonfinancial corporations 7,758 4,214 4,318 3,893 2,203 1,146 1,073 956 9 Savings and loan associations 4,225 4,122 4,849 4,721 2,289 2,260 2,460 2,459 10 State and local governments 21,058 18,991 21,740 21,593 4,595 4,278 4,707 4,544 11 All others 365,539 462,663 491,104 488,680 99,577 134,251 145,396 142,955 Total, within 1 year 5 to 10 years 12 All holders 297,385 340,082 357,073 355,754 56,037 63,483 60,785 66,920 13 U.S. government agencies and trust funds 830 647 20 20 1,404 779 779 779 14 Federal Reserve Banks 56,858 64,113 61,579 66,735 13,548 11,854 10,102 10,813 15 Private investors 239,697 275,322 295,473 288,998 41,175 50,851 49,904 55,329 16 Commercial banks 25,197 29,480 31,579 30,381 5,793 4,496 3,120 3,048 17 Mutual savings banks 1,246 1,569 1,774 1,829 455 238 196 186 18 Insurance companies 1,940 2,201 2,350 2,025 3,037 2,507 2,578 2,926 19 Nonfinancial corporations 4,281 2,421 2,329 1,911 357 344 292 258 20 Savings and loan associations 1,646 1,731 2,140 2,003 216 98 163 178 21 State and local governments 7,750 7,536 6,974 6,868 2,030 2,365 2,419 2,463 22 All others 197,636 230,383 248,328 243,981 29,287 40,804 41,136 46,270 Bills, within 1 year 10 to 20 years 23 All holders 216,104 245,015 256,212 254,880 36,854 44,744 46,399 46,335 24 U.S. government agencies and trust funds 1 2 2 3,686 3,996 3,952 3,952 25 Federal Reserve Banks 43,971 49,679 45,692 50,509 5,919 6,692 6,624 6,817 26 Private investors 172,132 195,335 210,518 204,369 27,250 34,055 35,822 35,565 27 Commercial banks 9,856 9,667 11,575 10,711 1,071 873 1,328 1,231 28 Mutual savings banks 394 423 559 596 181 151 170 170 29 Insurance companies 672 760 784 591 1,718 1,119 1,361 1,539 30 Nonfinancial corporations 2,363 1,173 1,544 1,228 431 131 267 329 31 Savings and loan associations 818 363 822 743 52 16 21 20 32 State and local governments 5,413 5,126 4,327 4,163 3,597 2,824 4,872 4,988 33 All others 152,616 177,824 190,905 186,335 20,200 28,940 27,804 27,289 Other, within 1 year Over 20 years 34 All holders 81,281 95,068 100,861 100,874 35,500 43,434 46,010 46,010 35 U.S. government agencies and trust funds 829 647 18 19 1,656 1,340 1,343 1,343 36 Federal Reserve Banks 12,888 14,433 15,887 16,226 9,258 10,073 10,002 10,263 37 Private investors 67,565 79,987 84,956 84,630 24,587 32,020 34,576 34,404 38 Commercial banks 15,341 19,814 20,003 19,670 1,325 749 1,952 2,006 39 Mutual savings banks 852 1,146 1,215 1,233 110 144 140 137 40 Insurance companies 1,268 1,442 1,565 1,433 730 666 853 847 41 Nonfinancial corporations 1,918 1,248 785 683 476 172 358 439 42 Savings and loan associations 828 1,368 1,318 1,260 21 17 65 61 43 State and local governments 2,337 2,410 2,647 2,704 3,086 1,988 2,767 2,731 44 All others 45,020 52,560 57,423 57,646 18,838 28,285 28,440 28,184 NOTE. Direct public issues only. Based on Treasury Survey of Ownership from and 724 insurance companies, each about 80 percent; (2) 407 nonfinancial cor- Treasury Bulletin (U.S. Treasury Department). porations and 467 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 Apr. 30,1982: (1)5,292 commercialbanks, 443 mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic Nonfinancial Statistics • July 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 Mar. Apr. May May 26 June 2 June 9 June 16 June 23 Immediate delivery1 1 U.S. government securities 13,183 18,331 24,728 27,384 28,424 31,497 34,788 30,931 24,228 26,438 29,476 By maturity 2 Bills 7,915 11,413 14,768 14,995 16.090 16,623 17,765 16,937 14,913 17,929 17,938 3 Other within 1 year 454 421 621 742 910 763 1.171 846 569 566 546 4 1-5 years 2,417 3,330 4,360 5,606 5,288 7,400 9,331 6,478 3,964 3,421 5,437 5 5-10 years 1,121 1,464 2,451 2,843 3,136 3,381 3,987 3,875 2,497 2,272 2,945 6 Over 10 years 1,276 1,704 2,528 3,199 2,999 3,330 2.534 2,795 2,285 2,249 2,611 By type of customer / U.S. government securities dealers 1,448 1,484 1,640 1,386 1,718 1,730 2,066 1,503 1,131 1,558 1,776 8 U.S. government securities brokers 5,170 7,610 11,750 13,701 13,669 15,517 17,183 13,901 11,954 12,272 14,374 9 All others2 6,564 9,237 11,337 12,296 13,037 14,250 15.540 15.527 11,142 12,608 13,326 10 Federal agency securities 2,723 3,258 3,306 3.315 3,620 3,916 4.980 2,930 2,835 3,278 3,183 11 Certificates of deposit ,764 2,472 4,477 4,355 4.495 5,437 6,931 5,479 4,892 4,694 5,439 12 Bankers acceptances 1,807 2,115 2,434 2,454 2,947 2,620 2,362 2,193 2,212 13 Commercial paper 6,128 7,217 7.537 7,975 8,049 9,000 7,267 8,120 7,795 Futures transactions3 14 Treasury bills 3,523 5,095 4,447 5,564 6,293 5,664 4,763 4,336 4,790 lb Treasury coupons 1,330 1,179 959 1,972 2,306 2,363 1,146 1,115 1,311 16 Federal agency securities n a. n a. 234 204 216 278 425 342 213 325 242 Forward transactions4 17 U.S. government securities 365 493 371 807 1,181 624 739 628 1,036 18 Federal agency securities 1,370 1.358 951 571 450 546 410 554 576 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 1070 11998811 Mar. Apr. May May 5 May 12 May 19 May 26 June 2 Positions Net immediate1 1 U.S. government securities 3,223 4,306 9.033 12,247 12,564 14,103 10,774 13,870 14,101 16,392 14,424 2 Bills 3,813 4,103 6,485 6,594 7,718 7,390 6.220 6,533 8,258 8,457 7,647 3 Other within 1 year -325 -1,062 -1,526 -118 -99 -295 -368 -311 -333 -235 -319 4 1-5 years -455 434 1.488 3,333 2,902 4,083 3,212 4,653 3,211 4,945 3,610 5 5-10 years 160 166 292 -513 -520 -20 -866 18 -45 127 646 6 Over 10 years 30 665 2.294 2.952 2,563 2,946 2,575 2,977 3.011 3,097 2,838 7 Federal agency securities 1,471 797 2,277 2,505 2,916 3,117 2,978 3,091 2,940 3,321 3,192 8 Certificates of deposit 2,794 3,115 3,435 3,884 4,467 4,949 4,099 4,507 4,784 5,683 5,610 9 Bankers acceptances 1,746 2,276 2,530 2,719 2,243 2,659 2,792 2,853 3,047 10 Commercial paper 2,658 3,151 3,229 3,457 3.366 3,409 3.408 3,489 3,717 Futures positions 11 Treasury bills -8,934 -6,652 -5,463 -9,972 -8,427 - 10,253 - 10,755 -9,869 -9,167 12 Treasury coupons n a. n a. -2,733 -2,528 -2,896 -3,867 -3,435 -4,182 4,033 -3,850 -3,091 13 Federal agency securities 522 -161 -403 -579 -506 -514 -606 -728 -430 Forward positions 14 U.S. government securities -603 -518 -590 -715 -557 -696 -925 -596 -811 15 Federal agency securities -451 -1,007 -1,064 -1,130 -1,062 - 1,030 -1,100 - 1,200 -1,331 Financing2 Reverse repurchase agreements3 16 Overnight and continuing 14.568 24,745 2266,,992244 28,801 30,488 30,096 29,635 24,986 24,683 1/ Term agreements 32,048 42,608 46,509 45,253 49,367 48,244 41,074 42,325 40,329 Repurchase agreements4 n1 a. n a. 18 Overnight and continuing 35,919 48,139 53,246 58,415 61,287 62,358 58,741 51,273 53,964 19 Term agreements 29,449 38,833 43,140 40,142 40,424 40,650 38,188 41,305 37,640 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 1 Federal and federally sponsored agencies' 137,063 163,290 193,229 223,393 226,010 226,269 227,210 226,418 226,539 228,749 232,274 2 Federal agencies 23,488 24,715 28,606 30,870 31,069 31.156 31,806 31,053 30,806 31,408 31,613 3 Defense Department2 968 738 610 516 514 490 484 470 460 454 447 4 Export-Import Bank3-4 8,711 9,191 11,250 12,855 12,845 12,829 13,339 13,135 12,861 13,421 13,475 5 Federal Housing Administration5 588 537 477 432 427 419 413 406 397 382 376 6 Government National Mortgage Association participation certificates6 3,141 2,979 2,817 2,715 2,715 2,715 2,715 2,191 2,165 2.165 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 1,538 8 Tennessee Valley Authority 7,460 8,997 11,190 12,599 12,830 12.965 13,115 13,115 13,187 13,250 13,410 9 United States Railway Association7 356 436 492 215 200 200 202 198 198 198 202 10 Federally sponsored agencies' 113,575 138,575 164.623 192,523 194,941 195,113 195,404 195,365 195,733 197.341 200,661 11 Federal Home Loan Banks 27,563 33,330 41.258 58,276 57,990 57,854 58,090 57,387 57,743 58,839 59,937 12 Federal Home Loan Mortgage Corporation 2,262 2,771 2.536 2,308 2,308 2,608 2,604 2,604 2,604 2,500 2,500 13 Federal National Mortgage Association 41,080 48,486 55,185 56,688 57,805 58,533 58,749 58,860 59,018 59,270 60,478 14 Federal Land Banks 20,360 16,006 12,365 10,317 9,717 9.717 9,717 8,717 8.717 8,717 8,217 15 Federal Intermediate Credit Banks 11,469 2,676 1,821 1,388 1,388 1,388 1,388 1,388 1.388 1,388 926 16 Banks for Cooperatives 4,843 584 584 220 220 220 220 220 220 220 220 17 Farm Credit Banks' 5,081 33,216 48,153 59,024 60,911 60.191 60.034 61.187 61.041 61,405 63,381 18 Student Loan Marketing Association8 915 1,505 2,720 4,300 4,600 4,600 4,600 5,000 5,000 5,000 5,000 19 Other 2 1 1 2 2 2 2 2 2 2 2 MEMO: 20 Federal Financing Bank debt1,9 51,298 67,383 87,460 107,309 108,171 109,495 110,698 111,965 112,367 113,567 114,961 Lending to federal and federally sponsored 21 Export-Import Bank4 6,898 8,353 10.654 12,409 12,409 12,409 12,741 12,741 12,741 13.305 13,305 22 Postal Service7 2,114 1.587 1,520 1,288 1,288 1,288 1,288 1,288 1,288 1.288 1,288 23 Student Loan Marketing Association* 915 1,505 2,720 4,300 4,600 4,600 4.600 5,000 5,000 5,000 5,000 24 Tennessee Valley Authority 5,635 7.272 9,465 10,874 11,105 11,240 11,390 11,435 11,462 11,525 11.685 25 United States Railway Association7 356 436 492 215 200 200 202 198 198 198 202 Other Lending10 26 Farmers Home Administration 23,825 32,050 39.431 48,821 48,571 49.029 48.821 49,026 49,081 48,681 49,356 27 Rural Electrification Administration 4,604 6,484 9,196 12,343 12,674 12.924 13.516 13,836 13,989 14,452 14,716 28 Other 6,951 9,696 13.982 17,059 17,324 17.805 18,140 18,441 18,608 19,118 19,409 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 • July 1982 1.46 NEW SECURITY ISSUES of State and Local Governments Millions of dollars 1981 1982 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11997799 11998800 11998811 Sept. Oct. Nov. Dec. Jan.T Feb.r Mar.r Apr. 1 All issues, new and refunding1 43,365 48,367 47,732 3,910 4,097 5,355 4,744 3,862 3,684 5,593 6,619 Type of issue 2 General obligation 12,109 14,100 12,394 560 748 1,315 749 1,038 1,053 1,717 2,191 3 U.S. government loans2 53 38 34 2 2 3 1 2 0 9 10 4 Revenue 31,256 34,267 35,338 3,350 3,349 4,040 3,995 2,824 2,631 3,876 4,428 5 U.S. government loans2 67 57 55 9 5 2 3 4 6 5 32 Type of issuer 6 State 4,314 5,304 5,288 92 439 518 315 514 234 432 1,060 7 Special district and statutory authority .. 23,434 26,972 27,499 2,749 2,467 3,439 3,308 2,128 2,169 2,968 3,850 8 Municipalities, counties, townships, 15,617 16,090 14,945 1,070 1,191 1,398 1,120 1,220 1,281 2,193 1,709 school districts 9 Issues for new capital, total 41,505 46,736 46,530 3,904 4,009 5,318 4,683 3,705 3,643 4,738 6,596 Use of proceeds 10 Education 5,130 4,572 4,547 153 203 576 561 236 261 398 454 11 Transportation 2,441 2,621 3,447 222 499 286 355 144 207 360 278 12 Utilities and conservation 8,594 8.149 10,037 1,626 700 757 955 1,188 1,276 742 1,324 13 Social welfare 15,968 19,958 12,729 515 953 1,873 1,813 892 823 1,747 2,305 14 Industrial aid 3,836 3,974 7,651 874 1,015 676 523 440 479 628 621 15 Other purposes 5,536 7,462 8,119 514 639 1,150 476 805 597 863 1,614 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 Type of issue or issuer, or use 1981 Sept. Oct. Jan. Mar. Apr. 1 All issues' 51,533 73,694 69,283 4,696 4,368 8,518 5,908 2,954 3,294 6,436 4,384 2 Bonds 40,208 53,206 44,643 2,797 2,845 6,724 3,893 1,278 1,879 4,512 2,352 Type of offering 3 Public 25,814 41,587 37.653 2,198 2,582 6,560 3,576 614 1,464 3,540 2,100 4 Private placement 14,394 11,619 6,989 599 263 164 317 664 415 972 252 Industry group 5 Manufacturing 9,678 15,409 12,325 452 21 2,054 954 283 262 708 445 6 Commercial and miscellaneous. 3,948 6,693 5,229 201 617 949 850 230 59 691 124 7 Transportation 3,119 3,329 2,054 63 51 130 82 43 3 224 16 8 Public utility 8,153 9,557 8,963 1,012 1,008 802 582 493 345 1,568 846 9 Communication 4,219 6,683 4,280 471 83 326 106 8 364 84 4 10 Real estate and financial 11,094 11,534 11,793 598 1,065 2,463 1,319 221 845 1,236 917 11 Stocks 11,325 20,489 24,642 1,899 1,523 1,794 2,015 1,676 1,924 2,032 Type 12 Preferred 3,574 3,631 1,796 186 141 59 80 199 185 199 13 Common 7,751 16,858 22,846 1,713 1,382 1,735 1,935 1,477 1,230 1,725 Industry group 14 Manufacturing 1,679 4,839 4,838 117 193 407 258 129 67 394 102 15 Commercial and miscellaneous. 2,623 5,245 7,436 487 449 564 456 723 426 653 787 16 Transportation 255 549 735 87 23 15 23 25 73 27 15 17 Public utility 5,171 6,230 5,486 514 438 405 604 449 743 547 731 18 Communication 303 567 1,778 369 7 85 95 58 2 3 3 19 Real estate and financial 1,293 3,059 4,371 325 412 318 580 292 104 301 394 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 JJaann.. Oct. Nov. Dec. Feb. Mar. Apr.' May INVESTMENT COMPANIES1 1 Sales of own shares2 15,266 20,596 1,729 2,140 3,032 2,049 2,049 3,325 2,754 2,345 2 Redemptions of own shares3 12,012 15,866 593 1,125 1,769 1,475 1,456 2,056 2,293 1,854 3 Net sales 3,254 4,730 1,175 604 371 1,557 593 1,269 461 491 4 Assets4 58,400 55,207 54,335 57,408 55,207 54,347 52,695 53,001 56,026 54,683 5 Cash position5 5,321 5,277 5,799 6,269 5,277 5,424 5,540 5,752 6,083 6,006 6 Other 53,079 49,930 48,536 51,139 49,930 48,923 47,155 47,249 49,943 48,677 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 1982 AAccccoouunntt 11997799 11998800 11998811 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1 Corporate profits with inventory valuation and capital consumption adjustment 196.8 182.7 191.7 177.9 183.3 203.0 190.3 195.7 177.6 152.2 7 Profits before tax 255.3 245.5 233.3 237.6 249.5 257.0 229.0 234.4 212.8 171.8 3 Profits tax liability 87.6 82.3 77.7 78.5 85.2 87.7 76.4 78.1 68.8 53.7 4 Profits after tax 167.7 163.2 155.5 159.1 164.3 169.3 152.7 156.3 144.0 118.1 5 Dividends 50.1 56.0 63.1 56.7 57.7 59.6 62.0 64.8 66.0 66.8 6 Undistributed profits 117.6 107.2 92.4 102.4 106.6 109.6 90.6 91.5 78.0 51.3 7 Inventory valuation -42.6 -45.7 -27.7 -41.7 -48.4 -39.2 -24.0 -25.3 -22.3 -9.9 8 Capital consumption adjustment -15.9 -17.2 -13.9 -17.9 -17.8 -14.7 -14.7 -13.4 -12.8 -9.7 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 • July 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 6 Other 69.9 80.1 89.2 98.5 110.8 126.7 133.6 133.7 138.1 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. 1981 1982 IInndduussttrryy 11998800 11998811 11998822 Q21 Q3 Q4 Q1 Q21 Q31 Q41 1 Total nonfarm business 295.63 321.49 328.60 316.73 328.25 327.83 327.72 323.75 328.04 334.78 Manufacturing 2 Durable goods industries 58.91 61.84 61.17 63.10 62.58 60.78 60.84 60.67 61.44 61.82 3 Nondurable goods industries 56.90 64.95 66.12 62.40 67.53 66.14 67.48 65.02 67.11 65.19 Nonmanufacturing 4 Mining 13.51 16.86 17.24 16.80 17.55 16.81 17.60 16.33 16.71 18.29 Transportation S Railroad 4.25 4.24 4.66 4.38 44..1188 4.18 4.56 4.61 4.92 4.55 6 Air 4.01 3.81 3.84 3.29 3.34 4.82 3.20 3.39 4.12 4.66 7 Other 3.82 4.00 4.07 4.04 4.09 4.12 4.23 4.00 3.93 4.13 Public utilities 8 Electric 28.12 29.74 31.30 29.32 30.54 31.14 30.95 31.90 30.65 31.67 9 Gas and other 7.32 8.65 8.25 8.53 9.01 8.60 9.17 8.13 7.60 8.38 10 Trade and services 81.79 86.33 88.79 85.88 87.55 88.33 87.80 87.62 88.07 91.16 11 Communication and other2 36.99 41.06 43.15 39.02 41.89 42.92 41.89 42.08 43.48 44.94 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 1982 AAccccoouunntt 11997766 11997777 11997788 11997799 11998800 Q1 Q2 Q3 Q4 Q1 ASSETS Accounts receivable, gross 1 Consumer 38.6 44.0 52.6 65.7 73.6 76.1 79.0 84.5 85.5 85.1 2 Business 44.7 55.2 63.3 70.3 72.3 72.7 78.2 76.9 80.6 80.9 3 Total 83.4 99.2 116.0 136.0 145.9 148.7 157.2 161.3 166.1 166.0 4 LESS: Reserves for unearned income and losses .... 10.5 12.7 15.6 20.0 23.3 24.3 25.7 27.7 28.9 29.1 5 Accounts receivable, net 72.9 86.5 100.4 116.0 122.6 124.5 131.4 133.6 137.2 136.9 6 Cash and bank deposits 2.6 2.6 3.5 7 Securities 1.1 .9 1.3 24.91 27.5 30.8 31.6 34.5 34.2 35.0 8 All other 12.6 14.3 17.3 9 Total assets 89.2 104.3 122.4 140.9 150.1 155.3 163.0 168.1 171.4 171.9 LIABILITIES 10 Bank loans 6.3 5.9 6.5 8.5 13.2 13.1 14.4 14.7 15.4 15.4 11 Commercial paper 23.7 29.6 34.5 43.3 43.4 44.2 49.0 51.2 51.2 46.2 Debt 12 Short-term, n.e.c 5.4 6.2 8.1 8.2 7.5 8.2 8.5 11.9 9.6 9.0 13 Long-term, n.e.c 32.3 36.0 43.6 46.7 52.4 51.6 52.6 50.7 54.8 59.0 14 Other 8.1 11.5 12.6 14.2 14.3 17.3 17.0 17.1 17.8 19.0 15 Capital, surplus, and undivided profits 13.4 15.1 17.2 19.9 19.4 20.9 21.5 22.4 22.8 23.3 16 Total liabilities and capital 89.2 104.3 122.4 140.9 150.1 155.3 163.0 168.1 171.4 171.9 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 receivable AAAccccccooouuunnntttsss rrreeeccceeeiiivvvaaabbbllleee TTTyyypppeee ooouuu AAA tttsss ppp ttt rrr aaa ... nnn 333 ddd 000 iiinnn ,,, ggg 1982 1982 1982 111999888222111 Feb. Mar. Apr. Feb. Mar. Apr. Feb. Mar. Apr. 1 Total 80,912 652 -418 120 19,436 18,148 19,110 18,784 18,566 18,990 2 Retail automotive (commercial vehicles) 11,718 168 34 100 1,076 962 935 908 928 835 3 Wholesale automotive 12,367 -351 -634 11 5,420 3,916 5,759 5,771 4,550 5,748 4 Retail paper on business, industrial, and farm equipment.... 27,568 804 384 -231 1,919 1,538 1,181 1,115 1,154 1,412 5 Loans on commercial accounts receivable and factored commercial accounts receivable 9,269 -52 140 260 8,939 9,774 9,434 8,991 9,634 9,174 6 All other business credit 19,990 83 -342 -20 2,082 1,958 1.801 1,999 2,300 1,821 1. Not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • July 1982 1.54 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1981 1982 Item 11997799 11998800 11998811 Nov. Dec. Jan. Feb. Mar. Apr. May 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 84.5 88.7 102.6 97.3 90.0 95.7' 84.8 2 Amount of loan (thousands of dollars) 53.3 59,2 65.3 62.7 64.4 71.3 71.1 65.4 70.4R 63.4 3 Loan/price ratio (percent) 73.9 73.2 74.8 77.3 75.3 73.5 76.5 75.7 77.2R 77.3 4 Maturity (years) 28.5 28.2 27.7 23.4 27.7 27.4 28.1 27.4 28.6R 27.5 5 Fees and charges (percent of loan amount)2 1.66 2.09 2.67 2.52 2,87 2.55 3.01 2.90 3.28' 3.27 6 Contract rate (percent per annum) 10.48 12.25 14.16 15.68 15.23 14.66 14.44 14.93 15.13' 15.16 Yield (percent per annum) 1 FHLBB series5 10.77 12.65 14.74 16.38 15.87 15.25 15.12 15.67 15.84' 15.% 8 HUD series4 11.15 13.95 16.52 16.95 17.00 17.30 17.20 16.80 16.65 16.50 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5 10.87 13.42 16.29 15.98 16,43 17.38 17.10 16.41 16.31 16.19 10 GNMA securities6 10.22 12.55 15.29 15.10 15.51 16.19 16.21 15.54 15.40 15.30 FNMA auctions7 11 Government-underwritten loans 11.17 14.11 16.70 16.64 16.92 17.80 18.00 17.29 0.0 16.27 12 Conventional loans 11.77 14.43 16.64 17.20 16.95 17.33 17.91 17.09 16.66 16.33 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 13 Total 48.050 55.104 58,675 60,949 61,412 61,721 62,112 62,544 63,132 63,957 14 FHA/VA-insured 33,673 37.364 39,342 40,056 39,997 39.937 39,926 39,893 39,834 41,023 15 Conventional 14,377 17,724 19,334 20,885 21.435 21,784 22,185 22,654 23,298 24,143 Mortgage transactions (during period) 16 Purchases 10,812 8,099 6,112 594 655 430 519 604 755 1,006 17 Sales 0 0 2 0 0 0 0 0 0 0 Mortgage commitments8 18 Contracted (during period) 10,179 8.083 9,331 560 1,272 813 l,202r 1,881r 2,482 1,568 19 Outstanding (end of period) 6,409 3,278 3,717 3,354 3,717 3,536 3,857 4,990 6,586 7,034 Auction of 4-month commitments to buv Government-underwritten loans 20 Offered 8,860.4 8,605.4 2,487.2 79.0 59.2 41.5 41.7 45.7 7.0 35.7 21 Accepted 3,920.9 4,002.0 1,478.0 34.4 27.0 30.8 23.4 29.6 0.0 7.4 Conventional loans 22 Offered 4,495.3 3,639.2 2,524.7 147.7 84.4 31.7 28.6 65.0 29.5 37.8 23 Accepted 2,343.6 1.748.5 1,392.3 63.1 48.0 11.5 13.6 32.3 22.0 23.0 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)9 24 Total 3.543 4,362 5,245 5,283 5,255 5,240 5,342 5,320 5,274 5,279 25 FHA/VA 1,995 2,116 2,236 2,232 2,227 2,209 2,218 2,227 2,226 2,232 26 Conventional 1,549 2,246 3,010 3,051 3,028 3,032 3,124 3,094 3,048 3,047 Mortgage transactions (during period) 27 Purchases 5,717 3.723 3,789 416 1,140 1,628 1,228 1,479 2,143 1,214 28 Sales 4,544 2,527 3,531 596 1,158 1,629 1,115 1,564 2,177 1,194 Mortgage commitments10 29 Contracted (during period) 5.542 3.859 6,974 2,011 203 328 565 2,523 2,824 2,692 30 Outstanding (end of period) 797 447 3,518 4,451 3,518 5,033 4,336 5,461 6,041 7,420 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 1,445,966 1,544,784 1,468,053 1,499,066 1,525,599 1,544,784 1,559,620 ? 880,369 961,340 1,021,140 974,411 993,793 1,010,838 1,021,140 1,029,059 3 128,167 136,953 141,271 137,946 139,199 140,010 141,271 142,686 4 235,572 255,655 280,566 261,242 268,562 274,719 280,566 284,099 5 82,677 92,018 101,807 94,454 97,512 100,032 101,807 103,776 6 938,567 997,168 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 8 149,460 160,326 172,549 161,758 164,873 169,378 172,549 175,326 Multifamily 11,180 12,924 14,905 13,282 13,800 14,478 14,905 15,126 10 75,957 81,081 90,717 83,133 86,091 88,836 90,717 92,499 11 Farm 8,590 8,699 8,455 8,561 8,461 8,434 8,455 8,475 17 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 67,086 14 Multifamily 16,557 16,058 15,962 15,955 15,909 15,939 15,962 15,611 H Commercial 16,162 16,278 15,813 16,105 15,999 15,909 15,813 15,763 16 Farm 49 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 394,345 419,763 432,978 423,606 430,702 433,750 432,978 430,084 19 Multifamily 37,579 38,142 37,684 38,219 38,077 37,975 37,684 37,450 20 Commercial 43,764 45,287 47,688 45,731 46,477 47,053 47,688 47,591 71 Life insurance companies 118,784 131,081 139,046 133,231 135,319 136,982 139,046 140,136 77 1- to 4-family 16,193 17,943 17,382 17,847 17,646 17,512 17,382 17,332 73 Multifamily 19,274 19,514 19,486 19,579 19,603 19,592 19,486 19,674 74 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 76 Federal and related agencies 97,084 114,300 126,112 116,243 119,124 121,772 126,112 128,725 77 Government National Mortgage Association 3,852 4,642 4,765 4,826 4,972 4,382 4,765 4,438 78 1- to 4-family 763 704 693 696 698 696 693 689 29 Multifamily 3,089 3,938 4,072 4,130 4,274 3,686 4,072 3,749 30 Farmers Home Administration 1,274 3,492 2,235 2,837 2,662 1,562 2,235 2,469 31 1- to 4-family 417 916 914 1,321 1,151 500 914 715 37. Multifamily 71 610 473 528 464 242 473 615 33 Commercial 174 411 506 479 357 325 506 499 34 Farm 612 1,555 342 509 690 495 342 640 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 47,947 47 1- to 4-family 1,552 2,099 2,788 2,228 2,401 2,605 2,788 2,874 43 Farm 29,725 36,032 43,658 38,030 40,280 42,103 43,658 45,073 44 Federal Home Loan Mortgage Corporation 4,035 5,068 5,255 5,161 5,257 5,433 5,255 5,320 45 1- to 4-family 3,059 3,873 4,018 3,953 4,025 4,166 4,018 4,075 46 Multifamily 976 1,195 1,237 1,208 1,232 1,267 1,237 1,245 47 Mortgage pools or trusts2 119,278 142,258 162,273 147,246 152,308 158,140 162,273 169,559 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 57 1- to 4-family 12,149 13,471 15,888 13,641 14,115 14,401 15,888 18,995 53 Multifamily 3,031 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 36,955 55 1- to 4-family 14,884 16,683 18,378 16,640 17,165 18,407 18,378 18,740 56 Multifamily 2,163 2.612 3,426 2,853 3,097 3,488 3,426 3,447 57 Commercial 4,328 5,271 6,161 5,382 5,750 6,040 6,161 6,351 58 Farm 6,322 6,964 8,675 8,120 8,173 8,519 8,675 8,417 59 Individual and others3 171,856 192,240 212,362 197,324 203,841 208,807 212,362 216,149 60 1- to 4-family 99,418 112,645 126,070 116,315 120,572 123,772 126,070 127,965 61 Multifamily 23,189 27,164 28,152 27,208 27,593 27,906 28,152 28,787 67 Commercial 24,050 26,661 30,592 27,573 28,850 29,814 30,592 31,291 63 Farm 25,199 25,770 27,548 26,228 26,826 27,315 27,548 28,106 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 auarters 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 • July 1982 1.56 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change Millions of dollars 1982 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May Amounts outstanding (end of period) 1 Total 312,024 313,472 333,375 330,135 327,435 327,131 328,363 329,338 By major holder 2 Commercial banks 154,177 147,013 149,300 148.162 146,922 146,454 146,616 146,147 3 Finance companies 68,318 76,756 89,818 88.925 89,009 89,591 90,674 91,958 4 Credit unions 46,517 44,041 45,954 45,907 45,586 45,632 45,450 45,472 5 Retailers2 