Federal Reserve Bulletin, 1983-01

VOLUME 69 • NUMBER 1 • JANUARY 1983 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 • Griffith L. Garwood • 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 L BUSINESS FIXED INVESTMENT.- RECENT Omission of two bank holding companies DEVELOPMENTS AND OUTLOOK from the Index to Volume 68 of the FEDER- AL RESERVE BULLETIN. Even though the amount of business fixed investment in the United States has de- Admission of five state banks to memberclined recently, especially investments in ship in the Federal Reserve System. heavy industrial equipment and factories, the share of resources devoted to it has been reasonably well maintained. 17 RECORD OF POLICY ACTIONS OF THE FEDERAL OPEN MARKET COMMITTEE 11 INDUSTRIAL PRODUCTION At its meeting on November 16, 1982, the Output declined about 0.1 percent in De- Committee agreed that, against the backcember. ground of prevailing economic and financial conditions and current liquidity demands, it 13 ANNOUNCEMENTS would seek to maintain expansion in bank reserves needed for an orderly and sus- Change in the discount rate. tained flow of money and credit, consistent Approval of program to speed up the collec- with the growth of M2 (and M3) from Seption of checks by the Federal Reserve Sys- tember to December at an annual rate of tem. around 9Vi percent. The Committee also decided that somewhat slower growth in Amendment to Regulation D defining as M2 and M3, to the extent of reducing their transaction accounts time deposits issued in expansion for the year to nearer the upper connection with an agreement permitting part of the ranges for 1982, would be acthe depositor to obtain credit by check or ceptable and desirable if such growth were similar devices for the purpose of making associated with declining interest rates. On payments or transfers to third parties. the other hand, somewhat more rapid Amendment to Regulation L clarifying the growth would be tolerated if continuing circumstances under which certain inter- economic and financial uncertainties should locks may be continued until 1988. appear to be reflected in exceptional liquidity demands. The intermeeting range for the Technical amendments to Regulations D federal funds rate, which provides a mechaand Q to conform them to rules adopted by nism for initiating further consultation of the Depository Institutions Deregulation the Committee, was set at 6 to 10 percent. Committee. Publication of Supplement No. 8 to the System's Compliance Handbook. 23 LEGAL DEVELOPMENTS Proposed fee schedule for the Federal Re- Amendments to Regulations A, D, Q, and serve's book entry securities services. T; various bank holding company and bank Changes in Board staff. merger orders; and pending cases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Business Fixed Investment: Recent Developments and Outlook This article was prepared by Garry J. Schinasi of er, if certain structural problems persist, such a the Board's Division of Research and Statistics. favorable environment for investment might not Fong-Ying Kiang provided research assistance. develop. In particular, a continuation of large federal government deficits could forestall a rap- Business fixed investment in the United States id expansion in overall business capital formahas contracted sharply over the past year. tion. Moreover, high labor costs in the United Spending on many types of capital equipment States and a weakening in competitive position in has fallen, with heavy industrial machinery and world markets could restrain capital spending in transportation equipment sustaining especially affected industries for a long time. severe losses. Investment in new offices and other types of nonresidential buildings, which had held up fairly well, has begun to decline RECENT DEVELOPMENTS IN BUSINESS recently and may contract further in 1983. FIXED INVESTMENT.- 1979-82 The current decline in capital spending is a continuation of the weakness that began more The level of business fixed investment fell twice than three years ago. The period from 1979 to during the years 1979-82, a period of prolonged 1982 was one in which the combination of rapid economic stagnation and sustained financial inflation and the application of restrictive gov- pressures. The first contraction in capital spendernment policies to foster price stability curtailed ing, during the 1980 recession, was relatively the growth of output, increased borrowing costs, shallow and relatively short; but reductions in and reduced profits; all three of these factors business fixed investment in the current recesinhibited investment spending. sion have been deeper and may continue well Despite recent cyclical reductions, the share of into 1983 (see chart 1 and table 1). total national output devoted to business fixed The major influences on capital spending— investment has been reasonably well maintained final sales, capacity utilization, the cost of borand remains substantially above the postwar rowing, and profitability—mirrored the overall average. However, the composition of capital stagnation during 1979-82 and were not favorspending has changed dramatically. Outlays for able to expansion in capital outlays (chart 2). By heavy machinery and new factories have grown the end of 1982, real final sales were no greater very little during the past decade, while expendi- than they had been in mid-1979; as a result, the tures on communications and high-technology rate of capacity utilization in manufacturing equipment and on office buildings have expanded slumped to a postwar low. Average costs of rapidly. borrowing long-term funds were close to record Although business fixed investment may not highs during the period. Corporations, conrecover quickly from the current recession and cerned about the high rates prevailing in bond will probably be relatively weak in the near term, markets, were reluctant to issue long-term debt the longer-term outlook is more favorable. In- and instead greatly increased their reliance on creased capacity utilization, new tax incentives short-term financing. The combination of high provided by the Economic Recovery Tax Act of rates, the increased share of debt that quickly 1981, continued moderation in inflation, and fur- reflected these rates, and a heavy debt burden ther improvement in the financial climate should greatly boosted the toll of interest expenses on all promote expansion in capital outlays. Howev- corporate revenues. Reflecting this toll and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 Federal Reserve Bulletin • January 1983 1. Business fixed investment and its components cyclical weakness in sales and earnings, after-tax profits fell precipitously in the nonfinancial cor- Billions of 1972 dollars porate sector starting in 1979 and remained low even in 1981 after business taxes were cut. The number of business failures, meanwhile, reached postdepression highs. The contraction in capital spending in 1980 Business fixed was relatively shallow because the recession of investment that year lasted only six months, about half the average duration of previous postwar recessions. Because the margin of excess capacity that developed was narrower than had been typical during postwar recessions, the slide in business fixed investment halted as soon as aggregate demand started to pick up during the second half Producers' durable equipment of the year. But the cyclical recovery in final sales was short-lived, and in the last half of 1981, economic activity again began to decline, weakening incentives to invest. The impact of the recession on Nonresidential structures y investment spending was delayed until the end of the year, perhaps because businesses expected a repetition of the stop-go pattern of final sales in 1980. But once it became clear that output was not likely to recover promptly, cutbacks in capi- Shaded areas indicate periods of cyclical contraction as defined by tal spending began in earnest. Over the four the National Bureau of Economic Research; trough for current contraction has not been defined. quarters of 1982, real business fixed investment U.S. Department of Commerce data. In this and succeeding charts, fell approximately 9 percent; and judging from Board staff estimates are used for all data for 1982:4. 1. Contractions in business fixed investment and in its determinants, 1947-821 Determinant BBuussiinneessss ffiixxeedd iinnvveessttmmeenntt Gross national Ratio of after-tax Manufacturing CCCooonnntttrrraaaccctttiiiooonnn Final sales product profits to GDP2 capacity utilization Ratio at Rate at Reduction Duration Reduction Duration Reduction Duration trough Duration trough Duration (percent) (percent) 1947-48 16.2 4 0 1 1.5 2 4.8 6 72.4 7 1953-54 3.9 3 1.8 4 3.2 4 4.9 9 79.1 5 1957-58 14.4 4 1.8 2 3.3 2 5.3 11 72.4 5 1960-61 3.8 3 .1 1 1.2 3 5.9 7 73.8 4 1969—70 6.9 5 .1 1 1.0 2 4.1 19 76.6 18 1974-75 16.3 6 2.0 4 4.9 5 1.6 6 70.3 6 1980 6.1 3 2.5 1 2.5 1 3.7 10 75.9 6 Average silill®!! Excluding 1980.... 10.3 4.2 1.0 22..33 22..55 3.0 4.4 9.7 74.1 7.5 Including 1980 .... 9.7 4.0 1.2 2.1 2.5 2.7 4.3 9.7 74.4 7.3 1981-823 6.2 3 1.8 6 2.6 2 4.4 3 69.7 6 1. The reduction is measured in percent from the peak to the trough as a share of gross domestic product of the nonfinancial corporate of the specific series; the duration is measured by the number of sector, both measured in current dollars. The decline in profits quarters the specific series declined from its peak. All calculations are typically begins well in advance of a business cycle peak; such timing made with data in constant dollars except for the profit ratio. accounts for the unusually long average duration of nearly ten 2. After-tax profits of the nonfinancial corporate sector, including quarters. inventory valuation adjustment and capital consumption adjustment, 3. Calculations for 1982 use data for the third quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Business Fixed Investment: Recent Developments and Outlook 3 2. Determinants of business fixed investment Billions of 1972 dollars Percent 1550 Profits after tax as share of GDP 1500 1450 ttmm E 1400 Percent 9 all manufacturing Shaded areas indicate periods of cyclical contraction as defined by Data on gross national product, final sales, profits, and gross the National Bureau of Economic Research. domestic product of the nonfinancial sector are from the U.S. After-tax profits of the nonfinancial corporate sector include inven- Department of Commerce; profits and capacity utilization data end in tory valuation and capital consumption adjustments. The corporate 1982:3. bond rate is the rate on Moody's seasoned Aaa bonds. advance indicators such as contracts and orders already exceeded the drop in 1980 and is likely to and surveys of capital spending plans, it can be continue in the first half of 1983; moreover, it is expected to contract through at least early 1983. expected that, once the decline bottoms out, it The overall decline last year was close to the average total reduction during previous postwar recessions. 2. Contractions in the major components of real business fixed investment, 1947-821 Producers' Durable Equipment Producers' durable Nonresidential Contraction equipment structures Reduction Duration Reduction Duration Outlays for producers' durable equipment fell 7 percent in the 1980 recession, compared with an 1947-48 22.5 7 10.5 4 1953-54 9.6 3 .0 2 average decline of 14 percent for the earlier 1957-58 19.3 4 9.0 7 1960-61 10.8 3 2.3 4 contractions (table 2). The only component of 1969-70 7.7 5 7.8 9 equipment that suffered a major setback during 1974-75 14.3 5 22.2 7 1980 7.0 3 8.0 3 that period was transportation equipment, as Average business purchases of motor vehicles dropped Excluding 1980.... 14.0 4.5 8.6 5.5 one-third (chart 3). Spending for other compo- Including 1980 .... 13.0 4.3 8.5 5.1 nents held up fairly well, falling only about 3 1981-822 9.1 4 1.3 1 percent in the aggregate. 1. The reduction is measured in percent from the peak to the trough In the current contraction, reductions in out- of the specific series; the duration is measured by the number of quarters the specific series declined from its peak. All calculations are lays for producers' durable equipment have been made with data in constant dollars. widespread and quite sharp. The decline has 2. Calculations for 1982 use data for the third quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 Federal Reserve Bulletin • January 1983 3. Producers' durable equipment Nonresidential Structures and selected components Billions of 1972 dollars Outlays for nonresidential structures fell 8 perl ^ p s p l M® cent during the 1980 recession, about the same as z vV /—. / / ^ \\ 120 the average contraction during previous postwar / \ recessions. The decline reflected both cyclical 115 /Producers'durable influences and longer-run investment trends / equipment 110 (chart 4). Cyclical weakness became evident in ' i m i 1 \ spending on office buildings and institutional structures early in 1980 after substantial growth in the late 1970s. Outlays for construction of such commercial buildings as shopping centers and other stores, also dropped; although cyclical factors played a role in the decline, the weakness probably also stemmed from overbuilding in earlier years. Expenditures on public utility structures continued a downward trend that began after the jump in oil prices during the mid- 4. Nonresidential structures and its components Billions of 1972 dollars 1978 1980 1982 Shaded areas indicate periods of cyclical contraction as defined by the National Bureau of Economic Research. U.S. Department of Commerce data; data for components end 1982:3. will have been greater than the average contraction experienced during previous postwar recessions. Outlays for heavy machinery, such as engines, agricultural equipment, and construction machinery, have declined one-fourth since the third quarter of 1981. Business purchases of cars and trucks, which account for about 80 percent of investment in transportation equipment, have fallen about 8 percent in that period, bringing the total decline in this component to nearly 40 percent since 1978. Spending for other transportation equipment—commercial aircraft, railroad equipment, and ships—is down onethird. At the same time, expenditures for fabricated metals and for electrical machinery other than communications equipment have been reduced substantially. In contrast, expenditures on many types of "lighter" equipment have slackened only a little. Outlays for office and store machinery, communications equipment, and instruments, which to- 1978 1980 1982 gether accounted for more than 40 percent of Shaded areas indicate periods of cyclical contraction as defined by producers' durable equipment in 1982, have de- the National Bureau of Economic Research. U.S. Department of Commerce data; data for components end creased only 5 percent. 1982:3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Business Fixed Investment: Recent Developments and Outlook 5 seventies. The same increases in energy prices, sition of aggregate demand, and foreign competihowever, helped to boost petroleum drilling and tion have acted to alter the mix of investment mining activity, which maintained the upward spending. Consequently, even though the share trend that had begun in the mid-1970s. of output used for total investment seems to be in Except for drilling for oil and gas, the trends in line with historical performance, capital formanonresidential structures evident in 1980 contin- tion associated with heavy industry appears to ued into 1982. Reductions in capital outlays have declined. related to drilling and mining recently have accounted for most of the decline in outlays for nonresidential structures. Since their peak in the The Adequacy of Investment last quarter of 1981, expenditures for petroleum drilling and mining have fallen 9Vi percent. The share of gross domestic product devoted to Outlays for nonresidential structures exclud- business fixed investment has increased substaning petroleum drilling and mining have eased off tially since the 1950s (chart 5 and table 3). In the 2 percent during the current contraction. Build- mid-1970s, while the U.S. economy adjusted to a ing activity often is not synchronized with the business cycle because of the long-term nature of 5. Business investment as a share of output building commitments. For example, construc- Percent tion of office buildings expanded throughout 1982 as previous commitments were fulfilled. In contrast, work on public utility structures, other commercial buildings (mostly shopping centers), and farm structures, which had been trending downward before the recession, fell further during 1982. In addition, expenditures for industrial buildings, which tend to be more cyclical, reversed their rise of 1981. A BROADER PERSPECTIVE ON BUSINESS FIXED INVESTMENT Although business fixed investment has declined substantially over the past year, this weakness appears to reflect the cyclical stagnation of overall economic activity rather than a fundamental flaw in long-run capital formation. At the same U.S. Department of Commerce data. Board staff estimates of business fixed investment for 1982:4 were used for the upper panel. time, changes in technology, shifts in the compo- Data for net business fixed investment in 1982 are not available. 3. Measures of the performance of real business fixed investment, 1948-821 Annual average in percent Measure 1948-55 1956-65 1966-73 1974-79 1980-822 1 Gross business fixed investment as share of gross domestic product 99..33 99..33 1100..66 1100..66 1111..55 2 Net business fixed investment as share of net domestic product 33..33 33..00 44..22 33..22 33..44 Growth in business capital stock 3 Straight-line depreciation 44..88 33..77 44..99 33..44 33..55 4 Discarded-capital depreciation3 33..77 33..22 44..55 33..88 33..99 1. All calculations are made with data in constant dollars. SOURCE. Bureau of Economic Analysis. Lines 1 and 2 are from the 2. Line 1 is based on staff estimates for 1982:4; lines 2, 3, and 4 end national income and product accounts. Lines 3 and 4 are from Fixed with 1981:4. Reproducible Tangible Wealth in the United States, 1925-79 (March 3. This measure assumes that capital retains all its usefulness until 1982), with updating provided by BEA. Line 3 corresponds to the it is discarded. concept of net stocks, line 4 with the concept of gross stocks used in that publication; both assume constant-cost valuation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 Federal Reserve Bulletin • January 1983 quadrupling of energy prices and endured a se- exhibited cyclical variation over the postwar vere recession, this share fell sharply. As the period, but no discernible secular trend. Except economy recovered in the late seventies, howev- for the cyclical swings, growth in the capital er, the share of output devoted to business fixed stock has been roughly constant. investment increased considerably—as much as it did in the mid-sixties. In recent years, this share has moved higher despite the cyclical The Composition of Business Fixed weakness of business spending and is now about Investment: Emerging Trends 11'/2 percent. The ratio of business fixed investment to gross Although growth of overall business fixed investdomestic product may, however, overstate the ment during the past decade has been in line with adequacy of investment outlays in the United longer-run trends, outlays for the various compo- States for two reasons: First, gross investment nents have diverged widely. Outlays for producincludes capital expenditures on replacement ers' durable equipment grew much faster than equipment and repairs, so that as the stock of those for nonresidential structures during the capital has risen, required replacement has in- 1960s and 1970s, reversing the trend from the creased. Second, the stock of equipment has mid-1940s to the late 1950s (chart 6). This shift increased more rapidly than has the stock of may have been a response to rising relative buildings and other long-lived capital; this shift prices for construction or to tax policy that has raised the average rate of depreciation of the favored equipment spending. capital stock as a whole. The influence of both The composition of spending within the equipfactors can be eliminated by calculating the ratio ment category also has changed dramatically, as of net business fixed investment (business fixed shown in table 4 and chart 7. From 1960 to the investment minus straight-line depreciation) to present, outlays for communications and highnet domestic product (GDP less depreciation). technology equipment have increased steadily, As chart 5 indicates, removing depreciation from less than 14 percent to more than 45 percent eliminates the upward trend evident in the ratio of total spending for producers' durable equipof gross investment to GDP. Nonetheless, over ment (see table 4 for definitions of categories). At the long run the fraction of net domestic product the same time, the share of heavy industrial devoted to net business fixed investment has equipment in total equipment spending has deremained about constant. Additions to the busi- clined, from more than 35 percent to about 20 ness capital stock were, in fact, smaller in the percent. 1970s than in the second half of the 1960s, but Even before the first oil-price shock, the share investment performance during the late 1960s of equipment outlays going to heavy industrial was strengthened by an unusually prolonged machinery had been declining while the share of period of robust economic activity as well as by the effects of the Vietnam War. Over the past 6. Share of business fixed investment devoted three years, the ratio of net business fixed invest- to producers' durable equipment ment to net national product has been above the Percent postwar average, despite the cyclical contraction of output. Thus it appears that capital spending in recent years has been adequate, in the sense that the ratio of investment to output has been in line with historical norms. Another way to assess investment performance in the long run is to analyze the growth of the capital stock. The two standard measures of that growth (table 3, lines 3 and 4) yield the same results as the investment-output ratios discussed 1950 1955 1960 1965 1970 1975 1982 above. In general, growth in the capital stock has U.S. Department of Commerce data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Business Fixed Investment: Recent Developments and Outlook 7 4. Components of real business fixed investment, 1958-821 Percent Component 1958-65 1966-73 1974-79 1980-822 Business fixed investment 100.0 100.0 100.0 100.0 Producers' durable equipment3 56.6 61.9 69.7 69.8 Communications and high-technology equipment 9.0 12.4 19.2 28.5 Heavy industrial equipment 17.9 18.1 17.2 15.1 Transportation equipment 14.7 17.0 18.1 13.7 Construction and agricultural 6.8 6.6 7.0 4.4 Other 8.2 7.8 8.3 8.0 Nonresidential structures 43.5 38.1 30.2 30.2 Commercial 10.8 10.0 7.8 9.1 Offices n.a. n.a. 2.9 4.7 Other4 n.a. n.a. 4.9 4.4 Public utilities 9.5 9.9 8.7 7.0 Petroleum drilling and mining 4.8 2.7 3.2 4.5 Industrial 6.8 6.7 4.4 4.3 Institutional 9.1 6.4 3.6 3.5 Farm 2.1 1.6 2.0 1.4 Other5 .3 .9 .6 .4 1. All calculations are made with data in constant dollars. ment, ships and boats, and railroad equipment; construction and 2. Calculations for 1982 use data for the third quarter. agricultural equipment includes construction tractors, construction 3. These categories are defined as follows: communications and machinery, farm tractors, and agricultural machinery; and other high-technology equipment includes office and store machinery equipment includes service industry machinery, mining and oil field (which is about 80 percent computers, but also includes more tradi- machinery, household appliances, miscellaneous electrical machintional items such as typewriters, cash registers, and calculating ery, household furniture, other furniture, other miscellaneous, and machines), communication equipment, scientific engineering equip- scrap. ment, and photographic equipment; heavy industrial equipment in- 4. Other commercial structures include other commercial buildings cludes steam engines, internal combustion engines, metalworking and mobile homes. machinery, special industry machinery, general industry machinery, 5. Other structures include all other private structures, commistransmission and distribution machinery, and fabricated metals; trans- sions, and net transfers. portation equipment includes trucks, passenger cars, aircraft equip- n.a. Not available before 1972. communications and high-technology equipment also may have occurred because the manufachad been increasing. But after the U.S. economy turing sector began to utilize more sophisticated began to conserve energy and the growth in production techniques, such as computerized demand for heavy industrial machinery slowed, inventory control, automation, and complex these patterns became more pronounced. communications networks, and because the Factors besides the oil-price shock contributed economy in general was devoting a larger share to the shift away from investment in heavy of its output to services and information. industrial machinery. During the 1970s, U.S. The composition of nonresidential construcmanufacturers of steel and motor vehicles expe- tion also has displayed clear trends over the past rienced intense competition from foreign produc- decade (chart 8). Energy prices have influenced ers. As labor costs rose and growth in productiv- the demand for various types of business strucity slowed in these industries, foreign competi- tures as well as equipment. On the one hand, as tors gained a substantial cost advantage. Re- the demand for electricity grew in response to sponding to the loss of shares in world markets, falling relative prices, expenditures for public U.S. producers shut down less efficient factories utility structures rose as a share of total nonresiin those and related industries and canceled new dential structures from the mid-1960s to the early capital projects; consequently, despite intensive 1970s. After oil prices quadrupled in 1973, the efforts by some of these industries to modernize, growth in demand for electricity slowed dramatigrowth in the demand for domestically produced cally and investment in new generation plants heavy industrial machinery declined. Between declined. 1980 and 1982, as the dollar appreciated against On the other hand, petroleum drilling and foreign currencies, other durable goods indus- mining activity fell as a share of total expenditries in the United States became less competi- tures on structures throughout the 1960s with the tive. The shift away from industrial equipment fall in the relative price of oil. But when the price Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 Federal Reserve Bulletin • January 1983 7. Selected components of producers'durable equipment Nonresidential building activity (that is, nonresidential structures excluding petroleum drilling and mining) has shifted over the past decade toward commercial buildings. The share of outlays for offices has been expanding sharply, while the share for other commercial buildings— mostly shopping centers and other stores—has been shrinking with the slowing in population growth and in development of suburban areas. Meanwhile, outlays devoted to industrial building have remained near 15 percent of the total on nonresidential structures for the past decade; in the mid-1960s they reached a peak of a quarter of the total. THE OUTLOOK Percent of total producers' durable equipment, in constant dollars. U.S. Department of Commerce data; data for components end 1982:3. The near-term outlook for business fixed investment depends critically on the response of prodof oil skyrocketed in 1973 and again in 1979, oil uct and financial markets to the ongoing efforts exploration became more profitable and the to reduce inflation. The halving of inflation durshare of petroleum drilling and mining began to ing 1982 did foster a significant drop in nominal rise; by early 1982, it was about 16 percent of interest rates from the cyclical peaks reached in outlays for business structures, nearly two and a late 1981; moreover, further progress in cutting half times the share in 1972. inflation appears to be in prospect and should bring additional improvements in financial mar- 8. Selected components of nonresidential structures kets. The effects of the recent declines in interest rates are already being felt in some sectors of the economy, such as automobiles and housing, and a more generalized recovery in aggregate demand appears imminent. Lower costs for longterm borrowing also have allowed firms to begin needed restructuring of their balance sheets, funding of short-term debt, and rebuilding of liquid assets. The combination of an expected recovery in final demand, the easing of financial stresses, and continued improvement in credit market conditions should help encourage a sustained expansion in capital spending. The initial recovery of business fixed investment will probably be slower than is typical after a cyclical contraction in capital spending. The moderate growth of business outlays expected during the expansion reflects the severity of the preceding recession. The severe drop in production during 1981 and 1982 left many firms with margins of unused capacity that are wider than is Percent of total nonresidential structures, in constant dollars. usual in a recession (table 1). Consequently, U.S. Department of Commerce data; data for components end during the initial rebound of aggregate demand 1982:3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Business Fixed Investment: Recent Developments and Outlook 9 many firms will be more likely to intensify use of Declining inflation will also lower business existing capital than to invest in new plant and taxes by reducing the bias that is created by equipment. But, as overall activity follows a path historical-cost depreciation. (For example, if inof sustained recovery, the demand for new capi- flation doubles the price level in six years, the tal goods should increase more rapidly. remaining tax value of depreciation on six-year- In the early stages of an investment recovery, old equipment is cut in half because no allowance spending tends to be concentrated on items that is made in the tax law for the shrinkage in the can be purchased off the shelf or that have a value of a dollar over the intervening period.) short production time. A similar pattern seems For some kinds of investment, the reduction in likely to unfold this year, with the initial ex- effective tax rates generated by a substantial pansion concentrated in business purchases of improvement in price performance could be largautomobiles and trucks and in outlays for com- er than that legislated in 1981. munications equipment and other lighter, high- This generally favorable outlook for the formatechnology equipment. Heavy industrial machin- tion of additional business capital is clouded by ery will take longer to recover because of plan- two major problems. First, although lower inflaning and production lags as well as the tion and lower taxes on income from capital underlying shift in demand away from these should strengthen business investment in the goods. Similar lags are likely to delay the recov- 1980s, these same two factors could contribute to ery of spending on nonresidential structures, deeper federal deficits, thus offsetting much of although the decline in petroleum drilling and their beneficial effect. The large current deficits mining activity is already showing signs of eas- probably can be funded by the flow of private ing. saving—given the depressed state of markets for Over the longer term, the outlook for capital both personal and business investment goods; spending is generally favorable. Current fiscal but once a recovery is solidly under way, federal and monetary policies should encourage a recov- financing needs can be expected to compete for ery and expansion of output through the mid- savings and to keep the real cost of funds sub- 1980s, thereby stimulating greater utilization of stantially higher than it otherwise would be. existing capacity and providing incentives to Unless federal deficits can be held below the create new capacity in most sectors of the econ- substantial sums now in prospect, through either omy. Inflation should continue to decline, so that major reductions in federal expenditures or ina more stable economic environment emerges creases in federal tax rates, high borrowing costs and uncertainty decreases. This decrease in un- could severely limit long-term plans for investcertainty could revive interest in longer-term ment spending. investments, which lost their appeal in the turbu- Second, even if the problem of persistent lent seventies. And the continuing revolution in federal deficits is successfully handled, composielectronics will probably promote investment tional imbalances in capital spending are likely to demand by providing new types of equipment remain. Many heavy industries—for example, that can be used to cut costs. automobiles and steel—are beset by serious Federal tax policy toward business also should structural problems. Problems with costs, prohelp create a favorable climate for investment ductivity, and output design have reduced interspending in the 1980s. The Economic Recovery national competitiveness, and capacity utiliza- Tax Act of 1981 substantially increased allowa- tion in a number of industries has fallen to such a ble writeoffs for depreciation of business capital, low level that investment has become unattracexpanded the investment tax credit, and liberal- tive. Unless these serious structural problems ized the rules for transferring those tax breaks are addressed in a meaningful way, investment in through leasing arrangements. Although some of the affected sectors may continue to decline. the provisions of the 1981 act were repealed or Recent revisions in the federal tax law, commodified in 1982, effective federal tax rates on bined with the likelihood of increased economic business are still much lower than they were in stability, should provide an extraordinary oppor- 1980. tunity for capital expansion and renovation in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 Federal Reserve Bulletin • January 1983 1980s. However, if federal deficits are not re- For a detailed empirical and theoretical discusduced and if the entrenched structural problems sion of capital formation in the United States, of aging heavy industry are not successfully see Board of Governors of the Federal Reserve addressed, business capital formation may not System, Public Policy and Capital Formation achieve its potential for growth. • (Board of Governors, 1981). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 Industrial Production Released for publication January 14 goods, business equipment, construction supplies, and durable materials. For November the Industrial production edged down in December decline in the production index is now estimated an estimated 0.1 percent after large declines in at 0.7 percent and for October at 1.1 percent, the preceding three months. Sizable increases reflecting downward revisions from the previoccurred in the output of automotive products ously published declines of 0.4 and 0.8 percent and defense and space equipment, but there was respectively. At 134.7 percent of the 1967 avercontinuing weakness in the production of home age, the December index was 12.5 percent below 1967 = 100 Materials output Products output Business equipment MATERIALS Nondurable ' Durable \ » Consumer goods ' \ / \ J L CONSUMER GOODS Business supplies 170 Nondurable • • v ^ 150 130 Durable \ ' v Construction supplies * \ S' 110 1969-70=100 Annual rate, millions of units 180 18 140 14 MANUFACTURING Nondurable 1977 1979 1981 1983 1977 1979 1981 1983 All series are seasonally adjusted and are plotted on a ratio scale. Auto sales and stocks include imports. Latest figures: December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 Federal Reserve Bulletin • January 1983 1967 = 100 Percentage change from preceding month Percentage change, Grouping 1982 1982 Dec. 1981 ttoo DDeecc.. Nov.P Dec.e Aug. Sept. Oct. Nov. Dec. 1982 Major market groupings Total industrial production 134.8 134.7 -.3 -.8 -1.1 -.7 -.1 -6.1 Products, total 138.6 138.7 -.4 -.8 -1.0 -.6 .1 -5.1 Final products 137.7 138.1 -.9 -.9 -1.0 -.7 .3 -5.6 Consumer goods 141.1 141.4 -1.2 -.5 -.8 -.8 .2 -.4 Durable 124.9 127.3 -3.2 -1.2 -3.4 -1.6 1.9 3.3 Nondurable 147.6 147.0 -.3 -.3 .1 -.5 -.4 -1.7 Business equipment 144.6 144.1 -.6 -2.2 -2.7 -1.2 -.3 -19.5 Defense and space 113.6 116.0 .0 .0 2.1 1.6 2.1 8.4 Intermediate products 141.9 141.0 1.3 -.7 -.9 -.4 -.6 -3.4 Construction supplies 123.2 122.2 2.4 -1.3 -1.5 -.3 -.8 -3.8 Materials 128.9 128.4 -.2 -.6 -1.3 -1.1 -.4 -7.6 Major industry groupings Manufacturing 134.0 133.9 -.1 -.7 -1.5 -.7 -.1 -5.7 Durable 119.3 119.3 -.8 -1.1 -2.4 -1.0 .0 -9.1 Nondurable 155.2 155.1 .8 -.1 -.4 -.5 -.1 -1.5 Mining 115.9 118.0 -2.7 -1.9 1.5 -.4 1.8 -17.3 Utilities 167.1 165.5 .5 -.6 .2 -.4 -1.0 -1.6 p Preliminary. e Estimated. NOTE. Indexes are seasonally adjusted. its latest high in July 1981. Annual industrial defense and space equipment, which had been output in 1982 was about 8 percent below 1981, rising moderately during most of 1982, increased putting it at about the same level as in 1977. significantly for the third consecutive month. In market groupings, output of consumer Production of intermediate goods—construction goods increased 0.2 percent in December, re- and business supplies—fell further during Deflecting a sharp increase in the production of cember. autos and light trucks. Automobiles were assem- Output of materials declined 0.4 percent—a bled at an annual rate of 5.1 million units—up somewhat smaller reduction than in recent about 13 percent from November. The auto months. Production of durable materials deindustry has scheduled a further increase for creased 0.6 percent, with continued declines in January in response to improved sales that have metals. Output of nondurable materials was undiminished stocks. However, production of changed overall, and energy materials declined. home goods and nondurable consumer goods In industry groupings, manufacturing produccontracted further in December. Output of busi- tion edged down in December with little overall ness equipment declined 0.3 percent, a smaller change in either durable or nondurable manufacreduction than in most months of 1982. Contin- turing. Mining activity increased, but output of ued contractions in the output of manufacturing electric and gas utilities was reduced, in part reand power equipment were partially offset by an flecting milder-than-usual weather in some areas increase in oil and gas well drilling. Output of of the country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

13 Announcements CHANGE IN DISCOUNT RATE 1. Reserve Banks will have checks available for presentment (or dispatch) to paying institutions no later than 12:00 noon local time.1 The transition to The Federal Reserve Board has announced a later presentment will be accomplished in two steps: further reduction in the discount rate from 9 first, on February 24, 1983, presentment will be moved percent to 8V2 percent, effective December 14, to 11:00 a.m.; and on May 2, 1983, it will be moved to 1982. The discount rate is the interest rate that is 12:00 noon. 2. The later presentment policy program will be charged for borrowings from the District Federal applied to regional check processing center (RCPC) Reserve Banks. and country paying institutions that receive a substan- The further half-point reduction in the dis- tial dollar value of checks. Further, deposit deadlines count rate was taken in the light of current for checks drawn on high dollar RCPC and country business conditions, strong competitive pres- institutions will be extended beyond the deadlines that were originally published by the Reserve Banks. Gensures on prices and further moderation of cost erally, these deadlines will be comparable to the increases, a slowing of private credit demands, deadlines for checks drawn on city institutions. and present indications of some tapering off in 3. Each Reserve office's later deposit deadlines will growth of the broader monetary aggregates. be made available to all depositors—intraterritory In announcing the reduction, the Board voted institutions, institutions that "direct send" to other Federal Reserve offices, and institutions using the on requests submitted by the boards of directors Federal Reserve's interdistrict transportation system of the Federal Reserve Banks of Boston, Atlan- (ITS) network. ta, Chicago, St. Louis, Minneapolis, Dallas, and San Francisco. The Board subsequently ap- Under this program at least $3 billion of checks proved similar requests from the Federal Rehandled by the Federal Reserve are estimated to serve Banks of New York, Cleveland, Richbe cleared a day earlier. mond, and Kansas City, effective December 15, The new collection program will be put into and from the Federal Reserve Bank of Philadeleffect in stages from February 24 through July 1, phia, effective December 17, 1982. 1983. The Reserve Banks will notify depository institutions, at a later time, of the details of the program. CHECK COLLECTION SERVICE In adopting the program, the Board said: The Federal Reserve Board has approved a Implementation of the Reserve Banks' proposal to program to accelerate the collection of checks by accelerate the collection of checks, with the modificathe Federal Reserve System. tions that have been made, should provide substantial benefits to depository institutions and to the public. The Board also approved a revised schedule of The program will improve the availability of funds to fees for the transportation of currency and coin depository institutions and permit them to make funds to depository institutions and adopted a private available more quickly to their customers. Additionalsector adjustment factor (PSAF) of 16 percent as ly, this program should encourage the use of electronic an element in the pricing of its services in 1983 payment systems, since it should result in reduced check collection float. (unchanged from the 1982 PSAF). As adopted, the program for speeding up check collection includes a number of changes 1. Presentment indicates the time that Reserve offices will made in response to comment received on a present checks at clearinghouses or make them available for pickup at the Reserve office. When deliveries must be made proposal published in August. The main eleto city institutions outside a clearinghouse, delivery will be ments of the program are as follows: made as close as possible to these hours. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 Federal Reserve Bulletin • January 1983 The Federal Reserve conducted a comprehen- Regulation L (Management Official Interlocks) sive review of the 557 comments received. Most clarifying the circumstances under which certain of the comment supported the objectives of the interlocks among depository institutions may be proposal to accelerate the collection of checks. continued until 1988. Support was received on the specifics of the The Board and the other federal supervisory program from 255 commenters, and 35 others agencies of depository institutions proposed this approved the program in part. amendment to their regulations in October. The The private sector adjustment factor of 16 revised rule is being adopted by the five agencies percent adopted by the Board for inclusion in as proposed. Federal Reserve pricing in 1983 assumes an The amendment to Regulation L will become average cost of capital during the year of 16.3 effective upon publication jointly by the five percent. Other factors in calculating the PSAF agencies in the Federal Register about the midare the book value of related Federal Reserve dle of January. assets and related financing expenses. Details of the calculation of the PSAF are available from the Reserve Banks or the Federal Reserve REGULATIONS D AND Q: TECHNICAL Board. AMENDMENTS The fees for Federal Reserve cash transportation in 1983 will be higher than in 1982, but will The Federal Reserve Board on December 29, not yet recover full costs, in order to provide 1982, made public a number of technical reviinstitutions with a transition period before the sions of its Regulation D (Reserve Requirements Federal Reserve establishes a fee schedule that of Depository Institutions) and Regulation Q recovers full costs. (Interest on Deposits) to conform the regulations to rules adopted by the Depository Institutions Deregulation Committee. REGULATION D: AMENDMENT The Federal Reserve Board on December 23, COMPLIANCE HANDBOOK SUPPLEMENT 1982, adopted in final form an amendment to Regulation D (Reserve Requirements of Deposi- Supplement No. 8 to the Federal Reserve System tory Institutions) defining as transaction ac- Compliance Handbook is now available. The counts time deposits issued in connection with supplement replaces pages in Part I (Statutes and an agreement permitting the depositor to obtain Regulations) and Part II (Examination and Invescredit by check or similar devices for the purpose tigation Procedures) with regard to Truth in of making payments or transfers to third parties. Lending, Fair Debt Collection, and Home Mort- The final rule is substantially the same as the gage Disclosure. The new material has been rule issued in temporary form, effective October approved by the Federal Financial Institutions 5, 1982, and amended in November to exempt Examination Council and adopted for System such time deposits issued before October 5, use by the Board's Division of Consumer and 1982, that will be renewed automatically on or Community Affairs. before December 31, 1982. In issuing the final The supplement is available without charge on rule, the Board clarified that it does not regard as request to Publication Services, Board of Govertransaction accounts time deposits pledged to nors of the Federal Reserve System, Washingsecure incidental overdrafts in a checking ac- ton, D.C. 20551. count. PROPOSED ACTION REGULATION L: AMENDMENT The Federal Reserve Board has requested com- The Federal Reserve Board has announced ment by February 13, 1983, on a revised fee adoption in final form of an amendment to its schedule for its book entry securities services Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 15 (computer recording of government securities Ulm Financial Corporation 801 and related wire transfers). Union Planters Corporation 434 CHANGES IN BOARD STAFF SYSTEM MEMBERSHIP. ADMISSION OF STATE BANKS John M. Denkler, Staff Director for Management, has been appointed Adviser in the Office The following banks were admitted to memberof Staff Director for Federal Reserve Bank Ac- ship in the Federal Reserve System during the tivities, effective February 1, 1983. period December 11, 1982, through January 10, 1983: The Board has also announced the resignation of Uyless D. Black, Associate Director, Division California of Data Processing, on December 31, 1982. Los Angeles Hanni Bank Colorado Boulder ... Boulder Tri-State Industrial Bank ERRATUM Denver Tri-State Industrial Bank Florida The following bank holding companies were Sarasota City Commercial Bank omitted from the Index to Volume 68 in the Puerto Rico December 1982 issue of the BULLETIN, p. A88: San Juan Banco de Ponce Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

17 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON NOVEMBER 16, 1982 point to 10.4 percent, with the rise concentrated among adult workers. In recent weeks, more- 1. Domestic Policy Directive over, initial claims for unemployment insurance remained exceptionally high. The information reviewed at this meeting sug- Private housing starts rose in September and in gested that real GNP would change little in the the third quarter as a whole were nearly 17 fourth quarter, after increasing at an annual rate percent higher than in the second quarter. Most of 3/4 percent in the third quarter according to of the third-quarter increase was in the multifampreliminary estimates of the Commerce Depart- ily sector and was attributable mainly to a surge ment. Average prices, as measured by the fixed- in federally subsidized rental units at the end of weight price index for gross domestic business the fiscal year. In September, newly issued perproduct, were continuing to rise at a much less mits for both single-family and multifamily dwellrapid pace than in 1981. ings rose substantially. Sales of new homes also The nominal value of retail sales rose 0.6 advanced appreciably, exceeding the 1981 averpercent in October, but the level was little higher age rate for the first time this year; sales of than in the second and third quarters. Sales existing homes, however, remained at the reincreased at automotive outlets and furniture and duced August pace. appliance stores, but edged down at nondurable The producer price index for finished goods goods stores. Unit sales of new domestic auto- rose 0.5 percent in October, following a decline mobiles fell back to an annual rate of 5.3 million of 0.1 percent in September. Most of the October units, after having increased to an annual rate of increase was attributable to higher prices for 6.2 million units in September in response to motor vehicles, which had been reduced in Sepspecial promotions aimed at reducing excess tember by end-of-year liquidation allowances stocks of 1982 models. and discounts on 1982 models. Prices of consum- The index of industrial production declined 0.8 er foods and energy-related items edged down in percent in October, a little more than in both October. Over the first ten months of the year August and September, and was about IIV2 per- the index rose at an annual rate of about VA cent below its recent peak in July 1981. Output of percent, less than half the pace in 1981. The business equipment fell substantially further in consumer price index rose 0.2 percent in Sep- October, and as in other recent months, defense tember, as the homeownership component deand space equipment was the only major catego- clined and most other categories registered relary of final products showing strength. Capacity tively small increases. Over the first nine months utilization in manufacturing fell 0.8 percentage of the year the index rose at an annual rate of point to 68.4 percent, the lowest level in the about 43/4 percent, compared with an increase of postwar period. about 9 percent in 1981. In recent months the Nonfarm payroll employment fell further in advance in the index of average hourly earnings October, declining slightly more than the average had remained considerably less rapid than it was over the previous four months. Cutbacks in during 1981. employment were widespread and were especial- In foreign exchange markets the trade-weightly marked in durables manufacturing. The unem- ed value of the dollar against major foreign ployment rate rose an additional 0.3 percentage currencies continued to appreciate from the end Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 Federal Reserve Bulletin • January 1983 of September to mid-November. The dollar term borrowing by nonfinancial businesses strengthened further despite somewhat greater slowed further, as growth in business loans at declines, on balance, in U.S. interest rates than banks moderated and the volume of commercial in foreign interest rates over the period. More- paper outstanding contracted substantially for over, release of data indicating that the U.S. the second month in a row. However, the weakmerchandise trade deficit in the third quarter was ness in short-term borrowing was offset in part more than double the rate in the first two quar- by an increase in long-term financing in the bond ters of the year apparently had little impact on market. exchange rates. The demand for reserves was relatively strong At its meeting on October 5, the Committee in October, reflecting particularly the rapid had agreed that it would seek to maintain expan- growth of Ml. Nonborrowed reserves grew rapsion in bank reserves needed for an orderly and idly, and adjustment borrowing (including seasustained flow of money and credit, consistent sonal borrowing) fell to an average of $337 milwith growth of M2 (and M3) from September to lion in October from an average of $815 million in December at an annual rate in a range of around September. 8V2 to 9Vi percent, and taking account of the Short-term market interest rates on private desirability of somewhat reduced pressures in instruments declined about 1V2 percentage points private credit markets in the light of current on balance over the intermeeting interval, after a economic conditions. Somewhat slower growth, temporary reversal in September. Yields on bringing those aggregates around the upper part short-term U.S. Treasury securities declined of the ranges set for the year, would be accept- less, by about 3A to 1 percentage point, and the able and desirable in a context of declining rate on three-month Treasury bills actually rose interest rates. Should economic and financial somewhat. Quality spreads in the money maruncertainties lead to exceptional liquidity de- kets, after widening in September, had narrowed mands, somewhat more rapid growth would be in recent weeks as concerns about private credit tolerated. The Committee had also decided that risks apparently lessened. On October 8 the it would place much less than the usual weight on Federal Reserve announced a reduction in the the movements of Ml during the period from discount rate from 10 percent to 9V2 percent. September to December and would not set a Shortly thereafter, and over the balance of the specific objective for its growth, because its intermeeting interval, federal funds traded at behavior would be substantially affected by spe- rates close to the new discount rate, compared cial circumstances. The intermeeting range for with a trading level somewhat above 10 percent the federal funds rate, which provides a mecha- in September and early October. In the long-term nism for initiating further consultation of the capital markets, bond yields continued to decline Committee, was set at 7 to IOV2 percent. over the period, falling about 1 to VA percentage Growth of M2 and M3, which had been slug- points; common stock prices advanced sharply, gish in September, picked up to annual rates of with many indexes touching new highs in early about 8 percent and 9 percent respectively in November. In home mortgage markets, average October; still, growth remained below the brisk rates on new commitments for fixed-rate conpace of earlier in the year. Growth of Ml surged ventional home mortgage loans declined about to an annual rate of a little over 20 percent, VA percentage points further to around 137/s influenced by shifts of funds in connection with percent. the large volume of maturing all savers certifi- The staff projections presented at this meeting, cates. like those of early October, suggested that real Total credit outstanding at U.S. commercial GNP would grow moderately during 1983, but banks grew at an annual rate of about 7 percent that any recovery in economic activity in the in October, up somewhat from the reduced Sep- months just ahead was likely to be quite limited. tember pace. Banks acquired a sizable volume of The projections for the year ahead also suggested U.S. Treasury securities, but growth in loans that unemployment would remain at a high level. generally remained relatively weak. Total short- The rate of increase in prices, as measured by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 19 fixed-weight price index for gross domestic busi- monetary policy tended to exert their impacts ness product, was expected to drift down. with a lag and that the sharp turn toward fiscal In the Committee's discussion of the economic stimulus and the easing of conditions in financial situation and outlook, several members com- markets were relatively recent developments. In mented that the staff projection of moderate this connection, concern was expressed that an growth over the year ahead remained a reason- overly expansive combination of fiscal and monable expectation and the view was expressed that etary policies would stimulate inflationary exthe projected growth could be exceeded. Howev- pectations, foster a rise in long-term interest er, many members continued to stress that there rates, and limit or abort the economic recovery. were substantial risks of a shortfall from the Turning to policy, the Committee reviewed the projection. Considerable emphasis was given to short-run objectives for monetary growth that it the widespread signs of weakness in economic had established at its meeting on October 5 activity and to the continuing absence of evi- calling for expansion in M2 (and M3) at an annual dence that an economic recovery might be under rate in a range of around 8V2 to 9Vz percent for the way. In the view of some members, a number of period from September to December. No specifindicators of economic activity were in fact con- ic objective had been set for Ml growth in the sistent with a further decline, at least over the fourth quarter because of the anticipated difficulnear term. Reference was also made to the ty of interpreting the behavior of that aggregate unusually sharp impact of the drop in exports— during the quarter. the consequence of worldwide recession and of In their discussion the Committee members the very high foreign exchange value of the agreed that the behavior of Ml would continue to dollar—and to expectations of a very slow recov- be distorted by institutional developments. The ery abroad. Moreover, the prospects for world- first involved the large buildup of checkable wide recovery were complicated by the financing deposits associated with the maturing of a very difficulties of many developing countries. large volume of all savers certificates, especially Although widely held expectations of a domes- in early October. The resulting bulge in Ml tic recovery had been repeatedly disappointed, growth had persisted somewhat longer than the members noted that the large decline in some members had anticipated; but, according to interest rates over recent months had eased a staff analysis, Ml growth could be expected to financial strains in the economy, fostered some decelerate over the balance of the quarter as the recovery in housing and related industries, and transaction balances built up from maturing all appeared in recent weeks to have improved savers certificates were invested or drawn down. confidence somewhat among businessmen and Growth of Ml and also M2 could be positively consumers. One indicator of the less bearish affected in the near term, however, by a possible sentiment was the decline in risk premiums in buildup of balances for eventual placement in the securities markets as rates on private credit short-term deposit account that had recently instruments had fallen in recent weeks relative to been authorized by the Depository Institutions those on U.S. government obligations. The im- Deregulation Committee, effective December 14, provement in attitudes was also reflected in the 1982. It was generally expected that the new sharp rise of prices in the stock market. Several account, which would be free from interest rate members commented, however, that the appar- ceilings and could be used to a limited extent for ent easing of concerns was still quite tentative transaction purposes, would draw funds from and could easily be reversed, with highly adverse regular transaction accounts, thereby tending to consequences for the economy, if interest rates reduce Ml after its introduction. In view of these were to rise significantly from current levels. institutional distortions, the Committee decided Some Committee members, while acknowl- that it would continue to give much less than the edging the absence of evidence of an imminent usual weight to Ml and that it would not set a upturn in economic activity, nonetheless viewed specific objective for its growth over the fourth the prospects for recovery as relatively favor- quarter. able. They emphasized that fiscal policy and The behavior of M2 and M3, though not of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 Federal Reserve Bulletin • January 1983 their components, appeared to have been affect- orderly and sustained flow of money and credit, ed only marginally by the maturing of all savers consistent with growth of M2 (and M3) from certificates, and these broader aggregates were September to December at an annual rate of also expected to be affected much less than Ml around 9Vi percent. The Committee also decided when the new deposit account was introduced in that somewhat slower growth in M2 and M3, to mid-December. In reviewing the growth objec- the extent of reducing their expansion for the tives for M2 and M3 that had been set for the year to nearer the upper part of the ranges for fourth quarter, most of the Committee members 1982, would be acceptable and desirable if such endorsed the view that monetary growth running growth were associated with declining interest somewhat above the Committee's target ranges rates. On the other hand, somewhat more rapid set early in the year was appropriate given the growth would be tolerated if continuing economindications of continuing strong demands for ic and financial uncertainties should appear to be liquidity during a period of relatively weak eco- reflected in exceptional liquidity demands. The nomic activity. In that connection, emphasis was intermeeting range for the federal funds rate, placed by some members on the evidence that which provides a mechanism for initiating further velocity trends over the past year or so seemed consultation of the Committee, was set at 6 to 10 to suggest a distinct break from earlier postwar percent. experience. While questions could be raised The following domestic policy directive was about the persistence of the slowdown in veloc- issued to the Federal Reserve Bank of New ity, available evidence suggested that unusual York: economic and financial uncertainties, as well as lower interest rates, were inducing a greater The information reviewed at this meeting suggests desire to hold liquid assets than had been as- little change in real GNP in the fourth quarter and continuation of the rise in prices at a much less rapid sumed in setting the annual targets. pace than in 1981. In October the nominal value of With regard to the choice of specific objectives retail sales edged up, but was little higher than in the for the broader aggregates in the fourth quarter, second and third quarters; industrial production and nonfarm payroll employment continued to decline; all of the members favored growth rates that and the unemployment rate rose another 0.3 percentwere within or slightly above the range adopted age point to 10.4 percent. Initial claims for unemployat the October 5 meeting. It was suggested that ment insurance have remained exceptionally high. In such growth rates would balance the desirability September and the third quarter as a whole, housing of meeting current liquidity needs and fostering starts had strengthened. In recent months the advance in the index of average hourly earnings has remained economic recovery against the risk of creating considerably less rapid than during 1981. excess liquidity that might later complicate the The weighted average value of the dollar against achievement of sustained progress toward price major foreign currencies continued to appreciate from stability, particularly in light of the prospect of the end of September to mid-November. The U.S. continuing large deficits as the economy recov- merchandise trade deficit in the third quarter was more than double the rate in the first two quarters of the ered. Several members commented that further year. declines in interest rates would be welcome for Growth of Ml, already rapid in August and Septemboth domestic and international reasons, but ber, accelerated sharply in October in association with concern was also expressed that any sizable the maturing of a large volume of all savers certifideclines in association with unduly rapid mone- cates. Growth of M2 and M3 picked up from sluggish tary growth could prove to be unsustainable, rates in September, but remained below the brisk pace of earlier in the year. Most short-term market interest with unsettling effects on financial markets and rates have declined on balance since early October, adverse consequences for inflationary expectaafter a reversal in September, and bond yields and tions and the economy. mortgage rates have declined further. On October 8 the Federal Reserve announced a reduction in the At the conclusion of its discussion the Comdiscount rate from 10 percent to 9Vi percent. Quality mittee agreed that, against the background of spreads in the money markets, which had widened, prevailing economic and financial conditions and have narrowed in recent weeks as interest rates have current liquidity demands, it would seek to main- declined, and common stock prices have advanced tain expansion in bank reserves needed for an sharply. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the FOMC 21 The Federal Open Market Committee seeks to fos- Votes for this action: Messrs. Volcker, Solomon, ter monetary and financial conditions that will help to Balles, Black, Gramley, Mrs. Horn, Messrs. Marreduce inflation, promote a resumption of growth in tin, Partee, Rice, Mrs. Teeters, and Mr. Wallich. output on a sustainable basis, and contribute to a Vote against this action: Mr. Ford. sustainable pattern of international transactions. In July, the Committee agreed that these objectives Mr. Ford dissented from this action because would be furthered by reaffirming the monetary he believed that it ran the risk of complementing growth ranges for the period from the fourth quarter of 1981 to the fourth quarter of 1982 that it had set at the very large budget deficits with substantial in- February meeting. These ranges were 2¥z to 514 per- creases in the supply of money. In his view the cent for Ml, 6 to 9 percent for M2, and 614 to 9'/2 result would be an overly stimulative combinapercent for M3. The associated range for bank credit tion of policies that could rekindle inflation and was 6 to 9 percent. The Committee agreed that growth drive up interest rates during 1983. in the monetary and credit aggregates around the top of the indicated ranges would be acceptable in the light of the relatively low base period for the Ml target and other factors, and that it would tolerate for some 2. Authorization for Domestic Open period of time growth somewhat above the target Market Operations range should unusual precautionary demands for money and liquidity be evident in the light of current economic uncertainties. The Committee also indicated At this meeting the Committee voted to increase that it was tentatively planning to continue the current from $3 billion to $4 billion the limit on changes ranges for 1983 but that it would review that decision between Committee meetings in System Account carefully in the light of developments over the remainholdings of U.S. government and federal agency der of 1982. securities specified in paragraph 1(a) of the au- Specification of the behavior of Ml over the balance of the year remains subject to substantial uncertainty thorization for domestic open market operations, because of special circumstances in connection with effective immediately, for the period from Octothe reinvestment of funds from maturing all savers ber 6, 1982, through the close of business on certificates and the public's response to the new November 16, 1982. account directly competitive with money market funds mandated by recent legislation. The difficulties in Votes for this action: Messrs. Volcker, Solomon, interpretation of Ml continue to suggest that much less Balles, Black, Ford, Gramley, Mrs. Horn, Messrs. than usual weight be placed on movements in that Martin, Partee, Rice, Mrs. Teeters, and Mr. Walaggregate during the current quarter. lich. Votes against this action: None. In all the circumstances, the Committee seeks to maintain expansion in bank reserves needed for an orderly and sustained flow of money and credit, con- This action was taken on the recommendation sistent with growth of M2 (and M3) of around 914 of the Manager for Domestic Operations. The percent at an annual rate from September to Decem- Manager had advised that substantial net purber. Somewhat slower growth, bringing those aggrechases of securities in recent weeks had reduced gates around the upper part of the ranges set for the year, would be acceptable and desirable in a context of to about $500 million the leeway for further declining interest rates. Should economic and financial purchases during the intermeeting period ending uncertainties lead to exceptional liquidity demands, with the close of business today. Purchases of somewhat more rapid growth in the broader aggresecurities in excess of that leeway seemed desirgates would be tolerated. The Chairman may call for able during the course of today's operations to Committee consultation if it appears to the Manager for Domestic Operations that pursuit of the monetary provide reserves to meet increased seasonal objectives and related reserve paths during the period needs. before the next meeting is likely to be associated with a federal funds rate persistently outside a range of 6 to 10 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