28,119 28,448 29,551 28,179 27.013 26,530 26,537 26,536 6 Savings and loans 8,424 9,911 11,598 11.668 11,738 11,926 12,081 12,202 1 Gasoline companies 3,729 4,468 4,403 4,541 4,433 4,229 4,227 4,218 8 Mutual savings banks 2,740 2,835 2,751 2,753 2,734 2,769 2,778 2,805 By major type of credit 9 Automobile 116,362 116,838 126,431 125,525 125,294 125,559 126,201 127,220 10 Commercial banks 67,367 61,536 59,181 58,849 58,604 58,510 58,458 58,099 11 Indirect paper 38,338 35,233 35,097 35,029 34,920 34,888 34,920 34,791 12 Direct loans 29,029 26.303 24,084 23,820 23,684 23,622 23,538 23,308 13 Credit unions 22,244 21,060 21,975 21,953 21,799 21,821 21,733 21,744 14 Finance companies 26,751 34,242 45,275 44.723 44,891 45,228 46,010 47,377 15 Revolving 56,937 58,352 63,049 61.433 59.514 58,491 58,641 58,647 16 Commercial banks 29,862 29,765 33,110 32.643 31,923 31,532 31,638 31,619 1/ Retailers 23,346 24,119 25,536 24,249 23,158 22,730 22,776 22,810 18 Gasoline companies 3,729 4,468 4,403 4,541 4,433 4,229 4,227 4,218 19 Mobile home 16,838 17,322 18,486 18,397 18,343 18.363 18,402 18,479 20 Commercial banks 10,647 10,371 10,300 10,206 10,111 10,037 9,974 9,960 21 Finance companies 3,390 3,745 4,494 4,481 4,506 4,548 4,608 4,666 22 Savings and loans 2,307 2,737 3,203 3,222 3,241 33,,229933 3,336 3,369 23 Credit unions 494 469 489 488 485 448866 484 484 24 Other 121,887 120,960 125.409 124,780 124.284 124,718 125,119 124,992 25 Commercial banks 46,301 45,341 46,709 46,464 46,284 46,375 46,546 46,469 26 Finance companies 38,177 38,769 40,049 39,721 39,612 39,815 40,056 39,915 11 Credit unions 23,779 22,512 23,490 23,466 23,302 23,326 23,233 23,244 28 Retailers 4,773 4,329 4,015 3,930 3,855 3,800 3,761 3,726 29 Savings and loans 6,117 7,174 8,395 8,446 8,497 8,633 8,745 8,833 30 Mutual savings banks 2,740 2,835 2,751 2,753 2,734 2,769 2,778 2,805 Net change (during period)3 31 Total 38,381 1,448 19,894 443 75 990 1,175 1,399 By major holder 32 Commercial banks 18,161 -7,163 2,284 10 -171 166 96 -13 33 Finance companies 14,020 8,438 13,062 -597 307 673 544 1,126 34 Credit unions 2,185 -2,475 1,913 689 -135 -122 132 --3399 35 Retailers2 2,132 329 1,103 27 -124 171 181 6688 36 Savings and loans 1,327 1,485 1,682 172 173 251 205 221 H Gasoline companies 509 739 -65 39 36 -150 -6 -20 38 Mutual savings banks 47 95 -85 103 -11 1 23 56 By major type of credit 3399 Automobile 14,715 477 9,595 -121 -56 -28 233 959 40 Commercial banks 6,857 -5,830 -2,355 103 -180 -248 -159 -305 41 Indirect paper 4,488 -3,104 -136 232 -141 -130 2 -52 42 Direct loans 2,369 -2,726 -2,219 -129 -39 -118 -161 -253 43 Credit unions 1,044 -1,184 914 345 -59 -55 54 -34 44 Finance companies 6,814 7,491 11,033 -569 183 275 338 1,298 45 Revolving 8,628 1,415 4,697 -196 -155 307 499 537 46 Commercial banks 5,521 -97 3,345 -276 -65 296 285 436 47 Retailers 2.598 773 1,417 41 -126 161 220 121 48 Gasoline companies 509 739 -65 39 36 -150 -6 -20 49 Mobile home 1,603 483 1,161 -26 -44 15 51 70 50 Commercial banks 1,102 -276 -74 -74 -110 -82 -48 -41 51 Finance companies 238 355 749 6 56 52 53 44 52 Savings and loans 240 430 466 30 14 47 43 67 53 Credit unions 23 -25 20 12 -4 -2 3 0 54 Other 13,435 -927 4,441 786 330 696 392 -167 55 Commercial banks 4,681 -960 1,368 257 184 200 18 - 103 56 Finance companies 6,968 592 1,280 -34 68 346 153 -216 5/ Credit unions 1,118 -1,266 975 332 -72 -65 75 -5 58 Retailers -466 -444 -314 -14 2 10 -39 -53 59 Savings and loans 1.087 1,056 1,217 142 159 204 162 154 60 Mutual savings banks 47 95 -85 103 -11 1 23 56 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Debt A43 1.57 CONSUMER INSTALLMENT CREDIT Extensions and Liquidations Millions of dollars; monthly data are seasonally adjusted. 1982 t_T . . , r rrprl'. 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May Extensions 1 Total 324,777 306,076 336,341 26,888 27,150 27,462 28,648 29,197 By major holder 2 Commercial banks 154,733 134.960 146,186 11,775 12.431 12.519 12,790 12,765 3 Finance companies 61,518 60,801 66,344 4,433 4.857 5,002 5,343 6,135 4 Credit unions 34,926 29,594 35,444 3,326 2.695 2,631 3,010 2,902 5 Retailers' 47,676 49,942 53,430 4,385 4,254 4,536 4,618 4,449 6 Savings and loans 5.901 6,621 8,142 716 754 788 823 841 7 Gasoline companies 18,005 22,253 24,902 2,000 2,007 1.835 1,915 1,880 8 Mutual savings banks 2,018 1.905 1,893 253 152 151 185 225 Bv major type of credit 9 Automobile 93,901 83.454 94,404 7,474 7.283 7,183 7.871 8.429 10 Commercial banks 53,554 41.109 42,792 3,696 3,415 3,393 3,499 3,317 N Indirect paper 29,623 22.558 24.941 2,293 1.875 1,875 2.079 1,954 12 Direct loans 23,931 18.551 17.851 1.403 1,540 1,518 1,420 1,363 13 Credit unions 17,397 15.294 18,084 1.702 1,363 1.420 1,542 1.483 14 Finance companies 22,950 27,051 33,527 2,076 2,505 2,370 2,830 3,629 15 Revolving 120,174 128,068 140,135 11,070 11.730 12,143 12,416 12.528 16 Commercial banks 61,048 61.593 67,370 5.135 5.928 6,235 6,309 6,604 17 Retailers 41,121 44,222 47,863 3,935 3.795 4,073 4,192 4,044 18 Gasoline companies 18.005 22.253 24.902 2,000 2.007 1,835 1,915 1,880 19 Mobile home 6,471 5.093 6,028 434 364 411 544 478 20 Commercial banks 4,542 2.937 3.106 188 136 156 253 201 21 Finance companies 797 898 1,313 99 117 120 122 114 22 Savings and loans 948 1.146 1,432 122 102 126 151 151 23 Credit unions 184 113 176 25 9 9 18 12 24 Other 104,231 89.461 95,774 7,910 7,773 7,725 7,853 7,762 25 Commercial banks 35,589 29,321 32,918 2,756 2.952 2.735 2,729 2,643 26 Finance companies 37,771 32.852 31.504 2,258 2,235 2.512 2,391 2,392 27 Credit unions 17.345 14.187 17,182 1,599 1,323 1,202 1,450 1,407 28 Retailers 6.555 5.720 5,567 450 459 463 426 405 29 Savings and loans 4.953 5.476 6.710 594 652 662 672 690 30 Mutual savings banks 2,018 1,905 1,893 253 152 151 185 225 Liquidations 31 Total 286,396 304,628 316,447 26,445 27,075 26,472 27,509 27,798 By major holder 32 Commercial banks 136,572 142.123 143,902 11,765 12.602 12,353 12,694 12,778 33 Finance companies 47.498 52,363 53,282 5,030 4,550 4,329 4,799 5,009 34 Credit unions 32.741 32.069 33,531 2,637 2.830 2,753 2.878 2,941 35 Retailers' 45.544 49.613 52,327 4,358 4.378 4,365 4,437 4,381 36 Savings and loans 4.574 5,136 6,640 544 581 537 618 620 37 Gasoline companies 17.496 21,514 24,967 1,961 1.971 1,985 1.921 1,900 38 Mutual savings banks 1,971 1,810 1.978 150 163 150 162 169 By major tvpe of credit 39 Automobile 79,186 82.977 84.809 7.595 7.339 7.211 7,638 7,470 40 Commercial banks 46.697 46,939 45,147 3,593 3.595 3,641 3,658 3,622 41 Indirect paper 25,135 25.662 25,077 2,061 2.016 2,005 2,077 2,006 42 Direct loans 21.562 21.277 20.070 1,532 1.579 1,636 1,581 1,616 43 Credit unions 16,353 16,478 17,169 1,357 1.422 1,475 1,488 1,517 44 Finance companies 16.136 19,560 22.494 2.645 2.322 2,095 2.492 2,331 45 Revolving 111,546 126.653 135,438 11,266 11.885 11,836 11,917 11,991 46 Commercial banks 55,527 61.690 64.025 5,411 5,993 5,939 6,024 6,168 47 Retailers 38,523 43,449 46.446 3.894 3.921 3,912 3,972 3,923 48 Gasoline companies 17,496 21.514 24.967 1.961 1.971 1,985 1.921 1,900 49 Mobile home 4,868 4,610 4,867 460 408 396 493 408 50 Commercial banks 3,440 3,213 3,180 262 246 238 301 242 51 Finance companies 559 543 564 93 61 68 69 70 52 Savings and loans 708 716 966 92 88 79 108 84 53 Credit unions 161 138 156 13 13 11 15 12 54 Other 90,796 90,388 91.333 7,124 7.443 7,029 7.461 7,929 55 Commercial banks 30,908 30,281 31.550 2,499 2.768 2,535 2.711 2,746 56 Finance companies 30,803 32,260 30,224 2,292 2.167 2,166 2,238 2,608 57 Credit unions 16,227 15,453 16,207 1,267 1.395 1.267 1,375 1,412 58 Retailers 7,021 6.164 5,881 464 457 453 465 458 59 Savings and loans 3,866 4.420 5,493 452 493 458 510 536 60 Mutual savings banks 1,971 1.810 1,978 150 163 150 162 169 1. Includes auto dealers and excludes 30-day charge credit held by travel and entertainment companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 DomesticN onfinancial Statistics • July 1982 1.58 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; half-yearly data are at seasonally adjusted annual rates. 1979 1980 1981 11997766 11997777 11997788 11997799 11998800 11998811 HI H2 HI H2 HI H2 Nonfinancial sectors 1 Total funds raised 273.6 336.6 395.6 387.0 371.9 376.0 385.0 389.0 339.0 404.9 418.4 333.6 2 Excluding equities 262.8 333.5 396.3 394.0 357.0 387.4 394.7 393.3 330.1 383.8 416.9 358.0 By sector and instrument 3 U.S. government 69.0 56.8 53.7 37.4 79.2 87.4 30.0 44.7 66.5 91.9 86.1 88.6 4 Treasury securities 69.1 57.6 55.1 38.8 79.8 87.8 32.3 45.2 67.2 92.4 86.7 89.0 5 Agency issues and mortgages -.1 -.9 -1.4 -1.4 -.6 -.5 -2.3 -.5 -.6 -.6 -.5 -.4 6 All other nonfinancial sectors 204.6 279.9 342.0 349.6 292.7 288.6 355.0 344.3 272.5 313.0 332.3 244.9 7 Corporate equities 10.8 3.1 -.6 -7.1 15.0 -11.5 -9.8 -4.3 8.9 21.0 1.5 -24.5 8 Debt instruments 193.8 276.7 342.6 356.7 277.8 300.1 364.7 348.6 263.6 292.0 330.7 269.4 y Private domestic nonfinancial sectors 185.0 266.0 308.7 328.6 263.4 264.1 341.0 316.1 241.3 285.6 297.1 231.2 10 Corporate equities 10.5 2.7 -.1 -7.8 12.9 -11.5 -9.6 -6.1 6.9 18.8 .9 -23.8 u Debt instruments 174.5 263.2 308.8 336.4 250.6 275.6 350.6 322.2 234.4 266.2 296.2 255.0 12 Debt capital instruments 123.7 172.2 193.7 200.1 179.4 147.8 203.0 197.2 177.0 181.9 171.1 124.5 13 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.8 20.9 22.7 21.6 32.1 28.8 22.8 14 Corporate bonds 22.8 21.0 20.1 21.2 30.4 20.2 21.7 20.7 35.3 25.6 22.8 17.6 15 Home mortgages 64.0 96.3 108.5 113.7 81.7 62.2 117.6 109.8 76.5 87.0 77.3 47.2 16 Multifamily residential 3.9 7.4 9.4 7.8 8.5 4.6 8.0 7.6 8.2 8.8 5.0 4.2 17 Commercial 11.6 18.5 22.1 24.4 22.4 25.3 23.4 25.4 24.8 19.9 28.4 22.1 18 Farm 5.7 7.1 7.5 11.3 9.5 9.8 11.6 11.0 10.6 8.4 8.9 10.7 19 Other debt instruments 50.7 91.0 115.1 136.3 71.1 127.8 147.6 125.0 57.4 84.9 125.1 130.4 20 Consumer credit 25.4 40.2 47.6 46.3 2.3 25.3 50.9 41.6 -5.1 9.7 29.5 21.1 21 Bank loans n.e.c 4.4 26.7 37.1 49.2 37.3 50.1 55.5 42.8 13.5 61.2 42.0 58.3 22 Open market paper 4.0 2.9 5.2 11.1 6.6 19.2 8.0 14.2 24.8 -11.6 16.0 22.3 23 Other 16.9 21.3 25.1 29.7 24.9 33.2 33.1 26.4 24.1 25.6 37.6 28.7 24 By borrowing sector 185.0 266.0 308.7 328.6 263.4 264.1 341.0 316.1 241.3 285.6 297.1 231.2 25 State and local governments 15.2 17.3 20.9 18.4 25.3 23.1 17.9 18.9 19.7 30.9 26.2 20.0 26 Households 89.6 139.1 164.3 170.6 101.7 103.6 179.1 162.1 94.2 109.1 124.3 82.8 27 Farm 10.2 12.3 15.0 20.8 14.5 16.4 21.2 20.4 17.9 11.1 22.7 10.0 28 Nonfarm noncorporate 5.7 12.7 15.3 14.0 15.8 13.8 13.5 14.5 11.0 20.6 16.1 11.6 29 Corporate 64.3 84.6 93.2 104.8 106.1 107.3 109.3 100.2 98.4 113.8 107.8 106.7 30 Foreign 19.6 13.9 33.2 21.0 29.3 24.4 14.0 28.1 31.2 27.4 35.1 13.8 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 24.5 14.1 26.4 29.2 25.2 34.5 14.4 33 Bonds 8.6 5.1 4.2 3.9 .8 5.6 2.8 4.9 2.0 -.4 3.3 7.8 34 Bank loans n.e.c 5.6 3.1 19.1 2.3 11.5 .8 2.1 2.4 6.1 17.0 5.7 -4.1 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 4.2 3.1 2.8 5.4 4.0 4.9 3.6 Financial sectors 37 Total funds raised 23.4 51.4 76.8 84.3 66.7 88.6 87.8 80.8 59.8 73.5 92.6 84.6 By instrument 38 U.S. government related 15.1 21.9 36.7 48.2 43.0 44.4 43.7 52.8 44.7 41.3 40.6 48.2 39 Sponsored credit agency securities 3.3 7.0 23.1 24.3 24.4 30.1 21.2 27.3 25.1 23.7 24.0 36.1 40 Mortgage pool securities 12.2 16.1 13.6 24.0 18.6 14.3 22.5 25.5 19.6 17.6 16.5 12.1 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 44.2 44.1 28.0 15.2 32.2 52.0 36.4 43 Corporate equities -.2 2.6 1.8 2.5 6.2 8.3 3.6 1.4 7.1 5.2 9.7 7.0 44 Debt instruments 8.4 26.9 38.3 33.6 17.5 35.9 40.6 26.6 8.1 27.0 42.3 29.4 45 Corporate bonds 9.8 10.1 7.5 7.8 7.1 -.8 8.2 7.5 10.1 4.2 -2.0 .3 46 Mortgages 2.1 3.1 .9 -1.2 -.9 -2.9 .3 -2.6 -5.8 4.0 -2.9 -2.9 47 Bank loans n.e.c -3.7 -.3 2.8 -.4 -.5 2.5 -1.4 .6 * -.9 4.6 .3 48 Open market paper and RPs 2.2 9.6 14.6 18.2 4.6 20.9 25.4 10.9 -.8 10.1 24.6 17.3 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 30.1 21.2 27.3 25.1 23.7 24.0 36.1 51 Mortgage pools 12.2 16.1 13.6 24.0 18.6 14.3 22.5 25.5 19.6 17.6 16.5 12.1 52 Private financial sectors 8.2 29.5 40.1 36.0 23.7 44.2 44.1 28.0 15.2 32.2 52.0 36.4 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 9.7 55 Savings and loan associations .1 9.9 14.3 11.4 6.9 13.1 11.1 11.7 -1.4 15.2 17.2 8.9 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 14.4 22.7 10.9 5.2 6.3 18.3 10.6 58 REITs -2.2 -2.3 -1.1 -.4 -1.7 -.7 -.6 -.2 -1.4 -2.0 -.8 -.5 59 Open-end investment companies -2.4 .4 -.5 -.6 4.4 7.8 .7 -1.9 5.3 3.4 9.3 6.3 All sectors 60 Total funds raised, by instrument 297.0 388.0 472.5 471.3 438.6 464.6 472.8 469.7 398.8 478.4 511.0 418.2 61 Investment company shares -2.4 .4 -.5 -.6 4.4 7.8 .7 -1.9 5.3 3.4 9.3 6.3 62 Other corporate equities 13.1 5.3 1.7 -4.0 16.8 -11.0 -6.9 -1.0 10.7 22.8 1.9 -23.8 63 Debt instruments 286.4 382.3 471.3 475.8 417.5 467.7 479.0 472.6 382.9 452.1 499.8 435.6 64 U.S. government securities 84.6 79.9 90.5 85.7 122.3 131.9 73.8 97.6 111.3 133.2 126.8 136.9 65 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.8 20.9 22.7 21.6 32.1 28.8 22.8 66 Corporate and foreign bonds 41.2 36.1 31.8 32.8 38.4 24.9 32.6 33.0 47.4 29.5 24.1 25.7 67 Mortgages 87.2 132.3 148.3 155.9 121.1 98.8 160.6 151.1 114.2 128.0 116.6 81.1 68 Consumer credit 25.4 40.2 47.6 46.3 2.3 25.3 50.9 41.6 -5.1 9.7 29.5 21.1 69 Bank loans n.e.c 6.2 29.5 59.0 51.0 48.4 53.4 56.2 45.8 19.6 77.2 52.3 54.5 70 Open market paper and RPs 8.1 15.0 26.4 40.5 21.4 54.0 39.5 41.5 39.7 3.1 61.3 46.7 71 Other loans 17.8 27.4 41.5 41.9 36.7 53.7 44.4 39.3 34.1 39.3 60.5 46.8 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 262.8 333.5 396.3 394.0 357.0 387.4 394.7 393.3 330.1 383.8 416.9 335588..00 By public agencies and foreign 2 Total net advances 49.8 79.2 101.9 74.0 92.1 9911..22 4499..66 98.5 110022..99 8811..33 110033..66 7788..88 3 U.S. government securities 23.1 34.9 36.1 -6.2 15.6 17.2 -27.1 14.7 23.2 8.0 24.3 10.1 4 Residential mortgages 12.3 20.0 25.7 36.7 31.1 22.7 35.7 37.8 33.3 28.9 20.8 24.6 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 35.0 32.8 35.8 41.7 34.8 40.5 29.6 Total advanced, by sector 7 U.S. government 7.9 10.0 17.1 19.0 23.7 24.1 19.8 18.3 25.4 22.1 27.7 20.5 8 Sponsored credit agencies 16.8 22.4 39.9 53.4 43.8 45.3 47.8 58.9 42.4 45.2 42.2 48.3 9 Monetary authorities 9.8 7.1 7.0 7.7 4.5 9.2 -.9 16.2 12.1 -3.1 -7.3 25.6 10 Foreign 15.2 39.6 38.0 -6.1 20.0 12.6 -17.2 5.1 23.0 17.0 40.9 -15.7 11 Agency borrowing not included in line 1 15.1 21.9 36.7 48.2 43.0 44.4 43.7 52.8 44.7 41.3 40.6 48.2 Private domestic funds advanced 1? Total net advances 228.1 276.2 331.0 368.2 307.9 340.6 388.9 347.6 271.9 343.8 353.8 327.5 13 U.S. government securities 61.5 45.1 54.3 91.9 106.7 114.7 101.0 82.9 88.1 125.3 102.6 126.8 14 State and local obligations 15.7 21.9 26.1 21.8 26.9 25.8 20.9 22.7 21.6 32.1 28.8 22.8 15 Corporate and foreign bonds 30.5 22.2 22.4 24.0 26.2 21.0 24.0 24.0 32.5 19.9 19.6 22.5 16 Residential mortgages 55.5 83.7 92.1 84.6 59.1 44.0 89.8 79.5 51.2 66.9 61.4 26.6 17 Other mortgages and loans 62.9 107.7 148.6 155.1 96.2 151.4 161.4 148.7 83.1 109.3 159.5 143.2 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 191.4 260.9 302.4 292.5 270.3 302.5 316.9 268.0 246. t 294.4 318.9 286.2 20 Commercial banking 59.6 87.6 128.7 121.1 99.7 99.8 130.3 112.0 58.5 140.9 101.6 98.0 21 Savings institutions 70.5 82.0 73.5 55.9 58.4 24.1 59.6 52.2 35.5 81.3 38.4 9.8 27 Insurance and pension funds 49.7 67.8 75.0 66.4 79.8 81.9 72.3 60.5 89.2 70.3 79.3 84.5 23 Other finance 11.6 23.4 25.2 49.0 32.4 96.7 54.8 43.3 62.8 1.9 99.5 93.9 74 Sources of funds 191.4 260.9 302.4 292.5 270.3 302.5 316.9 268.0 246.1 294.4 318.9 286.2 25 Private domestic deposits 124.4 138.9 140.8 143.2 171.1 204.8 135.1 151.2 158.7 183.6 203.6 206.1 26 Credit market borrowing 8.4 26.9 38.3 33.6 17.5 35.9 40.6 26.6 8.1 27.0 42.3 29.4 77 Other sources 58.5 95.1 123.2 115.7 81.6 61.8 141.2 90.3 79.4 83.8 73.0 50.7 28 Foreign funds -4.7 1.2 6.3 25.6 -22.3 -10.4 45.6 5.6 -22.8 -21.9 -6.5 -14.4 29 Treasury balances -.1 4.3 6.8 .4 -2.6 -1.1 5.0 -4.2 -2.3 -2.8 10.8 -13.0 30 Insurance and pension reserves 34.3 50.1 62.2 47.8 64.1 71.4 52.3 43.4 70.0 58.1 62.7 80.1 31 Other, net 29.0 39.5 48.0 41.9 42.4 2.0 38.4 45.4 34.5 50.4 6.0 -1.9 Private domestic nonfinancial investors 37. Direct lending in credit markets 45.1 42.2 67.0 109.3 55.1 74.0 112.5 106.1 33.9 76.4 77.3 70.7 33 U.S. government securities 16.4 24.1 35.6 62.8 32.6 44.8 71.0 54.5 19.3 45.8 37.1 52.4 34 State and local obligations 3.3 -.8 1.4 1.4 3.1 15.5 2.6 .2 -1.8 7.9 20.6 10.5 35 Corporate and foreign bonds 11.8 -3.8 -2.9 10.3 3.6 -10.4 4.6 16.0 4.8 2.3 -10.2 -10.6 36 Commercial paper 1.9 9.6 16.5 11.4 -3.8 4.3 11.4 11.4 -4.5 -3.1 4.9 3.8 37 Other 11.7 13.2 16.4 23.5 19.7 19.7 22.9 24.0 16.0 23.3 24.8 14.6 38 Deposits and currency 133.4 148.5 152.1 152.6 182.3 213.7 149.3 155.9 167.6 197.1 209.5 217.9 39 Currency 7.3 8.3 9.3 7.9 10.3 9.5 9.0 6.9 8.5 12.1 4.7 14.3 40 Checkable deposits 10.4 17.2 16.3 19.2 4.2 16.9 16.6 21.9 -1.5 9.9 28.9 4.9 41 Small time and savings accounts 123.7 93.5 63.5 61.7 80.9 40.7 66.5 56.9 66.7 95.2 14.6 66.8 47 Money market fund shares * .2 6.9 34.4 29.2 107.5 30.2 38.6 61.9 -3.4 104.1 110.8 43 Large time deposits -12.0 25.8 46.6 21.2 50.3 36.8 3.3 39.1 26.3 74.2 48.3 25.3 44 Security RPs 2.3 2.2 7.5 6.6 6.5 3.0 18.5 -5.3 5.3 7.8 7.7 -1.7 45 Foreign deposits 1.7 1.3 2.0 1.5 .9 -.6 5.2 -2.3 .4 1.3 1.2 -2.5 46 Total of credit market instruments, deposits and currency 178.5 190.7 219.1 261.9 237.5 287.7 261.8 262.0 201.5 273.4 286.8 288.6 47 Public support rate (in percent) 19.0 23.7 25.7 18.8 25.8 23.5 12.6 25.0 31.2 21.2 24.9 22.0 48 Private financial intermediation (in percent)... 83.9 94.4 91.3 79.4 87.8 88.8 81.5 77.1 90.5 85.6 90.1 87.4 49 Total foreign funds 10.5 40.8 44.3 19.5 -2.3 2.2 28.4 10.7 .2 -4.8 34.5 -30.1 MEMO: Corporate equities not included above 5(1 Total net issues 10.6 5.7 1.2 -4.6 21.1 -3.1 -6.2 -2.9 16.0 26.3 11.2 -17.5 51 Mutual fund shares -2.4 .4 -.5 -.6 4.4 7.8 .7 -1.9 5.3 3.4 9.3 6.3 52 Other equities 13.1 5.3 1.7 -4.0 16.8 -11.0 -6.9 -1.0 10.7 22.8 1.9 -23.8 53 Acquisitions by financial institutions 12.5 7.4 4.5 10.6 17.7 22.4 7.1 14.0 10.5 24.9 26.4 18.4 54 Other net purchases -1.9 -1.6 -3.4 -15.1 3.4 -25.5 -13.4 -16.9 5.5 1.4 -15.2 -35.9 NOTES BY LINE NUMBER. 31. Mainly retained earnings and net miscellaneous liabilities. 1. Line 2 of table 1.58. 32. Line 12 less line 19 plus line 26. 2. Sum of lines 3-6 or 7-10. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes 6. Includes farm and commercial mortgages. mortgages. 11. Credit market funds raised by federally sponsored credit agencies, and net 39. Mainly an offset to line 9. issues of federally related mortgage pool securities. 46. Lines 32 plus 38, or line 12 less line 27 plus 39 and 45. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum 47. Line 2/line 1. of lines 27, 32, and 38 less lines 40 and 46. 48. Line 19/line 12. 17. Includes farm and commercial mortgages. 49. Sum of lines 10 and 28. 25. Line 38 less lines 40 and 46. 50. 52. Includes issues by financial institutions. 26. Excludes equity issues and investment company shares. Includes line 18. 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 30. Excludes net investment of these reserves in corporate equities. Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • July 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.' MayP Junef 1 Industrial production1 152.5 147.0 151.0 151.6 149.1 146.3 143.4 140.7 142.9 141.7 140.2 139.4 138.4 Market groupings ? Products, total 150.0 146.7 150.6 151.0 149.4 147.5 146.2 142.9 144.6 143.7 142.9 142.4 141.3 3 Final, total 147.2 145.3 149.5 150.0 148.9 147.2 146.3 142.8 144.1 143.3 142.7 142.3 141.3 4 Consumer goods 150.8 145.4 147.9 147.8 146.5 144.0 142.0 139.6 141.8 141.5 142.2 143.3 143.4 Equipment 142.2 145.2 151.8 152.9 152.1 151.5 152.1 147.2 147.3 145.9 143.3 140.9 138.3 6 Intermediate 160.5 151.9 154.4 154.6 151.4 148.7 145.9 143.4 146.3 145.2 143.5 142.6 141.6 7 Materials 156.4 147.6 151.6 152.5 148.5 144.6 139.0 137.2 140.4 138.5 136.1 134.8 133.9 Industry groupings 8 Manufacturing 153.6 146.7 150.4 151.1 148.2 145.0 114422..00 113388..55 114400..99 140.1 138.7 138.2 137.3 Capacity utilization (percent)1-2 9 Manufacturing 85.7 79.1 78.5 78.3 76.6 74.8 7733..11 71.1 72.2 71.6 70.7 70.4 69.8 10 Industrial materials industries .... 87.4 80.0 79.9 80.0 77.7 75.5 72.4 71.4 72.9 71.8 70.4 69.6 69.0 11 Construction contracts (1977 = 100)' 121.0 106.0 107.0 100.0 101.0 92.0 112.0 115.0 97.0 105.0 88.0 94.0 n.a. 12 Nonagricultural employment, total4 . 136.5 137.6 139.1 138.8 138.6 138.3 137.7 137.5 137.5 137.2 136.9 137.0 136.8 13 Goods-producing, total 113.5 110.3 110.2 109.8 108.9 108.0 106.9 105.9 105.7 104.9 104.2 104.1 103.2 14 Manufacturing, total 108.2 104.4 104.2 104.2 103.3 102.3 101.2 100.4 100.0 99.3 98.6 98.3 97.6 15 Manufacturing, productionworker 105.3 99.4 98.5 98.5 97.3 95.9 94.3 93.2 92.9 92.1 91.2 91.0 90.4 16 Service-producing 149.1 152.6 155.0 154.8 154.9 154.9 154.7 154.8 154.9 155.0 154.8 155.1 155.2 17 Personal income, total 308.5 342.9 381.6 390.9 392.9 395.6 395.6 396.5 398.9 400.4 401.8 404.5 n.a. 18 Wages and salary disbursements .. 289.5 314.7 347.2 353.7 355.4 357.8 356.5 358.6 361.3 361.0 360.5 362.3 n.a. 19 Manufacturing 248.6 261.5 288.8 294.9 293.7 292.2 288.8 289.3 292.5 290.2 289.0 290.1 n.a. 20 Disposable personal income5 299.6 332.5 379.6 375.5 379.6 382.0 381.8 383.8 385.5 387.8 390.6 391.4 n.a. 21 Retail sales6 281.6 303.8 330.6 338.9 331.1 333.3 334.1 326.0 334.9 333.5 337.4 346.5 341.2 Prices7 ?? Consumer 217.4 246.8 272.4 279.3 279.9 280.7 281.5 282.5 283.4 283.1 284.3 287.1 n.a. 23 Producer finished goods 217.7 247.0 269.8 271.5 274.3 274.7 275.4 277.4 277.4 276.9 276.9 277.7 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. 1. 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Output (1967 = 100) Capacity (percent of 1967 output) Utilization rate (percent) 1 Manufacturing 152.5 145.0 139.8 138.1 192.4 193.9 195.2 196.4 79.3 74.8 71.6 70.3 ? Primary processing 155.8 143.5 137.1 132.0 196.3 197.5 198.6 199.5 79.4 72.7 69.1 66.3 3 Advanced processing 150.7 145.8 141.6 141.1 190.4 192.0 193.5 194.9 79.2 75.9 73.2 72.4 4 Materials 154.3 144.0 138.7 134.9 190.3 191.5 192.6 193.7 81.1 75.2 72.0 69.7 5 Durable goods 152.8 140.2 130.9 126.7 194.2 195.3 196.4 197.3 78.7 71.8 66.7 64.2 6 Metal materials 114.2 99.5 90.9 76.7 141.9 142.1 142.3 142.4 80.5 70.1 63.9 53.9 7 Nondurable goods 175.8 164.5 161.0 158.4 211.2 213.1 214.6 216.1 83.3 77.2 75.0 73.3 8 Textile, paper, and chemical 182.8 169.4 164.5 162.4 221.7 223.9 225.6 227.3 82.5 75.7 72.9 71.5 9 Textile 115.5 106.8 101.3 103.6 141.0 141.6 142.1 142.4 81.8 75.4 71.3 72.7 10 Paper 152.2 147.0 146.1 142.2 161.9 162.8 163.8 164.6 94.1 90.3 89.2 86.4 11 Chemical 224.9 206.2 200.0 196.6 281.0 284.4 287.3 289.6 80.0 72.5 69.6 67.9 12 Energy materials 131.6 127.9 129.8 125.6 155.0 155.8 156.5 157.0 84.9 82.1 82.9 80.0 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 c High Low High Low June Oct. Nov. Dec. Jan. Feb. Mar. Apr May June Capacity utilization rate (percent) 13 Manufacturing 88.0 69.0 87.2 74.9 79.6 76.6 74.8 73.1 71.1 72.2 71.6 70.7 70.4 69.8 14 Primary processing 93.8 68.2 90.1 71.0 79.5 75.7 72.7 69.6 68.5 70.0 68.6 67.1 66.3 65.5 15 Advanced processing.... 85.5 69.4 86.2 77.2 79.7 77.0 75.8 75.0 72.8 73.6 73.2 72.6 72.6 72.1 16 Materials 92.6 69.4 88.8 73.8 81.3 77.7 75.5 72.4 71.4 72.9 71.8 70.4 69.6 69.0 17 Durable goods 91.5 63.6 88.4 68.2 78.8 74.7 72.2 68.5 66.2 67.4 66.4 64.9 64.1 63.7 18 Metal materials 98.3 68.6 96.0 59.6 78.7 73.9 70.8 65.5 65.8 64.7 61.1 56.0 53.3 52.3 19 Nondurable goods 94.5 67.2 91.6 77.5 84.3 80.3 77.3 74.1 73.2 76.5 75.3 74.4 73.2 72.4 20 Textile, paper, and chemical 95.1 65.3 92.2 75.3 83.5 79.1 75.9 72.2 70.7 74.4 73.7 72.5 71.4 70.5 21 Textile 92.6 57.9 90.6 80.9 80.5 78.8 75.5 72.0 68.6 71.9 73.5 73.4 73.4 71.4 22 Paper 99.4 72.4 97.7 89.3 93.0 92.1 92.3 86.5 87.6 90.7 89.4 87.3 86.6 85.3 23 Chemical 95.5 64.2 91.3 70.7 82.0 76.2 72.4 69.0 67.4 71.3 70.2 69.0 67.6 67.0 24 Energy materials 94.6 84.8 88.3 82.7 83.7 82.5 82.2 81.6 83.7 83.2 81.8 80.4 80.2 79.5 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 Dec. Jan. Feb. Mar. Apr.' Mayr June HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 166,951 169,847 172,272 173,330 173,494 173,657 173,842 174,019 174,201 174,363 2 Labor force (including Armed Forces)1 ... 107,050 109,042 110,812 111,348 111.038 111,333 111,521 111,823 112,841 112,364 3 Civilian labor force 104,962 106,940 108,670 109,184 108,879 109,165 109,346 109,648 110,666 110.191 4 Nonagricultural industries2 95,477 95,938 97,030 96,404 96,170 96,217 96,144 96,032 96,629 96,406 5 Agriculture 3,347 3,364 3,368 3,209 3,411 3,373 3.349 3,309 3,488 3,357 Unemployment 6 Number 6,137 7,637 8,273 9,571 9,298 9,575 9,854 10,307 10,549 10,427 7 Rate (percent of civilian labor force) . 5.8 7.1 7.6 8.8 8.5 8.8 9.0 9.4 9.5 9.5 8 Not in labor force 59,901 60,805 61,460 61,982 62,456 62,324 62,321 62,196 61,360 61,999 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment-' 89,823 90,564 91,548 90,642 90,460 90,459 90,304 90,083 90,151 90,010 10 Manufacturing 21,040 20.300 20,264 19,676 19,517 19,454 19,319 19,169 19,114 18,971 11 Mining 958 1,020 1,104 1,206 1,201 1,203 1,197 1,182 1,154 1,130 12 Contract construction 4,463 4,399 4,307 4,026 3,966 3,974 3,934 3,938 3,994 3,952 13 Transportation and public utilities 5,136 5,143 5,152 5,128 5,125 5,115 5,100 5,094 5,101 5,076 14 Trade 20,192 20,386 20,736 20,524 20,630 20,670 20,655 20,584 20,658 20,643 15 Finance 4,975 5,168 5,330 5,331 5,326 5,326 5,336 5,335 5,340 5,349 16 Service 17,112 17,901 18,598 18.834 18,831 18,867 18,904 18,929 18,948 18,972 17 Government 15,947 16,249 16,056 15,917 15,864 15,850 15,859 15,852 15,842 15,917 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 d^ ;a 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 • July 1982 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value Monthly data are seasonally adjusted. 1967 1981 1981 Grouping proporage tion May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr. Index (1967 = 100) MAJOR MARKET 1 Total index 100.00 151.0 152.7 152.9 153.9 153.6 151.6 149.1 146.3 143.4 140.7 142.9 141.7 140.2 2 Products 60.71 150.6 152.3 152.2 153.0 152.6 151.0 149.4 147.5 146.2 142.9 144.6 143.7 142.9 5 Final products 47.82 149.5 151.3 151.4 152.1 151.5 150.0 148.9 147.2 146.3 142.8 144.1 143.3 142.7 4 Consumer goods 27.68 147.9 150.7 150.3 150.7 149.6 147.8 146.5 144.0 142.0 139.6 141.8 141.5 142.2 5 Equipment 20.14 151.8 152.1 153.0 154.1 154.0 152.9 152.1 151.5 152.1 147.2 147.3 145.9 143.3 6 Intermediate products 12.89 154.4 156.1 154.9 156.2 156.8 154.6 151.4 148.7 145.9 143.4 146.3 145.2 143.5 7 Materials 39.29 151.6 153.4 154.0 155.3 155.2 152.5 148.5 144.6 139.0 137.2 140.4 138.5 136.1 Consumer goods 8 Durable consumer goods 7.89 140.5 147.3 147.9 146.5 142.5 140.4 136.3 129.7 123.2 120.1 125.9 128.1 130.7 9 Automotive products 2.83 137.9 151.8 153.1 147.6 137.6 139.1 132.8 121.7 119.2 109.2 117.5 125.0 130.0 10 Autos and utility vehicles . 2.03 111.2 129.1 131.4 123.0 107.8 110.0 101.7 88.9 87.5 71.6 82.0 93.6 100.6 11 Autos 1.90 103.4 120.0 122.2 118.1 104.0 103.3 92.5 81.1 78.1 61.3 70.5 7799..88 8877..22 12 Auto parts and allied goods 80 205.6 209.5 208.0 210.0 213.1 212.9 211.8 205.0 199.7 204.4 207.8 204.5 204.6 13 Home goods 5.06 142.0 144.8 145.0 145.8 145.3 141.1 138.2 134.1 125.4 126.3 130.6 129.9 131.1 14 Appliances. A/C. and TV . 1.40 119.6 121.4 120.0 123.6 126.8 119.0 116.7 107.7 85.7 100.6 103.5 97.0 102.6 15 Appliances and TV 1.33 121.2 122.6 121.4 124.8 128.9 121.4 118.7 108.7 86.6 101.6 104.1 97.4 103.1 16 Carpeting and furniture . . . 1.07 158.0 163.1 166.3 163.2 160.1 158.6 152.6 146.9 144.4 137.9 147.8 151.3 151.8 17 Miscellaneous home goods 2.59 147.4 149.9 149.8 150.7 149.2 145.8 143.9 143.2 139.1 135.4 138.1 138.9 138.0 18 Nondurable consumer goods.. . 19.79 150.9 152.1 151.2 152.3 152.5 150.8 150.5 149.7 149.5 147.4 148.1 146.8 146.8 19 Clothing 4.29 119.8 122.1 120.9 122.8 121.9 119.3 117 8 116 1 113 8 106 0 158.1 158.3 20 Consumer staples 15.50 159.5 160.3 159.6 160.5 161.0 159.5 159.6 159.0 159'4 158.9 159.2 114499..66 114488..44 21 Consumer foods and tobacco 8.33 150.3 151.3 149.6 150.5 150.6 149.5 150.7 150.4 150.9 150.0 151.1 168.0 169.7 22 Nonfood staples 7.17 170.0 170.8 171.3 172.2 173.0 171.1 169.9 169.1 169.3 169.1 168.7 221177..88 221188..33 23 Consumer chemical products 2.63 223.1 225.1 224.4 226.8 227.7 227.5 223.0 220.3 220.1 220.1 218.2 112277..88 112288..77 24 Consumer paper products 1.92 127.9 127.7 129.2 127.6 128.9 127.7 126.9 125.7 127.2 127.0 130.2 114477..66 115511..11 25 Consumer energy products 2.62 147.7 147.9 148.9 150.0 150.4 146.4 148.2 149.4 149.1 148.9 147.2 170.4 174.5 26 Residential utilities... 1.45 166.3 168.9 170.4 172.6 169.7 162.8 166.2 167.4 167.5 172.3 171.6 169.0 164.9 Equipment 27 Business 12.63 181.1 182.0 183.6 184.8 184.8 182.7 180.5 179.0 179.0 172.2 171.6 151.2 145.9 28 Industrial 6.77 166.4 167.0 169.0 169.4 170.2 168.9 166.9 165.1 164.0 158.1 155.9 256.9 242.2 29 Building and mining 1.44 286.2 286.4 289.7 290.3 293.0 293.6 295.6 293.8 294.6 289.0 274.9 116.3 114.0 30 Manufacturing 3.85 127.9 128.4 130.6 130.8 130.8 129.3 125.7 123.6 122.0 116.9 116.8 139.0 134.8 31 Power 1.47 149.7 150.8 151.2 151.6 152.7 150.4 148.4 147.1 145.5 137.4 141.1 189.5 186.9 32 Commercial transit, farm.... 5.86 198.0 199.4 200.4 202.5 200.9 198.5 196.2 195.0 196.3 188.5 189.9 257.8 253.1 33 Commercial 3.26 258.7 258.0 259.9 263.7 264.3 264.2 259.8 260.6 262.9 256.1 256.4 110.5 110.9 34 Transit 1.93 125.4 130.0 129.7 128.4 124.6 121.0 120.6 116.6 117.5 109.0 110.4 84.9 83.5 35 Farm 67 112.0 113.9 114.9 118.0 111.8 102.1 104.6 101.7 98.9 88.4 95.1 107.0 106.9 36 Defense and space 7.51 102.7 102.0 101.7 102.6 102.8 103.0 104.5 105.3 107.0 105.2 106.5 125.6 122.9 Intermediate products 37 Construction supplies 6.42 141.9 146.5 143.4 144.3 144.0 139.7 135.2 130.1 127.0 124.2 127.5 164.6 164.0 38 Business supplies 6.47 166.7 165.6 166.2 168.0 169.5 169.4 167.5 167.1 164.6 162.4 165.1 184.5 185.0 39 Commercial energy products 1.14 176.4 179.0 177.7 180.0 176.6 174.2 174.3 177.0 177.3 181.7 184.1 130.7 127.8 Materials 40 Durable goods materials 20.35 149.1 152.8 152.4 153.6 154.3 150.4 145.6 141.0 134.0 129.7 132.4 130.7 127.8 41 Durable consumer parts 4.58 114.5 121.1 123.1 123,2 121.8 114.5 107.6 102.8 92.9 86.9 92.2 94.1 94.7 42 Equipment parts 5.44 191.2 194.0 193.2 193.8 194.7 192.7 190.3 188.7 183.3 177.2 180.1 177.5 174.0 43 Durable materials n.e.c 10.34 142.3 145.1 143.9 145.9 147.4 144.1 138.9 132.9 126.1 123.6 125.1 122.2 118.2 44 Basic metal materials . 5.57 112.0 114.3 112.8 114.5 117.4 113.1 106.5 101.6 94.8 94.5 94.3 88.6 82.0 45 Nondurable goods materials ... 10.47 174.6 179.0 176.9 176.5 175.4 175.5 170.6 164.7 158.3 115566..88 116644..22 116622..00 116600..33 46 Textile, paper, and chemical materials 7.62 181.4 187.3 183.7 183.5 182.4 182.5 176.4 169.9 161.9 159.1 167.9 166.6 164.3 47 Textile materials 1.85 113.0 114.9 113.4 115.5 116.0 114.9 111.6 106.9 102.0 97.3 102.2 104.5 104.5 48 Paper materials 1.62 150.6 150.9 149.8 150.0 151.5 155.1 149.6 150.2 141.2 143.2 148.5 146.7 143.5 49 Chemical materials 4.15 224.0 233.9 228.4 227.1 224.1 223.4 215.9 205.8 196.8 193.0 204.9 202.2 199.3 50 Containers, nondurable 1.70 169.3 167.8 171.4 171.7 169.4 170.9 166.7 163.5 161.9 162.4 166.7 161.3 159.8 51 Nondurable materials n.e.c. . 1.14 137.4 140.5 139.6 136.6 137.8 136.2 137.1 131.9 128.6 132.4 136.0 132.4 134.1 52 Energy materials 8.48 129.0 123.0 129.3 133.3 132.6 128.9 128.3 128.1 127.4 130.9 130.3 128.2 126.1 53 Primary energy 4.65 115.0 104.4 113.7 120.3 120.9 117.4 116.4 115.6 115.9 119.2 119.5 119.2 117.6 54 Converted fuel materials.... 3.82 145.9 145.5 148.2 149.2 146.9 142.9 142.8 143.4 141.4 145.1 143.4 139.1 136.4 Supplementary groups 55 Home goods and clothing 9.35 131.8 134.4 133.9 135.2 134.5 131.1 128.8 125.9 120.1 117.0 120.1 118.9 119.4 56 Energy, total 12.23 137.4 133.5 138.(1 141.2 140.5 136.8 136.9 137.2 136.7 139.5 138.9 137.6 136.9 57 Products 3.76 156.4 157.3 157.6 159.1 158.4 154.8 156.1 157.8 157.7 158.8 158.4 158.8 161.3 58 Materials 8.48 129.0 123.0 129.3 133.3 132.6 128.9 128.3 128.1 127.4 130.9 130.3 128.2 126.1 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.' tion May June July Aug. Sept. Oct. Nov. Dec- Jan. Feb. Mar.' Apr. May'' June Index (1967 = 10(1) MAJOR INDUSTRY 1 Mining and utilities. 12.05 155.0 152.1 156.3 159.1 158.2 155.8 156.1 155.4 154.7 157.4 155.6 153.1 151.3 148.9 146.2 2 Mining 6.36 142.2 135.4 141.7 146.5 146.0 145.(1 145.3 143.3 142.6 144.5 142.4 138.1 133.6 130.2 126.7 3 Utilities 5.69 169.1 170.7 172.7 173.1 171.9 167.8 168.1 168.9 168.2 171.8 170.4 170.0 171.0 169.9 168.0 4 Electric 3.88 190.9 192.9 195.6 196.2 194.2 188.3 189.4 190.9 190.2 195.2 192.5 191.7 193.1 191.6 189.1 5 Manufacturing 87.95 150.4 152.8 152.4 153.2 153.2 151.1 148.(1 145.0 142.0 138.5 140.9 140.1 138.7 138.2 137.3 6 Nondurable 35.97 164.8 166.4 165.8 167.1 167.3 165.9 162.8 160.3 157.4 155.1 157.8 157.3 156.2 155.3 154.6 7 Durable 51.98 140.5 143.5 143,2 143.6 143.4 140.9 137.8 134.4 131.3 127.1 129.3 128.2 126.6 126.4 125.3 Mining 8 Metal 10 .51 123.1 125.0 123.5 123.6 124.1 121.5 119.8 115.4 110.9 121.3 120.8 109.9 104.0 96.8 9 Coal 11.12 .69 141.3 77.0 122.9 170.0 167.4 161.9 166.9 160.8 145.5 147.9 156.0 155.6 146.2 150.7 147.7 10 Oil and gas extraction . . . 13 4.40 146.8 146.2 148.2 147.7 148.2 148.8 148.9 148.4 150.5 151.5 146.6 141.4 137.4 133.1 129.2 11 Stone and earth minerals. 14 .75 129.4 132.2 132.7 133.3 128.2 123.4 122.0 116.7 115.7 115.8 120.5 121.6 119.6 116.9 Nondurable manufactures 12 Foods 20 8.75 152.1 152.2 151.3 151.6 151.9 150.7 151.4 153.0 152.8 151.1 151.7 150.8 149.4 13 Tobacco products 21 .67 122.2 122.3 120.9 121.3 123.8 122.4 124.3 119.6 112.6 112.7 126.7 126.7 116.1 14 Textile mill products 22 2.68 135.7 138.8 138.3 139.4 140.7 136.3 132.5 126.1 122.8 120.0 125.8 126.0 126.3 125.1 15 Apparel products 23 3.31 120.4 122.6 121.1 122.6 122.6 12~> 5 117.8 113.8 114.1 105.7 16 Paper and products 26 3.21 155.0 155.9 153.4 154.9 156.7 158.6 153.3 152.6 146.6 148.3 151.5 150.6 149.7 146.8 144.8 17 Printing and publishing 27 4.72 144.2 141.3 143.1 144.4 146.1 145.9 145.6 143.4 145.3 145.6 146.4 145.9 144.2 143.4 142.5 18 Chemicals and products 28 7.74 215.6 220.6 218.4 221.5 219.2 216.3 208.8 204.6 199.8 196.7 201.3 200.3 198.5 195.0 19 Petroleum products 29 1.79 129.7 129.8 129.3 128.7 130.4 129.1 128.3 128.0 128.3 123.3 119.5 121.3 121.6 123.7 124.7 20 Rubber and plastic products. 30 2.24 274.0 280.3 285.1 285.3 286.7 282.2 276.0 264.1 247.3 244.7 251.8 253.4 255.1 253.9 21 Leather and products 31 .86 69.3 69.8 68.4 70.1 69.6 69.7 71.2 70.8 65.6 63.1 64.0 61.2 59.6 62.0 Durable manufactures 22 Ordnance, private and government 19.91 3.64 81.1 80.9 80.9 80.6 81.8 82.3 82.5 84.3 85.5 84.1 83.8 83.8 84.8 86.0 86.3 23 Lumber and products 24 1.64 119.1 126.2 122.5 122.9 119.1 113.2 109.6 104.7 104.8 99.2 104.9 103.5 103.6 108.3 24 Furniture and fixtures 25 1.37 157.2 158.9 162.4 164.9 163.3 159.9 157.2 153.7 149.4 144.3 148.4 150.2 151.8 150.9 25 Clay, glass, stone products 32 2.74 147.9 151.7 148.1 148.7 148.2 147.3 143.4 135.9 131.5 128.5 135.0 131.5 127.0 126.8 26 Primary metals 33 6.57 107.9 111.9 107.4 109.4 113.1 108.6 102.3 96.6 89.6 89.7 88.5 83.0 76.5 74.0 70.9 27 Iron and steel 331.2 4.21 99.8 105.6 98.5 99.7 105.1 99.2 92.2 87.2 79.2 79.6 78.5 73.0 65.1 62.6 28 Fabricated metal products. 34 5.93 136.4 138.4 139.3 140.1 140.0 136.8 133.8 130.2 126.1 120.7 121.4 121.1 119.1 117.3 115.0 29 Nonelectrical machinery... 35 9.15 171.2 172.1 174.1 176.7 176.4 173.9 169.7 167.9 167.4 160.9 160.0 157.3 153.7 151.4 148.4 30 Electrical machinery 36 8.05 178.4 179.9 180.1 180.9 182.6 180.0 179.6 175.7 170.7 168.2 172.9 172.6 172.0 170.9 170.1 31 Transportation equipment 37 9.27 116.1 123.7 123.4 119.8 115.4 114.2 110.6 106.1 103.7 96.6 102.0 104.4 105.9 110.0 111.4 32 Motor vehicles and parts 371 4.50 122.3 136.4 137.5 130.5 123.1 120.4 113.8 105.5 100.4 90.4 98.6 105.6 110.8 119.8 124.0 33 Aerospace and miscellaneous transportation equipment 372-9 4.77 110.2 111.8 110.2 109.7 108.2 108.5 107.5 106.8 106.8 102.4 105.3 103.2 101.3 100.7 99.5 34 Instruments 38 2.11 170.3 170.6 171.3 172.1 172.3 169.7 168.6 167.1 166.8 162.2 164.5 163.0 162.8 164.0 164.9 35 Miscellaneous manufactures .... 39 1.51 154.7 157.0 1.58.8 159.4 158.6 154.2 151.5 151.7 147.9 144.9 144.5 145.3 144.6 143.6 142.4 Gross value (billions of 1972 dollars, annual rates) MAJOR MARKET 36 Products, total 507.4' 612.3 622.2 619.2 621.4 616.5 611.5 605.0 597.6 592.8 577.4 588.1 586.8 583.5 585.9 582.7 37 Final 390.9' 474.1 482.4 480.5 481.9 476.4 473.0 470.1 465.2 462.3 448.8 457.1 456.6 455.0 458.0 455.6 38 Consumer goods 277.5' 318.0 324.3 322.1 324.0 319.3 317.7 314.3 310.5 307.2 298.9 306.3 306.9 308.4 311.6 312.0 39 Equipment 113.4' 156.1 158.1 158.5 157.9 157.1 155.3 155.8 154.7 155.1 149.9 150.8 149.7 146.7 146.3 143.5 40 Intermediate 116.6' 138.2 139.8 138.7 139.5 140.1 138.4 134.9 132.4 130.5 128.7 131.1 130.2 128.5 127.9 127.1 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 • July 1982 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1981 1982 IItteemm 11997799 11998800 11998811 Oct. Nov. Dec. Jan Feb.r Mar.r Apr.' May Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 1,552 1.191 986 738 743 797 803 792 851 879 969 2 1-family 981 710 564 400 413 454 450 436 460 450 492 3 2-or-more-family 571 481 421 338 330 343 353 356 391 429 477 4 Started 1.745 1.292 1.084 854 860 882 885 945 931 888 1.086 5 1-family 1,194 852 705 507 554 550 592 568 621 572 622 6 2-or-more-family 551 440 379 347 306 332 293 377 310 316 464 7 Under construction, end of period1. 1,140 896 682 731 705 689 684 688 682 676 8 1-family 639 515 382 410 397 391 394 400 399 395 9 2-or-more-family 501 382 301 321 309 298 291 288 283 281 10 Completed 1,855 1.502 1,266 1.265 1.067 1,114 1.063 920 929 965 11 1-family 1,286 957 818 725 673 676 640 545 587 587 12 2-or-more-family 569 545 447 540 394 438 423 375 342 378 13 Mobile homes shipped 111 222 241 208 207 206 211 251 252 255 Merchant builder activity in 1-family units 14 Number sold 709 545 436 359 388 456 399 376 385 345 391 15 Number for sale, end of period1 ... 402 342 278 291 282 272 275 274 269 264 258 Price (thousands of dollars)2 Median 16 Units sold 62.8 64.7 68.8 69.6 71.2 68.4 66.2 65.7 67.3 70.3 70.0 Average 17 Units sold 71.9 76.4 83.1 82.5 85.3 82.8 78.0 80.7 83.3 85.6 88.1 EXISTING UNITS (1-family) 18 Number sold 3,701 2,881 2.350 1.930 1.900 1.940 1.860 1.950 1,990 1,910 1.910 Price of units sold f thousands of dollars)2 19 Median 55.5 62.1 66.1 66.0 65.9 66.6 66.4 66.9 67.0 67.1 67.9 20 Average 64.0 72.7 78.0 76.6 77.5 78.6 79.8 78.8 79.1 79.4 80.9 Value of new construction3 (millions of dollars)' CONSTRUCTION 21 Total put in place 230,412 230,748 238,198 230,820 230,010 228,755 225,086 222,615 224,583 226,237 229,151 22 Private 181,620 175.697 185.222 180.003 178.128 176.562 175.493 173.026 173.605 175,382 179.990 23 Residential 99,028 87.261 86.566 78.222 76.167 75.829 73.737 69.161 70.040 72.470 75.004 24 Nonresidential, total 82,592 88.436 98,656 101.781 101.961 100.733 101.756 110033..886655 110033..556655 110022..991122 110044,,998866 Buildings 2255 Industrial 14,953 13,839 17.031 18.548 18,356 16.622 17.113 17.211 16.641 15,882 17,756 26 Commercial 24,919 29.940 34,243 34.606 35.667 36.382 36.161 36.841 38,362 38.437 37.130 2/ Other 7.427 8.654 9.543 9.713 9.419 9.223 9.558 10.002 9.880 9,897 10.587 28 Public utilities and other 35.293 36.003 37.839 4.914 38.519 38.506 38.924 39.811 38.682 38.696 39.513 29 Public 48,792 55.050 52.979 50.817 51.882 52.193 49.593 49.589 50.977 50,855 49,161 30 Military 1.647 1.880 1.964 1,913 1.935 1.955 2.092 1.459 2.317 1.895 2.101 31 Highway 11.997 13,807 13,304 11.863 12.798 12.732 11.479 12.422 13,307 12,113 11.791 32 Conservation and development 4.587 5.090 5.225 5.239 4.906 4.884 5.232 5.301 5,056 5.180 4.893 33 Other 30.561 34.273 32.486 31,802 32.243 32.622 30.790 30.407 30,297 31,667 30.376 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 because of 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 MMMaaayyy IIIttteeemmm 1981 1982 1982 111999888222 11998811 11998822 (((111999666777 MMaayy MMaayy === 111000000)))''' June Sept. Dec. Mar. Jan. Feb. Mar. Apr. May CONSUMER PRICES2 1 All items 9.8 6.7 8.1 12.8 5.4 1.0 .3 .2 -.3 .2 1.0 287.1 i Commodities 8.9 3.8 3.2 8.5 3.6 -.8 .1 -.5 -.3 .9 261.5 3 Food 8.8 4.8 2.2 7.7 1.7 3.9 .7 .6 -.4 .3 .8 285.5 4 Commodities less food 8.8 3.4 3.8 9.0 4.3 -2.6 -.1 .0 -.5 -.5 .9 247.8 5 Durable 8.1 7.1 9.7 10.8 1.2 3.5 i .4 i .6 1.4 239.8 6 Nondurable 9.6 -.8 - 1.4 4.6 3.8 -4.9 i -.8 -.7 -2.2 .7 256.2 7 Services 11.3 10.7 14.8 19.2 7.8 3.5 .5 .4 .0 .9 .9 331.8 8 Rent 9.0 7.7 7.7 10.2 9.0 5.9 .6 .4 .5 .2 .8 221.8 9 Services less rent 11.6 11.2 15.8 20.4 7.6 3.3 .5 .4 .0 1.0 1.0 352.8 Other groupings 11) All items less food 10.1 7.1 9.3 13.9 6.2 .9 .2 -.2 .2 1.0 286.0 11 All items less food and energy 9.5 8.7 11.6 15.0 5.6 3.0 .3 .4 .0 .8 .9 274.9 12 Homeownership 10.3 9.4 16.9 21.5 .3 -2.4 -.1 .4 -.9 1.3 1.8 377.4 PRODUCER PRICES 13 Finished goods 10.8 3.0 7.1 3.4 5.5r .3 - .3r -.1 .1 .0 277.7 14 Consumer 10.7 2.2 6.4 2.8 4.5r -.1 .6' -.3 .0 -.1 277.6 15 Foods 9.0 3.8 3.5 1.6 -3.9r 6.0 1.1 .5 -.2 1.6 .7 262.3 16 Excluding foods 11.2 1.7 7.6 3.2 7.8' -2.2 ,4r -.4 -.7 -.4 281.6 17 Capital equipment 10.9 6.0 10.0 5.7 9.7 2.1 - .5'' .5 .4 .4 278.3 18 Intermediate materials1 11.1 1.3 8.0 5.2 2.1' -1.4 -.3 -.3 -.8 .0 314.6 Crude materials 19 Nonfood 27.1 -4.5 16.1 1.1 -6.0'" - 18.1 -.9' - 2.0r -2.0 -.2 1.7 470.4 20 Food 7.2 .7 6.4 -18.2 -25.5 23.3 4.4 .7 .2 3.5 2.7 262.3 1. Not seasonally adjusted. 3. Excludes intermediate materials for food manufacturing and manufactured 2. Figures for consumer prices are those for all urban consumers. animal feeds. SOURCE. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 Domestic Nonfinancial Statistics • July 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 Q1r 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 2,998.4 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 1,946.7 3 Durable goods 212.3 211.9 232.0 238.3 227.3 236.2 226.4 237.4 4 Nondurable goods 602.2 675.7 743.2 726.0 735.3 751.3 760.3 762.4 5 Services 696.3 785.2 882.6 845.8 866.5 896.4 921.5 946.9 6 Gross private domestic investment 415.8 395.3 450.5 437.1 458.6 463.0 443.3 393.8 7 Fixed investment 398.3 401.2 434.4 432.7 435.3 435.6 434.0 430.6 8 Nonresidential 279.7 296.0 328.9 315.9 324.6 335.1 339.8 338.4 9 Structures 96.3 108.8 125.7 117.2 123.1 128.3 134.3 135.3 1U Producers' durable equipment 183.4 187.1 203.1 198.7 201.5 206.8 205.5 203.1 11 Residential structures 118.6 105.3 105.5 116.7 110.7 100.5 94.2 92.2 12 Nonfarm 113.9 100.3 100.0 111.4 105.4 94.9 88.4 86.6 13 Change in business inventories 17.5 -5.9 16.2 4.5 23.3 27.5 9.4 -36.8 14 Nonfarm 13.4 -4.7 13.8 6.8 21.5 23.1 3.7 -35.7 15 Net exports of goods and services 13.4 23.3 26.0 29.2 20.8 29.3 24.7 31.5 16 Exports 281.3 339.8 367.3 367.4 368.2 368.0 365.6 356.9 17 Imports 267.9 316.5 341.3 338.2 347.5 338.7 341.0 325.4 18 Government purchases of goods and services 473.8 534.7 591.2 576.5 577.4 588.9 622.0 626.4 19 Federal 167.9 198.9 230.2 221.6 219.5 226.4 253.3 . 253.6 20 State and local 305.9 335.8 361.0 354.9 357.9 362.5 368.7 372.8 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 3,035.3 22 Goods 1,055.9 1,130.4 1,272.3 1,247.5 1,257.0 1,298.3 1,286.4 1,263.2 23 Durable 451.2 458.6 506.9 501.4 516.9 525.2 484.2 459.8 24 Nondurable 604.7 671.9 765.4 746.1 740.1 773.0 802.2 803.4 25 Services 1,097.2 1,229.6 1,371.7 1,317.1 1,344.7 1,390.5 1,434.4 1,460.1 26 Structures 260.8 266.0 281.6 288.4 284.1 276.3 277.5 275.1 27 Change in business inventories 17.5 -5.9 16.2 4.5 23.3 27.5 9.4 -36.8 28 Durable goods 11.5 -4.0 7.4 -4.2 18.5 18.6 -3.3 -35.9 29 Nondurable goods 6.0 -1.8 8.8 8.6 4.8 8.9 12.7 -0.9 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 1,484.5 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 2,398.0 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 1,844.7 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 1,538.5 34 Government and government enterprises 235.9 253.6 273.9 267.1 270.5 274.7 283.2 287.1 35 Other 1,000.0 1,090.0 1,208.8 1,175.7 1,196.4 1,224.0 1,239.2 1,251.3 36 Supplement to wages and salaries 225.0 252.9 288.8 279.5 285.1 292.0 298.8 306.2 37 Employer contributions for social insurance 106.4 115.8 134.7 131.5 133.2 135.6 138.4 142.4 38 Other labor income 118.6 137.1 154.1 148.0 151.8 156.3 160.4 163.8 39 Proprietors' income1 131.6 130.6 134.8 132.1 134.1 137.1 135.9 127.6 40 Business and professional1 100.7 107.2 112.4 113.2 112.5 112.4 111.5 110.7 41 Farm1 30.8 23.4 22.4 18.9 21.7 24.7 24.4 16.9 42 Rental income of persons2 30.5 31.8 33.6 32.7 33.3 33.9 34.5 34.8 43 Corporate profits1 196.8 182.7 191.7 203.0 190.3 195.7 177.6 152.2 44 Profits before tax3 255.4 245.5 233.3 257.0 229.0 234.4 212.8 171.8 45 Inventorv valuation adjustment -42.6 -45.7 -27.7 -39.2 -24.0 -25.3 -22.3 -9.9 46 Capital consumption adjustment -15.9 -17.2 -13.9 -14.7 -14.7 -13.4 -12.8 -9.7 47 Net interest 143.4 179.8 215.4 200.8 211.0 220.2 229.7 238.6 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 adjustment. 