23 Legal Developments AMENDMENTS TO REGULATION A Federal Reserve Bank Rate Effective The Board of Governors has amended its Regulation Boston m December 14, 1982 New York m December 15, 1982 A, "Extensions of Credit by Federal Reserve Banks," Philadelphia 8'/2 December 17, 1982 for the purpose of adjusting discount rates. The further Cleveland 8 !/2 December 15, 1982 Richmond 8!/2 December 15, 1982 half-point reduction in the discount rate was taken in Atlanta 8!/2 December 14, 1982 the light of current business conditions, strong com- Chicago 8V2 December 14, 1982 St. Louis 81/2 December 14, 1982 petitive pressures on prices and further moderation of Minneapolis 8'/2 December 14, 1982 cost increases, a slowing of private credit demands, Kansas City 8'/2 December 15, 1982 Dallas 8'/2 December 14, 1982 and present indications of some tapering off in growth San Francisco 8'/2 December 14, 1982 of the broader monetary aggregates. Effective November 22, 1982, the Board acted to amend Regulation A to reduce the discount rate to 9 (b) The rates for other extended credit provided to per cent. depository institutions under sustained liquidity pres- Effective December 14, 1982, sections 201.51 and sures or where there are exceptional circumstances or 201.52 of Regulation A were amended as set forth practices involving a particular institution under below: § 201.3(b)(2) of Regulation A are: Part 201—Extensions of Credit by Federal Federal Reserve Bank Rate Effective Reserve Banks Boston 8!/> December 14, 1982 New York 8!/2 December 15, 1982 Section 201.51—Short Term Adjustment Credit Philadelphia 8'/2 December 17, 1982 for Depository Institutions Cleveland 8'/2 December 15, 1982 Richmond 8'/2 December 15, 1982 Atlanta 81/2 December 14, 1982 Chicago 81/2 December 14, 1982 The rates for short term adjustment credit provided to St. Louis 8!/2 December 14, 1982 depository institutions under § 201.3(a) of Regulation Minneapolis 81/2 December 14, 1982 Kansas City 8'/2 December 15, 1982 A are: Dallas 8'/2 December 14, 1982 San Francisco 81/2 December 14, 1982 Note. These rates apply for the first 60 days of borrowing. A 1 per cent surcharge applies for borrowing during the next 90 days, and a 2 Federal Reserve Bank Rate Effective per cent surcharge applies for borrowing thereafter. Boston m December 14, 1982 New York m December 15, 1982 Philadelphia m December 17, 1982 Cleveland 8!/2 December 15, 1982 Richmond 8 v 2 December 15, 1982 Atlanta 8'/2 December 14, 1982 AMENDMENTS TO REGULATION D Chicago 8 Vi December 14, 1982 St. Louis m December 14, 1982 Minneapolis 8!/2 December 14, 1982 The Board has amended Regulation D—Reserve Re- Kansas City 8'/2 December 15, 1982 Dallas 8'/2 December 14, 1982 quirements of Depository Institutions (12 CFR Part San Francisco 8'/2 December 14, 1982 204) to establish reserve requirements on the money market deposit account ("MMDA"), which was established by the Depository Institutions Deregulation Committee ("DIDC"), effective December 14, 1982. Section 201.52—Extended Credit to Depository The Board has determined that the same reserve Institutions requirements that apply to savings deposits will apply (a) The rates for seasonal credit extended to deposi- to an MMDA that does not permit more than six tory institutions under § 201.3(b)(1) of Regulation A internal or third party transfers or payments per month are: (no more than three of which may be checks under Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 Federal Reserve Bulletin • January 1983 DIDC rules). This amendment is effective Decem- (iv) For depository institutions not subject to the ber 14, 1982. rules of the Depository Institutions Deregulation The Board has also adopted an amendment to Committee under (12 U.S.C. 3501 et seq.), implement section 411 of the Garn-St Germain Deposi- (A) A deposit or account issued with an original tory Institutions Act of 1982 (Pub. L. 97-320; 96 Stat. maturity or required notice period of seven to 1520) ("Garn-St Germain Act"). Under this provision, 13 days if such deposit or account is nonnegothe first $2 million of reservable liabilities of each tiable, subject to a minimum balance of $20,000, depository institution are subject to a reserve require- and not otherwise a transaction account under ment of zero per cent. The amendment is effective section 204.2(e) of this Part; or December 9, 1982. (B) A deposit or account under which the The Board has also adopted an amendment to revise depository institution reserves the right to rethe date for the end of the phase-in of reserve require- quire at least seven days' notice of an intended ments for member banks to coincide with the beginning withdrawal before withdrawal is made, includof contemporaneous reserve requirements (CRR)— ing those with an original maturity or required February 2, 1984. The amendment is effective Decem- notice period of one to 13 days, and not otherber 31, 1982. wise a transaction account under § 204.2(e) of Effective December 30, 1982, the Board has adopted this Part. an amendment to adjust the dollar amount of transaction accounts subject to a reserve requirement ratio of 3 per cent for depository institutions, Edge and Agree- (d)(1) "Savings deposit" means a deposit or account: ment corporations and United States branches and (i)(A) With respect to which the depositor is not agencies of foreign banks, as required by the Monetary required by the deposit contract but may at any Control Act of 1980 (Title I of Pub. L. 96-221). time be required by the depository institution to Effective December 14, 1982, section 204.2 is give written notice of an intended withdrawal amended by revising paragraphs (b)(2), (d), and (e); not less than 14 days before withdrawal is effective December 9, 1982, section 204.3 is amended made, and that is not payable on a specified by adding a new paragraph (a)(3); effective Decem- date or at the expiration of a specified time after ber 31, 1982, section 204.4 is amended by revising the date of deposit; and paragraph (b)(2)(ii); and effective December 30, 1982, (B) For depository institutions subject to section 204.9 is amended by revising paragraph (a)(1) (12 CFR Part 217) or (12 CFR Part 329), funds as set forth below: deposited to the credit of, or in which any beneficial interest is held by, a corporation, association, partnership or other organization Part 204—Reserve Requirements of Depository operated for profit do not exceed $150,000 per Institutions depositor at the depository institution; or (ii) Issued pursuant to (12 CFR 1204.122) under Section 204.2—Definitions which the depository institution reserves the right to require at least seven days' notice of an intended withdrawal before withdrawal is made, or for (b)*** depository institutions not subject to the rules of (2) A "demand deposit" does not include: the Depository Institutions Deregulation Commit- (i) Checks or drafts drawn by the depository tee under (12 U.S.C. 3501 et seq.), a deposit or institution on the Federal Reserve or on another account under which the depository institution depository institution; reserves the right to require at least seven days' (ii) A deposit or account issued pursuant to notice of an intended withdrawal before with- (12 CFR 1204.121), including those with an origi- drawal is made. nal maturity or required notice period of seven to (2) A deposit may continue to be classified as a 13 days; savings deposit even if the depository institution (iii) A deposit or account issued pursuant to exercises its right to require notice of withdrawal. (12 CFR 1204.122) under which the depository (3) A "savings deposit" includes a regular share institution reserves the right to require at least account at a credit union and a regular account at a seven days' notice of an intended withdrawal savings and loan association. before withdrawal is made, including those with (4) "Savings deposit" does not include funds deposan original maturity or required notice period of ited to the credit of the depository institution's own one to 13 days; or trust department where the funds involved are uti- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 25 lized to cover checks or drafts. Such funds are loans and associated expenses at the same deposi- "transaction accounts." tory institution (as originator or servicer); (vii) Deposits or accounts maintained in connec- (e)(1) "Transaction account" means a deposit or ac- tion with an arrangement that permits the deposicount on which the depositor or account holder is tor to obtain credit directly or indirectly through permitted to make withdrawals by negotiable or the drawing of a negotiable or nonnegotiable transferable instrument, payment orders of with- check, draft, order or instruction or other similar drawal, telephone transfers, or other similar device device (including telephone or electronic order or for the purpose of making payments or transfers to instruction) on the issuing institution that can be third persons or others. "Transaction account" used for the purpose of making payments or includes: transfers to third persons or others, or to a deposit (i) Demand deposits; account of the depositor. Deposits that are subject (ii) Deposits or accounts subject to check, draft, to arrangements established before October 5, negotiable order of withdrawal, share draft, or 1982, will not be regarded as transaction accounts other similar item; (A) until the deposit issued in connection with the (iii) Savings deposits or accounts in which with- line of credit is extended, or matures and is drawals may be made automatically through pay- renewed, or (B) if the deposit issued in connection ment to the depository institution itself or through with the line of credit matures and is automaticaltransfer of credit to a demand deposit or other ly renewed on or before December 31, 1982; and account in order to cover checks or drafts drawn (viii) A deposit or account issued pursuant to upon the institution or to maintain a specified, (12 CFR 1204.122) (or, for a depository institution balance in, or to make periodic transfers to, such that is not subject to the rules of the Depository accounts (automatic transfer accounts); Institutions Deregulation Committee under (iv) Deposits or accounts in which payments may (12 U.S.C. 3501 et seq.), a deposit or account be made to third parties by means of an automated under which the depository institution reserves teller machine, remote service unit or other elec- the right to require seven days' notice of an tronic device; intended withdrawal prior to withdrawal) and (v) Deposits or accounts in which payments may under the terms of which, or which by practice of be made to third parties by means of a debit card; the depository institution, the depositor is permit- (vi) Except as provided in paragraph (e)(2) of this ted or authorized to make more than six transfers section, deposits or accounts under the terms of per calendar month, or statement cycle (or similar which, or which by practice of the depository period) of at least four weeks to another account institution, the depositor is permitted or autho- of the same depositor at the same institution, to rized to make more than three withdrawals per the institution itself or to a third party by means of month for purposes of transferring funds to anoth- preauthorized, automatic, or telephone agreeer account or for making a payment to a third ment, order, or instruction or, within these transparty by means of preauthorized or telephone fers, to draw more than three checks or drafts per agreement, order or instruction. An account that calendar month or statement cycle (or similar permits or authorizes more than three such with- period) of at least four weeks. An account that drawals in a calendar month, or statement cycle authorizes transfers in excess of these limits is a (or similar period) of at least four weeks, is a transaction account whether or not the depositor "transaction account" whether or not more than actually makes any transfers. three such withdrawals actually are made during (2) Not withstanding paragraphs (e)(l)(ii), (l)(iii), such period. A "preauthorized transfer" includes l(iv), and (l)(v) of this section, a "transaction any arrangement by the depository institution to account" does not include a deposit or account pay a third party from the account of a depositor issued pursuant to (12 CFR 1204.122) (or, for a upon written or oral instruction (including an depository institution that is not subject to the rules order received through an automated clearing of the Depository Institutions Deregulation Commithouse (ACH)), or any arrangement by a deposi- tee under (12 U.S.C. 3501 et seq.), a deposit or tory institution to pay a third party from the account under which the depository institution reaccount of the depositor at a predetermined time serves the right to require seven days' notice of an or on a fixed schedule. An account is not a intended withdrawal prior to withdrawal) under the "transaction account," under paragraph (e)(l)(vi) terms of which the depositor is not permitted or of this section, by virtue of an arrangement that authorized to make more than six transfers per permits withdrawals for the purpose of repaying calendar month, or statement cycle (or similar peri- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 Federal Reserve Bulletin • January 1983 od) of at least four weeks, to another account of the Section 204.4—Transitional Adjustments depositor at the same institution, to the institution itself, or to a third party by means of preauthorized, automatic or telephone agreement, order, or instruc- (b) Members and former members. tion and no more than three of such six transfers (2) ^ * * * * * * may be by checks or drafts drawn by the depositor. (ii) Shall increase the amount of its required reserves on all other deposits computed under Section 204.3—Computation and Maintenance § 204.3 by an amount determined by multiplying the amount by which required reserves computed (a)*** using the reserve ratios that were in effect on August 31, 1980 (§ 204.9(b)), exceed the amount (3) Allocation of exemption from reserve requireof required reserves computed under § 204.3, ments. times the appropriate percentage specified below (i) In determining the reserve requirements of a in accordance with the following schedule: depository institution, the exemption provided for in § 204.9(a) shall apply in the following order of priorities: (A) First, to net transaction accounts that are first authorized by federal law in any state Reserve maintenance periods Percentage1 after April 1, 1980, (B) Second, to other net occurring between transaction accounts; and (C) Third, to nonper- Nov. 13, 1980 and Sept. 2, 1981 75 sonal time deposits or Eurocurrency liabilities Sept. 3, 1981 and Mar. 3, 1982 62.5 Mar. 4, 1982 and Sept. 1, 1982 50 starting with those with the highest reserve ratio Sept. 2, 1982 and Mar. 2, 1983 37.5 under § 204.9(a) and then to succeeding lower Mar. 3, 1983 and Aug. 31, 1983 25 Sept. 1, 1983 and Feb. 1, 1984 12.5 reserve ratios. Feb. 2, 1984 and forward 0 (ii) A depository institution, United States •Applied to difference to compute amount to be added. branches and agencies of the same foreign bank, or an Edge or Agreement corporation shall, if possible, assign the reserve requirement exemp- Section 204.9—Reserve Requirement Ratios tion of § 204.9(a) to only one office or to a group of offices filing a single aggregated report of (a)(1) Reserve percentages. The following reserve deposits. If the reserve requirement exemption ratios are prescribed for all depository institutions, cannot be fully utilized by a single office or by a Edge and Agreement corporations and United group of offices filing a single report of deposits, States branches and agencies of foreign banks: the unused portion of the exemption may be assigned to other offices of the same institution until the amount of the exemption or reservable liabilities is exhausted. A depository institution, Category Reserve requirement foreign bank, or Edge or Agreement corporation Net transaction accounts: shall determine this assignment subject to the S0-S26.3 million 3% of amount Over $26.3 million $789,000 plus 12 per cent of restriction that if a portion of the exemption is amount over $26.3 million assigned to an office in a particular state, any Nonpersonal time deposits: By original maturity (or unused portion must first be assigned to other notice period): offices located within the same state and within Less than 3Vi years (per cent) the same Federal Reserve District, that is, to 3>/i years or more other offices included on the same aggregated (per cent) Eurocurrency liabilities (per cent) report of deposits. The exemption may be reallocated at the beginning of a calendar year, or, if necessary to avoid underutilization of exemption, at the beginning of a calendar month. The amount (2) Exemption from reserve requirements. Each of the reserve requirement exemption allocated to depository institution, Edge or Agreement corporaan office or group of offices may not exceed the tion, and U.S. branch or agency of a foreign bank is amount of the low reserve tranche allocated to subject to a zero per cent reserve requirement on an such office or offices under this paragraph. amount of its transaction accounts subject to the low reserve tranche in paragraph (a)(1), nonpersonal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 27 time deposits, or Eurocurrency liabilities or any Section 217.157—Eligibility for NOW Accounts combination thereof not in excess of $2.1 million determined in accordance with § 204.3(a)(3) of this (a) Background. Part. (1) Effective December 31, 1980, the Consumer Checking Account Equity Act of 1980 (Title III of the Depository Institutions Deregulation and Monetary Control Act of 1980; Pub. L. 96-221; 94 Stat. 146) ("Act") authorizes depository institutions na- AMENDMENTS TO REGULATION Q tionwide to offer interest-bearing checking (NOW) accounts to depositors where the "entire beneficial The Board of Governors has amended Regulation Q— interest is held by one or more individuals or by an Interest on Deposits (12 CFR Part 217) to provide that organization which is operated primarily for reliall governmental units are eligible to maintain NOW gious, philanthropic, charitable, educational, or oth- (Negotiable Order of Withdrawal) accounts at member er similar purposes and which is not operated for banks. This action conforms Regulation Q with provi- profit." (12 U.S.C. 1832(a)(2)). The purpose of the sions of the Garn-St Germain Depository Institutions Act is to extend the availability of NOW accounts Act of 1982 (Pub. L. 97-320, 96 Stat. 1469). throughout the nation. Previously, as an experiment, NOW accounts were authorized to be offered Effective October 15, 1982, sections 217.1 and by depository institutions only in New England, 217.157 of Regulation Q were amended as set forth New York, and New Jersey. below: (2)(i) The NOW account experiment established by Congress in 1973 did not specify the types of Part 217—Interest on Deposits customers that could maintain NOW accounts. As a result, the rules of the Federal Reserve and Federal Deposit Insurance Corporation specified Section 217.1—Definitions the types of depositors eligible to maintain NOW accounts at member and insured nonmember banks. In enacting the NOW account provision in 1980, Congress adopted virtually the same lan- (e) Savings deposits.*** guage concerning NOW account eligibility that previously had been adopted by the Board and the (3)(i) Deposits subject to negotiable orders of with- Federal Deposit Insurance Corporation with redrawal may be maintained if such deposits consist gard to the types of customers permitted to mainof funds in which the entire beneficial interest is tain NOW accounts in institutions located in the held by (A) one or more individuals; (B) a corpo- NOW account experiment region. (12 CFR ration, association, or other organization operated 217.1(e)(3) and 12 CFR 329.1(e)(2)). This definiprimarily for religious, philanthropic, charitable, tion was based upon longstanding regulatory proeducational, fraternal, or other similar purposes visions concerning eligibility criteria for savings and not operated for profit; or (C) the United deposits. States, any State of the United States, county, municipality, or political subdivision thereof, the (ii) Effective October 15, 1982, section 706 of the District of Columbia, the Commonwealth of Puer- Garn-St Germain Depository Institutions Act of to Rico, American Samoa, Guam, any territory or 1982 (Pub. L. 97-320; 96 Stat. 1540) specifically possession of the United States, or any political extended NOW account eligibility to funds depossubdivision thereof. ited by governmental units. (3)*** (ii) Deposits in which any beneficial interest is held by a corporation, partnership, association or * * * ** other organization that is operated for profit or is not operated primarily for religious, philanthrop- (d) Governmental Units. Governmental units are genic, charitable, educational, fraternal, or other simerally eligible to maintain NOW accounts at member ilar purposes, or that is not a governmental unit banks. NOW accounts may consist of funds in which described in subparagraph (i)(C) may not be clasthe entire beneficial interest is held by the United sified as deposits subject to negotiable orders of States, any State of the United States, county, municiwithdrawal. pality, or political subdivision thereof, the District of Columbia, the Commonwealth of Puerto Rico, Ameri- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 Federal Reserve Bulletin • January 1983 can Samoa, Guam, any territory or possession of the and that the servicing agent is meeting its material United States, or any political subdivision thereof. obligations under the terms of the offering. BANK HOLDING COMPANY AND BANK MERGER AMENDMENT TO REGULATION T ORDERS ISSUED BY THE BOARD OF GOVERNORS The Board of Governors has amended its Regulation Orders Under Section 3 of Bank Holding T—Credit by Brokers and Dealers (12 CFR Part 220), Company Act to specify the characteristics of "private" mortgage pass-through securities (i.e., not guaranteed by agen- Bank of Florida Corporation, cies of the United States government) that may be St. Petersburg, Florida used as collateral for margin credit at brokers and dealers on a "good faith" basis. Order Approving Acquisition of Bank Effective January 17, 1983, section 220.2 of Regulation T is amended as set forth below: Bank of Florida Corporation, St. Petersburg, Florida, a bank holding company within the meaning of the Part 220—Credit by Brokers and Dealers Bank Holding Company Act, has applied for the Board's approval under section 3(a)(3) of the act Section 220.2—Definitions (12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the voting shares of Bank of Florida, N.A., Chiefland, Florida, a proposed de novo bank. (i) The term "OTC margin bond" means: Notice of the application, affording an opportunity (1) A debt security not traded on a national securi- for interested persons to submit comments and views, ties exchange which meets all of the following has been given in accordance with section 3(b) of the requirements: act. The time for filing comments and views has (i) At the time of the extension of credit, a expired and the Board has considered the application principal amount of not less than $25,000,000 of and all comments received, including those submitted the issue is outstanding; on behalf of Levy County Bank, Chiefland, Florida, (ii) The issue was registered under section 5 of the the Comptroller of the Currency, and the Department Securities Act of 1933 and the issuer either files of Banking and Finance, Division of Securities, State periodic reports pursuant to section 13(a) or 15(d) of Florida, in light of the factors set forth in section of the Securities Exchange Act of 1934 or is an 3(c) of the act (12 U.S.C. § 1848(c)). insurance company which meets all of the condi- Applicant is the 49th largest banking organization in tions specified in section 12(g)(2)(G) of the act; Florida and controls one bank, Bank of Florida in St. and Petersburg, St. Petersburg, Florida. St. Petersburg (iii) At the time of the extension of credit, the Bank has deposits of approximately $66.2 million, creditor has a reasonable basis for believing that representing .32 percent of the total deposits in comthe issuer is not in default on interest or principal mercial banks in the state.1 Since Bank is a de novo payments; or bank, its acquisition by Applicant would not immedi- (2) A private mortgage pass-through security (not ately increase Applicant's share of deposits in comguaranteed by an agency of the U.S. government) mercial banks in Florida. meeting all of the following requirements: Bank is to be located in the Levy County banking (i) An aggregate principal amount of not less than market.2 Applicant's only subsidiary bank is located $25,000,000 (which may be issued in series) was approximately 125 miles away in a separate banking issued pursuant to a registration statement filed market. Based upon these facts, consummation of the with the Securities and Exchange Commission proposal would not have any substantial adverse efunder section 5 of the Securities Act of 1933; fects upon existing or potential competition. (ii) Current reports relating to the issue have been The financial and managerial resources of Applifiled with the Securities and Exchange Commis- cant, its subsidiary and Bank are regarded as satisfacsion; and (iii) At the time of the credit extension, the creditor has a reasonable basis for believing that 1. Unless otherwise indicated, all deposit data are as of Decemmortgage interest, principal payments and other ber 31, 1981. distributions are being passed through as required 2. The relevant banking market consists of Levy County, Florida. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 29 tory. Bank, as a proposed de novo bank, has no State's Suspension and Cease and Desist Orders of financial or operating history; however, its prospects July 29, 1982, upon the performance of certain actions as a subsidiary of Applicant appear favorable, particu- by Applicant, the most significant of which is an offer larly in light of the fact that Bank will be capitalized by Applicant to all purchasers of its shares in the with the proceeds of Applicant's recent securities recent offering to rescind their purchases of Applioffering. Accordingly, considerations relating to bank- cant's shares. Applicant is currently performing these ing factors are consistent with approval of this applica- actions, including the rescission offer, which it made tion. As a new institution in the Levy County banking on November 29, 1982.4 Thus, it appears that the market, Bank would serve as an additional source of a Orders by the State of Florida will be voided. The full range of banking services in the market. Accord- Board has considered the allegations in the state's ingly, considerations relating to the convenience and Orders and, based upon affidavits and other informaneeds of the community to be served appear consistent tion furnished by Applicant and the state, as well as with approval of the application. the Board's reports of inspection and examination, the In its review of the application, the Board has given Board concludes that the allegations do not reflect so careful consideration to the comments submitted on adversely upon Applicant's managerial resources as to behalf of Protestant, the only bank currently operating warrant denial of the application. Therefore, the in Chiefland, Florida, and the largest of three banks Board's judgment is that consummation of the proposlocated in the market.3 Protestant asserts that the al to acquire Bank would be in the public interest and financial condition of Applicant's only subsidiary bank that the application should be approved. is poor and is deteriorating and that therefore Appli- On the basis of the record, the application is apcant does not have the financial resources to support a proved for the reasons summarized above. The acquinew bank. Protestant also claims that Applicant lacks sition of shares of Bank shall not be made before the adequate managerial resources, noting that the De- thirtieth calendar day following the effective date of partment of Banking and Finance, Division of Securi- this Order, or later than three months after that date, ties, State of Florida, issued Suspension and Cease unless such period is extended for good cause by the and Desist Orders against Applicant in connection Board of Governors or by the Federal Reserve Bank of with its recent securities offering to fund its acquisition Atlanta, pursuant to delegated authority. of Bank. By order of the Board of Governors, effective In its evaluation of Applicant's financial resources, December 23, 1982. the Board has reviewed relevant data from Applicant's inspection reports and the most recent three examina- Voting for this action: Chairman Volcker and Governors tion reports of its bank subsidiary, as well as official Martin, Wallich, Partee, Teeters, Rice, and Gramley. reports and filings with the Board. Based upon this review, the Board concludes that Applicant and its (Signed) JAMES MCAFEE, subsidiary bank are in satisfactory condition and that [SEAL] Associate Secretary of the Board. the proposed acquisition would not represent a significant additional burden on Applicant's financial resources, particularly in light of Applicant's recent East Peoria Community Bancorp, Inc., securities offering. Therefore, the Board concludes Peoria, Illinois that Applicant has the financial resources necessary to acquire Bank and make it a viable competitor without Order Approving Formation of a Bank Holding any significant adverse effects on Applicant. Company With respect to Protestant's belief that the Suspension and Cease and Desist Orders issued by the State East Peoria Community Bancorp, Inc., Peoria, Illiof Florida reflect adversely upon Applicant's manage- nois, has applied for the Board's approval under rial resources, Applicant and the state of Florida, on section 3(a)(1) of the Bank Holding Company Act November 24, 1982, entered into a stipulation with (12 U.S.C. § 1842(a)(1)) to become a bank holding regard to the administrative proceeding initiated by the company by acquiring at least 98 percent of the voting state. The stipulation provides for the voiding of the shares of Community Bank of Greater Peoria, East Peoria, Illinois. 3. Protestant also opposed Applicant's application to the Comptroller of the Currency for a national bank charter for Bank, alleging that Applicant had a poor record of compliance with the Community Reinvestment Act. The Comptroller denied Protestant's request for a 4. The Board notes that as of October 10, 1982, shareholders of hearing, found its protest to be without merit, and granted preliminary only 6.3 percent of Applicant's securities offering have requested approval for Bank's charter on May 20, 1981. rescission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 Federal Reserve Bulletin • January 1983 Notice of the application, affording opportunity for Order, unless such period is extended for good cause interested persons to submit comments and views, has by the Board or by the Federal Reserve Bank of been given in accordance with section 3(b) of the act. Chicago acting pursuant to delegated authority. The time for filing comments and views has expired, By order of the Board of Governors, effective and the Board has considered the application and all December 16, 1982. comments received in light of the factors set forth in section 3(c) of the act (12 U.S.C. § 1842(c)). Voting for this action: Vice Chairman Martin and Gover- Applicant, a nonoperating Illinois corporation, was nors Wallich, Partee, Teeters, Rice, and Gramley. Absent and not voting: Chairman Volcker. organized for the purpose of becoming a bank holding company by acquiring Bank, which holds deposits of $31.5 million.1 Upon acquisition of Bank, Applicant (Signed) JAMES MCAFEE, [SEAL] Associate Secretary of the Board. would control the 522nd largest bank in Illinois and would hold 0.04 percent of the total commercial bank deposits in the state. Bank is 12th largest of 39 banking organizations in Hanil Bank, the relevant banking market and holds 1.9 percent of Seoul, Korea the total deposits in commercial banks in the market.2 Applicant's president is a director3 and owns 9.2 Order Approving Formation of a Bank Holding percent of the voting shares of Northeast Bank of Company Peoria, Peoria, Illinois, which has total deposits of $19.6 million. Northeast Bank is the market's 18th Hanil Bank, Seoul, Korea, has applied for the Board's largest bank, controlling a 1.2 percent deposit share. approval under section 3(a)(1) of the Bank Holding Given the small relative and absolute sizes of the Company Act (12 U.S.C. § 1841 et seq.) to become a banks in question and the number of banking alterna- bank holding company through retention of 82.79 tives in the market, consummation of the proposal percent of the voting shares of the First State Bank of would not result in any adverse effects upon competi- Southern California, Lynwood, California.1 tion or increase the concentration of resources in any Notice of the application, affording opportunity for relevant market. Accordingly, the Board concludes interested persons to submit comments and views, has that competitive considerations are consistent with been given in accordance with section 3(b) of the act approval of the application. (12 U.S.C. § 1824(b)). The time for filing comments The financial and managerial resources and future and views has expired, and the Board has considered prospects of Applicant and Bank are satisfactory. the application and all comments received in light of Accordingly, considerations relating to banking fac- the factors set forth in section 3(c) of the act tors are consistent with approval. Considerations re- (12 U.S.C. § 1842(c)). lating to the convenience and needs of the community Hanil, with consolidated assets of $8,558 billion and to be served also are consistent with approval. Ac- domestic deposits of $2.9 billion, is the third largest cordingly, the Board has determined that consumma- commercial bank in Korea and the 245th largest bank tion of the transaction would be in the public interest in the world.2 Its domestic banking is conducted and that the application should be approved. through 110 offices located throughout Korea. Hanil On the basis of the record, the application is ap- also operates 11 branches, agencies, and repreproved for the reasons summarized above. The trans- sentative offices worldwide, including agencies in Los action shall not be made before the thirtieth calendar Angeles and New York. day following the effective date of this Order, or later In addition to its banking activities, Hanil presently than three months after the effective date of this owns 9.1 percent of the shares of Korea Associates 1. Hanil originally acquired the shares of Bank on February 17, 1. Deposit data represent total deposits in domestic offices on 1982, through foreclosure in satisfaction of a debt previously contract- December 31, 1981. ed in good faith. Under sections 2(a)(5)(D) and 3(a)(ii)(A) of the BHC 2. The relevant banking market is the Peoria banking market. This Act (12 U.S.C. § 1841(a)(5)(D) and § 1842(a)(A)(ii)), Hanil is permitmarket is approximated by Peoria and Tazewell Counties, the area ted to acquire and hold the shares of Bank for a period of two years west of Illinois Highway 117 in Woodford County, including, Par- without being regarded as a bank holding company and without tridge, Cazenovia, Metapora, Worth, Spring Bay, and Cruger town- obtaining the Board's prior approval of the acquisition. Hanil has filed ships, plus the city of Eureka and the village of Goodfield, all in this application so that it may retain control of Bank beyond the two- Illinois. year grace period provided in those sections. Accordingly, Hanil will 3. This interlocking relationship began prior to November 10, 1978, become a bank holding company subject to the provisions of the act 30 and therefore is grandfathered until 1988 pursuant to (12 CFR § 212.5) days after the effective date of this Order. of the Board's Regulation L. 2. Banking data for Hanil is as of December 18, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 31 Securities, Inc., New York, New York, a company The Board has evaluated the financial and managerithat engages in extending credit to Korean nationals al resources of Hanil, including its capital adequacy, in and underwriting and dealing in Korean bank securi- the context of the policy statement on supervision of ties in the United States. Inasmuch as the activities of foreign bank holding companies.6 In this context, the Associates are not permissible for bank holding com- Board notes that Hanil has an established record of panies under section 4 of the act (12 U.S.C. § 1843) operating successfully in its local market, and that it and section 225.4(a) of Regulation Y, Hanil has com- compares favorably in terms of capital strength, mitted to reduce its share ownership of Associates to growth, and earnings performance with its Korean less than 5 percent within two years of the date on banking peers. Moreover, Hanil has recently raised which it becomes a bank holding company as provided $27 million in additional equity capital through the sale in section 4(a)(2) of the act. Hanil has also committed of its common stock. Inasmuch as the application that it will not have any directors or officers in contemplates the retention of shares of Bank already common with Associates or their respective subsidiar- acquired by Hanil, no debt will be incurred in connecies. In light of this committment, Hanil may retain an tion with the proposal. Thus, in view of Bank's ownership interest in Associates of less than 5 percent relatively small size, the retention of Bank would under section 4(c)(6) of the act (12 U.S.C. impose no significant financial burdens on Hanil. § 1843(c)(6)). Considering these and other related factors, the Board finds that Hanil would serve as a source of strength to Bank, with deposits of $46.3 million is the 126th largest banking organization in California.3 It operates Bank, and concludes that the financial and managerial resources of Hanil and Bank are generally satisfacthree offices in the Los Angeles banking market and is tory, and their future prospects appear favorable. the 59th largest of 112 banking organizations in the Los Angeles market,4 with 0.1 percent of deposits in Accordingly, banking factors are considered consistent with approval of the application. commercial banks in that market. While Hanil has an agency in the Los Angeles market, Agency does not Hanil does not plan to make specific changes in take deposits and its lending activities are primarily Bank's services, although it appears that continued limited to extending loans of $200,000 or more to affiliation with Hanil will enhance Bank's ability to Korean corporations or Korean citizens. In view of provide banking services to the Korean community in the limited scope of Agency's activities in the Los Los Angeles. In addition, affiliation with Hanil will Angeles banking market, the Board concludes that the provide Bank with access to Hanil's international proposal will not eliminate any existing competition banking expertise and contacts. Accordingly, factors between Hanil and Bank. relating to the convenience and needs of the communi- The Board has also examined the effect of the ty to be served are consistent with approval of the proposal upon potential or probable future competi- application. Based on the foregoing and other facts of tion in the Los Angeles banking market in light of the record, the Board has determined that the retention of Board's proposed policy statement on market exten- Bank by Hanil would be consistent with the public sion mergers.5 The market is not considered to be interest and that the application should be and hereby highly concentrated because the three firm deposit is approved. concentration ratio is less than 75 percent. Bank is not By order of the Board of Governors, effective one of the leading firms in the market and is small December 14, 1982. relative to the other institutions in the market. In addition, there are numerous other potential entrants Voting for this action: Vice Chairman Martin and Goverinto the market. Thus, the Board finds that intensive nors Partee, Teeters, Rice, and Gramley. Absent and not voting: Chairman Volcker and Governor Wallich. examination of the proposal is not warranted under the Board's proposed policy statement. Based on the foregoing, it does not appear that approval of the (Signed) JAMES MCAFEE, application by Hanil to retain Bank would have a [SEAL] Associate Secretary of the Board. significantly adverse effect upon potential competition in any relevant market. 6. In that policy statement the Board indicated that, in reaching a judgment on the strength of a foreign bank, the Board would consider 3. Banking data for Bank is as of June 30, 1982. several factors: the bank's financial condition; the record and integrity 4. The Los Angeles banking market is defined by the Los Angeles of management; its role and standing in its home country; and the RMA. opinion of the home country regulators. (1 Federal Regulatory Service 5. 45 Federal Register 9017 (March 3, 1982). HH 4-835 (1981)). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 Federal Reserve Bulletin • January 1983 Hartford National Corporation, RESERVE BULLETIN 242 (1982)). The Board concluded Hartford, Connecticut that the proposal would eliminate a significant amount of existing competition on the basis of the combined Order Approving Acquisition of Bank market shares of Applicant and Bank and the highly concentrated nature of the market. In addition, acqui- Hartford National Corporation, Hartford, Connecti- sition of Bank would have removed an attractive cut, a bank holding company within the meaning of the means of entry for bank holding companies not already Bank Holding Company Act, has applied for the in the city of Waterbury, a city that is protected by Board's approval under section 3(a)(3) of the act Connecticut's home office protection laws, and would (12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the have reduced the number of banking alternatives in voting shares of Mattatuck Bank and Trust Company, that city from four to three. The Board declined to find Waterbury, Connecticut ("Bank"). the presence of thrift institutions in the market to be a Notice of the application, affording opportunity for mitigating factor because the thrift institutions did not interested persons to submit comments, has been compete actively with commercial banks over a suffigiven in accordance with section 3(b) of the act. The cient range of services. time for filing comments had expired, and the Board In the present proposal, Applicant has offered to has considered the application and all comments re- divest itself of CNB's main Waterbury office and a ceived in light of the factors set forth in secton 3(c) of branch office in order to alleviate the anticompetitive the act (12 U.S.C. § 1842(c)). effects. Applicant plans to sell these offices to North Applicant, the second largest commercial banking American Bank and Trust Company, Stratford, Conorganization in Connecticut, controls one bank with necticut ("North American"). Although North Ameriaggregate deposits of $2.5 billion, representing 23.2 can currently operates in the Waterbury market, it percent of the total deposits held by commercial banks holds only 3.5 percent of the deposits in the market. It in the state.1 Bank, the eighteenth largest commercial is expected that approximately $21.5 million of CNB's banking organization in the state, holds $68.2 million deposits would transfer to North American. As a in deposits. After consummation of the proposal, result of the proposed divestiture, North American Applicant's share of statewide deposits would increase would then hold 6.3 percent of the market's deposits. by 0.6 percent. Accordingly, consummation of this North American does not have offices in the city of proposal would not result in a significant increase in Waterbury, and thus consummation of the proposal the concentration of commercial banking resources in will allow North American to compete more effectivethe state. ly in the market while leaving four competitors in the The relevant banking market is the Waterbury mar- city of Waterbury. ket.2 The Waterbury market is highly concentrated Applicant has committed to cause the divestiture of with the four largest commercial banking organiza- the CNB offices at or before consummation of the tions controlling 93.3 percent of the market. Applicant proposed acquisition of Bank.3 After consummation of has recently merged its lead bank, Hartford National the proposed divestiture, the combined market share Bank, with The Connecticut National Bank, Bridge- of Applicant and Bank would be 12.8 percent. In light port, Connecticut ("CNB"). As a result of the merger, of the commitment to divest the CNB offices, the Applicant is the fourth largest of eight commercial Board concludes that the proposed acquisition will not banking organizations in the market, with deposits of have a substantial adverse effect on existing competi- $50.9 million, representing 6.7 percent of the market. tion in the Waterbury markets. Bank is the third largest commercial banking organi- The financial and managerial resources and future zation in the market, and controls 9.0 percent of prospects of Applicant, its subsidiaries, and Bank are commercial bank deposits. Acquisition of Bank would regarded as generally satisfactory and future prospects increase Applicant's market share to 15.7 percent and appear favorable. Bank's financial and managerial would increase the proportion of market deposits held resources will be strengthened, particularly in light of by the four largest banking organizations from 93.3 Applicant's commitment to provide Bank with $1.5 percent to 96.8 percent. million of additional capital. Thus, considerations re- On March 22, 1982, the Board denied a similar lating to banking factors lend weight toward approval. proposal by Applicant to acquire Bank (68 FEDERAL 1. Banking data are as of June 30, 1981. 3. This commitment is in conformance with the Board's policy 2. The Waterbury banking market includes the towns of Wood- requiring that divestitures designed to cure significantly adverse bury, Bethlehem, Morris, Watertown, and Thomaston in Litchfield effects on existing competition must take place prior to or concurrent County and the towns of Waterbury, Southbury, Naugatuck, Wolcott, with the proposed acquisition. Barnett Banks of Florida, 68 FEDERAL Middlebury, Prospect, and Beacon Falls in New Haven County. RESERVE BULLETIN 180 (1982). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 33 Applicant proposes to introduce automated teller Hartford and Bank from approximately 15.7 percent to machines, specialized small business loans, and inter- 12.8 percent, the amount of existing competition eliminational banking services to Bank. Applicant would nated still would be substantial in view of the highly also expand Bank's trust and advisory services. Al- concentrated nature of the market. Moreover, this though these improvements in Bank's services do not combination of competitors in a market with this level appear significant because Applicant is a large bank of concentration would exceed both the new and old holding company that is already represented in the Justice Department guidelines regarding horizontal market and can provide such services through its mergers. For these reasons, I would deny this applicaexisting subsidiary bank, the Board finds that consid- tion. erations relating to the convenience and needs of the December 22, 1982 community to be served are consistent with approval. Based on the foregoing and the other facts of record, the Board has determined that consummation of the Orders Under Section 4 of Bank Holding proposed transaction would be consistent with the Company Act public interest. Accordingly, on the basis of the record, the applica- Area Bancshares Corporation, tion is approved subject to the condition that the Hopkinsville, Kentucky proposed divestiture be completed on or before consummation of this proposal. This transaction shall not Order Approving Application to Engage in Data be made before the thirtieth calendar day following the Processing Activities effective date of this Order, or later than three months after the effective date of this Order, unless such Area Bancshares Corporation, Hopkinsville, Kenperiod is extended for good cause by the Board, or by tucky, a bank holding company within the meaning of the Federal Reserve Bank of Boston, under delegated the Bank Holding Company Act of 1956, as amended authority. (12 U.S.C. §§ 1841 et seq.), has applied for the By order of the Board of Governors, effective Board's approval, under section 4(c)(8) of the act December 22, 1982. (12 U.S.C. § 1843(c)(8)) and section 225.4(b)(2) of the Board's Regulation Y (12 CFR § 225.4(b)(2)), to ac- Voting for this action: Vice Chairman Martin and Governors Wallich, Partee, Rice, and Gramley. Absent and not quire jointly with North American Financial Services, voting: Chairman Volcker. Voting against this action: Gover- Ltd., Davenport, Iowa ("North American"), DAnor Teeters. TANET, Inc., Hopkinsville, Kentucky ("DA- TANET"). DATANET will engage de novo in the (Signed) JAMES MCAFEE, activity of providing data processing services, such as [SEAL] Associate Secretary of the Board. check and deposit sorting and posting; computation and posting of interest and other credits and charges; preparation of checks, statements, notices, and similar Dissenting Statement of Governor Teeters items; and other clerical, bookkeeping, accounting, or similar functions for financial institutions in Kentucky. I would again deny the application of Hartford Nation- Such activities have been determined by the Board to al Corporation to acquire Mattatuck Bank and Trust be closely related to banking and permissible for bank Company. I continue to believe that this transaction holding companies. (12 CFR §§ 225.4(a)(8)(ii)). would have substantially adverse effects on competi- Notice of the application, affording interested pertion within the Waterbury banking market that are not sons an opportunity to submit comments and views, outweighed by considerations relating to the conve- has been duly published (47 Federal Register 45963 nience and needs of the community to be served. (1982)). The time for filing comments and views has The Waterbury market is highly concentrated with a expired, and the Board has considered the application four-firm concentration ratio of 93.3 percent and a and all comments received in light of the public Herfindahl-Hirschman Index ("HHI") of 4460. Con- interest factors set forth in section 4(c)(8) of the act. summation of this proposal will increase these figures Area controls one bank, First City Bank and Trust to 96.8 percent and 4526, respectively. Hartford is now Company, Hopkinsville, Kentucky ("Bank"), which the fourth largest commercial banking organization in holds total deposits of $94.2 million, representing 0.5 the market and holds 6.7 percent of the market's percent of the total deposits in commercial banks in deposits, and Bank is the third largest commercial the state.1 Bank operates in the Hopkinsville, Kenbanking organization in the market, with 9.0 percent of commercial banks deposits. Although the proposed divestiture will lower the combined market share of 1. Unless otherwise indicated, banking data are as of June 30, 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 Federal Reserve Bulletin • January 1983 tucky-Clarksville, Tennessee, banking market, where will provide an additional source of data processing it is the fourth largest of ten commercial banks.2 North services to Kentucky financial institutions. These American, which has consolidated assets of $3.8 mil- services would enable them to reduce the costs associlion, provides data processing services to approxi- ated with processing loans, checks, deposits, and mately 90 banks in the states of Iowa, Missouri, other similar functions. Further, there is no evidence Illinois, Arkansas, Virginia, Georgia, Louisiana, and in the record to indicate that consummation of this Florida.3 proposal would result in any undue concentration of This proposal involves a de novo acquisition and resources, conflicts of interests, unsound banking normally consummation of the transaction would not practices, or other adverse effects. have any adverse effects upon either existing or poten- Based on the foregoing and certain commitments by tial competition. However, in view of the fact that the Area that are reflected in the record, the Board has proposal involves the use of a joint venture between a determined that the balance of the public interest bank holding company and a nonbanking company, factors it is required to consider under section 4(c)(8) the board has analyzed the proposal with respect to its is favorable. Accordingly, the application is hereby effects on existing and potential competition between approved. This determination is subject to the condi- Area and North American in the relevant data process- tions set forth in section 225.4(c) of Regulation Y, and ing markets.4 to the Board's authority to require such modification Area does not engage in the provision of data or termination of the activities of a holding company or processing services anywhere in the United States. any of its subsidiaries as the Board finds necessary to Although North American provides data processing assure compliance with the provisions of and purposes services for Bank, it does not provide such services for of the act, and the Board's regulations and orders any other customers in Kentucky. Accordingly, con- issued thereunder, or to prevent evasion thereof. summation of this proposal would have no adverse The proposed activity shall be commenced not later effects upon existing competition in any relevant mar- than three months after the effective date of this ket. Order, unless such period is extended for good cause With respect to potential competition, the Board by the Board or by the Federal Reserve Bank of St. finds that, absent approval of the joint venture, Area is Louis, pursuant to delegated authority. not likely to independently enter the data processing By order of the Board of Governors, effective market in Kentucky or any other state, and North December 16, 1982. American is not likely to independently enter the data processing market in Kentucky. The facts of record Voting for this action: Vice Chairman Martin and Goverindicate that Area lacks the technical capability to nors Wallich, Partee, Teeters, Rice, and Gramley. Absent and not voting: Chairman Volcker. engage in data processing activities and North American lacks the financial resources necessary to expand into the Kentucky data processing market. Thus, the (Signed) JAMES MCAFEE, [SEAL] Associate Secretary of the Board. Board concludes that consummation of this proposal would not have significantly adverse effects upon competition in any market. In addition, in view of the small size of the co-venturers and the limited nature of BancOhio Corporation, the proposed activity, consummation of this proposal Columbus, Ohio would not result in an undue concentration of economic resources. Order Approving Applications to Engage in Equity Consummation of Area's proposal may be expected Financing and Mortgage Banking Activities to result in public benefits because the joint venture BancOhio Corporation, Columbus, Ohio, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board's approval, under section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) 2. The Hopkinsville, Kentucky-Clarksville, Tennessee, banking and section 225.4(b)(2) of the Board's Regulation Y market consists of Todd and Christian Counties, Kentucky, and Montgomery County, Tennessee. (12 CFR § 225.4(b)(2)), to acquire W. Lyman Case & 3. All data applying to North American are as of October 31, 1982. Company, Columbus, Ohio ("WLC"), by acquiring 4. The Board has previously expressed concerns regarding the the right to the name "W. Lyman Case & Company" potential for undue concentration of resources or other adverse effects that result through the combination in a joint venture of banking and and by purchasing certain assets and assuming certain nonbanking institutions. See Deutsche Bank AG, 67 FEDERAL RE- liabilities of WLC consisting of its mortgage loan SERVE BULLETIN 449 (1981); BankAmerica Corporation, 60 FEDERAL production and mortgage loan servicing activities. RESERVE BULLETIN 517 (1974). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 35 WLC is comprised of two general partnerships that subsidiary banks, BMC's business is local, and the engage in mortgage banking, commercial real estate relevant geographic market for its services consists of brokerage, and property management activities.1 approximately 40 local banking markets in Ohio in Mortgage banking and servicing activities have been which Applicant's banking subsidiaries operate. determined by the Board to be closely related to In view of the fact that WLC and BMC do not banking. (12 CFR § 225.4(a)(1) and (3)). compete in the same product or geographic markets, In addition, Applicant has applied to engage de novo consummation of the proposed acquisition would not in the activity of arranging equity financing. Although have any significant effects on competition. Moreover, this activity has not been specified by the Board in both the national and local geographic markets in Regulation Y as permissible for bank holding compa- which WLC and BMC provide their respective servnies, the Board has determined by order that arranging ices are not concentrated and have numerous competiequity financing, subject to certain conditions, is tors. Accordingly, the proposed transaction would closely related to banking.2 have no effect on potential competition in any relevant Notice of the applications, affording interested per- area. Based on these and other facts of record, the sons an opportunity to submit comments and views on Board concludes that competitive considerations relatthe balance of public interest factors regarding the ing to the acquisition of WLC by Applicant are conapplication, has been duly published (47 Federal Reg- sistent with approval of the application. ister 49088 (1982)). The time for filing comments and Acquisition of WLC by Applicant will expand the views has expired and the Board has considered the range of mortgage banking services offered by Appliapplications and all comments received in light of the cant, and will enable Applicant to become a more public interest factors set forth in section 4(c)(8) of the effective competitor in the mortgage banking industry. act. There is no evidence to indicate that consummation of Applicant is the largest banking organization in Ohio the proposed transaction would result in any undue and controls two banking subsidiaries with aggregate concentration of resources, decreased or unfair comdeposits of $4.1 billion, representing 9.29 percent of petition, unsound banking practices, or other adverse total commercial bank deposits in the state.3 Applicant effects. Accordingly, the balance of public benefits also engages in various nonbanking activities, includ- that the Board is required to consider under section ing mortgage banking activities performed by its sub- 4(c)(8) of the act is favorable, and the application sidiary, BancOhio Mortgage Company ("BMC"), for should be approved. which it received Board approval under section 4(c)(8) Applicant has also applied to engage de novo of the act and sections 225.4(a)(1) and (3) of Regula- through WLC in arranging equity financing on behalf tion Y. of institutional investors for commercial and industrial WLC is the 183rd largest mortgage company in the income-producing real property. Equity financing, as United States, with loan servicing contracts totalling proposed by Applicant, involves arranging for the $460 million, representing 0.12 percent of national loan financing of commercial or industrial income-producservicing volume, as of June 30, 1982. It operates ing real estate through the transfer of the title, control, offices in Columbus and Cincinnati, Ohio, and Miami, and risk of the project from the owner/developer to Florida. Its business is originating and servicing mort- one or more investors. WLC would represent the gages for commercial and income-producing proper- owner/developer and would be paid a fee by the ties on a nationwide basis. owner/developer for this service. The service would Applicant's mortgage subsidiary engages in mort- be offered only as an alternative to traditional financgage origination and servicing for 1- to 4-family ing arrangements and WLC would not solicit for residences, including mortgages originated by Appli- properties to be sold, list or advertise properties for cant's banking subsidiaries. In 1981, it originated $1.6 sale, or hold itself out or advertise as a real estate million and serviced $11 million in mortgage loans, broker or syndicator. This activity would be provided representing 0.004 percent of national loan servicing only with respect to commercial or industrial income volume. Because of its association with Applicant's producing real property and only when the financing arranged exceeds $1 million. Only institutional or wealthy, professional individual investors would be offered the service. In approving an application by BankAmerica Corpo- 1. Following consummation of the proposal, the two general partnerships would continue their commercial real estate brokerage and ration to engage in arranging equity financing, the property management operations under a different name. Board determined that this activity is closely related to 2. BankAmerica Corporation, 68 FEDERAL RESERVE BULLETIN 647 banking, subject to certain conditions that prevent a (1982). 3. Banking data are as of March 31, 1982. bank holding company from engaging in real estate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 Federal Reserve Bulletin • January 1983 brokerage, development and syndication.4 According- The proposed acquisition shall be consummated and ly, in performing its equity financing activities, Appli- the proposed activity shall be commenced not later cant has committed to abide by all of the conditions than three months after the effective date of this relied on by the Board previously in finding that the Order, unless such period is extended for good cause activity is closely related to banking. by the Board or by the Federal Reserve Bank of Specifically, Applicant has committed that WLC's Cleveland. function will be limited to acting as intermediary By order of the Board of Governors, effective between developers and investors to arrange financ- December 23, 1982. ing. Neither WLC nor any affiliate may acquire an interest in the real estate project for which WLC Voting for this action: Chairman Volcker and Governors arranges equity financing nor have any role in the Martin, Wallich, Partee, Teeters, Rice, and Gramley. development of the project. Neither WLC nor any of its affiliates shall participate in managing, developing (Signed) JAMES MCAFEE, or syndicating property for which WLC arranges equi- [SEAL] Associate Secretary of the Board. ty financing, nor promote or sponsor the development or syndication of such property. Neither WLC nor any of its affiliates shall provide financing to investors in Citicorp, connection with an equity financing arrangement. The New York, New York fee WLC receives for arranging equity financing for a project shall not be based on profits derived, or to be Order Approving Establishment of Foreign Branches derived, from the property and should not be larger of Citicorp Banking Corporation than the fee that would be charged by an unaffiliated intermediary. In view of these conditions, the Board Citicorp, New York, New York, a bank holding comfinds that Applicant's proposed equity financing activ- pany within the meaning of the Bank Holding Compaity will not constitute real estate brokerage, real estate ny Act, has applied for the Board's approval under development, or real estate syndication, provided that section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) and the above conditions and limitations are observed by section 225.4(b)(2) of the Board's Regulation Y Applicant and WLC. (12 CFR § 225.4(b)(2)) to establish branches of its There is no evidence in the record to indicate that subsidiary, Citicorp Banking Corporation ("CBC"), Applicant's performance of the proposed activity Wilmington, Delaware, in Bahrain, the Channel Iswould result in any undue concentration of resources, lands, and Hong Kong to engage in certain commercial decreased or unfair competition, conflicts of interest, banking activities. unsound banking practices, or other adverse effects. Notice of the application, affording an opportunity Based upon the foregoing and other considerations for interested persons to submit comments and views reflected in the record, the Board has determined that on the public interest factors, has been duly published the balance of the public interest factors that the Board (47 Federal Register 47323 (1982)). The time for filing is required to consider under section 4(c)(8) of the act comments and views has expired and the Board has is favorable. This determination is conditioned upon considered the application and all comments received Applicant strictly limiting its activities to those de- in light of the public interest factors set forth in section scribed in information provided in connection with this 4(c)(8) of the act. application and as provided in this Order. CBC, a corporation chartered under the laws of Based on the foregoing, the Board has determined Delaware with total assets of approximately $10 bilthat the applications should be approved, and the lion,1 holds the shares of a number of nonbanking applications are hereby approved. This determination subsidiaries of Citicorp and engages in certain comis subject to the limitations set forth in this Order, the mercial banking activities through a branch in Nassau, conditions set forth in section 225.4(c) of Regulation Bahamas.2 Y, and the Board's authority to require such modifica- The proposed branches in Bahrain, the Channel tion or termination of the activities of a holding Islands, and Hong Kong would engage in accepting company or any of its subsidiaries as the Board finds funds in dollars or foreign currency in wholesale necessary to assure compliance with the provisions and purposes of the act, and the Board's regulations and orders issued thereunder, or to prevent evasion 1. Financial data are as of June 30, 1982. thereof. 2. By Order dated March 4, 1982, the Board approved the application of Citicorp to engage through proposed branches of CBC in Nassau and Luxembourg in commercial banking activities (68 FEDER- 4. Supra at 649. AL RESERVE BULLETIN 251 (1982)). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 37 money markets in amounts over $100,000; placing banking subsidiary of Citicorp under the Board's Regfunds with and making loans and advances to subsid- ulation K (12 CFR Part 211) or is otherwise prohibited iary and affiliated organizations; making commercial by U.S. law.4 The Board is of the view that these loans in amounts over $100,000; foreign exchange prudential conditions are adequate to meet any supertransactions; and other activities constituting commer- visory concerns to which the proposal may give rise. cial banking outside the United States. In light of these and all the facts of record, including Section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) the commitments made by Citicorp with respect to the authorizes a bank holding company to acquire a non- operations of CBC's branches, the Board has deterbank company where the activities of the nonbank mined that the balance of public interest factors that company are determined by the Board to be "so the Board must consider under section 4(c)(8) of the closely related to banking or managing and controlling act is favorable and that the application should be banks as to be a proper incident thereto." The act approved.5 provides that the Board may make such determina- The establishment of the proposed branches is subtions by order or regulation. The Board has previously ject to the necessary licensing requirements of the determined that the activities proposed to be engaged jurisdictions involved. In this regard, the Board again in by the branches of CBC are closely related to emphasizes that CBC is not considered a bank for banking within the meaning of section 4(c)(8)3 and purposes of United States law, that it is not regulated reaffirms that determination in this Order. as such by the Federal Reserve System or by any In order to approve this application by Order under domestic authority regulating depository institutions, section 4(c)(8), the Board is further required to deter- and that, as a nondepository institution, CBC may not mine that CBC's conduct of the proposed foreign borrow from the Federal Reserve discount window. branch activities is a proper incident to banking or As a nonbank holding company subsidiary of Citicorp, managing or controlling banks. The Board must con- CBC is thus to be distinguished from Citicorp's U.S. sider whether the offering of these foreign branch banking subsidiaries. services pursuant to this application "can reasonably In light of the record, the application is approved for be expected to produce benefits to the public, such as the reasons summarized above. This determination is greater convenience, increased competition or gains in subject to the conditions set forth in this Order and in efficiency, that outweigh possible adverse effects, section 225.4(c) of Regulation Y, and to the Board's such as undue concentration of resources, decreased authority to require reports by and make examinations or unfair competition, conflicts of interests, or un- of bank holding companies and their subsidiaries, and sound banking practices." to require such modification or termination of the The purpose of the proposal by CBC is to provide activities of a bank holding company or any of its Citicorp with increased flexibility in funding its domes- subsidiaries as the Board finds necessary to assure tic operations by allowing CBC to participate in the compliance with the provisions and purposes of the act offshore wholesale money markets. Direct access by and the Board's Orders and regulations issued there- CBC's branches to these markets will reduce the costs under, or to prevent evasion thereof. of funding Citicorp's nonbanking subsidiaries includ- The proposed branch activities shall be commenced ing those previously approved by the Board under not later than three months after the effective date of section 4(c)(8). As noted by the Board in connection with CBC's previous application, the operation of such branches will enhance Citicorp's ability to raise 4. Citicorp has also committed to accept no placement or deposit funds at lower rates than is possible through other from a United States resident, except that a placement or deposit received from a foreign branch, office, subsidiary, affiliate or other funding vehicles, thereby increasing internally gener- foreign establishment ("foreign affiliate") controlled by one or more ated capital, which is a major benefit of the proposal. domestic corporations is not regarded as a placement or deposit received from a United States resident if such funds are used in its The Board expects that Citicorp will maintain capital foreign business or that of other foreign affiliates of the controlling commensurate with its increased funding capabilities. domestic corporation(s); and extend no credit to a United States resident (other than a subsidiary or affiliated organization) except that Citicorp has committed that the liabilities to CBC of credit extended to a foreign affiliate controlled by one or more any person, other than an affiliate, will not exceed 10 domestic corporations is not regarded as credit extended to a United percent of the capital and surplus of CBC, and that States resident if the proceeds will be used in its foreign business or that of other foreign affiliates of the controlling domestic corpora- CBC's branches will not engage in any activity outside tions). the United States that is impermissible for a foreign 5. In connection with this action, the Board hereby delegates authority to the Federal Reserve Bank of New York to approve applications by Citicorp for additional foreign branches of CBC, to engage in the same activities approved and subject to the same 3. Citicorp, supra, n.2; European American Bancorp, 63 FEDERAL limitations and restrictions imposed herein, pursuant to the proce- RESERVE BULLETIN 595 (1977) and 65 FEDERAL RESERVE BULLETIN dures specified in section 225.4(b)(1) of Regulation Y (12 CFR 667 (1979). § 225.4(b)(1)). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 Federal Reserve Bulletin • January 1983 this Order, unless such period is extended for good received have been considered in light of the factors cause by the Board or by the Federal Reserve Bank of set forth in section 4(c)(8) of the act. New York, pursuant to delegated authority. Applicant, with total consolidated assets of $4.1 By order of the Board of Governors, effective billion, is the largest banking organization in Utah, December 2, 1982. operating two subsidiary banks in that state with $1.59 billion in deposits.1 Applicant also controls the second Voting for this action: Vice Chairman Martin, Governors largest banking organization in Idaho ($1.12 billion in Partee, Teeters, Rice, and Gramley. Absent and not voting: deposits) and a bank subsidiary in Wyoming ($43.8 Chairman Volcker and Governor Wallich. million in deposits), and engages in a variety of permissible nonbanking activities. (Signed) WILLIAM W. WILES, Murray Thrift is a failed industrial loan company [SEAL] Secretary of the Board. with $64 million in assets. Capitol Thrift is an industrial loan company with $10 million in assets. Capitol First Security Corporation, Thrift is in satisfactory financial condition. Applicant Salt Lake City, Utah proposes to acquire Capitol Thrift as a means of obtaining the services of its officers to serve as man- Order Approving Acquisition of Industrial Loan agement for First Security Financial, Inc. upon its Companies acquisition of Murray Thrift. The Board has previously determined that the oper- First Security Corporation, Salt Lake City, Utah, a ation of an industrial loan company in the manner bank holding company within the meaning of the Bank authorized by state law is closely related to banking Holding Company Act, has applied for the Board's "so long as the institution does not both accept approval under section 4(c)(8) of the act (12 U.S.C. demand deposits and make commercial loans." § 1843(c)(8)) and section 225.4(b)(2) of the Board's (12 CFR § 225.4(a)(2)). Both Murray Thrift and Capi- Regulation Y (12 CFR § 225.4(b)(2)), to purchase the tol Thrift sell thrift certificates and thrift passbook assets and assume the liabilities of Murray First Thrift accounts as a means of funding their operations. The and Loan Company, Salt Lake City, Utah ("Murray Board in the past has not regarded such activities as Thrift"), and to acquire Capitol Thrift and Loan accepting demand deposits for purposes of the act. Company, Salt Lake City, Utah ("Capitol Thrift"). The Board does regard NOW accounts and other types Murray Thrift and Capitol Thrift are industrial loan of transaction accounts as demand deposits for purcompanies. Applicant proposes to establish de novo poses of Regulation Y. First Bancorporation (Beehive an industrial loan company, First Security Financial, Thrift & Loan), 68 FEDERAL RESERVE BULLETIN 253 Inc., Salt Lake City, Utah ("First Security Finan- (1982). In order to ensure compliance with Regulation cial"), to acquire the two companies. First Security Y, Applicant has committed that First Security Finan- Financial also would engage in leasing activities previ- cial will not offer NOW accounts, transaction acously engaged in by Murray Thrift. The Board has counts, or any type of sweep account with transactiondetermined such activities to be closely related to al capabilities. banking. (12 CFR §§ 225.4(a)(2) and (6)). Before a bank holding company may engage in an The Commissioner of Financial Institutions for the activity that the Board has determined to be closely State of Utah ("Commissioner") took possession of related to banking, the Board must determine that the business and assets of Murray Thrift on July 22, performance of the activity by the applicant or its 1982, under the supervision of the Third Judicial affiliates "can reasonably be expected to produce District Court of Salt Lake County, Utah. Withdrawal benefits to the public, such as greater convenience, of deposits in the company has been suspended since increased competition, or gains in efficiency, that that time. On November 15, 1982, the Third Judicial outweigh possible adverse effects, such as undue District Court approved the proposed transaction as a concentration of resources, decreased or unfair commeans of disposing of Murray Thrift's assets, subject petition, conflicts of interests, or unsound banking to the Board's approval. practices." (12 U.S.C. § 1843(c)(8)). By letter dated November 9, 1982, the Commission- The Board has considered the financial and manageer requested that the Board act expeditiously upon this rial resources of Applicant and Capitol Thrift and has application. In light of this request, the Board prompt- determined that the transaction would provide the ly published notice of the application in the Federal necessary financial and managerial support necessary Register (47 Federal Register 51,619) providing a 15- to revitalize Murray Thrift. In this regard, Applicant day period for interested persons to comment on the has committed that First Security Financial will conapplication. The time for filing comments and views has expired, and the application and all comments 1. Banking data are as of June 30, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 39 duct its operations in a manner generally consistent Guaranty Bancshares Corporation, with prudent business practices for an industrial loan Kansas City, Kansas company. Accordingly, the proposed acquisition can reasonably be expected to foster increased competi- Order Denying Acquisition of Guaranty Financial tion and greater convenience to the public by restoring Services, Inc. a failed institution as a viable competitor in the market. The Utah Commissioner also has advised the Guaranty Bancshares Corporation, Kansas City, Kan- Board that the proposal would be in the best interests sas, a bank holding company within the meaning of the of Murray Thrift's depositors and would result in Bank Holding Company Act, has applied pursuant to substantial savings to the Industrial Loan Guaranty section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) and Corporation of Utah. Accordingly, the Board has section 225.4(b)(1)) of the Board's Regulation Y determined that the public benefits that can reasonably (12 CFR § 225.4(b)(1)), for permission to engage de be expected to result from the proposal are substan- novo, through its subsidiary, Guaranty Financial Servtial. ices, Inc., Kansas City, Kansas, in the activities of The Board has considered the effect of the proposal consumer and commercial lending and selling crediton competition. Although the proposal would elimi- related insurance in connection with such loans. Such nate existing competition between Applicant, Murray nonbank activities have been determined by the Board Thrift, and Capitol Thrift, the Board has determined, to be closely related to banking and therefore permissiin view of Murray Thrift's condition, that the effects of ble for bank holding companies (12 CFR § 225.4(a)(1) the transaction on competition would not be so ad- and (9)). verse as to warrant denial of the application. The Notice of the application, affording opportunity for Board has further determined that the proposal would interested persons to submit comments and views on not result in any undue concentration of resources, the public interest factors, has been duly published. conflicts of interests, unsound banking practices, or The time for filing comments has expired, and the other adverse effects. Based upon the foregoing and all Board has considered the application and all comthe facts of record, the Board has determined that the ments received, including those from the Kansas Indebalance of public interest factors it is required to pendent Bankers Association ("Protestant") in light of consider under section 4(c)(8) is favorable. This deter- the public interest factors set forth in section 4(c)(8) of mination is subject to the conditions enumerated in the act. this Order that First Security Financial will not offer In order to approve an application under section any demahd, transaction, or sweep accounts with 4(c)(8) of the act, the Board must determine that the transactional capability and will conduct its operations proposed activity is "so closely related to banking or in a manner generally consistent with prudent business to managing or controlling banks as to be a proper practices for an industrial loan company. incident thereto." Even where, as here, the proposed The application is hereby approved as conditioned activities have been previously determined by regulaherein. This determination is also subject to the condi- tion to be closely related to banking, the Board is also tions set forth in § 225.4(c) of Regulation Y and to the required to determine whether the performance of the Board's authority to require such modification or proposed activities by a nonbank subsidiary of a bank termination of the activities of a holding company or holding company "can reasonably be expected to any of its subsidiaries as the Board finds necessary to produce benefits to the public, such as a greater assure compliance with the provisions and purposes of convenience, increased competition, or gains in effithe act and the Board's regulations and orders issued ciency, that outweigh possible adverse effects, such as thereunder, or to prevent evasion thereof. undue concentration of resources, decreased or unfair The activities shall be commenced not later than competition, conflicts of interests, or unsound banking three months after the effective date of this Order, practices." This statutory test requires a positive unless such period is extended for good cause by the showing by an applicant that the public benefits of its Board or by the Federal Reserve Bank of San Francis- proposal outweigh the possible adverse effects. co, pursuant to delegated authority. Applicant controls one subsidiary bank, Guaranty By order of the Board of Governors, effective State Bank and Trust Company, Kansas City, Kansas December 6, 1982. ("Bank"), with aggregate domestic deposits of $37.8 million.1 Bank is the 107th largest of 617 banks in Voting for this action: Chairman Volcker and Governors Kansas, controlling .25 percent of total commercial Martin, Wallich, Partee, Teeters, Rice, and Gramley. (Signed) JAMES MCAFEE, [SEAL] Associate Secretary of the Board. 1. Banking data are as of December 31, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 Federal Reserve Bulletin • January 1983 bank deposits therein. Applicant owns no nonbank The Kansas state courts have never interpreted this subsidiaries. statutory branch banking prohibition. However, the Applicant proposes to engage through Company in Kansas Attorney General has issued a letter to the the making of consumer and commercial loans and Kansas Banking Department addressing the specific other extensions of credit to individuals and busi- issue raised by Protestant in this case. This letter nesses, and the selling of credit-related life, accident states that a finance company operating on the premisand health insurance in connection with such loans. es of a detached facility of an affiliate bank would be a These activities would be conducted from an office branch of the bank if it acted as an agent of the bank in located in Bank's detached deposit taking facility, also making loans. The Attorney General also stated that in Kansas City, Kansas, which would serve all of resolution of this issue necessitates a consideration of Wyandotte County, Kansas. the entire course of dealing between the bank and the Protestant asserts that the structural, managerial finance company. Finally, the Attorney General ofand operational interrelationship of Bank and Compa- fered examples of the factors that would be relevant to ny would constitute a unitary operation and would making such an assessment, including the location of amount to unlawful branch banking in violation of the finance company, the regularity with which it sold Kansas statutes. Under Kansas law, branch banking is loans to its affiliated bank, and the existence of manspecifically prohibited. However, state banks are per- agement interlocks between the finance company and mitted to have up to three detached facilities at which the bank. After examining the proposed relationship deposits and withdrawals are permitted, but at which between Company and Bank in light of the factors the making of loans is expressly prohibited (Kan. Stat. cited by the Attorney General and all applicable law, Ann. § 9-1111 (1981 Supp.)). Because of certain rela- the Board finds that Applicant's operation of Compationships between Bank and Company, and because ny, as structured in this proposal, would violate the Company proposes to engage in lending activities at Kansas prohibition on branch banking. In this regard, Bank's detached facility (where Bank itself would not the Board has considered that Company's activities be permitted to make loans), Protestant alleges that are substantially integrated with those of Bank, that a Company is merely a "sham" corporation being used Bank officer would make Company's credit decisions, by Applicant and Bank as an additional loan facility of that all of Company's directors would be directors of Bank to circumvent Kansas branch banking prohibi- Bank, that Company would be located in a detached tions. deposit-taking facility of Bank, and that Bank would in In support of its argument, Protestant cites several effect fund Company's operations through the purproposed relationships between Bank and Company. chase of all of Company's loans at the end of each day. As noted above, Company would lease space from The combination of these factors distinguishes this Bank in Bank's drive-in facility. Further, Company proposal from other applications that the Board has would use Bank equipment in its operations and would approved.3 use Bank employees to counsel loan applicants and to As noted above, this proposal contemplates the process and approve loans. Indeed, all the officers and formation of a new finance company subsidiary that directors of Company would be officers and directors would offer the communities it would serve an addiof Bank and an assistant vice president of Bank would tional and convenient source of consumer and commake all of Company's credit decisions. Finally, Prot- mercial credit and credit-related insurance, thereby estant asserts that Company would sell 100 percent of increasing overall competition in Wyandotte County, its loans to Bank, and that such sales would be Kansas. In the absence of evidence to the contrary, effectuated at the close of each business day. The the Board views such de novo entry as a positive Board notes that these relationships are supported by public benefit since it would provide an additional the record and have not been denied by Applicant. competitive source in the market. Accordingly, the The Board may not approve a bank holding compa- Board notes that competitive considerations and conny proposal that would, if consummated, violate feder- venience and needs factors lend weight toward apal or state law.2 Consequently, if the Board finds that proval of this application. the proposal would violate the Kansas statutory prohi- Despite the public benefits which would result from bition against branch banking (Kan. Stat. Ann. § 9- the consummation of this proposal, the Board, as 1111 (Supp. 1981)), it must deny this application. 3. In addition, it appears that Company's sale of loans to Bank would be inconsistent with the provisions of section 23A of the Federal Reserve Act, 12 U.S.C. § 371c, because it appears unlikely 2. Whitney National Bank in Jefferson Parish v. Bank of New that Bank's purchase of such loans would be made on the basis of its Orleans, 379 U.S. 411, 419 (1965). independent analysis of the credit worthiness of the borrower. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 41 discussed above, may not approve an application Schroder Wagg & Co. Limited, London, England, a which would, if consummated, result in a violation of merchant bank, with total assets of $2.5 billion.1 federal or state law. Accordingly, based upon the Applicant's United States commercial banking operaforegoing and other considerations reflected in the tions are conducted through J. Henry Schroder Bank record, the Board has determined that the application and Trust Company, New York, New York, which has must be denied for the reasons summarized above. approximately $2.0 billion in assets and $1.5 billion in By order of the Board of Governors, effective deposits.2 Applicant operates several domestic non- December 9, 1982. bank companies engaged in leasing and certain real estate and securities activities.3 In addition, certain of Voting for this action: Vice Chairman Martin and Gover- Applicant's subsidiaries furnish general economic innors Partee, Teeters, Rice, and Gramley. Present and ab- formation and forecasting services in the United States staining: Governor Wallich. Absent and not voting: Chairman as an incident to the provision of other financial Volcker. services. In this regard, Applicant provides economic information and forecasting services through Bank, (Signed) William W. WILES, and investment or financial advisory activities through [SEAL] Secretary of the Board. J. Henry Schroder Corporation, Schroder Capital Management, Inc., and Schroder Energy Associates, Inc. Schroders Public Limited Company, Wainwright, with total assets of $190,000, is an London, England economic consulting and research firm which furnishes economic information and generic forecasting services and specialized industry studies to subscrib- Order Approving Acquisition of Shares of ing corporations, institutions and agencies through a Wainwright Econometrics, Inc. generalized written subscription service.4 The record indicates that during 1981 Wainwright generated total Schroders Public Limited Company, London, Enfee revenues of $434,000. Because services similar to gland, a bank holding company within the meaning of those proposed for company, including access to stathe Bank Holding Company Act, has applied for the tistical techniques other than the proposed economet- Board's approval, pursuant to section 4(c)(8) of the act ric model, are an integral part of its economic consult- (12 U.S.C. § 1843(c)(8)) and section 225.4(b) of the ing and research activities, Wainwright does not Board's Regulation Y (12 CFR § 225.4(b)), to acquire intend to cease offering these services directly. indirectly through Leadenhall Securities Corporation Limited, London, England, its wholly owned venture- The market for providing general economic information and statistical forecasting services is considered finance subsidiary, 35 percent of the voting shares of to be at least national in scope. Neither Applicant or Wainwright Econometrics, Inc., Boston, Massachu- Wainwright controls a significant share of this market. setts, a proposed de novo corporation. The remaining Applicant, as mentioned above, provides these servshares of Company would be held by H. C. Wainices solely as an incident to other financial activities of wright & Co., Econometrics, Boston, Massachusetts. its subsidiaries and Wainwright is a relatively small Company would provide general economic informacompany as measured by total assets and fee revenue. tion and statistical forecasting services via access to a Moreover, Applicant and its subsidiaries do not marproprietary econometric model to be marketed ket a proprietary economic model of the kind proposed throughout the United States and Canada. The Board to be offered and do not propose to shift any of the has determined that this activity is closely related to existing informational and forecasting services to combanking. (12 CFR § 225.4(a)(5)(iv)). pany. Accordingly, consummation of the proposal Notice of the application, affording opportunity for would not have a significant effect on existing competiinterested persons to submit comments and views on tion. public interest factors, has been duly published (47 Federal Register 46573 (1982)). The time for filing comments and views has expired and the Board has considered the application and all comments received 1. Data are as of December 31, 1981. in light of the public interest factors set forth in section 2. Data are as of June 30, 1982. 4(c)(8) of the act. 3. Applicant's authority to engage in certain real estate and securities activities, as well as certain leasing activities, is pursuant to the Applicant, with consolidated assets of approximate- permanent grandfather privileges of section 4(a)(2) of the Bank ly $5.2 billion, is engaged through subsidiaries in Holding Company Act (12 U.S.C. § 1843(a)(2)). By order dated February 25, 1980, the Board determined that Applicant was entitled banking and nonbanking activities throughout the to such privileges. 66 FEDERAL RESERVE BULLETIN 252 (1980). world. Applicant's principal subsidiary is J. Henry 4. Data are as of December 31, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 Federal Reserve Bulletin • January 1983 It also appears that consummation of this proposal activities as the Board finds necessary to assure comwould not have a substantial adverse effect on poten- pliance with the provisions and purpose of the act, and tial competition. In this regard, the Board notes that the Board's regulations and Orders issued thereunder, the market for providing the proposed services is or to prevent evasion thereof. highly competitive and unconcentrated as virtually all The proposed activity shall be commenced not later types of financial service organizations and consulting than three months after the effective date of this firms engage in the activity to the same extent. Also, Order, unless such period is extended for good cause as described earlier, Applicant and Wainwright have a by the Board or by the Federal Reserve Bank of New relatively minor presence in the market and the indus- York, pursuant to delegated authority. try presents no significant barriers to entry. Accord- By order of the Board of Governors, effective ingly, the Board concludes that consummation of this December 17, 1982. proposed joint venture would not adversely affect potential competition in any relevant market. Voting for this action: Vice Chairman Martin and Gover- The Board finds that consummation of the proposal nors Wallich, Partee, Teeters, Rice, and Gramley. Absent and not voting: Chairman Volcker. can be expected to result in public benefits. Affiliation with Applicant would provide Wainwright the finan- (Signed) JAMES MCAFEE, cial resources necessary to market its proprietary [SEAL] Associate Secretary of the Board. economic model. The econometric model is intended to use market price data to forecast Gross National Product, corporate profits, and other relevant economic factors. Wainwright's computerized economet- Skandinaviska Enskilda Banken, ric model would provide customized economic fore- Stockholm, Sweden casting and analysis through which corporate planners and business analysts would gain a greater understand- Order Approving Operation of New York Investment ing of relevant economic factors. In addition, the Company lower cost and simplified use of the model may provide the public increased access to useful economic Skandinaviska Enskilda Banken, Stockholm, Sweden, information. On the basis of these and other facts of a foreign bank which is subject to section 4(c)(8) of the record, the Board concludes that the benefits to the Bank Holding Company Act (12 U.S.C. § 1843(c)(8)) public that would result from the joint venture be- pursuant to section 8(a) of the International Banking tween Applicant and Wainwright favor approval of the Act of 1978 (12 U.S.C. § 3106(a)) by virtue of its application. Furthermore, in light of the de novo indirect control of an agency in the United States, has nature of the proposal, the relatively small size of applied for the Board's approval under section 4(c)(8) Applicant and Wainwright, and the scope of the pro- of the act and section 225.4(b)(2) of the Board's posed activity, there is no evidence in the record to Regulation Y (12 CFR § 225.4(b)(2)), to engage indicate that consummation of the proposal would de novo through its subsidiary, Skandinaviska Ensresult in undue concentration of resources, conflicts of kilda Banken Corporation, New York, New York interest, unsound banking practices, or other adverse ("SEBC"), in certain nonbanking activities. effects on the public interest.5 SEBC is an investment company organized under Based on the foregoing and other considerations Article XII of the New York State Banking Law (a reflected in the record, the Board concludes that the "New York Investment Company"), and proposes to balance of public interest factors that it must consider engage in the following activities: borrowing and lendunder section 4(c)(8) of the act favors approval. Ac- ing money, with or without real or personal security; cordingly, the application is approved. This determi- as principal or agent, purchasing, discounting, acquirnation is subject to the conditions set forth in section ing, investing in, selling and disposing of bills of 225.4(c) of Regulation Y and to the Board's authority exchange, drafts, notes, acceptances and other obligato require such modification or termination of such tions for the payment of money; as principal or agent, purchasing, acquiring, investing in, servicing, selling and disposing of, and making loans upon the security of, bonds and mortgages on real property; accepting 5. The Board has previously expressed its concern, where a large bills of exchange or drafts drawn upon it; issuing banking and a large commercial organization propose to engage jointly letters of credit; buying and selling foreign exchange; in the provision of a wide range of activities, that such relationships could lead to an undue concentration of economic resources, and that receiving money for transmission and transmitting the such possible adverse effects would not be consistent with the same to and from the United States; receiving and purposes of the Bank Holding Company Act. Deutsche Bank AG, 67 maintaining credit balances incidental to, or arising out FEDERAL RESERVE BULLETIN 449 (1981). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 43 of, the exercise of its lawful powers; buying and selling structural and competitive milieu of the New York coin and bullion; purchasing, acquiring, investing in financial market, and the fact that the lending and and holding stocks of any corporation and selling and banking activities involved were generally offered by disposing of such stock, provided that (unless autho- commercial banks.2 In this case, the activities prorized by the Board) no such investment will exceed 5 posed by Applicant either have been specified as percent of the voting securities of any corporation; permissible in sections 4(c)(6) and (7) of the act, or entering, directly or indirectly, into leasing transac- authorized by the Board under section 4(c)(8) of the tions of a type permissible for bank holding company act for bank holding companies, subject to the Board's affiliates under section 225.4 of Regulation Y; estab- approval of individual proposals in accordance with lishing branches outside the United States and engag- the procedures of section 225.4(b), or they are subing at those offices in transactions of the type that it stantially similar to those authorized by Order in the can engage in at its home office; receiving time depos- European American decision. In light of the above and its at branches located outside the United States; other facts of record, the Board is of the view that the issuing guarantees of its customers' obligations at proposed activities of SEBC are closely related to offices outside the United States; and issuing guaran- banking. tees of its customers' obligations at offices outside the Applicant, with consolidated assets of $22.4 billion United States if the guarantee or related agreement and deposits of $18.8 billion, ranks as the second specifies a maximum monetary liability.1 largest bank in Sweden and the 75th largest bank in the Notice of the application, affording an opportunity world.3 Applicant operates 365 branches in Sweden, for interested persons to submit comments and views and conducts international banking activities through on the public interest factors, has been duly published direct subsidiaries in Luxembourg, Frankfurt, Singa- (47 Federal Register 38634 (1982)). The time for filing pore, Geneva, Amsterdam, and London, and indirectcomments and views has expired and the Board has ly through a subsidiary bank operates an agency in considered the application and all comments received California. In 1980, Applicant acquired the power to in light of the public interest factors set forth in section vote more than 5 percent of the voting stock of Dillon 4(c)(8) of the act. Reed & Co., New York, New York ("Dillon"), an In acting on this application, the Board must first investment banking firm, as a result of the sale of its determine that these activities are closely related to former subsidiary, Scandinavian Securities Corporabanking or managing or controlling banks. The Board tion, to Dillon. However, Applicant has made specific has not determined that the operation of a New York commitments to conform its interest in Dillon to the Investment Company per se is permissible for bank provisions of the act. holding companies. However, the Board by Order has In order to approve this application, the Board is authorized the retention under section 4(c)(8) of a New required to determine that the performance of the York Investment Company by a bank holding compa- proposed activities of SEBC "can reasonably be exny after considering whether each of the activities of pected to produce benefits to the public, such as that company was closely related to banking and, if so, greater convenience, increased competition, or gains whether performance of those activities would result in efficiency that outweigh possible adverse effects, in sufficient public benefits to outweigh any possible such as undue concentration of resources, decreased adverse effects. (European American Bancorp, 63 or unfair competition, conflicts of interests, or un- FEDERAL RESERVE BULLETIN 595 (1977)). In approv- sound banking practices." (12 U.S.C. § 1843(c)(8)). ing that application, the Board considered the unique With respect to public benefits, Applicant's prostatutory powers of New York Investment Compa- posed activities would introduce an additional source nies, the role of such organizations in the unusual of banking services and would increase the level of competition among banking organizations in New York. There is no evidence in the record that indicates that Applicant's proposal would result in any undue concentration of resources, decreased or unfair com- 1. The last 3 items represent a proposal to establish foreign branches and to conduct certain activities at those offices. However, petition, conflicts of interest or unsound banking prac- Applicant has not proposed specific locations for these branches. tices. In this regard, the Board notes that Applicant's Approval of this portion of the application therefore appears inappropriate in view of the provisions of section 225.4(c) of Regulation Y, (12 CFR § 225.4(c)), which state that activities authorized under section 4(c)(8) of the Bank Holding Company Act shall not be provided at new locations without prior approval. However, when more specific information is available, Applicant may seek approval of 2. National Courier Ass'n v. Board of Governors, 516 F.2d 1229 such branches by complying with the de novo procedures of section (D.C. Cir. 1975); Alabama Ass'n of Insurance Agents v. Board of 225.4(b)(1) of Regulation Y, pursuant to authority hereby delegated to Governors, 533 F.2d 729 (1977), cert, denied 433 U.S. 904 (1978). the Federal Reserve Bank of New York to act on such proposals. 3. Financial data are as of December 31, 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 Federal Reserve Bulletin • January 1983 Edge Act subsidiary may not fund SEBC through American Bank of Broward County, Fort Lauderdale, transactions that would be inconsistent with the pur- Florida; Great American Bank of Davie, Davie, Floriposes for which an Edge Corporation is established. da; Great American Bank of Florida Keys, Tavernier, Accordingly, the Board has determined that the bene- Florida; Great American Bank of Tampa, Tampa, fits to the public, subject to the conditions and com- Florida; Great American Bank of Pinellas, Clearwater, mitments noted in this Order, would outweigh any Florida; and Great American Bank of Gainesville, potential adverse effects. Gainesville, Florida. Applicant has also applied for the Based upon the foregoing and other considerations Board's approval under section 4(c)(8) of the act reflected in the record, the Board has determined that (12 U.S.C. § 1843(c)(8)) and section 225.4(b)(2) of the the balance of the public interest factors that the Board Board's Regulation Y (12 CFR § 225.4 (b)(2)) to acis required to consider under section 4(c)(8) is favor- quire Great American's nonbanking subsidiary, Amerable. Accordingly, the application is hereby approved. ican Bancshares Insurance Agency, Inc., North Mi- This determination is subject to the conditions set ami, Florida ("ABIA").1 ABIA engages in the sale of forth in section 225.4(c) of Regulation Y and the credit-related insurance directly related to extensions Board's authority to require such modification or of credit by Great American's subsidiary banks. These termination of the activities of a holding company or nonbanking activities have been determined by the any of its subsidiaries as the Board finds necessary to Board to be closely related to banking under subsecassure compliance with the provisions and purposes of tion 225.4(a)(9) of Regulation Y (12 CFR § 225.4(a)(9)). the act and the Board's regulations and orders issued Notice of these applications, affording opportunity thereunder, or to prevent evasion thereof. The pro- for interested persons to submit comments and views, posed activities shall not commence later than three has been given in accordance with sections 3 and 4 of months after the effective date of this Order, unless the act. The time for filing comments and views has such period is extended for good cause by the Board or expired, and the Board has considered the applications by the Federal Reserve Bank of New York. and all comments received in light of the factors set By order of the Board of Governors, effective forth in section 3(c) of the act (12 U.S.C. § 1842(c)) December 7, 1982. and the considerations specified in section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8))2. Voting for this action: Chairman Volcker and Governors Applicant, with 23 banking subsidiaries, has consoli- Martin, Wallich, Partee, Teeters, Rice, and Gramley. dated assets of $6.1 billion and deposits of $4.9 billion.3 It is the largest banking organization in Florida (Signed) WILLIAM W. WILES, and controls 11.2 percent of commercial bank deposits [SEAL] Secretary of the Board. in Florida. Great American is the 16th largest of 289 banking organizations in Florida, with consolidated assets of $590 million and deposits of $477 million, and Order Under Sections 3 and 4 of Bank Holding controls 1.1 percent of the total deposits in commercial Company Act banks in the state. Upon acquisition of Great American, Applicant's share of statewide commercial bank Barnett Banks of Florida, deposits would increase to 12.3 percent. In the Jacksonville, Florida Board's view, consummation of this proposal would not have a significant effect upon the concentration of Order Approving the Acquisition and Merger of a commercial banking resources in Florida. Bank Holding Company The subsidiary banks of Great American compete directly with subsidiary banks of Applicant in the Gainesville, Pinellas County, Tampa, and Miami— Barnett Banks of Florida, Jacksonville, Florida ("Ap- Fort Lauderdale banking markets. Accordingly, the plicant"), a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board's approval under section 3 of the act (12 U.S.C. § 1842) to acquire 100 percent of the voting shares of 1. Great American also has two inactive nonbanking subsidiaries and a servicing subsidiary exempt under section 4(c)(1)(C) of the act Great American Banks, North Miami, Florida ("Great that will be acquired by Applicant (12 U.S.C. § 1843(c)(1)(C)). American"), and to simultaneously merge with Great 2. The Board received a comment on the applications from an American. As a result of the acquisition and merger, individual who complained of inappropriate and unresponsive conduct of one of Applicant's subsidiary banks in handling a fiduciary account Applicant will indirectly acquire Great American's for which he served as executor. In light of the facts of record, the eight subsidiary banks: Great American Bank of Dade Board does not believe that this reflects Applicant's overall manage- County, North Miami, Florida; Great American Bank ment and operations, and therefore, regards the protest as nonsubstantive. of North Miami Beach, North Miami, Florida; Great 3. Deposit data as of June 30, 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 45 Board has examined the effects of the proposed acqui- tenth largest savings and loan association in Florida, sition upon existing competition in these markets.4 operates in the Tampa market, and that it has estab- None of these markets is highly concentrated in terms lished a commercial lending department and has agof the Herfindahl-Hirschmann Index ("HHI"), and gressively made use of the expanded banking powers consummation of the proposed transaction would not granted to savings and loans under state law. Freedom result in a significant increase of the HHI in any of is the second largest depository institution in the these markets. market and controls $548.6 million in market deposits, Applicant is the sixth largest of thirteen banking or 16.9 percent of total deposits in commercial banks organizations in the Gainesville banking market5 and and state chartered savings and loan associations in controls deposits of $24.3 million, representing 6.6 the market.8 In the Board's opinion, the presence of percent of the total deposits in commercial banks in this institution mitigates the adverse effects of the the market. Great American ranks tenth in the market proposed transaction on competition and concentraand controls $13.7 million in deposits, representing 3.7 tion of resources in the Tampa market.9 percent of total deposits in commercial banks in the Applicant is the second largest of 68 banking organimarket. Applicant's acquisition of Great American zations in the Miami-Fort Lauderdale banking marwould increase its market share to 10.3 percent, and ket10 and controls $1.1 billion in deposits, representing Applicant would become the third largest banking 8.8 percent of the total deposits in commercial banks organization in the market. in the market. Great American is the 21st largest In the Pinellas County banking market,6 Applicant is banking organization in the market, with $201.8 milthe ninth largest of 28 banking organizations and lion in deposits, representing 1.6 percent of the total controls $144.8 million in deposits, representing 4.2 deposits in commercial banks in the market. Applipercent of the total deposits in commercial banks in cant's rank in the market will remain the same upon the market. Great American is the 21st largest banking consummation of the proposal and it will control 10.4 organization in the market with deposits of $31.4 percent of the market deposits. million, representing 0.9 percent of the total deposits Based on the foregoing, the Board's judgment is that in commercial banks in the market. Applicant's mar- consummation of the proposal would not have any ket share would increase to 5.1 percent upon its significant effects on competition between Applicant acquisition of Great American, and it would become and Great American in the Gainesville, Pinellas Counthe eighth largest banking organization in the market. ty, Tampa, and Miami-Fort Lauderdale markets. In the Tampa market,7 Applicant is the fifth largest The Board has examined the effect of the proposal of 23 banking organizations and controls $146.5 million on potential or probable future competition in the Key in deposits, representing 5.4 percent of the total depos- Largo banking market11 in light of the Board's proits in commercial banks in the market. Great American posed policy statement on market extension mergis the third largest banking organization in the market ers.12 In that market, Great American is the largest of and holds $232.1 million in deposits, representing 8.6 three banking organizations with $25.7 million in depercent of the total deposits in commercial banks in posits, representing 76.7 percent of total deposits in the market. Upon consummation of the proposed commercial banks in the market. There are numerous acquisition, Applicant would become the third largest potential entrants in the Key Largo market. With commercial banking organization in the market and respect to Great American's entry into any of the would control 14.0 percent of total deposits in com- markets in which Applicant currently operates, it does mercial banks in the market. The market is not highly not appear that Great American is a likely entrant into concentrated and consummation of the proposal those markets. would increase the deposits held by the market's four largest commercial banking organizations from 58 to 64 percent. 8. Savings and loan data are as of March 31, 1981. The Board also notes that Freedom Savings and 9. First Bancorp of N.H. (The Bedford Bank), FEDERAL RESERVE BULLETIN 769 (1982), Order dated November 29, 1982. Loan Association, Tampa, Florida ("Freedom"), the 10. The Miami-Fort Lauderdale banking market includes Dade and Broward Counties. 11. The Key Largo market consists of Key Largo, Florida. Applicant operates one automatic teller machine in the Key Largo market, 4. Individual market data as of June 30, 1981. but the Board does not view its operation as providing any significant 5. The Gainesville banking market consists of Alachua County, direct competition to Great American because the ATM is limited to Florida. furnishing prearranged checkcashing and deposit-taking services to 6. The Pinellas County banking market consists of Pinellas County, existing customers of Applicant. Even if Applicant's ATM is viewed Florida. as a direct competitor of Great American, the amount of existing 7. The Tampa banking market includes Hillsbourough County, plus competition between the two that would be eliminated by the proa small portion of Pasco County surrounding the town of Land posed transaction is insignificant. O'Lakes, Florida. 12. 47 Federal Register 9017 (March 3, 1982). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 Federal Reserve Bulletin • January 1983 Based on the foregoing and other facts of record, the banking subsidiaries and to engage in credit-related Board concludes that consummation of this proposed insurance activities are subject to the conditions set acquisition of Great American would not have any forth in section 225.4(c) of Regulation Y and to the significant adverse effect on existing or potential com- Board's authority to require such modification or petition, and would not increase the concentration of termination of the activities of a holding company or banking resources in any relevant area. Thus, compet- any of its subsidiaries as the Board finds necessary to itive considerations are consistent with approval of the assure compliance with the provisions and purposes of application. the act and Board's regulations and orders issued The financial and managerial resources of Applicant thereunder, or to prevent evasion thereof. and its subsidiaries are regarded as generally satisfac- By order of the Board of Governors, effective tory, and their future prospects appear favorable. As a December 23, 1982. result of this proposal, Great American's financial and managerial resources and future prospects will be Voting for this action: Chairman Volcker and Governors strengthened, particularly in view of the capital and Martin, Wallich, Partee, Teeters, Rice, and Gramley. Governor Wallich abstained from consideration of those portions of managerial support that Applicant will be able to the application related to insurance activities. provide Great American. Thus, considerations relating to banking factors lend weight toward approval of the (Signed) JAMES MCAFEE, application. [SEAL] Associate Secretary of the Board. Applicant's acquisition of Great American will result in the expansion of services presently offered by Great American's subsidiary banks. These services will include access to Applicant's statewide system of Manufacturers Bancorp, Inc., automatic teller machines, and access to Applicant's St. Louis, Missouri international banking department and its corporate cash management services. Thus, the Board concludes Order Denying Acquisition of Banks, that considerations relating to the convenience and Formation of a Bank Holding Company and needs of the communities to be served are consistent Acquisition of Nonbanking Companies with approval of this application. Accordingly, the Board's judgment is that under section 3 of the act the Manufacturers Bancorp, Inc., St. Louis, Missouri, has proposed transaction would be in the public interest applied for the Board's approval, pursuant to section and that the application should be approved. 3(a)(3) of the Bank Holding Company Act (12 U.S.C. With respect to the application to acquire Great § 1842(a)(3)), to acquire through merger with its whol- American's credit-related insurance agency subsid- ly owned subsidiary, MB Sub, Inc., First Missouri iary, there is no evidence in the record to indicate that Banks, Inc., Manchester, Missouri ("FMB"), and approval would result in undue concentration of re- indirectly its twelve subsidiary banks. In connection sources, decreased or unfair competition, conflicts of with this application, MB Sub, Inc., St. Louis, Misinterest, unsound banking practices or other adverse souri, has applied for the Board's approval, under effects on the public interest. Accordingly, the Board section 3(a)(1) of the act (12 U.S.C. § 1842(a)(1)), to has determined that the balance of public interest become a bank holding company through merger with factors it must consider under section 4(c)(8) of the act FMB. Applicant and MB Sub have also applied, are consistent with approval of the application, and pursuant to section 4(c)(8) and section 225.4(b)(2), of that the application to acquire Great American's insur- the Board's Regulation Y (12 CFR § 225.4(b)(2)), to ance subsidiary should be approved. acquire First Missouri Insurance Group, Inc., Man- Based on the foregoing and the facts of the record, chester, Missouri, and St. Louis Computer Center, the applications are approved for the reasons set forth Inc., Creve Coeur, Missouri, both subsidiaries of above. The acquisition and merger pursuant to section FMB, and thereby engage in data processing and 3 of the act shall not be made before the thirtieth underwriting credit accident, health, and life insurance calendar day following the effective date of this Order; directly related to extensions of credit by Applicant or and neither the subject acquisition and merger nor the its subsidiaries.1 Such activities have been specified acquisition of the nonbanking subsidiaries shall be by the Board in section 225.4(a)(8)(i) and (10) of made later than three months after the effective date of Regulation Y as permissible for bank holding compathis Order, unless such period is extended for good cause by the Board or by the Federal Reserve Bank of Atlanta, pursuant to delegated authority. The approval 1. FMB also engages through a subsidiary, First Properties, Inc., Manchester, Missouri, in holding bank subsidiary properties, pursuof Applicant's acquisition of Great American's non- ant to section 4(c)(1)(A) of the act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 48 nies, subject to Board approval of individual proposals in the market, is the 23rd largest banking organization in accordance with the procedures of section 225.4(b). and controls total deposits of $105.8 million, repre- In connection with the proposal, Applicant has also senting 0.8 percent of the total market deposits. Confiled a notice with the Board under section 225.6 of the summation of the proposal would not affect the four- Board's Regulation Y (12 CFR § 225.6) to redeem firm concentration ratio in the St. Louis market. Thus, approximately 20 percent of its voting shares simulta- in view of these facts and the small market shares neously with consummation of the merger. The shares controlled by FMB and Applicant, the proposed acquiproposed to be redeemed are those of Applicant's sition would have no adverse effects on competition in current shareholders. the St. Louis market. Notice of the applications, affording opportunity for The Union banking market is moderately conceninterested persons to submit comments and views, has trated with a HHI level of 1667 and a four-firm been given in accordance with sections 3 and 4 of the concentration ratio of 71.2 percent. FMB operates one act (47 Federal Register 39247 (1982)). The time for subsidiary bank in the Union banking market and a filing comments and views has expired, and the Board facility of another with total deposits of $35.2 million has considered the applications and all comments and is the fourth largest of nine banking organizations received in light of the factors set forth in section 3(c) in the market, representing 12.5 percent of the total of the act and the considerations specified in section market deposits in commercial banks. Applicant, with 4(c)(8) of the act (12 U.S.C. §§ 1842(c) and 1843(c)(8)). one subsidiary bank, is the eighth largest banking Applicant, the twentieth largest banking organiza- organization in the market. Applicant has total depostion in Missouri, controls two banks with aggregate its of $11.7 million, representing 4.2 percent of total deposits of approximately $117.5 million, representing market deposits in commercial banks. Consummation 0.4 percent of total commercial bank deposits in the of the merger would increase the four-firm concentrastate.2 FMB, the fifteenth largest banking organization tion ratio in the Union banking market to 75.4 percent, in Missouri, controls 12 banks with aggregate deposits raising the HHI level by 105 points, and would inof $255.5 million, representing 0.9 percent of total crease Applicant's market share to 16.6 percent, makcommercial bank deposits in the state.3 Upon consum- ing it the third largest banking organization in the mation of the proposal, Applicant's share of commer- market. cial bank deposits in Missouri would increase to 1.3 In light of these facts, the Board finds that acquisipercent, and it would become the 13th largest banking tion of FMB would eliminate some existing competiorganization in the state. Accordingly, consummation tion, and would increase the concentration of banking of this proposal would not result in a significant resources in the Union market. However, the Board increase in the concentration of commercial banking finds that consummation of the proposal would not resources in Missouri. have significantly adverse competitive effects in the The competitive effects associated with this propos- Union market. In this regard, the Board has considal must be considered within two separate banking ered the absolute and relative size of these organizamarkets—the St. Louis market4 and the Union mar- tions, their market shares, and the number of remainket.5 The St. Louis market is considered an unconcen- ing banking alternatives that could serve as entry trated market with a Herfindahl-Hirshman Index vehicles for banking organizations not currently repre- ("HHI") level of 766 and a four-firm concentration sented in the market. Accordingly, in light of the ratio of 47.3 percent. FMB operates five subsidiary above and other facts of record, the Board concludes banks in the St. Louis market with total deposits of that the effects of the proposed transaction on overall $145.8 million, and is the 16th largest of 73 commercial competition are not so serious as to warrant denial of banking organizations, controlling 1.1 percent of total the application. market deposits. Applicant, with one subsidiary bank The Board has indicated on previous occasions that a holding company should serve as a source of financial and managerial strength to its subsidiary bank(s), and that the Board would closely examine the condi- 2. Deposit data are as of December 31, 1981, and reflect holding tion of the applicant in each case with this considercompany acquisitions through June 9, 1982. ation in mind. In this case, the Board concludes that 3. FMB's twelve subsidiary banks include two de novo banks not yet opened: First Missouri Bank of Washington, Washington, Missou- although the current financial and managerial reri (acquisition approved November 2, 1981), and First Missouri Bank, sources of Applicant, FMB and their subsidiaries are N.A., Valley Park, Missouri (acquisition approved August 9, 1982). 4. The St. Louis banking market is approximated by the St. Louis generally satisfactory, considerations relating to the Ranally Metro Area. financial resources and future prospects of Applicant 5. The Union banking market is approximated by Franklin County, in connection with its acquisition of FMB warrant Missouri (except for the towns of Pacific and Berger), and the town of Dutzow in Warren County, Missouri. denial of the applications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 Federal Reserve Bulletin • January 1983 Applicant proposes to acquire FMB's shares level established by the capital guidelines for commuthrough a debt-free exchange of Applicant's shares nity banking organizations such as Applicant. The and to simultaneously redeem up to 20 percent of its Board has previously expressed its view that banking shares. The facts surrounding the proposed stock organizations operating with a primary capital-to-asset redemption show that the acquisition and redemption ratio below six percent may be undercapitalized. Genare two steps of a single integrated transaction. Thus, erally, the Board has found that when a large parent the Board has analyzed the effects of this integrated debt causes the primary capital-to-asset ratio of a bank transaction upon the financial condition of Applicant holding company to fall below six percent, the bank under the standards contained in section 3(c) of the holding company will not have sufficient access to act.6 With respect to Applicant's proposal, the Board debt or equity markets to aid its subsidiary banks is concerned by the substantial decline in the consoli- should the need arise. Accordingly, the ability of the dated capital of Applicant that would be caused by the bank holding company to serve as a source of strength significant increase in parent debt used to finance is significantly diminished. Finally, if the decline in Applicant's redemption of up to 20 percent of its primary capital-to-asset ratio is substantial and the shares. These shares represent 32 percent of Appli- ratio falls below six percent, the bank holding compacant's post-merger equity. In analyzing a proposal, the ny would, in the Board's opinion, be operating in an Board considers the capital position of the banking unsafe and unsound manner. organization involved and the effect the overall pro- As a result of the large debt associated with the posal would have on the organization's capital posi- proposed redemption, Applicant's post-redemption tion,7 in light of the capital adequacy guidelines adopt- primary capital-to-asset ratio would be less than six ed on December 17, 1981, by the Board and the percent. This is substantially below Applicant's pre- Comptroller of the Currency.8 redemption primary capital ratio of 7.5 percent, and In this regard, the Board notes that, following the below the level the Board considers prudent for comredemption, Applicant's consolidated primary capital- munity banking organizations. In the Board's judgto-asset ratio will drop below the six percent minimum ment, the decline of Applicant's primary capital-toasset ratio would be so substantial that Applicant's proposed redemption would result in an unsafe or unsound condition, in the short term, and would prevent Applicant from being a source of strength over 6. Upon consummation of the acquisition of FMB by Applicant, FMB's 43 shareholders would own 78.2 percent of Applicant, while the long term. Accordingly, based on the record in this Applicant's 770 pre-acquisition shareholders would control the bal- case, the Board concludes that considerations relating ance of 21.8 percent. Mr. James Dierberg, is chairman of the board to Applicant's financial resources and future prospects and president of FMB and members of his immediate family control approximately 70 percent of FMB's outstanding voting shares. weigh against approval of this application.9 Mr. Dierberg would become chairman of the board of directors of In an attempt to improve its post-redemption pri- Applicant and would control about 55 percent of Applicant's outstanding voting shares. The tender offer (or stock redemption) would occur mary capital ratio, Applicant intends to issue, within simultaneously with the proposed acquisition and would be limited to six months of the merger, $3 million of mandatory the pre-acquisition shareholders of Applicant. convertible securities. Applicant relies on guidelines The proposal was presented to Applicant's shareholders in the registration statement. The shareholders of Applicant may withdraw recently issued by the Board and the Comptroller of approval for the acquisition of FMB if the Board disapproves the the Currency as authority to issue mandatory converttender offer. The tender offer would be for $70 per share, a price that is approximately 2.0 times the current market value of Applicant's ible securities to replace a reduction of its total equity shares, and would provide an incentive for Applicant's shareholders capital.10 However, Applicant's proposal presents an to sell their shares, particularly in view of the limited market for the issue concerning mandatory convertible securities not shares following consummation of the acquisition and tender offer. Based upon these and other facts relating to the proposal, the Board previously considered by the Board: that is, under concludes that the two transactions are the functional and substantive what circumstances may mandatory convertible secuequivalent of a traditional bank holding company acquisition of a rities be used to augment the primary capital of a banking organization, whereby the shareholders of the acquired banking organization are paid for their shares at the time of the banking organization. acquisition. Through the proposal, Applicant's pre-acquisition share- The Board does not believe that mandatory convertholders are to be paid for their shares concurrently with the acquisition and Applicant's pre-acquisition subsidiaries are brought under the ible securities should be used as a vehicle to replace control of FMB's controlling shareholder. The result is no different in the existing equity capital of banking organizations. substance from a traditional holding company acquisition. The fact The Board made the decision to allow certain mandathat the form of the transaction has been structured in two simultaneously occurring steps does not immunize the transaction from compliance with the financial standards prescribed under the act for expansion by a bank holding company. 7. Northwest Bancorporation, 68 FEDERAL RESERVE BULLETIN 519 (1982); United Midwest Bancshares, Inc., 68 FEDERAL RESERVE 9. The Board notes that Applicant may wish to resubmit a proposal BULLETIN 713 (1982). to the Board consisting only of the debt-free exchange of shares. 8. 68 FEDERAL RESERVE BULLETIN 33 (1982). 10. 68 FEDERAL RESERVE BULLETIN 361 (1982). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 49 tory convertible securities to be considered primary NCNB Corporation, capital in the context of the need of the nation's largest Charlotte, North Carolina banking organizations to improve their capital ratios at a time when they could not raise equity capital in the Order approving the Acquisition of Exchange market. Unlike those organizations, Applicant pro- Bancorporation, Inc. poses to reduce its existing equity capital and only partially replace it with mandatory convertible securi- NCNB Corporation, Charlotte, North Carolina, a ties. In this context, the Board does not find Appli- bank holding company within the meaning of the Bank cant's commitment to increase its primary capital by Holding Company Act, has applied for the Board's issuing mandatory convertible securities acceptable, approval under section 3 of the act (12 U.S.C. § 1842) since to do so is at variance with the purpose of the to acquire 100 percent of the voting shares of Ex- Board's capital guidelines and would encourage other change Bancorporation, Inc., Tampa, Florida ("Exorganizations to follow this practice, resulting in an change").1 As a result of the acquisition, NCNB will overall weakening of the capital structure of the na- indirectly acquire 100 percent of the voting shares of tions banking organizations. Exchange's nine subsidiary banks: Exchange Bank With respect to considerations relating to the conve- and Trust Company of Florida, Tampa, Florida; Exnience and needs of the community to be served, change Bank of Charlotte County, N.A., Englewood, Applicant intends to initiate trust, insurance and real Florida; Exchange Bank of Collier County, Naples, estate services not presently available through FMB's Florida; The Exchange National Bank of Lake Counsubsidiary bank. Moreover, Applicant plans to devel- ty, Clermont, Florida; Exchange Bank of Lee County, op trust services in Creve Coeur and expand its Fort Myers, Florida; Exchange National Bank of ATM's in St. Louis and Charles Counties, Missouri. Manatee County, Bradenton, Florida; The Exchange Finally, Applicant intends to expand its retail lending Bank of Osceola, Kissimmee, Florida; Exchange Bank activities in all of its local communities. Consider- of Polk County, Winter Haven, Florida; and Exchange ations relating to the convenience and needs of the Bank of Sarasota County, Sarasota, Florida. As part community to be served are consistent with, but lend of the same proposal, Applicant has also applied for no weight toward approval of this application. the Board's approval under section 4(c)(8) of the act With respect to the applications to acquire First (12 U.S.C. § 1843(c)(8)) and section 225.4(b)(2) of the Missouri Insurance Group, Inc. and St. Louis Com- Board's Regulation Y (12 CFR § 225.4(b)(2)) to acputer Center, Inc., the Board has determined that the quire Exchange's nonbanking subsidiaries: Exchange balance of public interest factors prescribed by section Financial Services, Inc., Tampa, Florida ("Exchange 4(c)(8) of the act warrant approval. There is no evi- Financial") and Exchange Leasing, Inc., Tampa, Flordence that Applicant's acquisition of these nonbanking ida ("Exchange Leasing").2 Exchange Financial acts companies would result in undue concentration of as agent for the sale of credit life and credit accident resources, decreased or unfair competition, conflicts and health insurance by Exchange's subsidiary banks of interest, unsound banking practices, or other ad- in conjunction with the lending activities of those verse effects on the public interest. In the context of banks. Exchange Leasing solicits and services equipthis proposal, however, Applicant could not consum- ment leases that are funded by Exchange's subsidiary mate this acquisition without acquiring control of banks. These nonbanking activities have been deter- FMB. Accordingly, the Board concludes that these mined by the Board to be closely related to banking applications must also be denied. under subsections 225.4(a)(9) and (6) (12 CFR The Board's judgment is that consummation of the § 225.4(a)(9) and (6)), respectively. proposal would not be in the public interest and should Notice of the applications, affording opportunity for be denied. On the basis of the record, the applications interested persons to submit comments and views, has are denied for the reasons summarized above. been given in accordance with sections 3 and 4 of the By order of the Board of Governors, effective act. The time for filing comments and views has December 20, 1982. expired, and the Board has considered the applications and all comments received including those of the Voting for this action: Chairman Volcker and Governors Comptroller of the Currency, in light of the factors set Martin, Wallich, Partee, Teeters, Rice, and Gramley. Governor Wallich abstained from consideration of those portions of the applications related to insurance activities. 