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 Q1 Q2 Q3 Q4 Ql' 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 2,511.4 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 1,538.6 3 Commodity-producing industries 437.9 465.4 512.7 501.3 508.1 520.2 521.0 520.7 4 Manufacturing 333.4 350.7 387.3 377.4 386.7 393.9 391.0 389.8 5 Distributive industries 303.0 328.9 361.1 351.9 357.8 365.3 369.5 373.8 6 Service industries 259.2 295.7 335.0 322.5 330.5 338.5 348.7 356.9 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 131.6 130.6 134.8 132.1 134.1 137.1 135.9 127.6 10 Business and professional1 100.8 107.2 112.4 113.2 112.5 112.4 111.5 110.7 11 Farm1 30.8 23,4 22.4 18.9 21.7 24.7 24.4 16.9 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 209.6 256.3 308.5 288.7 300.9 315.7 328.7 338.7 15 Transfer payments 249.4 294.2 333.2 319.6 324.2 342.2 347.0 354.3 16 Old-age survivors, disability, and health insurance benefits 131.8 153.8 180.4 169.8 172.0 188.5 191.2 194.4 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 2,511.4 19 LESS: Personal tax and nontax payments 302.0 338.5 388.2 372.0 382.9 399.8 398.0 398.1 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 2,113.3 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 1,999.5 22 EQUALS: Personal saving 86.2 101.3 107.6 88.9 106.6 106.9 128.0 113.8 MEMO: Per capita (1972 dollars) 23 Gross national product 6,588 6,503 6,570 66,,661199 6,581 66,,558855 66,,449944 66,,442211 24 Personal consumption expenditures 4,135 4,108 4,171 4,191 4,162 4,184 4,150 4,176 25 Disposable personal income 4,493 4,473 4,526 4,511 4,517 4,535 4,541 4,532 26 Saving rate (percent) 5.2 5.6 5.3 4.6 5.4 5.2 6.1 5.4 GROSS SAVING 27 Gross saving 412.0 401.9 455.5 442.6 465.3 469.4 444.7 401.5 28 Gross private saving 398.9 432.9 480.1 451.1 475.3 486.2 507.7 488.6 29 Personal saving 86.2 101.3 107.6 88.9 106.6 106.9 128.0 113.8 30 Undistributed corporate profits1 59.1 44.3 50.8 55,7 52,0 52.8 42.9 31.7 31 Corporate inventory valuation adjustment -42.6 -45.7 -27.7 -39.2 -24.0 -25.3 -22.3 -9.9 Capital consumption allowances 32 Corporate 155.4 175.4 197.7 187.5 194.6 220011..11 220077..77 221111..77 33 Noncorporate 98.2 111.8 123.9 119.0 122.0 125.4 129.1 131.3 34 Wage accruals less disbursements .0 .0 .0 .0 .0 .0 .0 .0 35 Government surplus, or deficit (-), national income and product 11.9 -32.1 -25.7 -9.7 -11.2 -17.9 -64.1 -87.2 36 Federal -14.8 -61.2 -62,4 -46.6 -47.2 -55.7 -100.0 -123.5 37 State and local 26.7 29.1 36.7 36.9 36.1 37.8 35.9 36.3 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 414.1 401.2 454.7 446.0 458.3 469.6 444.8 400.7 415.8 395.3 450,5 437.1 458.6 463,0 443.3 393.8 -1.7 5,9 4.2 8.8 -.2 6.5 1.5 7.0 42 Statistical discrepancy 2.2 -.7 -.8 3.4 -6.9 .2 .2 -.7 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 • July 1982 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data are seasonally adjusted except as noted.1 1981r 1982 IItteemm ccrreeddiittss oorr ddeebbiittss 11997799 11998800 11998811'' Q1 Q2 03 04 Ql^ 1 Balance on cunent account -466 1,520 4,471 33..224455 11,,339999 775511 --992277 11,,118800 33..003377 11,,997755 --11,,883344 11..229933 884444 3 Merchandise trade balance2 -27.346 -25.338 -27,889 -4.312 -6.547 - 7,845 -9,185 -6,059 4 Merchandise exports 184.473 224.237 236,254 60.683 60.284 57.694 57,593 55,610 5 Merchandise imports -211.819 -249.575 -264,143 -64.995 -66.831 -65.539 -66,778 -61,669 6 Military transactions, net -2.035 -2.472 -1,541 -487 -587 61 -528 213 7 Investment income, net3 31.215 29,910 33,037 8,123 8,201 8,183 8.529 6,980 8 Other service transactions, net 3.262 6.203 7,472 1,343 1,842 2,160 2.127 2,036 9 Remittances, pensions, and other transfers -2.011 -2.101 -2,104 -462 -524 -558 -562 -525 10 U.S. government grants (excluding military) -3.549 -4.681 -4,504 -960 -986 -1,250 -1.308 -1,465 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -3.743 -5.126 -5,137 -1,375 -1.518 -1,257 -987 -909 12 Change in U.S. official reserve assets (increase, -) - 1.133 -8.155 -5.175 -4,529 -905 -4 262 -1,089 13 Gold -65 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -1.136 -16 -1.823 1.441 -23 -225 -134 -400 15 Reserve position in Internationa! Monetary Fund -189 -1,667 -2,491 -707 -780 -647 -358 -547 16 Foreign currencies 257 -6.472 -861 -2.381 -102 868 754 -142 17 Change in U.S. private assets abroad (increase, -)3 -59.469 -72.746 -98.982 -16.892 - 19.143 - 15,996 -46,952 -36,225 18 Bank-reported claims -26.213 -46.838 -84.531 -11.634 - 14.998 - 15,254 -42,645 -34,685 19 Nonbank-reported claims -3.307 -3.146 - 331 -3.148 2,470 855 -508 n.a. 20 U.S. purchase of foreign securities, net -4.726 -3.524 -5,429 -458 -1.511 -618 -2.843 -408 21 U.S. direct investments abroad, net3 -25.222 - 19.238 -8,691 - 1.652 -5,104 -979 -956 -1,132 22 Change in foreign official assets in the United States (increase, +) - 13.697 15.442 4.785 5.361 -2,860 -5,835 8.119 -3,173 23 U.S. Treasury securities -22.435 9.708 4,983 7.242 -2.063 -4,635 4.439 -1,347 24 Other U.S. government obligations 463 2.187 1,289 454 536 545 -246 -296 25 Other U.S. government liabilities4 -73 561 -69 -55 48 -337 275 -305 26 Other U.S. liabilities reported by U.S. banks 7.213 - 159 -4,083 -3,109 -2.028 -2,382 3.436 -1,441 27 Other foreign official assets5 1.135 3.145 2,665 829 647 974 215 216 28 Change in foreign private assets in the United States (increase, +)" 52.157 39.042 73.136 3,109 16.324 22.715 30.988 29,001 29 U.S. bank-reported liabilities 32.607 10.743 41.262 -3,793 7.663 16,916 20,476 25,477 30 U.S. nonbank-reported liabilities 1.362 6.530 532 147 -162 1,006 -457 n.a. 31 Foreign private purchases of U.S. Treasury securities, net 4.960 2.645 2.932 1.390 750 -446 1.238 1,124 32 Foreign purchases of other U.S. securities, net 1.351 5.457 7.109 2.419 3.533 761 396 1,363 33 Foreign direct investments in the United States, net3 .... 11.877 13.666 21.301 2.946 4,540 4.478 93.316 10,317 34 Allocation of SDRs 1.139 1.152 1.093 1,093 0 0 0 0 35 Discrepancy 25.212 28.870 25.809 9.988 6.703 -374 9.497 11,214 -829 503 -2.144 2,474 -875 37 Statistical discrepancy in recorded data before seasonal adjustment 25.212 28.870 25,809 10.817 6.200 1.770 7.023 12.089 MEMO: Changes in official assets 38 U.S. official reserve assets (increase. -1.133 -8.155 -5.175 -4.529 -905 -4 262 -1,089 39 Foreign official assets in the United States (increase. +) -13.624 14.881 4.854 5.416 -2,908 -5,498 7.844 -2,868 40 Change in Organization of Petroleum Exporting Countries official assets in the United States (part of line 22 above) 5.543 12.769 13.314 5.364 2.786 2,935 2.230 4,940 41 Transfers under military grant programs (excluded from lines 4. 6. and 10 above) 465 631 602 192 214 132 64 93 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. NOI L.. 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 Nov. Dec. Jan. Feb. Mar. Apr. May 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 181,860 220,626 233,677 19,153 18,885 18,737 18,704 18,602 17,843 18,218 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 209,458 244,871 261,305 22,508 19,746 22,829 19,090 20,349 17,387 20,558 3 Trade balance -27,598 -24,245 -27,628 -3,355 -861 -4,092 -387 -1,747 456 -2,340 NOTE. The data through 1981 in this table are reported by the Bureau of Census not covered in Census statistics, and (2) 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: (1) 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 Dec. Jan. Feb. Mar. Apr.' May June 1 Total1 18,650 18,956 26,756 30,075 30,098 30,060 29,944 31,552 30,915 30,671 2 Gold stock, including Exchange Stabilization Fund1 11,671 11.172 11,160 11,151 11,151 11.150 11,150 11.149 11,149 11,149 3 Special drawing rights2-3 1,558 2,724 2,610 4,095 4,176 4,359 4,306 4,294 4,521 4,461 4 Reserve position in International Monetary Fund2 1,047 1,253 2,852 5.055 5.237 5,275 5,367 6,022 6,099 6,062 5 Foreign currencies4-5 4,374 3,807 10,134 9.774 9,534 9,276 9,121 10,097 9,146 8,999 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, 3.13. 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 weightecfaverage 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 Dec. Jan. Feb. Mar. Apr. May June 1 Deposits 367 429 411 505 333 416 421 966 308 585 Assets held in custody 2 U.S. Treasury securities' 117,126 95,075 102,417 104,680 104,631 103,557 103.964 102,346 102,112 103,292 3 Earmarked gold2 15,463 15,169 14,965 14,804 14,802 14,791 14,798 14,788 14,778 14,777 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 • July 1982 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data Millions of dollars, end of period 1981 1982 11997799 11998800 Oct. Nov. Dec.' Jan. ' Feb. r Mar. Apr.P All foreign countries 1 Total, all currencies 306,795 364,409 401,135 444,654 462,810 462,635 459,788 461,115 463,600 460,312 2 Claims on United States 17,340 32,302 28,460 41,554 44,562 63,532 66,864 67,266 72,993 77,940 3 Parent bank 12,811 25,929 20,202 26,833 26,540 42,940 46,712 45,128 48,749 53,841 4 Other 4,529 6,373 8,258 14,721 18,022 20,592 20,152 22,138 24,244 24,099 5 Claims on foreigners 278,135 317,330 354,960 383,463 397,825 379,096 372,985 374,070 371,403 362,830 6 Other branches of parent bank 70,338 79,662 77,019 83,597 89,269 87,840 91,917 91,063 89,598 86,226 103,111 123,420 146,448 156,833 161,510 150,889 145,488 146,321 146,939 142,311 8 Public borrowers2 23,737 26,097 28,033 30,211 30,181 28,193 26,564 26,847 26,307 25,599 9 Nonbank foreigners 80,949 88,151 103,460 112,822 116,865 112,174 109,016 109,839 108,559 108,694 10 Other assets 11,320 14,777 17,715 19,637 20,423 20,007 19,939 19,779 19,204 19,542 11 Total payable in U.S. dollars 224,940 267,713 291,798 336,839 348,953 r 350,564 351,057 353,001 355,511 351,313 12 Claims on United States 16,382 31,171 27,191 40,370 43,279 r 61,935 65,337 65,711 71,474 76,409 13 Parent bank 12,625 25,632 19,896 26,639 26,355 ' 42,397 46,155 44,535 48,160 53,358 14 Other 3,757 5,539 7,295 13,731 16,924 19,538 19,182 21,176 23,314 23,051 15 Claims on foreigners 203,498 229,120 255,391 284,590 293,690 276,962 273,532 275,328 272,273 263,012 16 Other branches of parent bank 55,408 61,525 58,541 65,859 69,938 69,382 74,880 74,519 73,122 69,409 17 Banks 78,686 96,261 117,342 127,944 131,576 122,257 117,109 118,231 117,351 113,638 18 Public borrowers2 19,567 21,629 23,491 25,199 25,121 22,859 21,176 21,479 20,624 20,170 19 Nonbank foreigners 49,837 49,705 56,017 65,588 67,055 62,464 60,367 61,099 61,176 59,795 20 Other assets 5,060 7,422 9,216 11,879 11,984 11,667 12,188 11,962 11,764 11,892 United Kingdom 21 Total, all currencies 106,593 130,873 144,717 153,615 161,531 157,229 157,892 162,351 161,471 159,481 22 Claims on United States 5,370 11,117 7,509 9,668 9,315 11,823 12,045 13,458 13,604 17,676 23 Parent bank 4,448 9,338 5,275 6,351 5,162 7,885 8,374 9,618 9,599 13,254 24 Other 922 1,779 2,234 3,317 4,153 3,938 3,671 3,840 4,005 4,422 25 Claims on foreigners 98,137 115,123 131,142 137,879 145,889 138,888 139,843 142,623 142,031 135,634 26 Other branches of parent bank 27,830 34,291 34,760 38,799 41,476 41,367 43,358 43,361 43,925 39,811 27 Banks 45,013 51,343 58,741 59,307 63,044 56,315 56,164 57,975 56,940 55,545 28 Public borrowers2 4,522 4,919 6,688 7,305 7,463 7,490 7,249 7,370 7,541 6,822 29 Nonbank foreigners 20,772 24,570 30,953 32,468 33,906 33,716 33,072 33,917 33,625 33,456 30 Other assets 3,086 4,633 6,066 6,068 6,327 6,518 6,004 6,270 5,836 6,171 31 Total payable in U.S. dollars 75,860 94,287 99,699 112,064 117,454 115,188 116,870 121,432 120,432 117,914 32 Claims on United States 5,113 10,746 7,116 9,201 8,811 11,249 11,574 12,966 13,103 17,182 33 Parent bank 4,386 9,297 5,229 6,299 5,110 7,724 8,234 9,456 9,446 13,127 34 Other 727 1,449 1,887 2,902 3,701 3,525 3,340 3,510 3,657 4,055 35 Claims on foreigners 69,416 81,294 89,723 98,934 104,741 99,847 101,337 104,286 103,239 96,595 36 Other branches of parent bank 22,838 28,928 28,268 32,698 34,905 35,436 37,739 38,122 38,794 34,240 37 Banks 31,482 36,760 42,073 43,345 46,463 40,703 40,610 42,453 40,732 40,070 38 Public borrowers2 3,317 3,319 4,911 5,485 5,500 5,595 5,423 5,467 5,630 4,717 39 Nonbank foreigners 11,779 12,287 14,471 17,406 17,873 18,113 17,565 18,244 18,353 17,568 40 Other assets 1,331 2,247 2,860 3,929 3,902 4,092 3,959 4,180 4,090 4,137 Bahamas and Caymans 41 Total, all currencies 91,735 108,977 123,837 142,687 148,557 149,051 146,516 142,853 143,764 142,916 42 Claims on United States 9,635 19,124 17,751 26,741 29,909 46,343 49,607 49,060 54,012 55,544 6,429 15,196 12,631 16,717 17,665 31,323 34,849 32,262 34,935 36,772 44 Other 3,206 3,928 5,120 10,024 12,244 15,020 14,758 16,798 19,077 18,772 45 Claims on foreigners 79,774 86,718 101,926 110,781 113,486 98,205 92,509 89,405 85,441 83,088 46 Other branches of parent bank 12,904 9,689 13,342 13,066 13,972 12,951 15,101 14,384 12,035 12,640 47 Banks 33,677 43,189 54,861 60,220 61,337 55,303 50,714 48,955 47,845 45,732 48 Public borrowers2 11,514 12,905 12,577 12,637 12,741 10,006 8,709 8,580 7,980 7,847 49 Nonbank foreigners 21,679 20,935 21,146 24,858 25,436 19,945 17,985 17,486 17,581 16,869 50 Other assets 2,326 3,135 4,160 5,165 5,162 4,503 4,400 4,388 4,311 4,284 51 Total payable in U.S. dollars 85,417 102,368 117,654 136,854 142,632 143,686 141,379 137,842 138,718 137,804 1. In May 1978 the exemption level for branches required to report was increased, 2. In May 1978 a broader category of claims on foreign public borrowers, inwhich reduced the number of reporting branches. eluding corporations that are majority owned by foreign governments, replaced the previous, more narrowly defined claims on foreign official institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Overseas Branches A57 3.14 Continued 1981 1982 T ' U-L". 1Q7R1 Oct. Nov. Dec. Jan.r Feb.r Mar. Apr .P All foreign countries 52 Total, all currencies 306,795 364,409 401,135 444,654 462,810 462,635 459,788 461,115 463,600 460,312 53 To United States 58.012 66,689 91,079 120,039 128,084 137,686 143,999 145,198 150,387 152,833 54 Parent bank 28,654 24,533 39,286 45,909 49,385 56,144 55,960 55,179 58,439 56,745 55 Other banks in United States 12,169 13,968 14,473 16,464 16,663 19,319 19,839 22,593 24,404 26,064 56 Nonbanks 17,189 28,188 37,275 57,666 62.036 62,223 68,200 67,426 67,544 70,024 57 To foreigners 238,912 283.510 295,411 305,040 316,232 305,643 296,244 296,426 293,737 287,381 58 Other branches of parent bank 67,496 77,640 75,773 82,038 87.831 86,423 85,708 84,524 85,864 84,186 59 Banks 97,711 122,922 132,116 128.576 r 132,111 124,889 118,478 118,970 117,064 111,710 60 Official institutions 31,936 35,668 32,473 27,685 24,696 25,997 25,124 24.625 23,039 22,389 61 Nonbank foreigners 41,769 47,280 55,049 66.741 ' 71,594 68,334 66.934 68,307 67,770 69,096 62 Other liabilities 9,871 14,210 14,690 19.575 18,494 19,306 19,545 19.491 19.476 20,098 63 Total payable in U.S. dollars 230,810 273,857 303,281 349,602 360,971 364,228 363,940 366,885 369,483 366,631 64 To United States 55,811 64,530 88,157 117,362 125,121 134,582 141,035 142,293 147.393 149,717 65 Parent bank 27,519 23,403 37.528 44,170 47,456 54,252 53.929 53,217 56,427 54,684 66 Other banks in United States 11,915 13,771 14,203 16,313 16,564 19,005 19,712 22,382 24,163 25,'727 67 Nonbanks 16,377 27,356 36,426 56,879 61,101 61,325 67.394 66,694 66,803 69,306 68 To foreigners 169,927 201,514 206,883 219,818 224.610 217,487 210.924 213,143 210,643 205,204 69 Other branches of parent bank 53,396 60,551 58,172 65,160 69.561 69,189 69,213 68,350 69,780 68,081 70 Banks 63,000 80,691 87,497 84,592 ' 84,789 79,590 74,259 76,132 73,176 69,326 71 Official institutions 26,404 29,048 24,697 21,948 18,911 20,288 19,937 19,322 18,120 17,491 72 Nonbank foreigners 27,127 31,224 36,517 48,118 r 51,349 48,420 47,515 49,339 49,567 50,306 73 Other liabilities 5,072 7,813 8,241 12,422 11,240 12,159 11,981 11,449 11,447 11,710 United Kingdom 74 Total, all currencies 106,593 130,873 144,717 153,615 161,531 157,229 157,892 162,351 161,471 159,481 75 To United States 9,730 20,986 21,785 32,960 36,316 38,022 40,740 43,185 42,246 41,886 76 Parent bank 1,887 3,104 4,225 3.542 4,045 5.444 6.385 6,592 6.078 7,902 77 Other banks in United States 4,189 7,693 5,716 6,054 6,652 7.502 7,313 8,973 8.607 8,449 78 Nonbanks 3,654 10,189 11,844 23,364 25.619 25,076 27,042 27,620 27,561 25,535 79 To foreigners 93,202 104,032 117,438 114,415 118,401 112,255 110,064 111,590 111,497 109,629 80 Other branches of parent bank 12,786 12,567 15,384 15,544 16,090 16,545 16,298 16,719 17,480 18,358 81 Banks 39,917 47,620 56,262 53.634 56,239 51,336 49,622 49,937 49,616 47,549 87 Official institutions 20,963 24,202 21,412 17.442 15,089 16,517 16,110 15,965 14,608 13,908 83 Nonbank foreigners 19,536 19,643 24,380 27.795 30,983 27,857 28,034 28,969 29,793 29,814 84 Other liabilities 3,661 5,855 5,494 6,240 6,814 6.952 7,088 7,576 7,728 7,966 85 Total payable in U.S. dollars 77,030 95,449 103,440 117,346 122,362 120,277 121,407 127,029 126,359 124,248 86 To United States 9,328 20,552 21,080 32.408 35.706 37,325 40,248 42,646 41,650 41,198 87 Parent bank 1,836 3,054 4,078 3.484 3.956 5.343 6,268 6,497 5,976 7,803 88 Other banks in United States 4,101 7,651 5,626 5,976 6.611 7.249 7,289 8,884 8,489 8,271 89 Nonbanks 3,391 9,847 11,376 22,948 25,139 24,733 26,691 27,265 27,185 25,124 90 To foreigners 66,216 72,397 79.636 81.260 82,766 79,041 77,491 80,744 81,060 79,444 91 Other branches of parent bank 9,635 8,446 10.474 11,121 11,457 12,055 11,928 12,417 13,365 14,102 9? Banks 25,287 29,424 35,388 34,312 35.141 32,298 30,995 32,249 32,090 30,415 93 Official institutions 17,091 20,192 17,024 14.415 12.133 13,612 13,497 13,418 12,196 11,568 94 Nonbank foreigners 14,203 14,335 16,750 21.412 24,035 21,076 21,071 22,660 23,409 23,359 95 Other liabilities 1,486 2.500 2,724 3.678 3,890 3.911 3,668 3,639 3,649 3,606 Bahamas and Caymans 96 Total, all currencies 91,735 108,977 123,837 142,687 148,557 149,051 146,516 142,853 143,764 142,916 97 To United States 39,431 37,719 59,666 75,991 80,161 85,704 88,967 87,364 91,694 94,024 98 Parent bank 20,482 15,267 28,181 33,387 36.066 39,250 37,777 36,683 39,146 35,799 99 Other banks in United States 6,073 5,204 7,379 9.349 8,971 10,620 11,185 12,176 14,267 15,855 100 Nonbanks 12,876 17,248 24,106 33,255 35.124 35,834 40,005 38,505 38,281 42,370 101 To foreigners 50,447 68,598 61,218 62,795 64.462 60,012 54,491 52,398 49,089 45,891 102 Other branches of parent bank 16,094 20.875 17,040 20,521 23,307 20,641 20,721 19,814 18,614 17,365 103 Banks 23,104 33,631 29,895 25,396 24,712 23,202 18,590 18,252 16,428 14,768 104 Official institutions 4,208 4.866 4,361 4.078 3,381 3,498 3,149 2,505 2,607 2,512 105 Nonbank foreigners 7,041 9,226 9,922 12.800 13,062 12,671 12,031 11,827 11,440 11,246 106 Other liabilities 1,857 2,660 2,953 3,901 3,934 3,335 3,058 3,091 2,981 3,001 107 Total payable in U.S. dollars 87,014 103,460 119,657 138,094 144,034 145,227 142,728 139,247 140,092 139,437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • July 1982 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1981 1982 IItteemm 11997799 11998800 Nov. Dec. Jan. Feb. Mar. Apr.P May/> 1 Total1 149,697 164,578 164,545 169,436 167,959 166,168 166,757 165,366 167,084 By type 2 Liabilities reported by banks in the United States2 30.540 30,381 23.436 26,306 24,099 24.672 25,051 26,157 27,788 3 U.S. Treasury bills and certificates3 47,666 56.243 49.644 52,389 52,306 48.174 47.048 43.850 42.741 U.S. Treasury bonds and notes 4 Marketable 37,590 41,455 53,937 53.150 53.992 56.333 57,647 58,459 59,951 5 Nonmarketable4 17.387 14.654 11.791 11.791 11,791 11.291 11,291 11,050 10,750 6 U.S. securities other than U.S. Treasury securities5 16,514 21,845 25.737 25.800 25,771 25.698 25,720 25,850 25,854 By area 7 Western Europe1 85,633 81.592 63.107 65,218 63,048 62.034 60,364 57,387 57,463 8 Canada 1,898 1,562 2.248 2,403 2.369 1.669 1,647 1,721 1,329 9 Latin America and Caribbean 6,291 5,688 5.051 6.934 5.923 6.283 6.562 6.961 7,248 in 52.978 70,784 91.161 91.790 94.137 93.559 95,247 94,875 95,919 ii 2.412 4.123 1,792 1.849 1,649 1.474 1,337 1,823 1,381 12 Other countries6 485 829 1.186 1,242 833 1.149 1,600 2,599 3,744 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 1982 IItteemm 11997788 11997799 11998800 June Sept. Dec. Mar. 1 Banks' own liabilities 2,406 1.918 3.748 3,031 2,878 3.740 4,391 2 Banks' own claims1 3.671 2.419 4,206 3.699 4,078 5,173 5,788 T Deposits 1.795 994 2.507 2,050 2.409 3.403 3,979 4 Other claims 1,876 1.425 1.699 1,649 1.669 1,770 1,810 5 Claims of banks' domestic customers2 358 580 962 347 248 971 944 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 Nov. Dec. Jan. Feb. Mar.r Apr. May? 1 All foreigners 166,842 187,521 205,297 209,024 242,533 250,432 253,583 261,219 265,995 274,159 7 Banks' own liabilities 78,661 117,196 124,791 133,308 162,433 170,972 178,882 187,559 194,637 203,001 3 Demand deposits 19,218 23,303 23,462 21,127 19,677 18,334 17,808 16,498 18,159 17,614 4 Time deposits1 12,427 13,623 15,076 18,101 29,381 31,161 36,273 43,597 48,175 53,391 5 Other2 9,705 16,453 17,583 14,129 17,371 16,451 16,963 18,989 18,655 20,126 6 Own foreign offices3 37,311 63,817 68,670 79,951 96,003 105,026 107,838 108,475 109,648 111,870 7 Banks' custody liabilities4 88.181 70,325 80,506 75,717 80,100 79,460 74,701 73,660 71,358 71,158 8 U.S. Treasury bills and certificates5 68,202 48,573 57,595 52,005 55,312 55,131 51,142 50,152 47,353 46,476 9 Other negotiable and readily transferable instruments6 17,472 19,396 20,079 18,269 18,819 18,842 18,718 18,901 19,326 20,672 10 Other 2,507 2.356 2,832 5,442 5,970 5,487 4,842 4,607 4,679 4,010 11 Nonmonetary international and regional organizations7 2,607 2,356 2,344 2,317 2,721 2,148 2,091 2,045 2,033 3,034 12 Banks' own liabilities 906 714 444 555 638 373 298 445 593 1,267 13 Demand deposits 330 260 146 388 262 130 135 209 149 185 14 Time deposits1 84 151 85 74 58 86 76 141 276 466 15 Other2 492 303 212 93 318 156 87 96 168 616 16 Banks' custody liabilities4 1,701 1,643 1,900 1,762 2,083 1,775 1,792 1,599 1,439 1,767 17 U.S. Treasury bills and certificates 201 102 254 142 541 217 277 109 142 253 18 Other negotiable and readily transferable instruments6 1.499 1,538 1,646 1,621 1,542 1,558 1,515 1,490 1,297 1,514 19 Other 1 2 0 0 0 0 0 0 0 0 20 Official institutions8 90,742 78,206 86,624 73,080 78,696 76,405 72,846 72,099 70,007 70,529 21 Banks' own liabilities 12,165 18,292 17,826 14,214 16,672 14,626 14,919 15,326 16,943 17,711 22 Demand deposits 3,390 4,671 3,771 2,459 2,612 2,404 2,385 2,277 3,240 2,879 23 Time deposits' 2,560 3,050 3,612 1,910 4,192 3,684 4,236 4,866 5,555 5,754 24 Other2 6,215 10,571 10,443 9,846 9,868 8.538 8,297 8,183 8,148 9,078 25 Banks' custody liabilities4 78,577 59,914 68,798 58,866 62,024 61,778 57,927 56,773 53,064 52,818 26 U.S. Treasury bills and certificates5 67,415 47,666 56,243 49,644 52,389 52,306 48,174 47,048 43,850 42,741 27 Other negotiable and readily transferable instruments6 10,992 12,196 12,501 9,171 9,587 9,445 9,717 9,685 9,029 10,037 28 Other 170 52 54 51 47 27 37 40 185 40 29 Banks9 57,423 88,316 96,415 109,204 135,167 145,577 150,537 157,787 161,084 165,437 30 Banks' own liabilities 52,626 83,299 90,456 98,369 123,452 133,691 139,787 146,591 148,364 152,891 31 Unaffiliated foreign banks 15,315 19,482 21,786 18,418 27,449 28,664 31,948 38,116 38,716 41.021 32 Demand deposits 11,257 13,285 14,188 12,908 11,614 10,893 10,444 9,267 9,914 10,001 33 Time deposits1 1,429 1,667 1,703 1,837 9,169 10,472 13,400 18,653 18,952 21,261 .34 Other2 2,629 4,530 5,895 3,673 6,666 7,299 8,104 10,195 9,849 9,760 35 Own foreign offices3 37,311 63,817 68,670 79,951 96,003 105,026 107,838 108,475 109,648 111,870 36 Banks' custody liabilities4 4,797 5,017 5,959 10,835 11,715 11,886 10,751 11,197 12,720 12,546 37 U.S. Treasury bills and certificates 300 422 623 1,584 1,683 1,853 1,876 2,213 2,592 2,698 38 Other negotiable and readily transferable instruments6 2,425 2,415 2,748 4,169 4,421 4,858 4,405 4,729 5,968 6,097 39 Other 2,072 2,179 2,588 5,082 5,611 5,176 4,470 4,255 4,160 3,751 40 Other foreigners 16,070 18,642 19,914 24,424 25,949 26,303 28,109 29,288 32,871 35,158 41 Banks' own liabilities 12,964 14,891 16,065 20,170 21,671 22,282 23,878 25,196 28,737 31,131 42 Demand deposits 4.242 5,087 5,356 5,373 5,189 4,906 4,843 4,745 4,855 4,549 43 Time deposits 8,353 8,755 9,676 14,280 15,963 16,918 18,561 19,936 23,393 25,910 44 Other2 368 1,048 1,033 517 520 458 474 515 489 672 45 Banks' custody liabilities4 3,106 3,751 3,849 4,253 4,278 4,021 4,231 4,092 4,134 4,027 46 U.S. Treasury bills and certificates 285 382 474 635 698 755 815 782 769 784 47 Other negotiable and readily transferable instruments6 2,557 3,247 3,185 3,309 3,268 2,981 3,081 2,997 3,032 3,024 48 Other 264 123 190 309 312 284 335 313 334 219 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 11,007 10,984 10,745 9,985 10,547 10,470 10,916 11,169 11,548 12,603 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 • July 1982 3.17 Continued 1981 AArreeaa aanndd ccoouunnttrryy 11997788 11997799 11998800 Nov. Dec.A Feb. Apr. May? 1 Total 166,842 187,521 205,297 209,024 242,533 250,432 253,583 261,219 265,995 274,159 2 Foreign countries 164,235 185,164 202,953 206,708 239,812 248,284 251,492 259,174 263,962 271,124 3 Europe 85,172 90,952 90,897 82,302 90,622 89,708 91,549 93,541 91,962 97,471 4 Austria 513 413 523 595 587 719 647 545 484 454 5 Belgium-Luxembourg 2,550 2,375 4,019 3,989 4,117 3,954 3.252 3,002 2,892 3,075 6 Denmark 1,946 1,092 497 306 333 512 524 514 613 608 7 Finland 346 398 455 196 296 157 292 273 229 212 8 France 9,214 10,433 12,125 7,385 8,486 8,078 8,042 7,792 6,737 6,312 9 Germany 17,283 12,935 9,973 7,211 7,665 6,953 6,668 7,698 6,589 6,949 10 Greece 826 635 670 428 463 469 535 472 457 549 11 Italy 7,739 7,782 7,572 5,656 7,290 7,104 6,495 4,300 3,693 3.420 12 Netherlands 2,402 2,337 2,441 2,351 2,773 2,808 2,926 3,111 2,963 2,691 13 Norway 1,271 1,267 1,344 1,642 1,457 1,245 1,129 1,518 1,666 1,981 14 Portugal 330 557 374 358 354 301 275 272 272 276 15 Spain 870 1,259 1,500 954 916 1,024 946 1,136 1,057 1,114 16 Sweden 3,121 2,005 1,737 1,508 1,545 1,274 1,480 1,358 1,373 1,425 17 Switzerland 18,225 17,954 16,689 18,937 18,878 18,927 18,590 19,199 20,354 21,706 18 Turkey 157 120 242 197 518 336 216 283 364 204 19 United Kingdom 14,272 24,700 22,680 24,258 28,230 30,581 33,773 35,146 35,474 39,892 20 Yugoslavia 254 266 681 380 375 215 219 223 259 237 21 Other Western Europe1 3,440 4,070 6,939 5,394 5,798 4,710 5,204 6,256 6,101 5,960 22 U.S.S.R 82 52 68 72 49 69 52 44 37 30 23 Other Eastern Europe2 330 302 370 486 493 271 284 400 350 376 24 Canada 6,969 7,379 10,031 10,091 10,256 11,572 10,999 10,780 12,321 10,619 25 Latin America and Caribbean 31,638 49,686 53,170 62,011 84,504 92,203 94,411 98,073 103,481 105,317 26 Argentina 1.484 1,582 2,132 2,012 2,445 2,879 2,897 3,037 2,736 2,203 27 Bahamas 6,752 15,255 16,381 23,625 34,380 43,522 43,589 44,689 45,455 44,749 28 Bermuda 428 430 670 624 765 680 855 1,113 1,165 1,350 29 Brazil 1,125 1,005 1,216 1,285 1,548 1,608 1,803 1,352 1,462 1,632 30 British West Indies 5,974 11,138 12,766 9,524 17,692 17,868 18,783 18,844 19,472 19,480 31 Chile 398 468 460 505 664 771 815 951 992 1,224 32 Colombia 1,756 2,617 3,077 2,776 2,993 2,861 2,924 2,654 2,639 2,514 33 Cuba 13 13 6 7 9 7 10 7 6 25 34 Ecuador 322 425 371 516 434 355 370 513 491 446 35 Guatemala3 416 414 367 444 479 485 519 590 569 583 36 Jamaica3 52 76 97 96 87 120 100 129 133 104 37 Mexico 3,467 4,185 4,547 6.047 7,163 6,668 7,246 7,646 8,532 8,992 38 Netherlands Antilles 308 499 413 2,896 3,073 3,042 3,135 3,434 3,474 3,449 39 Panama 2,967 4,483 4,718 4,904 4,852 3,478 3,338 4,190 4,208 4,346 40 Peru 363 383 403 473 694 594 531 532 620 753 41 Uruguay 231 202 254 266 367 481 478 323 410 561 42 Venezuela 3,821 4,192 3,170 3,971 4,245 4,557 4,575 5,120 8,062 9.421 43 Other Latin America and Caribbean 1,760 2,318 2,123 2,041 2,612 2,227 2,443 2,948 3,056 3,485 44 36,492 33,005 4422,,442200 4488,,663322 4499,,881100 50,658 50,290 52,607 50,343 51,091 China 45 Mainland 67 49 49 200 158 183 215 257 331 284 46 Taiwan 502 1,393 1,662 2,147 2,082 2,227 2.253 2,213 2,291 2,372 47 Hong Kong 1,256 1,672 2,548 4,090 3,950 3,946 4,302 4,195 4,587 4,737 48 India 790 527 416 514 385 512 414 435 544 623 49 Indonesia 449 504 730 985 640 1,230 1,241 1,127 837 784 50 Israel 688 707 883 475 589 546 507 449 539 562 51 Japan 21,927 8,907 16,281 19,988 20,559 20,051 20,664 21,955 19,294 19,008 52 Korea 795 993 1,528 1,322 2,013 2,146 2,162 2,138 2,355 2,191 53 Philippines 644 795 919 736 876 757 739 671 691 758 54 Thailand 427 277 464 409 534 369 494 340 517 474 55 Middle-East oil-exporting countries4 7,534 15,300 14,453 13,603 13,172 13,623 13,564 14,799 14,346 14,405 56 Other Asia 1.414 1,879 2,487 4,163 4,852 5,068 3,735 4,028 4,011 4,893 57 2.886 3,239 5,187 2,381 3,201 3,065 2,814 2,398 3,111 2,629 58 Egypt 404 475 485 328 360 571 339 297 411 382 59 Morocco 32 33 33 37 32 36 35 36 52 37 60 South Africa 168 184 288 202 420 252 368 330 308 305 61 Zaire 43 110 57 56 134 33 40 69 41 27 62 Oil-exporting countries5 1,525 1,635 3,540 830 1,395 1,207 1,112 627 1,144 846 63 Other Africa 715 804 783 929 860 966 920 1,039 1,156 1,031 64 Other countries 1.076 904 1,247 1,291 1,419 1,078 1,430 1,775 2,744 3,997 65 Australia 838 684 950 1,065 1,223 853 1,204 1,550 2,543 3,752 66 All other 239 220 297 226 196 225 226 225 201 245 67 Nonmonetary international and regional organizations 2,607 2,356 2,344 2,317 2,721 2,148 2,091 2,045 2,033 3,034 68 International 1,485 1,238 1,157 1,128 1,661 1,072 1,082 1,081 1,259 2,064 69 Latin American regional 808 806 890 797 710 17 706 630 450 661 70 Other regional6 314 313 296 391 350 1,059 303 334 323 309 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