1. Applicant intends to merge with Exchange after acquisition of a sufficient number of its shares. (Signed) JAMES MCAFEE, 2. Exchange also has two inactive subsidiaries that will be acquired [SEAL] Associate Secretary of the Board. by Applicant. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 Federal Reserve Bulletin • January 1983 forth in section 3(c) of the act (12 U.S.C. § 1842(c)) deposit concentration ratio is less than 75 percent and and the considerations specified in section 4(c)(8) of these markets are not therefore considered concentratthe act (12 U.S.C. § 1843(c)(8)). ed under the Board's guidelines. In the four Exchange Applicant, with consolidated assets of $8.4 billion markets with a three-firm deposit concentration exand deposits of $6.0 billion, has banking subsidiaries in ceeding 75 percent,6 there are numerous large Florida both North Carolina and Florida.3 Applicant is the banking organizations that are considered probable largest banking organization in North Carolina and future entrants. NCNB controls subsidiary banks in through its lead bank, North Carolina National Bank, three banking markets in Florida in which Exchange is Charlotte, North Carolina, holds $4.0 billion in domes- not represented. In two of these markets the three-firm tic deposits.4 Applicant currently has three banking concentration ratio is less than 75 percent, and in the subsidiaries operating in Florida, and controls 1.3 remaining market there are a large number of banking percent of commercial bank deposits in Florida. Ex- organizations that are probable future entrants. Thus, change, with consolidated total assets of $1.3 billion the Board finds that intensive examination is not and deposits of $984.8 million, is the tenth largest of required under the Board's proposed policy statement 298 banking organizations in Florida and controls 2.3 in any of the 16 markets in which Applicant or percent of the total deposits in commercial banks in Exchange operate. Based upon the above and all the the state. Upon acquisition of Exchange, Applicant facts of record, it does not appear that consummation would become the eighth largest banking organization of this proposal would have a significantly adverse in Florida, and would hold 3.6 percent of deposits in effect upon potential competition in any relevant marcommercial banks in Florida. In the Board's view, ket. consummation of this proposal would not have a The financial and managerial resources and future significant effect upon the concentration of commer- prospects of Applicant, including its capital position, cial banking resources in Florida. Exchange and their respective subsidiaries are consid- Exchange operates nine subsidiary banks having a ered generally satisfactory and consistent with approvtotal of 43 offices in the following 13 banking markets: al. However, the proposed transaction represents a Tampa, Pinellas County, New Port Richey, east Pasco very large acquisition for Applicant, which coupled County, east Polk County, west Polk County, south with another recent large acquisition, will significantly Lake County, north Osceola County, Sarasota, Ven- reduce the capital ratio and increase the debt level of ice/Englewood, Bradenton, Naples, and Fort Meyers. the combined organization. While these levels are Applicant operates in the Miami-Fort Lauderdale, acceptable, the Board believes that Applicant should eastern Palm Beach, and Columbia County banking devote its attention to improvement in these areas as markets. Inasmuch as Applicant's Florida banking an essential part of any future acquisition program. subsidiaries do not operate in any of the markets in Upon consummation of this proposal, Applicant which Exchange operates, the Board's judgment is intends to improve and expand Exchange's services that consummation of the proposal would not elimi- by including alternative rate packages on commercial nate any significant amount of existing competition loans, asset based financing, access to a nationwide between Applicant and Exchange. ATM network and expanded international banking The Board has examined the effect of the proposed services. Thus, the Board concludes that consideracquisition upon potential or probable future competi- ations relating to the convenience and needs of the tion in the relevant geographic markets in light of the communities to be served lend weight towards approv- Board's proposed policy statement on market exten- al of this application. Accordingly, the Board's judgsion mergers.5 With respect to all of Exchange's ment is that under section 3 of the act the proposed markets, except east Pasco County, south Lake Coun- transaction would be in the public interest and that the ty, north Osceola County, and Naples, the three-firm application should be approved. With respect to the applications to acquire Exchange's existing nonbank subsidiaries, the Board has determined that the balance of public interest factors prescribed by section 4(c)(8) of the BHC Act warrant 3. All banking data are as of June 30, 1982, and include acquisitions as of September 4, 1982, unless otherwise indicated. 4. Under section 3(d) of the Act, a bank holding company may not acquire an additional bank outside of the state where it conducts its principal banking operations, unless the laws of the state in which the bank to be acquired specifically permit an acquisition by an out-of- 6. Exchange's subsidiary bank in the south Lake County market state bank holding company. By order dated December 9, 1981, the controls 51.6 percent of the deposits in commercial banks in that Board found that Florida law permits the acquisition by Applicant of market. However, since this is a small isolated market with 10 Florida banks. probable future entrants, the acquisition of this bank by Applicant 5. 45 Federal Register 9017 (March 3, 1982). would not have a significant impact on potential competition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 51 approval. Through the two active subsidiaries, Ex- By order of the Board of Governors, effective change Financial and Exchange Leasing, Applicant December 1, 1982. intends to continue to engage in credit-related insurance activities and leasing activities, respectively. Voting for this action: Chairman Volcker and Governors Although Applicant's consumer finance subsidiary, Martin, Wallich, Partee, Teeters, and Gramley. Absent and not voting Governor Rice. TransSouth Financial Corporation of Florida, ("TransSouth"), operates a total of 13 offices in eight (Signed) WILLIAM W. WILES, of Exchange's banking markets, with one exception [SEAL] Secretary of the Board. the combined market share for consumer lending is less than 5 percent in each market. In the east Polk County market where Exchange has a 6.4 percent market share and TransSouth has a 1.4 percent market PNC Financial Corp, share, the Board does not view the elimination of Pittsburgh, Pennsylvania competition as significant. Finally, while it appears that there is also a slight overlap in the provision of Order Approving Consolidation of Bank Holding fiduciary and leasing services by Applicant and Ex- Companies and Acquisition of Companies change where the relevant market is statewide or Engaged in Mortgage, Insurance, Leasing, regional, the Board notes that the overlap is minor and Financing, and Commercial Lending Activities there are numerous other competitors. Based upon these facts and all the facts of record, the Board PNC Financial Corp, Pittsburgh, Pennsylvania concludes that consummation of this proposal would ("PNC"), has applied for the Board's approval under not have significant adverse effects upon existing or section 3(a)(5) of the Bank Holding Company Act (12 potential competition in any relevant market. U.S.C. § 1842(a)(5)) for the consolidation of Pitts- There is no evidence in the record to indicate that burgh National Corporation, Pittsburgh, Pennsylvania Applicant's acquisition of Exchange's nonbank sub- ("Pittsburgh National") and Provident National Corsidiaries would result in any adverse effects, such as poration, Philadelphia, Pennsylvania ("Provident Naundue concentration of resources, decreased or unfair tional") both registered bank holding companies under competition, conflicts of interests, or unsound banking the act. PNC would be the successor corporation and practices. Applicant has committed to reduce rates for would thereby become a bank holding company. credit life insurance below levels established by legis- PNC has also applied for the Board's approval latively mandated reductions, which became effective under section 4(c)(8) of the Act (12 U.S.C. in Florida on October 1, 1982. Accordingly, based on § 1843(c)(8)) and section 225.4(b)(2) of the Board's the foregoing and other facts of record, the Board Regulation Y (12 CFR § 225.4(b)(2)), to acquire the concludes that the balance of public interest factors following nonbanking companies, which are existing under section 4(c)(8) of the act is favorable, and that subsidiaries of Pittsburgh National: Kissell Company, the application to acquire Exchange's nonbank subsid- Springfield, Ohio, which engages in the activity of iaries should be approved. originating, selling and serving mortgages; Pittsburgh On the basis of the record, the applications are National Discount Corporation, Pittsburgh, Pennsylapproved for the reasons summarized above. The vania, which provides financing for Pittsburgh Nationacquisition pursuant to section 3 of the act shall not be al; PINACO, Pittsburgh, Pennsylvania, which engages consummated before the thirtieth calendar day follow- in the activity of acting as an insurance agent or broker ing the effective date of the Order unless such period is with respect to credit life insurance, property damage extended for good cause by the Board, or by the insurance and credit accident and health insurance, all Federal Reserve Bank of Richmond pursuant to dele- directly related to extensions of credit made or servgated authority. The approval of the applications to iced by Pittsburgh National's subsidiary bank; Pittsacquire the nonbanking subsidiaries of Exchange and burgh National Leasing Corporation, Pittsburgh, to engage in credit-related insurance and leasing activi- Pennsylvania, which engages in the activity of leasing ties are subject to the conditions set forth in section personal property; Pittsburgh National Life Insurance 225.4(c) of Regulation Y and to the Board's authority Company, Pittsburgh, Pennsylvania, which underto require such modification or termination of the writes credit life and credit accident and health insuractivities of a holding company or any of its subsidiar- ance in connection with extensions of credit by Pittsies as the Board finds necessary to assure compliance burgh National's subsidiary bank; and Pittsburgh with the provisions and purposes of the act and the National Commercial Corporation, Pittsburgh, Penn- Board's Regulations thereunder, or to prevent evasion sylvania, which engages in corporate lending. PNC thereof. has also applied to acquire Provident National's exist- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 Federal Reserve Bulletin • January 1983 ing nonbank subsidiaries: Provident National Invest- organizations in the state. However, Pennsylvania is ment Corporation, Wilmington, Delaware, which en- one of the least concentrated states in the United gages in investment and lending activities and States, and would remain so upon consummation of Provident National Financial Corporation, which pro- the proposal. In addition, a large number of banking vides funding for Provident National and its subsidiar- organizations of substantial size would continue to ies. These activities have been determined by the operate in the state following consummation of this Board to be closely related to banking (12 CFR proposal. On the basis of these considerations, the §§ 225.4(a)(1), (3), (6), (8), and (10). Board concludes that the proposed merger would have PNC has also requested that the Board approve, no substantial adverse effects on the concentration of under section 25(a) of the Federal Reserve Act (the banking resources in Pennsylvania. "Edge Act") (12 U.S.C. § 611), acquisition of the Provident National and Pittsburgh National do not voting shares of three subsidiaries organized under operate subsidiary banks in the same markets. As a that section, Pittsburgh International Bank, New result, consummation of the proposal would not elimi- York, New York and Los Angeles, California, and nate existing competition in any relevant market. Provident International Corporation, Philadelphia, The Board has considered the effects of this propos- Pennsylvania, after consummation of the consolida- al on probable future competition and also examined tion. the proposal in the light of its proposed guidelines for Notice of the applications, affording opportunity for assessing the competitive effects of market extension interested persons to submit comments and views, has mergers and acquisitions.3 In evaluating the effects of been given in accordance with sections 3 and 4 of the a proposed merger or consolidation upon probable act (47 Federal Register 43187 (1982)). The time for future competition, the Board considers market confiling comments and views has expired, and the Board centration, the number of probable future entrants into has considered the applications and all comments the market, the attractiveness of the market for received in light of the factors set forth in section 3(c) de novo and/or foothold entry and the size and market of the act (12 U.S.C. § 1842(c)), the considerations position of the firm to be acquired. The Board has also specified in section 4(c)(8) of the act and the purposes considered the likelihood that the institutions would of the Edge Act. enter the market on a de novo or foothold basis absent approval of the acquisition. After consideration of Pittsburgh National, the second largest commercial these factors in the context of the specific facts of this banking organization in Pennsylvania, controls one case, the Board concludes that consummation of this bank with aggregate deposits of $4.1 billion, representproposal would not have any adverse effects on probaing 6.0 percent of the total deposits in commercial banks in the state.1 Provident National, the tenth ble future competition in any relevant market. largest commercial banking organization in Pennsylva- Provident National operates in one banking market, nia, controls one subsidiary bank in Pennsylvania with the Philadelphia market,4 a market in which Pittsburgh aggregate deposits of $1.8 billion, representing 2.6 National is not represented. In view of its size and percent of the total deposits in commercial banks in substantial managerial and financial resources, Pittsthe state.2 Upon consolidation, PNC's share of com- burgh National appears to be a probable future entrant mercial bank deposits in Pennsylvania would be 8.6 into that market. Provident National is the fourth percent and PNC would retain Pittsburgh National's largest banking organization in the Philadelphia marrank as the second largest commercial organization in ket and controls 8.8 percent of the market's deposits. Pennsylvania. The Philadelphia market has a three-firm concentra- The Board has carefully considered the effects of the tion ratio of 36.1 percent and is not considered concenproposal on statewide banking structure and upon trated. In addition, there is no evidence in the record competition in the relevant markets. The proposal involves a combination of sizeable commercial banking organizations that are among the leading banking 3. "Policy Statement of the Board of Governors of the Federal Reserve System for Assessing Competitive Factors Under the Bank Merger Act and the Bank Holding Company Act," 47 Federal Register 9017 (March 3, 1982). Although the proposed policy statement has not been approved by the Board, the Board is using the 1. Banking data are as of June 30, 1982. policy guidelines as part of its analysis of the effect of a proposal on 2. Provident National also controls Provident of Delaware Bank, probable future competition. N.A., Wilmington, Delaware, which conducts wholesale banking 4. The Philadelphia banking market is defined as Bucks, Chester, operations for Provident National and would also be acquired by Delaware, Montgomery, and Philadelphia counties in Pennsylvania PNC. and Burlington, Camden, and Gloucester counties in New Jersey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 53 that indicates that the Philadelphia banking market is that the banking needs of the communities to be served not competitive. The Supreme Court has indicated are not being met, PNC has indicated that new or that "the potential competition doctrine has meaning expanded services are expected to result from approvonly as applied to concentrated markets" and has no al of this acquisition, such as a wider range of internaapplicability if the target market is competitive.5 On tional banking services, sweep accounts and automatthe basis of the low concentration ratio in the Philadel- ed credit and payment services. Thus, considerations phia market and the absence of any evidence that the relating to the convenience and needs of the communimarket is not competitive, the Board concludes that ty to be served are consistent with approval. the proposal would not have substantial adverse ef- PNC has also applied, pursuant to section 4(c)(8) of fects on probable future competition in the Philadel- the act, to acquire the nonbanking subsidiaries of phia market. Pittsburgh National and Provident National. Provident Pittsburgh National operates in seven markets6 in National's nonbanking subsidiaries do not derive any which Provident National does not operate. It appears of their business from the markets served by Pittsthat Provident National has the financial and manage- burgh National. Pittsburgh National's mortgage comrial resources to enter these markets. The largest of pany, The Kissell Company and its leasing subsidiary, the markets in which Pittsburgh National operates is Pittsburgh National Leasing Corporation derive less the Pittsburgh market,7 the state's second largest than 10 percent of their business from the Philadelphia market. The Pittsburgh market is highly concentrated market. Thus, the consolidation would eliminate only with a three-firm concentration ratio of 87.1 percent. a small amount of competition in the residential mort- Pittsburgh National is the second largest banking gage lending and equipment leasing markets. In addiorganization in the market with 22.8 percent of the tion, the presence of many other suppliers of these market's deposits. On the basis of the Board's evalua- services leads the Board to conclude that no signifition of the structure and attractiveness of the Pitts- cant existing competition in the Philadelphia market burgh market for de novo or foothold entry and in view would be eliminated by the proposal. There is no of the number of probable future entrants into that evidence in the record to indicate that approval of this market, the Board concludes that the elimination of proposal would result in undue concentration of re- Provident as a probable future entrant will not have a sources, decreased or unfair competition, conflicts of substantial anticompetitive effect in the Pittsburgh interest, unsound banking practices or other adverse market. effects on the public interest. Accordingly, the Board With regard to the other six markets in which has determined that the balance of the public interest Pittsburgh National operates, the Board finds that factors it must consider under section 4(c)(8) of the act there are a large number of probable future entrants is consistent with approval of the application. into each of the markets, and moreover, that five of Similarly, with respect to PNC's proposal to retain these markets are relatively unconcentrated as mea- three Edge Corporations, the public interest in the sured by the Board's guidelines. On the basis of the uninterrupted continuation of their service to customabove and other facts of record, the Board concludes ers favors approval of their retention after the consolithat consummation of the proposed consolidation dation of Pittsburgh National and Provident National. would not have such adverse effects on probable The financial and managerial resources of PNC are future competition in these six markets or in any regarded as consistent with approval of the acquisition market in the state to warrant denial of the proposal. of the three corporations by PNC. Their acquisition by The financial and managerial resources and future PNC would enable the Edge Corporations to continue prospects of PNC, Pittsburgh National, Provident the international services that are currently being National and their respective subsidiaries are consid- provided to customers, consistent with the purposes of ered satisfactory and consistent with approval. Al- the Edge Act to afford at all times a means of financing though there is no evidence in the record indicating international trade, to stimulate competition for international banking and financing services, and to facilitate and stimulate United States exports. Accordingly, the Board finds that the applications filed under the Edge Act for the acquisition of Pittsburgh Internation- 5. United States v. Marine Bancorporation, 418 U.S. 602, 630 al Bank, New York, New York and Los Angeles, (1974); Accord, Mercantile Texas Corp. v. Board of Governors, 638 F. California, and Provident International Corporation, 2d 1255 (5th Cir. 1980). 6. These banking markets are the Pittsburgh, Westmoreland, But- Philadelphia, Pennsylvania, should be approved. ler, Washington, Indiana, Fayette, and Somerset markets. Based on the foregoing and other facts of record, the 7. The Pittsburgh banking market is defined as all of Allegheny Board has determined that the applications under County and the adjoining portions of Armstrong, Beaver, Butler, Washington, and Westmoreland counties, all in Pennsylvania. sections 3(a)(5) and 4(c)(8) of the act and the applica- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 Federal Reserve Bulletin • January 1983 tion under the Edge Act should be and are hereby Dissenting Statement of Governor Teeters approved. The consolidation shall not be made before the thirtieth calendar day following the effective date I would deny this application on the grounds that the of this Order, and neither the consolidation nor the proposed consolidation of these bank holding compaacquisition of the nonbanking subsidiaries shall be nies would have a significant adverse effect on probamade later than three months after the effective date of ble future competition in the Pittsburgh banking marthis Order, unless such period is extended for good ket. I believe Provident National Corporation has the cause by the Board or by the Federal Reserve Bank of capacity to enter Pittsburgh and its surrounding bank- Cleveland, pursuant to delegated authority. The deter- ing markets on a de novo or foothold basis. In light of mination as to PNC's acquisition of the nonbank the concentrated nature of the Pittsburgh market and subsidiaries is subject to the conditions set forth in certain of these smaller markets, the elimination of section 225.4(c) of Regulation Y (12 CFR § 225.4(c)) Provident as a probable future entrant is substantially and to the Board's authority to require such modifica- anticompetitive. tion or termination of the activities of a holding The Board has proposed guidelines regarding probacompany or any of its subsidiaries as the Board finds ble future competition as a method of addressing the necessary to assure compliance with the provisions standards set out by the United States Court of and purposes of the act and the Board's regulations Appeals for the Fifth Circuit in Mercantile Texas and Orders issued thereunder, or to prevent evasion Corporation v. Board of Governors, 638 F.2d 1255 (5th thereof. Cir. 1981). As I have previously indicated, these By order of the Board of Governors, effective guidelines will be difficult to enforce and today's December 10, 1982. action reaffirms my belief that the guidelines permit the combination of bank holding companies that, in my Voting for this action: Vice Chairman Martin and Gover- opinion are substantially anticompetitive. nors Wallich, Partee, Rice, and Gramley. Voting against this I believe the Board should give more attention to action: Governor Teeters. Absent and not voting: Chairman developing and applying standards that more realisti- Volcker. Governor Wallich abstained from consideration of cally reflect the adverse effects of the elimination of the application to acquire PINACO and Pittsburgh National Life Insurance Company. probable future competition. Accordingly, I dissent from the Board's decision (Signed) WILLIAM W. WILES, regarding this application. [SEAL] Secretary of the Board. December 10, 1982 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 55 ORDERS APPROVED UNDER BANK HOLDING COMPANY ACT By the Board of Governors During December 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) Bank Securities, Inc., American National Bank of Santa Fe, December 21, 1982 Albuquerque, New Mexico Santa Fe, New Mexico First Bankers Corporation of Florida, National Trust Bank of Florida, December 27, 1982 Pompano Beach, Florida St. Petersburg, Florida First City Bancorporation of Texas, Inc. First City Bank-Westheimer Plaza N.A. December 21, 1982 Houston, Texas Houston, Texas First City Bancshares, Inc., First City Bank of Gainesville, December 23, 1982 Gainesville, Florida Gainesville, Florida First National Bankshares, Inc., The First National Bank of Logansport, December 21, 1982 Logansport, Indiana Logansport, Indiana 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 Alabanc Inc., First Bank, Atlanta December 7, 1982 Wadley, Alabama Wadley, Alabama AmSouth Bancorporation, State Bank of the Gulf, Atlanta December 21, 1982 Birmingham, Alabama Gulf Shores, Alabama Bancshares of Camden, Inc., Bank of Camden, St. Louis December 9, 1982 Camden, Tennessee Camden, Tennessee Bancshares of Glasgow, Inc., Tri-County Trust Company, Kansas City December 22, 1982 Glasgow, Missouri Glasgow, Missouri Bayard Bancorporation, The Farmers State Bank, Chicago December 20, 1982 Bayard, Iowa Bayard, Iowa Capital Bancshares, Inc., Capital Bank, Dallas December 6, 1982 Dallas, Texas Dallas, Texas Century Bancorp, Inc., The Bank of Massachusetts, Boston December 22, 1982 Sommerville, Massachusetts Chelsea, Massachusetts Citizens Bancorporation, Inc., Citizens Bank & Trust Co., Atlanta December 15, 1982 Plaquemine, Louisiana Plaquemine, Louisiana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 Federal Reserve Bulletin • January 1983 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Commercial National Corporation, The First National Bank in Chicago November 23, 1982 Peoria, Ilinois Champaign, Champaign, Illinois The Illinois National Bank of Springfield, Springfield, Illinois First Trust & Savings Bank of Kankakee, Kankakee, Illinois C & M Bancshares, Inc., Memphis Bancshares, Inc., Kansas City December 2, 1982 Cameron, Missouri Memphis, Missouri Cameron Bancshares, Inc., Cameron, Missouri Donnelly Bancshares, Inc., Farmers and Merchants Minneapolis December 17, 1982 Donnelly, Minnesota State Bank of Donnelly, Donnelly, Minnesota First Bancshares of Northeast First National Bank in Osceola, St. Louis December 17, 1982 Arkansas, Inc., Osceola, Arkansas Osceola, Arkansas Firstbank of Illinois Co., First Trust and Savings Bank of Chicago November 24, 1982 Springfield, Illinois Taylorville, Taylorville, Illinois First Chatsworth Bankshares, Inc., The First National Bank of Atlanta December 23, 1982 Chats worth, Georgia Chatsworth, Chatsworth, Georgia First Citizens Bancorporation of Citizens Bank and Trust Company Richmond December 10, 1982 South Carolina, Inc., of South Carolina, Columbia, South Carolina Columbia, South Carolina First Pecos Bancshares, Inc., The First National Bank of Pecos, Dallas December 20, 1982 Midland, Texas Pecos, Texas First Rockford BanCorporation, The First State Bank, Chicago December 14, 1982 Inc., Rockford, Iowa Rockford, Iowa Fosston Bancorporation, Inc., Farmers State Bank of Fosston, Minneapolis December 14, 1982 Fosston, Minnesota Fosston, Minnesota Hazelton Bancshares, Inc., Farmers State Bank, Kansas City December 21, 1982 Hazelton, Kansas Hazelton, Kansas Humboldt Investment Corp., Humboldt Trust & Savings Bank, Chicago December 14, 1982 Humboldt, Iowa Humboldt, Iowa Ina Bancshares, Inc., Ina State Bank, St. Louis December 2, 1982 Cahokia, Illinois Ina, Illinois Interedec (Georgia) N.V., NBG Financial Corporation, Atlanta December 3, 1982 Curacao, Netherlands Antilles Atlanta, Georgia Interedec (Georgia) Limited, Nassau, Bahamas Kermit State Bancshares, Inc., Kermit State Bank, Dallas December 17, 1982 Kermit, Texas Kermit, Texas LaBelle Bancshares, Inc., The Bank of LaBelle, St. Louis December 3, 1982 LaBelle, Missouri LaBelle, Missouri La Pryor Bancshares, Inc., The La Pryor State Bank, Dallas December 16, 1982 La Pryor, Texas La Pryor, Texas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 57 Section 3—Continued Reserve Effective AApppplliiccaanntt BBaannkk((ss)) Bank date Lebanon Bancshares, Inc., The Farmers National Bank of St. Louis December 13, 1982 Lebanon, Kentucky Lebanon, Lebanon, Kentucky Livermore Bancorporation, Livermore State Bank, Chicago December 17, 1982 Livermore, Iowa Livermore, Iowa Lohrville Bancshares, Ltd., Lohrville Savings Bank, Chicago December 2, 1982 Lohrville, Iowa Lohrville, Iowa Merchants and Manufacturers Ban- Lincoln State Bank, Chicago December 23, 1982 corporation, Inc., Milwaukee, Wisconsin Milwaukee, Wisconsin Franklin State Bank, Franklin, Wisconsin Monroe Bancshares, Ltd., Monroe State Bank, Chicago December 10, 1982 Monroe, Iowa Monroe, Iowa Morgan Bancorp., Inc., Morgan County State Bank, Richmond December 28, 1982 Berkeley Springs, West Virginia Berkeley Springs, West Virginia Mountain Bancshares, Inc., First Bank and Trust, Atlanta December 23, 1982 Tracy City, Tennessee Tracy City, Tennessee Mountain Home Bancshares, Inc., First Bank & Trust Co. of Mountain St. Louis December 13, 1982 Mountain Home, Arkansas Home, Mountain Home, Arkansas New Germany Bancshares, Inc., First State Bank of New Germany, Minneapolis December 10, 1982 New Germany, Minnesota New Germany, Minnesota Northeast Bancorp, Inc., Security Bank & Trust, New York December 23, 1982 New Haven, Connecticut Bloomfield, Connecticut Omnibancorp, Omnibank, Arapahoe, N.A., Kansas City December 20, 1982 Denver, Colorado Arapahoe County, Colorado Peoples Bank Corporation of Berea, Peoples Bank and Trust Company, Cleveland November 29, 1982 Berea, Kentucky Berea, Kentucky Powell County Bancorp, Inc., Powell County Bank, Cleveland December 16, 1982 Stanton, Kentucky Stanton, Kentucky Raldon, Inc., Powder River County Bank, Minneapolis December 23, 1982 Billings, Montana Broadus, Montana SBI Corporation, Security Bancorp, Inc., Chicago December 10, 1982 Southgate, Michigan Southgate, Michigan SBT Corporation, Central Bank of Georgia, Atlanta December 3, 1982 Savannah, Georgia Macon, Georgia Scotland Holding Company, Farmers & Merchants State Bank, Minneapolis December 17, 1982 Scotland, South Dakota Scotland, South Dakota Second Security Bankshares, Inc., Security Holding Company, Kansas City December 21, 1982 Miami, Oklahoma Miami, Oklahoma Security Bancshares, Inc., Albany State Bank, Kansas City November 29, 1982 Albany, Missouri Albany, Missouri Sherman Banc Shares, Inc., Sherman Community Bank, Chicago December 1, 1982 Sherman, Illinois Sherman, Illinois SouthTrust Corporation, Midland State Bank, Atlanta December 10, 1982 Birmingham, Alabama Midland City, Alabama Southwest Bancshares, Inc., The Marshall National Bank, Dallas December 16, 1982 Houston, Texas Marshall, Texas Stonington Banc Shares, Inc., Stonington Community Bank, Chicago December 7, 1982 Stonington, Illinois Stonington, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 Federal Reserve Bulletin • January 1983 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date United Bancshares, Inc., American Bank of Commerce, Atlanta December 15, 1982 Lake Charles, Louisiana Lake Charles, Louisiana Vernon Center Bancshares, Inc., State Bank of Vernon Center, Minneapolis December 20, 1982 Vernon Center, Minnesota Vernon Center, Minnesota Vista Banks, Inc., DeLeon Springs Bank, Atlanta December 22, 1982 DeLeon Springs, Florida DeLeon Springs, Florida Walnut Ridge Bankstock Citizens National Bank, St. Louis December 13, 1982 Corporation, Walnut Ridge, Arkansas Walnut Ridge, Arkansas West Branch Bancorp, Inc., West Branch Bank, Chicago December 27, 1982 West Branch, Iowa West Branch, Iowa Section 4 . Nonbanking Reserve Effective pp company Bank date NBD Bancorp, Inc., Corporate Funding, Inc., Chicago December 6, 1982 Detroit, Michigan Grand Rapids, Michigan Sections 3 and 4 Nonbanking Reserve Effective Applicant Bank(s) company Bank date (or activity) Alexandria State Com- State Bank of Alex- The Alexandria In- Kansas City December 10, 1982 pany, andria, surance Agency, Aurora, Nebraska Alexandria, Ne- Alexandria, Nebraska braska Ameribank Corpora- AmeriCorp, Bankers Insurance Kansas City December 21, 1982 tion, Shawnee, Okla- Agency, of Shaw- Shawnee, Oklahoma homa nee, Inc., Shawnee, Oklahoma Drake Holding Compa- Security State Bank, to engage in general Chicago December 28, 1982 ny, Inc., Radcliffe, Iowa insurance activities Radcliffe, Iowa First State Agency of The First Bank of to engage in general Minneapolis December 16, 1982 Stewart, Inc., Minnesota, insurance agency Stewart, Minnesota Stewart, Minne- activities sota First Stillwater Banc- First Union Corpora- First Union Insur- Kansas City December 17, 1982 shares, Inc., tion, ance Agency, Inc., Stillwater, Oklahoma Stillwater, Okla- Stillwater, Oklahoma homa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 59 PENDING CASES INVOLVING THE BOARD OF GOVERNORS* *This list of pending cases does not include suits Option Advisory Service, Inc. v. Board of Governors, against the Federal Reserve Banks in which the Board filed September 1981, U.S.C.A. for the Second of Governors is not named a party. Circuit (two cases). Bank Stationers Association, Inc., et al. v. Board of Flagship Banks, Inc. v. Board of Governors, filed Governors, filed July 1981, U.S.D.C. for the North- October 1982, U.S.D.C. for the District of Colum- ern District of Georgia. bia. Public Interest Bounty Hunters v. Board of Gover- Association of Data Processing Service Organiza- nors, et al., filed June 1981, U.S.D.C. for the tions, Inc., et al. v. Board of Governors, filed Northern District of Georgia. August 1982, U.S.C. A. for the District of Columbia. Edwin F. Gordon v. John Heimann, et al., filed May The Philadelphia Clearing House Association, et al. v. 1981, U.S.C.A. for the Fifth Circuit. Board of Governors, filed July 1982, U.S.D.C. for First Bank & Trust Company v. Board of Governors, the Eastern District of Pennsylvania. filed February 1981, U.S.D.C. for the Eastern Dis- Richter v. Board of Governors, et al., filed May 1982, trict of Kentucky. U.S.D.C. for the Northern District of Illinois. 9 to 5 Organization for Women Office Workers v. Montgomery v. Utah, et al., filed May 1982, U.S.D.C. Board of Governors, filed December 1980, for the District of Utah. U.S.D.C. for the District of Massachusetts. Wyoming Bancorporation v. Board of Governors, filed Securities Industry Association v. Board of Gover- May 1982, U.S.C.A. for the Tenth Circuit. nors, et al., filed October 1980, U.S.D.C. for the First Bancorporation v. Board of Governors, filed District of Columbia. April 1982, U.S.C.A. for the Tenth Circuit. Securities Industry Association v. Board of Gover- Charles G. Vick v. Paul A. Volcker, et al., filed March nors, et al., filed October 1980, U.S.C.A. for the 1982, U.S.D.C. for the District of Columbia. District of Columbia. Jolene Gustafson v. Board of Governors, filed March A. G. Becker, Inc. v. Board of Governors, et al., filed 1982, U.S.C.A. for the Fifth Circuit. 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. Allen Wolfson v. Board of Governors, filed September Berkovitz, et al. v. Government of Iran, et al., filed 1981, U.S.D.C. for the Middle District of Florida. June 1980, U.S.D.C. for the Northern District of California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A1 Financial and Business Statistics CONTENTS WEEKLY REPORTING COMMERCIAL BANKS Assets and liabilities Domestic Financial Statistics A19 All reporting banks A20 Banks with assets of $1 billion or more A3 Monetary aggregates and interest rates A21 Banks in New York City A4 Reserves of depository institutions, Reserve A22 Balance sheet memoranda Bank credit A23 Branches and agencies of foreign banks A5 Reserves and borrowings of depository A24 Commercial and industrial loans institutions A25 Gross demand deposits of individuals, A6 Federal funds and repurchase agreements of partnerships, and corporations large member banks FINANCIAL MARKETS POLICY INSTRUMENTS A26 Commercial paper and bankers dollar A7 Federal Reserve Bank interest rates acceptances outstanding A8 Reserve requirements of depository institutions A27 Prime rate charged by banks on short-term A9 Maximum interest rates payable on time and business loans savings deposits at federally insured institutions All Terms of lending at commercial banks All Federal Reserve open market transactions A28 Interest rates in money and capital markets A29 Stock market—Selected statistics A30 Selected financial institutions—Selected assets FEDERAL RESERVE BANKS and liabilities A12 Condition and Federal Reserve note statements A13 Maturity distribution of loan and security FEDERAL FINANCE holdings A31 Federal fiscal and financing operations A32 U.S. budget receipts and outlays MONETAR Y AND CREDIT AGGREGATES A33 Federal debt subject to statutory limitation A33 Gross public debt of U.S. Treasury—Types and A13 Aggregate reserves of depository institutions ownership and monetary base A33 U.S. government marketable securities— A14 Money stock measures and components Ownership, by maturity A15 Bank debits and deposit turnover A34 U.S. government securities dealers— A16 Loans and securities of all commercial banks Transactions, positions, and financing A35 Federal and federally sponsored credit agencies—Debt outstanding COMMERCIAL BANKS A17 Major nondeposit funds A18 Assets and liabilities, last Wednesday-of-month series Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 Federal Reserve Bulletin • January 1983 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 Extensions 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, September 30, 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, September 30, 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 IItteemm Q4 QL Q2 Q3 July Aug. Sept. Oct. Nov. Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent)1 Reserves of depository institutions 1 Total 3.1 7.5 6 4.8 -1.6 8.8 23.6 9.4 17.5 2 Required 3.5 7.1 1.1 4.6 -1.8 8.9 21.5 8.9 17.8 3 Nonborrowed 10.9 -.9 4.2 11.2 14.8 14.5 10.7 23.8 13.4 4 Monetary base2 3.8 7.8 7.1 6.5 2.8 6.8 12.2 6.8 6.6 Concepts of money and liquid assets3 5 Ml 5.7 10.4 3.3 3.5 -.3 10.4 14.0 20.6' 16.7 6 M2 8.9 9.8 9.5 9.8' 9.7 14.3 5. 1' 8.0' 11.7 7 M3 9.3 8.7 10.7 12.1 12.6 18.5 4.0' 9.1' 9.6 8 L 10.7 10.4' 12.0 11.5' 13.9' 11. 1' n.a. n.a. n.a. Time and savings deposits Commercial banks 9 Total 8.3 7.5 17.1 17.8 22.9 16.5 4.1' .4 -3.3 10 Savings4 -11.9 8.7 2.0 -9.7 -21.8 -8.4 5.4 20.7 35.4 11 Small-denomination time5 20.8 9.7 23.8 21.3 29.1 20.3 8.8 -9.6 -.6 12 Large-denomination time6 5.4 4.6 17.0 26.7 36.4 23.0 -1.6 2.6 -22.5 13 Thrift institutions7 2.7 3.1 6.6 6.8 10.4 6.3 -.3 5.8 10.9 14 Total loans and securities at commercial banks8 3.6 2.6 8.6 6.0 6.3 6.6 4.4 6.8 1.5 1982 1982 QL Q2 Q3 Q4 Aug. Sept. Oct. Nov. Dec. Interest rates (levels, percent per annum) Short-term rates 1 1 5 6 D Fe is d c e o ra u l n t f u w n i d n s d 9 ow borrowing10 1 14 2 . . 2 0 3 0 1 1 4 2 . . 5 0 2 0 1 1 1 0. .0 83 1 9 9 . . 2 2 5 8 1 1 0 0 . . 6 1 8 2 1 1 0 0 . . 3 0 1 0 9 9 . . 7 6 1 8 9 9. . 3 2 5 0 8 8 . . 9 7 5 3 1 1 7 8 T C r o e m as m u e ry rc i b a i l l ls p a ( p 3 e - r m ( o 3 n - th m o m n a t r h k )1 e 1 t 12 y ie . l . d . ) . 1 1 2 3 . . 8 8 1 1 1 1 2 3 . . 4 8 2 1 1 9 1 . . 3 1 2 5 7 8 . . 9 8 0 0 1 8 0 . . 6 1 8 5 1 7 0 . . 9 3 2 6 7 9 . . 7 2 1 0 8 8 . . 0 6 7 9 7 8. . 5 9 1 4 Long-term rates Bonds 19 U.S. government" 14.27 13.74 12.94 10.72 12.91 12.16 10.97 10.57 10.62 20 State and local government 13.02 12.33 11.39 9.90 11.23 10.66 9.69 10.06 9.96 21 Aaa utility (new issue)' 15.71 15.73 14.25 12.10 13.95 13.52 12.20 11.76 11.84 22 Conventional mortgages 17.10 16.63 15.65 13.79 15.40 15.05 13.95 13.80 13.62 1. Unless otherwise noted, rates of change are calculated from average 5. Small-denomination time deposits—including retail RPs—are those issued amounts outstanding in preceding month or quarter. in amounts of less than $100,000. 2. Includes reserve balances at Federal Reserve Banks in the current week 6. Large-denomination time deposits are those issued in amounts of $100,000 plus vault cash held two weeks earlier used to satisfy reserve requirements at all or more. depository institutions plus currency outside the U.S. Treasury, Federal Reserve 7. Savings and loan associations, mutual savings banks, and credit unions. Banks, the vaults of depository institutions, and surplus vault cash at depository 8. Changes calculated from figures shown in table 1.23. Beginning December institutions. 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 9. Averages of daily effective rates (average of the rates on a given date nonbank issuers; (3) demand deposits at all commercial banks other than those weighted by the volume of transactions at those rates). due to domestic banks, the U.S. government, and foreign banks and official 10. Rate for the Federal Reserve Bank of New York.institutions less cash items in the process of collection and Federal Reserve float; 11. Quoted on a bank-discount basis. and (4) negotiable order of withdrawal (NOW) and automatic transfer service 12. Unweighted average of offering rates quoted by at least five dealers. (ATS) accounts at banks and thrift institutions, credit union share draft (CUSD) 13. Market yields adjusted to a 20-year maturity by the U.S. Treasury. accounts, 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 Moody's Investors Service and adjusted to an Aaa basis. Federal Reserve Eurodollars held by U.S. residents other than banks at Caribbean branches of compilations, member banks, and balances of money market mutual funds (general purpose and 16. Average rates on new commitments for conventional first mortgages on broker/dealer). new homes in primary markets, unweighted and rounded to nearest 5 basis points, M3: M2 plus large-denomination time deposits at all depository institutions from Dept. of Housing and Urban Development. and term RPs at commercial banks and savings and loan associations and balances of institution-only money market mutual funds. NOTE. Revisions in reserves of depository institutions reflect the transitional L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents phase-in of reserve requirements as specified in the Monetary Control Act of other than banks, bankers acceptances, commercial paper, Treasury bills and 1980. other 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 NonfinancialS tatistics • January 1983 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 FFFaaaccctttooorrrsss 1982 1982 Oct. Nov. Dec. Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 SSSSSUUUUUPPPPPPPPPPLLLLLYYYYYIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkk cccccrrrrreeeeedddddiiiiittttt ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 153,666 156,151 159,968 156,764 156,865 157,638 157,352 158,689 160,490 161,450 22222 UUUUU.....SSSSS..... gggggooooovvvvveeeeerrrrrnnnnnmmmmmeeeeennnnnttttt ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss11111 132,374 134,461 137,248 134,879 136,095 135,689 135,508 137,166 138,177 137,766 33333 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 132,093 134,207 136,139 134,626 135,261 135,689 135,508 136,700 136,751 135,808 44444 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 281 254 1.109 253 834 0 0 466 1,426 1,958 55555 FFFFFeeeeedddddeeeeerrrrraaaaalllll aaaaagggggeeeeennnnncccccyyyyy ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss 9,069 8,981 9.110 9,001 9,049 8,943 8,943 9,089 9,097 9,156 66666 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 8,945 8,943 8,939 8,943 8,943 8,943 8,943 8,938 8,937 8,937 77777 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 124 38 171 58 106 0 0 151 160 219 88888 AAAAAcccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss 112 47 281 74 129 0 0 75 204 599 99999 LLLLLoooooaaaaannnnnsssss 455 579 699 742 467 622 437 703 547 691 1111100000 FFFFFllllloooooaaaaattttt 1,952 2,730 3,136 2,707 2,331 3,357 3,228 2,347 2,920 3,431 1111111111 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaasssssssssseeeeetttttsssss 9,704 9,353 9,494 9,361 8,794 9,027 9,235 9,308 9,544 9,806 1111122222 GGGGGooooolllllddddd ssssstttttoooooccccckkkkk 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 1111133333 SSSSSpppppeeeeeccccciiiiiaaaaalllll dddddrrrrraaaaawwwwwiiiiinnnnnggggg rrrrriiiiiggggghhhhhtttttsssss ccccceeeeerrrrrtttttiiiiifffffiiiiicccccaaaaattttteeeee aaaaaccccccccccooooouuuuunnnnnttttt ..... 4,218 4,371 4,431 4,418 4,418 4,418 4,418 4,418 4,418 4,418 1111144444 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccuuuuurrrrrrrrrreeeeennnnncccccyyyyy ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 AAAAABBBBBSSSSSOOOOORRRRRBBBBBIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 1111155555 CCCCCuuuuurrrrrrrrrreeeeennnnncccccyyyyy iiiiinnnnn ccccciiiiirrrrrcccccuuuuulllllaaaaatttttiiiiiooooonnnnn 149,174 151,288 154,269 151,535 151,512 152,340 152,814 153,853 154,610 155,707 1111166666 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccaaaaassssshhhhh hhhhhooooollllldddddiiiiinnnnngggggsssss 436 449 436 452 451 444 440 438 434 438 DDDDDeeeeepppppooooosssssiiiiitttttsssss,,,,, ooooottttthhhhheeeeerrrrr ttttthhhhhaaaaannnnn rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss,,,,, wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 1111177777 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy 2,932 3,097 3,227 3,108 2,871 3,255 3,034 3,341 2,959 3,328 1111188888 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 262 273 277 259 277 276 234 272 279 331 1111199999 OOOOOttttthhhhheeeeerrrrr 540 569 571 596 593 708 755 524 538 340 2222200000 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd cccccllllleeeeeaaaaarrrrriiiiinnnnnggggg bbbbbaaaaalllllaaaaannnnnccccceeeeesssss 324 391 423 394 402 409 416 422 426 428 2222211111 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll 4,898 4,785 5,017 4,786 4,764 4,808 5,143 4,910 4,942 5,050 2222222222 RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaaccccccccccooooouuuuunnnnntttttsssss22222 24,252 24,604 25,113 24,987 25,347 24,748 23,869 24,281 25,654 25,180 End-of-month figures Wednesday figures 1982 1982 Oct. Nov. Dec. Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 SSSSSUUUUUPPPPPPPPPPLLLLLYYYYYIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 2222233333 RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkk cccccrrrrreeeeedddddiiiiittttt ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 152,760 159,079 163,659 155,157 156,292 160,217 156,735 163,802 159,227 164,141 2222244444 UUUUU.....SSSSS..... gggggooooovvvvveeeeerrrrrnnnnnmmmmmeeeeennnnnttttt ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss11111 132,080 137,676 139,312 133,861 134,630 135,941 133,687 138,230 135,757 138,148 2222255555 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 132,080 137,676 135,607 133,861 134,630 135,941 133,687 137,653 135,757 134,801 2222266666 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 0 0 3,705 0 0 0 0 577 0 3,347 2222277777 FFFFFeeeeedddddeeeeerrrrraaaaalllll aaaaagggggeeeeennnnncccccyyyyy ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss 8,943 8,943 9,525 8,943 8,943 8,943 8,943 9,238 8,937 9,448 2222288888 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 8,943 8,943 8,937 8,943 8,943 8,943 8,943 8,937 8,937 8,937 2222299999 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 0 0 588 0 0 0 0 301 0 511 3333300000 AAAAAcccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss 0 0 1,480 0 0 0 0 105 0 731 3333311111 LLLLLoooooaaaaannnnnsssss 438 374 717 425 804 2,004 1,433 3,368 762 1,813 3333322222 FFFFFllllloooooaaaaattttt 1,168 2,401 2,735 3,324 3,031 3,654 3,310 3,277 3,909 4,048 3333333333 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaasssssssssseeeeetttttsssss 10,131 9,685 9,890 8,604 8,884 9,675 9,362 9,584 9,862 9,953 3333344444 GGGGGooooolllllddddd ssssstttttoooooccccckkkkk 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 3333355555 SSSSSpppppeeeeeccccciiiiiaaaaalllll dddddrrrrraaaaawwwwwiiiiinnnnnggggg rrrrriiiiiggggghhhhhtttttsssss ccccceeeeerrrrrtttttiiiiifffffiiiiicccccaaaaattttteeeee aaaaaccccccccccooooouuuuunnnnnttttt ..... 4,218 4,418 4,618 4,418 4,418 4,418 4,418 4,418 4,418 4,418 3333366666 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccuuuuurrrrrrrrrreeeeennnnncccccyyyyy ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 13,786 AAAAABBBBBSSSSSOOOOORRRRRBBBBBIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 3333377777 CCCCCuuuuurrrrrrrrrreeeeennnnncccccyyyyy iiiiinnnnn ccccciiiiirrrrrcccccuuuuulllllaaaaatttttiiiiiooooonnnnn 148,922 152,895 154,908 151,708 152,218 152,914 153,676 154,604 155,666 156,181 3333388888 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccaaaaassssshhhhh hhhhhooooollllldddddiiiiinnnnngggggsssss 444 444 429 450 449 441 437 436 433 435 DDDDDeeeeepppppooooosssssiiiiitttttsssss,,,,, ooooottttthhhhheeeeerrrrr ttttthhhhhaaaaannnnn rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss,,,,, wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 3333399999 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy 2,309 2,247 5,033 3,836 3,394 3,321 3,850 2,918 2,226 3,620 4444400000 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 327 387 328 214 261 217 188 385 280 261 4444411111 OOOOOttttthhhhheeeeerrrrr 450 717 1,033 548 595 1,105 704 516 269 259 4444422222 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd cccccllllleeeeeaaaaarrrrriiiiinnnnnggggg bbbbbaaaaalllllaaaaannnnnccccceeeeesssss 356 408 436 392 405 408 415 422 426 428 4444433333 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll 4,783 5,209 4,990 4,629 4,575 4,956 5,154 4,828 4,736 4,777 4444444444 RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaaccccccccccooooouuuuunnnnntttttsssss22222 24,321 26,124 26,053 22,733 23,747 26,207 21,663 29,045 24,542 27,532 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 1981 1982 Dec. Apr. May June July Aug. Sept. Oct. Nov. Dec.P 1 Reserve balances with Reserve Banks1 26,163 24,565 24,207 24,031 24,273 24,471 23,385 24,252 24,604 25,113 2 Total vault cash (estimated) 19,538 18,577 19,048 19,318 19,448 19,500 19,921 19,578 19,807 20,392 3 Vault cash at institutions with required reserve balances2 13,577 12,709 12,972 13,048 13,105 13,188 13,651 13,658 13,836 14,358 4 Vault cash equal to required reserves at other institutions 2,178 2,284 2,373 2,488 2,486 2,518 2,927 2,677 2,759 2,701 s Surplus vault cash at other institutions3 3,783 3,584 3,703 3,782 3,857 3,794 3,343 3,243 3,212 3,333 6 Reserve balances + total vault cash4 45,701 43,142 43,255 43,349 43,721 43,971 43,306 43,830 44,411 45,505 7 Reserve balances + total vault cash used to satisfy reserve requirements4 5 41,918 39,558 39,552 39,567 39,864 40,177 39,963 40,587 41,199 42,172 8 Required reserves (estimated) 41,606 39,284 39,192 39,257 39,573 39,866 39,579 40,183 40,797 41,354 9 Excess reserve balances at Reserve Banks4 6 312 274 360 310 291 311 384 404 402 818 10 Total borrowings at Reserve Banks 642 1,581 1,105 1,205 669 510 976 455 579 699 11 Seasonal borrowings at Reserve Banks 53 167 237 239 225 119 102 86 47 33 12 Extended credit at Reserve Banks 149 245 177 103 46 94 118 141 188 187 Weekly averages of daily figures for week ending 1982 Oct. 27 Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22p Dec. 29p 13 Reserve balances with Reserve Banks' 24,929 24,366 23,457 24,987 25,347 24,748 23,869 24,281 25,654 25,180 14 Total vault cash (estimated) 19,280 20,166 20,175 19,905 18,688 20,387 20,267 21,382 19,509 20,495 15 Vault cash at institutions with required reserve balances2 13,683 14,070 13,904 13,662 13,474 14,262 14,218 14,484 14,183 14,432 16 Vault cash equal to required reserves at other institutions 2,476 2,807 2,948 2,884 2,355 2,841 2,839 3,295 2,426 2,461 17 Surplus vault cash at other institutions3 3,121 3,289 3,323 3,359 2,859 3,284 3,210 3,603 2,900 3,602 18 Reserve balances + total vault cash4 44,209 44,532 43,632 44,892 44,035 45,135 44,136 45,663 45,163 45,675 19 Reserve balances + total vault cash used to satisfy reserve requirements4-5 41,088 41,243 40,309 41,533 41,176 41,851 40,926 42,060 42,263 42,073 20 Required reserves (estimated) 40,769 40,701 39,967 41,135 40,852 41,355 40,612 41,506 42,047 41,234 21 Excess reserve balances at Reserve Banks4-6 319 542 342 398 324 496 314 554 216 839 22 Total borrowings at Reserve Banks 452 458 722 742 467 622 437 703 547 691 23 Seasonal borrowings at Reserve Banks 90 73 50 48 46 35 26 24 38 44 24 Extended credit at Reserve Banks 179 196 190 188 186 185 186 189 189 191 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 3. Total vault cash at institutions without required reserve balances less vault clearing balances plus vault cash at institutions with required reserve balances cash equal to their required reserves. plus vault cash equal to required reserves at other institutions. 4. Adjusted to include waivers of penalties for reserve deficiencies in accord- 6. Reserve balances with Federal Reserve Banks, which exclude required ance with Board policy, effective Nov. 19, 1975, of permitting transitional relief on clearing balances plus vault cash used to satisfy reserve requirements less a graduated basis over a 24-month period when a nonmember bank merged into an required 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 NonfinancialS tatistics • January 1983 1.13 FEDERAL FUNDS AND REPURCHASE AGREEMENTS Large Member Banks1 Averages of daily figures, in millions of dollars 1982, week ending Wednesday BByy mmaattuurriittyy aanndd ssoouurrccee Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 One day and continuing contract 1 Commercial banks in United States 55,305 61,256 59,858 55,093 54,783 59,807 60,297 60,403 57,603 2 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 25,141 25,822 25,118 24,360 23,675 22,407 24,624 23,945 22,007 3 Nonbank securities dealers 5,619 5,144 5,589 5,155 4,565 5,689 5,503 5,028 4,501 4 All other 23,766 24,429 24,060 23,799 21,195 24,365 23,767 23,536 20,715 All other maturities 5 Commercial banks in United States 4,515 3,900 3,837 4,192 4,338 3,828 4,100 4,466 6,134 6 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 8,516 8,821 8,917 9,072 8,585 8,671 9,296 9,516 11,067 7 Nonbank securities dealers 5,287 4,614 4,821 4,560 5,227 4,318 4,207 3,696 3,875 8 All other 9,683 8.779 8,724 9,426 12,224 8,799 9,461 8,855 13,650 MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract 9 Commercial banks in United States 25,903 25,394 25,998 21,792 23,523 23,809 23,253 24,482 21,543 10 Nonbank securities dealers 5,166 5,453 5,431 5,8% 5,186 5,537 5,630 5,415 5,115 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 All 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per annum Current and previous levels Extended credit1 SShhoorrtt--tteerrmm aaddjjuussttmmeenntt ccrreeddiitt FFFeeedddeeerrraaalll RRReeessseeerrrvvveee aanndd sseeaassoonnaall ccrreeddiitt First 60 days Next 90 days BBBaaannnkkk of borrowing of borrowing After 150 days EEffffeeccttiivvee ddaattee ffoorr ccuurrrreenntt rraatteess Rate on Effective Previous Rate on Previous Rate on Previous Rate on Previous 12/31/82 date rate 12/31/82 rate 12/31/82 rate 12/31/82 rate Boston m 12/14/82 9 m 9 91/2 10 lOVi 11 12/14/82 New York 12/15/82 12/15/82 Philadelphia 12/17/82 12/17/82 Cleveland 12/15/82 12/15/82 Richmond 12/15/82 12/15/82 Atlanta 12/14/82 12/14/82 Chicago 12/14/82 12/14/82 St. Louis 12/14/82 12/14/82 Minneapolis 12/14/82 12/14/82 Kansas City .... 12/15/82 12/15/82 Dallas 12/14/82 12/14/82 San Francisco... Sl/2 12/14/82 9 8>/2 9 9!/2 10 101/2 11 12/14/82 Range of rates in recent years2 Range (or F.R. Range (or F.R. Range (or F.R. Effective date A le l v l e F l) . — R. B o a f n k Effective date A le l v l e F l) . — R. Ba o n f k Effective date A le l v l e F l) . — R. Ba of n k Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1973 m IV2 1978— July 3 I-1 Vt 7'/4 1981— May 5 13-14 14 1974— Apr. 25 lVr-% 8 10 7'/4 7V4 8 14 14 3 0 8 8 Aug. 71 73/4 73/4 Nov. 2 13-14 13 Dec. 9 73/4-8 73/4 Sept. 7? 8 8 6 13 13 16 73/4 73/4 Oct. 16 8-81/> Sl/2 Dec. 4 12 12 70 8V2 81/2 1975— Jan. 6 71/4-73/4 73/4 Nov. 1 8'/2-9'/2 9Vi 1982—July 20 11V2-12 11 '/2 10 71/4-73/4 71/4 3 9 Vi 9Vi 23 1 \Vi 111/2 24 71/4 71/4 Aug. 2 \\-\W2 11 Feb. 5 63/4-71/4 63/4 1979— July 20 10 10 3 11 11 7 63/4 63/4 Aug. 17 lO-lO'/i IOV2 16 10'/2 10'/2 Mar. 10 6'/4-63/4 61/4 70 10'/2 IOV2 27 lO-lO'/i 10 14 61/4 61/4 Sept. 19 iot^-ii 11 30 10 10 May 16 6-61/4 6 71 11 11 Oct. 12 91/2-10 9V2 23 6 6 Oct. 8 II-12 12 13 9V2 9'/2 10 12 12 Nov. 22 9-9 V2 9 1976— Jan. 19 5'/2-6 5Vi 26 9 9 23 5Vi 5'/2 1980— Feb. 15 12-13 13 Dec. 14 81/2—9 9 Nov. 22 5'/4-5W 51/4 19 13 13 15 81/2-9 m 26 5'/4 51/4 May 29 12-13 13 17 81/2 m 30 12 12 1977— Aug. 30 51/4-53/4 5'/4 June 13 11-12 11 31 51/4—53/4 53/4 16 11 11 Sept. 2 53/4 53/4 July 78 10-11 10 Oct. 26 6 6 10 10 Sept. 76 11 11 1978— Jan. 9 6-61/2 6l/2 Nov. 17 12 12 20 61/2 6'A Dec. 5 12-13 13 May 11 6V1-I 1 8 13 13 12 1 1 In effect Dec. 31, 1982 81/2 8 Vi 1. Applicable to advances when exceptional circumstances or practices involve In 1980 and 1981, the Federal Reserve applied a surcharge to short-term only a particular depository institution and to advances when an institution is adjustment credit borrowings by institutions with deposits of $500 million or more under sustained liquidity pressures. See section 201.3(b)(2) of Regulation A. that had borrowed in successive weeks or in more than 4 weeks in a calendar 2. Rates for short-term adjustment credit. For description and earlier data see quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, the following publications of the Board of Governors: Banking and Monetary 1980. There was no surcharge until Nov. 17, 1980, when a 2 percent surcharge was Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1970-1979, and adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and 1980. 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 Nonfinancial Statistics • January 1983 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Percent of deposits Member bank requirements Depository institution requirements Type of i d n e p m o i s l i li t, o n a s n d o f d d e o p l o l s a i r t s interval befo M re o n im et p a l r e y m C e o n n ta tr ti o o l n A o c f t the Ty d p e e p o of s i d t e i p n o te s r it v , al a 5 n d aft M er o i n m et p a l r e y m C en o t n a t t r i o o l n A of c t t 6 he Effective date Net demand2 Net transaction accounts1-* 0-2 7 12/30/76 $0-$26.3 million 2-10 9'/2 12/30/76 Over $26.3 million 10-100 113/4 12/30/76 100-400 123/4 12/30/76 Nonpersonal time deposits9 Over 400 16l/4 12/30/76 By original maturity Less than 3'/2 years Time and savings2'3 3'/2 years or more Savings Eurocurrency liabilities Time4 All types 0-5, by maturity 30-179 days 3 3/16/67 180 days to 4 years 21/2 1/8/76 4 years or more ... 1 10/30/75 Over 5, by maturity 30-179 days 6 12/12/74 180 days to 4 years 2'/2 1/8/76 4 years or more ... 1 10/30/75 1. For changes in reserve requirements beginning 1963, see Board's Annual 5. The Garn-St Germain Depository Institutions Act of 1982 (Public Law 97- Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report 320) provides that $2 million of reservable liabilities (transaction accounts, for 1976, table 13. Under provisions of the Monetary Control Act, depository nonpersonal time deposits, and Eurocurrency liabilities) of each depository institutions include commercial banks, mutual savings banks, savings and loan institution be subject to a zero percent reserve requirement. The Board is to adjust associations, credit unions, agencies and branches offoreign banks, and Edge Act the amount of reservable liabilities subject to this zero percent reserve requirecorporations. ment each year for the next succeeding calendar year by 80 percent of the 2. Requirement schedules are graduated, and each deposit interval applies to percentage increase in the total reservable liabilities of all depository institutions, that part of the deposits of each bank. Demand deposits subject to reserve measured on an annual basis as of June 30. No corresponding adjustment is to be requirements were gross demand deposits minus cash items in process of made in the event of a decrease. Effective Dec. 9, 1982, the amount of the collection and demand balances due from domestic banks. exemption was established at $2.1 million. In determining the reserve require- The Federal Reserve Act as amended through 1978 specified different ranges of ments of a depository institution, the exemption shall apply in the following order: requirements for reserve city banks and for other banks. Reserve cities were (1) net NOW accounts (NOW accounts less allowable deductions); (2) net other designated under a criterion adopted effective Nov. 9, 1972, by which a bank transaction accounts; and (3) nonpersonal time deposits or Eurocurrency liabilhaving net demand deposits of more than $400 million was considered to have the ities starting with those with the highest reserve ratio. With respect to NOW character of business of a reserve city bank. The presence of the head office of accounts and other transaction accounts, the exemption applies only to such such a bank constituted designation of that place as a reserve city. Cities in which accounts that would be subject to a 3 percent reserve requirement. there were Federal Reserve Banks or branches were also reserve cities. Any 6. For nonmember banks and thrift institutions that were not members of the banks having net demand deposits of $400 million or less were considered to have Federal Reserve System on or after July 1, 1979, a phase-in period ends Sept. 3, the character of business of banks outside of reserve cities and were permitted to 1987. For banks that were members on or after July 1, 1979, but withdrew on or maintain reserves at ratios set for banks not in reserve cities. before Mar. 31, 1980, the phase-in period established by Public Law 97-320 ends Effective Aug. 24, 1978, the Regulation M reserve requirements on net balances on Oct. 24, 1985. For existing member banks the phase-in period is about three due from domestic banks to their foreign branches and on deposits that foreign years, depending on whether their new reserve requirements are greater or less branches lend to U.S. residents were reduced to zero from 4 percent and 1 percent than the old requirements. All new institutions will have a two-year phase-in respectively. The Regulation D reserve requirement of borrowings from unrelated beginning with the date that they open for business, except for those institutions banks abroad was also reduced to zero from 4 percent. that have total reservable liabilities of $50 million or more. Effective with the reserve computation period beginning Nov. 16, 1978, 7. Transaction accounts include all deposits on which the account holder is domestic deposits of Edge corporations were subject to the same reserve permitted to make withdrawals by negotiable or transferable instruments, payrequirements as deposits of member banks. ment orders of withdrawal, and telephone and preauthorized transfers (in excess 3. Negotiable order of withdrawal (NOW) accounts and time deposits such as of three per month) for the purpose of making payments to third persons or others. Christmas and vacation club accounts were subject to the same requirements as However, money market deposit accounts (MMDAs) authorized under 12 CFR savings deposits. section 1204.122, and similar accounts offered by institutions not subject to the The average reserve requirement on savings and other time deposits before rules of the Depository Institutions Deregulation Committee (DIDC) that permit implementation of the Monetary Control Act had to be at least 3 percent, the no more than six preauthorized, automatic, or other transfers per month of which minimum specified by law. no more than three can be checks—are not transaction accounts (such accounts 4. Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent are savings deposits subject to time deposit reserve requirements.) was imposed on large time deposits of $100,000 or more, obligations of affiliates, 8. The Monetary Control Act of 1980 requires that the amount of transaction and ineligible acceptances. This supplementary requirement was eliminated with accounts against which the 3 percent reserve requirement applies be modified the maintenance period beginning July 24, 1980. annually by 80 percent of the percentage increase in transaction accounts held by Effective with the reserve maintenance period beginning Oct. 25, 1979, a all depository institutions determined as of June 30 each year. Effective Dec. 31, marginal reserve requirement of 8 percent was added to managed liabilities in 1981, the amount was increased accordingly from $25 million to $26 million; and excess of a base amount. This marginal requirement was increased to 10 percent effective Dec. 30, 1982, to $26.3 million. beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980, and 9. In general, nonpersonal time deposits are time deposits, including savings was eliminated beginning Juiy 24, 1980. Managed liabilities are defined as large deposits, that are not transaction accounts and in which the beneficial interest is time deposits, Eurodollar borrowings, repurchase agreements against U.S. held by a depositor that is not a natural person. Also included are certain government and federal agency securities, federal funds borrowings from non- transferable time deposits held by natural persons, and certain obligations issued member institutions, and certain other obligations. In general, the base for the to depository institution offices located outside the United States. For details, see marginal reserve requirement was originally the greater of (a) $100 million or (b) section 204.2 of Regulation D. the average amount of the managed liabilities held by a member bank, Edge The category of time deposit authorized by the DIDC, effective Sept. 1, 1982 corporation, or family of U.S. branches and agencies of a foreign bank for the two (original maturity or required notice period of 7 to 31 days, required minimum reserve computation periods ending Sept. 26, 1979. For the computation period deposit balance of $20,000, and ceiling rate tied to the 91-day Treasury bill rate), is beginning Mar. 20, 1980, the base was lowered by (a) 7 percent or (b) the decrease classified as a time deposit for reserve requirement purposes. in an institution's U.S. office gross loans to foreigners and gross balances due from foreign offices of other institutions between the base period (Sept. 13-26, NOTE. Required reserves must be held in the form of deposits with Federal 1979) and the week ending Mar. 12, 1980, whichever was greater. For the Reserve Banks or vault cash. After implementation of the Monetary Control Act, computation period beginning May 29, 1980, the base was increased by lxh nonmembers may maintain reserves on a pass-through basis with certain appercent above the base used to calculate the marginal reserve in the statement proved institutions. week of May 14-21, 1980. In addition, beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and balances declined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments All 1.16 MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions Percent per annum Commercial banks mut S u a a v l in sa g v s in a g n s d b lo a a n n k s a s ( s t o h c ri i f a t t i i o n n s s t it a u n t d io ns) Type and maturity of deposit In effect December 31, 1982 Previous maximum In effect December 31, 1982 Previous maximum Percent Ef d fe a c te ti ve Percent Eff d e a c te ti ve Percent Ef d fe a c te ti ve Percent 2 1 N Sa e v g i o n t g ia s ble order of withdrawal accounts2.. 