Bank-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 Nov. Dec.A Jan. Feb. Mar.' Apr. MayP 1 Total 115,545 133,943 172,592 208,754 250,136 255,456 264,239 276,924 287,018 300,253 2 Foreign countries 115,488 133,906 172,514 208,713 250,080 255,405 264,192 276,868 286,975 300,210 3 Europe 24,201 28,388 32,108 39,637 48,711 51,584 53,089 56,937 59,319 62,272 4 140 284 236 179 127 198 172 130 220 201 5 Belgium-Luxembourg 1,200 1,339 1,621 2,025 2,832 2,788 3,259 3,778 3,848 3,769 6 Denmark 254 147 127 208 186 226 253 285 266 284 7 305 202 460 528 549 555 573 574 525 638 8 France 3,735 3,322 2,958 3,261 4,069 4,682 4,928 5,579 5,042 5,508 9 Germany 845 1,179 948 979 936 1,084 874 1,123 1,483 1,512 10 Greece 164 154 256 255 333 378 321 325 279 262 11 Italy 1,523 1,631 3,364 4,559 5,186 5,461 5,604 5,333 5,099 5,853 12 Netherlands 677 514 575 570 685 729 808 956 750 927 13 Norway 299 276 227 281 384 384 437 447 452 416 14 Portugal 171 330 331 390 529 584 666 724 813 797 15 Spain 1,120 1,051 993 1,693 2,100 2,171 2,505 2,619 2,499 2,624 16 Sweden 537 542 783 1,339 1,206 1,329 1,504 1,550 1,441 1,691 17 Switzerland 1,283 1,165 1,446 1,963 2,211 1,845 2,001 1,709 1,564 1,559 18 Turkey 300 149 145 144 421 464 522 496 487 573 19 United Kingdom 10,147 13,795 14,917 18,204 23,431 24,986 25,152 27,784 30,857 32,108 20 Yugoslavia 363 611 853 1,016 1,224 1,213 1,243 1,200 1,238 1,202 21 Other Western Europe1 122 175 179 197 209 235 192 317 282 387 22 U.S.S.R 360 268 281 248 367 455 262 218 419 251 23 Other Eastern Europe2 657 1,254 1,410 1,596 1,725 1,816 1,813 1,790 1,755 1,711 24 Canada 5,152 4,143 4,810 7,079 9,041 9,478 9,830 10,970 11,805 11,323 ?.S Latin America and Caribbean 57,565 67,993 92,992 113,073 137,718 143,098 147,505 152,875 157,550 166,753 76 Argentina 2,281 4,389 5,689 6,044 7,506 8,704 8,826 8,928 10,896 10,818 27 Bahamas 21,555 18,918 29,419 39,438 43,351 44,739 45,636 47,586 47,606 49,208 28 Bermuda 184 496 218 255 326 481 449 401 575 396 29 Brazil 6,251 7,713 10,496 10,823 16,874 17,379 17,846 18,723 19,380 20,309 30 British West Indies 9,694 9,818 15,663 17,890 21,579 21,021 21,949 22,975 22,455 25,097 31 Chile 970 1,441 1,951 2,643 3,682 4,169 4,370 4,513 4,588 4,884 37 Colombia 1,012 1,614 1,752 1,598 2,018 2,112 2,067 2,018 2,146 2,265 33 Cuba 0 4 3 3 3 7 9 3 137 37 34 705 1,025 1,190 1,328 1,531 1,723 1,752 1,837 1,879 1,852 35 94 134 137 123 124 119 119 106 116 112 36 40 47 36 45 62 177 115 151 130 781 37 Mexico 5,479 9,099 12,595 18,505 22,358 23,098 24,238 25,174 26,087 28,319 38 Netherlands Antilles 273 248 821 951 1,068 950 1,131 873 886 880 39 3,098 6,041 4,974 5,655 6,719 6,918 7,272 7,509 7,986 8,318 40 Peru 918 652 890 705 1,213 1,432 1,432 1,518 1,589 1,690 41 Uruguay 52 105 137 148 157 267 240 232 316 346 42 Venezuela 3,474 4,657 5,438 5,129 7,046 7,307 7,704 8,085 8,560 9,170 43 Other Latin America and Caribbean 1,485 1,593 1,583 1,790 2,102 2,494 2,349 2,245 2,220 2,271 44 25,362 30,730 39,078 45,008 49,690 45,960 48,165 50,107 52,115 53,132 China 45 Mainland 4 35 195 199 107 85 65 84 113 71 46 Taiwan 1,499 1,821 2,469 2,262 2,461 2,643 2,215 2,300 2,260 2,114 47 Hong Kong 1,479 1,804 2,247 3,923 4,115 4,091 4,287 5,434 5,344 5,977 48 India 54 92 142 179 134 148 188 212 195 185 49 Indonesia 143 131 245 329 346 325 330 356 308 315 50 Israel 888 990 1,172 1,325 1,561 1,318 1,467 1,241 1,160 1,391 51 Japan 12,646 16,911 21,361 23,785 26,682 24,109 26,081 25,972 27,379 26,750 57 Korea 2,282 3,793 5,697 6,733 7,311 6,567 6,272 6,564 6,953 7,101 53 Philippines 680 737 989 1,621 1,817 1,766 1,989 2,270 2,266 2,459 54 Thailand 758 933 876 546 564 527 559 513 565 502 55 Middle East oil-exporting countries4 3,125 1,548 1,432 1,569 1,597 1,613 1,981 2,021 2,390 2,610 56 Other Asia 1,804 1,934 2,252 2,537 2,996 2,767 2,730 3,139 3,182 3,656 57 2,221 1,797 2,377 2,803 3,546 3,822 4,019 4,203 4,383 4,768 58 107 114 151 137 238 259 293 327 345 400 59 82 103 223 243 284 273 273 294 312 278 60 South Africa 860 445 370 904 1,011 948 1,249 1,426 1,344 1,387 61 Zaire 164 144 94 100 112 98 93 89 100 81 62 Oil-exporting countries5 452 391 805 531 657 786 593 637 725 839 63 Other 556 600 734 888 1,244 1,458 1,518 1,429 1,557 1,783 64 Other countries 988 855 1,150 1,114 1,374 1,463 1,583 1,777 1,803 1,961 65 Australia 877 673 859 989 1,197 1,280 1,385 1,501 1,560 1,655 66 All other 111 182 290 125 177 183 198 276 243 306 67 Nonmonetary international and regional organizations6 56 36 7788 4400 5566 5511 4477 5577 4433 4433 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 • July 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 Nov. Dec.A Jan. Feb. Mar.' Apr. May? 1 Total 111111122222226666666,,,,,,,777777788888887777777 111111155555554444444,,,,,,,000000033333330000000 111111199999998888888,,,,,,,666666699999998888888 222222288888887777777,,,,,,,333333388888889999999 333333322222220000000,,,,,,,000000066666668888888 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 111111111111115555555,,,,,,,555555544444445555555 111111133333333333333,,,,,,,999999944444443333333 111111177777772222222,,,,,,,555555599999992222222 208.754 222222255555550000000,,,,,,,111111133333336666666 255,456 264,239 222222277777776666666,,,,,,,999999922222224444444 287,018 300,253 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 11111110000000,,,,,,,333333344444446666666 11111115555555,,,,,,,999999933333337777777 22222220000000,,,,,,,888888888888882222222 26.397 33333330000000,,,,,,,999999933333330000000 33,325 33.311 33333333333333,,,,,,,777777700000005555555 34,797 36,821 44 OOwwnn ffoorreeiiggnn ooffffiicceess'' 44444441111111,,,,,,,666666600000005555555 44444447777777,,,,,,,444444422222228888888 66666665555555,,,,,,,000000088888884444444 84.651 99999996666666,,,,,,,666666600000007777777 96,268 96,821 111111100000001111111,,,,,,,777777711111110000000 105,568 107,865 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 44444440000000,,,,,,,444444488888883333333 44444440000000,,,,,,,999999922222227777777 55555550000000,,,,,,,111111166666668888888 58.477 77777773333333,,,,,,,444444466666662222222 75,951 82,403 88888887777777,,,,,,,222222288888888888888 90,857 97,224 66 DDeeppoossiittss 5555555,,,,,,,444444422222228888888 6666666,,,,,,,222222277777774444444 8888888,,,,,,,222222255555554444444 13.637 22222221111111,,,,,,,999999999999992222222 23,485 25,683 22222228888888,,,,,,,777777700000009999999 29,128 33,351 77 OOtthheerr 33333335555555,,,,,,,000000055555554444444 33333334444444,,,,,,,666666655555554444444 44444441111111,,,,,,,999999911111114444444 44.840 55555551111111,,,,,,,444444477777770000000 52,466 56,720 55555558888888,,,,,,,555555577777779999999 61,730 63,873 88 AAllll ootthheerr ffoorreeiiggnneerrss 22222223333333,,,,,,,111111111111111111111 22222229999999,,,,,,,666666655555550000000 33333336666666,,,,,,,444444455555559999999 39.228 44444449999999,,,,,,,111111133333337777777 49,912 51,704 55555554444444,,,,,,,222222222222222222222 55,796 58,344 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 .... 11111111111111,,,,,,,222222244444443333333 22222220000000,,,,,,,000000088888888888888 22222226666666,,,,,,,111111100000006666666 33333337777777,,,,,,,222222255555553333333 44444443333333,,,,,,,111111144444443333333 444444488888880000000 999999955555555555555 888888888888885555555 1111111,,,,,,,333333377777778888888 1111111,,,,,,,555555511111112222222 11 Negotiable and readily transferable 5555555,,,,,,,333333399999996666666 11111113333333,,,,,,,111111100000000000000 11111115555555,,,,,,,555555577777774444444 22222225555555,,,,,,,777777755555552222222 33333332222222,,,,,,,333333322222228888888 12 Outstanding collections and other 5555555,,,,,,,333333366666666666666 6666666,,,,,,,000000033333332222222 9999999,,,,,,,666666644444448888888 11111110000000,,,,,,,111111122222223333333 9999999,,,,,,,333333300000003333333 13 MEMO: Customer liability on 11111115555555,,,,,,,000000033333330000000 11111118888888,,,,,,,000000022222221111111 22222222222222,,,,,,,777777711111114444444 22222229999999,,,,,,,555555566666665555555 33333330000000,,,,,,,222222277777773333333 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States5 13,668 22,265 24,381 41.828r 39.556r 42,117r 43,648r 40,800r 41,223 n.a. 1. U.S. banks: includes amounts due from own foreign branches and foreign 4. Data for March 1978 and for period before that are outstanding collections subsidiaries consolidated in "Consolidated Report of Condition" filed with bank only. regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign 5. Includes demand and time deposits and negotiable and nonnegotiable certifbanks: principally amounts due from head office or parent foreign bank, and foreign icates of deposit denominated in U.S. dollars issued by banks abroad. For descripbranches, agencies, or wholly owned subsidiaries of head office or parent foreign tion of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550. bank. A Liabilities and claims of banks in the United States were increased, beginning 2. Assets owned by customers of the reporting bank located in the United States in December 1981, by the shift from foreign branches to international banking that represent claims on foreigners held by reporting banks for the account of their facilities in the United States of liabilities to, and claims on. foreign residents. domestic customers. NOTE. Beginning April 1978, data for banks' own claims are given on a monthly 3. Principally negotiable time certificates of deposit and bankers acceptances. basis, but the data for claims of banks' own domestic customers are available on a quarterly basis only. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1978 1979 1980 1981 1982 MMaattuurriittyy;; bbyy bboorrrroowweerr aanndd aarreeaa Dec. Dec. Dec. June Sept Dec.A Mar. 1 Total 73,635 86,181 106,748 117,445 122,257 153,355 174,697 By borrower 2 Maturity of 1 year or less' 58,345 65,152 82.555 91,982 94,722 115,433 132,886 3 Foreign public borrowers 4,633 7,233 9.974 11,733 12,955 15,073 16,579 4 All other foreigners 53,712 57,919 72,581 80,248 81,767 100,359 116,307 5 Maturity of over 1 year' 15,289 21,030 24,193 25,463 27,535 37,922 41,811 6 Foreign public borrowers 5,395 8,371 10.152 11.022 12,410 15.573 17,054 7 All other foreigners 9,894 12,659 14,041 14,441 15,125 22,349 24,757 By area Maturity of 1 year or less' 8 Europe 15,169 15,235 18.715 2211,,009955 22,898 27.702 34,061 9 Canada 2,670 1,777 2,723 3,319 3,906 4,557 5,628 10 Latin America and Caribbean 20,895 24,928 32,034 33,514 35,524 48.286 58,493 11 17,545 21,641 26,686 31,489 29,296 31.463 30,595 1? Africa 1,496 1,077 1,757 1,768 2,324 2.501 2,886 13 All other2 569 493 640 797 774 923 1,224 Maturity of over 1 year1 14 Europe 33,,114422 4,160 5.118 66,,330077 6,424 8,093 8,478 15 Canada 1,426 1,317 1,448 1,317 1,347 1.754 1,863 16 Latin America and Caribbean 8,464 12,814 15.075 15.448 17,478 25,031 27,849 17 1,407 1.911 1,865 1,680 1,565 1.886 2,214 18 Africa 637 655 507 551 548 897 1,093 19 All other2 214 173 179 159 172 261 315 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 1982 Area or country 197g2 1979 Mar. June Sept. Dec. Mar. June Sept.r Dec/ Mar.P 1 Total 266.2 303.9 308.5 328.8 339.3 352.0 370.6 382.5 399.4 411.3 408.5 2 G-10 countries and Switzerland 124.7 138.4 141.3 154.2 158.8 162.1 167.9 168.2 172.0 173.2 170.3 3 Belgium-Luxembourg 9.0 11.1 10.8 13.1 13.6 13.0 13.5 13.8 14.1 13.2 13.0 4 France 12.2 11.7 12.0 14.1 13.9 14.1 14.5 14.7 16.0 15.2 15.5 5 Germany 11.3 12.2 11.4 12.7 12.9 12.1 13.2 12.1 12.7 12.8 12.4 6 Italy 6.7 6.4 6.2 6.9 7.2 8.2 7.7 8.4 8.6 9.7 8.8 7 Netherlands 4.4 4.8 4.3 4.5 4.4 4.4 4.6 4.1 3.7 4.0 4.0 8 Sweden 2.1 2.4 2.4 2.7 2.8 2.9 3.2 3.1 3.4 3.7 4.1 9 Switzerland 5.3 4.7 4.3 3.3 3.4 5.0 5.1 5.2 5.1 5.4 5.3 10 United Kingdom 47.3 56.4 57.6 64.4 66.7 67.4 68.2 67.0 68.7 69.0 68.5 11 Canada 6.0 6.3 6.9 7.2 7.7 8.4 8.8 10.8 11.7 10.8 11.1 12 Japan 20.6 22.4 25.4 25.5 26.1 26.5 29.1 28.9 28.0 29.3 27.6 13 Other developed countries 19.4 19.9 18.8 20.3 20.6 21.6 23.5 24.8 26.4 28.4 30.4 14 Austria 1.7 2.0 1.7 1.8 1.8 1.9 1.8 2.1 2.2 2.0 2.1 15 Denmark 2.0 2.2 2.1 2.2 2.2 2.3 2.4 2.3 2.5 2.4 2.5 16 Finland 1.2 1.2 1.1 1.3 1.2 1.4 1.4 1.3 1.4 1.7 1.6 17 Greece 2.3 2.4 2.4 2.5 2.6 2.8 2.7 3.0 2.9 2.7 2.8 18 Norway 2.1 2.3 2.4 2.4 2.4 2.6 2.8 2.8 3.0 3.1 3.2 19 Portugal .6 .7 .6 .6 .7 .6 .6 .8 1.0 1.1 1.2 20 Spain 3.5 3.5 3.5 3.9 4.2 4.4 5.5 5.7 5.8 6.6 7.1 21 Turkey 1.5 1.4 1.4 1.4 1.3 1.5 1.5 1.4 1.5 1.4 1.5 22 Other Western Europe 1.3 1.4 1.4 1.6 1.7 1.7 1.8 1.8 1.9 2.1 2.2 23 South Africa 2.0 1.3 1.1 1.5 1.2 1.1 1.5 1.9 2.5 2.8 3.2 24 Australia 1.4 1.3 1.2 1.2 1.2 1.3 1.4 1.7 1.9 2.5 3.1 25 OPEC countries3 22.7 22.9 21.8 20.9 21.4 22.7 21.7 22.2 23.5 24.4 24.5 26 Ecuador 1.6 1.7 1.8 1.8 1.9 2.1 2.0 2.0 2.1 2.2 2.3 27 Venezuela 7.2 8.7 7.9 7.9 8.5 9.1 8.3 8.7 9.2 9.6 9.3 28 Indonesia 2.0 1.9 1.9 1.9 1.9 1.8 2.1 2.1 2.5 2.5 2.7 29 Middle East countries 9.5 8.0 7.8 6.9 6.7 6.9 6.7 6.8 7.1 7.6 8.1 30 African countries 2.5 2.6 2.5 2.5 2.4 2.8 2.6 2.6 2.6 2.5 2.1 31 Non-OPEC developing countries 52.6 63.0 63.7 67.7 73.0 77.4 81.9 84.7 90.0 95.9 94.2 Latin America 32 Argentina 3.0 5.0 5.5 5.6 7.6 7.9 9.4 8.5 9.2 9.3 9.3 33 Brazil 14.9 15.2 15.0 15.3 15.8 16.2 16.8 17.3 17.6 19.0 18.9 34 Chile 1.6 2.5 2.5 2.7 3.2 3.7 4.0 4.8 5.5 5.8 5.6 35 Colombia 1.4 2.2 2.1 2.2 2.4 2.6 2.4 2.5 2.5 2.6 2.2 36 Mexico 10.8 12.0 12.1 13.6 14.4 15.9 17.0 18.2 20.0 21.5 21.8 37 Peru 1.7 1.5 1.3 1.4 1.5 1.8 1.8 1.7 1.8 2.0 1.8 38 Other Latin America 3.6 3.7 3.6 3.6 3.9 3.9 4.7 3.8 4.2 4.4 4.4 Asia China 39 Mainland .0 .1 .1 .1 .1 .2 .2 .2 .2 .2 .2 40 Taiwan 2.9 3.4 3.6 3.8 4.1 4.2 4.4 4.6 5.1 5.1 5.1 41 India .2 .2 .2 .2 .2 .3 .3 .3 .3 .3 .5 42 Israel 1.0 1.3 .9 1.2 1.1 1.5 1.3 1.8 1.5 2.0 1.6 43 Korea (South) 3.9 5.4 6.4 7.1 7.3 7.1 7.7 8.8 8.6 9.4 8.5 44 Malaysia .6 1.0 .8 1.1 1.1 1.1 1.2 1.4 1.4 1.7 1.7 45 Philippines 2.8 4.2 4.4 4.6 4.8 5.1 4.8 5.1 5.6 6.0 5.8 46 Thailand 1.2 1.5 1.4 1.5 1.5 1.6 1.6 1.5 1.4 1.5 1.3 47 Other Asia .2 .5 .5 .5 .5 .6 .5 .7 .8 1.0 1.0 Africa 48 Egypt .4 .6 .7 .8 .6 .8 .8 .7 1.0 1.1 1.3 49 Morocco .6 .6 .6 .5 .6 .7 .6 .5 .7 .7 .7 50 Zaire .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 51 Other Africa4 1.4 1.7 1.8 1.9 2.1 2.1 2.2 2.1 2.2 2.3 2.3 52 Eastern Europe 6.9 7.3 7.3 7.2 7.3 7.4 7.7 7.7 7.7 7.7 7.1 53 U.S.S.R 1.3 .7 .6 .5 .5 .4 .4 .5 .4 .6 .4 54 Yugoslavia 1.5 1.8 1.9 2.1 2.1 2.3 2.4 2.5 2.5 2.5 2.3 55 Other 4.1 4.8 4.9 4.5 4.7 4.6 4.8 4.8 4.7 4.7 4.4 56 Offshore banking centers 31.0 40.4 42.6 44.3 44.6 47.0 53.1 59.2 61.7 62.9 64.1 57 Bahamas 10.4 13.7 13.9 13.7 13.2 13.7 15.2 17.9 21.3 18.7 19.5 58 Bermuda .7 .8 .6 .6 .6 .6 .7 .7 .8 .7 .6 59 Cayman Islands and other British West Indies 7.4 9.4 11.3 9.8 10.1 10.6 11.7 12.6 12.0 12.3 11.5 60 Netherlands Antilles .8 1.2 .9 1.2 1.3 2.1 2.3 2.4 2.2 3.1 3.2 61 Panama5 3.0 4.3 4.9 5.6 5.6 5.4 6.5 6.9 6.7 7.5 6.8 62 Lebanon .1 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 63 Hong Kong 4.2 6.0 5.7 6.9 7.5 8.1 8.4 10.3 10.3 11.7 13.0 64 Singapore 3.9 4.5 4.7 5.9 5.6 5.9 7.3 8.1 8.0 8.6 9.3 65 Others6 .5 .4 .4 .4 .4 .3 .9 .3 .1 .1 .1 66 Miscellaneous and unallocated7 9.1 11.7 13.2 14.3 13.7 14.0 14.9 15.7 18.2 18.9 17.9 1. The banking offices covered by these data are the U.S. offices and foreign in this table include only banks' own claims payable in dollars. For earlier dates branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. the claims of the U.S. offices also include customer claims and foreign currency Offices not covered include (1) U.S. agencies and branches of foreign banks, and claims (amounting in June 1978 to $10 billion). (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are ad- 3. In addition to the Organization of Petroleum Exporting Countries shown justed to exclude the claims on foreign branches held by a U.S. office or another individually, this group includes other members of OPEC (Algeria, Gabon, Iran, foreign branch of the same banking institution. The data in this table combine Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims well as Bahrain and Oman (not formally members of OPEC). of U.S. offices in table 3.18 (excluding those held by agencies and branches of 4. Excludes Liberia. foreign banks and those constituting claims on own foreign branches). However, 5. Includes Canal Zone beginning December 1979. see also footnote 2. 6. Foreign branch claims only. 2. Beginning with data for June 1978, the claims of the U.S. offices 7. Includes New Zealand, Liberia, and international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 International Statistics • July 1982 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States' Millions of dollars, end of period 1981 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11997788 11997799'' 11998800'' Mar.' June' Sept.' Dec.P 1 Total 14,952 17,385 21,990 21,931 21,404 22,948 21,495 2 Payable in dollars 11,523 14,310 18,281 18,403 18,123 19,853 18,046 3 Payable in foreign currencies2 3,429 3,075 3,709 3,529 3,281 3,095 3,449 By type 4 Financial liabilities 6,368 7,485 11,153 11,525 11,465 12,512 11,073 5 Payable in dollars 3,853 5,215 8,381 8,892 9,099 10,227 8,649 6 Payable in foreign currencies 2,515 2,270 2,772 2,633 2,366 2,285 2,424 7 Commercial liabilities 8,584 9,900 10,837 10,406 9,939 10,436 10,422 8 Trade payables 4,001 4,585 4,934 4,921 4,460 4,351 4,598 9 Advance receipts and other liabilities 4,583 5,315 5,903 5,485 5,479 6,085 5,823 10 Payable in dollars 7,670 9,095 9,900 9,510 9,024 9,626 9,397 11 Payable in foreign currencies 914 805 936 896 915 810 1,025 By area or country Financial liabilities 12 Europe 3,971 4,658 6,338 6,038 5,997 7,494 6,071 13 Belgium-Luxembourg 293 345 487 558 532 492 404 14 France 173 175 327 324 367 825 560 15 Germany 366 497 582 498 451 430 468 16 Netherlands 391 829 681 563 763 651 751 17 Switzerland 248 170 354 315 345 465 691 18 United Kingdom 2,167 2,463 3,772 3,668 3,422 4,478 3,082 19 Canada 247 532 964 1,096 978 977 935 20 Latin America and Caribbean 1,357 1,483 3,103 3,483 3,592 3,195 3,258 21 Bahamas 478 375 964 11,,221177 11,,227722 1,019 1,279 22 Bermuda 4 81 1 11 11 0 7 23 Brazil 10 18 23 19 20 20 22 24 British West Indies 194 514 1,452 1,458 1,534 1,363 1,200 25 Mexico 102 121 99 97 98 107 109 26 Venezuela 49 72 81 85 91 90 98 27 784 804 723 880 869 814 764 28 Japan 717 726 644 766 750 696 664 29 Middle East oil-exporting countries3 32 31 38 51 29 30 24 30 5 4 11 6 5 3 3 31 Oil-exporting countries4 2 1 1 1 0 1 0 32 AH other5 5 4 15 23 24 29 43 Commercial liabilities 33 Europe 3,047 3,701 4,396 3,931 3,959 3,955 3,752 34 Belgium-Luxembourg 97 137 90 83 72 78 71 35 France 321 467 582 558 558 575 573 36 Germany 523 545 679 640 617 590 551 37 Netherlands 246 227 219 246 225 238 221 38 Switzerland 302 310 493 385 375 563 415 39 United Kingdom 824 1,077 1,209 994 1,011 925 863 40 Canada 667 924 876 813 731 823 853 41 Latin America 997 1,323 1,259 11,,229977 1,149 1,087 985 42 Bahamas 25 69 8 11 4 3 2 43 Bermuda 97 32 75 121 72 113 67 44 Brazil 74 203 111 84 54 61 67 45 British West Indies 53 21 35 16 34 11 2 46 Mexico 106 257 326 421 319 345 293 47 Venezuela 303 301 319 253 290 273 276 48 2,927 2,991 3,034 3,095 2,803 3,221 3,466 49 Japan 448 583 802 810 867 775 943 50 Middle East oil-exporting countries3 1,518 1,014 890 955 837 881 909 51 Africa 743 728 817 830 676 757 702 52 Oil-exporting countries4 312 384 517 523 392 355 344 53 All other5 203 233 456 440 622 593 664 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 1981 Type, and area or country 11997788 11997799rr 11998800'' Mar.r Juner Sept.' Dec.? 1 Total 28,001 31,341 34,597 37,734 35,341 34,348 34,810 2 Payable in dollars 24,998 28,148 31,663 34,718 32,424 31,380 31,744 3 Payable in foreign currencies2 3,003 3,193 2,933 3,016 2,917 2,968 3,066 By type 4 Financial claims 16,644 18,449 19,924 22,232 20,156 19,415 20,018 5 Deposits 11,201 12,813 14,087 16,501 14,530 13,628 14,307 6 Payable in dollars 10,133 11,897 13,312 15,706 13,805 12,902 13,653 7 Payable in foreign currencies 1,068 916 775 795 725 726 654 8 Other financial claims 5,443 5,637 5,837 5,731 5,625 5,787 5,711 9 Payable in dollars 3,874 3,810 4,154 4,085 3,988 4,102 3,785 10 Payable in foreign currencies 1,569 1,826 1,683 1,646 1,638 1,686 1,926 11 Commercial claims 11,357 12,892 14,673 15,502 15,185 14,933 14,791 12 Trade receivables 10,798 12,188 13,947 14,693 14,338 14,047 13,880 13 Advance payments and other claims.. 559 704 726 809 847 886 912 14 Payable in dollars 10,991 12,441 14,197 14,927 14,631 14,376 14,305 15 Payable in foreign currencies 366 450 476 574 554 556 486 By area or country Financial claims 16 Europe 5,225 6,167 6,116 6,093 5,156 4,822 4,558 17 Belgium-Luxembourg 48 32 195 170 174 26 43 18 France 178 177 337 411 377 348 325 19 Germany 510 409 230 213 139 320 244 20 Netherlands 103 53 51 61 52 68 47 21 Switzerland 98 73 59 110 116 86 118 22 United Kingdom 4,031 5,111 4,968 4,856 3,952 3,649 3,488 23 Canada 4,549 4,987 5,060 6,614 6,162 6,013 6,060 24 Latin America and Caribbean 5,714 6,293 7,768 8,585 7,987 7,621 8,259 25 Bahamas 3,001 2,765 3,448 3,959 3,330 3,253 3,812 26 Bermuda 80 30 135 13 33 15 18 27 Brazil 151 163 96 22 20 66 30 28 British West Indies 1,291 2,011 2,731 3,410 3,397 3,195 3,253 29 Mexico 162 157 208 168 162 271 298 30 Venezuela 157 143 137 131 143 143 146 31 Asia 920 706 710 691 599 621 923 32 Japan 305 199 177 191 99 109 363 33 Middle East oil-exporting countries; 18 16 20 17 19 29 37 34 Africa 181 253 238 214 216 222 168 35 Oil-exporting countries4 10 49 26 27 39 41 46 36 All other5 55 44 32 36 37 116 51 Commercial claims 3,983 4,909 5,512 5,818 5,470 5,347 5,310 37 Europe 144 202 233 277 235 220 233 38 Belgium-Luxembourg 609 727 1.129 905 784 767 771 39 France 399 589 591 601 572 580 554 40 Germany 267 298 318 347 308 308 303 41 Netherlands 198 272 353 461 474 404 427 42 Switzerland 824 901 928 1,190 1,067 1,032 964 43 United Kingdom 44 Canada 1,094 859 914 1.054 1,016 1,017 965 45 Latin America and Caribbean 2,546 2,879 3,765 3,852 3,804 3,726 3,446 46 Bahamas 109 21 21 15 29 18 12 47 Bermuda 215 197 108 170 192 241 223 48 Brazil 628 645 861 800 824 726 668 49 British West Indies 9 16 34 15 34 13 12 50 Mexico 505 708 1,101 1.063 1,121 983 1,015 51 Venezuela 291 343 410 443 420 454 422 52 Asia 3,108 3.451 3,512 3,772 3,785 3,674 3,868 53 Japan 1,006 1,177 1,045 1,294 1,218 1,104 1,215 54 Middle East oil-exporting countries- 713 765 822 927 934 828 888 55 Africa 447 554 653 679 705 717 744 56 Oil-exporting countries4 136 133 153 143 137 154 151 57 All other5 178 240 318 327 404 451 458 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 • July 1982 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1982 1981 1982 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11998800 11998811 JJaann..-- MMaayy Nov. Dec. Jan. Feb. Mar.' Apr. May p U.S. corporate securities STOCKS 1 Foreign purchases 40,293 40,582 12,155 2,689 2.940 2,016 2,524 2,635 2,359 2,621 2 Foreign sales 34,870 34,821 10,548 2,494 2,740 1,748 1.988 2,506 2,101 2,205 3 Net purchases, or sales (-)... 5,423 5,761 1,608 195 200 268 536 129 258 416 4 Foreign countries 5,405 5,737 1,583 207 199 263 537 120 252 410 5 Europe 3,1 4 1 9 2 0 3,5 8 9 8 9 9 1 - ,1 7 9 4 8 1 -7 0 9 17 5 6 2 - 3 2 1 3 - 4 6 7 - 1 5 6 1 6 1 3 6 3 7 - 2 4 8 8 6 6 France 172 -28 142 -4 -6 11 17 42 29 43 7 Germany -328 37 69 28 -73 3 38 1 -9 36 8 Netherlands 308 276 - 113 0 75 40 -33 -60 -66 6 9 Switzerland 2,523 2,210 1,151 96 171 169 317 223 176 267 10 United Kingdom 887 783 -154 7 8 -45 20 -118 0 -10 1 1 1 1 1 1 1 3 6 2 4 5 M O C L O A a a t t f i h t h r n d i i e e n d a c r r d l a e A a c A o m E s u i a e a n s r t t i r 1 c i a e s a nd Caribbean 1,2 1 - 0 3 1 4 1 6 8 8 6 1 - - ,1 2 4 3 4 8 6 0 0 4 7 - 4 2 - 7 3 5 1 3 4 7 1 - - 5 3 4 7 4 6 1 - - 3 2 7 6 4 4 0 1 -1 - 4 5 3 0 1 0 1 1 - 3 6 3 1 6 7 1 -1 - 8 3 9 4 4 6 -4 5 6 1 0 0 3 1 2 - 1 2 2 2 0 1 1 2 7 4 17 Nonmonetary international and regional organizations.... 18 24 24 -12 0 5 -1 9 6 6 BONDS2 18 Foreign purchases 1 9 5 , , 9 4 6 2 4 5 1 1 7 2 , , 1 1 9 5 2 2 7 5 , , 6 8 4 6 4 8 1 1 , , 0 3 9 0 9 3 1 1 . . 1 0 9 3 2 8 9 7 4 7 6 8 9 9 2 3 9 0 1 1 . , 6 4 1 8 9 1 2 1 , , 2 4 2 8 2 1 1 1 , , 1 9 9 2 9 9 19 Foreign sales 5,461 5,039 1,776 -204 153 168 -1 138 741 730 20 Net purchases, or sales (-)... 5,526 4,973 1,681 -212 157 154 10 144 682 690 21 Foreign countries 1.576 1,353 1,574 -112 139 144 16 169 540 704 22 Europe 2 1 1 2 3 9 84 1 8 1 1,3 1 1 0 3 6 67 4 52 7 8 1 8 5 10 1 4 4 22 1 5 2 39 2 6 0 50 4 0 6 23 France -65 70 45 9 3 2 0 17 14 11 2 2 4 5 G Ne e t r h m e a r n la y n ds 1,25 5 7 4 1 1 7 0 8 8 - 1 5 3 1 6 -17 1 4 0 - 5 3 5 1 3 9 -102 8 -10 1 2 5 4 5 6 9 4 9 8 1 2 2 3 3 3 2 2 8 9 0 1 2 6 7 C L M O A a a f t i S U t h r n d i i w e n a d n c r d l a i i e t t A a A z e d m e E s r i a e l a K a s r t n i i 1 c n d a g d a o n m d Caribbean 3.4 1 1 1 9 1 3 8 1 9 5 7 5 5 0 3, - 4 1 - 1 - 6 4 1 7 3 2 5 4 2 -1 - 1 1 1 7 3 1 4 9 1 7 9 1 1 - -7 - 2 - - 1 1 2 2 9 4 -6 - - 6 2 2 2 2 0 2 0 -8 5 2 1 9 3 9 0 0 7 - -1 6 5 1 1 3 2 0 2 5 - - 2 4 - - 2 2 6 3 9 1 9 6 - - 1 1 1 - 4 8 3 8 3 6 5 1 -11 6 2 1 2 1 3 0 0 5 3343 NOothnemr ocnoeutanrtyri eisn ternational and regional organizations.... -65 66 95 9 -4 14 -11 -6 59 40 Foreign securities 35 Stocks, net purchases, or sales (-) -2,141 5 55 -70 82 159 44 31 -65 -115 36 Foreign purchases 7,888 9,199 2,589 625 699 521 507 692 382 486 3/ Foreign sales 10.029 9,195 2,534 695 617 362 463 661 447 601 38 Bonds, net purchases, or sales (-) -1,001 -5.177 -234 -1,945 -772 -22 -99 -540 -31 458 39 Foreign purchases 17,084 17,796 10,292 2,297 1,980 1.222 1,514 2,549 2,256 2,752 40 Foreign sales 18,086 22,973 10,526 4,242 2,751 1.243 1,612 3,089 2,287 2,294 41 Net purchases, or sales (-), of stocks and bonds . -3,143 -5,172 -179 -2,015 -689 138 -55 -509 -96 343 42 Foreign countries -4,019 -4,416 -438 -1,426 31 109 -115 -525 -32 124 43 Europe -1,108 -642 11 -453 136 143 -56 109 -127 -59 44 Canada -1,948 -3,698 -615 -878 -166 -80 -102 -628 120 76 45 Latin America and Caribbean 81 170 593 -6 -2 67 67 96 202 161 46 -1,147 -287 -399 -148 49 -2 -20 -115 -209 -53 4/ Africa 24 -53 -38 1 6 -15 - 1 -5 -17 -1 48 Other countries 79 94 9 57 8 -4 -3 1177 00 1 49 Nonmonetary international and regional organizations 876 -756 260 -588 -720 28 60 16 -64 219 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, SaudiArabia, 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.- May Nov. Dec. Jan. Feb. Mar. Apr. May? Holdings (end of period)1 1 Estimated total2 57,549 70,201 70,370 70,201 71,487 73,800 75,794R 77,268 77,864 2 Foreign countries2 52,961 64,530 65,893 64,530 65,850 68,273 70,251 71,925 72,978 3 Europe2 24,468 23,976 24,952 23,976 24,373 25,332 26,085 26,393 26,031 4 Belgium-Luxembourg 77 543 329 543 614 363 539 709 340 5 Germany2 12,327 11,861 13,226 11,861 11,898 12,845 13,055 13,231 12,974 6 Netherlands 1,884 1,955 1,889 1,955 1,998 2,038 2,052 2,139 2,157 7 Sweden 595 643 645 643 644 635 697 662 671 8 Switzerland2 1,485 846 833 846 904 984 1,025 1,157 1,134 9 United Kingdom 7,323 6,709 6,693 6,709 6.800 6,931 7,037 6,737 6,801 10 Other Western Europe 777 1,419 1,337 1,419 1.514 1,535 1,680 1,757 1,954 11 Eastern Europe 0 0 0 0 0 0 0 0 0 12 Canada 449 514 501 514 533 499 458 473 506 13 Latin America and Caribbean 999 736 761 736 721 728 760 886 957 14 Venezuela 292 286 306 286 286 286 286 306 326 15 Other Latin America and Caribbean 285 319 289 319 321 337 370 383 427 16 Netherlands Antilles 421 131 165 131 113 104 103 196 204 17 Asia 26,112 38,671 38,638 38,671 39,700 41,310 42,531 43,750 45,057 18 Japan 9,479 10,780 10,732 10,780 10,844 11,022 11,203 11,381 11,396 19 Africa 919 631 1,037 631 519 400 401 403 405 20 All other 14 2 3 2 3 5 17 22 21 21 Nonmonetary international and regional organizations 4,588 5,671 4,477 5,671 5,637 5,527 5,543' 5,343 4,886 22 International 4,548 5,637 4,462 5,637 5,603 5,493 5,529 5,278 4,822 23 Latin American regional 36 1 1 1 1 -4 -4 -4 -4 Transactions (net purchases, or sales (-) during period) 24 Total2 6,066 12,652 7,652 1,888 -169 1,286 2,313 1,994 1,474 596 25 Foreign countries2 6,906 11,568 8,448 1,832 -1,363 1,320 2,423 1,978 1,674 1,052 26 Official institutions 3,865 11,694 6,801 1,997 -787 841 2,343 l,314r 812 1,492 27 Other foreign2 3,040 -127 1,645 -165 -576 478 80 664r 862 -439 28 Nonmonetary international and regional organizations.. -843 1,085 -784 57 1,194 -33 -110 16 -200 -457 MEMO: Oil-exporting countries 29 Middle East3 7,672 11,156 4,673 1,250 17 1,019 1,373 470 906 904 30 Africa4 327 -289 -227 -102 -407 -112 -119 0 2 2 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 1 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 Per- Month cent effective cent effective cent effective Argentina 147.95 May 1982 France1 15.25 June 1982 Sweden 10.0 Mar. 1982 Austria .. 6.75 Mar. 1980 Germany, Fed. Rep. of 7.5 May 1980 Switzerland 5.5 Mar. 1982 Belgium.. 14.0 Apr. 1982 Italy 19.0 Mar. 1981 United Kingdom; Brazil 49.0 Mar. 1981 Japan 5.5 Dec. 1981 Venezuela Aug. 1981 Canada .. 16.58 June 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 • July 1982 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1981 1982 CCoouunnttrryy,, oorr ttyyppee 11997799 11998800 11998811 Dec. Jan. Feb. Mar. Apr. May June 1 Eurodollars 11.96 14.00 16.79 13.24 14.29 15.75 14.90 15.20 14.53 15.45 2 United Kingdom 13.60 16.59 13.86 15.31 15.14 14.47 13.53 13.69 13.31 12.96 3 Canada 11.91 13.12 18.84 15.97 15.01 15.25 15.67 15.74 15.46 16.84 4 Germany 6.64 9.45 12.05 10.72 10.43 10.22 9.84 9.30 9.12 9.22 5 Switzerland 2.04 5.79 9.15 9.76 8.53 8.29 6.37 4.96 3.80 5.39 6 Netherlands 9.33 10.60 11.52 11.03 10.49 10.06 8.90 8.20 8.62 8.75 7 France 9.44 12.18 15.28 15.30 15.07 14.58 15.21 16.36 16.17 15.67 8 Italy 11.85 17.50 19.98 21.24 21.38 21.34 20.63 20.62 20.59 20.51 9 Belgium 10.48 14.06 15.28 15.48 15.09 14.89 14.02 14.95 15.00 15.38 10 Japan 6.10 11.45 7.58 6.75 6.41 6.38 6.43 6.57 6.80 7.28 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 1982 CCoouunnttrryy//ccuurrrreennccyy 11997799 11998800 11998811 Jan. Feb. Mar. Apr. May June 1 Argentina/peso n.a. n.a. n.a. 9910.00 10256.00 10795.65 11761.36 13942.50 15025.00 2 Australia/dollar1 111.77 111.57 114.57 111.41 108.50 106.03 105.15 105.94 103.23 3 Austria/schilling 13.387 12.945 15.948 16.066 16.587 16.711 16.853 16.274 17.114 4 Belgium/franc 29.342 29.237 37.194 39.027 41.144 44.379 45.292 43.666 46.183 5 Brazil/cruzeiro n.a. n.a. 92.374 130.14 137.97 144.07 151.03 159.08 167.70 6 Canada/dollar 1.1603 1.1693 1.1990 1.1926 1.2140 1.2205 1.2252 1.2336 1.2756 7 Chile/peso n.a. n.a. n.a. 39.100 39.100 39.100 39.407 39.537 43.373 8 China, P.R./yuan n.a. n.a. 1.7031 1.7713 1.8200 1.8429 1.8565 1.8123 1.9014 9 Colombia/peso n.a. n.a. n.a. 59.409 60.129 60.956 61.057 62.365 63.318 10 Denmark/krone 5.2622 5.6345 7.1350 7.4977 7.7950 8.0396 8.1591 7.8444 8.3481 11 Finland/markka 3.8886 3.7206 4.3128 4.4033 4.5058 4.5663 4.6097 4.5045 4.6763 12 France/franc 4.2566 4.2250 5.4396 5.8298 6.0176 6.1428 6.2457 6.0237 6.5785 13 Germany/deutsche mark 1.8342 1.8175 2.2631 2.2938 2.3660 2.3800 2.3970 2.3127 2.4292 14 Greece/drachma n.a. n.a. n.a. 58.811 60.973 61.769 63.541 62.892 67.795 15 Hong Kong/dollar n.a. n.a. 5.5678 5.7959 5.8857 5.8298 5.8270 5.7549 5.8669 16 India/rupee 8.1555 7.8866 8.6807 9.1525 9.2144 9.2935 9.3923 9.2965 9.4668 17 Indonesia/rupiah n.a. n.a. n.a. 645.7 645.89 649.00 651.14 653.67 654.98 IK Iran/rial n.a. n.a. 79.324 n.a. n.a. n.a. n.a. n.a. n.a. 19 Ireland/pound1 204.65 213.53 161.32 153.97 148.86 147.25 144.22 149.60 141.92 20 Israel/shekel n.a. n.a. n.a. 16.163 17.488 18.766 20.014 21.184 23.179 21 Italy/lira 831.10 856.20 1138.60 1228.20 1263.20 1293.29 1321.60 1283.37 1358.43 22 Japan/yen 219.02 226.63 220.63 224.80 235.31 241.23 244.11 236.96 251.20 23 Malaysia/ringgit 2.1721 2.1767 2.3048 2.2575 2.3662 2.3265 2.3395 2.2907 2.3392 24 Mexico/peso 22.816 22.968 24.547 26.469 31.736 45.366 46.152 46.903 47.716 25 Netherlands/guilder 2.0072 1.9875 2.4998 2.5145 2.5947 2.6186 2.6594 2.5709 2.6848 76 New Zealand/dollar1 102.23 98.65 86.848 81.399 79.325 77.698 76.562 77.025 74.951 27 Norway/krone 5.0650 4.9381 5.7430 5.8623 5.9697 6.0255 6.0820 5.9675 6.1869 7,8 Peru/sol n.a. n.a. n.a. 515.21 534.47 561.08 591.29 622.87 656.11 29 Philippines/peso n.a. n.a. 7.8113 8.2132 8.2530 8.3291 8.3565 8.4016 8.4511 30 Portugal/escudo 48.953 50.082 61.739 66.492 69.067 70.488 72.493 70.610 78.477 31 Singapore/dollar n.a. n.a. 2.1053 2.0607 2.1095 2.1213 2.1329 2.0886 2.1379 37 South Africa/rand/1 118.72 122.72 114.77 103.46 101.95 97.930 94.880 94.010 89.57 33 South Korea/won n.a. n.a. n.a. 705.17 710.05 714.67 721.03 724.35 738.30 34 Spain/peseta 67.158 71.758 92.396 98.357 100.70 104.53 106.15 102.987 109.215 35 Sri Lanka/rupee 15.570 16.167 18.967 20.228 20.611 20.700 20.575 20.365 20.750 36 Sweden/krona 4.2892 4.2309 5.0659 5.6206 5.7579 5.8361 5.9144 5.7888 6.0244 37 Switzerland/franc 1.6643 1.6772 1.9674 1.8152 1.8909 1.8886 1.9624 1.9500 2.0789 38 Thailand/baht n.a. n.a. 21.731 23.050 23.050 23.050 23.025 23.000 23.000 39 United Kingdom/pound1 212.24 227.74 202.43 188.60 184.70 180.53 177.20 181.03 175.63 40 Venezuela/bolivar n.a. n.a. 4.2781 4.2960 4.2960 4.3012 4.3023 4.2991 4.2953 MEMO: United States/dollar2 88.09 87.39 102.94 106.96 110.36 112.45 114.07 111.03 116.97 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 IPCs Individuals, partnerships, and corporations about half of the 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 Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 1982 July 1982 A76 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 A72 Commercial bank assets and liabilities, March 31, 1982 July 1982 A70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • July 1982 4.20 DOMESTIC AND FOREIGN OFFICES, Commercial Banks with Assets of $100 Million or over"' Consolidated Report of Condition; Mar. 31, 1982 Millions of dollars Banks with foreign offices2 Insured Total F o o ff r i e c i e g s n 3 D o o f m fi e c s e t s i c 1 Total assets 1,192,747 388,071 847,860 2 Cash and due from depository institutions 227,775 128.637 99,138 3 Currency and coin (U.S. and foreign) 8,121 289 7,832 4 Balances with Federal Reserve Banks 18,976 301 18,675 5 Balances with other central banks 3,571 3,312 259 6 Demand balances with commercial banks in United States 7,621 630 6,991 7 All other balances with depository institutions in United States and with banks in foreign countries 156,232 138,591 122,358 16,233 8 Time and savings balances with commercial banks in United States 14,622 6,439 4,119 2,319 9 Balances with other depository institutions in United States 609 384 260 124 10 Balances with banks in foreign countries 141,8001 131,768 117,978 13,789 11 Foreign branches of other U.S. banks 22,857 19,590 3,266 12 Other banks in foreign countries 108,911 98,388 10,523 13 Cash items in process of collection 61,866 50,895 1,746 49,148 14 Total securities, loans, and lease financing receivables 1,227,191 858,649 212,827 645,822 15 Total securities, book value 237,776 128,328 9,848 118,480 16 U.S. Treasury 65,198 30,214 377 29,838 17 Obligations of other U.S. government agencies and corporations 38,559 16,521 26 16,495 18 Obligations of states and political subdivisions in United States 106,979 57,850 695 57,156 19 All other securities 27,040 23,742 8,750 14,992 20 Other bonds, notes, and debentures 10,946 8,623 7,079 1,545 21 Federal Reserve and corporate stock 1,903 1,420 220 1,199 22 Trading account securities 14,191 13,699 1,451 12,247 23 Federal funds sold and securities purchased under agreements to resell 61,162 33,863 851 33,012 24 Total loans, gross 936,874 697,397 201,502 495,895 25 LESS: Unearned income on loans 14,363 7,403 1,762 5,641 26 Allowance for possible loan loss 9,702 7,048 291 6,757 27 EQUALS: Loans, net 912,809 682,947 199,450 483,497 Total loans, gross, by category 28 Real estate loans 134,086 8,558 125,528 29 Construction and land development 8 0 30,449 30 Secured by farmland 3 0 809 31 Secured by residential properties b 69,660 3 3 2 3 1- F to H 4 A - f i a n m s i u ly re d or VA-guaranteed 0 b8 6 3 5 , , 8 9 5 9 5 6 34 Conventional 8 62,140 3 3 6 5 Mu F l H tif A a - m in il s y u red o8 8 8 3,6 2 6 3 4 1 37 Conventional 3,433 38 Secured by nonfarm nonresidential properties 24,610 39 Loans to financial institutions 87,737 35,806 51,931 40 REITs and mortgage companies in United States. 4,409 184 4,226 41 Commercial banks in United States 8,043 751 7,291 42 U.S. branches and agencies of foreign banks... 4,294 475 3,819 43 Other commercial banks 3,749 276 3,472 44 Banks in foreign countries 43,958 27,454 16,504 45 Foreign branches of other U.S. banks 1,020 170 851 46 Other 42,937 27,284 15,653 47 Finance companies in United States 11,660 312 11,349 48 Other financial institutions 19,667 7,106 12,561 49 Loans for purchasing or carrying securities 9,601 1,689 7,912 50 Brokers and dealers in securities 6,522 1,263 5,259 51 Other 3,079 426 2,653 52 Loans to finance agricultural production and other loans to farmers 6,518 714 5,803 53 Commercial and industrial loans 339,172 122,554 216,618 54 U.S. addressees (domicile) 210,873 15 195,786 55 Non-U.S. addressees (domicile) 128,299 107,467 20,831 56 Loans to individuals for household, family, and other personal expenditures 136,- 74,794 6,471 68,323 57 Installment loans 0 0 56,293 58 Passenger automobiles 0 0 16,549 59 Credit cards and related plans 0 20,416 60 Retail (charge account) credit card 0 0 16,423 61 Check and revolving credit 8 3,993 62 Mobile homes 3,175 63 Other installment loans 16,154 64 Other retail consumer goods 4,170 65 Residential property repair and modernization 3,557 66 Other installment loans for household, family, and other personal expenditures. 8,427 6 6 6 7 7 8 9 0 All S L O i o o t n h a t g h n e l e r s e r - t p o l a o y f a o m n r s e e n ig t n lo g a o n v s e rnments and official institutions 4 3 1 5 1 4 , , , ( 4 2 2 4 9 3 5 ) 0 6 4 2 2 5 2 3 , , , ( 1 7 5 4 5 1 5 ) 4 0 6 1 1 1 7 2 2 9 , , , , 6 1 0 7 7 0 3 8 9 0 1 0 71 Lease financing receivables 13,511 2,678 10,833 1,932 72 Bank premises, furniture and fixtures, and other assets representing bank premises 14,224 1,426 12,799 9,086 73 Real estate owned other than bank premises 1,269 96 1,172 789 74 All other assets 90,829 45,085 88,929 9,820 7 7 7 7 7 9 5 6 7 8 N C In u e v N U t s e t o . d s o S n t u m . m - e U a e e f d r n . r s S d t o ' . r m i l e n i a s a d f s b u o d e i n r e l r i e c e s t i y o s g ( s n n d e o s o e n o b s m l r i a a i ( d c c d n a c i o c t l e e e m h p d ) e i t s c a s , i n u l f c e b o ) e s r s i e d i o i g a u n r t i s e s t s u a n b a d s n i i d d n i g a a r s i s e o s c , ia E t d ed g e co an m d p a a n g i r e e s e ment subsidiaries. 5 3 1 5 7 1 7 , , , , ( 4 3 7 6 4 0 8 5 5 ) 7 5 3 4 1 1 1 5 5 , , , ( 0 3 9 4 8 0 2 ) 3 4 5 4 2 0 7 , , 8 / 1 3 2 4 0 0 6 \ 2 2 0 H/ 4 4 4 5 4 \ 3 8 80 Other 34,038 12,773 21,265 9,319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks All 4.20 Continued Banks with foreign offices2 BBaannkkss wwiitthhoouutt IInnssuurreedd ffoorreeiiggnn Total F o o ff r i e c i e g s n 3 D o o f m fi e c s e t s i c ooffffiicceess 81 Total liabilities and equity capital5 1,631,695 1,192,747 (4) (4) 438,948 82 Total liabilities excluding subordinated debt 1,538,895 1,133,238 387,788 788,636 405,657 83 Total deposits 1,231,097 873,235 319,635 553,600 357,862 84 Individuals, partnerships, and corporations 939,504 623,396 157,711 465,685 316,109 85 U.S. government 2,684 1,760 252 1,508 924 86 States and political subdivisions in United States 55,768 26,946 598 26,348 28,822 87 All other 222,112 213,366 160,387 52,979 8,746 88 Foreign governments and official institutions 29,717 29,584 23,812 5,772 133 89 Commercial banks in United States 64,134 55,905 23,471 32,434 8,228 9 9 0 1 U O . t S h . e r b r c a o n m c m he e s r c a i n a d l b a a g n e k n s c i i e n s U of n i f t o e r d e ig S n ta t b e a s n ks 0 (4 ) 5 4 0 , , 9 94 6 2 3 2 2 0 , , 9 5 5 1 3 8 3 2 0 , , 0 4 1 2 0 4 (4) 9 9 9 2 4 3 Ba F O n o k th r s e e i i r g n n b f a o b n r r e k a i s n g c n in h c e f s o o u r o n e f i t g r o i n t e h s c e o r u U nt . r S i . e s b anks 128,2 ( ( 64 4 2 ) ) 1 1 2 0 2 0 7 7 , , , 7 1 8 6 1 7 0 7 6 1 9 1 1 3 3 9 , , , 8 2 1 3 6 0 4 8 3 1 1 1 4 3 , , , 4 2 7 9 8 7 1 2 3 3 ( ( 84 4 5 ) ) 95 Certified and officers' checks, travelers checks, and letters of credit sold for cash 11,029 7,767 687 7,080 3,262 96 Federal funds purchased and securities sold under agreements to repurchase in domestic offices and Edge and agreement subsidiaries 159,295 124,282 323 123,959 35,013 97 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed 98 Int m er o e n s e t- y b earing demand notes (note balances) issued to U.S. Treasury 4 1 7 0 , , 0 1 8 3 9 5 42 7, , 8 8 2 5 4 3 16,6 ( 45 4 ) 2 7 6 , , 8 2 2 0 4 8 4 2 , , 2 3 3 1 6 1 99 Other liabilities for borrowed money 36,953 35,029 16,645 18,384 1,924 100 Mortgage indebtedness and liability for capitalized leases 2,201 1,460 38 1,422 741 101 All other liabilities 99,214 91,408 51,148 83,446 7,805 1 10 0 2 3 N A e c t c e d p u t e a n to c e f s o e re x i e g c n u t b e r d a n a c n h d e s o , u f t o st r a e n ig d n i n s g u bsidiaries, Edge and agreement subsidiaries 56,1 ( 09 4 ) 55,6 ( 642 ) 2 1 7 2 , , 2 6 6 3 0 8 4 1 3 5 , , 0 92 2 5 3 4 ( 4 4 8 ) 104 Other 43,104 35,747 11.249 24,497 7,357 105 Subordinated notes and debentures 5,799 3,978 284 3,694 1,821 106 Total equity capital5 87,000 55,531 C) (4) 3311,,447700 1 1 1 1 1 1 1 1 0 0 0 1 0 2 8 9 7 1 C S U P u r o n e U R r m d p f e n i e l m v s d u r e i r s i o d r e v n v e d i d e d s s e t t f p d o o o r c c r o p k k f c r i o o ts f n i t t a i s n n d g e r n e c s i e e r s v e a n f d o r o c th on er t in ca g p e i n t c al i e r s e s a e n r d v e o s t her capital reserves 4 3 2 1 9 0 9 7 , , , , 1 5 7 0 8 1 3 7 2 9 5 9 9 3 1 6 2 2 2 2 1 1 6 7 7 0 , , , , 6 0 3 9 3 1 4 3 9 9 8 0 8 6 5 3 9 6 ( ( ( ( 4 4 4 4 4 4 ) ) ) ) ( N 0 b 4 4 4 ) 1 1 1 6 3 1 3 , , , , 1 0 7 5 4 0 7 4 3 6 88 1 3 6 7 4 66 MEMO Deposits in domestic offices 113 Total demand 261,611 170,629 0 170,629 90,982 114 Total savings 154,302 78,175 0 78,175 76,126 115 Total time 495,550 304,796 0 304,796 190,754 116 Time deposits of $100,000 or more 272,146 199,817 0 199,817 72,329 117 Certificates of deposit (CDs) in denominations of $100,000 or more 243,788 175,755 0 175,755 68,033 118 Other 28,357 24,062 0 24,062 4,295 119 Savings deposits authorized for automatic transfer and NOW accounts 45,152 23,073 0 23,073 22,079 120 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 136,474 63,848 0 63,848 72,625 121 All savers certificates 14,616 7,437 0 7,437 7,179 122 Demand deposits adjusted6 174,107 100,988 0 100,988 73,119 1 1 1 2 2 2 3 3 5 Sta U N n . o d S n b . y U a d l . e S d t . r t e e a s r d s s e d o e r f s e s c ( s r d e e o e d m s i t i , ( c d t i o o le m t ) a i l cile) 75,9 ( ( 354 4 ) ) 7 5 1 0 1 9 , , , 9 4 4 1 8 2 5 9 6 15,0 ( 0 4 2 ) 55,9 ( 1 4 3 ) 5,0 H 2 0 126 Standby letters of credit conveyed to others through participations (included in total standby 127 Hold l i e n t g t s e r o s f o c f o c m re m d e it r ) c ial paper included in total gross loans 6,1 ( 63 4 ) 5,7 ( 52 4 ) 7 ( 1 4 8 ) 5,0 2 3 8 4 6 4 8 1 2 1 5 Average for 30 calendar days (or calendar month) ending with report date 128 Total assets 1,614,691 1,178,569 342,702 835,867 436,122 129 Cash and due from depositor institutions 269,308 221,212 127,045 94,167 48,096 130 Federal funds sold and securities purchased under agreements to resell 64,625 36,120 749 35,371 28,505 131 Total loans 916,205 684,944 200,799 484,146 231,260 1 1 3 3 2 3 T T i o m ta e l C de D p s o s in it s d enominations of $100,000 or more in domestic offices 1, 2 2 4 1 3 3 , , 3 0 6 0 8 8 858,7 ( 024 ) 288,6 ( 447 ) 5 1 7 7 0 5 , , 0 65 5 0 5 3 6 5 7 4 , , 7 30 1 6 8 134 Federal funds purchased and securities sold under agreements to repurchase 159,179 124,486 508 123,979 34,692 135 Other liabilities for borrowed money 35,804 33,981 15,198 18,783 1,823 136 Number of banks 1,716 191 191 191 1,525 For notes see page A77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • July 1982 4.21 DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or over1 jP Consolidated Report of Condition; Mar. 31, 1982 Millions of dollars Member banks NNoonn-- Item IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 1 Total assets. 1,268,809 1,087,069 824,247 262,822 199,740 2 Cash and due from depository institutions 149,850 131,059 95,717 35,342 18,791 3 Currency and coin (U.S. and foreign) 13,800 11,731 9,244 2,488 2,069 4 Balances with Federal Reserve Banks 24,426 23,688 17,657 6,031 739 5 Balances with other central banks 259 259 221 38 0 6 Demand balances with commercial banks in United States 17,370 11,846 9,319 2,527 5,524 7 All other balances with depository institutions in United States and with banks in foreign countries 33,874 25,959 19,658 6,302 7,915 8 Time and savings balances with commercial banks in United States 10,502 6,989 5,867 1,122 3,513 9 Balances with other depository institutions in United States 349 182 78 104 167 0 Balances with banks in foreign countries 23,023 18,788 13,712 5,076 4,235 1 Cash items in process of collection 60,120 57,576 39,618 17,957 2,544 12 Total securities, loans, and lease financing receivables 1,014,363 844,534 644,853 199,681 169,829 13 Total securities, book value 227,928 179,068 135,375 43,693 48,861 14 U.S. Treasury 64,822 48,632 36,491 12,141 16,190 15 Obligations of other U.S. government agencies and corporations. 