5 5 1 1 / / 4 4 12 7 /3 /1 1 / / 7 8 9 0 7 1 / / 1 1 / / 7 7 3 4 5 51 V /4 z 12 7 /3 /1 1 / / 7 8 9 0 5 5 1 /4 Time accounts3 Fixed ceiling rates by maturity4 4 5 6 3 9 2 1 1 0 4 t t o o - d 8 a 9 2 2 y '/ s y d 2 e a t y a o y r e s s a 1 r 7 r y s7 e ar 5 5 1 3/ / 4 4 8 7 1 / / / 1 1 1 / / / 7 7 8 9 3 0 5 5 5 5 V 3 V /4 i i 1 1 7 7 / / 2 2 / / 1 1 1 1 / / / / 7 7 7 7 3 3 0 0 (6) 6 6V 2 1 0 /1 ) /80 (6) 5 6 53 3 / / 4 4 7 2Vi to 4 years7 6'/2 7/1/73 53/4 1/21/70 63/4 0) 6 8 9 4 6 t t o o 6 8 y y e ea a r r s s 8 8 7 7 1 '/ / 4 2 12 1 / 1 2 / 3 1 / / 7 7 4 3 71/4 11/1/73 7 73 '/ / 2 4 12 1 / 1 2 / 3 1 / / 7 7 4 3 ') 7 1/2 10 8 years or more8 73/4 6/1/78 8 6/1/78 11 Issued to governmental units (all maturities)10 6/1/78 73/4 12/23/74 8 6/1/78 73/4 12 IRAs and Keogh (H.R. 10) plans (3 years or more)10'" 6/1/78 7% 7/6/77 8 6/1/78 73/4 1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loans. 9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or 2. Federally insured commercial banks, savings and loan associations, cooper- more with minimum denominations of $1,000 had no ceiling; however, the amount ative banks, and mutual savings banks in Massachusetts and New Hampshire of such certificates that an institution could issue was limited to 5 percent of its were first permitted to offer negotiable order of withdrawal (NOW) accounts on total time and savings deposits. Sales in excess of that amount, as well as Jan. 1, 1974. Authorization to issue NOW accounts was extended to similar certificates of less than $1,000, were limited to the 6'/2 percent ceiling on time institutions throughout New England on Feb. 27, 1976, in New York State on deposits maturing in 2'/2 years or more. Effective Nov. 1, 1973, ceilings were Nov. 10, 1978, New Jersey on Dec. 28, 1979, and to similar institutions nationwide reimposed on certificates maturing in 4 years or more with minimum denominaeffective Dec. 31, 1980. tion of $ 1,000. There is no limitation on the amount of these certificates that banks 3. For exceptions with respect to certain foreign time deposits see the can issue. BULLETIN for October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum (p. 167). denomination requirements. 4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts 11. Effective Jan. 1, 1980, commercial banks are permitted to pay the same rate at savings and loan associations was decreased to 14 days and the minimum as thrifts on IRA and Keogh accounts and accounts of governmental units when maturity period for time deposits at savings and loan associations in excess of such deposits are placed in 2'/2-year-or-more variable-ceiling certificates or in 26- $100,000 was decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity week money market certificates regardless of the level of the Treasury bill rate. or notice period for time deposits was decreased from 30 to 14 days at mutual savings banks. NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally 5. Effective Oct. 30, 1980, the minimum maturity or notice period for time insured commercial banks, mutual savings banks, and savings and loan associadeposits was decreased from 30 to 14 days at commercial banks. tions were established by the Board of Governors of the Federal Reserve System, 6. No separate account category. the Board of Directors of the Federal Deposit Insurance Corporation, and the 7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was Federal Home Loan Bank Board under the provisions of 12 CFR 217, 329, and 526 required for savings and loan associations, except in areas where mutual savings respectively. Title U of the Depository Institutions Deregulation and Monetary banks permitted lower minimum denominations. This restriction was removed for Control Act of 1980 (P.L. 96-221) transferred the authority of the agencies to deposits maturing in less than 1 year, effective Nov. 1, 1973. establish maximum rates of interest payable on deposits to the Depository 8. No minimum denomination. Until July 1, 1979, the minimum denomination Institutions Deregulation Committee. The maximum rates on time deposits in was $1,000 except for deposits representing funds contributed to an individual denominations of $100,000 or more with maturities of 30-89 days were suspended retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the in June 1970; the maximum rates for such deposits maturing in 90 days or more Internal Revenue Code. The $1,000 minimum requirement was removed for such were suspended in May 1973. For information regarding previous interest rate accounts in December 1975 and November 1976 respectively. ceilings on all types of accounts, see earlier issues of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal, and the Annual Report of the Federal Deposit Insurance Corporation. For deposits subject to variable ceiling rates and deposits not subject to interest rate ceilings see page A10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic NonfinancialS tatistics • January 1983 1.16 Continued TIME DEPOSITS SUBJECT TO VARIABLE CEILING RATES 7- to 31-day time deposits. Effective Sept. 1, 1982, depository institutions are The maximum rates in December 1982 for commercial banks based on the bill rate authorized to issue nonnegotiable time deposits of $20,000 or more with a maturity were as follows: Nov. 30, 8.761; Dec. 7, 8.504; Dec. 14, 8.455; Dec. 21, 8.354; or required notice period of 7 to 31 days. The maximum rate of interest payable by Dec. 28, 8.301; and based on the 4-week average bill rate were as follows: Nov. thrift institutions is the rate established and announced (auction average on a 30, 8.639; Dec. 7, 8.603; Dec. 14, 8.520; Dec. 21, 8.518; Dec. 28, 8.403. The discount basis) for U.S. Treasury bills with maturities of 91 days at the auction maximum allowable rates in December 1982 for thrifts based on the bill rate were held immediately before the date of deposit or renewal ("bill rate"). Commercial as follows: Nov. 30, 9.000; Dec. 7, 8.754; Dec. 14, 8.705; Dec. 21, 8.604; Dec. 28, banks may pay the bill rate minus 25 basis points. The interest rate ceiling is 8.551; and based on the 4-week average bill rate were as follows; Nov. 30, 8.889; suspended when the bill rate is 9 percent or below for the four most recent Dec. 7, 8.853; Dec. 14, 8.770; Dec. 21, 8.768; Dec. 28, 8.653. auctions held before the date of deposit or renewal. The interest rate ceiling was suspended for the entire month of December 1982. 12-month all savers certificates. Effective Oct. 1, 1981, depository institutions are authorized to issue all savers certificates (ASCs) with a 1-year maturity and an 91-day time deposits. Effective May 1, 1982, depository institutions were annual investment yield equal to 70 percent of the average investment yield for 52authorized to offer time deposits that have a minimum denomination of $7,500 and week U.S. Treasury bills as determined by the auction of 52-week Treasury bills a maturity of 91 days. The ceiling rate of interest on these deposits is indexed to held immediately before the calendar week in which the certificate is issued. A the discount rate (auction average) on most recently issued 91-day Treasury bills maximum lifetime exclusion of $ 1,000 ($2,000 on a joint return) from gross income for thrift institutions and the discount rate minimum 25 basis points for commer- is generally authorized for interest income from ASCs. The annual investment cial banks. The rate differential ends 1 year from the effective date of these yield for ASCs issued in December 1982 (in percent) was as follows: Dec. 26, 6.26. instruments and is suspended at any time the Treasury bill discount rate is 9 percent or below for four consecutive auctions. The maximum allowable rates in 2'/2-year to less than 3'/2-year time deposits. Effective Aug. 1, 1981, commercial December 1982 (in percent) for commercial banks and thrifts were as follows: banks are authorized to pay interest on any variable ceiling nonnegotiable time Nov. 30, 8.280; Dec. 7, 7.956; Dec. 14, 7.995; Dec. 21, 7.857; Dec. 28, 7.975. deposit with an original maturity of 2Vi years to less than 4 years at a rate not to exceed lA of 1 percent below the average 2'/2-year yield for U.S. Treasury Six-month money market time deposits. Effective June 1, 1978, commercial securities as determined and announced by the Treasury Department immediately banks and thrift institutions were authorized to offer time deposits with a maturity before the date of deposit. Effective May 1, 1982, the maximum maturity for this of exactly 26 weeks and a minimum denomination requirement of $10,000. The category of deposits was reduced to less than 3'/2 years. Thrift institutions may ceiling rate of interest on these deposits is indexed to the discount rate (auction pay interest on these certificates at a rate not to exceed the average 2'/2-year yield average) on most recently issued 26-week U.S. Treasury bills. Interest on these for Treasury securities as determined and announced by the Treasury Department certificates may not be compounded. Effective for all 6-month money market immediately before the date of deposit. If the announced average 2'/2-year yield certificates issued beginning Nov. 1, 1981, depository institutions may pay rates for Treasury securities is less than 9.50 percent, commercial banks may pay 9.25 of interest on these deposits indexed to the higher of (1) the rate for 26-week percent and thrift institutions 9.50 percent for these deposits. These deposits have Treasury bills established immediately before the date of deposit (bill rate) or (2) no required minimum denomination, and interest may be compounded on them. the average of the four rates for 26-week Treasury bills established for the 4 weeks The ceiling rates of interest at which they may be offered vary biweekly. The immediately before the date of deposit (4-week average bill rate). Ceilings are maximum allowable rates in December 1982 (in percent) for commercial banks determined as follows: were as follows: Dec. 7, 9.65; Dec. 21, 9.45; and for thrift institutions: Dec. 7, 9.90; Dec. 21, 9.70. Bill rate or 4-week Commercial bank ceiling Between Jan. 1, 1980, and Aug. I, 1981, commercial banks and thrift instituaverage bill rate tions were authorized to offer variable ceiling nonnegotiable time deposits with no 7.50 percent or below 7.75 percent required minimum denomination and with maturities of 2'/2 years or more. Above 7.50 percent '/4 of 1 percentage point plus the higher of Effective Jan. 1, 1980, the maximum rate for commercial banks was 3/4 percentage the bill rate or 4-week average bill rate point below the average yield on 2>/2-year U.S. Treasury securities; the ceiling rate for thrift institutions was [A percentage point higher than that for commercial Thrift ceiling banks. Effective Mar. 1, 1980, a temporary ceiling of 113/4 percent was placed on 7.25 percent or below 7.75 percent these accounts at commercial banks and 12 percent on these accounts at savings Above 7.25 percent, but below Vi of 1 percentage point plus the higher of and loans. Effective June 2, 1980, the ceiling rates for these deposits at 8.50 percent the bill rate or 4-week average bill rate commercial banks and savings and loans were increased Vi percentage point. The 8.50 percent or above, but below 9 percent temporary ceiling was retained, and a minimum ceiling of 9.25 percent for 8.75 percent commercial banks and 9.50 percent for thrift institutions was established. 8.75 percent or above '/» of 1 percentage point plus the higher of the bill rate or 4-week average bill rate TIME DEPOSITS NOT SUBJECT TO INTEREST RATE CEILINGS Money market deposit account. Effective Dec. 14, 1982, depository institutions IRAs and Keogh (H.R. 10) plans (18 months or more). Effective Dec. 1, 1981, are authorized to offer a new account with a required initial balance of $2,500 and depository institutions are authorized to offer time deposits not subject to interest an average maintenance balance of $2,500 not subject to interest rate restrictions. rate ceilings when the funds are deposited to the credit of, or in which the entire No minimum maturity period is required for this account, but depository beneficial interest is held by, an individual pursuant to an IRA agreement or institutions must reserve the right to require seven days' notice before withdraw- Keogh (H.R. 10) plan. Such time deposits must have a minimum maturity of 18 als. When the average balance is less than $2,500, the account is subject to the months, and additions may be made to the time deposit at any time before its maximum ceiling rate of interest for NOW accounts; compliance with the average maturity without extending the maturity of all or a portion of the balance of the balance requirement may be determined over a period of one month. Depository account. institutions may not guarantee a rate of interest for this account for a period longer Time deposits of 3'/2 years or more. Effective May 1, 1982, depository than one month or condition the payment of a rate on a requirement that the funds institutions are authorized to offer negotiable or nonnegotiable time deposits with remain on deposit for longer than one month. No more than six preauthorized, a minimum original maturity of 3'/2 years or more that are not subject to interest automatic, or other third-party transfers are permitted per month, of which no rate ceilings. Such time deposits have no minimum denomination, but must be more than three can be checks. Telephone transfers to third parties or to another made available in a $500 denomination. Additional deposits may be made to the account of the same depositor are regarded as preauthorized transfers. account during the first year without extending its maturity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments All 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars 1982 TTyyppee ooff ttrraannssaaccttiioonn 11997799 11998800 11998811 May June July Aug. Sept. Oct. Nov. U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 15,998 7,668 13,899 595 1,559 1,905 1,721 425 774 2,552 2 Gross sales 6,855 7,331 6,746 519 0 1,175 651 674 0 0 3 Exchange 0 0 0 0 200 -200 0 0 0 0 4 Redemptions 2,900 3,389 1,816 400 0 200 600 400 0 0 Others within 1 year1 5 Gross purchases 3,203 912 317 0 0 71 0 0 0 88 6 Gross sales 0 0 23 0 0 0 0 0 0 0 7 Maturity shift 17,339 12,427 13,794 1,498 988 382 4,938 733 623 2,819 8 Exchange -11,308 -18,251 -12,869 -2,541 -1,249 0 -3,914 -650 0 -1,924 9 Redemptions 2,600 0 0 0 0 0 0 0 0 0 I to 5 years 10 Gross purchases 2,148 2,138 1,702 0 0 691 0 0 0 485 11 Gross sales 0 0 0 0 0 0 0 0 0 0 12 Maturity shift -12,693 -8,909 -10,299 -1,000 -988 -382 -4,938 -733 -623 -2,204 13 Exchange 7,508 13,412 10,117 1,600 1,049 200 3,078 650 0 1,515 5 to 10 years 14 Gross purchases 523 703 393 0 0 113 0 0 0 194 15 Gross sales 0 0 0 0 0 0 0 0 0 0 16 Maturity shift -4,646 -3,092 -3,495 -498 0 0 601 0 0 -616 17 Exchange 2,181 2,970 1,500 941 0 0 837 0 0 250 Over 10 years 18 Gross purchases 454 811 379 0 0 123 0 0 0 132 19 Gross sales 0 0 0 0 0 0 0 0 0 0 20 Maturity shift 0 -426 0 0 0 0 -601 0 0 0 21 Exchange 1,619 1,869 1,253 0 0 0 0 0 0 159 All maturities1 22 Gross purchases 22,325 12,232 16,690 595 1,559 2,903 1,721 425 774 3,452 23 Gross sales 6,855 7,331 6,769 519 0 1,175 651 674 0 0 24 Redemptions 5,500 3,389 1,816 400 0 200 600 400 0 0 Matched transactions 25 Gross sales 627,350 674,000 589,312 36,047 41,509 54,646 39,403 51,983 45,655 39,579 26 Gross purchases 624,192 675,496 589,647 36,790 37,548 58,753 37,962 51,554 46,370 41,724 Repurchase agreements 27 Gross purchases 107,051 113,902 79,920 10,155 5,332 18,267 3,755 9,649 5,618 4,161 28 Gross sales 106,968 113,040 78,733 15,424 5,332 18,267 2,567 7,035 9,420 4,161 29 Net change in U.S. government securities 6,896 3,869 9,626 -4,850 -2,402 5,636 217 1,535 -2,313 5,596 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 853 668 494 0 0 0 0 0 0 0 31 Gross sales 399 0 0 0 0 0 0 0 0 0 32 Redemptions 134 145 108 1 6 1 46 5 6 Repurchase agreements 33 Gross purchases 37,321 28,895 13,320 1,305 831 4,389 1,095 1,997 1,776 739 34 Gross sales 36,960 28,863 13,576 2,301 831 4,389 866 1,225 2,778 739 35 Net change in federal agency obligations 681 555 130 -997 -6 -1 183 767 -1,008 * BANKERS ACCEPTANCES 36 Repurchase agreements, net 116 73 -582 -768 0 0 565 248 -813 0 37 Total net change in System Open Market Account 7,693 4,497 9,175 -6,615 -2,408 5,634 966 2,550 -4,134 5,596 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 Open Market Account; all other figures increase such holdings. Details may not (millions 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

A12 Domestic Nonfinancial Statistics • January 1983 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements Millions of dollars Wednesday End of month AAccccoouunntt 1982 1982 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 Oct. Nov. Dec. Consolidated condition statement ASSETS 1 Gold certificate account 11,148 11,148 11,148 11,148 11,148 11,148 11,148 11,148 2 Special drawing rights certificate account 4,418 4,418 4,418 4,418 4,418 4,218 4,418 4,618 3 Coin 434 433 439 457 433 468 436 438 Loans 4 To depository institutions 2,004 1,433 3,368 762 1,813 438 374 717 5 Other 0 0 0 0 0 0 0 0 Acceptances 6 Held under repurchase agreements 0 00 110055 0 773311 00 00 11,,448800 Federal agency obligations 7 Bought outright 8,943 8,943 8.937 8,937 8,937 88,,994433 88,,994433 88,,993377 8 Held under repurchase agreements 0 0 301 0 511 0 0 588 U.S. government securities Bought outright 9 Bills 54,759 52,505 56,471 54,575 53,619 51,798 56,494 54,425 10 Notes 62,626 62,626 62,626 62,626 62,626 62,018 62,626 62,626 11 Bonds 18,556 18,556 18,556 18,556 18,556 18,264 18,556 18,556 12 Total1 135,941 133,687 137,653 135,757 134,801 132,080 137,676 135,607 13 Held under repurchase agreements 0 0 577 0 3,347 0 0 3,705 14 Total U.S. government securities 135,941 133,687 138,230 135,757 138,148 132,080 137,676 139,312 15 Total loans and securities 146,888 144,063 150,941 145,456 150,140 141,461 146,993 151,034 16 Cash items in process of collection 11,481 9,945 10,927 12,243 11,567 8,352 11,893 9,807 17 Bank premises 544 546 548 548 550 544 546 549 Other assets 18 Denominated in foreign currencies2 5,653 5,655 5,586 5,640 5,548 5,325 5,649 5,764 19 All other3 3,478 3,161 3,450 3,674 3,855 4,262 3,490 3,577 20 Total assets 184,044 179,369 187,457 183,584 187,659 175,778 184,573 186,935 LIABILITIES 21 Federal Reserve notes 140,003 140,760 141.693 142,771 143,263 136,048 139,989 141,990 Deposits 22 Depository institutions 26,619 22,079 29,469 24,970 27,961 2244,,667788 26,533 26,489 23 U.S. Treasury General account 3,321 3,850 2,918 2,226 3,620 2,309 2,247 5,033 24 Foreign—Official accounts 217 188 385 280 261 327 387 328 25 Other 1,101 703 514 267 258 449 716 1,033 26 Total deposits 31,258 26,820 33,286 27,743 32,100 27,763 29,883 32,883 27 Deferred availability cash items 7,827 6,635 7,650 8,334 7,519 7,184 9,492 7,072 28 Other liabilities and accrued dividends4 1,793 2.153 1.849 1,737 1,784 1,669 1,799 2,272 29 Total liabilities 180,881 176,368 184,478 180,585 184,666 172,664 181,163 184,217 CAPITAL ACCOUNTS 30 Capital paid in 1,354 1,354 1,355 1,356 1,356 1,350 1,354 1,359 31 Surplus 1,278 1,278 1,278 1,278 1,278 1,278 1,278 1,359 32 Other capital accounts 531 369 346 365 359 486 778 0 33 Total liabilities and capital accounts 184,044 179,369 187,457 183,584 187,659 175,778 184,573 186,935 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 103,318 105,115 105.501 107,442 106,142 101,831 101,703 106,762 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to bank) 159,588 160,379 161.122 160,753 160,245 157,348 159,408 159,979 36 LESS: Held by bank5 19,585 19,619 19,429 17,982 16,982 21,300 19,419 17,989 37 Federal Reserve notes, net 140,003 140,760 141.693 142,771 143,263 136,048 139,989 141,990 Collateral for Federal Reserve notes 38 Gold certificate account 11,148 11,148 11.148 11,148 11,148 11,148 11,148 11,148 39 Special drawing rights certificate account 4,418 4,418 4,418 4,418 4,418 4,218 4,418 4,618 40 Other eligible assets 89 221 10 174 262 14 0 107 41 U.S. government and agency securities 124,348 124,973 126,117 127,031 127,435 120,668 124,423 126,117 42 Total collateral 140,003 140,760 141,693 142,771 143,263 136,048 139,989 141,990 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 market exchange rates of foreign-exchange commitments. against receipt of foreign currencies and foreign currencies warehoused for the 5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank U.S. Treasury. Assets shown in this line are revalued monthly at market exchange are exempt from the collateral requirement. rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reserve Banks; Banking Aggregates A13 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings Millions of dollars Wednesday End of month TTTyyypppeee aaannnddd mmmaaatttuuurrriiitttyyy gggrrrooouuupppiiinnngggsss 1982 1982 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 Oct. 31 Nov. 30 Dec. 31 1 2,004 1,433 3,368 762 1,813 438 374 717 ? Within 15 days 1,992 1,416 3,209 751 1,804 398 356 697 16 days to 90 days 12 17 159 11 9 40 18 20 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Acceptances—Total 0 0 105 0 731 0 0 1,480 6 Within 15 days 0 0 105 0 731 0 0 1,480 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 135,941 133,687 138,230 135,757 138,148 132,080 137,676 139,312 in Within 15 days1 6,621 3,402 6,969 4,615 7,657 2,652 5,515 4,396 ii 16 days to 90 days 27,401 26,987 27,134 26,965 27,649 28,465 30,242 31,088 i? 91 days to 1 year 38,185 39,564 40,393 40,443 39,108 36,523 38,185 40,057 n Over 1 year to 5 years 35,065 35,065 35,065 35,065 35,065 35,891 35,065 35,102 14 Over 5 years to 10 years 12,095 12,095 12,095 12,095 12,095 12,267 12,095 12,095 15 Over 10 years 16,574 16,574 16,574 16,574 16,574 16,282 16,574 16,574 16 Federal agency obligations—Total 8,943 8,943 9,238 8,937 9,448 8,943 8,943 9,525 17 Within 15 days1 66 66 348 189 653 83 161 730 18 16 days to 90 days 594 594 706 564 564 490 528 564 19 91 days to 1 year 2,000 2,000 1,893 1,893 1,954 1,966 1,988 1,954 20 Over 1 year to 5 years 4,821 4,821 4,820 4,820 4,780 4,962 4,804 4,780 21 Over 5 years to 10 years 944 944 953 953 979 924 944 979 22 Over 10 years 518 518 518 518 518 518 518 518 1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE 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 . May June July Aug. Sept. Oct. Nov. Dec. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS' 1 Total reserves2 32.82 34.26 36.46 37.99 38.50 38.58 38.52 38.80 39.57 39.88 40.46 40.89 ? Nonborrowed reserves 31.95 32.79 34.77 37.35 37.39 37.37 37.83 38.29 38.63 39.40 39.84 40.26 3 Required reserves 32.59 33.93 35.95 37.67 38.15 38.27 38.21 38.49 39.18 39.47 40.06 40.37 4 Monetary base3 132.2 142.5 155.0 162.7 167.7 168.8 169.2 170.1 171.9 172.9 173.8 175.1 Not seasonally adjusted 5 Total reserves2 33.37 34.83 37.11 38.66 38.19 38.07 38.43 38.51 39.35 40.00 40.70 41.57 6 Nonborrowed reserves 32.50 33.35 35.42 38.03 37.07 36.86 37.74 38.00 38.42 39.52 40.06 40.94 7 Required reserves 33.13 34.50 36.59 38.34 37.83 37.76 38.12 38.20 38.97 39.59 40.28 41.05 8 Monetary base3 134.8 145.4 158.0 165.8 167.1 168.2 170.0 170.4 171.4 173.0 175.2 178.5 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS4 9 Total reserves2 41.68 43.91 40.66 41.92 39.55 39.57 39.97 40.18 39.96 40.59 41.20 41.88 10 Nonborrowed reserves 40.81 42.43 38.97 41.29 38.43 38.36 39.28 39.66 39.03 40.11 40.58 41.24 11 Required reserves 41.45 43.58 40.15 41.60 39.19 39.26 39.65 39.87 39.58 40.18 40.80 41.35 12 Monetary base3 144.6 156.2 162.4 169.7 169.2 170.4 172.3 172.8 172.3 173.8 176.0 179.3 For notes see bottom of next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic NonfinancialS tatistics • January 1983 1.21 MONEY STOCK MEASURES AND COMPONENTS Billions of dollars, averages of daily figures 1982 1978 1979 1980 1981 IItteemm Dec. Dec. Dec. Dec. July Aug. Sept. Oct. Nov. Seasonally adjusted MEASURES' 1 Ml 363.2 389.0 414.5 440.9 451.3 455.2 460.5 468.4' 474.9 7 M2 1,403.9 1,518.9 1,656.2 1,822.7 1,923.8' 1,946.8' 1,955.1' 1,968.2' 1,987.4 3 M3 1,629.0 1,779.4 1,963.1 2,188.1 2,320.6R 2,356.4' 2,364.2' 2,382.1' 2,401.2 4 L2 1,938.9 2,153.9 2,370.4 2,653.8' 2,820.5' 2,843.4' n.a. n.a. n.a. SELECTED COMPONENTS 5 Currency 97.4 106.1 116.2 123.1 128.8 129.5 130.5 131.2 131.6 6 Traveler's checks3 3.5 3.7 4.2 4.3 4.4 4.4 4.4 4.4 4.4 7 Demand deposits 253.9 262.2 267.2 236.4 230.6 231.1 232.6 236.2' 238.3 8 Other checkable deposits4 8.4 16.9 26.9 77.0 87.4 90.2 93.0 96.5 100.7 9 Savings deposits5 479.9 421.7 398.9 343.6 344.0 342.0' 342.4' 352.6 362.3 10 Small-denomination time deposits6 533.9 652.6 751.7 854.7 919.7 930.6 932.6 923.8' 922.9 11 Large-denomination time deposits7 194.6 221.8 257.9 300.3 335.8 339.6 339.3' 342.5' 340.3 Not seasonally adjusted MEASURES' 17 Ml 372.5 398.8 424.6 451.2 454.0 454.0 460.5 470.2' 478.5 13 M2 1,408.5 1,524.7 1,662.5 1,829.4 1,925.2' 1,939.4' 1,951.3' 1,972.1' 1,987.2 14 M3 1,637.5 1,789.2 1,973.9 2,199.9 2,314.5' 2,343.1' 2,356.8' 2,383.4' 2,402.2 15 L2 1,946.6 2,162.8 2,380.2 2,653.8 2,820.5' 2,843.4' n.a. n.a. n.a. SELECTED COMPONENTS 16 Currency 99.4 108.2 118.3 125.4 129.8 130.0 130.2 131.2 132.7 17 Traveler's checks3 3.3 3.5 3.9 4.1 4.9 4.9 4.7 4.5 4.2 18 Demand deposits 261.5 270.1 275.1 243.3 231.5 229.3 232.5' 237.1 240.1 19 Other checkable deposits4 8.4 17.0 27.2 78.4 87.9' 89.8 93.2 97.3 101.5 20 Overnight RPs and Eurodollars8 24.1 26.3 35.0 38.1 43.4 44.5 43.3' 46.0' 47.4 21 Savings deposits5 478.0 420.5 398.0 343.0 348.3 346.1' 347.4 357.0 363.7 22 Small-denomination time deposits6 531.1 649.7 748.9 851.7 914.1 920.2 924.0' 921.6' 917.8 Money market mutual funds 23 General purpose and broker/dealer 7.1 34.4 61.9 151.2 171.7' 180.6' 182.5' 184.1' 186.6 24 Institution only 3.1 9.3 13.9 33.7 36.7 43.1 43.9 44.8 45.3 25 Large-denomination time deposits7 198.6 226.0 262.3 305.4 328.3 333.7 335.7' 339.8' 341.5 1. Composition of the money stock measures is as follows: 3. Outstanding amount of U.S. dollar-denominated traveler's checks of non- Ml: Averages of daily figures for (1) currency outside the Treasury, Federal bank issuers. Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of 4. Includes ATS and NOW balances at all institutions, credit union share draft nonbank issuers; (3) demand deposits at all commercial banks other than those balances, and demand deposits at mutual savings banks. due to domestic banks, the U.S. government, and foreign banks and official 5. Excludes NOW and ATS accounts at commercial banks and thrift instituinstitutions less cash items in the process of collection and Federal Reserve float; tions and CUSDs at credit unions. and (4) negotiable order of withdrawal (NOW) and automatic transfer service 6. Issued in amounts of less than $100,000 and includes retail RPs. (ATS) accounts at banks and thrift institutions, credit union share draft (CUSD) 7. Issued in amounts of $100,000 or more and are net of the holdings of accounts, and demand deposits at mutual savings banks. domestic banks, thrift institutions, the U.S. government, money market mutual M2: Ml plus savings and small-denomination time deposits at all depository funds, and foreign banks and official institutions. institutions, overnight repurchase agreements at commercial banks, overnight 8. Overnight (and continuing contract) RPs are those issued by commercial Eurodollars held by U.S. residents other than banks at Caribbean branches of banks to other than depository institutions and money market mutual funds member banks and balances of money market mutual funds (general purpose and (general purpose and broker/dealer), and overnight Eurodollars are those issued broker/dealer). by Caribbean branches of member banks to U.S. residents other than depository M3: M2 plus large-denomination time deposits at all depository institutions, institutions and money market mutual funds (general purpose and broker/dealer). term RPs at commercial banks and savings and loan associations, and balances of NOTE: Latest monthly and weekly figures are available from the Board's H.6 institution-only money market mutual funds. (508) release. Back data are available from the Banking Section, Division of 2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. Research and Statistics, Board of Governors of the Federal Reserve System, residents other than banks, bankers acceptances, commercial paper, Treasury Washington, D.C. 20551. bills and other liquid Treasury securities, and U.S. savings bonds. NOTES TO TABLE 1.20 1. Reserve aggregates include required reserves of member banks and Edge al phase -in program of the Monetary Control Act of 1980, the net changes in Act corporations and other depository institutions. Discontinuities associated required reserves of depository institutions have been as follows: Effective Nov. with the implementation of the Monetary Control Act, the inclusion of Edge Act 13, 1980, a reduction of $2.9 billion; Feb. 12, 1981, an increase of $245 million; corporation reserves, and other changes in Regulation D have been removed. Mar. 12, 1981, an increase of $75 million; May 14, 1981, an increase of $245 Beginning with the week ended December 23, 1981, reserve aggregates have been million; Aug. 13, 1981, an increase of $230 million; Sept. 3, 1981, a reduction of reduced by shifts of reservable liabilities to international banking facilities (IBFs). $1.1 billion; Nov. 12, 1981, an increase of $210 million; Jan. 14, 1982, a reduction On the basis of reports of liabilities transferred to IBFs by U.S. commercial banks of $60 million; Feb. 11, 1982 an increase of $170 million; Mar. 4, 1982, an and U.S. agencies and branches of foreign banks, it is estimated that required estimated reduction of $2.0 billion; May 13, 1982, an estimated increase of $150 reserves were lowered on average $10 millon to $20 million in December 1981 and million; Aug. 12, 1982 an estimated increase of $140 million; and Sept. 2, 1982, an $40 million to $70 million in January 1982. estimated reduction of $1.2 billion. Beginning with the week ended December 23, 2. Reserve balances with Federal Reserve Banks (which exclude required 1981, reserve aggregates have been reduced by shifts of reservable liabilities to clearing balances) plus vault cash at institutions with required reserve balances IBFs. On the basis of reports of liabilities transferred to IBFs by U.S. commercial plus vault cash equal to required reserves at other institutions. banks and U.S. agencies and branches of foreign banks, it is estimated that 3. Includes reserve balances and required clearing balances at Federal Reserve required reserves were lowered on average by $60 million to $90 million in Banks in the current week plus vault cash held two weeks earlier used to satisfy December 1981 and $180 million to $230 million in January 1982, mostly reflecting reserve requirements at all depository institutions plus currency outside the U.S. a reduction in reservable Eurocurrency transactions. Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus vault cash at depository institutions. NOTE. Latest monthly and weekly figures are available from the Board's 4. Reserves of depository institutions series reflect actual reserve requirement H.3(502) statistical release. Back data and estimates of the impact on required percentages with no adjustments to eliminate the effect of changes in Regulation D reserves and changes in reserve requirements are available from the Banking including changes associated with the implementation of the Monetary Control Section, Division of Research and Statistics, Board of Governors of the Federal Act. Includes required reserves of member banks and Edge Act corporations and Reserve System, Washington, D.C. 20551. beginning November 13, 1980, other depository institutions. Under the transition- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A15 1.22 BANK DEBITS AND DEPOSIT TURNOVER Debits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates. 1982 BBaannkk ggrroouupp,, oorr ttyyppee ooff ccuussttoommeerr 11997799'' 1199880011 1199881111 June July Aug. Sept. Oct. Nov. Seasonally adjusted DEBITS TO Demand deposits2 1 All insured banks 49,903.0 62,757.8 80,858.7 87,602.3 90,280.7 95,177.9 94,480.0 97,097.0 95,475.9 2 Major New York City banks 18,481.7 25,156.1 33,891.9 35,729.5 36,880.8 39,525.3 37,986.3 42,077.9 38,971.6 3 Other banks 31,421.3 37,601.7 46,966.9 51,872.8 53,399.8 55,652.6 56,493.7 55,019.1 56,504.4 4 ATS-NOW accounts3 84.4 159.3 743.4 977.6 1,049.9 1,146.2 1,165.4 1,109.4 1,224.6 5 Savings deposits4 547.9 670.0 672.7 698.9 773.8 770.7 707.8 637.0 697.1 DEPOSIT TURNOVER Demand deposits2 6 All insured banks 162.8 198.7 285.8 318.7 325.0 341.6 341.0 343.0 333.8 7 Major New York City banks 634.2 803.7 1,105.1 1,295.9 1,265.7 1,424.2 1,282.5 1,298.7 1,263.7 8 Other banks 113.3 132.2 186.2 209.8 214.8 221.8 228.3 219.5 221.4 9 ATS-NOW accounts3 7.8 9.7 14.0 14.2 15.3 16.2 15.9 14.7 15.6 10 Savings deposits4 2.7 3.6 4.1 4.4 5.0 5.0 4.6 4.0 4.3 Not seasonally adjusted DEBITS TO Demand deposits2 11 All insured banks 49,777.3 63,124.4 81,197.9 92.867.2 91,318.9 94,968.5 95,557.1 93,543.3 91,838.3 12 Major New York City banks 18,487.8 25,243.1 34,032.0 38,286.7 37,502.5 39,126.7 39,634.0 39,657.6 36,893.5 13 Other banks 31,289.4 37,881.3 47,165.9 54,580.6 53,816.4 55,841.8 55,923.1 53,885.7 54,944.8 14 ATS-NOW accounts3 83.3 158.0 737.6 1,046.0 1,021.0 1,020.5 1,097.3 1,098.0 1,115.0 15 Savings deposits4 548.1 669.8 672.9 694.4 778.2 763.7 695.2 672.7 663.3 DEPOSIT TURNOVER Demand deposits2 16 All insured banks 163.3 202.3 286.1 339.6 328.2 346.9 345.3 327.8 319.3 17 Major New York City banks 644.1 814.8 1,114.2 1,361.3 1,305.8 1,472.8 1,362.5 1,220.8 1,198.6 18 Other banks 113.4 134.8 186.2 222.5 215.7 225.9 225.8 213.1 213.9 19 ATS-NOW accounts3 7.8 9.7 14.0 15.2 14.8 14.4 15.0 14.5 14.1 20 Savings deposits4 2.7 3.6 4.1 4.4 4.9 4.9 4.4 4.2 4.1 1. Annual averages of monthly figures. NOTE. Historical data for demand deposits are available back to 1970 estimated 2. Represents accounts of individuals, partnerships, and corporations and of in part from the debits series for 233 SMSA's that were available through June states and political subdivisions. 1977. Historical data for ATS-NOW and savings deposits are available back to 3. Accounts authorized for negotiable orders of withdrawal (NOW) and ac- July 1977. Back data are available on request from the Banking Section, Division counts authorized for automatic transfer to demand deposits (ATS). ATS data of Research and Statistics, Board of Governors of the Federal Reserve System, availability starts with December 1978. Washington, D.C. 20551. 4. Excludes ATS and NOW accounts as well as special club accounts, such as Christmas and vacation clubs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Nonfinancial Statistics • January 1983 1.23 LOANS AND SECURITIES All Commercial Banks' Billions of dollars; averages of Wednesday figures 1981 1982 1981 1982 CCaatteeggoorryy Dec.2 July Aug. Sept.3 Oct. Nov. Dec.2 July Aug. Sept.3 Oct. Nov. Seasonally adjusted Not seasonally adjusted 1 Total loans and securities4 1,316.3 1,376.1 1,383.1 1,389.4 1,397.5 1,398.6 1,326.1 1,370.4 1,377.7 1,391.0 1,402.8 1,405.4 2 U.S. Treasury securities 111.0 116.5 117.8 118.2 122.3 126.4 111.4 115.6 116.4 117.8 121.3 125.6 3 Other securities 231.4 235.9 237.1 237.6 237.2 235.8 232.8 234.7 236.4 237.7 237.5 236.4 4 Total loans and leases4 973.9 1,023.7 1,028.3 1,033.5 1.038.1 1,036.4 981.8 1,020.1 1,024.9 1,035.5 1,044.0 1,043.5 5 Commercial and industrial loans 358.0 386.7 387.9 392.5 394.8 391.9 360.1 385.5 385.5 392.1 395.4 393.7 6 Real estate loans 285.7 297.5 298.5 299.5 300.5 301.6 286.8 296.6 298.2 300.1 301.7 302.8 7 Loans to individuals 185.1 189.2 189.5 189.6 190.0 190.5 186.4 188.3 189.7 190.9 191.5 191.6 8 Security loans 21.9 21.0 21.4 22.6 24.2 23.4 22.7 20.5 22.0 22.3 23.9 23.9 9 Loans to nonbank financial institutions 30.2 33.9 33.2 32.6 32.4 32.2 31.2 33.3 33.1 32.8 32.7 32.6 10 Agricultural loans 33.0 35.7 36.0 36.3 36.3 36.3 33.0 36.1 36.5 36.8 36.8 36.5 11 Lease financing receivables.... 12.7 13.2 13.1 13.1 13.1 13.1 12.7 13.2 13.1 13.1 13.1 13.1 12 All other loans 47.2 46.4 48.7 47.4 46.8 47.5 49.2 46.7 46.8 47.5 48.9 49.3 MEMO: 13 Total loans and securities plus loans sold4-5 1,319.1 1,378.9 1,386.0 1,392.2 1,400.3 1,401.5 1,328.9 1,373.2 1,380.5 1,393.8 1,405.6 1,408.4 14 Total loans plus loans sold4 5 .... 976.7 1,026.5 1,031.1 1,036.4 1,040.9 1,039.3 984.7 1,023.0 1,027.7 1,038.4 1,046.9 1,046.5 15 Total loans sold to affiliates4-5.... 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.8 2.8 2.9 16 Commercial and industrial loans plus loans sold5 360.2 389.0 390.2 394.7 397.0 394.2 362.3 387.8 387.8 394.4 397.7 396.0 17 Commercial and industrial loans sold5 2.2 2.3 2.3 2.3 2.2 2.3 2.2 2.3 2.3 2.3 2.2 2.3 18 Acceptances held 8.9 8.7 9.1 9.3 9.4 8.4 9.8 8.6 8.8 9.4 9.3 8.7 19 Other commercial and industrial loans 349.1 378.1 378.8 383.1 385.3 383.5 350.3 376.9 376.7 382.7 386.1 385.0 20 To U.S. addressees6 334.9 364.7 365.8 369.8 372.7 371.4 334.3 363.9 364.0 369.6 373.4 372.5 21 To non-U.S. addressees 14.2 13.3 13.0 13.3 12.6 12.1 16.1 13.0 12.8 13.1 12.7 12.6 22 Loans to foreign banks 19.0 14.8 14.6 13.8 13.9 14.0 20.0 14.5 14.1 14.2 14.2 14.1 1. Includes domestically chartered banks; U.S. branches and agencies of 4. Excludes loans to commercial banks in the United States. foreign banks, New York investment companies majority owned by foreign 5. Loans sold are those sold outright to a bank's own foreign branches, banks, and Edge Act corporations owned by domestically chartered and foreign nonconsolidated nonbank affiliates of the bank, the bank's holding company (if banks. not a bank), and nonconsolidated nonbank subsidiaries of the holding company. 2. Beginning December 1981, shifts of foreign loans and securities from U.S. 6. United States includes the 50 states and the District of Columbia. banking offices to international banking facilities (IBFs) reduced the levels of several items. Seasonally adjusted data that include adjustments for the amounts NOTE. Data are prorated averages of Wednesday estimates for domestically shifted from domestic offices to IBFs are available in the Board's G.7 (407) chartered banks, based on weekly reports of a sample of domestically chartered statistical release (available from Publications Services, Board of Governors of banks and quarterly reports of all domestically chartered banks. For foreignthe Federal Reserve System, Washington, D.C. 20551). related institutions, data are averages of month-end estimates based on weekly 3. Reclassification of loans beginning September 29, 1982, increased real estate reports from large agencies and branches and quarterly reports from all agencies, loans $0.3 billion and decreased nonbank financial loans $0.3 billion. branches, investment companies, and Edge Act corporations engaged in banking. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A17 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Monthly averages, billions of dollars 1980 1981 1982 SSoouurrccee Dec. Dec. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total nondeposit funds 1 Seasonally adjusted2 122.0 98.5 88.0 83.8 83.5 82.0 84.2 79.8 78.1 71.8 76.4 79.4 2 Not seasonally adjusted 122.6 98.9 88.5 84.8 84.3 85.5 86.3 81.8 82.6 77.5 78.7 84.7 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 111.1 114.2 113.8 113.6 113.1 113.2 113.8 114.3 116.7 114.8 122.0 121.9 4 Not seasonally adjusted 111.6 114.6 114.3 114.6 113.9 116.6 115.9 116.3 121.2 120.5 124.4 127.2 5 Net balances due to foreign-related institutions, not seasonally adjusted 8.2 -18.6 -28.6 -32.6 -32.5 -34.0 -32.5 -37.3 -41.4 -45.9 -48.4 -45.4 6 Loans sold to affiliates, not seasonally adjusted4 2.7 2.8 2.8 2.8 2.8 2.8 3.0 2.8 2.8 2.8 2.8 2.9 MEMO 7 Domestically chartered banks' net positions with own foreign branches, not seasonally adjusted5 -14.7 -22.5 -25.9 -28.8 -29.8 -29.9 -29.2 -33.0 -34.4 -38.5 -40.4 -38.3 8 Gross due from balances 37.5 54.9 55.0 56.7 57.4 58.1 57.7 60.6 65.0 68.3 69.8 69.9 9 Gross due to balances 22.8 32.4 29.1 27.9 27.6 28.3 28.5 27.6 30.6 29.8 29.4 31.6 10 Foreign-related institutions' net positions with directly related institutions, not seasonally adjusted6 22.9 3.9 -2.7 -3.8 -2.7 -4.1 -3.3 -4.4 -7.0 -7.3 -8.0 -7.1 11 Gross due from balances 32.5 48.1 50.5 50.0 49.1 49.5 50.2 52.6 53.4 54.1 53.9 53.6 12 Gross due to balances 55.4 52.0 47.9 46.2 46.4 45.4 46.9 48.3 46.4 46.7 45.8 46.5 Security RP borrowings 13 Seasonally adjusted' 64.0 70.0 71.0 71.4 71.9 69.0 69.1 69.3 71.9 68.5 75.4 74.4 14 Not seasonally adjusted 62.3 68.2 69.1 70.0 70.4 70.0 68.7 68.9 73.9 71.7 75.2 77.1 U.S. Treasury demand balances8 15 Seasonally adjusted 9.5 11.8 22.1 17.5 13.6 15.3 9.9 8.4 9.2 10.6 13.6 9.8 16 Not seasonally adjusted 9.0 11.2 20.0 15.5 13.8 15.4 10.8 8.3 8.2 12.4 16.5 7.1 Time deposits, $100,000 or more9 17 Seasonally adjusted 267.0 324.0 327.2 332.0 334.4 341.1 349.5 360.1 366.9 366.4 367.1 360.3 18 Not seasonally adjusted 272.4 330.3 335.3 337.2 335.6 340.0 344.6 350.5 359.1 361.5 364.4 361.4 IBF ADJUSTMENTS FOR SELECTED ITEMS10 19 22.4 30.4 30.8 31.4 31.7 32 0 32 2 32 4 32 4 2222200000 11111.....77777 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 22222.....44444 2222211111 Item 5 2222200000.....77777 2222288888.....00000 2222288888.....44444 2222299999.....00000 2222299999.....33333 2222299999.....66666 2222299999.....88888 3333300000.....00000 3333300000.....00000 2222222222 Item 7 33333.....11111 44444.....99999 44444.....99999 55555.....00000 55555.....00000 55555.....00000 55555.....11111 55555.....11111 55555.....11111 2222233333 Item 10 1111177777.....66666 2222233333.....11111 2222233333.....66666 2222244444.....00000 2222244444.....33333 2222244444.....66666 2222244444.....77777 2222244444.....99999 2222244444.....99999 1. Commercial banks are those in the 50 states and the District of Columbia participations in pooled loans. Includes averages of daily figures for member with national or state charters plus agencies and branches offoreign banks, New banks and averages of current and previous month-end data for foreign-related York investment companies majority owned by foreign banks, and Edge Act institutions. corporations owned by domestically chartered and foreign banks. 4. Loans initially booked by the bank and later sold to affiliates that are still 2. Includes seasonally adjusted federal funds, RPs, and other borrowings from held by affiliates. Averages of Wednesday data. nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. 5. Averages of daily figures for member and nonmember banks. Includes averages of Wednesday data for domestically chartered banks and 6. Averages of daily data. averages of current and previous month-end data for foreign-related institutions. 7. Based on daily average data reported by 122 large banks. 3. Other borrowings are borrowings on any instrument, such as a promissory 8. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at note or due bill, given for the purpose of borrowing money for the banking commercial banks. Averages of daily data. business. This includes borrowings from Federal Reserve Banks and from foreign 9. Averages of Wednesday figures. banks, term federal funds, overdrawn due from bank balances, loan RPs, and 10. Estimated effects of shifts of foreign assets from U.S. banking offices to international banking facilities (IBFs). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • January 1983 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS Last-Wednesday-of-Month Series Billions of dollars except for number of banks 1982 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. DOMESTICALLY CHARTERED COMMERCIAL BANKS' 1 Loans and securities, excluding interbank 1,271.2 1,285.8 1,292.6 1,300.7 1,315.4 1,313.2 1,318.8 1,337.1 1,343.0 1,347.0 1,370.9 2 Loans, excluding interbank 929.1 939.9 947.2 954.3 969.1 966.6 970.6 985.9 988.5 990.4 1,001.4 3 Commercial and industrial 325.6 332.4 336.7 341.9 348.7 346.4 346.2 354.4 355.2 354.8 357.2 4 Other 603.5 607.5 610.5 612.4 620.4 620.3 624.4 631.5 633.3 635.6 644.2 5 U.S. Treasury securities 112.3 114.5 113.0 111.5 113.4 113.4 113.7 115.0 119.4 122.2 129.0 6 Other securities 229.8 231.4 232.4 234.9 232.9 233.2 234.5 236.2 235.1 234.4 240.6 7 Cash assets, total 151.6 164.5 153.6 153.0 165.4 154.5 160.8 157.4 162.1 169.7 184.2 8 Currency and coin 19.7 18.9 19.9 20.0 20.1 20.5 20.3 20.4 20.5 19.0 23.0 9 Reserves with Federal Reserve Banks 24.8 25.7 25.5 21.7 18.2 25.1 26.1 17.0 23.5 22.0 25.4 10 Balances with depository institutions . 51.0 55.9 52.4 54.9 59.6 55.4 58.8 60.4 61.3 64.6 67.3 11 Cash items in process of collection ... 56.1 64.0 55.8 56.3 67.4 53.6 55.5 59.6 56.8 64.1 68.4 12 Other assets2 201.9 219.3 206.6 209.9 223.2 224.2 231.3 234.9 237.0 241.8 265.4 13 Total assets/total liabilities and capital ... 1,624.7 1,669.5 1,652.9 1,663.6 1,704.0 1,692.0 1,710.9 1,729.3 1,742.1 1,758.6 1,820.5 14 Deposits 1,213.7 1,250.8 1,231.0 1,244.0 1,284.8 1,266.4 1,279.1 1,290.7 1,300.2 1,316.9 1,362.4 15 Demand 316.7 338.3 315.5 315.4 345.2 314.4 315.5 323.0 326.5 338.1 364.0 16 Savings 222.5 229.9 226.6 227.6 228.9 227.1 229.5 230.9 238.2 244.9 296.6 17 Time 674.4 682.6 688.9 701.0 710.7 724.8 734.1 736.8 735.4 733.9 701.8 18 Borrowings 191.0 196.4 201.1 195.1 189.7 195.4 196.0 202.8 203.7 198.1 215.2 19 Other liabilities 92.5 94.4 92.4 93.9 96.6 99.1 103.9 103.4 106.2 109.3 109.3 20 Residual (assets less liabilities) 127.5 128.0 128.4 130.6 133.0 131.1 131.9 132.5 132.0 134.3 133.7 MEMO: 21 U.S. Treasury note balances included in borrowing 17.1 10.9 16.6 7.1 7.5 8.0 5.9 17.0 11.7 2.4 10.7 22 Number of banks 14,702 14,709 14,710 14,722 14,736 14,752 14,770 14,785 14,797 14,782 14,787 ALL COMMERCIAL BANKING INSTITUTIONS3 23 Loans and securities, excluding interbank 1,331.5 1,345.8 1,350.7 1,358.5 1,374.3 1,371.3 1,376.6 1,397.3 1,401.7 1,413.7 1,430.4 24 Loans, excluding interbank 984.4 995.1 1,000.6 1,007.6 1,023.7 1,020.8 1,024.7 1,042.4 1,042.3 1,052.1 1,055.5 25 Commercial and industrial 364.6 372.4 374.7 379.3 386.7 384.4 384.5 395.0 393.1 398.3 395.7 26 Other 619.7 622.7 625.8 628.3 637.0 636.4 640.2 647.4 649.2 653.8 659.7 27 U.S. Treasury securities 115.5 117.6 116.1 114.3 116.2 115.7 115.8 117.2 122.7 125.7 132.7 28 Other securities 231.6 233.1 234.1 236.6 234.4 234.8 236.1 237.7 236.7 235.9 242.2 29 Cash assets, total 165.8 178.8 168.1 167.7 180.3 169.3 176.2 173.7 178.7 181.2 200.4 30 Currency and coin 19.7 18.9 19.9 20.0 20.2 20.5 20.4 20.4 20.5 19.0 23.0 31 Reserves with Federal Reserve Banks 26.1 26.9 26.8 23.0 19.6 26.5 27.5 18.4 25.0 23.4 26.8 32 Balances with depository institutions . 63.0 68.0 64.6 67.3 72.2 67.8 71.8 74.2 75.3 74.4 81.1 33 Cash items in process of collection ... 57.1 65.0 56.8 57.3 68.4 54.6 56.5 60.6 57.8 64.3 69.4 34 Other assets2 278.1 295.2 280.3 285.9 300.0 299.4 306.8 310.3 313.9 323.3 341.8 35 Total assets/total liabilities and capital . . . 1,775.5 1,819.9 1,799.1 1,812.1 1,854.7 1,840.1 1,859.6 1,881.3 1,894.2 1,918.2 1,972.7 36 Deposits 1,258.3 1,295.0 1,272.7 1,286.2 1,325.8 1,307.3 1,321.7 1,335.5 1,345.2 1,358.1 1,410.3 37 Demand 329.4 350.8 327.9 327.9 357.4 326.8 327.7 335.1 338.9 344.9 376.4 38 Savings 222.8 230.2 226.9 227.8 229.1 227.4 229.7 231.1 238.5 245.1 296.9 39 Time 706.2 714.0 717.9 730.4 739.3 753.1 764.3 769.2 767.8 768.0 737.0 40 Borrowings 255.9 260.0 260.8 255.3 253.2 260.0 260.0 267.6 268.3 267.0 278.2 41 Other liabilities 131.8 135.0 135.3 138.2 140.8 139.8 144.1 143.8 146.9 156.6 148.5 42 Residual (assets less liabilities) 129.4 129.9 130.3 132.5 134.9 133.0 133.8 134.4 133.9 136.6 135.6 MEMO: 43 U.S. Treasury note balances included in borrowing 17.1 10.9 16.6 7.1 7.5 8.0 5.9 17.0 11.7 2.4 10.7 44 Number of banks 15,201 15,214 15,215 15,235 15,235 15,271 15,289 15,311 15,330 15,318 15,329 1. Domestically chartered commercial banks include all commercial banks in NOTE. Figures are partly estimated. They include all bank-premises subsidiarthe United States except branches of foreign banks; included are member and ies and other significant majority-owned domestic subsidiaries. Data for domestinonmember banks, stock savings banks, and nondeposit trust companies. cally chartered commercial banks are for the last Wednesday of the month. Data 2. Other assets include loans to U.S. commercial banks. for other banking institutions are estimates made on the last Wednesday of the 3. Commercial banking institutions include domestically chartered commercial month based on a weekly reporting sample of foreign-related institutions and banks, branches and agencies of foreign banks, Edge Act and Agreement quarter-end condition report data. corporations, and New York State foreign investment corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A19 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 Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 p Dec. 8p Dec. 15p Dec. 22p Dec. 29p 1 Cash items in process of collection 57,825 48,498 51,107 49,968 58,943 52,754 61,362 56,097 54,707 7 Demand deposits due from banks in the United States.. 8,268 6,341 7,672 7,147 8,210 7,274 8,428 8,532 9,410 3 All other cash and due from depository institutions .... 34,638 34,448 32,118 32,388 35,003 31,847 38,714 34,124 38,560 4 Total loans and securities 651,704 643,216 641,496 638,995 648,709 651,589 651,576 654,661 655,556 Securities s U.S. Treasury securities 42,270 41,895 41,665 41,661 44,152 45,093 43,445 44,308 44,586 6 Trading account 9,227 8,364 8,051 7,915 9,411 9,716 7,817 8,154 7,856 7 Investment account, by maturity 33,043 33,532 33,615 33,746 34,740 35,376 35,627 36,154 36,730 8 One year or less 10,215 10,494 10,430 10,475 10,897 11,322 11,346 11,657 12,097 9 Over one through five years 20,842 21,046 21,273 21,382 21,816 21,933 22,171 22,363 22,491 in Over five years 1,986 1,992 1,912 1,889 2,027 2,121 2,110 2,134 2,142 n Other securities 79,850 77,701 77,221 77,092 77,899 79,797 79,400 80,242 81,274 17 Trading account 6,177 4,007 3,734 3,602 4,643 6,421 5,695 5,813 5,877 13 Investment account 73,674 73,694 73,487 73,490 73,256 73,376 73,705 74,429 75.397 14 U.S. government agencies 15,074 15,104 15,065 15,067 14,935 15,017 15,140 15,272 15,391 15 States and political subdivisions, by maturity 55,600 55,580 55,447 55,493 55,375 55,497 55,676 56,218 57,034 16 One year or less 6,969 6,913 6,929 6,871 6,872 6,980 6,882 7,018 7,161 17 Over one year 48,631 48,667 48,518 48,622 48,503 48,517 48,794 49,200 49,874 18 Other bonds, corporate stocks and securities 3,000 3,010 2,975 2,930 2,946 2,862 2,889 2,939 2,972 Loans 19 Federal funds sold1 43,610 41,573 40,170 38,285 40,984 43,259 42,708 41,729 41,560 70 To commercial banks 31,534 30,487 28,500 26,441 28,815 29,763 30,395 28,543 29,247 71 To nonbank brokers and dealers in securities 9,154 8,349 9,062 9,020 9,221 10,184 9,301 10,181 9,353 77 To others 2,921 2,736 2,608 2,823 2,949 3,312 3,012 3,004 2,960 73 Other loans, gross 499,114 495,224 495,603 495,120 498,853 496,643 499,208 501,495 501,098 74 Commercial and industrial 216,879 216,749 216,183 215,394 217,027 215,834 215,863 216,689 216,863 7.5 Bankers acceptances and commercial paper 4,594 4,420 4,836 4,437 4,812 4,500 5,276 5,840 6,075 76 AH other 212,285 212,328 211,348 210,957 212,214 211,334 210,587 210,848 210,788 77 U.S. addressees 205,390 205,406 204,486 203,947 205,337 204,480 203,684 204,036 203,973 78 Non-U.S. addressees 6,895 6,922 6,862 7,010 6,878 6,854 6,903 6,812 6,815 79 Real estate 131,738 131,675 131,874 132,082 131,987 131,966 132,132 132,257 132,336 30 To individuals for personal expenditures 73,408 73,394 73,400 73,729 73,988 74,052 74,564 75,016 75,557 To financial institutions 31 Commercial banks in the United States 7,589 7,012 7,032 6,953 7,460 7,275 7,456 8,112 7,804 37 Banks in foreign countries 6,666 6,683 7,060 7,071 7,359 7,291 7,370 7,264 7,530 33 Sales finance, personal finance companies, etc 11,329 11,252 11,119 10,983 11,179 10,872 10,834 10,540 10,693 34 Other financial institutions 15,983 16,160 15,926 15,837 15,838 16,018 15,968 15,926 16,231 35 To nonbank brokers and dealers in securities 9,500 8,021 7,854 8,138 8,594 8,632 9,763 9,613 8,321 36 To others for purchasing and carrying securities2 .... 2,707 2,847 2,877 3,017 3,033 3,015 3,108 2,931 2,902 37 To finance agricultural production 6,488 6,478 6,430 6,405 6,362 6,330 6,327 6,222 6,278 38 All other 16,826 14,953 15,849 15,511 16,026 15,357 15,822 16,925 16,581 39 LESS: Unearned income 5,616 5,621 5,610 5,5% 5,523 5,508 5,505 5,498 5,451 40 Loan loss reserve 7,523 7,556 7,554 7,567 7,657 7,695 7,679 7,615 7,510 41 Other loans, net 485,975 482,047 482,439 481,956 485,673 483,440 486,024 488,382 488,136 4? Lease financing receivables 11,064 11,061 11,052 11,030 11,038 11,057 11,035 11,052 11,136 43 All other assets 138,377 136,413 134,069 133,022 136,150 135,652 137,504 138,532 141,048 44 Total assets 901,878 879,978 877,514 872,550 898,052 890,173 908,619 902,999 910,418 Deposits 45 Demand deposits 187,996 168,264 173,171 171,809 190,848 181,304 195,131 188,725 189,553 46 Mutual savings banks 766 623 608 558 716 678 881 660 627 47 Individuals, partnerships, and corporations 139,931 128,045 131,601 128,549 143,159 134,561 144,028 140,181 139,294 48 States and political subdivisions 5,391 4,495 4,878 5,119 5,238 4,565 5,586 5,570 5,487 49 U.S. government 3,014 1,790 1,065 2,300 1,064 1,907 6,138 2,016 1,767 50 Commercial banks in the United States 22,492 17,799 20,335 20,173 23,374 20,173 22,045 22,818 23,613 51 Banks in foreign countries 5,854 5,784 5,891 6,539 6,562 6,304 6,164 6,584 6,620 57 Foreign governments and official institutions 1,224 856 850 834 1,084 1,069 943 1,077 1,310 53 Certified and officers' checks 9,324 8,871 7,942 7,737 9,653 12,046 9,346 9,820 10,833 54 Time and savings deposits 403,346 403,018 400,656 402,503 400,640 401,109 401,665 405,428 406,888 55 Savings 85,188 85,319 85,225 84,409 85,764 86,406 95,316 104,603 110,641 56 Individuals and nonprofit organizations 81,776 81,826 81,749 80,996 82,287 82,930 90,795 98,311 103,175 57 Partnerships and corporations operated for profit .. 2,822 2,846 2,838 2,858 2,901 2,928 3,793 5,597 6,674 58 Domestic governmental units 568 626 617 533 556 530 710 673 763 59 All Other 23 21 21 22 20 18 18 22 28 60 Time 318,158 317,699 315,431 318,094 314,876 314,703 306,349 300,824 296,247 61 Individuals, partnerships, and corporations 278,800 278,170 275,687 278,306 276,065 275,937 268,256 262,698 257,977 67 States and political subdivisions 20,953 21,108 21,414 21,461 20,892 20,883 20,497 20,582 20,636 63 U.S. government 629 645 641 638 570 580 570 567 644 64 Commercial banks in the United States 12,721 12,806 12,712 12,818 12,534 12,469 12,240 12,342 12,332 65 Foreign governments, official institutions, and banks 5,056 4,969 4,976 4,871 44,,881155 4,834 4,786 44,,663355 44,,665588 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 395 2,869 136 502 1,642 1,188 2,986 377 1,123 67 Treasury tax-and-loan notes 3,820 1,355 3,373 1,368 5,704 892 536 7,078 7,883 68 All other liabilities for borrowed money3 160,351 159,288 154,995 149,504 150,946 158,314 159,295 154,254 158,046 69 Other liabilities and subordinated notes and debentures . 88,519 87,702 87,747 89,610 90,546 89,456 91,360 89,985 89,614 70 Total liabilities 844,426 822,496 820,080 815,296 840,326 832,262 850,973 845,847 853,106 71 Residual (total assets minus total liabilities)4 57,451 57,482 57,434 57,254 57,726 57,911 57,646 57,152 57,312 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 agreements to repurchase; for information on these liabilities at banks with assets of $1 billion or more on Dec. 31, 1977, see table 1.13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic NonfinancialS tatistics • January 1983 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 Account Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1" Dec. 8P Dec. 15P Dec. IIP Dec. 29p 1 Cash items in process of collection 54,668 46,041 48,335 47,136 55,815 50,189 58,121 52,851 51,794 2 Demand deposits due from banks in the United States.. 7,463 5,719 6,921 6,336 7,452 6,630 7,697 7,682 8,563 3 All other cash and due from depository institutions .... 32,249 31,874 29,579 29,738 32,152 29,362 35,783 31,318 35,695 4 Total loans and securities 609,652 601,230 599,669 597,586 606,457 608,763 608,691 611,702 611,927 Securities 5 U.S. Treasury securities 38,671 38,144 37,903 37,907 40,388 41,253 39,637 40,499 40,746 6 Trading account 9,066 8,190 7,902 7,785 9,285 9,588 7,734 8,073 7,782 7 Investment account, by maturity 29,605 29,954 30,001 30,122 31,102 31,664 31,903 32,426 32,964 8 One year or less 9,160 9,372 9,318 9,369 9,734 10,013 10,017 10,300 10,701 9 Over one through five years 18,724 18,858 19,036 19,128 19,605 19,797 20,042 20,257 20,399 10 Over five years 1,722 1,724 1,646 1,624 1,763 1,855 1,844 1,868 1,863 11 Other securities 73,364 71,243 70,805 70,678 71,480 73,389 72,852 73,609 74,535 12 Trading account 5,981 3,857 3,557 3,436 4,461 6,247 5,486 5,583 5,649 13 Investment account 67,382 67,386 67,248 67,243 67,019 67,143 67,366 68,026 68,886 14 U.S. government agencies 13,856 13,858 13,845 13,825 13,703 13,780 13,854 14,017 14,148 15 States and political subdivisions, by maturity 50,731 50,721 50,627 50,687 50,571 50,703 50,829 51,287 51,996 16 One year or less 6,291 6,237 6,264 6,217 6,237 6,349 6,227 6,373 6,451 17 Over one year 44,440 44,484 44,363 44,470 44,334 44,354 44,602 44,914 45,545 18 Other bonds, corporate stocks and securities 2,794 2,807 2,776 2,731 2,745 2,660 2,683 2,723 2,742 Loans 19 Federal funds sold1 38,676 36,900 35,617 34,138 36,287 38,024 37,781 36,881 36,367 20 To commercial banks 27,176 26,359 24,460 22,840 24,704 25,222 26,141 24,410 24,883 21 To nonbank brokers and dealers in securities 8,685 7,887 8,635 8,572 8,731 9,683 8,759 9,576 8,656 22 To others 2,814 2,654 2,523 2,727 2,852 3,119 2,882 2,894 2,828 23 Other loans, gross 471,054 467,103 467,487 467,018 470,484 468,301 470,606 472,835 472,254 24 Commercial and industrial 205,835 205,681 205,165 204,433 205,989 204,813 204,782 205,573 205,679 25 Bankers acceptances and commercial paper 4,246 4,055 4,504 4,098 4,488 4,179 4,952 5,502 5,728 26 All other 201,590 201,626 200,661 200,335 201,501 200,634 199,830 200,071 199,950 27 U.S. addressees 194,823 194,832 193,925 193,452 194,748 193,904 193,057 193,382 193,259 28 Non-U.S. addressees 6,766 6,794 6,736 6,883 6,754 6,730 6,774 6,689 6,692 29 Real estate 124,363 124,303 124,452 124,665 124,583 124,585 124,714 124,841 124,943 30 To individuals for personal expenditures 65,863 65,756 65,746 66,036 66,073 66,139 66,587 6666,,997766 6677,,446600 To financial institutions 31 Commercial banks in the United States 7,420 6,847 6,867 6,805 7,322 7,117 7,299 7,935 7,621 32 Banks in foreign countries 6,585 6,603 6,994 6,989 7,285 7,224 7,283 7,196 7,464 33 Sales finance, personal finance companies, etc 11,144 11,073 10,941 10,808 10,997 10,690 10,658 10,357 10,503 34 Other financial institutions 15,542 15,717 15,477 15,409 15,388 15,556 15,496 15,466 15,763 35 To nonbank brokers and dealers in securities 9,447 7,989 7,825 8,096 8,560 8,598 9,727 9,581 8,268 36 To others for purchasing and carrying securities2 .... 2,472 2,618 2,650 2,791 2,807 2,785 2,884 2,706 2,681 37 To finance agricultural production 6,316 6,306 6,261 6,241 6,197 6,167 6,164 6,056 6,112 38 All other 16,067 14,210 15,109 14,744 15,283 14,629 15,011 16,148 15,760 39 LESS: Unearned income 4,985 4,995 4,979 4,970 4,906 4,892 4,888 4,882 4,836 40 Loan loss reserve 7,127 7,164 7,165 7,186 7,275 7,312 7,296 7,240 7,138 41 Other loans, net 458,942 454,943 455,343 454,863 458,303 456,097 458,422 460,713 460,280 42 Lease financing receivables 10,723 10,720 10,711 10,663 10,669 10,682 10,643 10,660 10,743 43 All other assets 134,496 132,539 130,186 129,215 132,198 131,685 133,486 134,450 136,877 44 Total assets 849,252 828,124 825,401 820,675 844,744 837,311 854,421 848,664 855,599 Deposits 45 Demand deposits 175,287 156,632 161,012 159,644 177,957 169,150 181,906 175,654 176,673 46 Mutual savings banks 736 604 589 538 696 659 860 638 610 47 Individuals, partnerships, and corporations 130,265 119,004 122,176 119,113 133,169 125,008 134,022 130,101 129,250 48 States and political subdivisions 4,830 4,002 4,341 4,546 4,704 4,048 4,970 4,867 4,870 49 U.S. government 2,761 1,642 917 2,123 960 1,758 5,653 1,827 1,619 50 Commercial banks in the United States 20,757 16,377 18,834 18,627 21,610 18,671 20,409 21,170 22,003 51 Banks in foreign countries 5,798 5,738 5,824 6,489 6,514 6,262 6,091 6,541 6,574 52 Foreign governments and official institutions 1,217 831 847 833 1,082 1,068 936 1,074 1,309 53 Certified and officers' checks 8,922 8,434 7,485 7,374 9,220 11,677 8,965 9,437 10,439 54 Time and savings deposits 378,307 377,727 375,473 377,334 375,664 375,878 376,030 379,450 380,729 55 Savings 78,573 78,689 78,623 77,848 79,108 79,696 87,954 96,649 102,322 56 Individuals and nonprofit organizations 75,432 75,475 75,417 74,700 75,899 76,492 83,914 90,850 95,430 57 Partnerships and corporations operated for profit .. 2,594 2,610 2,606 2,626 2,666 2,691 3,474 5,142 6,141 58 Domestic governmental units 524 583 580 499 523 495 548 634 722 59 All Other 23 21 21 22 20 17 18 22 28 60 Time 299,734 299,038 296,850 299,486 296,556 296,183 288,076 282,800 278,407 61 Individuals, partnerships, and corporations 262,613 261,801 259,343 261,961 259,951 259,656 252,195 246,850 242,414 62 States and political subdivisions 19,020 19,122 19,473 19,492 18,962 18,914 18,577 18,725 18,729 63 U.S. government 564 572 568 566 512 512 502 498 576 64 Commercial banks in the United States 12,481 12,574 12,489 12,596 12,316 12,268 12,016 12,092 1122,,003300 65 Foreign governments, official institutions, and banks 5,056 4,969 4,976 4,871 4,815 4,834 4,786 44,,663355 44,,665588 Liabilities for borrowed money 66 Borrowings from Federal Reserve Banks 395 2,839 136 492 1,642 1,188 2,922 377 1,025 67 Treasury tax-and-loan notes 3,546 1,258 3,101 1,255 5,410 818 483 6,656 7,360 68 All other liabilities for borrowed money3 151,465 150,192 146,099 140,683 141,491 148,591 149,719 114455,,003377 114488,,664411 69 Other liabilities and subordinated notes and debentures 86,349 85,530 85,647 87,514 88,380 87,303 89,217 87,816 87,346 70 Total liabilities 795,349 774,178 771,469 766,922 790,544 782,928 800,278 794,990 801,774 71 Residual (total assets minus total liabilities)4 53,903 53,946 53,932 53,753 54,199 54,382 54,142 53,673 53,824 1. Includes securities purchased under agreements to resell. 4. Not a measure of equity capital for use in capital adequacy analysis or for 2. Other than financial institutions and brokers and dealers. other analytic uses. 3. Includes federal funds purchased and securities sold under agreement to repurchase; for information on these liabilities at banks with assets of $1 billion or more on Dec. 31, 1977, see table 1.13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Banks A21 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures, 1982 Account Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 p Dec. 8p Dec. 15 p Dec. IIP Dec. 29" 1 Cash items in process of collection 19,745 17,009 15,993 15,052 20,816 21,325 21,868 18,715 18,515 2 Demand deposits due from banks in the United States.. 1,589 1,058 1,501 979 1,678 1,560 1,431 1,392 1,513 3 All other cash and due from depository institutions .... 6,838 6,491 6,421 4,488 5,214 6,466 8,068 7,179 8,117 4 Total loans and securities1 147,597 143,318 144,885 143,362 147,775 147,579 148,016 147,748 146,974 Securities 6 7 Investment account, by maturity 7,999 8,047 8,271 8,330 8,498 8,655 8,660 8,646 8,686 8 One year or less 1,153 1,154 1,227 1,227 1,271 1,286 1,286 1,285 1,282 9 Over one through five years 6,322 6,363 6,565 6,671 6,794 6,838 6,840 6,827 6,870 in Over five years 523 530 479 432 432 531 534 534 534 11 V 13 Investment account 13,581 13,449 13,312 13,282 13,283 13,266 13,367 13,634 13,774 14 U.S. government agencies 1,842 1,751 1,698 1,697 1,693 1,663 1,636 1,604 1,577 15 States and political subdivisions, by maturity 10,829 10,788 10,736 10,764 10,746 10,845 10,965 11,267 11,435 16 One year or less 1,179 1,175 1,166 1,180 1,202 1,309 1,333 1,485 1,390 17 Over one year 9,650 9,613 9,570 9,584 9,543 9,535 9,631 9,782 10,045 18 Other bonds, corporate stocks and securities 909 910 878 821 845 759 766 762 762 Loans 19 Federal funds sold3 11,116 9,256 9,889 9,096 11,319 11,484 11,799 10,311 11,344 20 To commercial banks 5,409 4,458 4,563 3,750 5,944 5,444 6,515 4,170 6,003 21 To nonbank brokers and dealers in securities 4,580 3,814 4,195 4,183 4,190 4,946 3,818 4,653 3,756 22 To others 1,127 983 1,131 1,163 1,186 1,094 1,466 1,488 1,586 23 Other loans, gross 118,747 116,438 117,277 116,535 118,583 118,081 118,092 119,068 117,074 24 Commercial and industrial 61,390 61,312 61,314 60,875 61,644 61,316 61,024 61,003 60,750 25 Bankers acceptances and commercial paper 1,155 1,036 1,118 1,111 1,257 1,121 1,322 1,666 1,619 26 All other 60,236 60,277 60,196 59,764 60,386 60,194 59,703 59,337 59,059 27 U.S. addressees 58,756 58,701 58,678 58,149 58,845 58,679 58,126 57,875 57,614 28 Non-U.S. addressees 1,480 1,575 1,519 1,615 1,541 1,516 1,577 1,462 1,445 29 Real estate 18,770 18,756 18,884 18,946 18,831 18,879 18,878 18,990 19,086 30 To individuals for personal expenditures 11,616 11,627 11,621 11,647 11,495 11,519 11,597 11,668 1111,,772233 To financial institutions 31 Commercial banks in the United States 2,703 2,057 2,180 2,155 2,655 2,616 2,588 3,098 2,931 32 Banks in foreign countries 2,558 2,493 2,862 2,796 3,031 2,964 2,892 2,901 3,191 33 Sales finance, personal finance companies, etc 4,914 4,800 4,857 4,776 4,880 4,685 4,609 4,360 4,406 34 Other financial institutions 4,919 4,989 4,928 4,877 4,848 4,837 4,827 4,712 4,818 35 To nonbank brokers and dealers in securities 6,194 5,474 5,535 5,355 5,737 5,806 6,258 6,208 4,655 36 To others for purchasing and carrying securities4 .... 767 874 867 927 944 910 940 954 928 37 To finance agricultural production 371 392 392 380 378 376 382 372 387 38 All other 4,546 3,662 3,835 3,800 4,139 4,173 4,096 4,801 4,200 39 LESS: Unearned income 1,487 1,493 1,484 1,486 1,475 1,469 1,474 1,478 1,474 40 Loan loss reserve 2,359 2,378 2,381 2,395 2,433 2,438 2,428 2,434 2,430 41 Other loans, net 114,900 112,567 13,412 112,654 114,675 114,174 114,190 115,157 113,170 42 Lease financing receivables 2,063 2,062 2,044 2,060 2,030 2,033 2,035 2,037 2,054 43 All other assets5 58,914 55,710 54,500 54,626 56,795 57,050 57,190 58,519 58,880 44 Total assets 236,746 225,649 225,344 220,567 234,308 236,012 238,608 235,589 236,053 Deposits 45 Demand deposits 53,641 45,410 45,862 45,878 55,691 54,020 56,252 53,672 53,766 46 Mutual savings banks 322 297 270 252 349 321 464 312 266 47 Individuals, partnerships, and corporations 36,158 30,430 31,154 30,392 37,444 34,271 38,151 34,615 33,504 48 States and political subdivisions 574 485 433 501 552 500 626 778 516 49 U.S. government 679 490 195 497 148 473 1,507 483 442 50 Commercial banks in the United States 5,617 3,919 4,734 4,600 6,246 4,901 5,024 5,796 6,708 51 Banks in foreign countries 4,540 4,544 4,637 5,260 5,140 4,792 4,737 5,235 5,403 52 Foreign governments and official institutions 962 566 571 626 876 866 718 876 1,086 53 Certified and officers' checks 4,787 4,679 3,867 3,748 4,934 7,896 5,026 5,576 5,840 54 Time and savings deposits 75,122 75,886 74,596 74,577 74,449 74,994 74,740 74,964 74,722 55 Savings 10,784 10,870 10,925 10,487 10,672 10,789 11,527 13,009 14,040 56 Individuals and nonprofit organizations 10,429 10,464 10,537 10,150 10,339 10,460 11,190 12,388 13,210 57 Partnerships and corporations operated for profit .. 230 231 232 228 237 239 246 526 713 58 Domestic governmental units 124 174 154 106 94 88 89 94 116 59 All Other 1 1 1 2 1 1 1 1 1 60 Time 64,338 65,016 63,670 64,090 63,778 64,205 63,213 61,956 60,682 61 Individuals, partnerships, and corporations 54,058 54,589 52,855 53,302 53,282 53,665 53,135 51,850 50,702 62 States and political subdivisions 2,497 2,563 2,681 2,618 2,460 2,445 2,337 2,326 2,281 63 U.S. government 208 208 205 201 201 202 206 206 206 64 Commercial banks in the United States 5,475 5,575 5,810 5,938 5,840 5,877 5,581 55,,668855 55,,660022 65 Foreign governments, official institutions, and banks 2,099 2,080 2,120 22,,003322 11,,999944 22,,001166 11,,995544 11,,888888 11,,889922 Liabilities for borrowed money 66 1,405 1 150 675 970 355 150 67 Treasury tax-and-loan notes 926 368 920 343 1,557 197 56 1,956 2,154 68 All other liabilities for borrowed money6 55,656 51,984 53,522 49,171 48,935 54,283 53,049 52,630 52,862 69 Other liabilities and subordinated notes and debentures . 32,987 32,145 32,012 32,219 33,920 33,194 34,976 33,842 34,078 70 Total liabilities 218,333 207,199 206,912 202,188 215,702 217,362 220,044 217,420 217,732 71 Residual (total assets minus total liabilities)7 18,414 18,450 18,433 18,378 18,606 18,650 18,564 18,169 18,322 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