38,533 28,417 23,052 5,365 10,116 16 Obligations of states and political subdivisions in United States .. 106,284 85,504 64,864 20,640 20,780 17 All other securities 18,289 16,515 10,967 5,547 1,775 18 Other bonds, notes, and debentures 3,868 2,441 1,785 656 1,426 19 Federal Reserve and corporate stock 1,682 1,513 1,139 374 169 20 Trading account securities 12,739 12,560 8,043 4,517 180 21 Federal funds sold and securities purchased under agreements to resell 60,311 50,529 38,482 12,048 9,782 22 Total loans, gross 735,371 621,003 475,716 145,287 114,368 23 LESS: Unearned income on loans 12,601 9,576 7,221 2,355 3,025 24 Allowance for possible loan loss 9,411 8,183 6,096 2,088 1,228 25 EQUALS: Loans, net 713,359 603,244 462,399 140,845 110,115 Total loans, gross, by category 26 Real estate loans 212,366 169,737 139,435 30,302 42,629 27 Construction and land development 41,328 34,771 27,074 7,697 6,556 Secured by farmland 2,221 1,603 1,436 167 619 Secured by residential properties 118,292 94,935 79,426 15,509 23,356 1- to 4-family 112,359 90,181 75,627 14,554 22,178 FHA-insured or VA-guaranteed 5,920 5,287 4,365 921 633 Conventional 106,439 84,894 71,262 13,633 21,544 Multifamily 5,933 4,754 3,799 955 1,179 FHA-insured 315 224 127 97 91 Conventional 5,618 4,530 3,672 858 1,088 Secured by nonfarm nonresidential properties. 50,525 38,428 31,499 6,929 12,097 37 Loans to financial institutions 57,578 53,371 33,459 19,912 4,207 38 REITs and mortgage companies in United States. 4,838 4,566 3,298 1,268 271 39 Commercial banks in United States 10,337 7,683 5,000 2,683 2,654 40 Banks in foreign countries 16,933 16,417 9,276 7,140 516 41 Finance companies in United States 11,816 11,602 7,052 4,550 215 42 Other financial institutions 13,654 13,103 8,833 4,271 551 43 Loans for purchasing or carrying securities 9,722 9,122 5,223 3,899 600 44 Brokers and dealers in securities 5,649 5,363 2,376 2,987 286 45 Other 4,073 3,759 2,847 912 314 46 Loans to finance agricultural production and other loans to farmers 10,680 9,396 8,552 844 1,284 47 Commercial and industrial loans 291,364 254,045 190,503 63,542 37,320 Loans to individuals for household, family, and other personal expenditures 129,971 103,549 84,312 19,236 26,423 Installment loans 106,915 85,041 69,800 15,241 21,875 Passenger automobiles 37,687 28,355 23,170 5,185 9,332 Credit cards and related plans 30,429 27,278 22,313 4,964 3,151 Retail (charge account) credit card 25,057 22,684 18,724 3,960 2,373 Check and revolving credit 5,372 4,594 3,589 1,005 778 Mobile homes 6,738 5,371 4,891 480 1,367 Other installment loans 32,062 24,038 19,426 4,612 8,024 Other retail consumer goods 7,475 5,873 4,852 1,021 1,602 Residential property repair and modernization 7,645 5,474 4,461 1,013 2,171 Other installment loans for household, family, and other personal expenditures. 16,943 12,691 10,113 2,578 4,251 Single-payment loans 23,056 18,508 14,512 3,996 4,548 60 All other loans 23,690 21,784 14,232 7,552 1,905 61 Lease financing receivables 12,765 11,693 8,598 3,095 1,072 62 Bank premises, furniture and fixtures, and other assets representing bank premises 21,884 17,692 14,347 3,345 4,192 63 Real estate owned other than bank premises 1,962 1,601 1,301 300 360 64 All other assets 98,750 92,183 68,027 24,154 6,568 65 Investment in unconsolidated subsidiaries and associated companies 355 324 295 29 32 66 Customers' liability on acceptances outstanding 40,550 39,715 28,502 11,213 835 67 Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries. 27,260 25,913 20,045 5,869 1,347 68 Other 30,584 26,230 19,185 7,045 4,354 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A73 4.21 Continued Member banks NNoonn-- Item IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 69 Total liabilities and equity capital8 1,286,809 1,087,069 824,247 262,822 199,740 70 Total liabilities excluding subordinated debt 1,194,293 1,009,462 765,389 244,073 184,831 71 Total deposits 911,463 745,954 579,210 166,744 165,508 72 Individuals, partnerships, and corporations 781,794 634,638 499,286 135,353 147,156 73 U.S. government 2,432 2,056 1,662 394 376 74 States and political subdivisions in United States 55,170 41,599 33,938 7,661 13,571 75 All other 61,725 58,920 38,874 20,045 2,806 76 Foreign governments and official institutions 5,905 5,721 3,369 2,352 183 77 Commercial banks in United States 40,662 38,653 27,323 11,330 2,009 78 Banks in foreign countries 15,159 14,546 8,183 6,363 613 79 Certified and officers' checks, travelers checks, and letters of credit sold for cash 10,342 8,742 5,450 3,292 1.600 80 Demand deposits 261,611 222,256 163,897 58,359 39,355 81 Mutual savings banks 942 819 459 360 123 82 Other individuals, partnerships, and corporations 205,681 171,332 128,517 42,815 34,350 83 U.S. government 1,824 1,546 1,218 328 278 84 States and political subdivisions in United States 9,772 8,032 6,423 1,609 1,740 85 AUother 30,050 31,785 21,830 9,956 1,265 86 Foreign governments and official institutions 1,003 984 528 455 20 87 Commercial banks in United States 25,560 24,508 18,400 6,108 1,052 88 Banks in foreign countries 6,486 6,293 2,901 3,392 193 89 Certified and officers' checks, travelers checks, and letters of credit sold for cash 10,342 8,742 5,450 3,292 1,600 90 Time deposits 495,550 402,873 317,520 85,353 92,677 91 Mutual savings banks 285 266 150 117 19 92 Other individuals, partnerships, and corporations 422,199 342,645 273,301 69,344 79,553 93 U.S. government 554 460 395 65 94 94 States and political subdivisions in United States 43,856 32,385 26,646 5,739 11,470 95 AUother 28,657 27,116 17,028 10,089 1,540 96 Foreign governments and official institutions 4,883 4,720 2,823 1,897 163 97 Commercial banks in United States 15,101 14,144 8,923 5,221 957 98 Banks in foreign countries 8,672 8,252 5,281 2,971 420 99 Savings deposits 154,302 120,825 97,793 23,032 3333,,447777 100 Mutual savings banks 00 101 Other individuals, partnerships, and corporations 152,686 119,576 96,858 22,717 3333,,111111 102 Individuals and nonprofit organizations 146,864 115,444 93,510 21,934 3311,,442200 103 Corporations and other profit organizations 5,822 4,132 3,348 784 11,,669911 104 U.S. government 55 50 49 1 55 105 States and political subdivisions in United States 1,542 1,181 868 313 336611 106 All other 19 18 17 1 11 107 Foreign governments and official institutions 18 17 17 108 Commercial banks in United States 1 1 1 109 Banks in foreign countries 110 Federal funds purchased and securities sold under agreements to repurchase 158,972 146,761 109,450 37,312 12.211 111 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed money 30,444 28,599 16,709 11,891 1,845 112 Interest-bearing demand notes (note balances) issued to U.S. Treasury 10,135 9,293 6,640 2,653 842 113 Other liabilities for borrowed money 20,309 19,306 10,068 9,238 1,003 114 Mortgage indebtedness and liability for capitalized leases 2,163 1,784 1,505 279 379 115 All other liabilities 91,251 86,363 58,515 27,848 4,888 116 Acceptances executed and outstanding 43,471 42,636 31,114 11,522 835 117 Net due to foreign branches, foreign subsidiaries. Edge and agreement subsidiaries 15,925 15,262 7,259 8,003 663 118 Other 31,855 28,465 20,143 8,322 3,390 119 Subordinated notes and debentures 5,516 4,320 3,040 1,280 1,196 120 Total equity capital8 87,000 73,287 55,818 17,469 13,713 MEMO 121 Time deposits of $100,000 or more 272,146 230,373 175,167 55,206 41,772 122 Certificates of deposit (CDs) in denominations of $100,000 or more 243,788 204,149 157,154 46,995 39,639 123 Other 28,357 26,224 18,014 8,210 2,134 124 Savings deposits authorized for automatic transfer and NOW accounts 45,152 35,566 29,305 6,262 9,585 125 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 136,474 105,289 87,901 17,389 31,184 126 All savers certificates 14,616 11,328 9,071 2,257 3,288 127 Demand deposits adjusted6 174,107 138,626 104,660 33,966 35,481 128 Total standby letters of credit 60,933 58,258 37,997 20,260 2,676 129 Conveyed to others through participation (included in standby letters of credit) 5,445 5,314 4,010 1,304 131 130 Holdings of commercial paper included in total gross loans 1,111 717 513 203 394 Average for 30 calendar days (or calendar month) ending with report date 131 Total assets 1,271,989 1,074,547 817,217 257,330 197,442 132 Cash and due from depository institutions 142,263 124,641 92,027 32,614 17,622 133 Federal funds sold ana securities purchased under agreements to resell 63,876 54,067 42,425 11,642 9,809 134 Total loans 715,406 604,513 464,082 140,431 110,893 135 Total deposits 924,362 760,461 569,743 190,718 163,901 136 Time CDs in denominations of $100,000 or more in domestic offices 243,368 203,577 155,964 47,613 39,791 137 Federal funds purchased and securities sold under agreements to repurchase 158,671 147,183 109,989 37,194 11,488 138 Other liabilities for borrowed money 20,606 19,663 9,429 10,234 943 139 Number of banks 1,716 1,067 889 178 649 For notes see page A77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • July 1982 4.22 DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities"' Consolidated Report of Condition; Mar. 31, 1982 Millions of dollars Member banks NNoonn-- IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 1 Total assets 1,680,093 1,249,222 960,364 288,859 430,870 2 Cash and due from depository institutions 181.698 145,915 108.267 37,648 35,783 3 Currency and coin (U.S. and foreign) 18,805 14,008 11.163 2,846 4,796 4 Balances with Federal Reserve Banks 26,802 25,913 19.516 6,397 890 5 Balances with other central banks 259 259 221 38 0 6 Demand balances with commercial banks in United States 30,033 16,187 13.065 3,122 13,846 7 All other balances with depository institutions in United States and banks in foreign countries 43,430 30,565 23.541 7,023 12,865 8 Cash items in process of collection 62,369 58.982 40,761 18,221 3,386 9 Total securities, loans, and lease financing receivables 1,359,013 984,992 762,662 222,330 374,021 10 Total securities, book value 344,757 226,723 175,433 51,290 118.034 11 U.S. Treasury 103,809 64.270 49,406 14,863 39,539 12 Obligations of other U.S. government agencies and corporations 70,407 41,082 33,664 7,419 29,324 13 Obligations of states and political subdivisions in United States 150,449 104.072 80,767 23,305 46,377 14 All other securities 20,093 17.299 11,596 5,703 2,794 15 Federal funds sold and securities purchased under agreements to resell 87,758 62.307 48,276 14,031 25,451 16 Total loans, gross 944,007 705.455 546,536 158,919 238,552 17 LESS: Unearned income on loans 19,162 12,328 9,528 2,799 6,834 18 Allowance for possible loan loss 11,452 9,039 6,822 2,217 2,413 19 EQUALS: Loans, net 913,393 684,088 530.186 153,902 229,305 Total loans, gross, by category 20 Real estate loans 286,713 199,719 164.173 35,546 86,994 21 Construction and land development 46,316 36,466 28,561 7,904 9,851 22 Secured by farmland 8,327 3,634 3.039 595 4,693 23 Secured by residential properties 163,362 114,002 95.029 18,972 49,360 24 1- to 4-family 156,169 108,782 90.845 17,937 47,387 25 Multifamily 7,192 5.220 4,184 1,035 1,973 26 Secured by nonfarm nonresidential properties 68,709 45,618 37,543 8,075 23,091 27 Loans to financial institutions 61.130 55,000 34,921 20,079 6,130 28 Loans for purchasing or carrying securities 10.299 9,326 5,402 3,924 974 29 Loans to finance agricultural production and other loans to farmers 33,282 17.879 15,532 2,347 15,403 30 Commercial and industrial loans 343,541 275,228 208,639 66,589 68,313 31 Loans to individuals for household, family, and other personal expenditures 181,807 125,041 102,435 22,606 56,765 32 Installment loans 145,597 101,301 83,558 17,744 44,296 33 Passenger automobiles 57,867 36.788 30,299 6,489 21,079 34 Credit cards and related plans 31,685 27,937 22,910 5,026 3,749 35 Mobile homes 9,933 6,781 6,089 691 3,152 36 All other installment loans for household, family, and other personal expenditures 46,111 29,796 24,259 5,537 16,315 37 Single-payment loans 36,210 23,740 18,878 4,862 12,470 38 All other loans 27,170 23,261 15,434 7,827 3.910 39 Lease financing receivables 13,105 11,874 8,767 3,107 1,231 40 Bank premises, furniture and fixtures, and other assets representing bank premises 29,821 20,931 17,066 3,864 8,890 41 Real estate owned other than bank premises 2,792 1.895 1.540 355 897 42 All other assets 106.768 95.489 70.828 24,661 11,279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A75 4.22 Continued Member banks IInnssuurreedd mmeemmbbeerr Total National State iinnssuurreedd 43 Total liabilities and equity capital8 1,680,093 1,249,222 960,364 288,859 430,870 44 Total liabilities excluding subordinated debt 1,553,120 1,157,473 889,657 267,815 395,647 45 Total deposits 1.255,114 886,743 697,453 189,290 368,371 46 Individuals, partnerships, and corporations 1,092,017 762,489 606,629 155,861 329,527 47 U.S. government 3,165 2,373 1,937 436 791 48 States and political subdivisions in United States 84,140 52,587 43,219 9,368 31,553 49 All other 62,752 59,431 39,270 20,162 3,321 50 Certified and officers' checks, travelers checks, and letters of credit sold for cash 13,040 9,862 6,400 3,463 3,178 51 Demand deposits 334,991 252,870 189.924 62,946 82,120 52 Individuals, partnerships, and corporations 271,277 199,030 151,844 47,186 72,247 53 U.S. government 2,381 1,792 1,433 359 589 54 States and political subdivisions in United States 14,648 10,052 8,136 1,916 4,597 55 All other 33,644 32,134 22,111 10,023 1,510 56 Certified and officers' checks, travelers checks, and letters of credit sold for cash 13,040 9,862 6,400 3,463 3,178 57 Time deposits 692,691 481,989 383,782 98,207 210,702 58 Other individuals, partnerships, and corporations 596,793 413,558 332,589 80,968 183,235 59 U.S. government 718 526 451 75 191 60 States and political subdivisions in United States 66,128 40,639 33,612 7,027 25,489 61 All other 29,053 27,266 17,130 10,137 1,787 62 Savings deposits 227,432 151,884 123,747 28,137 75,548 63 Corporations and other profit organizations 8,152 5,063 4,130 933 3,089 64 Other individuals, partnerships, and corporations 215,796 144,839 118,066 26,773 70,957 65 U.S. government 66 55 52 3 11 66 States and political subdivisions in United States 3,364 1,896 1,471 426 1,468 67 All other 55 31 29 2 24 68 Federal funds purchased and securities sold under agreements to repurchase 166,920 150,954 112,901 38,053 15,966 69 Interest-bearing demand notes (note balances) issued to U.S. Treasury and other liabilities for borrowed money 31,377 29,043 17,090 11,953 2,334 70 Mortgage indebtedness and liability for capitalized leases 2,554 1,928 1,619 309 626 71 All other liabilities 97,155 88,806 60,594 28,211 8,350 72 Subordinated notes and debentures 6,115 4,567 3,259 1,308 1,548 73 Total equity capital8 120,858 87,183 67,448 19,735 33,675 MEMO 74 Time deposits of $100,000 or more 317,594 247,846 190,082 57,764 69,749 75 Certificates of deposit (CDs) in denominations of $100,000 or more 286,002 220,285 170,940 49,345 65,716 76 Other 31,593 27,560 19,141 8,419 4,032 77 Savings deposits authorized for automatic transfer and NOW accounts 68,470 45,421 37,706 7,715 23,049 78 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 228,901 142,875 119,332 23,543 86,026 79 All savers certificates 20,985 13,989 11,283 2,706 6,996 80 Demand deposits adjusted6 244,089 167,240 129,050 38,190 76,849 81 Total standby letters of credit 62.457 58,838 38,499 20,339 3,619 Average for 30 calendar days (or calendar month) ending with report date 82 Total deposits 1,265,300 900,089 686,966 213,124 365,211 83 Number of banks 14,403 5,493 4,468 1,025 8,910 1. Effective Dec. 31, 1978, the report of condition was substantially revised for 3. Foreign offices include branches in foreign countries and in U.S. territories commercial banks. Commercial banks with assets less than $100 million and with and possessions, subsidiaries in foreign countries, and all offices of Edge Act and domestic offices only were given the option to complete either the abbreviated or agreement corporations wherever located. the standard set of reports. Banks with foreign offices began reporting in greater 4. This item is unavailable for all or some of the banks because of the lesser detail on a consolidated domestic and foreign basis. These tables reflect the varying detail available from banks without foreign offices, the inapplicability of certain levels of reporting detail. items to banks that have only domestic offices, and the absence of detail on a fully Beginning Dec. 3, 1981, depository institutions may establish international bank- consolidated basis for banks with foreign offices. ing facilities (IBFs). Activity of IBFs established by U.S. commercial banks is 5. Equity capital is not allocated between the domestic and foreign offices of reflected in the appropriate asset and liability line items in the domestic office banks with foreign offices. portion of the tables. Activity of IBFs established by Edge Act and Agreement 6. Demand deposits adjusted equal demand deposits other than domestic comsubsidiaries of U.S. commercial banks is reflected in the appropriate asset and mercial interbank and U.S. government less cash items in process of collection. liability line items in the foreign office portion of the tables. When there is a column 7. Domestic offices exclude branches in foreign countries and in U.S. territories for fully consolidated foreign and domestic data, activity of IBFs is reflected in the and possessions, subsidiaries in foreign countries, and all offices of Edge Act and appropriate asset and liability line items in that portion of the tables. agreement corporations wherever located. 2. All transactions between domestic and foreign offices of a bank are reported 8. This item contains the capital accounts of U.S. banks that have no Edge or in "Net due from" and "Net due to" (lines 79 and 103). All other lines represent foreign operations and reflects the difference between domestic office assets and transactions with parties other than the domestic and foreign offices of each bank. liabilities of U.S. banks with Edge or foreign operations excluding the capital Since these intra-office transactions are erased by consolidation, total assets and accounts of their Edge or foreign subsidiaries. liabilities are the sum of all except intra-office balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • July 1982 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, Mar. 31, 19821 Millions of dollars All states2 New York CCaallii-- Other states2 IItteemm ffoorrnniiaa,, IIlllliinnooiiss,, Total Branches Agencies Branches Agencies ttoottaall33 bbrraanncchheess Branches Agencies 1 Total assets4 177,283 128,392 48,891 111,257 8,603 37,270 7,964 8,874 3,314 2 Cash and due from depository institutions 18,951 17,862 1,089 16,171 526 475 1,459 205 115 3 Currency and coin (U.S. and foreign) 20 18 2 13 1 2 2 1 1 4 Balances with Federal Reserve Banks 982 891 91 743 51 33 31 114 11 5 Balances with other central banks 10 1 9 1 0 9 0 0 0 6 Demand balances with commercial banks in United States 912 605 308 533 219 70 37 29 23 7 All other balances with depository institutions in United States and with banks in foreign countries 16,947 16,273 675 14,810 254 359 1,385 60 79 8 Time and savings balances with commercial banks in United States 7,264 6,885 378 6,100 200 158 709 59 38 9 Balances with other depository institutions in United States 133 125 8 102 0 8 23 0 0 10 Balances with banks in foreign countries 9,551 9,262 289 8,608 53 194 654 0 42 11 Foreign branches of U.S. banks 1,832 1,735 97 1,685 48 44 50 0 5 12 Other banks in foreign countries 7.719 7,527 192 6,923 6 150 603 0 37 13 Cash items in process of collection 79 74 4 71 1 2 3 1 1 14 Total securities, loans, and lease financing receivables.. 116,400 86,800 29,600 76,109 6,085 20,729 5,899 4,551 3,028 15 Total securities, book value 4,734 4,284 449 4,076 284 167 177 28 2 16 U.S. Treasury 2,936 2,722 215 2,651 171 46 45 23 0 17 Obligations of other U.S. government agencies and corporations 447777 440 38 429 22 17 5 5 0 18 Obligations of states and political subdivisions in United States 97 93 4 74 1 1 19 0 2 19 Other bonds, notes, debentures, and corporate stock 1,224 1,030 193 923 90 104 107 0 0 20 Federal funds sold and securities purchased under agreements to resell 6,886 5,183 1,703 4,876 952 741 163 133 21 By holder 21 Commercial banks in United States 6,386 4,762 1,624 4,504 876 738 116 131 21 22 Others 500 421 79 373 76 3 47 1 0 By type 23 One-day maturity or continuing contract 6,859 5,157 1,702 4,872 952 741 140 133 21 24 Securities purchased under agreements to resell... 218 200 18 78 6 7 2 121 5 25 Other 6,641 4,957 1,684 4,795 946 734 139 12 15 26 Other securities purchased under agreements to resell 27 26 1 4 0 1 22 0 0 27 Total loans, gross 111,857 82,640 29,217 72,142 5,815 20,613 5,734 4,525 3,028 28 LESS: Unearned income on loans 191 125 66 110 14 51 12 2 2 29 EQUALS: Loans, net 111,665 82,515 29,150 72,031 5,801 20,562 5,722 4,523 3,026 Total loans, gross, by category 30 Real estate loans 4,305 1,358 2,947 808 532 1,709 58 428 770 31 Loans to financial institutions 40,911 33,365 7,546 31,117 1,091 6,236 2,018 225 223 32 Commercial banks in United States 23,983 18,758 5,224 17,211 405 4,804 1,345 199 18 33 U.S. branches and agencies of other foreign banks 21,965 16,989 4,976 15,518 392 4,570 1,312 156 17 34 Other commercial banks 2,017 1,769 248 1,694 13 234 33 43 1 35 Banks in foreign countries 15,617 13,455 2,163 13,028 623 1,356 403 24 183 36 Foreign branches of U.S. banks 667 605 62 580 13 49 25 0 0 37 Other 14,951 12,850 2,101 12,448 610 1,307 378 24 183 38 Other financial institutions 1,311 1,152 159 878 63 76 270 2 22 39 Loans for purchasing or carrying securities 532 424 108 393 108 29 0 2 0 40 Commercial and industrial loans 54,983 38,241 16,742 31,027 3,682 11,281 3,325 3,773 1,894 41 U.S. addressees (domicile) 32,205 21,376 10,830 15,834 1,517 7,861 2,852 2,590 1,551 42 Non-U.S. addressees (domicile) 22,778 16,865 5,912 15,193 2,165 3,420 473 1,184 343 43 Loans to individuals for household, family, and other personal expenditures 188 117 70 83 18 56 9 16 6 44 All other loans 10,939 9,135 1,804 8,713 384 1,301 325 80 135 45 Loans to foreign governments and official institutions 99,,228855 7,599 1,685 7,236 319 1,254 300 63 113 46 Other 1,654 1,536 118 1,477 65 48 25 16 22 47 Lease financing receivables 1 1 0 1 0 0 0 0 0 48 All other assets 35,046 18,546 16,500 14,102 1,040 15,325 443 3,985 151 49 Customers' liability on acceptances outstanding 11,246 8,122 3,124 7,758 745 2,356 199 165 24 50 U.S. addressees (domicile) 5,892 3,805 2,087 3,608 74 2,005 167 29 8 51 Non-U.S. addressees (domicile) 5,354 4,317 1,037 4,149 671 351 32 136 16 52 Net due from related banking institutions5 17,050 4,879 12,170 1,227 47 12,091 0 3,652 33 53 Other 6,751 5,545 1,206 5,117 248 878 244 169 94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. Branches and Agencies A77 4.30 Continued All states2 New York Cali- Illinois, Other states2 Total Branches Agencies Branches Agencies total3 branches Branches Agencies 54 Total liabilities4 177,283 128,392 48,891 111,257 8,603 37,270 7,964 8,874 3,314 55 Total deposits and credit balances 61,165 57,323 3,842 49,821 813 2,695 1,596 5.793 448 56 Individuals, partnerships, and corporations 28,696 27,347 1,350 20,648 182 869 959 5,637 401 57 U.S. addressees (domicile) 24.067 23,984 83 17,602 51 78 780 5,543 12 58 Non-U.S. addressees (domicile) 4,630 3,363 1,266 3,045 132 791 179 94 389 59 U.S. government, states, and political subdivisions in United States 74 74 0 19 0 2 2 52 0 60 All other 32,394 29,902 2,492 29,153 631 1,824 635 104 47 61 Foreign governments and official institutions ... 4,477 4,128 349 4,052 90 240 50 25 20 62 Commercial banks in United States 7,413 6.701 712 6,347 87 627 335 12 5 63 U.S. branches and agencies of other foreign banks 5,005 4,602 402 4,377 51 347 225 0 4 64 Other commercial banks in United States .... 