A22 Domestic NonfinancialS tatistics • January 1983 1.29 LARGE WEEKLY REPORTING COMMERCIAL BANKS Balance Sheet Memoranda Millions of dollars, Wednesday figures, 1982 Account Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 p Dec. 8p Dec. 15p Dec. 22p Dec. 29p BANKS WITH ASSETS OF $750 MILLION OR MORE 1 Total loans (gross) and securities adjusted' 625,720 618,894 619,128 618,765 625,613 627,754 626,909 631,119 631,466 2 Total loans (gross) adjusted' 503,600 499,298 500,241 500,011 503,562 502,864 504,065 506,569 505,606 3 Demand deposits adjusted2 104,666 100,176 100,664 99,369 107,467 106,470 105,587 107,795 109,465 4 Time deposits in accounts of $100,000 or more 203,563 203,240 201,052 203,032 200,000 199,481 194,249 191,147 187,929 5 Negotiable CDs 144,812 144,031 141,808 143,332 140,933 139,843 136,407 134,636 132,340 6 Other time deposits 58,750 59,209 59,244 59,700 59,067 59,637 57,843 56,511 55,589 7 Loans sold outright to affiliates3 2,874 2,886 2,933 2,956 2,982 2,952 2,937 2,952 2,890 8 Commercial and industrial 2,238 2,252 2,308 2,345 2,375 2,329 2,319 2,254 2,235 9 Other 636 634 624 611 607 623 618 697 655 BANKS WITH ASSETS OF $1 BILLION OR MORE 10 Total loans (gross) and securities adjusted' 587,168 580,185 580,486 580,098 586,613 588,629 587,435 591,478 591,397 11 Total loans (gross) adjusted' 475,134 470,797 471,778 471,512 474,745 473,986 474,947 477,370 476,117 12 Demand deposits adjusted2 97,100 92,572 92,927 91,757 99,572 98,532 97,724 99,807 101,258 13 Time deposits in accounts of $100,000 or more 194,217 193,674 191,571 193,540 190,762 190,130 185,038 181,943 178,849 14 Negotiable CDs 139,344 138,413 136,220 137,809 135,510 134,403 131,062 129,319 127,051 15 Other time deposits 54,873 55,262 55,351 55,730 55,252 55,726 53,977 52,624 51,798 16 Loans sold outright to affiliates3 2,800 2,815 2,862 2,884 2,915 2,884 2,876 2,882 2,823 17 Commercial and industrial 2,176 2,193 2,249 2,285 2,318 2,270 2,268 2,195 2,179 18 Other 624 622 613 599 597 614 608 687 644 BANKS IN NEW YORK CITY 19 Total loans (gross) and securities adjusted' 4 143,331 140,675 142,008 141,338 143,084 143,427 142,816 144,391 141,945 20 Total loans (gross) adjusted' 121,751 119,179 120,424 119,726 121,303 121,505 120,788 122,111 119,485 21 Demand deposits adjusted2 27,600 23,991 24,939 25,729 28,480 27,321 27,854 28,678 28,101 22 Time deposits in accounts of $100,000 or more 49,736 50,679 49,381 49,440 49,080 49,395 48,715 47,838 46,772 23 Negotiable CDs 38,016 38,695 37,535 37,657 37,249 37,328 37,097 36,576 35,612 24 Other time deposits 11,720 11,984 11,847 11,783 11,831 12,067 11,618 11,262 11,159 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, banks. nonconsolidated nonbank affiliates of the bank, the bank's holding company (if 2. All demand deposits except U.S. government and domestic banks less cash not a 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

Weekly Reporting Banks A23 1.291 LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS Assets and Liabilities Millions of dollars, Wednesday figures, 1982 Account Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. V Dec. 8p Dec. 15p Dec. 22p Dec. 29" 1 Cash and due from depository institutions. 7,636 7,923 7,210 6,975 7,440 7,313 7,278 7,259 7,369 2 Total loans and securities 46,043 43,934 45,846 46,173 45,478 45,119 44,718 46,730 45,249 3 U.S. Treasury securities 2,731 2,848 2,797 2,802 2,818 2,881 2,804 2,974 3,107 4 Other securities 854 759 834 825 826 831 850 845 874 5 Federal funds sold1 2,828 2,643 3,172 2,978 3,079 2,449 2,157 3,410 2,617 6 To commercial banks in United States .. 2,629 2,374 2,919 2,832 2,581 2,220 2,042 3,000 2,243 7 To others 200 270 253 146 498 229 115 409 373 8 Other loans, gross 39,629 37,683 39,042 39,567 38,754 38,958 38,906 39,500 38,650 9 Commercial and industrial 19,024 18,545 19,011 19,276 18,976 19,013 19,036 1199,,331199 1199,,000033 10 Bankers acceptances and commercial paper 2,893 2,589 2,918 2,874 2,809 2,734 2,842 2,910 2,816 11 All other 16,131 15,956 16,093 16,382 16,168 16,278 16,195 16,408 16,187 12 U.S. addressees 14,046 13,999 14,122 14,436 14,263 14,351 14,244 14,381 14,217 n Non-U.S. addressees 2,085 1,957 1,971 1,946 1,905 1,927 1,951 2,027 1,970 14 To financial institutions 16,078 14,886 15,931 16,145 15,599 15,575 15,604 15,861 15,463 15 Commercial banks in United States... 12,869 11,804 12,857 13,067 12,600 12,577 12,422 12,708 12,285 16 Banks in foreign countries 2,570 2,420 2,430 2,455 2,342 2,334 2,602 2,573 2,622 17 Nonbank financial institutions 639 661 644 623 657 664 581 579 556 18 For purchasing and carrying securities .. 420 311 203 291 345 480 530 555 480 19 All other 4,107 3,941 3,897 3,875 3,834 3,890 3,735 33,,776655 33,,770055 20 Other assets (claims on nonrelated parties) 12,048 12,017 12,009 12,228 12,128 12,406 12,349 12,404 12,556 21 Net due from related institutions 12,864 13,689 12,255 12,184 13,223 13,850 13,043 13,694 14,337 22 Total assets 78,591 77,563 77,319 77,560 78,268 78,688 77,387 80,086 79,511 23 Deposits or credit balances2 23,820 23,660 23,400 24,177 25,060 25,097 25,104 26,729 26,605 24 Credit balances 270 246 204 213 275 293 254 251 211 25 Demand deposits 2,234 1,941 1,987 1,903 22,,446633 2,298 11,,999999 22,,443300 22,,110044 26 Individuals, partnerships, and corporations 1,079 903 895 944 1,165 851 849 989 871 27 Other 1,155 1,038 1,091 960 1,298 1.446 1,150 1,441 1,233 28 Total time and savings 21,316 21,473 21,209 22,060 22,322 22,506 22,851 2244,,004488 2244,,228899 29 Individuals, partnerships, and corporations 18,071 18,380 18,131 19,054 19,209 19,379 19,631 20,670 20,933 30 Other 3,245 3,093 3.078 3,006 3,113 3,128 3,220 3,379 3,357 31 Borrowings3 33,694 32,018 31,632 31,788 32,016 33,030 31,590 32,383 32,220 32 Federal funds purchased4 10,144 9,645 8,603 8,038 8,678 9,448 8,182 8,603 88,,335566 33 From commercial banks in United States 9,080 8,556 7,548 6,950 7,462 8,049 6,906 7,122 6,887 34 From others 1,064 1,089 1,056 1,087 1,216 1,339 1,277 1,481 1,479 35 Other liabilities for borrowed money.... 23,550 22,373 23,028 23,750 23,337 23,582 23,407 23,780 23,864 36 To commercial banks in United States 21,177 19,783 20,510 21,219 20,719 21,262 20,508 20,932 21,146 37 To others 2,373 2,590 2,519 2,531 2,618 2,320 2,899 2,848 2,718 38 Other liabilities to nonrelated parties 11,665 11,794 11,611 11,814 11,878 11,956 12,078 12,203 12,196 39 Net due to related institutions 9,412 10,090 10,677 9,782 9,314 8,605 8,615 88,,777700 8.490 40 Total liabilities 78,591 77,563 77,319 77,560 78,268 78,688 77,387 8800,,008866 79,511 MEMO 41 Total loans (gross) and securities adjusted5 30,545 29,756 30,069 30,274 30,296 30,321 30,254 31,020 30,720 42 Total loans (gross) adjusted5 26,960 26,148 26,438 26,646 26,652 26,610 26,600 27,201 26,738 1. Includes securities purchased under agreements to resell. 4. Includes securities sold under agreements to repurchase. 2. Balances due to other than directly related institutions. 5. Excludes loans and federal funds transactions with commercial banks in 3. Borrowings from other than directly related institutions. United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Nonfinancial Statistics • January 1983 1.30 LARGE WEEKLY REPORTING COMMERCIAL BANKS Domestic Classified Commercial and Industrial Loans Millions of dollars Outstanding Net change during IIInnnddduuussstttrrryyy ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1982 1982 Aug. 25 Sept. 29 Oct. 27 Nov. 24 Dec. 29p Q3 Q4P Oct. Nov. Dec.? 1 Durable goods manufacturing 29,117 31,424 31,345 30,124 29,943 2,347 -1,481 -80 -1,220 -181 2 Nondurable goods manufacturing 24,866 25,811 24,774 24,640 23,908 512 -1,903 -1,037 -134 -732 3 Food, liquor, and tobacco 4,596 4,838 4,637 4,855 4,405 34 -433 -202 218 -450 4 Textiles, apparel, and leather 5,064 4,855 4,571 4,268 3,812 -7 -1,044 -284 -303 -456 5 Petroleum refining 4,717 5,323 5,464 5,518 5,627 228 304 141 54 110 6 Chemicals and rubber 5,518 5,810 5,426 5,386 5,530 259 -280 -384 -39 143 7 Other nondurable goods 4,971 4,985 4,677 4,614 4,534 1 -451 -308 63 -80 8 Mining (including crude petroleum and natural gas) 27,313 28,406 29,266 29,633 29,583 154 1,177 860 368 -51 9 Trade 28,320 29,048 28,960 28,732 28,003 -142 -1,045 -88 -227 -730 10 Commodity dealers 1,788 1,977 2,036 2,102 2,297 116 320 60 65 196 11 Other wholesale 13,488 13,975 13,692 13,652 13,658 198 -316 -283 -39 6 12 Retail 13,044 13,096 13,231 12,978 12,047 -456 -1,049 135 -253 -932 13 Transportation, communication, and other public utilities 24,751 24,913 24,840 25,152 24,953 -89 40 -74 313 -199 14 Transportation 8,964 8.976 8,913 9,025 9,103 -251 128 -62 112 78 15 Communication 4,905 5,153 5,254 5,297 5,258 374 106 101 43 -38 16 Other public utilities 10,882 10,785 10,672 10,830 10,591 -212 -194 -112 158 -239 17 Construction 7,825 7,815 7,757 7,759 7,863 55 48 -58 2 104 18 Services 28,938 29,196 29,587 29,472 30,504 466 1,308 392 -115 1,031 19 All other1 17,536 17,916 17,966 17,937 18,502 680 586 50 -28 565 20 Total domestic loans 188,667 194,530 194,494 193,452 193,259 3,982 -1,271 -36 -1,042 -193 21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans .. 87,027 89,152 89,776 89,956 89,845 -655 692 623 181 -112 1. Includes commercial and industrial loans at a few banks with assets of $1 billion or more that do not classify their loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Paper A25 1.31 GROSS DEMAND DEPOSITS of Individuals, Partnerships, and Corporations' Billions of dollars, estimated daily-average balances Commercial banks TTyyppee ooff hhoollddeerr 1981 1982 1978 1199779922 1980 Dec. Dec. Dec. Mar.3 June4 Sept. Dec. Mar. June 1 All holders—Individuals, partnerships, and corporations 294.6 302.2 315.5 280.8 f 277.5 288.9 268.9 271.5 2 Financial business 27.8 27.1 29.8 30.8 1 28.2 28.0 27.8 28.6 3 Nonfinancial business 152.7 157.7 162.3 144.3 n.a. 148.6 154.8 138.7 141.4 4 Consumer 97.4 99.2 102.4 86.7 1 82.1 86.6 84.6 83.7 5 Foreign 2.7 3.1 3.3 3.4 1 3.1 2.9 3.1 2.9 6 Other 14.1 15.1 17.2 15.6 t 15.5 16.7 14.6 15.0 Weekly reporting banks 1981 1982 1978 1199779955 1980 Dec. Dec. Dec. Mar.3 June4 Sept. Dec. Mar. June 7 All holders—Individuals, partnerships, and corporations 147.0 139.3 147.4 133.2 f 131.3 137.5 126.8 127.9 8 Financial business 19.8 20.1 21.8 21.9 n.a. 20.7 21.0 20.2 20.2 9 Nonfinancial business 79.0 74.1 78.3 69.8 1 71.2 75.2 67.1 67.7 10 Consumer 38.2 34.3 35.6 30.6 | 28.7 30.4 29.2 29.7 11 Foreign 2.5 3.0 3.1 3.2 2.9 2.8 2.9 2.8 12 Other 7.5 7.8 8.6 7.7 T 7.9 8.0 7.3 7.5 1. Figures include cash items in process of collection. Estimates of gross 4. Demand deposit ownership survey estimates for June 1981 are not yet deposits are based on reports supplied by a sample of commercial banks. Types of available due to unresolved reporting errors. depositors 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 170 large commercial banks, each of which had total assets in domestic offices survey sample was reduced to 232 banks from 349 banks, and the estimation exceeding $750 million as of Dec. 31, 1977. See "Announcements," p. 408 in the procedure was modified slightly. To aid in comparing estimates based on the old May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership and new reporting sample, the following estimates in billions of dollars for estimates for these large banks are constructed quarterly on the basis of 97 sample December 1978 have been constructed using the new smaller sample; financial banks and are not comparable with earlier data. The following estimates in billions business, 27.0; nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and of dollars for December 1978 have been constructed for the new large-bank panel; other, 15.1. financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5; 3. Demand deposit ownership data for March 1981 are subject to greater than other, 6.8. normal errors reflecting unusual reporting difficulties associated with funds shifted to negotiable order of withdrawal (NOW) accounts authorized at year-end 1980. For the household category, the $15.7 billion decline in demand deposits at all commercial banks between December 1980 and March 1981 has an estimated standard error of $4.8 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic NonfinancialS tatistics • January 1983 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING Millions of dollars, end of period 1982 IInnssttrruummeenntt DD 1199 ee 77 cc 77 .. DD 1199 ee 77 cc 88 .. 11 DD 99 ee 77 cc 99 .. '' DD 1199 ee 88 cc 00 .. DD 1199 ee 88 cc 11 .. June July Aug. Sept. Oct. Nov. Commercial paper (seasonally adjusted unless noted otherwise) 11 AAllll iissssuueerrss 65,051 83,438 112,803 124,524 165,508 178,842 180,669 177,182 173,836 170,253 165,534 FFiinnaanncciiaall ccoommppaanniieess22 DDeeaalleerr--ppllaacceedd ppaappeerr33 22 TToottaall 8,796 12,181 17,359 19,790 30,188 36,685 37,961 38,066 36,692 35,130 35,304 33 BBaannkk--rreellaatteedd ((nnoott sseeaassoonnaallllyy aaddjjuusstteedd)) 2,132 3,521 2,784 3,561 6,045 7,188 6,427 6,038 5,924 5,791 6,232 DDiirreeccttllyy ppllaacceedd ppaappeerr44 44 TToottaall 40,574 51,647 64,757 67,854 81,660 84,774 85,684 81,707 81,347 79,846 79,143 55 BBaannkk--rreellaatteedd ((nnoott sseeaassoonnaallllyy aaddjjuusstteedd)) 7,102 12,314 17,598 22,382 26,914 30,828 31,141 28,901 27,761 25,712 27,769 66 NNoonnffiinnaanncciiaall ccoommppaanniieess55 15,681 19,610 30,687 36,880 53,660 57,383 57,024 57,409 55,797 55,277 51,087 Bankers dollar acceptances (not seasonally adjusted) 7 Total 25,450 33,700 45,321 54,744 69,226 71,765 72,559 72,709 73,818 75,811 Holder 8 Accepting banks 10,434 8,579 9,865 10,564 10,857 10,362 11,164 11,805 10,752 10,661 9 Own bills 8,915 7,653 8,327 8,963 9,743 9,175 9,734 10,740 9,370 9,399 10 Bills bought 1,519 927 1,538 1,601 1,115 1,188 1,431 1,065 1,382 1,262 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 1,442 1,348 1,250 1,239 1,139 1,080 13 Others 13,700 24,456 33,370 41,614 56,926 60,054 60,145 59,664 61,927 64,070 Basis 14 Imports into United States 6,378 8,574 10,270 11,776 14,765 15,213 15,094 14,921 16,075 16,511 15 Exports from United States 5,863 7,586 9,640 12,712 15,400 15,649 16,167 15,883 15,608 16,463 16 All other 13,209 17,540 25,411 30,257 39,061 40,842 41,298 41,898 42,136 42,837 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 2. Institutions engaged primarily in activities such as, but not limited to, investors. commercial, savings, and mortgage banking; sales, personal, and mortgage 5. Includes public utilities and firms engaged primarily in such activities as financing; factoring, finance leasing, and other business lending; insurance communications, construction, manufacturing, mining, wholesale and retail trade, underwriting; and other investment activities. transportation, and services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Business Lending All 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective date Effective Date Rate Average Month Average rate rate 1981—Nov. 3 17.50 July 20 16.00 1981—June 20.03 1982—Apr 16.50 9 16.50- 29 15.50 July 20.39 May 16.50 17.00 Aug. 2 15.00 Aug 20.50 June 16.50 17 17.00 16 14.50 Sept 20.08 July 16.26 20 16.50 18 14.00 Oct 18.45 Aug 14.39 24 16.00 23 13.50 Nov 16.84 Sept 13.50 Dec. 1 15.75 Oct. 7 13.00 Dec 15.75 Oct 12.52 1982—Feb. 2 16.50 14 12.00 1982—Jan 15.75 Nov 11.85 18 17.00 Nov. 22 11.50 Feb 16.56 Dec 11.50 23 16.50 Mar 16.50 1.34 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-6, 1982 Size of loan (in thousands of dollars) All sizes 1,000 and over SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS 1 Amount of loans (thousands of dollars) 37,830,563 1,004,140 642,584 562,394 2,129,432 913,862 32,578,151 2 Number of loans 170,984 123,157 20,331 9,027 12,408 1,403 4,658 3 Weighted-average maturity (months) 1.2 3.6 3.6 4.1 4.8 3.2 4 Weighted-average interest rate (percent per annum) . 11.26 15.63 15.32 13.80 13.85 12.93 10.79 5 Interquartile range1 10.38-11.34 14.37-16.99 13.72-16.45 12.68-14.45 12.68-15.01 12.25-13.80 10.38-10.90 Percentage of amount of loans 6 With floating rate 26.4 32.5 39.5 70.8 65.4 65.0 21.6 7 Made under commitment 70.1 40.8 35.8 64.5 54.4 68.9 72.8 8 With no stated maturity 9.6 15.9 18.7 40.0 22.2 29.5 7.3 LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS 1-99 9 Amount of loans (thousands of dollars) 4,007,972 380,177 459,970 204,266 2,963,558 10 Number of loans 25,270 22,129 2,265 311 565 11 Weighted-average maturity (months) 46.2 43.9 26.4 45.3 49.6 12 Weighted-average interest rate (percent per annum) 12.24 15.17 13.98 13.02 11.54 13 Interquartile range1 0.68-13.55 13.80-16.65 13.50-14.94 12.55-13.88 10.62-12.68 Percentage of amount of loans 14 With floating rate 77.8 49.0 67.9 81.6 82.7 15 Made under commitment 76.1 44.1 32.4 69.6 87.5 500 CONSTRUCTION AND LAND DEVELOPMENT LOANS 1-24 25-49 50-99 and over 16 Amount of loans (thousands of dollars) 1,433,072 157,866 179,347 85,282 531,567 479,010 17 Number of loans 25,255 16,181 4,750 1,278 2,806 241 18 Weighted-average maturity (months) 11.1 14.4 16.0 6.4 8.3 12.2 19 Weighted-average interest rate (percent per annum) 15.14 16.74 17.44 18.52 15.01 13.30 20 Interquartile range1 12.73-16.09 15.02-18.10 14.75-18.97 14.23-20.57 12.69-15.58 11.82-14.50 Percentage of amount of loans 21 With floating rate 56.6 27.8 27.2 34.9 47.4 91.1 22 Secured by real estate 71.6 75.0 85.6 92.8 69.2 64.3 23 Made under commitment 39.6 44.4 43.1 29.7 21.5 58.7 24 With no stated maturity 2.9 3.7 .4 4.8 2.1 4.0 Type of construction 25 1- to 4-family 43.3 74.8 64.2 72.2 56.7 5.2 26 Multifamily 12.1 1.5 18.8 7.6 4.6 22.2 27 Nonresidential 44.6 23.7 17.0 20.2 38.7 72.6 All 250 LOANS TO FARMERS sizes 1-9 10-24 25-49 50-99 100-249 and over 28 Amount of loans (thousands of dollars) 1,457,533 158,122 234,089 169,062 282,570 200,860 412,831 29 Number of loans 67.611 40,418 15,969 5,177 4,206 1,304 536 30 Weighted-average maturity (months) 5.8 5.4 7.1 6.4 5.7 6.1 4.7 31 Weighted-average interest rate (percent per annum) 14.84 15.60 15.38 15.34 15.57 15.01 13.46 32 Interquartile range1 13.96-15.71 15.00-16.21 14.65-16.11 14.57-16.02 15.03-16.08 14.00-15.57 11.01-15.22 By purpose of loan 33 Feeder livestock 13.90 15.48 15.19 15.22 15.01 14.35 12.66 34 Other livestock 15.49 15.46 15.42 15.34 15.58 35 Other current operating expenses 15.33 15.65 15.40 15.42 15.50 14.56 15.20 36 Farm machinery and equipment 15.68 15.53 15.16 15.76 37 Other 14.53 15.62 15.66 14.84 14.65 13.74 1. Interest rate range that covers the middle 50 percent of the total dollar amount of loans made. 2. Fewer than 10 sample loans. NOTE. For more detail, see the Board's E.2 (111) statistical release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic NonfinancialS tatistics • January 1983 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 11998800 11998811 11998822 Sept. Oct. Nov. Dec. Dec. 3 Dec. 10 Dec. 17 Dec. 24 Dec. 31 MONEY MARKET RATES 1 Federal funds1-2 13.36 16.38 12.26 10.31 9.71 9.20 8.95 8.69 8.84 8.86 8.69 8.79 Commercial paper3-4 2 1-month 12.76 15.69 11.83 9.96 9.08 8.66 8.53 8.55 8.44 8.51 8.48 8.69 3 3-month 12.66 15.32 11.89 10.36 9.20 8.69 8.51 8.61 8.46 8.52 8.44 8.52 4 6-month 12.29 14.76 11.89 10.86 9.21 8.72 8.50 8.69 8.50 8.50 8.41 8.45 Finance paper, directly placed3-4 5 1-month 12.44 15.30 11.64 9.89 8.89 8.51 8.35 8.42 8.29 8.38 8.36 8.34 6 3-month 11.49 14.08 11.23 9.65 8.60 8.39 8.18 8.38 8.21 8.14 8.08 8.12 7 6-month 11.28 13.73 11.20 9.63 8.60 8.42 8.20 8.43 8.31 8.14 8.08 8.10 Bankers acceptances4-5 8 3-month 12.72' 15.32 11.89 10.40 9.24 8.76 8.54 8.64 8.53 8.54 8.50 8.54 9 6-month 12.25 14.66 11.83 10.82 9.21 8.77 8.50 8.78 8.54 8.50 8.41 8.40 Certificates of deposit, secondary market6 10 1-month 12.91 15.91 12.04 10.23 9.36 8.82 8.64 8.55 8.53 8.66 8.60 8.81 11 3-month 13.07 15.91 12.27 10.66' 9.51 8.95 8.66 8.79 8.67 8.70 8.59 8.57 17 6-month 12.99 15.77 12.57 11.46 9.67 9.13 8.80 9.09 8.84 8.80 8.73 8.65 13 Eurodollar deposits, 3-month2 14.00 16.79 13.12 11.74 10.43 9.77 9.47 9.76 9.48 9.56 9.56 9.36 U.S. Treasury bills4 Secondary market7 14 3-month 11.43 14.03 10.61 7.92 7.71 8.07 7.94 8.14 7.96 7.80 7.91 8.01 15 6-month 11.37 13.80 11.07 9.37 8.29 8.34 8.16 8.47 8.30 8.04 8.04 8.07 16 1-year 10.89 13.14 11.07 9.92 8.63 8.44 8.23 8.53 8.36 8.15 8.14 8.11 Auction average8 17 3-month 11.506 14.077 10.686 8.196 7.750 8.042 8.013 8.280 7.956 7.995 7.857 7.975 18 6-month 11.374 13.811 11.084 9.539 8.299 8.319 8.225 8.511 8.254 8.205 8.104 8.051 1199 1100..774488 1133..115599 1111..009999 1100..228866 99..552211 88..556677 88..223344 88..337722 88..009955 CAPITAL MARKET RATES U.S. Treasury notes and bonds9 Constant maturities10 20 1-year 12.05 14.78 12.27 10.85 9.32 9.16 8.91 9.26 9.06 8.83 8.80 8.75 21 2-year 11.77 14.56 12.80 11.78 10.19 9.80 9.66 9.89 9.80 9.62 9.57 9.52 ">i 9.90 9 70 9 65 23 3-year 11.55 14.44 12.92 12.03 10.62 9.98 9.88 10.04 9.95 9.84 9.88 9.79 24 5-year 11.48 14.24 13.01 12.25 10.80 10.38 10.22 10.31 10.26 10.23 10.22 10.15 25 7-year 11.43 14.06 13.06 12.36 10.88 10.53 10.49 10.58 10.48 10.50 10.55 10.40 26 10-year 11.46 13.91 13.00 12.34 10.91 10.55 10.54 10.69 10.56 10.56 10.56 10.43 27 20-year 11.39 13.72 12.92 12.16 10.97 10.57 10.62 10.69 10.56 10.56 10.71 10.66 28 30-year 11.30 13.44 12.76 12.07 11.17 10.54 10.54 10.64 10.51 10.59 10.59 10.45 Composite12 29 Over 10 years (long-term) 10.81 12.87 12.23 11.48 10.51 10.18 10.33 10.41 10.32 10.37 10.35 10.26 State and local notes and bonds Moody's series13 30 Aaa 7.85 10.43 10.88 9.70 9.15 9.45 9.34 9.24 9.24 9.40 9.40 9.40 31 Baa 9.01 11.76 12.48 11.88 10.66 10.79 10.80 10.60 10.40 11.00 11.00 11.00 32 Bond Buyer series14 8.59 11.33 11.66 10.66 9.69 10.07 9.96 10.23 10.13 10.05 9.84 9.56 Corporate bonds Seasoned issues15 33 All industries 12.75 15.06 14.94 14.34 13.54 13.08 13.02 13.05 13.00 13.03 13.07 12.98 34 Aaa 11.94 14.17 13.79 12.94 12.12 11.68 11.83 11.83 11.79 11.82 11.91 11.82 35 Aa 12.50 14.75 14.41 13.72 12.97 12.51 12.44 12.49 12.40 12.48 12.49 12.40 36 A 12.89 15.29 15.43 15.07 14.34 13.81 13.66 13.72 13.68 13.67 13.67 13.58 37 Baa 13.67 16.04 16.11 15.63 14.73 14.30 14.14 14.16 14.11 14.15 14.20 14.11 Aaa utility bonds16 38 12.74 15.56 14.41 13.50 12.20 11.76 11.84 11.85 11.82 39 Recently offered issues 12.70 15.56 14.45 13.57 12.34 11.88 11.91 11.95 11.84 11.95 11.96 11.85 MEMO: Dividend/price ratio17 40 Preferred stocks 10.60 12.36 12.53 12.41 11.71 11.18 11.20 10.71 11.25 11.28 11.35 11.39 41 Common stocks 5.26 5.20 5.81 5.63 5.12 4.92 4.93 4.92 4.82 5.09 4.96 4.87 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 business day. The daily rate is the average of the rates on a given day weighted by biweekly rate is used to determine the maximum interest rate payable in the the volume of transactions at these rates. following two-week period on small saver certificates. (See table 1.16.) 2. Weekly figures are statement week averages—that is, averages for the 12. Unweighted averages of yields (to maturity or call) for all outstanding notes week 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 (which may be, but need not be, the average of the rates quoted by the dealers). years or more). New-issue yields are based on quotations on date of offering; 6. Unweighted average of offered rates quoted by at least five dealers early in those on recently offered issues (included only for first 4 weeks after termination the day. of underwriter 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 8. Rates are recorded in the week in which bills are issued. sample of ten issues: four public utilities, four industrials, one financial, and one 9. Yields are based on closing bid prices quoted by at least five dealers. transportation. 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

Securities Markets A29 1.36 STOCK MARKET Selected Statistics 1982 IInnddiiccaattoorr 11998800 11998811 11998822 Apr. May June July Aug. Sept. Oct. Nov. Dec. Prices and trading (averages of daily figures) Common stock prices 1 New York Stock Exchange (Dec. 31, 1965 = 50) 68.06 74.02 68.93 66.97 67.07 63.10 62.82 62.91 70.21 76.10 79.75 80.30 2 Industrial 78.64 85.44 78.18 75.59 75.97 71.59 71.37 70.98 80.08 86.67 90.76 92.00 3 Transportation 60.52 72.61 60.41 57.91 56.84 53.07 53.40 53.98 61.39 66.64 71.92 73.40 4 Utility 37.35 38.90 39.75 39.20 39.40 37.34 37.20 38.19 40.36 42.67 43.46 42.93 5 Finance 64.28 73.52 71.99 71.44 69.16 63.19 61.59 62.84 69.66 80.59 88.66 86.22 6 Standard & Poor's Corporation (1941-43 = 10)' ... 118.71 128.05 119.71 116.31 116.35 109.70 109.38 109.65 122.43 132.66 138.10 139.37 7 American Stock Exchange (Aug. 31, 1973 = 100) 300.94 343.58 282.62 271.15 272.88 254.72 250.63 253.54 286.22 308.74 333.54 333.36 Volume of trading (thousands of shares) 8 New York Stock Exchange 44,867 46,967 64,617 54,116 51,328 50,481 54,530 76,031 73,710 98,508 88,431 76,463 9 American Stock Exchange 6,377 5,346 5,283 3,937 4,292 3,720 3,611 5,567 5,064 7,828 8,672 7,475 Customer financing (end-of-period balances, in millions of dollars) 10 Regulated margin credit at brokers-dealers2 11,619 14,721 14,411 12,202 12,237 11,783 11,729 11,396 11,208 11,728 12,459 11 Margin stock3 11,450 14,500 14,150 11,950 11,990 11,540 11,470 11,150 10,950 11,450 12,170 12 Convertible bonds 167 219 259 251 246 242 258 245 257 277 288 13 Subscription issues 2 2 2 1 1 1 1 1 1 1 1 n a. Free credit balances at brokers4 14 Margin-account 1,105 2,105 3,515 4,145 4,175 4,215 4,410 4,470 4,990 5,520 5,600 15 Cash-account 4.060 6,070 7,150 6,270 6,355 6,345 6,730 7,550 7,475 8,120 8,395 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)5 17 Under 40 16.0 14.0 37.0 34.0 40.0 43.0 44.0 30.0 27.0 21.0 20.0 18 40-49 29.0 30.0 21.0 25.0 24.0 21.0 23.0 26.0 26.0 24.0 21.0 19 50-59 27.0 25.0 22.0 18.0 15.0 16.0 13.0 18.0 20.0 22.0 25.0 n a. 20 60-69 14.0 14.0 10.0 10.0 9.0 9.0 9.0 12.0 12.0 16.0 15.0 21 70-79 8.0 9.0 6.0 7.0 6.0 6.0 6.0 8.0 8.0 9.0 10.0 22 80 or more 7.0 8.0 6.0 6.0 5.0 5.0 5.0 6.0 7.0 8.0 9.0 Special miscellaneous-account balances at brokers (end of period) 23 Total balances (millions of dollars)6 16,150 21,690 25,870 28,252 28,521 29,798 29,773 31,102 31,644 33,689 34,909 Distribution by equity status (percent) 24 Net credit status 44.2 47.8 58.0 57.0 58.0 59.0 59.0 60.0 61.0 61.0 62.0 n.a. Debt status, equity of 25 60 percent or more 47.0 44.4 31.0 29.0 29.0 28.0 26.0 28.0 27.0 29.0 29.0 26 Less than 60 percent 8.8 7.7 11.0 13.0 13.0 13.0 14.0 12.0 12.0 10.0 9.0 Margin requirements (percent of market value and effective date)7 Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 27 Margin stocks 70 80 65 55 65 50 28 Convertible bonds 50 60 50 50 50 50 29 Short sales 70 80 65 55 65 50 1. Effective July 1976, includes a new financial group, banks and insurance 5. Each customer's equity in his collateral (market value of collateral less net companies. With this change the index includes 400 industrial stocks (formerly debit balance) is expressed as a percentage of current collateral values. 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 6. Balances that may be used by customers as the margin deposit required for financial. additional purchases. Balances may arise as transfers based on loan values of 2. Margin credit includes all credit extended to purchase or carry stocks or other collateral in the customer's margin account or deposits of cash (usually sales related equity instruments and secured at least in part by stock. Credit extended is proceeds) occur. end-of-month data for member firms of the New York Stock Exhange. 7. Regulations G, T, and U of the Federal Reserve Board of Governors, In addition to assigning a current loan value to margin stock generally, prescribed in accordance with the Securities Exchange Act of 1934, limit the Regulations T and U permit special loan values for convertible bonds and stock amount of credit to purchase and carry margin stocks that may be extended on acquired through exercise of subscription rights. securities as collateral by prescribing a maximum loan value, which is a specified 3. A distribution of this total by equity class is shown on lines 17-22. percentage of the market value of the collateral at the time the credit is extended. 4. Free credit balances are in accounts with no unfulfilled commitments to the Margin requirements are the difference between the market value (100 percent) brokers and are subject to withdrawal by customers on demand. and the 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

A30 Domestic Nonfinancial Statistics • January 1983 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1982 AAccccoouunntt 11997799 11998800 11998811 Mar. Apr. May June July Aug. Sept. Oct. Nov.? Savings and loan associations 1 Assets 578,962 630,712 664,167 678,365 681,696 687,273 692,759 697,690 703,399 691,077 692,549 697,475 2 Mortgages 475,688 503,192 518,547 516,111 514,702 514,046 512,997 510,678 509,776 493,899 489,923 48! ,623 3 Cash and investment securities1 46,341 57,928 63,123 68,125 68,227 70,302 70,824 72,854 74,141 74,692 75,638 77,991 4 Other 56,933 69,592 82,497 94,129 98,767 102,925 108,938 114,158 119,482 122,486 126,988 130,861 5 Liabilities and net worth 578,962 630,712 664,167 678,365 681,696 687,273 692,759 697,690 703,399 691,077 692,549 697,475 6 Savings capital 470,004 511,636 525,061 536,265 533,595 535,215 538,667 539,830 542,648 547,628 547,112 548,098 7 Borrowed money 55,232 64,586 88,782 90,689 93,560 94,117 96,850 98,433 98,803 99,771 100,881 103,064 8 FHLBB 40,441 47,045 62,794 63,636 65,347 65,216 66,925 67,019 66,374 65,567 65,015 64,310 9 Other 14,791 17,541 25,988 27,053 28,213 28,901 29,925 31,414 32,429 34,204 35,866 38,754 10 Loans in process 9,582 8,767 6,385 6,418 6,568 6,766 7,116 7,250 7,491 8,084 ,484 : ,997 11 Other 11,506 12,394 15,544 18,505 21,948 25,756 24,671 27,375 29,965 19,202 20,018 21,659 12 Net worth2 32,638 33,329 28,395 26,488 26,025 25,419 25,455 24,802 24,492 24,476 24,538 24,654 13 MEMO: Mortgage loan commitments outstanding3 16,007 16,102 15,225 15,582 16,375 16,622 16,828 15,924 16,943 17,256 18,407 19,668 Mutual savings banks4 14 Assets 163,405 171,564 175,728 174,776 174,813 174,952 175,091 175,563 175,563 173,487 172,908 Loans 15 Mortgage 98,908 99,865 99,997 97,464 97,160 96,334 96,346 96,231 94,448 94,382 94,261 16 Other 9,253 11,733 14,753 16,514 16,424 17,409 16,546 17,104 16,919 17,458 17,035 Securities 17 U.S. government5 7,658 8,949 9,810 10,072 10,146 9,968 10,112 10,036 9,653 9,404 9,219 18 State and local government 2,930 2,390 2,288 2,276 2,269 2,259 2,253 2,247 2,214 2,191 2,505 19 Corporate and other6 37,086 39,282 37,791 37,379 37,473 37,486 36,958 36,670 35,956 35,845 35,599 20 Cash 3,156 4,334 5,442 5,219 5,494 5,469 6,040 6,167 6,405 6,695 6,749 21 Other assets 4,412 5,011 5,649 5,852 5,846 6,027 6,836 7,109 7,185 7,514 7,540 n a. 22 Liabilities 163,405 171,564 175,728 174,776 174,813 174,952 175,091 175,563 172,780 173,487 172,908 23 Deposits 146,006 154,805 155,110 154,022 153,187 153,354 154,273 154,204 151,897 153,089 152,210 24 Regular7 144,070 151,416 153,003 151,979 151,021 151,253 152,030 151,845 149,613 150,795 149,928 25 Ordinary savings 61,123 53,971 49,425 48,412 47,733 47,895 47,942 47,534 46,856 47,496 4 <,520 26 Time 82,947 97,445 103.578 103,567 103,288 103,358 104,088 104,310 102,756 103,299 101,408 27 Other 1,936 2,086 2,108 2,043 2,166 2,101 2,243 2,359 2,285 2,294 2,283 28 Other liabilities 5,873 6,695 10,632 11,132 12,141 12,246 11,230 11,940 11,691 11,166 11,556 29 General reserve accounts 11,525 11,368 9,986 9,622 9,485 9,352 9,588 9,419 21.145 9,232 9,141 30 MEMO: Mortgage loan commitments outstanding8 3,182 1,476 1,293 978 953 998 1,010 992 1,056 1,217 1,281 Life insurance companies 31 Assets 432,282 479,210 525,803 535,402 539,801 543,470 547,075 551,124 557,094 563,321 571,902 Securities 32 Government 338 21,378 25,209 26,958 27,346 27,835 28,243 28,694 30,263 30,759 31,791 33 United States9 4,888 5,345 8,167 9,576 9,832 10,187 10,403 10,774 12,214 12,606 13,538 34 State and local 6,428 6,701 7,151 7,369 7,467 7,543 7,643 7,705 7,799 7,834 7,871 35 Foreign10 9,022 9,332 9,891 10,013 10,045 10,105 10,197 10,215 10,250 10,319 10,382 n.a. 36 Business 222,332 238,113 255,769 259,770 262,599 264,107 265.080 267,627 270,029 273,539 279,918 37 Bonds 178,171 190.747 208,098 213,683 215,586 217,594 219,006 221,503 221,642 223,783 226,879 38 Stocks 48,757 47,366 47,670 46,087 47,013 46,513 46,074 46,124 48,387 49,756 53,039 39 Mortgages 119,421 131,030 137,747 138,762 139,206 139,455 139,539 140,044 140,244 140,404 140,678 40 Real estate 13,007 15,063 18,278 19,167 19,516 19,713 19,959 20,198 20,176 20,268 20,293 41 Policy loans 44,825 41.411 48,706 50,052 50,573 50,992 51,438 51,867 52,238 52,525 52,751 42 Other assets 27,563 31,702 40,094 40,696 40,561 41,368 42,816 42,694 44,144 45,826 46,471 Credit unions 43 Total assets/liabilities and capital 65,854 71,709 77,682 81,055 81,351 82,858 84,107 84,423 85,102 86,554 44 Federal 35,934 39,801 42,382 44,263 44,371 45,077 45,705 45,931 46,310 47,076 45 State 29,920 31,908 35,300 39,792 36,980 37,781 38,402 38,492 38,792 39,478 46 Loans outstanding 53,125 47,774 50,448 49,668 49,533 49,556 49,919 50,133 50,733 51,047 47 Federal 28,698 25,627 27,458 27,119 27,064 27,073 27,295 27,351 27,659 27,862 n .a. n.a. 48 State 24,426 22,147 22,990 22,549 22,469 22,483 22,624 22,782 23,074 23,185 49 Savings 56,232 64,399 68,871 72,218 72,569 73,602 74,834 75,088 75,331 76,874 50 Federal (shares) 35,530 36,348 37,574 39,431 39,688 40,213 40,710 40,969 41,178 41,961 51 State (shares and deposits) 25,702 28,051 31,297 32,787 32,881 33,389 34,124 34,119 34,153 34,913 For notes see bottom of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A31 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Calendar year FFiissccaall FFiissccaall FFiissccaall Type of account or operation yyeeaarr yyeeaarr yyeeaarr 1981 1982 1982 11998800 11998811 11998822 HI H2 HI Sept. Oct. Nov. U.S. budget 1 Receipts1 517,112 599,272 617,776 317,304 301,777 322,478 59,694 40,539 42,007 2 Outlays12 576,675 657,204 728,424 333,115 358,558 348,678 61,403 66,708 66,166 3 Surplus, or deficit (-) -59,563 -57,932 -110,658 -15,811 -56,780 -26,200 -1,708 -26,169 -24,159 4 Trust funds 8,801 6,817 5,456 5,797 -8,085 -17,690 10,246 -6,269 -5,750 5 Federal funds3 -68,364 -64,749 -116,115 -21,608 -48,697 -43,889 -11,954 -19,889 -18,409 OOffff--bbuuddggeett eennttiittiieess ((ssuurrpplluuss,, oorr ddeeffiicciitt ((--)))) 66 FFeeddeerraall FFiinnaanncciinngg BBaannkk oouuttllaayyss -14,549 -20,769 -14,142 -11,046 -8,728 -7,942 -1,371 -521 -559 77 OOtthheerr44 303 -236 -3,190 -900 -1,752 227 -1,495 226 -127 U.S. budget plus off-budget, including Federal Financing Bank 8 Surplus, or deficit (-) -73,808 -78,936 -127,989 -27,757 -67,260 -33,914 -4,575 -26,462 -24,845 Source or financing 9 Borrowing from the public 70,515 79,329 134,912 33,213 54,081 41,728 22,129 6,228 25,923 10 Cash and monetary assets (decrease, or increase (-)) -355 -1,878 -11,936 2,873 -1,111 -408 -20,648 13,964 7,231 11 Other6 3,648 1,485 5,013 -8,328 14,290 -7,405 3,094 6,270 -8,309 MEMO; 12 Treasury operating balance (level, end of period) 20,990 18,670 29,164 16,389 12,046 10,999 29,164 14,078 5,210 13 Federal Reserve Banks 4,102 3,520 10,975 2,923 4,301 4,099 10,975 2,309 2,247 14 Tax and loan accounts 16,888 15,150 18,189 13,466 7,745 6,900 18,189 11,769 2,963 1. The Budget of the U.S. Government, Fiscal Year 1983, has reclassified 5. Includes U.S. Treasury operating cash accounts; special drawing rights; gold supplemental medical insurance premiums and voluntary hospital insurance tranche drawing rights; loans to International Monetary Fund; and other cash and premiums, previously included in other social insurance receipts, as offsetting monetary assets. receipts in the health function. 6. Includes accrued interest payable to the public; allocations of special 2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was drawing rights; deposit funds; miscellaneous liability (including checks outstandreclassified from an off-budget agency to an on-budget agency in the Department ing) and asset accounts; seigniorage; increment on gold; net gain/loss for U.S. of Labor. currency valuation adjustment; net gain/loss for IMF valuation adjustment; and 3. Half-year figures are calculated as a residual (total surplus/deficit less trust profit on the sale of gold. fund surplus/deficit). 4. Other off-budget includes Postal Service Fund; Rural Electrification and SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. Telephone Revolving Fund; and Rural Telephone Bank; it also includes petroleum Government." Treasury Bulletin, and the Budget of the United States Governacquisition and transportation and strategic petroleum reserve effective Novem- ment, Fiscal Year 1983. ber 1981. NOTES TO TABLE 1.37 10. Issues of foreign governments and their subdivisions and bonds of the 1. Holdings of stock of the Federal Home Loan Banks are included in "other International Bank for Reconstruction and Development. assets." 2. Includes net undistributed income, which is accrued by most, but not all, NOTE. Savings and loan associations: Estimates by the FHLBB for all associations. associations in the United States. Data are based on monthly reports of federally 3. Excludes figures for loans in process, which are shown as a liability. insured associations and annual reports of other associations. Even when revised, 4. The NAMSB reports that, effective April 1979, balance sheet data are not data for current and preceding year are subject to further revision. strictly comparable with previous months. Beginning April 1979, data are reported Mutual savings banks: Estimates of National Association of Mutual Savings on a net-of-valuation-reserves basis. Before that date, data were reported on a Banks for all savings banks in the United States. gross-of-valuation-reserves basis. Life insurance companies: Estimates of the American Council of Life Insurance 5. Beginning April 1979, includes obligations of U.S. government agencies. for all life insurance companies in the United States. Annual figures are annual- Before that date, this item was included in "Corporate and other." statement asset values, with bonds carried on an amortized basis and stocks at 6. Includes securities of foreign governments and international organizations year-end market value. Adjustments for interest due and accrued and for and, before April 1979, nonguaranteed issues of U.S. government agencies. differences between market and book values are not made on each item separately 7. Excludes checking, club, and school accounts. but are included, in total, in "other assets." 8. Commitments outstanding (including loans in process) of banks in New York Credit unions: Estimates by the National Credit Union Administration for a State as reported to the Savings Banks Association of the state of New York. group of federal and state-chartered credit unions that account for about 30 9. Direct and guaranteed obligations. Excludes federal agency issues not percent of credit union assets. Figures are preliminary and revised annually to guaranteed, which are shown in the table under "Business" securities. incorporate recent benchmark data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 Domestic NonfinancialS tatistics • January 1983 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS Millions of dollars Calendar year FFFiiissscccaaalll FFFiiissscccaaalll FFFiiissscccaaalll SSSooouuurrrccceee ooorrr tttyyypppeee yyyeeeaaarrr yyyeeeaaarrr yyyeeeaaarrr 1981 1982 1982 111999888000 111999888111 111999888222 HI H2 HI Sept. Oct. Nov. RECEIPTS 1 All sources' 517,112 599,272 617,766 317,304 301,777 322,478 59,694 40,539 42,007 2 Individual income taxes, net 244,069 285,917 298,111 142,889 147,035 150,565 32,592 20,832 22,452 3 Withheld 223,763 256,332 267,474 126,101 134,199 133,575 21,814 19,541 22,079 4 Presidential Election Campaign Fund ... 39 41 39 36 5 34 0 0 0 5 Nonwithheld 63,746 76,844 85,096 59,907 17,391 66,174 11,429 1,791 1,153 6 Refunds 43,479 47,299 54,498 43,155 4,559 49,217 651 500 779 Corporation income taxes 7 Gross receipts 72,380 73,733 65,991 44,048 31,056 37,836 8,118 2,371 1,630 8 Refunds 7,780 12,596 16,784 6,565 738 88,,002288 11,,997722 22,,883322 2,310 9 Social insurance taxes and contributions, net 157,803 182,720 201,131 101,316 91,592 108,079 1155,,660088 1155,,115577 1144,,990022 10 Payroll employment taxes and contributions2 133,042 156,953 172,744 83,851 82,984 8888,,779955 1144,,228833 1144,,003366 1122,,992244 11 Self-employment taxes and contributions3 5,723 6,041 7,941 6,240 244 7,357 790 36 0 12 Unemployment insurance 15,336 16,129 16,234 9,205 6,355 9,809 167 762 1,629 13 Other net receipts14 3,702 3,598 4,212 2,020 2,009 2,119 368 324 349 14 Excise taxes 24,329 40,839 36,311 21,945 22,097 17,525 2,732 2,623 2,925 15 Customs deposits 7,174 8,083 8,854 3,926 4,661 4,310 688 675 692 16 Estate and gift taxes 6,389 6,787 7,991 3,259 3,742 4,208 595 500 472 17 Miscellaneous receipts5 12,748 13,790 16,161 6,487 8,441 7,984 1,333 1,212 1,243 OUTLAYS 18 A/I types1'6 576,675 657,204 728,424 333,115 358,558 346,286 61,403 66,708 66,166 19 National defense 135,856 159,765 187,397 80,005 87,421 93,154 16,983 16,283 16,937 20 International affairs 10,733 11,130 9,983 5,999 4,655 5,183 1,435 1,027 45 21 General science, space, and technology . . . 5,722 6,359 7,096 3,314 3,388 3,370 519 603 771 22 Energy 6,313 10,277 4,844 5,677 4,394 2,814 71 694 504 23 Natural resources and environment 13,812 13,525 13,086 6,467 7,296 5,636 1,311 1,137 1,100 24 Agriculture 4,762 5,572 14,808 3,101 5,181 7,087 1,044 2,029 3,322 25 Commerce and housing credit 7,788 3,946 3,843 2,073 1,825 1,410 -402 1,119 -52 26 Transportation 21,120 23,381 20,589 11,991 10,753 9,915 2,054 1,745 1,876 27 Community and regional development .... 10,068 9,394 7,410 4,621 4,269 3,193 708 946 718 28 Education, training, employment, social services 30,767 31,402 25,411 15,928 13,878 12,595 1,696 2,167 2,058 29 Health1 55,220 65,982 74,018 33,113 35,322 37,213 6,499 6,403 6,644 30 Income security6 193,100 225,099 248,807 113,490 129,269 112,782 21,612 22,186 22,987 31 Veterans benefits and services 21,183 22,988 23,973 10,531 12,880 10,865 1,928 1,945 2,069 32 Administration of justice 4,570 4,698 4,648 2,344 2,290 2,334 401 368 419 33 General government 4,505 4,614 4,833 2,692 2,311 2,410 365 146 524 34 General-purpose fiscal assistance 8,584 6,856 6,161 3,015 3,043 3,325 32 1,558 302 35 Interest 64,504 82,537 100,777 41,178 47,667 50,070 6,931 7,672 8,690 36 Undistributed offsetting receipts7 -21,933 -30,320 -29,261 -12,432 -17,281 -14,680 -1,785 -1,319 -2,750 1. The Budget of the U.S. Government, Fiscal Year 1983 has reclassified 5. Deposits of earnings by Federal Reserve Banks and other miscellaneous supplemental medical insurance premiums and voluntary hospital insurance receipts. premiums, previously included in other social insurance receipts, as offsetting 6. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was receipts in the health function. reclassified from an off-budget agency to an on-budget agency in the Department 2. Old-age, disability, and hospital insurance, and railroad retirement accounts. of 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

Federal Finance A33 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars 1980 1981 1982 IItteemm Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 1 Federal debt outstanding 914.3 936.7 970.9 977.4 1,003.9 1,034.7 1,066.4 1,084.7 1,147.0 2 Public debt securities 907.7 930.2 964.5 971.2 997.9 1,028.7 1,061.3 1,079.6 1,142.0 3 Held by public 710.0 737.7 773.7 771.3 789.8 825.5 858.9 867.9 925.6 4 Held by agencies 197.7 192.5 190.9 199.9 208.1 203.2 202.4 211.7 216.4 5 Agency securities 6.6 6.5 6.4 6.2 6.1 6.0 5.1 5.0 5.0 6 Held by public 5.1 5.0 4.9 4.7 4.6 4.6 3.9 3.9 3.7 7 Held by agencies 1.5 1.5 1.5 1.5 1.5 1.4 1.2 1.1 1.3 8 Debt subject to statutory limit 908.7 931.2 965.5 972.2 998.8 1,029.7 1,062.2 1,080.5 1,142.9 9 Public debt securities 907.1 929.6 963.9 970.6 997.2 1,028.1 1,060.7 1,079.0 1,141.4 10 Other debt1 1.6 1.6 1.6 1.6 1.6 1.6 1.5 1.5 1.5 11 MEMO: Statutory debt limit 925.0 935.1 985.0 985.0 999.8 1,079.8 1,079.8 1,143.1 1,143.1 1. Includes guaranteed debt of government agencies, specified participation NOTE. Data from Treasury Bulletin (U.S. Treasury Department), certificates, 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 Type and holder jj>>7788 11997799 11998800 11998811 Aug. Sept. Oct. Nov. Dec. 1 Total gross public debt 789.2 845.1 930.2 1,028.7 1,109.2 1,142.0 1,142.8 1,161.7 1,197.1 By type 2 Interest-bearing debt 782.4 844.0 928.9 1,027.3 1,108.1 1,140.9 1,136.8 1,160.5 1,195.5 3 Marketable 487.5 530.7 623.2 720.3 801.4 824.4 824.7 852.5 881.5 4 Bills 161.7 172.6 216.1 245.0 273.1 277.9 283.9 293.5 311.8 5 Notes 265.8 283.4 321.6 375.3 457.4 442.9 438.1 454.2 465.0 6 Bonds 60.0 74.7 85.4 99.9 100.9 103.6 102.7 104.7 104.6 7 Nonmarketable1 294.8 313.2 305.7 307.0 306.7 316.5 312.2 308.0 314.0 8 Convertible bonds2 2.2 2.2 9 State and local government series 24.3 24.6 23.8 23.0 23.5 23.6 23.8 25.0 25.7 10 Foreign issues3 29.6 28.8 24.0 19.0 15.6 14.6 14.6 14.9 14.7 11 Government 28.0 23.6 17.6 14.9 12.5 12.2 12.2 12.5 13.0 12 Public 1.6 5.3 6.4 4.1 3.1 2.4 2.4 2.4 1.7 13 Savings bonds and notes 80.9 79.9 72.5 68.1 67.4 67.5 67.8 68.1 68.0 14 Government account series4 157.5 177.5 185.1 196.7 119.9 210.5 205.7 199.9 205.4 15 Non-interest-bearing debt 6.8 1.2 1.3 1.4 1.1 1.2 6.0 1.2 1.6 By holder5 16 U.S. government agencies and trust funds 170.0 187.1 192.5 203.3 205.8 216.4 17 Federal Reserve Banks 109.6 117.5 121.3 131.0 132.9 134.4 18 Private investors 508.6 540.5 616.4 694.5 1 1 19 Commercial banks 93.2 96.4 116.0 109.4 20 Mutual savings banks 5.0 4.7 5.4 5.2 21 Insurance companies 15.7 16.7 20.1 19.1 22 Other companies 19.6 22.9 25.7 37.8 n.a. n.a. n.a. n.a. n.a. 23 State and local governments 64.4 69.9 78.8 85.6 Individuals 24 Savings bonds 80.7 79.9 72.5 68.0 25 Other securities 30.3 36.2 56.7 75.6 26 Foreign and international6 137.8 124.4 127.7 141.4 27 Other miscellaneous investors7 58.9 90.1 106.9 152.3 1. Includes (not shown separately): Securities issued to the Rural Electrifica- 5. Data for Federal Reserve Banks and U.S. government agencies and trust tion Administration, depository bonds, retirement plan bonds, and individual funds are actual holdings; data for other groups are Treasury estimates. retirement bonds. 6. Consists of investments of foreign balances and international accounts in the 2. These nonmarketable bonds, also known as Investment Series B Bonds, United States. may be exchanged (or converted) at the owner's option for l'/2 percent, 5-year 7. Includes savings and loan associations, nonprofit institutions, corporate marketable Treasury notes. Convertible bonds that have been so exchanged are pension trust funds, dealers and brokers, certain government deposit accounts, removed from this category and recorded in the notes category (line 5). and 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. 1.42 U.S. GOVERNMENT MARKETABLE SECURITIES Ownership, by maturity A ASeries discontinued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic NonfinancialS tatistics • January 1983 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 Sept. Oct. Nov. Nov. 24' Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 Immediate delivery1 1 U.S. government securities 13,183 18,331 24,728 38,001 35,137 35,933 37,070 32,868 33,700 30,401 34,781 27,167 By maturity 2 Bills 7,915 11,413 14,768 21,037 18,466 19,275 20,264 20,852 21,136 18,374 17,868 15,937 3 Other within 1 year 454 421 621 1,180 816 748 701 592 594 678 612 659 4 1-5 years 2,417 3,330 4,360 7,278 7,629 6,875 7,713 4,092 4,903 5,192 7,507 4,102 5 5-10 years 1,121 1,464 2,451 4,863 4,250 4,162 4,701 4,157 4,202 3,331 5,024 2,862 6 Over 10 years 1,276 1,704 2,528 3,643 3,976 4,873 3,690 3,176 2,865 2,825 3,771 3,607 By type of customer 1 U.S. government securities dealers 1,448 1,484 1,640 1,849 1,614 2,151 2,235 2,338 2,162 2,093 2,102 11,,889933 8 U.S. government securities brokers 5,170 7,610 11,750 17,937 17,298 16,819 17,706 15,022 16,864 13,862 15,626 11,316 9 All others2 6,564 9,237 11,337 18,215 16,225 16,962 17,128 15,508 14,674 14,446 17,053 13,958 10 Federal agency securities 2,723 3,258 3,306 4,644 5,827 4,951 5,020 4,038 4,639 5,179 4,257 3,984 11 Certificates of deposit 1,764 2,472 4,477 4,542 5,273 4,848 5,878 4,651 5,404 4,317 4,935 3,406 12 Bankers acceptances i A 1,807 2,376 3,065 2,895 3,278 2,577 3,012 2,631 2,597 2,022 13 Commercial paper t t 6,128 7,669 7,342 7,392 7,692 6,562 6,502 77,,112255 77,,338822 66,,330099 Futures transactions3 14 Treasury bills 1 1 3,523 5,600 4,499 387 4,946 4,649 5,301 4,571 4,645 2,969 15 Treasury coupons n.a. n.a. 1,330 1,678 1,922 794 1,912 2,025 1,663 1,533 2,208 1,017 16 Federal agency securities 1 1 234 262 332 195 152 231 223 341 273 243 Forward transactions4 17 U.S. government securities 1 I 365 1,752 760 6,747 1,604 572 486 845 2,345 992 18 Federal agency securities t t 1,370 985 1,132 969 557 408 890 1,513 965 1,033 1. Before 1981, data for immediate transactions include forward transactions. from the date of the transaction for government securities (Treasury bills, notes, 2. Includes, among others, all other dealers and brokers in commodities and and bonds) 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 Transactions are market purchases and sales of U.S. government securities exchange in which parties commit to purchase or sell securities for delivery at a dealers reporting to the Federal Reserve Bank of New York. The figures exclude future date. allotments of, and exchanges for, new U.S. government securities, redemptions 4. Forward transactions are agreements arranged in the over-the-counter of called or matured securities, purchases or sales of securities under repurchase market in which securities are purchased (sold) for delivery after 5 business days agreement, reverse repurchase (resale), or similar contracts. 1.44 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing Averages of daily figures, in millions of dollars 1982 1982, week ending Wednesday IItteemm 11997799 11998800 11998811 l Sept. Oct. Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 Positions Net immediate1 1 U.S. government securities 3,223 4,306 9,033 2,107 3,641 8,417 4,342' 6,843 8,078 9,414 12,190 ? Bills 3,813 4,103 6,485 275 1,024 3,654 2,036' 2,526 3,842 3,771 6,618 3 Other within 1 year -325 ,062 -1,526 -534 109 593 341 414 772 692 610 4 1-5 years -455 434 1,488 1,423 2,612 2,850 2,484 3,412 2,138 3,224 2,559 5 5-10 years 160 166 292 -325 -691 -274 -969' -604 -581 -325 848 6 Over 10 years 30 665 2,294 1,268 587 1,594 450' 1,096 1,907 2,052 1,555 7 Federal agency securities 1,471 797 2,277 4,416 5,241 5,680 5,626' 5,547 5,497 5,690 6,095 8 Certificates of deposit 2,794 3,115 3,435 6,467 6,109 5,316 5,276' 4,999 4,942 5,222 6,509 9 Bankers acceptances A 1,746 2,778 3,283 3,240 3,488 3,080 2,974 3,226 3,673 10 Commercial paper t 2,658 3,555 3,965 3,265 3,752 3,630 3,192 2,987 2,880 Futures positions 11 Treasury bills 1 -8,934 5,250 5,347 1,761 5,694 2,196 2,388 557 738 12 Treasury coupons n.a. n.a. -2,733 -1,282 -1,141 -2,700 -1,803 -2,750 -2,876 -2,889 -2,505 13 Federal agency securities I 522 -569 -569 -344 -260 -355 -451 -358 -212 Forward positions 14 U.S. government securities 1 -603 -2,117 -565 -828 -732 -661 -918 -793 -1,242 15 Federal agency securities T -451 -1,689 -1,835 -2,028 -2,000' -2,008 -2,106 -1,960 -2,092 Financing2 Reverse repurchase agreements3 { 4 16 Overnight and continuing T T 14,568 30,477 29,581 22,186 30,105 26,066 30,714 25,399 30,548 17 Term agreements 1 1 32,048 49,870 50,483 55,024 53,539 56,176 53,415 60,348 50,088 Repurchase agreements4 n.a. n.a. 18 Overnight and continuing I1 1I 35,919 45,342 51,250 43,112 53,251 34,519 51,668 31,195 51,988 19 Term agreements 29,449 50,617 43,963 54,999 42,551 63,051 46,636 66,947 47,648 For notes see opposite page. 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Federal Finance A35 1.45 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1982 AAggeennccyy 11997788 11997799 11998800 Mar. Apr. May June July Aug. Sept. 1 Federal and federally sponsored agencies1 137,063 163,290 193,229 228,749 232,274 234,593 238,787 242,565 n.a. n.a. 2 Federal agencies 23,488 24,715 28,606 31.408 31,613 31,551 32,274 32,302 32,280 32,606 3 Defense Department2 968 738 610 454 447 434 419 408 399 388 4 Export-Import Bank3-4 8,711 9,191 11,250 13,421 13,475 13,416 13,939 13,938 13,918 14,042 5 Federal Housing Administration5 588 537 477 382 376 363 358 353 345 335 6 Government National Mortgage Association participation certificates6 3,141 2,979 2,817 2,165 2,165 2,165 2,165 2,165 2,165 2,165 7 Postal Service7 2,364 1,837 1,770 1,538 1,538 1,471 1,471 1,471 1,471 1,471 8 Tennessee Valley Authority 7,460 8,997 11,190 13,250 13,410 13,500 13,715 13,760 13,775 14,010 9 United States Railway Association7 356 436 492 198 202 202 207 207 207 195 10 Federally sponsored agencies1 113,575 138,575 164,623 197,341 200,661 203,042 206,513 210,263 n.a. n.a. 11 Federal Home Loan Banks 27,563 33,330 41,258 58,839 59,937 60,772 61,883 62,058 n.a. n.a. 12 Federal Home Loan Mortgage Corporation 2,262 2,771 2,536 2,500 2,500 2,500 3,099 3,099 n.a. n.a. 13 Federal National Mortgage Association 41,080 48,486 55,185 59,270 60,478 61,996 62,660 65,563 65,733 68,130 14 Federal Land Banks 20,360 16,006 12,365 8,717 8,217 8,217 8,217 7,652 7,652 7,652 15 Federal Intermediate Credit Banks 11,469 2,676 1,821 1,388 926 926 926 926 926 926 16 Banks for Cooperatives 4,843 584 584 220 220 220 220 220 220 220 17 Farm Credit Banks1 5,081 33,216 48,153 61,405 63,381 63,409 64,506 65,743 65,657 65,553 18 Student Loan Marketing Association8 915 1,505 2,720 5,000 5,000 5,000 5.000 5,000 5,000 5,000 19 Other 2 1 1 2 2 2 2 2 2 2 MEMO; 20 Federal Financing Bank debt ' 51,298 67,383 87,460 113,567 114,961 117,475 120,241 121,261 122,623 124,357 Lending to federal and federally sponsored agencies 21 Export-Import Bank4 6,898 8,353 10,654 13,305 13,305 13,305 13,829 13,829 13,823 13,954 22 Postal Service7 2,114 1,587 1,520 1,288 1,288 1,221 1,221 1,221 1,221 1,221 23 Student Loan Marketing Association8 915 1,505 2,720 5,000 5,000 5,000 5,000 5,000 5,000 5,000 24 Tennessee Valley Authority 5,635 7,272 9,465 11.525 11,685 11,775 11,990 12,035 12,050 12,285 25 United States Railway Association7 356 436 492 198 202 202 207 207 207 195 Other Lending10 26 Farmers Home Administration 23,825 32,050 39,431 48,681 49,356 51,056 52,346 52,711 53,311 53,736 27 Rural Electrification Administration 4,604 6,484 9,196 14,452 14,716 15,046 15,454 15,688 15,916 16,282 28 Other 6,951 9,696 13,982 19,118 19,409 19,870 20,194 20,570 21,095 21,684 1. In September 1977 the Farm Credit Banks issued their first consolidated and Urban Development; Small Business Administration; and the Veterans bonds, and in January 1979 they began issuing these bonds on a regular basis to Administration. replace the financing activities of the Federal Land Banks, the Federal Intermedi- 7. Off-budget. ate Credit Banks, and the Banks for Cooperatives. Line 17 represents those 8. Unlike other federally sponsored agencies, the Student Loan Marketing consolidated bonds outstanding, as well as any discount notes that have been Association may borrow from the Federal Financing Bank (FFB) since its issued. Lines 1 and 10 reflect the addition of this item. obligations are guaranteed by the Department of Health, Education, and Welfare. 2. Consists of mortgages assumed by the Defense Department between 1957 9. The FFB, which began operations in 1974, is authorized to purchase or sell and 1963 under family housing and homeowners assistance programs. obligations issued, sold, or guaranteed by other federal agencies. Since FFB 3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. incurs debt solely for the purpose of lending to other agencies, its debt is not 4. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter. included in 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 contain loans guaranteed by numerous agencies with the guarantees of any securities market. particular agency being generally small. The Farmers Home Administration item 6. Certificates of participation issued prior to fiscal 1969 by the Government consists exclusively of agency assets, while the Rural Electrification Administra- National Mortgage Association acting as trustee for the Farmers Home Adminis- tion entry contains both agency assets and guaranteed loans. tration; Department of Health, Education, and Welfare; Department of Housing 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 a arranged to make delivery on short sales and those for which the securities commitment, that is, trade-date basis, including any such securities that have obtained have been used as collateral on borrowings, i.e., matched agreements. been sold under agreements to repurchase (RPs). The maturities of some 4. Includes both repurchase agreements undertaken to finance positions and repurchase agreements are sufficiently long, however, to suggest that the securi- "matched book" repurchase agreements. ties involved are not available for trading purposes. Securities owned, and hence dealer positions, do not include securities to resell (reverse RPs). Before 1981, NOTE. Data for positions are averages of daily figures, in terms of par value, data for immediate positions include forward positions. based on the number of trading days in the period. Positions are shown net and are 2. Figures cover financing involving U.S. government and federal agency on a commitment basis. Data for financing are based on Wednesday figures, in securities, negotiable CDs, bankers acceptances, and commercial paper. terms of actual money borrowed or lent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • January 1983 1.46 NEW SECURITY ISSUES of State and Local Governments Millions of dollars 1982 TTTyyypppeee ooofff iiissssssuuueee ooorrr iiissssssuuueeerrr,,, 11997799 11998800 11998811 ooorrr uuussseee Apr/ Mayr Juner Julyr Aug/ Sept. Oct. 1 All issues, new and refunding1 43,365 48,367 47,732 6,724 5,708 5,793 5,624 6,521 6,478 8,280 Type of issue 2 General obligation 12,109 14,100 12,394 2,224 1,511 1,814 974 1,679 1,708 2,325 3 U.S. government loans2 53 38 34 10 10 16 22 25 30 30 4 Revenue 31,256 34,267 35,338 4,500 4,197 3,979 4,650 4,842 4,770 5,955 5 U.S. government loans2 67 57 55 32 38 45 49 52 54 57 Type of issuer 6 State 4,314 5,304 5,288 1,061 601 1,074 257 835 1,077 1,010 7 Special district and statutory authority 23,434 26,972 27,499 3,884 3,048 2,867 3,735 3,667 3,424 5,045 8 Municipalities, counties, townships, school districts 15,617 16,090 14,945 1,779 2,059 1,852 1,632 2,019 1,977 2,225 9 Issues for new capital, total 41,505 46,736 46,530 6,697 5,577 5,703 5,438 6,093 6,275 7,116 Use of proceeds 10 Education 5,130 4,572 4,547 460 484 727 293 516 836 531 11 Transportation 2,441 2,621 3,447 284 293 245 117 769 545 632 12 Utilities and conservation 8,594 8,149 10,037 1,369 1,364 830 1,272 685 283 1,296 13 Social welfare 15,968 19,958 12,729 2,342 2,101 2,307 2,745 2,512 2,511 2,642 14 Industrial aid 3,836 3,974 7,651 677 357 416 564 728 1,058 552 15 Other purposes 5,536 7,462 8,119 1,565 978 1,178 447 883 1,042 1,463 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 1982 Type of issue or issuer, 11997799 11998800 11998811 or use Apr. May June July Aug. Sept. Oct. 1 All issues1 51,533 73,694 69,992 4,819 7,106 4,546 6,162 8,757 7,748 9,235 2 Bonds 40,208 53,206 44,643 2,575 4,420 2,836 3,919 6,509 5,486 6,706 Type of offering 3 Public 25,814 41,587 37,653 2,100 3,973 2,398 2,868 5,546 5,308 6,425 4 Private placement 14,394 11,619 6,989 475 447 438 1,051 963 178 281 Industry group 5 Manufacturing 9,678 15,409 12,325 497 608 211 1,638 1,602 1,615 1,871 6 Commercial and miscellaneous 3,948 6,693 5,229 139 490 329 493 1,202 465 387 7 Transportation 3,119 3,329 2,054 26 74 79 43 402 64 272 8 Public utility 8,153 9,557 8,963 888 1,186 699 717 902 900 1,539 9 Communication 4,219 6,683 4,280 16 315 174 84 205 301 163 10 Real estate and financial 11,094 11,534 11,793 1,010 1,748 1,344 944 2,196 2,141 2,474 11 Stocks 11,325 20,489 25,349 2,244 2,686 1,710 2,243 2,248 2,262 2,529 Type 12 Preferred 3,574 3,631 1,797 172 888 67 645 622 447 611 13 Common 7,751 16,858 23,522 2,072 1,798 1,643 1,598 1,627 1,815 1,918 Industry group 14 Manufacturing 1,679 4,839 5,073 259 458 444 203 727 254 479 15 Commercial and miscellaneous 2,623 5,245 7,557 770 578 397 615 374 733 612 16 Transportation 255 549 779 15 35 52 17 62 84 80 17 Public utility 5,171 6,230 5,577 766 477 277 267 697 928 620 18 Communication 303 567 1,778 3 44 8 96 31 4 33 19 Real estate and financial 1,293 3,059 4,585 431 1,094 532 1,045 357 259 705 1. Figures, which represent gross proceeds of issues maturing in more than one 2. Beginning in August 1981, gross stock offerings include new equity volume year, sold for cash in the United States, are principal amount or number of units from swaps of debt for equity. This revision first appeared in the November 1982 multiplied by offering price. Excludes offerings of less than $100,000, secondary issue of the BULLETIN. offerings, undefined or exempted issues as defined in the Securities Act of 1933, employee stock plans, investment companies other than closed-end, intracorpo- SOURCE. Securities and Exchange Commission and the Board of Governors of rate transactions, and sales to foreigners. the Federal Reserve System. 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 1982 IItteemm 11998800 11998811 Apr. May June July Aug. Sept. Oct. Nov. INVESTMENT COMPANIES' 1 Sales of own shares2 15,266 20,596 2,754 2,345 3,061 3,304 4,322 4,709 5,668 5,756 2 Redemptions of own shares3 12,012 15,866 2,293 1,854 2,038 2,145 2,335 3,052 3,046 3,510 3 Net sales 3,254 4,730 461 491 1,023 1,159 1,987 1,657 2,622 2,246 4 Assets4 58,400 55,207 56,026 54,889 54,238 54,592 62,212 63,783 70,964r 74,726 5 Cash position5 5,321 5,277 6,083 5,992 6,298 5,992 6,039 5,556 5,948 55,,883399 6 Other 53,079 49,930 49,943 48,896 47,940 48,600 56,173 58,227 65,016r 6688,,888877 1. Excluding money market funds. 5. Also includes all U.S. government securities and other short-term debt 2. Includes reinvestment of investment income dividends. Excludes reinvest- securities. ment 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 comprise substantially all open-end investment companies registered with the another in the same group. Securities 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. 1981 1982 AAccccoouunntt 11997799 11998800 11998811 Ql Q2 Q3 Q4 Ql Q2 Q3' 1 Corporate profits with inventory valuation and capital consumption adjustment 194.8 181.6 190.6 200.3 185.1 193.1 183.9 157.1 155.4 166.2 2 Profits before tax 252.7 242.4 232.1 253.1 225.4 233.3 216.5 171.6 171.7 180.3 3 Profits tax liability 87.6 84.6 81.2 91.5 79.2 82.4 71.6 56.7 55.3 60.9 4 Profits after tax 165.1 157.8 150.9 161.6 146.2 150.9 144.9 114.9 116.3 119.4 5 Dividends 52.7 58.1 65.1 61.5 64.0 66.8 68.1 68.8 69.3 70.5 6 Undistributed profits 112.4 99.7 85.8 100.1 82.2 84.1 76.8 46.1 47.0 48.8 7 Inventory valuation -43.1 -43.0 -24.6 -35.5 -22.8 -23.0 -17.1 -4.4 -9.4 -10.3 8 Capital consumption adjustment -14.8 -17.8 -16.8 -17.3 -17.5 -17.1 -15.5 -10.1 -6.9 -3.8 SOURCE. Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • January 1983 1.50 NONFINANCIAL CORPORATIONS Current Assets and Liabilities Billions of dollars, except for ratio 1981 1982 AAccccoouunntt 11997766 11997777 11997788 11997799 11998800 Q2 Q3 Q4 Q1 Q2 1 Current assets 827.4 912.7 1,043.7 1,218.2 1,333.5 1,388.3 1,410.9 1,427.1 1,423.6 1,419.4 2 Cash 88.2 97.2 105.5 118.0 127.1 126.2 125.1 131.7 121.3 123.4 3 U.S. government securities 23.5 18.2 17.3 17.0 19.3 19.9 18.0 17.9 17.1 17.4 4 Notes and accounts receivable 292.9 330.3 388.0 461.1 510.6 533.1 542.4 536.7 537.8 534.4 5 Inventories 342.5 376.9 431.6 505.5 543.7 565.3 577.0 587.1 593.8 589.2 6 Other 80.3 90.1 101.3 116.7 132.7 143.8 148.3 153.6 153.6 155.0 7 Current liabilities 495.1 557.1 669.3 807.8 890.9 931.5 967.2 980.0 985.7 982.6 8 Notes and accounts payable 282.1 317.6 382.9 461.2 515.2 525.9 549.5 562.9 555.0 554.9 9 Other 213.0 239.6 286.4 346.6 375.7 405.5 417.7 417.1 430.8 427.8 10 Net working capital 332.4 355.5 374.4 410.5 442.6 456.8 443.7 447.1 437.9 436.8 11 MEMO: Current ratio1 1.671 1.638 1.559 1.508 1.497 1.490 1.459 1.456 1.444 1.445 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 IInndduussttrryy11 11998800 11998811 11998822'' Q2 Q3 Q4 QI Q2 Q3 Q41 1 Total nonfarm business 295.63 321.49 319.99 316.73 328.25 327.83 327.72 323.22 315.79 315.21 Manufacturing 2 Durable goods industries 58.91 61.84 57.95 63.10 62.58 60.78 60.84 59.03 57.14 55.80 3 Nondurable goods industries 56.90 64.95 64.72 62.40 67.53 66.14 67.48 64.74 62.32 64.70 Nonmanufacturing 4 Mining 13.51 16.86 16.05 16.80 17.55 16.81 17.60 16.56 14.63 15.56 Transportation 5 Railroad 4.25 4.24 4.12 4.38 4.18 4.18 4.56 4.73 3.94 3.33 6 Air 4.01 3.81 3.97 3.29 3.34 4.82 3.20 3.54 4.11 5.02 7 Other 3.82 4.00 3.71 4.04 4.09 4.12 4.23 4.06 3.24 3.48 Public utilities 8 Electric 28.12 29.74 33.06 29.32 30.54 31.14 30.95 32.26 34.98 33.89 9 Gas and other 7.32 8.65 8.56 8.53 9.01 8.60 9.17 9.14 8.40 7.78 10 Trade and services 81.79 86.33 86.42 85.88 87.55 88.33 87.80 88.85 87.31 82.01 11 Communication and other2 36.99 41.06 41.43 39.02 41.89 42.92 41.89 40.33 39.73 43.65 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 11997777 11997788 11997799 11998800 Q2 Q3 Q4 QL Q2 Q3 ASSETS Accounts receivable, gross 1 Consumer 44.0 52.6 65.7 73.6 79.0 84.5 85.5 85.1 88.0 88.3 7 Business 55.2 63.3 70.3 72.3 78.2 76.9 80.6 80.9 82.6 82.2 Total 99.2 116.0 136.0 145.9 157.2 161.3 166.1 166.0 170.6 170.5 4 LESS: Reserves for unearned income and losses.... 12.7 15.6 20.0 23.3 25.7 27.7 28.9 29.1 30.2 30.4 Accounts receivable, net 86.5 100.4 116.0 122.6 131.4 133.6 137.2 136.9 140.4 140.1 6 Cash and bank deposits 2.6 3.5 1 7 Securities .9 1.3 K 24.9' 27.5 31.6 34.5 34.2 35.0 37.3 39.1 8 All other 14.3 17.3 J 9 Total assets 104.3 122.4 140.9 150.1 163.0 168.1 171.4 171.9 177.8 179.2 LIABILITIES 10 Bank loans 5.9 6.5 8.5 13.2 14.4 14.7 15.4 15.4 14.5 16.8 11 Commercial paper 29.6 34.5 43.3 43.4 49.0 51.2 51.2 46.2 50.3 46.7 Debt 12 Short-term, n.e.c 6.2 8.1 8.2 7.5 8.5 11.9 9.6 9.0 9.3 9.9 n Long-term, n.e.c 36.0 43.6 46.7 52.4 52.6 50.7 54.8 59.0 60.3 60.9 14 Other 11.5 12.6 14.2 14.3 17.0 17.1 17.8 19.0 18.9 20.5 15 Capital, surplus, and undivided profits 15.1 17.2 19.9 19.4 21.5 22.4 22.8 23.3 24.5 24.5 16 Total liabilities and capital 104.3 122.4 140.9 150.1 163.0 168.1 171.4 171.9 177.8 179.2 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 ooouuutttssstttaaannndddiiinnnggg 1982 1982 1982 OOOcccttt... 333111,,, 111999888222''' Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct. 1 Total 82,046 849 208 -1,215 21,549 19,991 18,041 20,700 19,783 19,256 2 Retail automotive (commercial vehicles) 12,018 24 -59 -82 938 869 842 914 928 924 3 Wholesale automotive 13,471 1,101 52 -596 6,397 6,040 4,500 5,296 5,988 5,096 4 Retail paper on business, industrial, and farm equipment 28,270 -114 362 -608 1,448 1,148 971 1,562 786 1,579 5 Loans on commercial accounts receivable and factored commercial accounts receivable 9,236 -9 -78 54 11,163 10,279 10,102 11,172 10,357 10,048 6 All other business credit 19,051 -153 -69 17 1,603 1,655 1,626 1,756 1,724 1,609 1. Not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • January 1983 1.54 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1982 IItteemm 11997799 11998800 11998811 May June July Aug. Sept. Oct. Nov. Terms and yields in primary and secondary markets PRIMARY MARKETS Conventional mortgages on new homes 1 Purchase price (thousands of dollars) 74.4 83.4 90.4 86.4 89.4 98.4 91.4 95.0 99.1' 97.2 2 Amount of loan (thousands of dollars) 53.3 59.2 65.3 64.8 66.2 73.1 66.5 71.6 74.4' 75.4 3 Loan/price ratio (percent) 73.9 73.2 74.8 77.4 77.0 77.3 74.1 78.7 11.9' 79.3 4 Maturity (years) 28.5 28.2 27.7 25.9 27.4 28.4 26.4 28.1 28.4' 27.9 5 Fees and charges (percent of loan amount)2 1.66 2.09 2.67 3.16 3.00 3.15 2.87 3.04 2.74r 2.78 6 Contract rate (percent per annum) 10.48 12.25 14.16 15.11 14.74 15.01 15.05 14.34 13.86' 13.28 Yield (percent per annum) 7 FHLBB series' 10.77 12.65 14.74 15.89 15.40 15.70 15.68 14.98 145.41' 13.83 8 HUD series4 11.15 13.95 16.52 16.50 16.75 16.50 15.40 15.05 13.95' 13.80 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5 10.92 13.44 16.31 16.19 16.73 16.29 14.61 14.03 12.99' 12.82 10 GNMA securities6 10.22 12.55 15.29 15.30 15.84 15.56 14.51 13.57 12.83' 12.66 FNMA auctions7 11.17 14.11 16.70 16.27 16.22 15.78 12 Conventional loans 11.77 14.43 16.64 16.33 16.73 16.85 15.78 15.36 13.92' 13.75 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 13 Total 48,050 55,104 58,675 63,951 65,008 66,158 67,810 68,841 69,152 70,126 14 FHA/VA-insured 33,673 37,365 39,341 39,808 39,829 39,853 39,922 39,871 39,523 39,174 15 Conventional 14,377 17,725 19,334 24,143 25,179 26,305 27,888 28,970 27,629 30,952 Mortgage transactions (during period) 16 Purchases 10,812 8,099 6,112 1,006 1,223 1,354 1,931 1,670 1,449 1,681 17 Sales 0 0 2 0 0 0 0 0 0 0 Mortgage commitments8 18 Contracted (during period) 10,179 8,083 9,331 1,550 1,583 2,016 1,820 1,482 1,425 2,795 19 Outstanding (end of period) 6,409 3,278 3.717 7,016 7,206 7,674 6,900 6,587 6,268 7,286 Auction of 4-month commitments to buy Government-underwritten loans 20 Offered 8,860.4 8,605.4 2,487.2 35.7 33.1 8.9 43.3 16.4 2.5 30.6 21 Accepted 3,920.9 4,002.0 1,478.0 7.4 7.4 0.0 5.7 0.0 0.0 0.0 Conventional loans 23 Offered 4,495.3 3,639.2 2,524.7 37.8 59.0 37.2 70.1 27.5 13.6 22.1 24 Accepted 2,343.6 1,748.5 1,392.3 23.0 33.1 23.6 42.9 0.0 8.9 11.4 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)9 24 Total 3,543 4,362 5,245 5,279 5,295 5,309 5,201 5,207 4,931 n.a. 25 FHA/VA 1,995 2,116 2,236 2,232 2,225 2,232 2,216 2,225 2,174 n.a. 26 Conventional 1,549 2,246 3,010 3,047 3,069 3,017 2,985 2,982 2,756 n.a. Mortgage transactions (during period) 27 Purchases 5,717 3,723 3,789 1,214 1,581 2,237 2,529 1,799 2,000 n.a. 28 Sales 4,544 2,527 3,531 1,194 1,562 2,204 2,619 1,923 2,197 n.a. Mortgage commitments10 29 Contracted (during period) 5,542 3,859 6,974 2,692 3,166 2,189 2,768 2,892 2,506 n.a. 30 Outstanding (end of period) 797 447 3,518 7,420 8,970 8,544 9,318 10,211 10,572 n.a. 1. Weighted averages based on sample surveys of mortgages originated by ing prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying the major institutional lender groups. Compiled by the Federal Home Loan Bank prevailing ceiling rate. Monthly figures are unweighted averages of Monday Board in cooperation with the Federal Deposit Insurance Corporation. quotations for the month. 2. Includes all fees, commissions, discounts, and "points" paid (by the 7. Average gross yields (before deduction of 38 basis points for mortgage borrower or the seller) to obtain a loan. servicing) on accepted bids in Federal National Mortgage Association's auctions 3. Average effective interest rates on loans closed, assuming prepayment at the of 4-month commitments to purchase home mortgages, assuming prepayment in end of 10 years. 12 years for 30-year mortgages. No adjustments are made for FN MA commitment 4. Average contract rates on new commitments for conventional first mort- fees or stock related requirements. Monthly figures are unweighted averages for gages, rounded to the nearest 5 basis points; from Department of Housing and auctions conducted within the month. Urban Development. 8. Includes some multifamily and nonprofit hospital loan commitments in 5. Average gross yields on 30-year, minimum-downpayment, Federal Housing addition to 1- to 4-family loan commitments accepted in FNMA's free market Administration-insured first mortgages for immediate delivery in the private auction system, and through the FNMA-GNMA tandem plans. secondary 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, assum- 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 pprrooppeerrtyty 11997799 11998800 11998811 Q2 Q3 Q4 Q1 Q2 Q3 1 AU holders 1,337,748 1,471,786 1,583,535 1,533,196 1,561,606 1,583,535 1,603,121 1,624,169 1,635,830' 7 1- to 4-family 891,066 986,979 1,060,469 1,028,297 1,047,626 1,060,469 1,071,889 1,085,182 1,092,274' 3 Multifamily 128,433 137,134 141,427 139,280 140,228 141,427 142,904 143,806 144,654' 4 Commercial 235,572 255,655 279,912 268,095 273,746 279,912 284,411 289,690 292,180' 5 82,677 92,018 101,727 97,524 100,006 101,727 103,917 105,491 106,722' 6 Major financial institutions 938,567 997,168 1,040,630 1,023,133 1,033,825 1,040,630 1,041,487 1,042,652 1,028,840 7 Commercial banks1 245,187 263,030 284,536 273,225 279,017 284,536 289,365 294,022 298,342 8 1- to 4-family 149,460 160,326 170,013 164,873 167,550 170,013 171,350 172,596 175,126 9 Multifamily 11,180 12,924 15,132 13,800 14,481 15,132 15,338 15,431 15,666 10 Commercial 75,957 81,081 91,026 86,091 88,588 91,026 94,256 97,522 99,050 11 Farm 8,590 8,699 8,365 8,461 8,398 8,365 8,421 8,473 8,500 12 Mutual savings banks 98,908 99,865 99,997 99,993 99,994 99,997 97,464 96,346 94,246 13 1- to 4-family 66,140 67,489 68,187 68,035 68,116 68,187 66,305 65,381 63,755 14 Multifamily 16,557 16,058 15,960 15,909 15,939 15,960 15,536 15,338 15,004 15 Commercial 16,162 16,278 15,810 15,999 15,909 15,810 15,594 15,598 15,458' 16 Farm 49 40 40 50 30 40 29 29 29 17 Savings and loan associations 475.688 503,192 518,350 515,256 518,778 518,350 515,896 512,745 495,408 18 1- to 4-family 394,345 419,763 432,978 430,702 433,750 432,978 430,928 428,194 413,096' 19 Multifamily 37,579 38,142 37,684 38,077 37,975 37,684 37,506 36,866 35,422' 20 Commercial 43,764 45,287 47,688 46,477 47,053 47,688 47,462 47,685 46,890' 21 Life insurance companies 118,784 131,081 137,747 134,659 136,036 137,747 138,762 139,539 140,844 22 1- to 4-family 16,193 17,943 17,201 17,549 17,376 17,201 17,086 16,451 16,579 23 Multifamily 19,274 19,514 19,283 19,495 19,441 19,283 19,199 18,982 19,130 24 Commercial 71,137 80,666 88,163 84,571 86,070 88,163 89,529 91,113 92,125 25 Farm 12,180 12,958 13,100 13,044 13,149 13,100 12,948 12,993 13,010 26 Federal and related agencies 97,084 114,300 126,112 119,124 121,772 126,112 128,721 132,188 136,836' 27 Government National Mortgage Association... 3,852 4,642 4,765 4,972 4,382 4,765 4,438 4,669 4,697 28 1- to 4-family 763 704 693 698 696 693 689 688 687 29 Multifamily 3,089 3,938 4,072 4,274 3,686 4,072 3,749 3,981 4,010 30 Farmers Home Administration 1,274 3,492 2,235 2,662 1,562 2,235 2,469 2,038 2,188 31 1- to 4-family 417 916 914 1,151 500 914 715 792 842 32 Multifamily 71 610 473 464 242 473 615 198 223 33 Commercial 174 411 506 357 325 506 499 444 469 34 Farm 612 1,555 342 690 495 342 640 604 654 35 Federal Housing and Veterans Administration 5,555 5,640 5,999 5,895 6,005 5,999 6,003 5,908 5,921 36 1- to 4-family 1,955 2,051 2,289 2,172 2,240 2,289 2,266 2,218 2,171 37 Multifamily 3,600 3,589 3,710 3,723 3,765 3,710 3,737 3,690 3,750 38 Federal National Mortgage Association 51,091 57,327 61,412 57,657 59,682 61,412 62,544 65,008 68,841 39 1- to 4-family 45,488 51,775 55,986 52,181 54,227 55,986 57,142 59,631 63,495 40 Multifamily 5,603 5,552 5,426 5,476 5,455 5,426 5,402 5,377 5,346 41 Federal Land Banks 31,277 38,131 46,446 42,681 44,708 46,446 47,947 49,270 49,983' 42 1- to 4-family 1,552 2,099 2,788 2,401 2,605 2,788 2,874 2,954 3,029' 43 Farm 29,725 36,032 43,658 40,280 42,103 43,658 45,073 46,316 46,954' 44 Federal Home Loan Mortgage Corporation.... 4,035 5,068 5,255 5,257 5,433 5,255 5,320 5,295 5,206 45 1- to 4-family 3,059 3,873 4,018 4,025 4,166 4,018 4,075 4,042 3,944 46 Multifamily 976 1,195 1,237 1,232 1,267 1,237 1,245 1,253 1,262 47 Mortgage pools or trusts2 118,664 142,258 162,990 152,308 158,140 162,990 172,292 182,945 196,337 48 Government National Mortgage Association... 75,787 93,874 105,790 100,558 103,750 105,790 108.592 111,459 114,396 49 1- to 4-family 73,853 91,602 103,007 98,057 101,068 103,007 105,701 108,487 111,348 50 Multifamily 1,934 2,272 2,783 2,501 2,682 2,783 2,891 2,972 3,048 51 Federal Home Loan Mortgage Corporation.... 15,180 16,854 20,560 17,565 17,936 20.560 26,745 33,249 43,254' 52 1- to 4-family 12,149 13,471 16,605 14,115 14,401 16,605 21,781 27,193 35,686' 53 Multifamily 3,031 3,383 3,955 3,450 3,535 3,955 4,964 6,056 7,568 54 717 717 2,786 4,556 8 133 55 717 717 2,786 4,556 8 133 56 Farmers Home Administration 27,697 31,530 36,640 34,185 36,454 36,640 36,955 38,237' 38,687 57 1- to 4-family 14,884 16,683 18,378 17,165 18,407 18,378 18,740 19,056 19,256 58 Multifamily 2,163 2,612 3,426 3,097 3,488 3,426 3,447 4,026 4,076 59 Commercial 4,328 5,271 6,161 5,750 6,040 6,161 6,351 6,574 6,624 60 Farm 6,322 6,964 8,675 8,173 8,519 8,675 8,417 8,581 8,731 61 Individual and others4 183,433 218,060 253,803 238,631 247,869 253,803 260,621 266,384 273,817 62 1- to 4-family5 110,808 138,284 167,412 155,173 162,524 167,412 172,237 177,499 183,260 63 Multifamily 23,376 27,345 28,286 27,782 28,272 28,286 29,275 29,636 30,149 64 Commercial 24,050 26,661 30,558 28,850 29,761 30,558 30,720 30,754 31,564 65 Farm 25,199 25,770 27,547 26,826 27,312 27,547 28,389 28,495 28,844 1. Includes loans held by nondeposit trust companies but not bank trust NOTE. Based on data from various institutional and governmental sources, with departments. some quarters estimated in part by the Federal Reserve in conjunction with the 2. Outstanding principal balances of mortgages backing securities insured or Federal Home Loan Bank Board and the Department of Commerce. Separation of guaranteed by the agency indicated. nonfarm mortgage debt by type of property, if not reported directly, and 3. Outstanding balances on FNMA's issues of securities backed by pools of interpolations and extrapolations when required, are estimated mainly by the conventional mortgages held in trust. The program was implemented by FNMA in Federal Reserve. Multifamily debt refers to loans on structures of five or more October 1981. units. 4. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and U.S. agencies for which amounts are small or for which separate data are not readily available. 5. Includes a new estimate of residential mortgage credit provided by individuals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • January 1983 1.56 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change Millions of dollars 1982 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11997799 11998800 11998811 May June July Aug. Sept. Oct. Nov. Amounts outstanding (end of period) 1 Total 312,024 313,472 333,375 329,338 331,851 332,471 333,808 335,948 334,871 336,991 By major holder 2 Commercial banks .... 154,177 147,013 149,300 146,147 146,775 146,745 147,275 148,280 147,926 148,270 3 Finance companies.... 68,318 76,756 89,818 91,958 93,009 93,353 93,207 93,357 92,541 93,462 4 Credit unions 46,517 44,041 45,954 45,472 45,882 45,698 46,154 46,846 46,645 46,832 5 Retailers2 28,119 28,448 29,551 26,536 26,645 26,710 26,751 26,829 27,046 27,639 6 Savings and loans 8,424 9,911 11,598 12,202 12,312 12,520 12,833 13,051 13,457 13,672 7 Gasoline companies ... 3,729 4,468 4,403 4,218 4,398 4,600 4,714 4,669 4,322 4,141 8 Mutual savings banks.. 2,740 2,835 2,751 2,805 2,830 2,845 2,874 2,916 2,934 2,975 By major type of credit 9 Automobile 116,362 116,838 126,431 127,220 128,415 128,359 128,281 129,085 128,619 129,594 10 Commercial banks .. 67,367 61,536 59,181 58,099 58,140 58,131 58,222 58,762 58,7% 58,9% 11 Indirect paper .... 38,338 35,233 35,097 34,791 34,903 34,979 34,996 35,449 35,490 35,686 12 Direct loans 29,029 26,303 24,084 23,308 23,237 23,152 23,226 23,313 23,306 23,310 13 Credit unions 22,244 21,060 21,975 21,744 21,940 21,852 22,071 22,402 22,306 22,395 14 Finance companies .. 26,751 34,242 45,275 47,377 48,335 48,376 47,988 47,921 47,518 48,203 15 Revolving 56,937 58,352 63,049 58,647 59,302 59,824 60,475 60,932 60,811 61,500 16 Commercial banks .. 29,862 29,765 33,110 31,619 31,974 32,205 32,691 33,104 33,085 33,371 17 Retailers 23,346 24,119 25,536 22,810 22,930 23,019 23,070 23,159 23,404 23,988 18 Gasoline companies . 3,729 4,468 4,403 4,218 4,398 4,600 4,714 4,669 4,322 4,141 19 Mobile home 16,838 17,322 18,486 18,479 18,543 18,601 18,741 18,778 18,814 18,821 20 Commercial banks .. 10,647 10,371 10,300 9,960 9,924 9,857 9,790 9,723 9,631 9,578 21 Finance companies .. 3,390 3,745 4,494 4,666 4,731 4,801 4,916 4,953 4,971 4,970 22 Savings and loans ... 2,307 2,737 3,203 3,369 3,400 3,458 3,544 3,604 3,716 3,775 23 Credit unions 494 469 489 484 488 486 491 498 496 498 24 Other 121,887 120,960 125,409 124,992 125,591 125,687 126,311 127,153 126,627 127,076 25 Commercial banks .. 46,301 45,341 46,709 46,469 46,737 46,552 46,572 46,691 46,414 46,325 26 Finance companies .. 38,177 38,769 40,049 39,915 39,943 40,176 40,303 40,483 40,052 40,289 27 Credit unions 23,779 22,512 23,490 23,244 23,454 23,360 23,592 23,946 23,844 23,939 28 Retailers 4,773 4,329 4,015 3,726 3,715 3,691 3,681 3,670 3,642 3,651 29 Savings and loans . .. 6,117 7,174 8,395 8,833 8,912 9,063 9,289 9,447 9,741 9,897 30 Mutual savings banks 2,740 2,835 2,751 2,805 2,830 2,845 2,874 2,916 2,934 2,975 Net change (during period)3 31 Total 38,381 1,448 19,894 1,399 1,349 570 66 1,092 -324 2,523 By major holder 32 Commercial banks 18,161 -7,163 2,284 -13 -100 -66 -252 481 -49 904 33 Finance companies .... 14,020 8,438 13,062 1,126 874 195 -142 115 -393 1,133 34 Credit unions 2,185 -2,475 1,913 -39 38 -69 179 346 -32 418 35 Retailers2 2,132 329 1,103 68 304 297 -109 60 -88 -98 36 Savings and loans 1,327 1,485 1,682 221 187 196 268 181 328 194 37 Gasoline companies ... 509 739 -65 -20 38 3 65 -115 -115 -39 38 Mutual savings banks.. 47 95 -85 56 8 14 57 24 25 11 By major type of credit 39 Automobile 14,715 477 9,595 959 655 61 -402 505 -78 1,816 40 Commercial banks .. 6,857 -5,830 -2,355 -305 -240 101 -146 435 52 600 41 Indirect paper .... 4,488 -3,104 -136 -52 -52 225 -129 332 72 496 42 Direct loans 2,369 -2,726 -2,219 -253 -188 -124 -17 103 -20 104 43 Credit unions 1,044 -1,184 914 -34 28 -26 65 159 -12 232 44 Finance companies .. 6,814 7,491 11,033 1,298 867 -14 -321 -89 -118 984 45 Revolving 8,628 1,415 4,697 537 507 612 143 210 108 107 46 Commercial banks .. 5,521 -97 3,345 436 219 266 162 243 246 202 47 Retailers 2,598 773 1,417 121 250 343 -84 82 -23 -56 48 Gasoline companies . 509 739 -65 -20 38 3 65 -115 -115 -39 49 Mobile home 1,603 483 1,161 70 67 63 141 10 -4 40 50 Commercial banks .. 1,102 -276 -74 -41 -58 -57 -62 -67 -97 -19 51 Finance companies .. 238 355 749 44 64 73 108 20 -7 3 52 Savings and loans ... 240 430 466 67 60 47 94 54 100 53 53 Credit unions 23 -25 20 0 1 0 1 3 0 3 54 Other 13,435 -927 4,441 -167 120 -166 184 367 -350 560 55 Commercial banks .. 4,681 -960 1,368 -103 -21 -376 -206 -130 -250 121 56 Finance companies .. 6,986 592 1,280 -216 -57 136 71 184 -268 146 57 Credit unions 1,118 -1,266 975 -5 9 -43 113 184 -20 183 58 Retailers -466 -444 -314 -53 54 -46 -25 -22 -65 -42 59 Savings and loans ... 1,087 1,056 1,217 154 127 149 174 127 228 141 60 Mutual savings banks 47 95 -85 56 8 14 57 24 25 11 1. The Board's series cover most short- and intermediate-term credit extended 3. Net change equals extensions minus liquidations (repayments, charge-offs to individuals through regular business channels, usually to finance the purchase and other credit); figures for all months are seasonally adjusted. of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to be repaid (or with the option of repayment) in two or more NOTE: Total consumer noninstallment credit outstanding—credit scheduled to installments. be repaid in a lump sum, including single-payment loans, charge accounts, and 2. Includes auto dealers and excludes 30-day charge credit held by travel and service credit—amounted to, not seasonally adjusted, $71.3 billion at the end of entertainment companies. 1979, $74.8 billion at the end of 1980, and $80.2 billion at the end of 1981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Debt A43 1.57 CONSUMER INSTALLMENT CREDIT Extensions and Liquidations Millions of dollars; monthly data are seasonally adjusted. 1982 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11997799 11998800 11998811 May June July Aug. Sept. Oct. Nov. Extensions 1 324,777 306,076 336,341 29,197 29,737 27,514 27,579 28,268 28,062 31,610 By major holder ? Commercial banks 154,733 134,960 146,186 12,765 13,460 12,485 12,499 12,750 13,322 14,616 3 Finance companies 61,518 60,801 66,344 6,135 5,700 4,607 4,685 4,894 4,427 6,231 4 Credit unions 34,926 29,594 35,444 2,902 2,887 2,711 2,904 3,092 2,897 3,438 Retailers' 47,676 49,942 53,430 4,449 4,762 4,785 4,396 4,684 4,431 4,383 6 Savings and loans 5,901 6,621 8,142 841 785 803 863 786 961 884 7 Gasoline companies 18,005 22,253 24,902 1,880 1,969 1,944 2,021 1,876 1,835 1,867 8 Mutual savings banks 2,018 1,905 1,893 225 174 179 211 186 189 191 By major type of credit Automobile 93,901 83,454 94,404 8,429 8,182 7,332 7,112 7,546 7,970 10,329 10 Commercial banks 53,554 41,109 42,792 3,317 3,404 3,687 3,454 3,702 4,296 4,796 11 Indirect paper 29,623 22,558 24,941 1,954 2,036 2,324 1,957 2,077 2,785 3,016 1? Direct loans 23,931 18,551 17,851 1,363 1,368 1,363 1,497 1,625 1,511 1,780 n Credit unions 17,397 15,294 18,084 1,483 1,497 1,389 1,499 1,579 1,514 1,786 14 Finance companies 22,950 27,051 33,527 3,629 3,281 2,256 2,159 2,265 2,160 3,747 IS Revolving 120,174 128,068 140,135 12,528 13,361 12,551 12,497 12,464 12,340 12,489 16 Commercial banks 61,048 61,593 67,370 6,604 7,141 6,237 6,512 6,336 6,455 6,638 17 Retailers 41,121 44,222 47,863 4,044 4,251 4,370 3,964 4,252 4,050 3,984 18 Gasoline companies 18,055 22,253 24,902 1,880 1,969 1,944 2,021 1,876 1,835 1,867 19 Mobile home 6,471 5,093 6,028 478 459 441 581 452 476 484 70 Commercial banks 4,542 2,937 3,106 201 180 173 194 191 174 237 21 Finance companies 797 898 1,313 114 129 133 193 105 81 84 22 Savings and loans 948 1,146 1,432 151 137 123 181 140 207 147 23 Credit unions 184 113 176 12 13 12 13 16 14 16 24 Other 104,231 89,461 95,774 7,762 7,735 7,190 7,389 7,806 7,276 8,308 75 Commercial banks 35,589 29,321 32,918 2,643 2,735 2,388 2,339 2,521 2,397 2,945 26 Finance companies 37,771 32,852 31,504 2,392 2,290 2,218 2,333 2,524 2,186 2,400 27 Credit unions 17,345 14,187 17,182 1,407 1,377 1,310 1,392 1,497 1,369 1,636 28 Retailers 6,555 5,720 5,567 405 511 415 432 432 381 399 29 Savings and loans 4,953 5,476 6,710 690 648 680 682 646 754 737 30 Mutual savings banks 2,018 1,905 1,893 225 174 179 211 186 189 191 Liquidations 31 Total 286,396 304,628 316,447 27,798 28,388 26,944 27,513 27,176 28,386 29,087 By major holder 3? Commercial banks 136,572 142,123 143,902 12,778 13,560 12,551 12,751 12,269 13,371 13,712 33 Finance companies 47,498 52,363 53,282 5,009 4,826 4,412 4,827 4,779 4,820 5,098 34 Credit unions 32,741 32,069 33,531 2,941 2,849 2,780 2,725 2,746 2,929 3,020 35 Retailers' 45,544 49,613 52,327 4,381 4,458 4,488 4,505 4,624 4,519 4,481 36 Savings and loans 4,574 5,136 6,640 620 598 607 595 605 633 690 37 Gasoline companies 17,496 21,514 24,967 1,900 1,931 1,941 1,956 1,991 1,950 1,906 38 Mutual savings banks 1,971 1,810 1,978 169 166 165 154 162 164 180 By major type of credit 39 Automobile 79,186 82,977 84,809 7,470 7,527 7,271 7,514 7,041 8,048 8,513 40 Commercial banks 46,697 46,939 45,147 3,622 3,644 3,586 3,600 3,267 4,244 4,196 41 Indirect paper 25,135 25,662 25,077 2,006 2,088 2,099 2,086 1,745 2,713 2,520 4? Direct loans 21,562 21,277 20,070 1,616 1,556 1,487 1,514 1,522 1,531 1,676 43 Credit unions 16,353 16,478 17,169 1,517 1,469 1,415 1,434 1,420 1,526 1,554 44 Finance companies 16,136 19,560 22,494 2,331 2,414 2,270 2,480 2,354 2,278 2,763 45 Revolving 111,546 126,653 135,438 11,991 12,854 11,939 12,354 12,254 12,232 12,382 46 Commercial banks 55,527 61,690 64,025 6,168 6,922 5,971 6,350 6,093 6,209 6,436 47 Retailers 38,523 43,449 46,446 3,923 4,001 4,027 4,048 4,170 4,073 4,040 48 Gasoline companies 17,496 21,514 24,967 1,900 1,931 1,941 1,956 1,991 1,950 1,906 49 Mobile home 4,868 4,610 4,867 408 392 378 440 442 480 444 50 Commercial banks 3,440 3,213 3,180 242 238 230 256 258 271 256 51 Finance companies 559 543 564 70 65 60 85 85 88 81 52 Savings and loans 708 716 966 84 77 76 87 86 107 94 53 Credit unions 161 138 156 12 12 12 12 13 14 13 54 Other 90,796 90,388 91,333 7,929 7,615 7,356 7,205 7,439 7,626 7,748 55 Commercial banks 30,908 30,281 31,550 2,746 2,756 2,764 2,545 2,651 2,647 2,824 56 Finance companies 30,803 32,260 30,224 2,608 2,347 2,082 2,262 2,340 2,454 2,254 57 Credit unions 16,227 15,453 16,207 1,412 1,368 1,353 1,279 1,313 1,389 1,453 58 Retailers 7,021 6,164 5,881 458 457 461 457 454 446 441 59 Savings and loans 3,866 4,420 5,493 536 521 531 508 519 526 596 60 Mutual savings banks 1,971 1,810 1,978 169 166 165 154 162 164 180 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 Domestic NonfinancialS tatistics • January 1983 1.58 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; half-yearly data are at seasonally adjusted annual rates. 1979 1980 1981 1982 1 yl! 11997799 11998800 11998811 H2 HI H2 HI H2 HI Nonfinancial sectors 1 Total funds raised 273.5 334.3 401.7 402.0 397.1 406.9 406.6 363.0 431.2 438.2 375.7 380.6 2 Excluding equities 262.7 331.2 402.3 409.1 382.2 418.4 411.0 354.2 410.2 436.7 400.2 381.0 By sector and instrument 3 U.S. government 69.0 56.8 53.7 37.4 79.2 87.4 46.1 63.3 95.1 81.9 92.9 98.1 4 Treasury securities 69.1 57.6 55.1 38.8 79.8 87.8 46.6 63.9 95.7 82.4 93.2 98.6 Agency issues and mortgages -.1 -.9 -1.4 -1.4 -.6 -.5 -.5 -.6 -.6 -.5 -.4 -.5 6 All other nonfinancial sectors 204.5 277.5 348.0 364.7 317.9 319.6 360.5 299.8 336.1 356.3 282.8 282.6 7 Corporate equities 10.8 3.1 -.6 -7.1 15.0 -11.5 -4.3 8.9 21.0 1.6 -24.5 -.4 8 Debt instruments 193.6 274.4 348.7 371.7 303.0 331.0 364.9 290.9 315.0 354.8 307.3 282.9 9 Private domestic nonfinancial sectors 184.9 263.6 314.8 343.6 288.7 292.3 332.2 268.8 308.5 321.7 262.9 266.5 10 Corporate equities 10.5 2.7 -.1 -7.8 12.9 -11.5 -6.1 6.9 18.8 .9 -23.8 -.1 11 Debt instruments 174.3 260.9 314.9 351.5 275.8 303.7 338.3 261.9 289.7 320.8 286.7 266.7 12 Debt capital instruments 123.6 169.8 198.7 216.0 204.1 175.0 213.1 203.8 204.4 196.5 153.5 156.7 13 State and local obligations 15.7 21.9 28.4 29.8 35.9 32.9 32.8 30.7 41.0 35.1 30.6 47.9 14 Corporate bonds 22.8 21.0 20.1 22.5 33.2 23.9 22.6 37.3 29.0 24.7 23.0 1188..55 Mortgages b Home mortgages 63.9 94.3 112.1 120.1 96.7 78.6 113.9 96.5 96.9 95.2 62.0 59.5 16 Multifamily residential 3.9 7.1 9.2 7.8 8.8 4.6 6.9 8.1 9.5 5.1 4.1 5.1 17 Commercial 11.6 18.4 21.7 23.9 20.2 25.3 25.4 20.3 20.1 27.4 23.2 20.3 18 Farm 5.7 7.1 7.2 11.8 9.3 9.8 11.5 10.9 7.8 9.0 10.5 5.4 19 Other debt instruments 50.7 91.1 116.2 135.5 71.7 128.8 125.2 58.1 85.4 124.3 133.2 110.0 20 Consumer credit 25.4 40.2 48.8 45.4 4.9 25.3 41.0 -3.3 13.0 29.4 21.2 16.0 21 Bank loans n.e.c 4.4 26.7 37.1 49.2 35.4 51.1 39.6 18.0 52.7 47.7 54.6 78.2 22 Open market paper 4.0 2.9 5.2 11.1 6.6 19.2 17.4 20.3 -7.1 10.7 27.6 3.4 23 Other 16.9 21.3 25.1 29.7 24.9 33.1 27.2 23.0 26.7 36.5 29.8 12.4 24 By borrowing sector 184.9 263.6 314.8 343.6 288.7 292.3 332.2 268.8 308.5 321.7 262.9 266.5 25 State and local governments 15.2 15.4 19.1 20.2 27.3 22.3 22.5 21.8 32.8 25.1 19.5 36.3 26 Households 89.5 137.3 169.3 176.5 117.5 120.4 165.8 115.2 119.8 141.0 99.9 89.7 27 Farm 10.2 12.3 14.6 21.4 14.4 16.4 22.7 15.7 13.0 19.9 12.8 8.4 28 Nonfarm noncorporate 15.4 28.3 32.4 34.4 33.8 40.5 37.0 27.5 40.2 41.8 39.3 30.4 29 Corporate 54.5 70.4 79.3 91.2 95.7 92.6 84.2 88.6 102.7 93.9 91.4 101.8 30 Foreign 19.6 13.9 33.2 21.0 29.3 27.3 28.3 31.0 27.5 34.6 19.9 16.0 31 Corporate equities .3 .4 -.5 .8 2.1 * 1.7 1.9 2.2 .7 -.7 -.2 32 Debt instruments 19.3 13.5 33.8 20.2 27.2 27.3 26.6 29.0 25.3 34.0 20.6 16.2 33 Bonds 8.6 5.1 4.2 3.9 .8 5.5 4.9 2.0 -.4 3.3 7.6 2.2 34 Bank loans n.e.c 5.6 3.1 19.1 2.3 11.5 3.7 2.6 5.9 17.2 5.0 2.3 -.6 35 Open market paper 1.9 2.4 6.6 11.2 10.1 13.9 16.3 15.7 4.5 20.6 7.1 11.3 36 U.S. government loans 3.3 3.0 3.9 2.9 4.7 4.3 2.8 5.4 4.0 5.0 3.6 3.3 Financial sectors 37 Total funds raised 22.5 52.2 77.5 83.9 68.5 89.3 78.7 65.1 71.9 95.5 83.0 107.9 By instrument 38 U.S. government related 14.3 21.9 36.7 47.3 43.6 45.1 50.8 47.3 39.8 42.5 47.8 57.9 39 Sponsored credit agency securities 2.5 7.0 23.1 24.3 24.4 30.1 25.8 27.1 21.7 26.9 33.3 21.4 40 Mortgage pool securities 12.2 16.1 13.6 23.1 19.2 15.0 25.0 20.2 18.1 15.6 14.5 36.5 41 Loans from U.S. government -.4 -1.2 42 Private financial sectors 8.2 30.3 40.8 36.6 24.9 44.1 27.9 17.7 32.0 53.0 35.3 50.0 43 Corporate equities -.2 3.4 2.5 3.2 7.2 8.6 2.6 7.5 6.9 9.7 7.5 16.0 44 Debt instruments 8.4 26.9 38.3 33.4 17.7 35.6 25.3 10.3 25.2 43.4 27.8 34.0 45 Corporate bonds 9.8 10.1 7.5 7.8 7.1 -.8 7.7 9.9 4.4 -2.1 .4 -3.6 46 Mortgages 2.1 3.1 .9 -1.2 -.9 -2.9 -2.9 -5.3 3.5 -2.3 -3.5 1.9 47 Bank loans n.e.c -3.7 -.3 2.8 -.4 -.4 2.2 .5 .1 -.9 3.7 .7 5.9 48 Open market paper and RPs 2.2 9.6 14.6 18.0 4.8 20.9 10.8 -.1 9.7 24.8 17.0 16.1 49 Loans from Federal Home Loan Banks -2.0 4.3 12.5 9.2 7.1 16.2 9.2 5.8 8.5 19.3 13.2 13.8 By sector 50 Sponsored credit agencies 2.1 5.8 23.1 24.3 24.4 30.1 25.8 27.1 21.7 26.9 33.3 21.4 51 Mortgage pools 12.2 16.1 13.6 23.1 19.2 15.0 25.0 20.2 18.1 15.6 14.5 36.5 52 Private financial sectors 8.2 30.3 40.8 36.6 24.9 44.1 27.9 17.7 32.0 53.0 35.3 50.0 53 Commercial banks 2.3 1.1 1.3 1.6 .5 .4 1.8 .8 .3 .2 .5 .6 54 Bank affiliates 5.4 2.0 7.2 6.5 6.9 8.3 4.9 5.8 8.0 6.9 9.7 9.7 55 Savings and loan associations .1 9.9 14.3 11.4 6.6 13.1 10.2 .1 13.2 19.2 6.9 16.8 56 Other insurance companies .9 1.4 .8 .9 1.1 1.1 .9 1.0 1.1 1.1 1.1 1.0 57 Finance companies 4.3 16.9 18.1 16.6 6.3 14.1 11.0 6.0 6.5 17.3 11.0 7.7 58 REITs -2.2 -1.9 -.9 -.3 -1.5 -.5 -.1 -1.4 -1.7 -.6 -.3 -.2 59 Open-end investment companies -2.4 .9 -.1 .1 5.0 7.7 -.8 5.5 4.5 8.9 6.5 14.5 All sectors 60 Total funds raised, by instrument 296.0 386.5 479.2 485.9 465.6 496.2 485.3 428.1 503.1 533.7 458.7 488.6 61 Investment company shares -2.4 .9 -.1 .1 5.0 7.7 -.8 5.5 4.5 8.9 6.5 14.5 62 Other corporate equities 13.1 5.6 1.9 -3.9 17.1 -10.6 -.9 10.8 23.4 2.3 -23.5 1.2 63 Debt instruments 285.4 379.9 477.4 489.7 443.5 499.1 487.1 411.8 475.2 522.5 475.7 472.9 64 U.S. government securities 83.8 79.9 90.5 84.8 122.9 132.6 97.0 110.7 135.1 124.5 140.7 156.1 65 State and local obligations 15.7 21.9 28.4 29.8 35.9 32.9 32.8 30.7 41.0 35.1 30.6 47.9 66 Corporate and foreign bonds 41.2 36.1 31.8 34.2 41.1 28.5 35.2 49.3 33.0 26.0 30.9 17.0 67 Mortgages 87.1 129.9 151.0 162.4 134.0 115.2 154.7 130.4 137.7 134.3 96.2 92.1 68 Consumer credit 25.4 40.2 48.8 45.4 4.9 25.3 41.0 -3.3 13.0 29.4 21.2 16.0 69 Bank loans n.e.c 6.2 29.5 59.0 51.0 46.5 57.0 42.7 24.0 69.0 56.4 57.6 83.6 70 Open market paper and RPs 8.1 15.0 26.4 40.3 21.6 54.0 44.5 35.9 7.2 56.2 51.8 30.9 n Other loans 17.8 27.4 41.5 41.8 36.6 53.7 39.2 34.1 39.2 60.7 46.6 29.4 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 1982 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11997766 11997777 11997788 11997799 11998800 11998811 H2 HI H2 HI H2 HI' 1 Total funds advanced in credit markets to nonfinancial sectors 262.7 331.2 402.3 409.1 382.2 418.4 411.0 354.2 410.2 436.7 400.2 381.0 By public agencies and foreign 2 Total net advances 49.8 79.2 101.9 74.6 95.8 95.9 101.0 104.6 87.0 98.7 93.2 91.9 3 U.S. government securities 23.1 34.9 36.1 -6.3 15.7 17.2 16.6 20.5 10.9 15.9 18.5 -.8 4 Residential mortgages 12.3 20.0 25.7 35.8 31.7 23.4 36.7 34.9 28.5 21.4 25.5 47.4 5 FHLB advances to savings and loans -2.0 4.3 12.5 9.2 7.1 16.2 9.2 5.8 8.5 19.3 13.2 13.8 6 Other loans and securities 16.4 20.1 27.6 35.9 41.3 39.1 38.6 43.4 39.1 42.1 36.0 31.5 Total advanced, by sector 7 U.S. government 7.9 10.0 17.1 19.0 23.7 24.2 18.7 24.6 22.8 27.1 21.2 15.4 8 Sponsored credit agencies 16.8 22.4 39.9 52.4 44.4 46.0 56.9 45.2 43.7 44.3 47.7 59.0 9 Monetary authorities 9.8 7.1 7.0 7.7 4.5 9.2 14.0 14.9 -5.9 -3.7 22.1 -6.5 10 Foreign 15.2 39.6 38.0 -4.6 23.2 16.6 11.3 19.9 26.5 30.9 2.2 23.9 11 Agency borrowing not included in line 1 14.3 21.9 36.7 47.3 43.6 45.1 50.8 47.3 39.8 42.5 47.8 57.9 Private domestic funds advanced 12 Total net advances 227.1 273.9 337.1 381.8 329.9 367.6 360.8 296.9 362.9 380.5 354.7 347.0 13 U.S. government securities 60.7 45.1 54.3 91.1 107.2 115.4 80.5 90.2 124.2 108.5 122.3 156.9 14 State and local obligations 15.7 21.9 28.4 29.8 35.9 32.9 32.8 30.7 41.0 35.1 30.6 47.9 15 Corporate and foreign bonds 30.5 22.2 22.4 23.7 25.8 20.6 24.1 31.6 20.1 18.6 22.7 4.5 16 Residential mortgages 55.4 81.4 95.5 92.0 73.7 59.7 84.0 69.6 77.8 78.8 40.5 17.0 17 Other mortgages and loans 62.9 107.6 149.1 154.3 94.4 155.3 148.7 80.6 108.3 158.7 151.8 134.5 18 LESS: Federal Home Loan Bank advances -2.0 4.3 12.5 9.2 7.1 16.2 9.2 5.8 8.5 19.3 13.2 13.8 Private financial intermediation 19 Credit market funds advanced by private financial institutions 190.9 261.7 302.9 292.2 257.9 301.3 260.7 245.4 270.4 326.3 276.3 281.3 20 Commercial banking 59.6 87.6 128.7 121.1 99.7 103.5 108.1 64.7 134.8 107.8 99.2 122.3 21 Savings institutions 70.2 81.6 73.6 55.5 54.1 24.6 48.9 34.9 73.2 43.9 5.3 30.2 22 Insurance and pension funds 49.7 69.0 75.0 66.4 74.4 75.8 60.1 84.3 64.4 75.8 75.8 89.0 23 Other finance 11.4 23.5 25.6 49.2 29.8 97.4 43.6 61.5 -1.9 98.8 95.9 39.7 24 Sources of funds 190.9 261.7 302.9 292.2 257.9 301.3 260.7 245.4 270.4 326.3 276.3 281.3 25 Private domestic deposits 124.4 138.9 141.1 142.5 167.8 211.2 145.9 162.5 173.1 212.0 210.3 177.5 26 Credit market borrowing 8.4 26.9 38.3 33.4 17.7 35.6 25.3 10.3 25.2 43.4 27.8 34.0 27 Other sources 58.0 96.0 123.5 116.4 72.4 54.6 89.5 72.7 72.1 70.9 38.2 69.8 28 Foreign funds -4.7 1.2 6.3 25.6 -23.0 -8.8 3.4 -20.0 -26.0 -.7 -16.8 -31.1 29 Treasury balances -.1 4.3 6.8 .4 -2.6 -1.1 -.7 -6.1 1.0 6.0 -8.2 -4.1 30 Insurance and pension reserves 34.3 51.4 62.2 49.1 65.4 70.8 43.8 70.3 60.5 66.0 75.6 77.4 31 Other, net 28.5 39.1 48.3 41.3 32.6 -6.4 43.0 28.6 36.6 -.4 -12.3 27.6 Private domestic nonfinancial investors 32 Direct lending in credit markets 44.7 39.0 72.5 122.9 89.7 101.9 125.4 61.7 117.7 97.5 106.2 99.8 33 U.S. government securities 15.9 24.6 36.3 61.4 38.3 50.4 54.9 23.3 53.3 43.0 57.7 54.8 34 State and local obligations 3.3 -.8 3.6 9.4 12.6 20.3 11.5 6.2 18.9 22.8 17.8 35.7 35 Corporate and foreign bonds 11.8 -5.1 -2.9 10.2 9.3 -7.9 16.9 7.8 10.8 -9.2 -6.6 -22.9 36 Commercial paper 1.9 9.6 15.6 12.1 -3.4 3.5 14.6 -8.1 1.4 -1.4 8.4 7.9 37 Other 11.8 10.7 19.9 29.8 32.9 35.6 27.6 32.5 33.3 42.3 29.0 24.2 38 Deposits and currency 133.4 148.5 152.3 151.9 179.2 221.0 149.9 172.4 186.1 218.6 223.4 177.5 39 Currency 7.3 8.3 9.3 7.9 10.3 9.5 6.3 9.3 11.3 5.8 13.2 2.0 40 Checkable deposits 10.4 17.2 16.3 19.2 4.2 18.3 22.5 -2.5 11.0 26.5 10.1 6.9 41 Small time and savings accounts 123.7 93.5 63.7 61.0 79.5 46.6 50.7 73.4 85.7 26.9 66.3 78.8 42 Money market fund shares * .2 6.9 34.4 29.2 107.5 38.6 61.9 -3.4 104.1 110.8 39.4 43 Large time deposits -12.0 25.8 46.6 21.2 48.3 36.3 39.4 24.4 72.1 46.8 25.7 51.4 44 Security RPs 2.3 2.2 7.5 6.6 6.5 2.5 -5.3 5.3 7.8 7.7 -2.6 1.0 45 Foreign deposits 1.7 1.3 2.0 1.5 1.1 .3 -2.3 .6 1.7 .8 -.2 -2.0 46 Total of credit market instruments, deposits and currency 178.1 187.5 224.9 274.8 269.0 322.8 275.3 234.1 303.8 316.1 329.6 277.2 47 Public support rate (in percent) 19.0 23.9 25.3 18.2 25.1 22.9 24.6 29.5 21.2 22.6 23.3 24.1 48 Private financial intermediation (in percent) 84.0 95.6 89.9 76.5 78.2 82.0 72.3 82.7 74.5 85.8 77.9 81.0 49 Total foreign funds 10.5 40.8 44.3 21.0 .2 7.8 14.8 * .5 30.3 -14.6 -7.2 MEMO: Corporate equities not included above 50 Total net issues 10.6 6.5 1.9 -3.8 22.1 -2.9 -1.7 16.3 27.9 11.2 -17.0 15.7 51 Mutual fund shares -2.4 .9 -.1 .1 5.0 7.7 -.8 5.5 4.5 8.9 6.5 14.5 52 Other equities 13.1 5.6 1.9 -3.9 17.1 -10.6 -.9 10.8 23.4 2.3 -23.5 1.2 53 Acquisitions by financial institutions 12.5 7.4 4.6 10.4 14.6 22.9 14.2 8.6 20.7 25.3 20.5 20.7 54 Other net purchases -1.9 -.8 -2.7 -14.2 7.5 -25.8 -15.9 7.7 7.2 -14.1 -37.5 -5.1 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 of 47. Line 2/line 1. lines 27, 32, and 38 less lines 39 and 45. 48. Line 19/line 12. 17. Includes farm and commercial mortgages. 49. Sum of lines 10 and 28. 25. Line 38 less lines 39 and 45. 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 NOTE. Full statements for sectors and transaction types quarterly, and annually branches, 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. Exlcudes 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 • January 1983 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures 1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1982 MMeeaassuurree 11997799 11998800 11998811 Apr. May June July Aug. Sept/ Oct/ NOV.p Dec. 1 Industrial production' 152.5 147.0 151.0 140.2 139.2 138.7 138.8 138.4 137.3 135.8 134.8 134.7 Market groupings 2 Products, total 150.0 146.7 150.6 142.9 142.3 142.1 142.6 142.0 140.8 139.4 138.6 138.7 3 Final, total 147.2 145.3 149.5 142.6 142.2 142.1 142.5 141.2 140.0 138.6 137.7 138.1 4 Consumer goods 150.8 145.4 147.9 142.1 143.6 144.8 145.8 144.1 143.4 142.2 141.1 141.4 5 Equipment 142.2 145.2 151.5 143.4 140.4 138.4 138.0 137.3 135.2 133.5 133.0 133.6 6 Intermediate 160.5 151.9 154.4 143.7 142.6 141.9 142.8 144.7 143.7 142.4 141.9 141.0 7 Materials 156.4 147.6 151.6 136.2 134.3 133.5 133.0 132.8 132.0 130.3 128.9 128.4 Industry groupings 8 Manufacturing 153.6 146.7 150.4 138.7 137.9 137.7 138.1 138.0 137.1 135.0 134.0 133.9 Capacity utilization (percent)12 9 Manufacturing 85.7 79.1 78.5 70.8 70.2 70.0 70.0 69.8 69.2 68.0 67.4 67.3 10 Industrial materials industries 87.4 80.0 79.9 70.5 69.4 68.8 68.5 68.2 67.7 66.7 65.9 65.5 11 Construction contracts (1977 = 100)3 121.0 106.0 107.0 88.0 94.0 111.0 98.0 112.0 117.0 105.0 122.0 n.a. 12 Nonagricultural employment, total4 136.5 137.4 138.5 136.9 137.0 136.5 136.1 135.7 135.7 135.0 134.8 134.5 13 Goods-producing, total 113.5 110.3 109.3 104.2 104.1 102.9 102.3 101.5 101.0 99.7 99.0 98.6 14 Manufacturing, total 108.2 104.3 103.7 98.6 98.3 97.3 96.7 96.0 95.5 94.2 93.5 93.2 15 Manufacturing, production-worker ... 105.3 99.4 98.0 91.2 90.9 89.8 89.2 88.4 87.8 86.2 85.3 85.1 16 Service-producing 149.1 152.6 154.4 154.8 155.1 154.9 154.6 154.5 154.7 154.4 154.4 154.2 17 Personal income, total 309.7 342.9 383.5 402.5 405.7 407.3 410.8 411.4 412.3 414.5 416.0 n.a. 18 Wages and salary disbursements 289.8 317.6 349.9 362.2 365.4 366.0 367.6 367.8 367.7 367.9 367.7 n.a. 19 Manufacturing 249.0 264.3 288.1 286.3 288.1 288.4 287.7 286.4 284.5 281.3 279.8 n.a. 20 Disposable personal income5 301.2 332.9 370.3 391.7 392.9 393.4 400.6 400.9 402.0 404.0 405.5 n.a. 21 Retail sales" 281.6 303.8 330.6 337.4 347.1 336.4 341.8 338.2 341.3 345.0 353.0 352.5 Prices7 22 Consumer 217.4 246.8 272.4 284.3 287.1 290.6 292.2 292.8 293.3 294.1 293.6 n.a. 23 Producer finished goods 217.7 247.0 269.8 277.3 277.8 279.9 281.7 282.4 281.4 284.1 284.9 n.a. 1. The industrial production and capacity utilization series have been revised 6. Based on Bureau of Census data published in Survey of Current Business. back to January 1979. 7. Data without seasonal adjustment, as published in Monthly Labor Review. 2. Ratios of indexes of production to indexes of capacity. Based on data from Seasonally adjusted data for changes in the price indexes may be obtained from Federal Reserve, McGraw-Hill Economics Department, and Department of the Bureau of Labor Statistics, U.S. Department of Labor. Commerce. 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 6, nonresidential and heavy engineering, from McGraw-Hill Information Systems and indexes for series mentioned in notes 3 and 7 may also be found in the Survey Company, F. W. Dodge Division. 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 1982 1982 1982 SSeerriieess Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Output (1967 = 100) Capacity (percent of 1967 output) Utilization rate (percent) 1 Manufacturing 139.8 138.1 137.7 134.3 195.2 196.4 197.7 198.9 71.6 70.3 69.7 67.6 2 Primary processing 137.1 132.3 132.4 129.5 198.6 199.5 200.4 201.3 69.1 66.3 66.1 64.3 3 Advanced processing 141.6 141.2 140.5 136.8 193.5 194.9 196.2 197.6 73.2 72.5 71.6 69.2 4 Materials 138.7 134.7 132.6 129.2 192.6 193.7 194.6 195.5 72.0 69.6 68.1 66.1 5 Durable goods 130.9 127.1 124.7 118.2 196.4 197.3 198.3 199.2 66.7 64.4 62.9 59.4 6 Metal materials 90.9 77.0 73.0 68.4 142.3 142.4 142.3 142.4 63.9 54.1 51.3 48.3 7 Nondurable goods 161.0 156.8 155.1 156.2 214.6 216.1 217.4 218.9 75.0 72.6 71.3 71.4 8 Textile, paper, and chemical 164.5 160.5 158.4 159.9 225.6 227.3 228.8 230.5 72.9 70.6 69.2 69.4 9 Textile 101.3 101.8 102.0 n.a. 142.1 142.4 142.8 n.a. 71.3 71.5 71.5 n.a. 10 Paper 146.1 142.0 145.9 n.a. 163.8 164.6 165.4 n.a. 89.2 86.3 88.2 n.a. 11 Chemical 200.0 194.0 188.5 n.a. 287.3 289.6 291.9 n.a. 69.6 67.0 64.6 n.a. 12 Energy materials 129.8 125.5 123.8 122.0 156.5 157.0 157.6 158.2 82.9 79.9 78.5 77.1 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 SSeerriieess High Low High Low Dec. Apr. May June July Aug. Sept/ Oct.' Nov/ Dec. Capacity utilization rate (percent) 13 Manufacturing 88.0 69.0 87.2 74.9 67.3 70.8 70.2 70.0 70.0 69.8 69.2 68.0 67.4 67.3 14 Primary processing 93.8 68.2 90.1 71.0 69.6 67.2 66.1 65.7 65.7 66.1 66.4 65.1 64.1 63.8 15 Advanced processing .... 85.5 69.4 86.2 77.2 75.0 72.6 72.5 72.3 72.3 71.7 70.7 69.5 69.1 69.1 16 Materials 92.6 69.4 88.8 73.8 72.4 70.5 69.4 68.8 68.5 68.2 67.7 66.7 65.9 65.5 17 Durable goods 91.5 63.6 88.4 68.2 68.5 65.0 64.2 64.0 63.7 63.1 61.9 60.0 59.3 58.8 18 Metal materials 98.3 68.6 96.0 59.6 65.5 56.2 53.9 52.2 50.7 51.2 51.9 49.3 47.8 n.a. 19 Nondurable goods 94.5 67.2 91.6 77.5 74.1 74.4 72.5 70.9 70.2 71.0 72.8 72.2 71.1 70.9 20 Textile, paper, and chemical 95.1 65.3 92.2 75.3 72.2 72.5 70.6 68.8 68.0 68.9 70.7 70.0 69.1 69.1 21 Textile 92.6 57.9 90.6 80.9 72.0 73.4 71.5 69.6 69.8 72.3 72.3 73.4 72.3 n.a. 22 Paper 99.4 72.4 97.7 89.3 86.5 87.4 86.1 85.3 86.0 88.6 89.8 89.8 89.1 n.a. 23 Chemical 95.5 64.2 91.3 70.7 69.0 69.0 66.9 65.0 63.7 63.9' 66.2 64.9 64.1 n.a. 24 Energy materials 94.6 84.8 88.3 82.7 81.6 80.2 79.9 79.8 80.0 79.0 76.6 77.7 77.1 76.7 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. 1982 CCaatteeggoorryy 11998800 11998811 11998822 June' July' Aug.' Sept.' Oct.' Nov/ Dec. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 169,847 172,272 174,451 174,363 174,544 174,707 174,888 175,069 175,238 175,381 2 Labor force (including Armed Forces)1 109,042 110,812 112,383 112,320 112,596 112,810 113,056 112,940 113,222 113,311 3 Civilian labor force 106,940 108,670 110,204 110,147 110,416 110,614 110,858 110,752 111111,,004422 111111,,112299 Employment 4 Nonagricultural industries2 95,938 97,030 96,125 96,310 96,143 96,254 96,180 95,763 95,670 95,682 5 Agriculture 3,364 3,368 3,401 3,371 3,445 3,429 3,363 3,413 33,,446666 33,,441111 Unemployment 6 Number 7,637 8,273 10,678 10,466 10,828 10,931 11,315 11,576 11,906 12,036 7 Rate (percent of civilian labor force)... 7.1 7.6 9.7 9.5 9.8 9.9 10.2 10.5 10.7 10.8 8 Not in labor force 60,805 61,460 62,061 62,043 61,948 61,897 61,832 62,129 62,016 62,070 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 90,406 91,105 89,619 89,839 89,535 89,312 89,267 88,860 88,684 88,518 10 Manufacturing 20,285 20,173 18,849 18,930 18,813 18,672 18,572 18,325 18,183 18,134 11 Mining 1,020 1,104 1,122 1,124 1,100 1,086 1,075 1,058 1,051 1,036 12 Contract construction 4,399 4,307 3,917 3,940 3,927 3,899 3,883 3,856 3,848 3,818 13 Transportation and public utilities 5,143 5,152 5,057 5,078 5,044 5,025 5,031 5,007 4,994 4,979 14 Trade 20,386 20,736 20,547 20,595 20,615 20,550 20,492 20,441 20,390 20,297 15 Finance 5,168 5,330 5,350 5,352 5,359 5,360 5,367 5,357 5,362 5,376 16 Service 17,901 18,598 19,000 18,988 19,042 19,048 19,084 19,074 19,125 19,143 17 Government 16,249 16,056 15,784 15,832 15,635 15,672 15,763 15,742 15,731 15,735 1. Persons 16 years of age and over. Monthly figures, which are based on 3. Data include all full- and part-time employees who worked during, or sample data, relate to the calendar week that contains the 12th day; annual data received pay for, the pay period that includes the 12th day of the month, and are averages of monthly figures. By definition, seasonality does not exist in exclude proprietors, self-employed persons, domestic servants, unpaid family population figures. Based on data from Employment and Earnings (U.S. Depart- workers, and members of the Armed Forces. Data are adjusted to the March 1979 ment of Labor). benchmark and only seasonally adjusted data are available at this time. Based on 2. Includes self-employed, unpaid family, and domestic service workers. data from Employment and Earnings (U.S. Department of Labor). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 Domestic Nonfinancial Statistics • January 1983 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value Monthly data are seasonally adjusted 1967 pro- 1981 Grouping por- avertion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept/ Oct. Nov.? Dec Index (1967 = 100) MAJOR MARKET 1 Total index 100.00 151.0 143.4 140.7 142.9 141.7 140.2 139.2 138.7 138.8 138.4 137.3 135.8 134.8 134.7 2 Products 60.71 150.6 146.2 142.9 144.6 143.7 142.9 142.3 142.1 142.6 142.0 140.8 139.4 138.6 138.7 3 Final products 47.82 149.5 146.3 142.8 144.1 143.3 142.6 142.2 142.1 142.5 141.2 140.0 138.6 137.7 138.1 4 Consumer goods 27.68 147.9 142.0 139.6 141.8 141.5 142.1 143.6 144.8 145.8 144.1 143.4 142.2 141.1 141.4 5 Equipment 20.14 151.8 152.1 147.2 147.3 145.9 143.4 140.4 138.4 138.0 137.3 135.2 133.5 133.0 133.6 6 Intermediate products 12.89 154.4 145.9 143.4 146.3 145.2 143.7 142.6 141.9 142.8 144.7 143.7 142.4 141.9 141.0 7 Materials 39.29 151.6 139.0 137.2 140.4 138.5 136.2 134.3 133.5 133.0 132.8 132.0 130.3 128.9 128.4 Consumer goods 8 Durable consumer goods 7.89 140.5 123.2 120.1 125.9 128.1 130.7 132.6 134.6 137.3 132.9 131.3 126.9 124.9 127.3 9 Automotive products 2.83 137.9 119.2 109.2 117.5 125.0 129.9 138.9 143.0 149.7 135.5 135.5 124.0 121.4 129.8 10 Autos and utility vehicles 2.03 111.2 87.5 71.6 82.0 93.6 100.5 111.8 117.1 127.7 107.1 105.8 89.6 86.9 99.4 11 Autos 1.90 103.4 78.1 61.3 70.5 79.8 87.2 96.1 101.9 114.6 93.3 94.3 79.5 77.7 87.9 12 Auto parts and allied goods.... .80 205.6 199.7 204.4 207.8 204.5 204.6 207.6 208.6 205.4 207.6 210.7 211.1 209.0 207.0 13 Home goods 5.06 142.0 125.4 126.3 130.6 129.9 131.1 129.1 129.9 130.4 131.4 128.9 128.6 126.9 125.9 14 Appliances, A/C, and TV 1.40 119.6 85.7 100.6 103.5 97.0 102.7 100.5 106.4 102.7 104.5 99.4 106.1 104.5 100.1 15 Appliances and TV 1.33 121.2 86.6 101.6 104.1 97.4 103.1 101.5 108.8 106.1 108.6 104.1 110.5 108.1 16 Carpeting and furniture 1.07 158.0 144.4 137.9 147.8 151.3 151.8 145.9 149.0 151.4 152.5 153.3 151.9 150.0 17 Miscellaneous home goods 2.59 147.4 139.1 135.4 138.1 138.9 138.0 137.7 134.9 136.7 137.2 134.9 131.1 129.5 130.8 18 Nondurable consumer goods 19.79 150.9 149.5 147.4 148.1 146.8 146.6 147.9 148.8 149.1 148.6 148.2 148.3 147.6 147.0 19 Clothing 4.29 119.8 113.8 20 Consumer staples 15.50 159.5 159.4 158.9 159.2 158.1 158.3 159.0 159.9 159.7 159.4 158.8 158.9 157.9 157.2 21 Consumer foods and tobacco .. 8.33 150.3 150.9 150.0 151.1 149.6 148.1 149.9 150.9 149.9 149.6 148.6 149.5 22 Nonfood staples 7.17 170.0 169.3 169.1 168.7 168.0 170.0 169.5 170.4 171.2 170.8 170.7 169.8 169.1 168.4 23 Consumer chemical products 2.63 223.1 220.1 220.1 218.2 217.8 218.3 216.6 219.8 222.3 222.4 221.7 220.5 220.9 24 Consumer paper products .. 1.92 127.9 127.2 127.0 130.2 127.8 128.7 126.7 126.7 128.1 129.4 128.2 125.9 126.6 25 Consumer energy products .. 2.62 147.7 149.1 148.9 147.2 147.6 151.9 153.6 152.8 151.4 149.3 150.6 151.1 148.2 26 Residential utilities 1.45 166.3 167.5 172.3 171.6 170.4 174.5 173.7 171.1 167.7 169.7 169.5 169.1 Equipment 27 Business 12.63 181.1 179.0 172.2 171.6 169.0 164.9 159.9 156.7 154.9 153.9 150.5 146.4 144.6 144.1 28 Industrial 6.77 166.4 164.0 158.1 155.9 151.2 145.9 138.9 134.0 131.3 128.4 123.8 117.7 115.8 115.5 29 Building and mining 1.44 286.2 294.6 289.0 274.9 256.9 242.2 224.4 209.0 200.4 190.8 182.1 166.8 163.8 170.3 30 Manufacturing 3.85 127.9 122.0 116.9 116.8 116.3 114.0 109.7 107.5 106.0 104.4 101.6 98.0 96.4 94.0 31 Power 1.47 149.7 145.5 137.4 141.1 139.0 134.8 131.5 129.9 129.6 130.1 124.7 121.0 119.7 118.1 32 Commercial transit, farm 5.86 198.0 196.3 188.5 189.9 189.5 186.9 184.1 183.0 182.2 183.3 181.4 179.5 177.9 177.0 33 Commercial 3.26 258.7 262.9 256.1 256.4 257.8 253.1 247.7 247.5 248.8 253.5 254.0 251.7 250.8 249.1 34 Transit 1.93 125.4 117.5 109.0 110.4 110.5 110.9 110.9 108.3 106.3 102.0 95.5 93.2 91.8 93.1 35 Farm .67 112.0 98.9 88.4 95.1 84.9 83.5 85.8 84.1 76.9 75.8 76.1 76.8 70.9 36 Defense and space 7.51 102.7 107.0 105.2 106.5 107.0 107.2 107.7 107.6 109.5 109.5 109.5 111.8 113.6 116.0 Intermediate products 37 Construction supplies 6.42 141.9 127.0 124.2 127.5 125.6 123.6 122.2 123.1 124.1 127.1 125.5 123.6 123.2 122.2 38 Business supplies 6.47 166.7 164.6 162.4 165.1 164.6 163.7 162.8 160.6 161.4 162.1 161.8 161.0 160.3 39 Commercial energy products. 1.14 176.4 177.3 181.7 184.1 184.5 183.5 180.3 178.3 179.8 178.1 179.2 180.4 180.7 Materials 40 Durable goods materials 20.35 149.1 134.0 129.7 132.4 130.7 128.1 126.6 126.6 126.0 125.1 123.0 119.3 118.0 117.3 41 Durable consumer parts 4.58 114.5 92.9 86.9 92.2 94.1 94.7 98.9 103.1 103.8 101.0 97.1 91.4 90.6 92.5 42 Equipment parts 5.44 191.2 183.3 177.2 180.1 177.5 173.9 170.0 168.3 166.1 164.1 158.3 155.5 155.6 154.4 43 Durable materials n.e.c 10.34 142.3 126.1 123.6 125.1 122.2 118.8 116.1 115.1 114.8 115.4 115.8 112.6 110.4 108.8 44 Basic metal materials 5.57 112.0 94.8 94.5 94.3 88.6 82.3 79.4 77.4 75.7 76.1 77.7 74.1 71.9 45 Nondurable goods materials 10.47 174.6 158.3 156.8 164.2 162.0 160.3 156.6 153.5 152.3 154.5 158.5 157.7 155.5 155.5 46 Textile, paper, and chemical materials 7.62 181.4 161.9 159.1 167.9 166.6 164.4 160.4 156.7 155.3 157.7 162.2 160.9 159.3 159.6 47 Textile materials 1.85 113.0 102.0 97.3 102.2 104.5 104.5 101.8 99.1 99.6 103.2 103.3 104.9 103.5 48 Paper materials 1.62 150.6 141.2 143.2 148.5 146.7 143.5 141.8 140.7 142.1 146.6 148.9 149.1 148.1 49 Chemical materials 4.15 224.0 196.8 193.0 204.9 202.2 199.3 193.9 188.7 185.4 186.5 193.7 190.6 188.7 50 Containers, nondurable 1.70 169.3 161.9 162.4 166.7 161.3 159.8 157.2 158.5 158.1 162.8 167.3 164.9 159.9 51 Nondurable materials n.e.c 1.14 137.4 128.6 132.4 136.0 132.4 134.2 130.6 124.8 123.4 120.1 121.1 125.4 123.6 52 Energy materials 8.48 129.0 127.4 130.9 130.3 128.2 125.8 125.4 125.4 126.0 124.5 121.0 122.7 122.0 121.4 53 Primary energy 4.65 115.0 115.9 119.2 119.5 119.2 117.3 116.9 116.6 117.2 113.8 111.1 114.4 112.5 54 Converted fuel materials 3.82 145.9 141.4 145.1 143.4 139.1 136.1 135.7 136.0 136.7 137.4 133.0 132.8 133.4 Supplementary groups 55 Home goods and clothing 9.35 131.8 120.1 117.0 120.1 118.9 118.9 119.5 120.2 121.4 121.3 120.1 120.1 119.3 118.8 56 Energy, total 12.23 137.4 136.7 139.5 138.9 137.6 136.7 136.5 136.2 136.4 134.8 132.7 134.2 133.0 132.0 57 Products 3.76 156.4 157.7 158.8 158.4 158.8 161.5 161.7 160.5 160.0 158.0 159.3 160.0 158.1 58 Materials 8.48 129.0 127.4 130.9 130.3 128.2 125.8 125.4 125.4 126.0 124.5 121.0 122.7 122.0 121.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Output A49 2.13 Continued 1967 Grouping c S o I d C e p p r o o r - - 1 a 9 v 8 g 1 . tion Jan. Feb. Mar. Apr. May June July Aug. Sept/ Oct. Nov.? Dec Index (1967 = 100) MAJOR INDUSTRY 1 Mining and utilities 12.05 155.0 154.7 157.4 155.6 153.1 151.6 148.8 145.2 142.6 141.3 139.7 140.7 140.1 140.4 2 Mining 6.36 142.2 142.6 144.5 142.4 138.1 134.1 128.9 123.5 120.1 116.9 114.7 116.4 115.9 118.0 3 Utilities 5.69 169.1 168.2 171.8 170.4 170.0 171.0 170.9 169.4 167.7 168.5 167.5 167.8 167.1 165.5 4 Electric 3.88 190.9 190.2 195.2 192.5 191.7 193.1 193.4 191.6 189.2 189.9 188.2 188.9 188.1 186.2 5 Manufacturing 87.95 150.4 142.0 138.5 140.9 140.1 138.7 137.9 137.7 138.1 138.0 137.1 135.0 134.0 133.9 6 Nondurable 35.97 164.8 157.4 155.1 157.8 157.3 156.1 155.0 155.3 155.7 156.9 156.7 156.0 155.2 155.1 7 Durable 51.98 140.5 131.3 127.1 129.3 128.2 126.7 126.1 125.5 125.9 124.9 123.5 120.5 119.3 119.3 Mining 8 Metal 10 .51 123.1 110.9 121.3 120.8 109.9 108.8 90.0 71.8 58.1 53.4 55.4 65.1 68.4 9 Coal 11.12 .69 141.3 145.5 147.9 156.0 155.6 146.2 149.2 144.4 140.3 135.8 127.9 143.2 134.1 129.7 10 Oil and gas extraction 13 4.40 146.8 150.5 151.5 146.6 141.4 137.7 132.7 129.1 127.0 123.3 121.0 119.6 119.6 123.0 11 Stone and earth minerals 14 .75 129.4 115.7 115.8 120.5 121.6 119.6 114.6 106.6 103.8 105.7 106.3 108.5 109.5 Nondurable manufactures 12 Foods 20 8.75 152.1 152.8 151.1 151.7 150.8 149.7 150.5 151.0 151.0 150.7 149.0 150.6 13 Tobacco products 21 .67 122.2 112.6 112.7 126.7 126.7 116 1 118.6 123.6 121.4 120.6 113.3 108.6 14 Textile mill products 22 2.68 135.7 122.8 120.0 125.8 126.0 126.3 123.5 123.7 124.3 125.9 126.1 126.4 123.8 15 Apparel products 23 3 31 120.4 114.1 16 Paper and products 26 3.21 155.0 146.6 148.3 151.5 150.6 149.8 146.5 146.8 147.0 152.5 154.3 155.0 153.9 152.9 17 Printing and publishing 27 4.72 144.2 145.3 145.6 146.4 145.9 144.2 143.8 142.6 143.9 145.3 144.3 142.6 142.6 144.0 18 Chemicals and products 28 7.74 215.6 199.8 196.7 201.3 200.3 198.6 193.6 193.2 194.1 195.6 196.4 193.7 192.8 19 Petroleum products 29 1.79 129.7 128.3 123.3 119.5 121.3 120.8 122.2 124.3 124.7 121.4 122.6 123.9 119.9 118.2 20 Rubber and plastic products 30 2.24 274.0 247.3 244.7 251.8 253.4 255.1 257.0 258.9 256.8 261.1 262.0 256.4 253.7 21 Leather and products 31 .86 69.3 65.6 63.1 64.0 61.2 60.6 61.1 62.3 62.9 60.8 60.9 59.5 58.8 Durable manufactures 22 Ordnance, private and government 19.91 3.64 81.1 85.5 84.1 83.8 83.8 85.2 86.3 86.5 87.1 86.5 86.9 89.5 92.6 93.8 23 Lumber and products 24 1.64 119.1 104.8 99.2 104.9 103.5 106.2 110.6 112.2 116.9 120.3 119.9 117.2 119.4 24 Furniture and fixtures 25 1.37 157.2 149.4 144.3 148.4 150.2 151.8 151.1 152.5 154.5 156.7 155.7 154.3 150.7 25 Clay, glass, stone products 32 2.74 147.9 131.5 128.5 135.0 131.5 127.0 125.0 126.1 126.9 128.8 130.4 128.1 126.5 26 Primary metals 33 6.57 107.9 89.6 89.7 88.5 83.0 76.4 75.2 72.8 72.9 72.9 73.2 70.0 67.1 65.9 27 Iron and steel 331.2 4.21 99.8 79.2 79.6 78.5 73.0 65.1 62.4 58.0 58.1 57.4 56.4 54.1 51.4 28 Fabricated metal products 34 5.93 136.4 126.1 120.7 121.4 121.1 119.1 115.8 115.0 115.5 114.3 112.3 108.5 107.4 106.5 29 Nonelectrical machinery 35 9.15 171.2 167.4 160.9 160.0 157.3 153.7 150.0 147.4 147.1 147.2 144.9 140.5 138.0 135.8 30 Electrical machinery 36 8.05 178.4 170.7 168.2 172.9 172.6 172.2 170.9 170.8 170.3 169.7 167.0 165.7 164.9 164.5 31 Transportation equipment 37 9.27 116.1 103.7 96.6 102.0 104.4 105.9 110.0 111.6 112.7 107.0 105.3 100.8 100.0 103.7 32 Motor vehicles and parts 371 4.50 122.3 100.4 90.4 98.6 105.6 110.7 119.8 124.0 127.2 116.7 113.5 103.0 101.7 108.8 33 Aerospace and miscellaneous transportation equipment... 372-9 4.77 110.2 106.8 102.4 105.3 103.2 101.3 100.8 99.9 99.0 97.8 97.6 98.6 98.4 98.9 34 Instruments 38 2.11 170.3 166.8 162.2 164.5 163.0 162.8 163.8 164.8 165.2 165.5 161.9 156.9 153.9 155.5 35 Miscellaneous manufactures 39 1.51 154.7 147.9 144.9 144.5 145.3 144.6 141.7 136.8 134.7 133.9 132.9 130.5 129.6 130.0 Gross value (billions of 1972 dollars, annual rates) MAJOR MARKET 36 Products, total. 507.4 612.3 592.8 577.4 588.1 586.8 582.1 586.1 584.1 585.8 578.5 575.3 568.6 566.4 567.8 37 Final 390.9 474.1 462.3 448.8 457.1 456.6 453.5 458.3 456.7 457.2 449.2 446.3 441.0 438.9 441.0 38 Consumer goods . 277.5 318.0 307.2 298.9 306.3 306.9 306.7 312.3 313.1 314.9 309.1 309.3 305.6 304.0 305.2 39 Equipment 113.4 156.1 155.1 149.9 150.8 149.7 146.8 146.0 143.5 142.3 140.1 137.0 135.4 134.9 135.9 40 Intermediate 116.6 138.2 130.5 128.7 131.1 130.2 128.6 127.8 127.4 128.7 129.3 129.0 127.6 127.5 126.8 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 • January 1983 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1982 IItteemm 11997799 11998800 11998811 Apr. May June July Aug/ Sept/ Oct/ Nov. Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 1,552 1,191 986 879 944 929 1,062 888 1,003 1,172 1,243 2 1-family 981 710 564 450 488 516 500 497 561 651 746 3 2-or-more-family 570 480 421 429 456 413 562 391 442 521 497 4 Started 1,745 1,292 1,084 882 1,066 908 1,193 1,033 1,129 1,129 1,428 5 1-family 1,194 852 705 566 631 621 628 645 677 705 872 6 2-or-more-family 551 440 379 316 435 287 565 388 452 424 556 7 Under construction, end of period1 1,140 896 682 673 664 660 673' 670 688 691 n.a. 8 1-family 639 515 382 393 382 384 377' 373 379 384 n.a. 9 2-or-more-family 501 382 301 280 282 276 296' 296 308 308 n.a. 10 Completed 1,855 1,502 1,266 962 1,138 939 1,007 1,002 925 1,117 n.a. 11 1-family 1,286 957 818 596 684 582 693 638 584 680 n.a. 12 2-or-more-family 569 545 447 366 454 357 314 364 341 437 n.a. 13 Mobile homes shipped 277 222 241 255 246 257 246 234 222 218 n.a. Merchant builder activity in 1-family units 14 Number sold 709 545 436 335 395 369 352' 379 479 508 569 15 Number for sale, end of period1 402 342 278 264 259 254 250 248 248 245 243 Price (thousands of dollars)1 Median 16 Units sold 62.8 64.7 68.8 70.2 69.3 69.3 70.9 70.1 67.8 69.3 74.2 Average 17 Units sold 71.9 76.4 83.1 85.0 8866..55 84.9 86.5' 86.5 80.0 79.8 88.6 EXISTING UNITS (1-family) 18 Number sold 3,701 2,881 2,350 1,910 1,900 1,980 1,890 1,820 1,840 1,930 2,100 Price of units sold (thousands of dollars)2 19 Median 55.5 62.1 66.1 67.1 67.8 69.4 69.2 68.9 67.3 66.9 68.2 20 Average 64.0 72.7 78.0 79.4 80.6 82.3 82.0 82.0 80.0 79.3 80.9 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 230,412 230,748 238,198 226,095 228,745 231,589 227,638' 228,053 228,136 229,052 237,216 22 Private 181,622 175,701 185,221 175,142 179,941 182,651 178,734' 176,644 177,002 177,704 184,407 23 Residential 99,028 87,261 86,566 72,300 75,453 75,251 73,436' 72.139 71,451 74,064 78,388 24 Nonresidential, total 82,594 88,440 98,655 102,842 104,488 107,400 105,298' 104,505 105,551 103,640 106,019 Buildings 25 Industrial 14,953 13,839 17,031 15,882 17,118 18,424 16,404 16,691 16,587 17,072 17,156 26 Commercial 24,919 29,940 34,243 38,437 36,818 38,048 37,512 36,091 37,129 35,677 37,132 27 Other 7,427 8,654 9,543 9,897 10,427 10,579 10,130 10,499 10,506 10,778 11,272 28 Public utilities and other 35,295 36,007 37,838 38,626 40,125 40,349 41,252' 41,224 41,329 40,113 40,459 29 Public 48,790 55,047 52,977 50,953 48,804 48,938 48,904' 51,409 51,134 51,348 52,809 30 Military 1,648 1,880 1,966 1,706 2,140 1,901 2,261' 2,481 2,674 2,347 2,468 31 Highway 11,997 13,808 13,304 12,113 11,655 13,073 14,119 13,327 13,464 14,314 13,987 32 Conservation and development 4,586 5,089 5,225 5,493 5,223 5,051 5,055' 5,036 4,719 4,546 4,714 33 Other 30,559 34,270 32,482 31,641 29,786 28,913 27,469' 30,565 30,277 30,141 31,640 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 3. Value of new construction data in recent periods may not be strictly Institute and seasonally adjusted by the Census Bureau, and (b) sales and prices of comparable with data in prior periods because of changes by the Bureau of the existing units, which are published by the National Association of Realtors. All Census in its estimating techniques. For a description of these changes see back and current figures are available from originating agency. Permit authoriza- Construction Reports (C-30-76-5), issued by the Bureau in July 1976. tions are those reported to the Census Bureau from 16,000 jurisdictions beginning with 1978. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Prices A51 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data, except as noted 12 months to 3 months (at annual rate) to 1 month to IIInnndddeeexxx llleeevvveeelll IIIttteeemmm 1981 1982 1982 NNN 111999 ooo 888 vvv 222 ... NN 1199 oo 88 vv 11 .. NN 1199 oo 88 vv 22 .. Dec. Mar. June Sept. July Aug. Sept. Oct. Nov. === (((111999 111000 666777 000 )))111 CONSUMER PRICES2 1 All items 9.6 4.6 5.4 1.0 9.3 4.2 .6 .3 .2 .5 .1 293.6 7 Commodities 6.4 3.8 3.6 .8 7.8 3.4 .6 .0 .2 .6 .3 267.8 3 Food 4.8 39.4 1.7 3.9 7.3 .6 -.1 .3 .5 .2 .1 386.4 4 Commodities less food 7.0 4.0 4.3 -2.6 7.9 4.7 .8 .2 .2 .8 .3 256.0 S Durable 5.7 5.7 1.2 3.5 14.1 1.5 .3 .3 -.2 .5 .4 246.6 6 Nondurable 8.6 6.7 3.8 -4.9 1.9 6.1 1.1 .2 .2 1.1 .3 278.6 7 14.1 5.6 7.8 3.5 11.3 5.4 .6 .6 .1 .2 -.1 338.6 8 Rent 8.4 7.1 9.0 5.9 5.6 8.0 1.0 .5 .4 .9 .6 230.2 9 Services less rent 15.0 5.4 7.6 3.3 11.9 5.0 .5 .6 .1 .2 -.2 359.3 Other groupings 10 All items less food 10.6 4.8 6.2 .9 99..77 44..99 .7 ..44 .1 .5 .1 229933..66 11 All items less food and energy 10.2 5.2 5.6 3.0 10.6 4.6 .6 .5 .0 .4 -.2 281.2 12 Homeownership 11.5 3.4 .3 -2.4 19.8 .4 .4 .4 -.7 -.1 -.8 379.5 PRODUCER PRICES 13 Finished goods 7.2 3.7 5.5 .9 4.1 4.2 .5' .6 -.1 .5 .6 284.9 14 Consumer 6.7 3.6 4.5 .6 3.7 4.2 ,6R ..62 ' -.1 .5 .8 285.2 IS Foods 1.5 1.9 -3.9 6.1 11.5 -7.4 -1.6R -.5 -.2 -.2 257.6 16 Excluding foods 8.8 4.3 7.8 -1.4 .7 9.5 1.4 .7' .1 ..88 1.1 294.6 17 Capital equipment 9.1 4.0 9.7 2.4 5.6 3.8 .4R .9R -.4 ..22 .3 284.0 18 Intermediate materials3 8.7 .4 2.7 -1.8 -1.5 2.4 A' .1 -.1 .5 315.7 Crude materials sy 19 Nonfood 12.1 .6 -6.0 -18.0 8.3 8.1 1.0 1.0 .6 .7 479.0 20 Food -14.1 -.8 -25.5 23.3 24.3 -26.4 -2.7 -1.0 -3.8 -1.9 1.0 236.3 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 • January 1983 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 Q3 Q4 QL Q2 Q3' GROSS NATIONAL PRODUCT 1 Total 2,417.8 2,633.1 2,937.7 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 By source 2 Personal consumption expenditures 1,507.2 1,667.2 1,843.2 1,868.8 1,884.5 1,919.4 1,947.8 1,986.3 3 Durable goods 213.4 214.3 234.6 241.2 229.6 237.9 240.7 240.3 4 Nondurable goods 600.0 670.4 734.5 741.3 746.5 749.1 755.0 768.4 Services 693.7 782.5 874.1 886.3 908.3 932.4 952.1 977.6 6 Gross private domestic investment 423.0 402.4 471.5 486.0 468.9 414.8 431.5 443.3 7 Fixed investment 408.8 412.4 451.1 454.2 455.7 450.4 447.7 438.6 8 Nonresidential 290.2 309.2 346.1 353.0 360.2 357.0 352.2 344.2 9 Structures 98.3 110.5 129.7 132.7 139.6 141.4 143.6 141.3 10 Producers' durable equipment 191.9 198.6 216.4 220.2 220.6 215.6 208.6 203.0 11 Residential structures 118.6 103.2 105.0 101.2 95.5 93.4 95.5 94.3 12 Nonfarm 114.0 98.3 99.7 95.6 89.4 87.9 89.6 88.7 13 Change in business inventories 14.3 -10.0 20.5 31.8 13.2 -35.6 -16.2 4.7 14 Nonfarm 8.6 -5.7 15.0 24.6 6.0 -36.0 -15.0 3.7 15 Net exports of goods and services 13.2 25.2 26.1 25.9 23.5 31.3 34.9 6.9 16 Exports 281.4 339.2 367.3 367.2 367.9 359.9 365.8 349.5 17 Imports 268.1 314.0 341.3 341.3 344.4 328.6 330.9 342.5 18 Government purchases of goods and services 474.4 538.4 596.9 600.2 626.3 630.1 630.9 651.7 19 Federal 168.3 197.2 229.0 230.0 250.5 249.7 244.3 259.0 20 State and local 306.0 341.2 368.0 370.1 375.7 380.4 386.6 392.7 By major type of product 21 Final sales, total 2,403.5 2,643.1 2,917.3 2,949.1 2,989.9 3,031.1 3,061.4 3,083.5 22 Goods 1,065.6 1,141.9 1,289.2 1,317.0 1,298.5 1,269.4 1,283.1 1,295.5 23 Durable 464.8 477.3 528.1 547.3 504.9 482.4 505.9 516.9 24 Nondurable 600.8 664.6 761.1 769.7 793.6 787.0 777.2 778.6 25 Services 1,089.7 1,225.6 1,364.3 1,382.1 1,421.5 1,444.4 1,476.7 1,509.5 26 Structures 262,5 265.7 284.2 281.9 283.3 281.7 285.3 283.2 27 Change in business inventories 14.3 -10.0 20.5 31.8 13.2 -35.6 -16.2 4.7 28 Durable goods 10.5 -5.2 8.7 19.8 -5.6 -30.9 -6.6 10.1 29 Nondurable goods 3.8 -4.8 11.8 12.0 18.9 -4.8 -9.6 -5.4 30 MEMO: Total GNP in 1972 dollars 1,479.4 1,474.0 1,502.6 1,510.4 1,490.1 1,470.7 1,478.4 1,481.1 NATIONAL INCOME 31 Total 1,966.7 2,117.1 2,352.5 2,387.3 2,404.5 2,396.9 2,425.2 2,455.6 32 Compensation of employees 1,458.1 1,598.6 1,767.6 1,789.1 1,813.4 1,830.8 1,850.7 1,868.3 33 Wages and salaries 1,237.4 1,356.1 1,494.0 1,512.6 1,531.1 1,541.5 1,556.6 1,570.0 34 Government and government enterprises 236.2 260.2 283.1 284.0 292.3 296.3 300.0 303.5 35 Other 1,001.4 1,095.9 1,210.9 1.228.6 1,238.8 1,245.2 1,256.6 1,266.4 36 Supplement to wages and salaries 220.7 242.5 273.6 276.5 282.3 289.3 294.1 298.3 37 Employer contributions for social insurance 105.8 115.3 133.2 134.3 136.5 140.2 141.7 142.8 38 Other labor income 114.9 127.3 140.4 142.2 145.8 149.1 152.5 155.5 4 3 4 0 9 1 Pro B F p a u r r s i m i e n 1 t e o s r s s ' a i n n d c o p m ro e f 1 e ssional1 1 1 3 3 0 1 2 0 . . . 1 2 9 1 9 1 1 6 6 9 . . . 9 3 4 1 1 2 2 0 4 4 0 . . . 0 7 7 1 1 2 2 0 7 7 0 . . . 1 5 4 1 9 2 2 9 4 4 . . . 1 5 6 1 9 1 1 8 6 7 . . . 6 4 8 1 9 1 1 9 7 7 . . . 9 3 4 1 10 1 1 1 8 6 . . . 7 4 6 42 Rental income of persons2 27.9 32.9 33.9 33.6 33.6 33.9 34.2 34.6 4 4 4 3 Co P r r p o o f r i a ts t e b e p f r o o r f e i ts ta ' x3 2 1 5 9 2 4 . . 7 8 2 1 4 8 2 1 . . 5 6 2 1 3 9 2 0 . . 1 6 2 1 3 9 3 3 . . 3 1 2 1 1 8 6 3 . . 5 9 1 15 7 7 1 . . 1 6 1 1 7 5 1 5 . . 7 4 1 1 8 6 0 6. . 2 3 45 Inventory valuation adjustment -43.1 -43.0 -24.6 -23.0 -17.1 -4.4 -9.4 -10.3 46 Capital consumption adjustment -14.8 -17.8 -16.8 -17.1 -15.5 -10.1 -6.9 -3.8 47 Net interest 153.8 187.7 235.7 244.0 249.5 258.7 267.5 268.1 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 Q3 Q4 Ql Q2 Q3' PERSONAL INCOME AND SAVING 1 Total personal income 1,943.8 2,160.2 2,404.1 2,458.2 2,494.6 2,510.5 2,552.7 2,592.5 7 Wage and salary disbursements 1,237.6 1,356.1 1,493.9 1,512.3 1,531.2 1,541.6 1,556.6 1,570.0 Commodity-producing industries 438.4 468.0 510.8 519.3 517.7 514.3 513.6 510.2 4 Manufacturing 333.9 354.4 386.4 392.9 388.7 385.1 385.6 383.8 Distributive industries 303.4 330.5 361.4 366.5 368.3 371.4 375.4 378.4 6 Service industries 259.7 297.5 338.6 342.8 352.8 359.5 367.6 377.8 7 Government and government enterprises 236.2 260.2 283.1 283.8 292.4 296.5 300.0 303.5 8 Other labor income 114.9 127.3 140.4 142.2 145.8 149.1 152.5 155.5 9 Proprietors' income1 132.1 116.3 124.7 127.5 124.1 116.4 117.3 118.4 10 Business and professional1 100.2 96.9 100.7 100.4 99.5 98.6 99.9 101.7 11 Farm1 31.9 19.4 24.0 27.1 24.6 17.8 17.4 16.6 12 Rental income of persons2 27.9 32.9 33.9 33.6 33.6 33.9 34.2 34.6 N Dividends 50.8 55.9 62.5 64.1 65.2 65.8 66.1 67.2 14 Personal interest income 209.6 256.3 308.5 339.6 351.0 359.7 372.0 378.2 15 Transfer payments 250.3 297.2 336.3 344.8 350.7 354.6 365.2 381.0 16 Old-age survivors, disability, and health insurance benefits.... 131.8 154.2 182.0 190.6 192.8 194.7 197.5 209.2 17 LESS: Personal contributions for social insurance 81.1 88.7 104.9 106.1 107.0 110.6 111.4 112.4 18 EQUALS: Personal income 1,943.8 2,160.2 2,404.1 2,458.2 2,494.6 2,510.5 2,552.7 2,592.5 19 LESS: Personal tax and nontax payments 301.0 336.2 386.7 398.1 393.2 393.4 401.2 394.4 20 EQUALS: Disposable personal income 1,650.2 1,824.1 2,029.2 2,060.0 2,101.4 2,117.1 2,151.5 2,198.1 21 LESS: Personal outlays 1,553.5 1,717.9 1,898.9 1,925.7 1,942.7 1,977.9 2,007.2 2,046.1 22 EQUALS: Personal saving 96.7 106.2 130.2 134.4 158.6 139.1 144.3 152.0 MEMO: Per capita (1972 dollars) 23 Gross national product 6,572 6,474 6,536 6,563 6,458 6,360 6,380 6,376 24 Personal consumption expenditures 4,120 4,087 4,122 4,134 4,088 4,104 4,121 4,117 25 Disposable personal income 4,512 4,472 4,538 4,557 4,559 4,527 4,552 4,555 26 Saving rate (percent) 5.9 5.8 6.4 6.5 7.5 6.6 6.7 6.9 GROSS SAVING 27 Gross saving 422.8 406.3 477.5 490.0 476.3 428.8 441.5 422.4 28 Gross private saving 407.3 438.3 504.7 513.4 547.7 520.3 529.0 546.1 29 Personal saving 96.7 106.2 130.2 134.4 158.6 139.1 144.3 152.0 30 Undistributed corporate profits1 54.5 38.9 44.4 43.9 44.3 32.5 30.7 34.8 31 Corporate inventory valuation adjustment -43.1 -43.0 -24.6 -23.0 -17.1 -4.4 -9.4 -10.3 Capital consumption allowances 3? Corporate 157.5 181.2 206.2 209.7 216.0 218.9 223.4 227.5 33 Noncorporate 98.6 112.0 123.9 125.5 128.7 129.8 130.5 131.9 34 Wage accruals less disbursements .0 .0 .0 .0 .0 .0 .0 .0 35 Government surplus, or deficit (-), national income and product accounts 14.3 -33.2 -28.2 -24.5 -72.5 -90.7 -87.5 -123.7 36 Federal -16.1 -61.4 -60.0 -58.0 -101.7 -118.4 -119.6 -156.0 37 State and local 30.4 28.2 31.7 33.5 29.1 27.7 32.1 32.3 38 Capital grants received by the United States, net 1.1 1.2 1.1 1.1 1.1 .0 .0 .0 39 Gross investment 421.2 410.1 475.6 489.1 469.0 421.3 442.3 426.0 40 Gross private domestic 423.0 402.4 471.5 486.0 468.9 414.8 431.5 443.3 41 Net foreign -1.8 7.8 4.1 3.1 0.1 6.5 10.8 -17.3 42 Statistical discrepancy -1.5 3.9 -1.9 -0.8 -7.2 -7.5 .8 3.6 1. With inventory valuation and capital consumption adjustments. SOURCE. Survey of Current Business (Department of Commerce). 2. With capital consumption adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • January 1983 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data are seasonally adjusted except as noted.1 1981 1982 IItteemm ccrreeddiittss oorr ddeebbiittss 11997799 11998800 11998811 Q3 Q4 Ql Q2 Q3p i1 Balance on current account -466 1,520 4,471 751 -927 1,088 2,231 -4,227 -1,834 1,293 742 2 841 -6 471 3 Merchandise trade balance2 -27,346 -25,338 -27,889 -7,845 -9,185 -5,873 -5,695 -12,458 4 Merchandise exports 184,473 224,237 236,254 57,694 57,593 55,780 55,174 52,480 5 Merchandise imports -211,819 -249,575 -264,143 -65,539 -66,778 -61,653 -60,869 -64,938 6 Military transactions, net -2,035 -2,472 -1,541 61 -528 167 247 527 7 Investment income, net3 31,215 29,910 33,037 8,183 8,529 6,861 7,688 7,418 8 Other service transactions, net 3,262 6,203 7,472 2,160 2,127 1,981 1,731 1,939 9 Remittances, pensions, and other transfers -2,011 -2,101 -2,104 -558 -562 -575 -671 -602 10 U.S. government grants (excluding military) -3,549 -4,681 -4,504 -1,250 -1,308 -1,473 -1,069 -1,051 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -3,743 -5,126 -5,137 -1,257 -987 -904 -1,547 -2,418 12 Change in U.S. official reserve assets (increase, —) -1,133 -8,155 -5,175 -4 262 -1,089 -1,132 -794 13 Gold -65 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -1,136 -16 -1,823 -225 -134 -400 -241 -434 15 Reserve position in International Monetary Fund -189 -1,667 -2,491 -647 -358 -547 -814 -459 16 Foreign currencies 257 -6,472 -861 868 754 -142 -77 99 17 Change in U.S. private assets abroad (increase, -)3 -59,469 -72,746 -98,982 -15,996 -46,952 -29,208 -35,111 -23,152 18 Bank-reported claims -26,213 -46,838 -84,531 -15,254 -42,645 -32,708 -36,923 -21,032 19 Nonbank-reported claims -3,307 -3,146 -331 855 -508 4,112 -304 n.a. 20 U.S. purchase of foreign securities, net -4,726 -3,524 -5,429 -618 -2,843 -531 -441 -3,103 21 U.S. direct investments abroad, net3 -25,222 -19,238 -8,691 -979 -956 -81 2,557 983 22 Change in foreign official assets in the United States (increase, +) -13,697 15,442 4,785 -5,835 8,119 -3,122 1,998 2,102 23 U.S. Treasury securities -22,435 9,708 4,983 -4,635 4,439 -1,344 -2,076 4,880 24 Other U.S. government obligations 463 2,187 1,289 545 -246 -296 258 -101 25 Other U.S. government liabilities4 -73 561 -69 -337 275 -182 387 -509 76 Other U.S. liabilities reported by U.S. banks 7,213 -159 -4,083 -2,382 3,436 -1,516 3,393 -2,160 27 Other foreign official assets5 1.135 3,145 2,665 974 215 216 36 -8 28 Change in foreign private assets in the United States (increase, +)3 52,157 39,042 73,136 22,715 30,988 28,202 27,621 13,952 79 U.S. bank-reported liabilities 32,607 10,743 41,262 16,916 20,476 25,423 22,552 10,224 30 U.S. nonbank-reported liabilities 1,362 6,530 532 1,006 -457 -982 -2,304 n.a. 31 Foreign private purchases of U.S. Treasury securities, net 4,960 2,645 2,932 -446 1,238 1,277 2,095 1,308 32 Foreign purchases of other U.S. securities, net 1,351 5,457 7,109 761 396 1,319 2,497 134 33 Foreign direct investments in the United States, net3 11,877 13,666 21,301 4,478 9,335 1,165 2,781 2,286 34 Allocation of SDRs 1,139 1,152 1,093 0 0 0 0 0 35 Discrepancy 25,212 28,870 25,809 -374 9,497 5,032 5,940 14,537 36 --22,,114444 22,,447744 --889999 557744 --11,,997733 37 Statistical discrepancy in recorded data before seasonal adjustment 25,212 28,870 25,809 1,770 7,023 5,931 5,366 16,510 MEMO: Changes in official assets 38 U.S. official reserve assets (increase, —) -1,133 -8,155 -5,175 -4 262 -1,089 -1,132 -794 39 Foreign official assets in the United States (increase, +) -13,624 14,881 4,854 -5,498 7,844 -2,940 1,611 2,611 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 2,935 2,230 4,988 3,073 164 41 Transfers under military grant programs (excluded from lines 4, 6, and 10 above) 465 631 602 132 64 93 125 137 1. Seasonal factors are no longer calculated for lines 12 through 41. 