2,409 2,099 310 1,970 36 280 110 12 1 65 Banks in foreign countries 19,725 18,552 1,173 18,268 225 937 229 53 13 66 Foreign branches of U.S. banks 2,672 2,397 276 2,331 80 197 64 0 1 67 Other banks in foreign countries 17,052 16,155 897 15,938 144 740 165 53 12 68 Certified and officers' checks, travelers checks, and letters of credit sold for cash 779 522 258 486 229 21 21 14 8 69 Demand deposits 3,064 2,705 359 2,456 229 75 128 113 63 70 Individuals, partnerships, and corporations 11,,333355 11,,227744 62 1,085 0 33 101 81 35 71 U.S. addressees (domicile) 778888 778888 0 629 0 6 78 74 0 72 Non-U.S. addressees (domicile) 548 486 62 456 0 27 23 7 35 73 U.S. government, states, and political subdivisions in United States 6 6 0 5 0 0 0 0 0 74 All other 1,722 1,425 297 1,366 229 41 27 32 28 75 Foreign governments and official institutions ... 308 282 27 266 0 15 1 15 12 76 Commercial banks in United States 65 65 0 62 0 0 0 2 0 77 U.S. branches and agencies of other foreign banks 17 17 0 17 0 0 0 0 0 78 Other commercial banks in United States .... 48 48 0 45 0 0 0 2 0 79 Banks in foreign countries 570 557 13 552 0 5 4 1 8 80 Certified and officers' checks, travelers checks, and letters of credit sold for cash 779 522 258 486 229 21 21 14 8 81 Time deposits 57,369 54,190 3,179 47,001 347 2,567 1,438 5,651 365 82 Individuals, partnerships, and corporations 26,886 25,778 1,108 19,330 62 791 828 5,528 346 83 U.S. addressees (domicile) 22,970 22,968 2 16,803 2 48 674 5,444 0 84 Non-U.S. addressees (domicile) 3,916 2,810 1,106 2,527 61 743 154 85 346 85 U.S. government, states, and political subdivisions in United States 68 68 0 14 0 1 1 51 0 86 All other 30.414 28,344 2,071 27,656 284 1.775 608 72 19 87 Foreign governments and official institutions ... 4,139 3.841 298 3,782 66 224 49 10 8 88 Commercial banks in United States 7.269 6,597 672 6,248 53 619 334 10 5 89 U.S. branches and agencies of other foreign banks 4,959 4,558 401 4,333 50 347 225 0 4 90 Other commercial banks in United States .... 2,310 2,039 271 1,915 3 272 109 10 1 91 Banks in foreign countries 19,006 17,905 1,101 17,626 166 932 225 52 5 92 Savings deposits 284 258 26 197 0 23 30 27 7 93 Individuals, partnerships, and corporations 284 258 26 197 0 23 30 27 7 94 U.S. addressees (domicile) 203 203 0 146 0 3 28 25 0 95 Non-U.S. addressees (domicile) 82 56 26 51 0 20 2 2 7 96 U.S. government, states, and political subdivisions in United States 0 0 0 0 0 0 0 0 0 97 All other 0 0 0 0 0 0 0 0 0 98 Credit balances 449 170 278 167 237 30 0 1 13 99 Individuals, partnerships, and corporations 191 36 154 36 120 21 0 1 13 100 U.S. addressees (domicile) 107 25 82 24 49 21 0 1 12 101 Non-U.S. addressees (domicile) 84 11 73 11 71 1 0 0 1 102 U.S. government, states, and political subdivisions in United States 0 0 0 0 0 0 0 0 0 103 All other 258 134 124 131 117 9 0 0 0 104 Foreign governments and official institutions ... 30 5 25 5 24 1 0 0 0 105 Commercial banks in United States 79 39 40 37 35 8 0 0 0 106 U.S. branches and agencies of other foreign banks 29 28 1 28 1 0 0 0 0 107 Other commercial banks in United States .... 50 11 39 9 33 8 0 0 0 108 Banks in foreign countries 149 90 59 90 59 0 0 0 0 For notes see page A81. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • July 1982 4.30 Continued All states2 New York Other states2 CCaallii-ffoorrnniiaa,, IIlllliinnooiiss,, ttoottaall33 bbrraanncchheess Total Branches Agencies Branches Agencies Branches Agencies 109 Federal funds purchased and sold under agreement to repurchase 18.175 11,420 6,755 10,248 1,805 4,178 883 271 791 By holder 110 Commercial banks in United States 15,545 9,918 5.628 8,790 1,476 4,036 839 271 134 111 Others 2,630 1.502 1,128 1,458 329 142 44 0 657 By type 112 One-day maturity or continuing contract 17,021 10.417 6,604 9,256 1,698 4,133 872 271 791 113 Securities sold under agreements to repurchase ... 1.480 1,376 104 1,190 12 93 63 122 0 114 Other 15,541 9,041 6,500 8,066 1,687 4,041 809 149 791 115 Other securities sold under agreements to repurchase 1.154 1,002 151 992 107 44 10 0 0 116 Other liabilities for borrowed money 48,758 21,034 27,723 19,372 2,607 24,868 1,045 581 284 117 Owed to banks 46,134 18,934 27,200 17,346 2,595 24,361 974 579 279 118 U.S. addressees (domicile) 43,593 16,793 26,800 15,288 2,305 24.314 916 569 202 119 Non-U.S. addressees (domicile) 2,540 2,141 400 2,058 290 47 58 10 77 120 Owed to others 2,624 2,100 524 2,027 12 507 71 2 5 121 U.S. addressees (domicile) 2.376 1,909 467 1,837 8 459 70 2 0 122 Non-U.S. addressees (domicile) 248 191 57 189 4 48 2 0 5 123 All other liabilities 49,185 38,615 10,571 31,817 3,377 5.529 4,441 2,229 1,792 124 Acceptances executed and outstanding 12,423 9,176 3,246 8,821 771 2,436 190 165 40 125 Net due to related banking institutions5 32,428 25,895 6,533 19,781 2,457 2,510 4,093 1,899 1,688 126 Other 4,335 3,543 792 3,214 148 584 158 165 65 MEMO 127 Time deposits of $100,000 or more 43,080 41,627 1,453 34,577 7 1,189 1,351 5,617 338 128 Certificates of deposit (CDs) in denominations of $100,000 or more 28,386 27,302 1,084 20,895 0 841 816 5,528 307 129 Other 14,693 14,325 368 13,682 7 349 535 89 31 130 Savings deposits authorized for automatic transfer and NOW accounts 26 17 10 5 0 5 5 6 6 131 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 296 282 14 222 0 9 28 30 8 132 Time certificates of deposit in denominations of $100,000 or more with remaining maturity of more than 12 months 1,681 1.581 100 1,322 0 109 22 204 25 133 Acceptances refinanced with a U.S.-chartered bank ... 4.646 3,213 1,432 2,945 25 1.405 11 257 3 134 Statutory or regulatory asset pledge requirement 70,770 66,652 4,118 61,321 4,068 64 4,877 439 2 135 Statutory or regulatory asset maintenance requirement 8,806 8.585 221 5.214 38 3 237 3,132 181 136 Commercial letters of credit 7,219 4,188 3,031 3,593 499 2,470 356 233 67 137 Standby letters of credit, total 10,162 8,024 2,138 7,171 375 1,169 457 380 611 138 U.S. addressees (domicile) 7,900 6,216 1,685 5,736 214 953 245 219 533 139 Non-U.S. addressees (domicile) 2,262 1,809 453 1,435 161 216 212 161 77 140 Standby letters of credit conveyed to others through participations (included in total standby letters of credit) 2,283 2,174 109 2,128 43 63 47 0 2 141 Holdings of commercial paper included in total gross loans 725 672 53 630 17 36 42 0 0 142 Holdings of acceptances included in total commercial and industrial loans 5,256 3.788 1,467 3,648 136 1,316 73 68 15 143 Immediately available funds with a maturity greater than one day (included in other liabilities for borrowed money) 35.221 13.737 21,484 12,382 2,434 18,867 986 349 203 144 Gross due from related banking institutions5 70.414 44,812 25,602 38,171 7,352 17,879 2.087 4,504 420 145 U.S. addressees (domicile) 22.303 8,428 13,874 4,002 2,020 11,812 124 4,253 91 146 Branches and agencies in United States 21.986 8.278 13,708 3,880 1.966 11,698 98 4,253 91 147 In the same state as reporter 406 177 229 137 10 216 0 40 3 148 In other states 21.580 8,101 13.479 3,743 1,956 11,483 98 4,213 88 149 U.S. banking subsidiaries6 317 151 166 122 54 114 26 0 0 150 Non-U.S. addressees (domicile) 48,111 36,383 11,728 34,169 5,332 6,068 1,963 250 329 151 Head office and non-U.S. branches and agencies.. 45,850 34,259 11,591 32,057 5,259 6,014 1,952 250 319 152 Non-U.S. banking companies and offices 2,261 2,124 137 2,113 73 54 11 0 10 153 Gross due to related banking institutions5 85,792 65,827 19,964 56,725 9,763 8,299 6,180 2,750 2,075 154 U.S. addressees (domicile) 20,804 13.988 6,816 9,215 2,580 3,216 2,792 1,947 1,053 155 Branches and agencies in United States 20,547 13,779 6,767 9,061 2,579 3,199 2,751 1,935 1,022 156 In the same state as reporter 329 189 140 151 0 139 0 38 0 157 In other states 20.218 13,590 6,628 8,910 2,579 3,059 2,751 1,897 1,022 158 U.S. banking subsidiaries6 257 208 48 155 1 17 41 12 31 159 Non-U.S. addressees (domicile) 64,988 51,839 13,149 47,510 7,183 5,082 3,387 803 1,022 160 Head office and non-U.S. branches and agencies.. 63,632 50,533 13,099 46,242 7,149 5,061 3,355 803 1,022 161 Non-U.S. banking companies and offices 1,356 1,306 50 1,268 33 21 33 0 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A79 4.30 Continued All states2 New York CCaallii-- Other states3 IItteemm ff tt oo oo rr tt nn aa ii ll aa 33 ,, bb II rr ll aa llii nn nn cc oo hh iiss ee ,, ss Total Branches Agencies Branches Agencies Branches Agencies Average for 30 calendar days (or calendar month) ending with report date 162 Total assets 175,556 127,789 47,767 110,798 8,348 36,406 8,011 8,682 3,311 163 Cash and due from depository institutions 17,994 17,029 965 15,381 413 472 1,422 203 102 164 Federal funds sold ana securities purchased under agreements to resell 5,986 4,337 1,649 4,041 1,082 561 126 157 18 165 Total loans 108,596 79,827 28,769 69,345 5,728 20,232 5,843 4,403 3,045 166 Loans to banks in foreign countries 16,485 14,259 2,227 13,056 652 1,391 1,189 13 184 167 Total deposits and credit balances 57,025 53,436 3,589 45,945 769 2,506 1,597 5,785 423 168 Time CDs in denominations of $100,000 or more 27,854 26,755 1,099 20,292 4 850 884 5,515 309 169 Federal funds purchased and securities sold under agreements to repurchase 18,740 12,515 6,225 10,913 1,574 3,729 891 691 940 170 Other liabilities for borrowed money 48,719 21,353 27,365 19,720 2,508 24,649 1,057 544 240 171 Number of reports filed7 380 199 181 124 46 103 38 31 38 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, able through the G.ll statistical release, gross balances were included in total assets "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." and total liabilities. Therefore, total asset and total liability figures in this table are This form was first used for reporting data as of June 30, 1980. From November not comparable to those in the G.ll tables. 1972 through May 1980, U.S. tranches and agencies of foreign banks had filed a 5. "Related banking institutions" includes the foreign head office and other U.S. monthly FR 886a report. Aggregate data from that report were available through and foreign branches and agencies of the bank, the bank's parent holding company, the Federal Reserve statistical release G.ll, last issued on July 10, 1980. Data in and majority-owned banking subsidiaries of the bank and of its parent holding this table and in the G.ll tables are not strictly comparable because of differences company (including subsidiaries owned both directly and indirectly). Gross amounts in reporting panels and in definitions of balance sheet items. due from and due to related banking institutions are shown as memo items. 2. Includes the District of Columbia. 6. "U.S. banking subsidiaries" refers to U.S. banking subsidiaries majority- 3. Agencies account for virtually all of the assets and liabilities reported in owned by the foreign bank and by related foreign banks and includes U.S. offices California. of U.S.-chartered commercial banks, of Edge Act and Agreement corporations, 4. Total assets and total liabilities include net balances, if any, due from or due and of New York State (Article XII) investment companies. to related banking institutions in the United States and in foreign countries (see 7. In some cases two or more offices of a foreign bank within the same metfootnote 5). On the former monthly branch and agency report, avail- ropolitan area file a consolidated report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A80 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 WILLIAM R. JONES, Manager, Operations Review Program JAMES L. STULL, Manager, Operations Review Program DIVISION OF RESEARCH AND STATISTICS LEGAL DIVISION JAMES L. KICHLINE, Director JOSEPH S. ZEISEL, Deputy Director MICHAEL BRADFIELD, General Counsel MICHAEL J. PRELL, Associate Director ROBERT E. MANNION, Deputy General Counsel JARED J. ENZLER, Senior Deputy Associate Director J. VIRGIL MATTINGLY, JR., Associate General Counsel DONALD L. KOHN, Senior Deputy Associate Director GILBERT T. SCHWARTZ, Associate General Counsel ELEANOR J. STOCKWELL, Senior Deputy Associate Director RICHARD M. ASHTON, Assistant General Counsel J. CORTLAND G. PERET, Deputy Associate Director NANCY P. JACKLIN, Assistant General Counsel HELMUT F. WENDEL, Deputy Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel MARTHA BETHEA, Assistant Director JOE M. CLEAVER, Assistant Director ROBERT M. FISHER, Assistant Director OFFICE OF THE SECRETARY DAVID E. LINDSEY, Assistant Director LAWRENCE SLIFMAN, Assistant Director WILLIAM W. WILES, Secretary FREDERICK M. STRUBLE, Assistant Director BARBARA R. LOWREY, Associate Secretary STEPHEN P. TAYLOR, Assistant Director JAMES MCAFEE, Associate Secretary PETER A. TINSLEY, Assistant Director *DOLORES S. SMITH, Assistant Secretary LEVON H. GARABEDIAN, Assistant Director (Administration) DIVISION OF CONSUMER DIVISION OF INTERNATIONAL FINANCE AND COMMUNITY AFFAIRS EDWIN M. TRUMAN, Director JANET O. HART, Director ROBERT F. GEMMILL, Associate Director GRIFFITH L. GARWOOD, Deputy Director CHARLES J. SIEGMAN, Associate Director JERAULD C. KLUCKMAN, Associate Director LARRY J. PROMISEL, Senior Deputy Associate Director GLENN E. LONEY, Assistant Director DALE W. HENDERSON, Deputy Associate Director SAMUEL PIZER, Staff Adviser MICHAEL P. DOOLEY, Assistant Director 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 SIDNEY M. SUSSAN, 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

A81 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 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

A82 Federal Reserve Bulletin • July 1982 FOMC and Advisory Councils FEDERAL OPEN MARKET COMMITTEE PAUL A. VOLCKER, Chairman ANTHONY M. SOLOMON, Vice Chairman JOHN J. BALLES LYLE E. GRAMLEY J. CHARLES PARTEE ROBERT P. BLACK KAREN N. HORN EMMETT J. RICE WILLIAM F. FORD PRESTON MARTIN NANCY H. TEETERS HENRY C. WALLICH 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, Wilmington, Delaware 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

A83 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 Vacancy Patrick K. Barron 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 Randall C. Sumner 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 Vacancy 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 Lawrence L. Crum 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

A84 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 he 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. I. 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

A85 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. 3 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 Dealing with Inflation: Obstacles and Opportunities MIX IN THE U.S. PAYMENTS MECHANISM, by David B. Humphrey. Apr. 1982. 18 pp. The Equal Credit Opportunity Act and . . . Age The Equal Credit Opportunity Act and . . . Credit Rights in DIVISIA MONETARY AGGREGATES: COMPILATION, DATA, AND HISTORICAL BEHAVIOR, by William A. Barnett and Housing Paul A. Spindt. May 1982. 82 pp. The Equal Credit Opportunity Act and . . . Doctors, Law- THE COMMUNITY REINVESTMENT ACT AND CREDIT ALLOyers, Small Retailers, and Others Who May Provide CATION, by Glenn Canner. June 1982. 8 pp. Incidental Credit The Equal Credit Opportunity Act and . . . Women INTEREST RATES AND TERMS ON CONSTRUCTION LOANS AT COMMERCIAL BANKS, by David F. Seiders. July 1982. Fair Credit Billing 14 pp. Federal Reserve Glossary Guide to Federal Reserve Regulations How to File A Consumer Credit Complaint If You Borrow To Buy Stock REPRINTS If You Use A Credit Card Most of the articles reprinted do not exceed 12 pages. Series on the Structure of the Federal Reserve System Revision of Bank Credit Series. 12/71. The Board of Governors of the Federal Reserve System Rates on Consumer Installment Loans. 9/73. The Federal Open Market Committee Industrial Electric Power Use. 1/76. Federal Reserve Bank Board of Directors Revised Series for Member Bank Deposits and Aggregate Federal Reserve Banks Reserves. 4/76. Monetary Control Act of 1980 Federal Reserve Operations in Payment Mechanisms: A Truth in Leasing Summary. 6/76. U.S. Currency Perspectives on Personal Saving. 8/80. What Truth in Lending Means to You The Impact of Rising Oil Prices on the Major Foreign Industrial Countries. 10/80. Federal Reserve and the Payments System: Upgrading Electronic Capabilities for the 1980s. 2/81. Survey of Finance Companies, 1980. 5/81. Bank Lending in Developing Countries. 9/81. U.S. International Transactions in 1981. 4/82. The Commercial Paper Market since the Mid-Seventies. 6/82. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A86 Index to Statistical Tables References are to pages A3 through A79 although the prefix 'A" is omitted in this index ACCEPTANCES, bankers, 10, 25, 27 Demand deposits—Continued Agricultural loans, commercial banks, 18, 19, 20, 26 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners) corporations, 24 Banks, by classes, 17, 18-21, 70-75 Subject to reserve requirements, 14 Domestic finance companies, 39 Turnover, 12 Federal Reserve Banks, 11 Depository institutions Foreign banks, U.S. branches and agencies, 22, 76 Reserve requirements, 8 Nonfinancial corporations, 38 Reserves, 3, 4, 5, 14 Savings institutions, 29 Deposits (See also specific types) Automobiles Banks, by classes, 3, 17, 18-21, 29, 71, 73, 75 Consumer installment credit, 42, 43 Federal Reserve Banks, 4, 11 Production, 48, 49 Subject to reserve requirements, 14 Turnover, 12 BANKERS balances, 17, 18-20, 70, 72, 74 Discount rates at Reserve Banks and at foreign central (See also Foreigners) banks (See Interest rates) Banks for Cooperatives, 35 Discounts and advances by Reserve Banks (See Loans) Bonds (See also U.S. government securities) Dividends, corporate, 37 New issues, 36 Yields, 3 EMPLOYMENT, 46, 47 Branch banks, 15, 21, 22, 56, 76 Eurodollars, 27 Business activity, nonfinancial, 46 Business expenditures on new plant and equipment, 38 FARM mortgage loans, 41 Business loans (See Commercial and industrial loans) Federal agency obligations, 4, 10, 11, 12, 34 Federal credit agencies, 35 Federal finance CAPACITY utilization, 46 Debt subject to statutory limitation and types and Capital accounts ownership of gross debt, 32 Banks, by classes, 17, 71, 73, 75 Receipts and outlays, 30, 31 Federal Reserve Banks, 11 Treasury financing of surplus, or deficit, 30 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, 70-75 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 sold outright, 21 Condition statement, 11 Nondeposit funds, 16 Discount rates (See Interest rates) Number by classes, 17, 71, 73, 75 U.S. government securities held, 4, 11, 12, 32, 33 Real estate mortgages held, by holder and property, 41 Federal Reserve credit, 4, 5, 11, 12 Time and savings deposits, 3 Federal Reserve notes, 11 Commercial paper, 3, 25, 27, 39 Federally sponsored credit agencies, 35 Condition statements (See Assets and liabilities) Finance companies Construction, 46, 50 Assets and liabilities, 39 Consumer installment credit, 42, 43 Business credit, 39 Consumer prices, 46, 51 Loans, 18, 19, 20, 42, 43 Consumption expenditures, 52, 53 Paper, 25, 27 Corporations Financial institutions Profits and their distribution, 37 Loans to, 18, 19, 20 Security issues, 36, 66 Selected assets and liabilities, 29 Cost of living (See Consumer prices) Float, 4 Credit unions, 29, 42, 43 Currency and coin, 5, 17, 70, 72, 74 Flow of funds, 44, 45 Currency in circulation, 4, 13 Foreign banks, assets and liabilities of U.S. branches and Customer credit, stock market, 28 agencies, 22, 76 Foreign currency operations, 11 Foreign deposits in U.S. banks, 4, 11, 18, 19, 20 DEBITS to deposit accounts, 12 Foreign exchange rates, 68 Debt (See specific types of debt or securities) Foreign trade, 55 Demand deposits Foreigners Adjusted, commercial banks, 12 Claims on, 56, 58, 61, 62, 63, 65 Banks, by classes, 17, 18-21, 71, 73,- 75 Liabilities to, 21, 55, 56-60, 64, 66, 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A87 GOLD Production, 46, 48 Certificate account, 11 Profits, corporate, 37 Stock, 4, 55 Government National Mortgage Association, 35, 40, 41 REAL estate loans Gross national product, 52, 53 Banks, by classes, 18-20, 41 Rates, terms, yields, and activity, 3, 40 HOUSING, new and existing units, 50 Savings institutions, 27 Type of holder and property mortgaged, 41 INCOME, personal and national, 46, 52, 53 Repurchase agreements and federal funds, 6, 18, 19, 20 Industrial production, 46, 48 Reserve requirements, 8 Installment loans, 42, 43 Reserves Insurance companies, 29, 32, 33, 41 Commercial banks, 17, 70, 72, 74 Insured commercial banks, 70-75 Depository institutions, 3, 4, 5, 14 Interbank loans and deposits, 17 Federal Reserve Banks, 11 Interest rates Member banks, 14 Bonds, 3 U.S. reserve assets, 55 Business loans of banks, 26 Residential mortgage loans, 40 Federal Reserve Banks, 3, 7 Retail credit and retail sales, 42, 43, 46 Foreign central banks and foreign countries, 67 Money and capital markets, 3, 27 SAVING Mortgages, 3, 40 Flow of funds, 44, 45 Prime rate, commercial banks, 26 National income accounts, 53 Time and savings deposits, 9 Savings and loan assns., 3, 9, 29, 33, 41, 44 International capital transactions of United States, 56-67 Savings deposits (See Time deposits) International organizations, 58, 59-62, 64-67 Securities (See also U.S. government securities) Inventories, 52 Federal and federally sponsored credit agencies, 35 Investment companies, issues and assets, 37 Foreign transactions, 66 Investments (See also specific types) New issues, 36 Banks, by classes, 17, 29 Prices, 28 Commercial banks, 3, 15, 17, 18-20, 70, 72, 74 Special drawing rights, 4, 11, 54, 55 Federal Reserve Banks, 11, 12 State and local governments Savings institutions, 29, 41 Deposits, 18, 19, 20 Holdings of U.S. government securities, 32, 33 LABOR force, 47 New security issues, 36 Life insurance companies (See Insurance companies) Ownership of securities issued by, 18, 19, 20, 29 Loans (See also specific types) Yields of securities, 3 Banks, by classes, 17, 18—21 Stock market, 28 Commercial banks, 3, 15, 17, 18-21, 22, 26, 70, 72, 74 Stocks (See also Securities) Federal Reserve Banks, 3, 4, 5, 7, 11, 12 New issues, 36 Insured or guaranteed by United States, 40, 41 Prices, 28 Savings institutions, 29, 41 TAX receipts, federal, 31 MANUFACTURING Time deposits, 3, 9, 12, 14, 17, 18-21, 71, 73, 75 Capacity utilization, 46 Trade, foreign, 55 Production, 46, 49 Treasury currency, Treasury cash, 4 Margin requirements, 28 Treasury deposits, 4, 11, 30 Member banks Treasury operating balance, 30 Borrowing at Federal Reserve Banks, 5, 11 Federal funds and repurchase agreements, 6 UNEMPLOYMENT, 47 Reserve requirements, 8 U.S. balance of payments, 54 Reserves and related items, 14 U.S. government balances Mining production, 49 Commercial bank holdings, 18, 19, 20 Mobile home shipments, 50 Member bank holdings, 14 Monetary aggregates, 3, 14 Treasury deposits at Reserve Banks, 4, 11, 30 Money and capital market rates (See Interest U.S. government securities rates) Bank holdings, 17, 18-20, 32, 33, 70, 72, 74 Money stock measures and components, 3, 13 Dealer transactions, positions, and financing, 34 Mortgages (See Real estate loans) Federal Reserve Bank holdings, 4, 11, 12, 32, 33 Mutual funds (See Investment companies) Foreign and international holdings and transactions, 11, Mutual savings banks, 3, 9, 18-20, 29, 32, 33, 41 32, 67 Open market transactions, 10 NATIONAL defense outlays, 31 Outstanding, by type and ownership, 32, 33 National income, 52 Ownership of securities issued by, 29 Rates, 3, 27 OPEN market transactions, 10 Utilities, production, 49 PERSONAL income, 53 VETERANS Administration, 40, 41 Prices Consumer and producer, 46, 51 WEEKLY reporting banks, 18-23 Stock market, 28 Wholesale (producer) prices, 46, 51 Prime rate, commercial banks, 26 Producer prices, 46, 51 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A88 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories "Helena Minneapolis Detroit] I Chicagc [Clej?la?tJ Omaha*\ t V 4) pltMjJ • Cu Denver \ Jr (?) I I ^ 7 — \ •< S / Oklahoma City, eRock Birmingham Dallas® 1 J '© j Houston) • ( San Antonio 181M^rnSmM 0 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