4. Primarily associated with military sales contracts and other transactions 2. Data are on an international accounts (IA) basis. Differs from the Census arranged with or through foreign official agencies. basis data, shown in table 3.11, for reasons of coverage and timing; military 5. Consists of investments in U.S. corporate stocks and in debt securities of exports are excluded from merchandise data and are included in line 6. private corporations and state and local governments. 3. Includes reinvested earnings of incorporated affiliates. NOTE. Data are from Bureau of Economic Analysis, Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trade and Reserve and Official Assets A55 3.11 U.S. FOREIGN TRADE Millions of dollars; monthly data are seasonally adjusted 1982 IItteemm 11997799 11998800 11998811 May June July Aug. Sept. Oct. Nov. 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 181,860 220,626 233,677 18,218 18,822 18,026 17,498 17,387 16,698 15,693 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 209,458 244,871 261,305 20,558 21,310 19,559 23,494 20,644 21,096 18,936 3 Trade balance -27,598 -24,245 -27,628 -2,340 -2,488 -1,532 -5,996 -3,257 -4,398 -3,244 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 of a free-alongside-ship (f.a.s.) value basis—that is, value at the port of combined with other military transactions and reported separately in the "service export. Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in account" in table 3.10, line 6). On the import side, additions are made for gold, the Census basis trade data; this adjustment has been made for all data shown in ship purchases, imports of electricity from Canada and other transactions; the table. Beginning with 1982 data, the value of imports are on a customs military payments are excluded and shown separately as indicated above. valuation basis. The Census basis data differ from merchandise trade data shown in table 3.10, SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade" U.S. International Transactions Summary, for reasons of coverage and timing. On (U.S. Department of Commerce, Bureau of the Census). the export side, the largest adjustments are: (1) the addition of exports to Canada 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 1982 TTyyppee 11997799 11998800 11998811 June July Aug. Sept. Oct. Nov. Dec. 1 Total1 18,956 26,756 30,075 30,671 31,227 31,233 31,864 31,711 34,006 33,920 2 Gold stock, including Exchange Stabilization Fund1 11,172 11,160 11,151 11,149 11,149 11,148 11,148 11,148 11,148 11,148 3 Special drawing rights2 3 2,724 2,610 4,095 4,461 4,591 4,601 4,809 4,801 4,929 5,250 4 Reserve position in International Monetary Fund2 1,253 2,852 5,055 6,062 6,386 6,433 6,406 6,367 7,185 7,318 5 Foreign currencies4-5 3,807 10,134 9,774 8,999 9,101 9,051 8,630 9,395 10,744 10,204 1. Gold held under earmark at Federal Reserve Banks for foreign and interna- 3. Includes allocations by the International Monetary Fund of SDRs as follows: tional 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 transactions in SDRs. on a weighted average of exchange rates for the currencies of member countries. 4. Beginning November 1978, valued at current market exchange rates. From July 1974 through December 1980, 16 currencies were used; from January 5. Includes U.S. government securities held under repurchase agreement 1981, 5 currencies have been used. The U.S. SDR holdings and reserve position in against receipt of foreign currencies, if any. 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 1982 AAsssseettss 11997799 11998800 11998811 June July Aug. Sept. Oct. Nov. Dec. 1 Deposits 429 411 505 585 982 347 396 326 386 328 Assets held in custody 2 U.S. Treasury securities' 95,075 102,417 104,680 103,292 106,696 104,136 106,117 107,636 107,467 112,544 3 Earmarked gold 15,169 14,965 14,804 14,777 14,762 14,761 14,726 14,706 15,279 15,284 1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S. NOTE. Excludes deposits and U.S. Treasury securities held for international Treasury securities payable in dollars and in foreign currencies. and regional organizations. Earmarked gold is gold held for foreign and international accounts and is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • January 1983 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data Millions of dollars, end of period 1982 AAsssseett aaccccoouunntt 11997799 11998800 119988KK Apr/ Mayr Juner July' Aug/ Sept. Oct.'' All foreign countries 1 Total, all currencies 364,409 401,135 462,790 460,437 461,800 458,841 465,658 471,469 470,750 463,619 2 Claims on United States 32,302 28,460 63,743 78,139 79,701 83,573 82,250 88,875 90,175 88,932 3 Parent bank 25,929 20,202 43,267 55,920 57,172 58,583 55,585 60,213 60,780 61,252 4 Other 6,373 8,258 20,476 22,219 22,529 24,990 26,665 28,662 29,395 27,680 5 Claims on foreigners 317,330 354,960 378,899 362,670 362,377 356,389 364,160 362,263 360,222 354,281 6 Other branches of parent bank 79,662 77,019 87,821 86,101 88,380 87,163 89,446 91,593 93,283 90,040 7 Banks 123,420 146,448 150,708 142,394 139,535 137,614 143,081 138,521 135,374 133,453 8 Public borrowers 26,097 28,033 28,197 25,603 25,002 25,239 24,654 24,492 24,321 23,851 9 Nonbank foreigners 88,151 103,460 112,173 108,572 109,460 106,373 106,979 107,657 107,244 106,937 10 Other assets 14,777 17,715 20,148 19,628 19,722 18,879 19,248 20,331 20,353 20,406 11 Total payable in U.S. dollars 267,713 291,798 350,678 351,561 351,966 353,816 360,004 366,176 369,675 361,779 12 Claims on United States 31,171 27,191 62,142 76,635 78,095 82,006 80,607 87,267 88,521 87,212 13 Parent bank 25,632 19,896 42,721 55,464 56,687 58,086 54,906 59,532 60,115 60,507 14 Other 5,539 7,295 19,421 21,171 21,408 23,920 25,701 27,735 28,406 26,705 15 Claims on foreigners 229,120 255,391 276,882 263,027 261,928 260,530 267,586 266,503 268,250 261,969 16 Other branches of parent bank 61,525 58,541 69,398 69,337 70,725 70,386 72,488 74,252 77,470 74,032 17 Banks 96,261 117,342 122,055 113,667 110,900 110,274 115,391 111,797 110,588 107,525 18 Public borrowers 21,629 23,491 22,877 20,183 19,592 19,957 19,306 19,043 18,984 18,659 19 Nonbank foreigners 49,705 56,017 62,552 59,840 60,711 59,913 60,401 61,411 61,208 61,753 20 Other assets 7,422 9,216 11,654 11,899 11,943 11,280 11,811 12,406 12,904 12,598 United Kingdom 21 Total, all currencies 130,873 144,717 157,229 159,481 161,036 158,466 164,106 164,523 167,189 164,582 22 Claims on United States 11,117 7,509 11,823 17,676 20,155 20,744 23,962 27,031 27,534 27,756 23 Parent bank 9,338 5,275 7,885 13,750 15,854 16,768 19,680 22,730 22,970 23,717 24 Other 1,779 2,234 3,938 3,926 4,301 3,976 4,282 4,301 4,564 4,039 25 Claims on foreigners 115,123 131,142 138,888 135,634 134,845 131,860 133,964 130,814 132,746 129,986 26 Other branches of parent bank 34,291 34,760 41,367 39,811 39,621 37,696 37,250 36,937 40,385 37,023 27 Banks 51,343 58,741 56,315 55,545 54,674 54,727 56,428 53,582 52,203 52,641 28 Public borrowers 4,919 6,688 7,490 6,822 6,663 6,595 6,456 6,286 6,086 6,157 29 Nonbank foreigners 24,570 30,953 33,716 33,456 33,887 32,842 33,830 34,009 34,072 34,165 30 Other assets 4,633 6,066 6,518 6,171 6,063 5,862 6,180 6,678 6,909 6,840 31 Total payable in U.S. dollars 94,287 99,699 115,188 117,914 119,586 120,002 125,247 126,344 131,129 127,517 32 Claims on United States 10,746 7,116 11,246 17,182 19,608 20,256 23,421 26,514 26,919 27,182 33 Parent bank 9,297 5,229 7,721 13,623 15,663 16,599 19,451 22,496 22,758 23,478 34 Other 1,449 1,887 3,525 3,559 3,945 3,657 3,970 4,018 4,161 3,704 35 Claims on foreigners 81,294 89,723 99,850 96,595 95,926 95,857 97,699 95,293 99,008 95,342 36 Other branches of parent bank 28,928 28,268 35,439 34,240 33,922 32,567 32,007 31,414 35,703 32,243 37 Banks 36,760 42,073 40,703 40,070 39,593 40,479 42,515 40,321 39,786 39,150 38 Public borrowers 3,319 4,911 5,595 4,717 4,507 4,655 4,513 4,336 4,214 4,251 39 Nonbank foreigners 12,287 14,471 18,113 17,568 17,904 18,156 18,664 19,222 19,305 19,698 40 Other assets 2,247 2,860 4,092 4,137 4,052 3,889 4,127 4,537 5,202 4,993 Bahamas and Caymans 41 Total, all currencies 108,977 123,837 149,051 143,153 140,045 141,878 141,124 144,230 140,528 139,414 42 Claims on United States 19,124 17,751 46,546 55,758 54,411 56,704 52,341 56,034 55,380 55,690 43 Parent bank 15,196 12,631 31,643 38,370 37,119 36,608 30,865 32,728 32,068 32,904 44 Other 3,928 5,120 14,903 17,388 17,292 20,096 21,467 23,306 23,312 22,786 45 Claims on foreigners 86,718 101,926 98,002 83,104 81,297 81,170 84,734 83,918 81,051 79,536 46 Other branches of parent bank 9,689 13,342 12,951 12,574 14,186 15,407 17,538 17,806 17,772 17,955 47 Banks 43,189 54,861 55,096 45,756 43,274 42,747 44,547 43,701 41,330 40,436 48 Public borrowers 12,905 12,577 10,010 7,860 7,361 7,327 7,031 7,036 6,999 6,743 49 Nonbank foreigners 20,935 21,146 19,945 16,914 16,476 15,689 15,618 15,375 14,950 14,402 50 Other assets 3,135 4,160 4,503 4,291 4,337 4,004 4,049 4,278 4,097 4,188 51 Total payable in U.S. dollars 102,368 117,654 143,686 138,052 135,134 136,910 135,645 138,807 135,991 134,583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Overseas Branches A57 3.14 Continued 1982 LLiiaabbiilliittyy aaccccoouunntt 11997799 11998800 11998811 Apr/ Mayr June July' Aug/ Sept. Oct." All foreign countries 52 Total, all currencies 364,409 401,135 462,790 460,437 461,800 458,841 465,658 471,469 470,750 463,619 53 To United States 66,689 91,079 137,712 153,262 156,352 160,914 164,520 167,643 170,310 169,323 54 Parent bank 24,533 39,286 56,289 57,073 56,470 59,202 60,949 64,390 66,908 64,117 55 Other banks in United States 13,968 14,473 19,197 26,022 27,685 29,534 31,560 32,436 33,763 32,283 56 Nonbanks 28,188 37,275 62,226 70,167 72,197 72,178 72,011 70,817 69,639 72,923 57 To foreigners 283,510 295,411 305,630 286,982 284,355 278,451 281,600 283,739 280,225 274,269 58 Other branches of parent bank 77,640 75,773 86,396 84,148 85,629 84,516' 86,776 92,191 93,753 91,666 59 Banks 122,922 132,116 124,906 111,675 107,321 105,148' 105,963 103,433 99,920 98,289 60 Official institutions 35,668 32,473 25,997 22,340 22,703 19,914 20,239 20,004 20,277 19,440 61 Nonbank foreigners 47,280 55,049 68,331 68,819 68,702 68,873 68,622 68,111 66,275 64,874 62 Other liabilities 14,210 14,690 19,448 20,193 21,093 19,476 19,538 20,087 20,215 20,027 63 Total payable in U.S. dollars 273,857 303,281 364,390 366,867 368,544 369,380 376,153 381,934 385,394 377,091 64 To United States 64,530 88,157 134,645 150,158 153,222 157,717 161,265 164,419 167,467 166,385 65 Parent bank 23,403 37,528 54,437 55,012 54,508 57,174 58,968 62,374 65,047 62,200 66 Other banks in United States 13,771 14,203 18,883 25,685 27,270 29,198 31,228 32,173 33,508 32,041 67 Nonbanks 27,356 36,426 61,325 69,461 71,444 71,345 71,069 69,872 68,912 72,144 68 To foreigners 201,514 206,883 217,602 204,997 202,529 200,262 203,775 205,728 206,553 199,303 69 Other branches of parent bank 60,551 58,172 69,299 68,045 68,538 68,516' 70,429 75,344 78,499 76,244 70 Banks 80,691 87,497 79,594 69,291 66,611 65,821' 66,524 63,975 62,535 59,782 71 Official institutions 29,048 24,697 20,288 17,491 17,900 15,373 15,737 15,672 16,357 15,253 72 Nonbank foreigners 31,224 36,517 48,421 50,170 49,480 50,552 51,085 50,737 49,162 48,024 73 Other liabilities 7,813 8,241 12,143 11,712 12,793 11,401 11,113 11,787 11,374 11,403 United Kingdom 74 Total, all currencies 130,873 144,717 157,229 159,481 161,036 158,466 164,106 164,523 167,189 164,582 75 To United States 20,986 21,785 38,022 41,886 43,882 44,086 46,965 49,001 53,919 53,774 76 Parent bank 3,104 4,225 5,444 8,006 6,694 6,323 6,679 8,022 11,336 10,568 77 Other banks in United States 7,693 5,716 7,502 8,345 8,972 9,985 11,215 11,616 13,280 12,564 78 Nonbanks 10,189 11,844 25,076 25,535 28,216 27,778 29,071 29,363 29,303 30,642 79 To foreigners 104,032 117,438 112,255 109,629 109,199 106,665 109,105 107,268 104,967 102,611 80 Other branches of parent bank 12,567 15,384 16,545 18,358 19,412 17,771 18,010 18,666 19,123 18,399 81 Banks 47,620 56,262 51,336 47,549 46,204 46,628 48,541 47,502 45,526 45,601 82 Official institutions 24,202 21,412 16,517 13,908 14,119 11,746 12,076 12,006 12,098 11,379 83 Nonbank foreigners 19,643 24,380 27,857 29,814 29,464 30,520 30,478 29,094 28,220 27,232 84 Other liabilities 5,855 5,494 6,952 7,966 7,955 7,715 8,036 8,254 8,303 8,197 85 Total payable in U.S. dollars 95,449 103,440 120,277 124,248 126,901 125,859 131,199 132,536 137,268 133,591 86 To United States 20,552 21,080 37,332 41,198 43,143 43,323 46,129 48,266 53,262 53,146 87 Parent bank 3,054 4,078 5,350 7,907 6,624 6,212 6,603 7,928 11,223 10,442 88 Other banks in United States 7,651 5,626 7,249 8,167 8,755 9,806 11,048 11,510 13,142 12,472 89 Nonbanks 9,847 11,376 24,733 25,124 27,764 27,305 28,478 28,828 28,897 30,232 90 To foreigners 72,397 79,636 79,034 79,444 79,914 78,794 81,207 79,954 80,025 76,519 91 Other branches of parent bank 8,446 10,474 12,048 14,102 14,958 13,903 14,202 14,514 15,548 14,614 92 Banks 29,424 35,388 32,298 30,415 29,965 30,557 32,364 31,898 31,187 30,404 93 Official institutions 20,192 17,024 13,612 11,568 11,829 9,843 10,200 10,322 10,762 9,806 94 Nonbank foreigners 14,335 16,750 21,076 23,359 23,162 24,491 24,441 23,220 22,528 21,695 95 Other liabilities 2,500 2,724 3,911 3,606 3,844 3,742 3,863 4,316 3,981 3,926 Bahamas and Caymans 96 Total, all currencies 108,977 123,837 149,051 143,153 140,045 141,878 141,124 144,230 140,528 139,414 97 To United States 37,719 59,666 85,704 94,364 94,635 97,916 98,625 99,286 96,850 96,785 98 Parent bank 15,267 28,181 39,396 35,998 36,608 39,416 41,132 42,976 41,720 40,200 99 Other banks in United States 5,204 7,379 10,474 15,903 16,827 17,410 17,836 17,922 17,927 17,161 100 Nonbanks 17,248 24,106 35,834 42,463 41,200 41,090 39,657 38,388 37,203 39,424 101 To foreigners 68,598 61,218 60,012 45,786 42,026 41,204 39,748 42,058 40,964 39,793 102 Other branches of parent bank 20,875 17,040 20,641 17,364 15,887 15,855 15,018 17,348 17,690 17,421 103 Banks 33,631 29,895 23,202 14,737 13,452 12,702 11,770 11,615 10,910 10,297 104 Official institutions 4,866 4,361 3,498 2,512 2,448 2,471 2,407 2,288 2,091 2,137 105 Nonbank foreigners 9,226 9,922 12,671 11,173 10,239 10,176 10,553 10,807 10,273 9,938 106 Other liabilities 2,660 2,953 3,335 3,003 3,384 2,758 2,751 2,886 2,714 2,836 107 Total payable in U.S. dollars 103,460 119,657 145,227 139,673 136,713 138,640 137,934 140,786 137,632 136,550 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • January 1983 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1982 IItteemm 11998800 11998811 May June July Aug. Sept. Oct. NOV.P 1 Total1 164,578 169,702 166,972 168,355 169,835 169,231 171,226 171,264 168,808 By type 2 Liabilities reported by banks in the United States2 30,381 26,572 27,730 28,459 25,469 26,533 26,440 26,824 25,954 3 U.S. Treasury bills and certificates3 56,243 52,389 42,741 43,509 45,824 44,182 44,450 43,964 42,906 U.S. Treasury bonds and notes 4 Marketable 41,455 53,150 59,933 60,251 63,043 63,410 64,935 65,540 65,793 5 Nonmarketable4 14,654 11,791 10,750 10,150 9,750 9,350 9,350 9,350 8,750 6 U.S. securities other than U.S. Treasury securities5 21,845 25,800 25,818 25,986 25,749 25,756 26,051 25,586 25,405 By area 1 Western Europe1 81,592 65,484 57,382 58,079 58,787 61,121 61,346 60,667 59,166 8 Canada 1,562 2,403 1,329 1,568 1,519 1,771 2,057 2,204 2,044 9 Latin America and Caribbean 5,688 6,954 7,248 7,692 7,124 6,734 6,385 7,080 5,884 10 Asia 70,784 91,790 95,887 95,466 97,120 94,891 95,960 95,299 95,041 11 Africa 4,123 1,829 1,381 1,437 1,485 1,326 1,303 1,452 1,371 12 Other countries6 829 1,242 3,745 4,113 3,799 3,388 4,175 4,563 5,303 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, commer- agencies, and U.S. corporate stocks and bonds. cial paper, negotiable time certificates of deposit, and borrowings under repur- 6. Includes countries in Oceania and Eastern Europe. chase agreements. 3. Includes nonmarketable certificates of indebtedness (including those pay- NOTE. Based on Treasury Department data and on data reported to the able in foreign currencies through 1974) and Treasury bills issued to official Treasury Department by banks (including Federal Reserve Banks) and securities institutions of foreign countries. dealers in 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 11997799 11998800 11998811 Dec. Mar. June Sept. 1 Banks'own liabilities 1,918 3,748 3,763 3,763 4,285 4,648 4,841 2 Banks' own claims 2,419 4,206 5,224 5,224 5,574 6,260 6,604 3 Deposits 994 2,507 3,398 3,398 3,532 3,457 3,537 4 Other claims 1,425 1,699 1,826 1,826 2,042 2,803 3,067 5 Claims of banks' domestic customers' 580 962 971 971 944 921 506 1. Assets owned by customers of the reporting bank located in the United NOTE. Data on claims exclude foreign currencies held by U.S. monetary States that represent claims on foreigners held by reporting banks for the accounts authorities, 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 1982 HHoollddeerr aanndd ttyyppee ooff lliiaabbiilliittyy 11997799 11998800 11998811AA May June July Aug. Sept/ Oct. NOV.P 1 All foreigners 187,521 205,297 243,010 274,638 285,911 284,226 293,050 298,515 296,201 302,370 2 Banks' own liabilities 117,196 124,791 162,780 203,259 212,634 208,290 217,492 220,427 217,325 224,999 3 Demand deposits 23,303 23,462 19,646 16,566 17,285 17,101 15,852 15,418 17,091 17,417 4 Time deposits1 13,623 15,076 28,816 53,667 56,007 59,517 62,103 62,332 62,087 63,028 5 Other2 16,453 17,583 17,474 21,187 22,146 20,308 24,232 23,520 22,803 24,042 6 Own foreign offices3 63,817 68,670 96,844 111,839 117,196 111,363 115,305 119,158 115,344 120,511 7 Banks' custody liabilities4 70,325 80,506 80,230 71,379 73,277 75,936 75,558 78,089 78,876 77,371 8 U.S. Treasury bills and certificates5 48,573 57,595 55,316 46,487 48,817 51,211 49,646 51,572 53,373 52,138 9 Other negotiable and readily transferable instruments6 19,396 20,079 18,944 20,751 20,448 20,717 22,134 22,437 21,788 21,594 10 Other 2,356 2,832 5,970 4,141 4,011 4,009 3,778 4,080 3,715 3,639 11 Nonmonetary international and regional organizations7 2,356 2,344 2,721 3,039 4,001 4,082 5,073 5,050 6,036 6,465 12 Banks' own liabilities 714 444 638 1,272 1,233 2,246 3,093 2,752 2,337 3,387 13 Demand deposits 260 146 262 185 300 343 265 194 263 257 14 Time deposits' 151 85 58 471 586 633 453 734 429 969 15 Other2 303 212 318 616 347 1,271 2,376 1,825 1,645 2,161 16 Banks' custody liabilities4 1,643 1,900 2,083 1,767 2,768 1,835 1,980 2,298 3,699 3,078 17 U.S. Treasury bills and certificates 102 254 541 253 1,425 487 328 676 2,160 11,,777744 18 Other negotiable and readily transferable instruments6 1,538 1,646 1,542 1,514 1,343 1,349 1,652 1,621 1,539 1,304 19 Other 2 0 0 0 0 0 0 0 0 0 20 Official institutions8 78,206 86,624 78,962 70,471 71,968 71,293 70,715 70,891 70,788 68,861 21 Banks' own liabilities 18,292 17,826 16,813 17,633 18,964 15,887 16,262 16,646 16,757 16,541 22 Demand deposits 4,671 3,771 2,581 2,162 3,167 2,800 2.006 2,526 2,164 2,137 23 Time deposits' 3,050 3,612 4,146 5,769 5,500 6,061 5,749 5,312 6,005 5,504 24 Other2 10,571 10,443 10,086 9,702 10,297 7,026 8,507 8,809 8,588 8,900 25 Banks' custody liabilities4 59,914 68,798 62,149 52,838 53,004 55,406 54,453 54,245 54,031 52,320 26 U.S. Treasury bills and certificates5 47,666 56,243 52,389 42,741 43,509 45,824 44,182 44,450 43,964 42,906 27 Other negotiable and readily transferable instruments6 12,196 12,501 9,712 10,057 9,461 9,547 10,234 9,755 10,033 9,385 28 Other 52 54 47 40 33 36 37 39 34 28 29 Banks9 88,316 96,415 135,359 165,465 173,299 170,998 177,575 181,452 178,346 184,632 30 Banks' own liabilities 83,299 90,456 123,640 152,893 160,594 157,327 163,365 165,627 162,840 168,360 .31 Unaffiliated foreign banks 19,482 21,786 26,796 41,054 43,398 45,964 48,060 46,469 47,496 47,849 32 Demand deposits 13,285 14,188 11,614 9,700 9,274 9,384 8,765 8,138 9,887 9,829 33 Time deposits' 1,667 1,703 8,654 21,189 23,403 25,390 26,731 26,503 26,139 26,321 34 Other2 4,530 5,895 6,528 10,165 10,721 11,190 12,564 11,828 11,470 11,698 35 Own foreign offices3 63,817 68,670 96,844 111,839 117,196 111,363 115,305 119,158 115,344 120,511 36 Banks' custody liabilities4 5,017 5,959 11,718 12,573 12,706 13,671 14,209 15,825 15,506 16,272 37 U.S. Treasury bills and certificates 422 623 1,687 2,707 2,926 3,872 3,970 4,897 5,634 5,792 38 Other negotiable and readily transferable instruments6 2,415 2,748 4,421 6,100 6,520 6,661 7,102 7,916 7,069 7,788 39 Other 2,179 2,588 5,611 3,766 3,260 3,138 3,138 3,012 2,803 2,693 40 Other foreigners 18,642 19,914 25,968 35,663 36,642 37,853 39,688 41,123 41,032 42,412 41 Banks' own liabilities 14,891 16,065 21,689 31,462 31,842 32,829 34,772 35,401 35,392 36,711 42 Demand deposits 5,087 5,356 5,189 4,518 4,544 4,575 4,816 4,560 4,778 5,194 43 Time deposits 8,755 9,676 15,958 26,239 26,518 27,433 29,171 29,783 29,514 30,235 44 Other2 1,048 1,033 543 705 781 822 785 1,059 1,100 1,282 45 Banks' custody liabilities4 3,751 3,849 4,279 4,201 4,800 5,023 4,916 5,721 5,640 5,701 46 U.S. Treasury bills and certificates 382 474 699 786 957 1,028 1,167 1,548 1,615 1,666 47 Other negotiable and readily transferable instruments6 3,247 3,185 3,268 3,080 3,125 3,160 3,147 3,146 3,147 3,118 48 Other 123 190 312 335 718 835 603 1,028 878 918 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 10,984 10,745 10,672 12,652 12,878 13,029 13,921 13,533 14,000 13,390 1. Excludes negotiable time certificates of deposit, which are included in 6. Principally bankers acceptances, commercial paper, and negotiable time "Other negotiable and readily transferable instruments." certificates of deposit. 2. Includes borrowing under repurchase agreements. 7. Principally the International Bank for Reconstruction and Development, and 3. U.S. banks: includes amounts due to own foreign branches and foreign the Inter-American and Asian Development Banks. subsidiaries consolidated in "Consolidated Report of Condition" filed with bank 8. Foreign central banks and foreign central governments, and the Bank for regulatory agencies. Agencies, branches, and majority-owned subsidiaries of International Settlements. foreign banks: principally amounts due to head office or parent foreign bank, and 9. Excludes central banks, which are included in "Official institutions." foreign branches, agencies or wholly owned subsidiaries of head office or parent • Liabilities and claims of banks in the United States were increased, foreign bank. beginning in December 1981, by the shift from foreign branches to international 4. Financial claims on residents of the United States, other than long-term banking facilities in the United States of liabilities to, and claims on, foreign securities, held by or through reporting banks. residents. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 International Statistics • January 1983 3.17 Continued 1982 AArreeaa aanndd ccoouunnttrryy 11997799 11998800 11998811AA May June July Aug. Sept/ Oct. Nov.? 1 Total 187,521 205,297 243,010 274,638 285,911 284,226 293,050 298,515 296,201 302,370 2 Foreign countries 185,164 202,953 240,289 271,599 281,910 280,144 287,977 293,466 290,166 295,905 3 Europe 90,952 90,897 90,951 97,469 102,699 106,284 112,022 114,263 114,895 116,881 4 Austria 413 523 587 454 434 501 531 537 508 441 5 Belgium-Luxembourg 2,375 4,019 4,117 3,075 2,869 2,957 3,218 3,259 2,782 2,498 6 Denmark 1,092 497 333 608 510 452 446 149 166 221 7 Finland 398 455 296 212 181 162 224 328 478 572 8 France 10,433 12,125 8,486 6,312 9,234 8,635 8,145 7,720 7,364 6,999 9 Germany 12,935 9,973 7,665 6,954 6,221 5,624 5,397 5,331 5,360 6,099 10 Greece 635 670 463 549 512 506 559 471 516 496 11 Italy 7,782 7,572 7,290 3,420 4,720 5,760 6,703 6,714 5,541 4,779 12 Netherlands 2,337 2,441 2,823 2,719 2,836 2,789 2,838 2,899 3,102 3,100 13 Norway 1,267 1,344 1,457 1,981 1,370 1,333 1,634 1,773 2,026 2,197 14 Portugal 557 374 354 276 365 365 453 386 356 453 15 Spain 1,259 1,500 916 1,114 1,191 1,133 1,223 1,106 1,315 1,312 16 Sweden 2,005 1,737 1,545 1,425 1,416 1,385 1,278 1,324 2,000 1,615 17 Switzerland 17,954 16,689 18,726 21,567 22,473 23,851 25,019 26,519 26,770 28,059 18 Turkey 120 242 518 204 167 222 287 301 317 255 19 United Kingdom 24,700 22,680 28,288 39,872 41,159 44,115 46,881 48,478 48,809 50,113 20 Yugoslavia 266 681 375 237 314 320 317 307 390 470 21 Other Western Europe1 4,070 6,939 6,170 6,090 6,163 5,734 6,381 6,294 6,444 6,673 22 U.S.S.R 52 68 49 30 44 41 47 47 111 4455 23 Other Eastern Europe2 302 370 493 371 521 397 440 322 541 448866 24 Canada 7,379 10,031 10,250 10,621 11,541 11,168 12,194 11,623 12,163 11,725 25 Latin America and Caribbean 49,686 53,170 84,685 105,891 109,452 103,874 106,805 109,110 105,205 109,323 2261 Argentina 1,582 2,132 2,445 2,207 2,030 2,088 2,636 3,359 3,381 3,432 Bahamas 15,255 16,381 34,400 44,756 44,615 39,482 41,502 42,164 39,800 43,537 28 Bermuda 430 670 765 1,350 1,300 1,302 1,289 1,519 1,507 1,596 29 Brazil 1,005 1,216 1,568 1,615 1,822 1,823 1,865 1,752 2,106 1,865 30 British West Indies 11,138 12,766 17.794 19,749 22,631 22,069 22,871 23,294 22,975 24,161 31 Chile 468 460 664 1,224 l,124r 1,442 1,170 1,293 1,438 1,434 32 Colombia 2,617 3,077 2,993 2,515 2,700 2,699 2,636 2,516 2,407 22,,442266 33 Cuba 13 6 9 6 6 7 9 7 7 88 34 Ecuador 425 371 434 465 559 527 478 524 556 519 35 Guatemala 414 367 479 583 580 613 616 639 636 639 36 Jamaica 76 97 87 104 100 139 136 121 118 108 37 Mexico 4,185 4,547 7,163 9,438 8,957 9,643 9,259 8,468 8,023 8,135 38 Netherlands Antilles 499 413 3,182 3,449 3,727 3,602 3,759 3,713 3,670 3,523 39 Panama 4,483 4,718 4,847 4,338 5,357 4,884 44,,665566 6,172 4,702 4,689 40 Peru 383 403 694 753 1,069 931 998844 974 1,031 965 41 Uruguay 202 254 367 561 542 609 665 721 844 641 42 Venezuela 4,192 3,170 4,245 9,421 9,310 9,139 9,219 8,625 8,796 8,315 43 Other Latin America and Caribbean 2,318 2,123 2,548 3,357 3,022 2,874 3,056 3,249 3,207 3,331 44 Asia 33,005 42,420 49,805 50,991 51,143 5522,,004411 5500,,885544 5511,,111155 4499,,779966 4499,,333311 China 45 Mainland 49 49 158 284 244 261 245 254 216 214 46 Taiwan 1,393 1,662 2,082 2,378 2,334 2,371 2,323 2,490 2,564 2,786 47 Hong Kong 1,672 2,548 3,950 4,737 4,880 4,918 4,551 4,945 4,957 4,847 48 India 527 416 385 603 540 551 655 407 449 507 49 Indonesia 504 730 640 789 583 722 593 436 748 534 50 Israel 707 883 592 562 610 476 486 583 888 705 51 Japan 8,907 16,281 20,551 18,896 18,994 19,827 19,291 18,895 16,595 15,680 52 Korea 993 1,528 2,013 2,192 1,863 1,934 1,712 1,905 1,886 1,791 53 Philippines 795 919 874 785 839 660 728 712 736 768 54 Thailand 277 464 534 474 485 450 369 310 365 349 55 Middle-East oil-exporting countries3 15,300 14,453 13,174 14,400 14,267 14,243 14,106 14,026 14,053 15,131 56 Other Asia 1,879 2,487 4,852 4,891 5,503 5,629 5,795 6,152 6,341 6,020 57 Africa 3,239 5,187 3,180 2,629 2,675 2,692 2,586 2,783 3,369 3,192 58 Egypt 475 485 360 382 447 430 405 385 242 373 59 Morocco 33 33 32 37 59 52 47 63 54 66 60 South Africa 184 288 420 305 335 339 341 344 279 564 61 Zaire 110 57 26 27 37 25 25 20 23 22 62 Oil-exporting countries4 1,635 3,540 1,395 846 901 1,025 908 1,074 1,669 1,250 63 Other Africa 804 783 946 1,031 896 821 860 897 1,103 918 64 Other countries 904 1,247 1,419 3,997 4,400 4,085 3,516 4,572 4,738 5,452 65 Australia 684 950 1,223 3,752 4,172 3,831 3,317 4,355 4,530 5,224 66 All other 220 297 196 245 228 254 199 216 207 228 67 Nonmonetary international and regional organizations 2,356 2,344 2,721 3,039 4,001 4,082 5,073 5,050 6,036 6,465 68 International 1,238 1,157 1,661 2,064 2,860 3,064 3,937 3,934 5,141 5,522 69 Latin American regional 806 890 710 661 694 606 776 719 573 533 70 Other regional5 313 296 350 314 446 412 361 397 322 410 1. Includes the Bank for International Settlements. Beginning April 1978, also 5. Asian, African, Middle Eastern, and European regional organizations, includes Eastern European countries not listed in line 23. except the Bank for International Settlements, which is included in "Other 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Western Europe." Democratic Republic, Hungary, Poland, and Romania. • Liabilities and claims of banks in the United States were increased, beginning 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and in December 1981, by the shift from foreign branches to international banking United Arab Emirates (Trucial States). facilities in the United States of liabilities to. and claims on, foreign residents. 4. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A61 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1982 AArreeaa aanndd ccoouunnttrryy 11997799 11998800 11998811AA May June July Aug. Sept/ Oct. Nov.'' 1 Total 133,943 172,592 251,035 301,247 314,381 322,831 328,555 339,367 334,145 334,192 2 Foreign countries 133,906 172,514 250,979 301,203 314,338 322,785 328,448 339,323 334,089 334,135 3 Europe 28,388 32,108 49,054 62,051 64,115 67,237 70,788 76,481 78,322 78,029 4 Austria 284 236 121 201 140 189 186 146 178 197 5 Belgium-Luxembourg 1,339 1,621 2,843 3,669 3,760 4,102 4,421 4,804 4,947 5,403 6 Denmark 147 127 188 276 287 303 323 358 396 406 7 Finland 202 460 547 638 736 699 776 806 813 904 8 France 3,322 2,958 4,126 5,528 6,405 5,917 5,960 5,815 6,218 6,636 9 Germany 1,179 948 936 1,512 1,758 1,734 1,565 1,609 1,522 1,766 10 Greece 154 256 333 262 297 294 270 283 335 373 11 Italy 1,631 3,364 5,240 5,861 6,024 6,282 6,569 6,733 7,346 7,720 1? Netherlands 514 575 682 917 1,005 1,118 1,085 1,099 1,285 1,102 13 Norway 276 227 384 416 429 538 482 575 544 650 14 Portugal 330 331 529 797 938 990 970 998 1,018 924 15 Spain 1,051 993 2,100 2,628 3,086 3,308 3,520 3,469 3,558 3,633 16 Sweden 542 783 1,206 1,692 1,638 1,513 1,693 2,398 2,799 2,804 17 Switzerland 1,165 1,446 2,213 1,557 1,596 1,601 1,589 1,859 1,636 1,514 18 Turkey 149 145 424 573 584 646 600 605 603 598 19 United Kingdom 13,795 14,917 23,645 31,974 31,834 34,392 37,162 41,370 41,638 39,701 20 Yugoslavia 611 853 1,224 1,202 1,294 1,266 1,220 1,196 1,248 1,261 21 Other Western Europe1 175 179 209 386 247 280 286 325 266 380 2.7 U.S.S.R 268 281 377 251 296 274 296 246 242 227 23 Other Eastern Europe2 1,254 1,410 1,725 1,711 1,761 1,791 1,814 1,787 1,728 1,832 24 Canada 4,143 4,810 9,164 11,349 12,693 13,070 12,083 11,852 12,978 12,514 25 Latin America and Caribbean 67,993 92,992 138,114 167,187 173,201 178,018 181,600 186,355 180,010 180,019 26 Argentina 4,389 5,689 7,522 10,816 11,012 10,971 10,936 10,964 11,019 10,815 27 Bahamas 18,918 29,419 43,437 49,079 51,849 52,403 54,613 55,340 51,717 51,859 28 Bermuda 496 218 346 396 414 398 385 429 610 957 29 Brazil 7,713 10,496 16,918 20,420 21,147 21,557 22,146 23,081 22,969 22,940 30 British West Indies 9,818 15,663 21,913 25,469 25,825 27,914 28,504 29,982 28,225 27,237 31 Chile 1,441 1,951 3,690 4,899 5,268 5,228 5,367 5,394 5,276 5,091 32 Colombia 1,614 1,752 2,018 2,270 2,554 2,612 2,650 2,826 2,838 2,895 33 Cuba 4 3 3 37 3 8 3 3 3 3 34 Ecuador 1,025 1,190 1,531 1,852 2,022 2,027 2,048 2,127 2,057 2,101 35 Guatemala3 134 137 124 112 124 121 116 119 111 140 36 Jamaica3 47 36 62 781 124 578 508 387 151 218 37 Mexico 9,099 12,595 22,408 28,357 29,547 29,749 29,347 29,596 29,371 29,422 38 Netherlands Antilles 248 821 1,076 880 1,028 1,032 778 825 688 787 39 Panama 6,041 4,974 6,779 8,321 8,660 9,146 9,842 10,583 9,978 10,266 40 Peru 652 890 1,218 1,672 2,047 2,064 2,062 2,252 2,244 2,259 41 Uruguay 105 137 157 347 381 413 457 550 572 606 4? Venezuela 4,657 5,438 7,069 9,184 9,138 9,691 9,800 9,867 9,925 10,211 43 Other Latin America and Caribbean 1,593 1,583 1,844 2,295 2,057 2,105 2,039 2,032 2,257 2,211 44 Asia 30,730 39,078 49,770 53,963 57,368 57,404 57,235 57,335 55,680 5566,,334411 China 45 Mainland 35 195 107 68 124 139 127 126 139 194 46 Taiwan 1,821 2,469 2,461 2,114 2,048 1,977 1,891 1,949 2,020 2,348 47 Hong Kong 1,804 2,247 4,126 6,002 6,390 6,124 6,447 6,723 5,976 6,185 48 India 92 142 123 185 252 266 235 275 254 258 49 Indonesia 131 245 346 315 288 294 297 292 315 314 50 Israel 990 1,172 1,562 1,391 1,835 1,637 1,534 1,623 1,748 1,895 51 Japan 16,911 21,361 26,757 27,549 29,258 30,082 29,495 28,496 26,730 25,740 52 Korea 3,793 5,697 7,324 7,104 7,119 7,046 6,967 7,365 7,786 8,536 53 Philippines 737 989 1,817 2,464 2,605 2,605 2,611 2,508 2,560 2,462 54 Thailand 933 876 564 502 459 406 388 409 442 502 55 Middle East oil-exporting countries4 1,548 1,432 1,575 2,613 2,564 2,493 2,633 2,591 2,848 3,176 56 Other Asia 1,934 2,252 3,009 3,656 4,426 4,335 4,609 4,978 4,862 4,732 57 Africa 1,797 2,377 3,503 4,775 4,851 5,029 4,865 5,176 5,017 5,274 58 Egypt 114 151 238 400 416 378 399 386 365 349 59 Morocco 103 223 284 278 334 314 368 376 367 384 60 South Africa 445 370 1,011 1,389 1,467 1,620 1,574 1,775 1,744 1,832 61 Zaire 144 94 112 81 84 81 58 59 61 58 62 Oil-exporting countries5 391 805 657 844 799 849 761 842 762 906 63 Other 600 734 1,201 1,783 1,751 1,787 1,705 1,738 1,718 1,744 64 Other countries 855 1,150 1,376 1,878 2,111 2,028 1,878 2,125 2,083 1,958 65 Australia 673 859 1,203 1,655 1,806 1,700 1,534 1,792 1,713 1,528 66 All other 182 290 172 223 305 328 344 332 370 430 67 Nonmonetary international and regional organizations6 36 78 56 43 43 45 106 44 56 57 1. Includes the Bank for International Settlements. Beginning April 1978, also 5. Comprises Algeria, Gabon, Libya, and Nigeria. includes Eastern European countries not listed in line 23. 6. Excludes the Bank for International Settlements, which is included in 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German "Other Western Europe." Democratic 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 • Liabilities and claims of banks in the United States were increased, United Arab Emirates (Trucial States). beginning 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 • January 1983 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 1982 TTyyppee ooff ccllaaiimm 11997799 11998800 11998811AA May June July Aug. Sept/ Oct. Nov.? 1 Total 111111155555554444444,,,,,,,000000033333330000000 111111199999998888888,,,,,,,666666699999998888888 222222288888886666666,,,,,,,444444400000004444444 333333355555555555555,,,,,,,000000099999993333333 333333377777776666666,,,,,,,444444444444443333333 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 111111133333333333333,,,,,,,999999944444443333333 111111177777772222222,,,,,,,555555599999992222222 222222255555551111111,,,,,,,000000033333335555555 301,247 333333311111114444444,,,,,,,333333388888881111111 322,831 328,555 333333333333339999999,,,,,,,333333366666667777777 334,145 334,192 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 11111115555555,,,,,,,999999933333337777777 22222220000000,,,,,,,888888888888882222222 33333331111111,,,,,,,222222299999994444444 37,630 44444440000000,,,,,,,000000000000001111111 40,684 41,678 44444442222222,,,,,,,666666688888882222222 42,587 42,224 44 OOwwnn ffoorreeiiggnn ooffffiicceess11 44444447777777,,,,,,,444444422222228888888 66666665555555,,,,,,,000000088888884444444 99999996666666,,,,,,,666666633333339999999 108,699 111111111111113333333,,,,,,,777777722222222222222 114,098 118,563 111111122222225555555,,,,,,,777777766666661111111 116,915 115,701 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 44444440000000,,,,,,,999999922222227777777 55555550000000,,,,,,,111111166666668888888 77777774444444,,,,,,,111111100000004444444 97,175 111111100000001111111,,,,,,,777777755555556666666 108,313 109,133 111111111111111111111,,,,,,,444444499999999999999 114,280 115,520 66 DDeeppoossiittss 6666666,,,,,,,222222277777774444444 8888888,,,,,,,222222255555554444444 22222222222222,,,,,,,777777700000004444444 33,725 33333335555555,,,,,,,666666666666667777777 40,028 40,945 44444440000000,,,,,,,777777700000005555555 42,058 41,312 77 OOtthheerr 33333334444444,,,,,,,666666655555554444444 44444441111111,,,,,,,999999911111114444444 55555551111111,,,,,,,444444400000000000000 63,450 66666666666666,,,,,,,000000099999990000000 68,285 68,189 77777770000000,,,,,,,777777799999994444444 72,222 74,209 88 AAllll ootthheerr ffoorreeiiggnneerrss 22222229999999,,,,,,,666666655555550000000 33333336666666,,,,,,,444444455555559999999 44444448888888,,,,,,,999999999999998888888 57,743 55555558888888,,,,,,,999999900000001111111 59,736 59,181 55555559999999,,,,,,,444444422222224444444 60,363 60,747 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 22222220000000,,,,,,,000000088888888888888 22222226666666,,,,,,,111111100000006666666 33333335555555,,,,,,,333333366666668888888 44444440000000,,,,,,,777777711111112222222 33333337777777,,,,,,,000000077777776666666 999999955555555555555 888888888888885555555 1111111,,,,,,,333333377777778888888 1111111,,,,,,,444444422222226666666 1111111,,,,,,,333333399999990000000 11 Negotiable and readily transferable 11111113333333,,,,,,,111111100000000000000 11111115555555,,,,,,,555555577777774444444 22222225555555,,,,,,,777777755555552222222 33333331111111,,,,,,,999999966666666666666 22222228888888,,,,,,,555555577777777777777 12 Outstanding collections and other 6666666,,,,,,,000000033333332222222 9999999,,,,,,,666666644444448888888 8888888,,,,,,,222222233333338888888 7777777,,,,,,,333333322222220000000 7777777,,,,,,,111111111111110000000 13 MEMO: Customer liability on 11111118888888,,,,,,,000000022222221111111 22222222222222,,,,,,,777777711111114444444 22222229999999,,,,,,,555555566666665555555 33333333333333,,,,,,,111111188888880000000 33333335555555,,,,,,,111111100000003333333 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States4 ... 22,333 24,511 39,831 44,084 44,566 45,239 43,730 43,575 45,388 n.a. 1. U.S. banks: includes amounts due from own foreign branches and foreign 4. Includes demand and time deposits and negotiable and nonnegotiable subsidiaries consolidated in "Consolidated Report of Condition" filed with bank certificates of deposit denominated in U.S. dollars issued by banks abroad. For regulatory agencies. Agencies, branches, and majority-owned subsidiaries of description of changes in data reported by nonbanks, see July 1979 BULLETIN, p. foreign banks: principally amounts due from head office or parent foreign bank, 550. and foreign branches, agencies, or wholly owned subsidiaries of head office or • Liabilities and claims of banks in the United States were increased, parent foreign bank. beginning in December 1981, by the shift from foreign branches to international 2. Assets owned by customers of the reporting bank located in the United banking facilities in the United States of liabilities to, and claims on, foreign States that represent claims on foreigners held by reporting banks for the account residents. of their 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 1981 1982 MMaattuurriittyy;; bbyy bboorrrroowweerr aanndd aarreeaa 11997799 11998800 Sept. Dec.A Mar. June Sept. 1 86,181 106,748 122,477 153,932 174,618 200,515 213,061 By borrower 2 Maturity of 1 year or less1 65,152 82,555 94,957 115,908 133,019 151,592 160,949 3 Foreign public borrowers 7,233 9,974 12,978 15,192 16,603 19,439 20,138 4 All other foreigners 57,919 72,581 81,979 100,715 116,416 132,153 140,811 5 Maturity of over 1 year1 21,030 24,193 27,520 38,025 41,598 48,923 52,112 6 Foreign public borrowers 8,371 10,152 12,564 15,645 16,843 19,995 21,928 7 All other foreigners 12,659 14,041 14,956 22,380 24,755 28,928 30,184 By area Maturity of 1 year or less1 8 Europe 15,235 18,715 23,015 27,893 34,246 38,904 44,555 9 Canada 1,777 2,723 3,959 4,634 5,807 6,593 6,975 10 Latin America and Caribbean 24,928 32,034 35,590 48,473 58,243 67,967 71,536 11 21,641 26,686 29,295 31,508 30,585 33,603 33,079 12 Africa 1,077 1,757 2,324 2,457 2,890 3,308 3,624 13 All other2 493 640 774 943 1,249 1,218 1,180 Maturity of over 1 year1 14 Europe 4,160 5,118 6,424 8,095 8,435 9,356 10,576 15 Canada 1,317 1,448 1,347 1,774 1,863 2,345 1,867 16 Latin America and Caribbean 12,814 15,075 17,478 25,088 27,684 32,857 34,258 17 1,911 1,865 1,550 1,902 2,245 2,465 3,370 18 Africa 655 507 548 899 1,056 1,276 1,351 19 All other2 173 179 172 267 315 625 690 1. Remaining time to maturity. A Liabilities and claims of banks in the United States were increased, 2. Includes nonmonetary international and regional organizations. beginning 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 Banks' Billions of dollars, end of period 1980 1981 1982 AArreeaa oorr ccoouunnttrryy 1199778822'' 11997799'' Sept. Dec. Mar. June Sept. Dec.' Mar.' June' Sept.P' 1 Total 266.2 303.9 339.3 352.0 372.1 382.8 399.8 414.3 417.5 430.7 431.4 2 G-10 countries and Switzerland 124.7 138.4 158.8 162.1 168.5 168.3 172.2 175.2 173.7 173.8 172.0 3 Belgium-Luxembourg 9.0 II.1 13.6 13.0 13.6 13.8 14.1 13.3 13.2 14.1 13.5 4 France 12.2 11.7 13.9 14.1 14.5 14.7 16.0 15.3 15.9 16.5 15.7 5 Germany 11.3 12.2 12.9 12.1 13.3 12.1 12.7 12.9 12.5 12.7 12.2 6 Italy 6.7 6.4 7.2 8.2 7.7 8.4 8.6 9.6 9.0 9.0 9.6 7 Netherlands 4.4 4.8 4.4 4.4 4.6 4.2 3.7 4.0 4.0 4.1 3.8 8 Sweden 2.1 2.4 2.8 2.9 3.2 3.1 3.4 3.7 4.1 4.0 4.7 9 Switzerland 5.3 4.7 3.4 5.0 5.1 5.2 5.1 5.5 5.3 5.1 5.0 10 United Kingdom 47.3 56.4 66.7 67.4 68.5 67.0 68.8 69.8 69.7 68.3 68.7 11 Canada 6.0 6.3 7.7 8.4 8.9 10.8 11.8 10.9 11.6 11.3 10.7 12 Japan 20.6 22.4 26.1 26.5 29.1 28.9 28.0 30.1 28.4 28.7 28.0 13 Other developed countries 19.4 19.9 20.6 21.6 23.5 24.8 26.4 28.4 30.6 32.1 32.6 14 Austria 1.7 2.0 1.8 1.9 1.8 2.1 2.2 1.9 2.1 2.1 2.0 15 Denmark 2.0 2.2 2.2 2.3 2.4 2.3 2.5 2.3 2.5 2.6 2.5 16 Finland 1.2 1.2 1.2 1.4 1.4 1.3 1.4 1.7 1.6 1.6 1.8 17 Greece 2.3 2.4 2.6 2.8 2.7 3.0 2.9 2.8 2.8 2.6 2.5 18 Norway 2.1 2.3 2.4 2.6 2.8 2.8 3.0 3.1 3.2 3.2 3.4 19 Portugal .6 .7 .7 .6 .6 .8 1.0 1.1 1.2 1.5 1.6 20 Spain 3.5 3.5 4.2 4.4 5.5 5.7 5.8 6.7 7.2 7.3 7.7 21 Turkey 1.5 1.4 1.3 1.5 1.5 1.4 1.5 1.4 1.6 1.5 1.5 22 Other Western Europe 1.3 1.4 1.7 1.7 1.8 1.8 1.9 2.1 2.2 2.2 2.1 23 South Africa 2.0 1.3 1.2 1.1 1.5 1.9 2.5 2.8 3.3 3.5 3.6 24 Australia 1.4 1.3 1.2 1.3 1.5 1.7 1.9 2.5 3.0 4.0 4.0 25 OPEC countries3 22.7 22.9 21.4 22.7 21.7 22.2 23.5 24.5 25.2 26.2 27.0 26 Ecuador 1.6 1.7 1.9 2.1 2.0 2.0 2.1 2.2 2.3 2.4 2.3 27 Venezuela 7.2 8.7 8.5 9.1 8.3 8.8 9.2 9.7 9.7 9.9 10.1 28 Indonesia 2.0 1.9 1.9 1.8 2.1 2.1 2.5 2.5 2.7 2.7 2.9 29 Middle East countries 9.5 8.0 6.7 6.9 6.7 6.8 7.1 7.5 8.2 8.7 9.1 30 African countries 2.5 2.6 2.4 2.8 2.6 2.6 2.6 2.5 2.2 2.5 2.7 31 Non-OPEC developing countries 52.6 63.0 73.0 77.4 82.2 84.8 90.2 96.2 97.5 103.6 103.9 Latin America 32 Argentina 3.0 5.0 7.6 7.9 9.5 8.5 9.3 9.4 9.9 9.7 9.1 33 Brazil 14.9 15.2 15.8 16.2 17.0 17.5 17.7 19.1 19.7 21.3 22.3 34 Chile 1.6 2.5 3.2 3.7 4.0 4.8 5.5 5.8 6.0 6.4 6.2 35 Colombia 1.4 2.2 2.4 2.6 2.4 2.5 2.5 2.6 2.3 2.6 2.8 36 Mexico 10.8 12.0 14.4 15.9 17.0 18.2 20.0 21.6 22.9 25.1 24.8 37 Peru 1.7 1.5 1.5 1.8 1.8 1.7 1.8 2.0 1.9 2.4 2.6 38 Other Latin America 3.6 3.7 3.9 3.9 4.7 3.8 4.2 4.1 4.1 4.0 4.5 Asia China 39 Mainland .0 .1 .1 .2 .2 .2 .2 .2 .2 .3 .2 40 Taiwan 2.9 3.4 4.1 4.2 4.4 4.6 5.1 5.1 5.1 5.0 4.9 41 India .2 .2 .2 .3 .3 .3 .3 .3 .5 .5 .5 42 Israel 1.0 1.3 1.1 1.5 1.3 1.8 1.5 2.1 1.7 2.2 1.9 43 Korea (South) 3.9 5.4 7.3 7.1 7.7 8.8 8.6 9.4 8.6 8.9 9.3 44 Malaysia .6 1.0 1.1 1.1 1.2 1.4 1.4 1.7 1.7 1.9 1.8 45 Philippines 2.8 4.2 4.8 5.1 4.8 5.1 5.6 6.0 5.9 6.3 6.0 46 Thailand 1.2 1.5 1.5 1.6 1.6 1.5 1.4 1.5 1.4 1.3 1.3 47 Other Asia .2 .5 .5 .6 .5 .7 .8 1.0 1.2 1.2 1.3 Africa 48 Egypt .4 .6 .6 .8 .8 .7 1.0 1.1 1.3 1.3 1.3 49 Morocco .6 .6 .6 .7 .6 .5 .7 .7 .7 .7 .8 50 Zaire .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .1 51 Other Africa4 1.4 1.7 2.1 2.1 2.2 2.1 2.2 2.3 2.3 2.3 2.3 52 Eastern Europe 6.9 7.3 7.3 7.4 7.7 7.7 7.7 7.8 7.2 6.7 6.4 53 U.S.S.R 1.3 .7 .5 .4 .4 .5 .4 .6 .4 .4 .3 54 Yugoslavia 1.5 1.8 2.1 2.3 2.4 2.5 2.5 2.5 2.5 2.4 2.2 55 Other 4.1 4.8 4.7 4.6 4.8 4.8 4.7 4.7 4.3 3.9 3.8 56 Offshore banking centers 31.0 40.4 44.6 47.0 53.7 59.3 61.7 63.5 65.0 70.3 69.6 57 Bahamas 10.4 13.7 13.2 13.7 15.5 17.9 21.3 18.9 19.8 23.1 20.2 58 Bermuda .7 .8 .6 .6 .7 .7 .8 .7 .7 .7 .8 59 Cayman Islands and other British West Indies 7.4 9.4 10.1 10.6 11.9 12.6 12.1 12.4 11.8 12.0 13.0 60 Netherlands Antilles .8 1.2 1.3 2.1 2.3 2.4 2.2 3.2 3.2 3.0 3.3 61 Panama5 3.0 4.3 5.6 5.4 6.5 6.9 6.7 7.6 7.1 7.3 7.7 62 Lebanon .1 .2 .2 .2 .2 .2 .2 .2 .2 .2 .1 63 Hong Kong 4.2 6.0 7.5 8.1 8.4 10.3 10.3 11.8 12.9 14.3 14.9 64 Singapore 3.9 4.5 5.6 5.9 7.3 8.1 8.0 8.7 9.3 9.7 9.6 65 Others6 .5 .4 .4 .3 .9 .3 .1 .1 .1 .1 .0 66 Miscellaneous and unallocated7 9.1 11.7 13.7 14.0 14.9 15.7 18.2 18.8 18.3 18.3 19.9 1. The banking offices covered by these data are the U.S. offices and foreign include only banks' own claims payable in dollars. For earlier dates the claims of branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. the U.S. offices also include customer claims and foreign currency claims Offices not covered include (1) U.S. agencies and branches of foreign banks, and (amounting in June 1978 to $10 billion). (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are 3. In addition to the Organization of Petroleum Exporting Countries shown adjusted 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 in this table 7. Includes New Zealand, Liberia, and international regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 International Statistics • January 1983 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States1 Millions of dollars, end of period 1981 1982 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11997799 11998800 11998811 Sept.' Dec.' Mar.' June' 1 Total 17,418' 22,212' 22,460' 23,593 22,460 22,366 20,843 2 Payable in dollars 14,323' 18,481' 18,749' 20,374 18,749 19,605 18,102 3 Payable in foreign currencies 3,095 3,731 3,711' 3,219 3,711 2,761 2,740 By type 4 Financial liabilities 7,507' 11,316' 12,103' 13,072 12,103 12,585 10,017 5 Payable in dollars 5,223' 8,528' 9,444' 10,688 9,444 10,622 8,056 6 Payable in foreign currencies 2,284 2,788 2,660' 2,384 2,660 1,963 1,961 7 Commercial liabilities 9,910' 10,896' 10,357' 10,520 10,357 9,782 10,826 8 Trade payables 4,591 4,993' 4,720' 4,430 4,720 4,022 4,967 9 Advance receipts and other liabilities 5,320' 5,903 5,637' 6,091 5,637 5,760 5,859 10 Payable in dollars 9,100' 9,953' 9,305' 9,686 9.305 8,983 10,047 11 Payable in foreign currencies 811 943 1,052' 835 1,052 798 779 By area or country Financial liabilities 12 Europe 4,649 6,467 6,808' 7,957 6,808 7,874 5,947 13 Belgium-Luxembourg 322 465 460' 495 460 596 518 14 France 175 327 709' 929 709 924 581 15 Germany 497 582 491 430 491 503 439 16 Netherlands 829 681 748' 664 748 755 517 17 Switzerland 170 354 715 465 715 707 661 18 United Kingdom 2,477 3,923 3,559' 4,800 3,559 4,282 3,084 19 Canada 532 964 958 977 958 914 758 20 Latin America and Caribbean 1,514' 3,136' 3,353' 3,293 3,353 3,327 2,794 21 Bahamas 404r 964 1,279 1,019 1,279 1,095 1,003 22 Bermuda 81 1 7 6 7 6 7 23 Brazil 18 23 22 20 22 27 24 24 British West Indies 516' 1,452 1,241' 1,398 1,241 1,469 1,044 25 Mexico 121 99 102 107 102 67 83 26 Venezuela 72 81 98 90 98 97 100 27 804 723 957 814 957 455 502 28 Japan 726 644 792 696 792 293 340 29 Middle East oil-exporting countries2 31 38 75' 51 75 63 66 30 Africa 4 11 3 3 3 2 3 31 Oil-exporting countries3 1 1 0 1 0 0 0 32 All other4 4 15 24 29 24 12 11 Commercial liabilities 33 Europe 3,709' 4,402 3,771 3,963 3,771 3,422 3,661 34 Belgium-Luxembourg 137 90 71' 79 71 50 47 35 France 467 582 573 575 573 504 657 36 Germany 545 679 545 590 545 473 457 37 Netherlands 227 219 221 239 221 232 247 38 Switzerland 316 499 424 569 424 400 412 39 United Kingdom 1,080' 1,209 880' 925 880 824 849 40 Canada 924 888' 897' 853 897 884 1,116 41 Latin America and Caribbean 1,325' 1,300' 1,037' 1,134 1,037 804 1,399 42 Bahamas 69 8 2 3 2 22 20 43 Bermuda 32 75 67 113 67 71 102 44 Brazil 203 111 67 61 67 83 62 45 British West Indies 21 35 2 11 2 27 1 46 Mexico 257 367' 340' 392 340 210 727 47 Venezuela 301 319 276 273 276 194 219 48 2,991 3,034 3,285 3,221 3,285 3,404 3,286 49 Japan 583 802 1,094 775 1,094 1,090 1,060 50 Middle East oil-exporting countries2 1,014 890 910 881 910 998 954 51 Africa 728 817 703 757 703 664 733 52 Oil-exporting countries3 384 517 344 355 344 247 340 53 All other4 233 456 664 593 664 604 630 1. For a description of the changes in the International Statistics tables, see 3. Comprises Algeria, Gabon, Libya, and Nigeria. July 1979 BULLETIN, p. 550. 4. Includes nonmonetary international and regional organizations. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 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 1982 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11997799'' 11998800'' 11998811'' Sept.' Dec.' Mar.' June' 1 Total 31,305 34,535 35,674 34,392 35,674 30,189 30,234 2 Payable in dollars 28,108 31,591 32,091 31,389 32,091 27,554 27,735 3 Payable in foreign currencies 3,197 2,944 3,584 3,003 3,584 2,635 2,500 By type 4 Financial claims 18,404 19,816 20,756 19,399 20,756 17,752 18,215 5 Deposits 12,852 14,180 14,657 13,771 14,657 12,656 13,428 6 Payable in dollars 11,936 13,405 14,043 13,045 14,043 12,199 13,054 7 Payable in foreign currencies 916 775 614 727 614 457 374 8 Other financial claims 5,552 5,636 6,098 5,627 6,098 5,096 4,787 9 Payable in dollars 3,726 3,953 3,644 3,932 3,644 3,439 3,219 10 Payable in foreign currencies 1,826 1,683 2,454 1,695 2,454 1,657 1,568 11 Commercial claims 12,901 14,720 14,919 14,994 14,919 12,437 12,019 12 Trade receivables 12,185 13,960 13,954 14,057 13,954 11,477 10,960 13 Advance payments and other claims 716 759 965 937 965 960 1,058 14 Payable in dollars 12,447 14,233 14,403 14,412 14,403 11,917 11,461 15 Payable in foreign currencies 454 487 516 582 516 520 557 By area or country Financial claims 16 Europe 6,191 6,094 4,533 4,819 4,533 4,511 4,486 17 Belgium-Luxembourg 32 145 43 26 43 16 13 18 France 177 312 315 348 315 422 313 19 Germany 409 230 224 314 224 197 148 20 Netherlands 53 51 50 68 50 79 56 21 Switzerland 73 59 67 80 67 53 63 22 United Kingdom 5,111 4,982 3,505 3,659 3,505 3,502 3,620 23 Canada 4,997 5,064 6,624 6,033 6,624 4,931 4,395 24 Latin America and Caribbean 6,312 7,811 8,615 7,762 8,615 7,432 8,312 25 Bahamas 2,773 3,477 3,925 3,284 3,925 3,537 3,845 26 Bermuda 30 135 18 15 18 27 42 27 Brazil 163 96 30 66 30 49 76 28 British West Indies 2,011 2,755 3,503 3,315 3,503 2,797 3,504 29 Mexico 157 208 313 283 313 281 274 30 Venezuela 143 137 148 143 148 130 134 31 601 607 759 500 759 680 800 32 Japan 199 189 363 111 363 267 327 33 Middle East oil-exporting countries2 16 20 37 29 37 36 33 34 258 208 173 169 173 164 156 35 Oil-exporting countries3 49 26 46 41 46 43 41 36 All other4 44 32 51 116 51 34 66 Commercial claims 37 Europe 4,922 5,544 5,359 5,378 5,359 4,381 4,241 38 Belgium-Luxembourg 202 233 234 220 234 246 209 39 France 727 1,129 776 767 776 698 634 40 Germany 593 599 557 582 557 452 391 41 Netherlands 298 318 303 308 303 227 296 42 Switzerland 272 354 427 404 427 354 383 43 United Kingdom 901 929 969 1,034 969 1,062 893 44 Canada 859 914 967 1,017 967 943 707 45 Latin America and Caribbean 2,879 3,766 3,468 3,729 3,468 22,,990077 2,763 46 Bahamas 21 21 12 18 12 8800 30 47 Bermuda 197 108 223 241 223 212 226 48 Brazil 645 861 668 726 668 417 419 49 British West Indies 16 34 12 13 12 23 14 50 Mexico 708 1,102 1,022 985 1,022 762 748 51 Venezuela 343 410 424 456 424 396 381 52 3,451 3,522 3,914 3,700 3,914 3,155 3,297 53 Japan 1,177 1,052 1,244 1,129 1,244 1,160 1,211 54 Middle East oil-exporting countries2 765 825 901 829 901 757 793 55 Africa 551 653 750 717 750 587 597 56 Oil-exporting countries3 130 153 152 154 152 143 132 57 All other4 240 321 461 453 461 463 413 1. For a description of the changes in the International Statistics tables, see 3. Comprises Algeria, Gabon, Libya, and Nigeria. July 1979 BULLETIN, p. 550. 4. Includes nonmonetary international and regional organizations. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 International Statistics • January 1983 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1982 1982 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11998800 11998811 Jan.- Nov. May June July Aug. Sept/ Oct. Nov.? U.S. corporate securities STOCKS 1 Foreign purchases 40,298 40,672 36,044 2,622 2,166 2,707 3,183 4,292 5,967 5,571 2 Foreign sales 34,870 34,844 33,060 2,186 1,863 2,695 2,650 4,399 5,675 5,245 3 Net purchases, or sales (—) 5,427 5,827 2,984 436 303 12 532 -107 292 326 4 Foreign countries 5,409 5,803 2,923 429 299 6 530 -110 282 315 5 Europe 3,116 3,662 1,925 306 158 303 272 -268 175 69 6 France 492 900 -185 -48 -25 0 -7 -43 -30 -8 V Germany 169 -22 195 43 II 21 -12 -43 47 26 8 Netherlands -328 42 -85 36 23 0 12 -62 -102 -24 9 Switzerland 310 288 -756 6 -85 -34 -53 -144 -118 -209 10 United Kingdom 2,528 2,235 2,884 279 225 309 366 73 435 314 11 Canada 887 783 78 -10 2 -36 73 115 5 72 12 Latin America and Caribbean 148 -30 256 22 25 -69 121 -82 142 44 13 Middle East1 1,206 1,140 520 104 73 -137 101 134 -98 9 14 Other Asia 16 287 34 -21 39 -57 -43 -16 22 112 15 Africa -1 7 -1 1 -3 1 1 0 0 2 16 Other countries 38 -46 110 27 6 0 5 6 35 7 17 Nonmonetary international and regional organizations 18 24 61 6 4 6 2 3 10 11 BONDS2 18 Foreign purchases 15,425 17,290 19,316 1,929 1,483 1,738 1,513 2,088 2,778 2,088 19 Foreign sales 9,964 12,247 17,806 1,199 1,153 1,630 1,760 2,230 2,939 2,206 20 Net purchases, or sales (-) 5,461 5,043 1,510 730 330 107 -247 -142 -162 -118 21 Foreign countries 5,526 4,976 1,527 690 356 72 -111 -106 -202 -127 22 Europe 1,576 1,356 1,900 704 244 187 -27 -279 429 -228 23 France 129 11 150 46 23 5 -18 25 -16 24 24 Germany 212 848 2,081 500 115 256 106 86 190 14 25 Netherlands -65 70 30 11 5 -3 0 -10 -2 -4 26 Switzerland 54 108 117 48 12 -22 32 -24 -4 -13 27 United Kingdom 1,257 181 -619 91 67 -63 -109 -380 240 -322 28 Canada 135 -12 27 23 21 1 4 2 -152 10 29 Latin America and Caribbean 185 132 174 15 61 18 18 19 -15 36 30 Middle East1 3,499 3,465 -539 -112 22 -68 -78 193 -435 32 31 Other Asia 117 44 -23 61 9 -66 -31 -47 -30 22 32 Africa 5 -1 -19 0 0 0 0 0 0 0 33 Other countries 10 -7 8 0 -1 0 2 5 0 0 34 Nonmonetary international and regional organizations -65 66 -18 40 -26 35 -136 -36 41 10 Foreign securities 35 Stocks, net purchases, or sales (-) -2,136 -140 -1,045 -115 79 44 11 -160 -308 -743 36 Foreign purchases 7,893 9,262 6,214 486 619 452 532 545 704 765 37 Foreign sales 10,029 9,402 7,260 601 540 409 520 705 1,012 1,508 38 Bonds, net purchases, or sales (-) -1,000 -5,446 -6,021 461 -762 -614 -1,353 -1,157 -1,332 -448 39 Foreign purchases 17,084 17,549 26,974 2,755 2,033 2,293 3,279 3,064 3,056 2,934 40 Foreign sales 18,084 22,995 32,995 2,294 2,795 2,907 4,632 4,222 4,388 3,383 41 Net purchases, or sales (—), of stocks and bonds .... -3,136 -5,586 -7,066 346 -684 -571 -1,342 -1,317 -1,640 -1,191 42 Foreign countries -4,013 -4,574 -5,826 126 -305 -578 -1,144 -810 -1,248 -1,161 43 Europe -1,108 -687 -1,907 -40 -425 -21 -128 -271 -520 -581 44 Canada -1,948 -3,698 -2,216 76 -81 -265 -678 -299 -181 -12 45 Latin America and Caribbean 87 69 332 144 76 3 49 -65 -268 -37 46 -1,147 -295 -1,647 -53 127 -303 -433 241 -281 -540 47 Africa 24 -53 -13 -1 0 3 17 1 0 4 48 Other countries 79 90 -374 -1 -2 6 29 -416 3 5 49 Nonmonetary international and regional organizations 876 -1,012 -1,241 219 -379 7 -198 -507 -392 -31 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, 2. Includes state and local government securities, and securities of U.S. Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). government 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 1982 CCoouunnttrryy oorr aarreeaa 11998800 11998811 JJ NN aa oo nn vv ..-- .. May June July Aug. Sept/ Oct. NOV.P Holdings (end of period)1 1 Estimated total2 57,549 70,201 77,836 78,199 79,615 80,436' 82,047 83,715 84,583 2 Foreign countries2 52,961 64,530 72,950 73,005 75,343 76,717 78,334 79,092 79,422 3 Europe2 24,468 23,976 26,021 25,738 26,442 27,717 28,800 28,993 29,397 4 Belgium-Luxembourg 77 543 340 152 155 576 551 834 448 5 Germany2 12,327 11,861 12,974 13,022 13,535 13,959 14,520 14,493 14,706 6 Netherlands 1,884 1,955 2,152 2,176 2,137 2,302 2,333 2,315 2,421 7 Sweden 595 643 655 652 650 644 635 644 677 8 Switzerland2 1,485 846 1,134 1,039 1,016 1,100 1,233 1,266 1,532 9 United Kingdom 7,323 6,709 6,811 6,674 6,922 7,124 7,357 7,222 7,095 10 Other Western Europe 777 1,419 1,954 2,023 2,028 2,012 2,171 2,218 2,519 11 Eastern Europe 0 0 0 0 0 0 0 0 0 12 Canada 449 514 506 410 446 353 428 482 551 13 Latin America and Caribbean 999 736 938 910 848 1,166 1,204 1,086 1,234 14 Venezuela 292 286 296 253 229 222 221 204 172 15 Other Latin America and Caribbean 285 319 437 432 402 611 771 657 762 16 Netherlands Antilles 421 131 204 224 217 333 211 225 299 17 Asia 26,112 38,671 45,060 45,516 47,179 47,165 47,682 48,292 48,101 18 Japan 9,479 10,780 11,396 11,137 11,289 11,247 11,395 11,381 11,295 19 Africa 919 631 405 405 405 305 180 180 78 20 All other 14 2 21 26 23 12 41 60 61 21 Nonmonetary international and regional organizations 4,588 5,671 4,886 5,194 4,272 3,719' 3,713 4,623 5,161 22 International 4,548 5,637 4,822 5,123 4,167 3,629 3,519 4,378 4,900 23 Latin American regional 36 1 -4 -4 -4 -4 -4 -4 -4 Transactions (net purchases, or sales ( -) during period) 24 Total2 6,066 12,652 14,382 568 362 1,416 822 1,611 1,668 868 25 Foreign countries2 6,906 11,568 14,892 1,025 54 2,338 1,374 1,618 757 330 26 Official institutions 3,865 11,694 12,644 1,474 318 2,792 367 1,525 605 253 27 Other foreign2 3,040 -127 2,248 -448 -264 -454 1,007 93 152 78 28 Nonmonetary international and regional organizations -843 1,085 -509 -457 309 -922 -553 -7 910 538 MEMO: Oil-exporting countries 29 Middle East3 7,672 11,156 7,224 907 924 1,313 257 176 199 -320 30 Africa4 327 -289 -552 2 0 0 -100 -125 0 -100 1. Estimated official and private holdings of marketable U.S. Treasury securi- 2. Beginning December 1978, includes U.S. Treasury notes publicly issued to ties 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 United Arab Emirates (Trucial States). foreign countries. 4. Comprises Algeria, Gabon, Libya, and Nigeria. 3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS Percent per annum Rate on Dec. 31, 1982 Rate on Dec. 31, 1982 Rate on Dec. 31, 1982 Country Country Country Per- Month Per- Month Per- Month cent effective cent effective cent effective Austria.. 4.75 Dec. 1982 France1 12.5 Dec. 1982 Norway 9.0 Nov. 1979 Belgium . 11.5 Nov. 1982 Germany, Fed. Rep. of 5.0 Dec. 1982 Switzerland 4.5 Dec. 1982 Brazil... 49.0 Mar. 1981 Italy 18.0 Aug. 1981 United Kingdom2. Canada.. 10.05 Dec. 1982 Japan 5.5 Dec. 1981 Venezuela Sept. 1982 Denmark 10.0 Nov. 1980 Netherlands 5.0 Dec. 1982 1. As of the end of February 1981, the rate is that at which the Bank of France or makes advances against eligible commercial paper and/or government commerdiscounts Treasury bills for 7 to 10 days. cial banks or brokers. For countries with more than one rate applicable to such 2. Minimum lending rate suspended as of Aug. 20, 1981. discounts or advances, the rate shown is the one at which it is understood the central bank transacts the largest proportion of its credit operations. NOTE. Rates shown are mainly those at which the central bank either discounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 International Statistics • January 1983 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1982 CCoouunnttrryy,, oorr ttyyppee 11998800 11998811 11998822 June July Aug. Sept. Oct. Nov. Dec. 1 Eurodollars 14.00 16.79 12.24 15.45 14.37 11.57 11.74 10.43 9.77 9.47 2 United Kingdom 16.59 13.86 12.21 12.96 12.35 11.08 10.84 9.74 9.30 10.55 3 Canada 13.12 18.84 14.38 16.84 16.23 14.76 13.57 12.14 11.08 10.56 4 Germany 9.45 12.05 8.81 9.22 9.41 8.94 8.13 7.55 7.24 6.54 5 Switzerland 5.79 9.15 5.04 5.39 4.32 4.07 3.97 3.66 3.76 3.71 6 Netherlands 10.60 11.52 8.26 8.75 8.95 8.66 7.85 7.09 6.36 5.66 7 France 12.18 15.28 14.61 15.67 14.64 14.43 14.09 13.51 12.98 12.70 8 Italy 17.50 19.98 19.99 20.51 20.18 19.52 18.56 18.57 19.05 19.20 9 Belgium 14.06 15.28 14.10 15.38 15.22 14.00 13.06 12.75 12.50 12.25 10 Japan 11.45 7.58 6.84 7.14 7.15 7.14 7.19 6.97 6.98 6.96 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 11998800 11998811 11998822 July Aug. Sept. Oct. Nov. Dec. 1 Argentina/peso n.a. n.a. 20985.00 19671.43 21172.73 25961.90 29487.50 39200.00 43883.91 7 Australia/dollar1 114.00 114.95 101.65 101.09 97.83 95.820 94.35 94.27 96.82 3 Austria/schilling 12.945 15.948 17.060 17.342 17.431 17.597 17.797 17.947 16.994 4 Belgium/franc 29.237 37.194 45.780 47.029 47.483 48.300 49.103 49.600 47.493 5 Brazil/cruzeiro n.a. 92.374 179.22 177.97 188.25 201.73 215.34 228.51 . 244.63 6 Canada/dollar 1.1693 1.1990 1.2344 1.2699 1.2452 1.2348 1.2301 1.2262 1.2385 7 Chile/peso n.a. n.a. 51.118 47.228 54.941 62.643 66.770 69.050 72.630 8 China, P.R./yuan n.a. 1.7031 1.8978 1.9300 1.9432 1.9567 1.9887 2.0002 1.9445 9 Colombia/peso n.a. n.a. 64.071 65.539 65.179 65.921 66.856 68.168 69.526 10 Denmark/krone 5.6345 7.1350 8.3443 8.5402 8.6482 8.8038 8.9192 8.9595 8.5275 11 Finland/markka 3.7206 4.3128 4.8086 4.7278 4.7515 4.8014 5.3480 5.5263 5.3425 17 France/franc 4.2250 5.4396 6.5793 6.8560 6.9285 7.0649 7.1557 7.2152 6.8548 13 Germany/deutsche mark 1.8175 2.2631 2.428 2.4662 2.4813 2.5055 2.5320 2.5543 2.4193 14 Greece/drachma n.a. n.a. 66.872 69.434 70.165 70.946 71.948 72.889 70.788 15 Hong Kong/dollar n.a. 5.5678 6.0697 5.9025 6.0598 6.1253 6.6038 6.6724 6.5417 16 India/rupee 7.8866 8.6807 9.4846 9.5633 9.5741 9.6495 9.7005 9.7968 9.6926 17 Indonesia/rupiah n.a. n.a. 660.43 659.18 662.11 662.75 670.31 680.92 687.95 18 Iran/rial n.a. 79.324 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 19 Ireland/pound1 205.77 161.32 142.05 139.48 138.54 136.53 134.35 132.91 137.69 20 Israel/shekel n.a. n.a. 24.407 25.320 26.940 28.922 29.860 31.344 32.966 71 Italy/lira 856.20 1138.60 1354.00 1382.26 1392.60 1411.19 1439.94 1468.84 1398.74 77 Japan/yen 226.63 220.63 249.06 255.03 259.04 263.29 271.61 264.09 241.94 73 Malaysia/ringgit 2.1767 2.3048 2.3395 2.3554 2.3528 2.3610 2.3688 2.3647 2.3529 74 Mexico/peso 22.968 24.547 72.990 48.594 90.187 101.86 108.83 130.61 147.35 75 Netherlands/guilder 1.9875 2.4998 2.6719 2.7239 2.7295 2.7444 2.7608 2.7861 2.6698 76 New Zealand/dollar1 97.34 86.848 75.101 73.990 73.217 72.419 71.431 71.092 72.569 77 Norway/krone 4.9381 5.7430 6.4567 6.3557 6.6785 6.8999 7.1735 7.2397 7.0346 78 Peru/sol n.a. n.a. 694.59 693.56 730.97 772.08 819.14 878.66 942.47 79 Philippines/peso n.a. 7.8113 8.5324 8.4802 8.5142 8.6521 8.7760 8.8733 9.0546 30 Portugal/escudo 50.082 61.739 80.101 84.514 85.914 87.702 89.652 91.911 92.685 31 Singapore/dollar n.a. 2.1053 2.1406 2.1464 2.1594 2.1671 2.1984 2.2123 2.1522 37 South Africa/rand1 128.54 114.77 92.297 87.20 86.77 86.830 86.20 87.77 92.03 33 South Korea/won n.a. n.a. 731.93 743.06 744.45 743.61 743.65 745.60 746.36 34 Spain/peseta 71.758 92.396 110.09 111.57 112.079 113.049 115.20 119.09 126.125 35 Sri Lanka/rupee 16.167 18.967 20.756 20.895 20.895 20.918 20.898 21.009 21.166 36 Sweden/krona 4.2309 5.0659 6.2838 6.1159 6.1441 6.2313 7.1543 7.5095 7.3555 37 Switzerland/franc 1.6772 1.9674 2.0327 2.0960 2.1119 2.1418 2.1736 2.1931 2.0588 38 Thailand/baht n.a. 21.731 23.014 23.000 23.000 23.000 23.000 23.000 23.000 39 United Kingdom/pound1 232.58 202.43 174.80 173.54 172.50 171.20 169.62 163.21 161.60 40 Venezuela/bolivar n.a. 4.2781 4.2981 4.2951 4.2981 4.3006 4.2976 4.2996 4.2971 MEMO: United States/dollar2 87.39 102.94 116.57 118.91 119.63 120.93 123.16 124.27 119.22 1. Vaue in U.S. cents. description and back data, see "Index of the Weighted-Average Exchange Value 2. Index of weighted-average exchange value of U.S. dollar against currencies of the U.S. Dollar: Revision" on page 700 of the August 1978 BULLETIN. of other G-10 countries plus Switzerland. March 1973 = 100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For NOTE. Averages of certified noon buying rates in New York for cable tranfers. 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. S TA TIS TICAL RELEASES List Published Semiannually, with Latest Bulletin Reference Issue Page Anticipated schedule of release dates for periodic releases June 1982 A76 SPECIAL TABLES Published Irregularly, with Latest Bulletin Reference Commercial bank assets and liabilities, December 31, 1981 April 1982 All Commercial bank assets and liabilities, March 31, 1982 July 1982 A70 Commercial bank assets and liabilities, June 30, 1982 October 1982 A70 Commercial bank assets and liabilities, September 30, 1982 January 1983 A70 Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1981 April 1982 A78 Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 1982 July 1982 A76 Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 1982 October 1982 A76 Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 1982 January 1983 A76 Special tables begin on next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • January 1983 4.20 DOMESTIC AND FOREIGN OFFICES, Commercial Banks with Assets of $100 Million or over1" Consolidated Report of Condition; Sept. 30, 1982 Millions of dollars Banks with foreign offices2 BBaannkkss wwiitthhoouutt IItteemm 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 1 Total assets 1,696,396 1,251,046 387,776 917,287 445,349 2 Cash and due from depository institutions 282,308 228,200 126,133 102,066 54,108 Currency and coin (U.S. and foreign) 14,111 8,261 245 8,016 5,850 4 B B a a l l a a n n c c e e s s w w i i t t h h o F t e h d e e r r a c l e n R t e ra s l e r b v a e n k B s a nks 1 3 9 , , 4 4 6 4 3 3 1 3 4 , , 4 4 6 3 3 6 3,2 3 8 7 5 2 14,0 1 6 7 3 8 5, ( 0047 ) Demand balances with commercial banks in United States 18,605 7,801 354 7,447 10,804 7 All other balances with depository institutions in United States and with banks in foreign countries 162,690 141,513 120,247 21,266 21,176 8 Time and savings balances with commercial banks in United States 19,349 10,274 6,599 3,674 9,075 9 Balances with other depository institutions in United States 759 561 439 121 199 1 1 1 1 2 0 Ba O F la o t n h re c e i e r g s n b w a b n i r t k h a s n b c in a h n e f k s o s r o e i f i n g o n f t o h c r e o e r i u g n U n t . r S c ie o . s u b n a t n ri k e s s 142, ( ( 5 4 84 ) 2 ) 1 1 2 1 3 0 0 0 , , , 3 3 6 2 5 7 5 4 9 1 9 1 1 6 3 6 , , , 7 2 4 7 0 3 3 8 6 1 1 3 7 3 , , , 9 4 5 1 7 5 9 1 2 11, ( ( 904 4 3 ) ) 13 Cash items in process of collection 63,996 52,725 1,630 51,095 11,271 14 Total securities, loans, and lease financing receivables 1,279,303 908,829 210,229 698,600 370,475 15 Total securities, book value 238,896 128,745 10,477 118,268 110,150 16 U.S. Treasury 66,499 31,460 191 31,269 35,038 17 Obligations of other U.S. government agencies and corporations 39,416 16,028 33 15,995 23,388 18 Obligations of states and political subdivisions in United States 105,324 57,206 624 56,582 48,118 19 All other securities 27,657 24,051 9,630 14,421 3,606 20 Other bonds, notes, and debentures 12,022 9,519 7,657 1,862 2,502 21 Federal Reserve and corporate stock 1,936 1,440 186 1,253 496 22 Trading account securities 13,700 13,092 1,786 11,306 608 73 Federal funds sold and securities purchased under agreements to resell 68,112 43,768 833 42,935 24,344 74 Total loans, gross 981,649 737,798 198,345 539,452 243,851 75 LESS: Unearned income on loans 14,396 7,427 1,795 5,632 6,969 76 Allowance for possible loan loss 10,531 7,729 321 7,409 2,802 27 EQUALS: Loans, net 956,722 722,642 196,230 526,411 234,081 Total loans, gross, by category 3 2 2 3 3 3 3 3 3 3 3 1 9 8 0 3 7 8 4 7 6 5 S C S S e e e o c c c n u u u s C F C r F r r t e e e r H H o o d d u d n n A A c v v b b b t - - i y e y e y i i o n n n n n r f n t t s s e a i i u o u o o a s r r r n m i n n n e e d f d a a d d l a e l l a n r l n m o a t d r i n a d n l V o d p A n e r - r o v g e p e s u e l i a o d r r t e p a i n m e n t s t i e e a n e l t d p roperties 227, ( 8 < < ( ( < ( ( ( (( ( 44 44 1 4 4 4 4 4 4 4 )) 4 )) 5 ) ) ) ) ) ) ) ) 140, ( ( ( ( ( ( ( ( ( ( 5 4 9 4 4 4 4 4 4 4 4 4 ) 6 ) ) ) ) ) ) ) ) ) 8, ( ( ( ( 6 ( ( ( ( ( ( 4 4 3 4 4 4 4 4 ) 4 4 4 0 ) ) ) ) ) ) ) ) ) 1 7 6 3 6 2 3 0 4 7 3 3 3 6 3 1 , , , , , , , , , 9 0 2 1 9 7 1 9 9 5 2 5 3 8 4 5 6 2 4 0 0 2 8 2 2 9 8 6 6 3 7 3 4 4 4 8 4 2 1 8 7 6 4 2 2 5 1 1 1 , , , , , , , , , , 3 2 1 1 2 2 4 9 4 9 9 1 1 4 4 8 0 3 4 6 7 8 9 7 8 5 0 3 2 4 9 7 39 Loans to financial institutions 96,628 89,889 33,144 56,745 6,739 40 REITs and mortgage companies in United States 4,696 4,156 107 4,049 540 4 4 4 1 2 3 Co O U m t . m h S e . e r r b c c r i a o a n m l c m b h a e e n s r k c a s i a n l i d n b a U a g n n e k i n s t c e i d e s S o ta f t f e o s reign banks 13, < ( 23 4 42 ) ) 4 4 8 , , , 4 9 5 8 2 6 5 5 0 7 3 3 5 7 8 7 2 5 4 8 4 , , , 1 0 2 7 5 2 5 3 8 4,2 ( ( 4 4 48 ) ) 4 4 4 5 6 4 Ba F O n o k th r s e e i r i g n n f o b r r e a i n gn c h c e o s u o n f t r o ie th s er U.S. banks 46,4 ( ( 04 4 7 ) ) 4 4 5 5 , , 8 2 5 5 8 7 8 7 1 2 25 4 , , 1 8 2 1 4 7 0 0 0 2 2 0 0 , , 7 4 3 4 4 0 8 7 0 ( < 54 4 49 ) ) 47 Finance companies in United States 11,738 11,347 293 11,054 391 48 Other financial institutions 20,554 19,544 6,876 12,667 1,011 49 Loans for purchasing or carrying securities 13,599 11,758 1,758 10,000 1,840 50 Brokers and dealers in securities 8,830 8,481 1,298 7,184 349 51 4,769 3,277 461 2,816 1,492 52 Loans to finance agricultural production and other loans to farmers 12,534 7,129 658 6,471 5,405 5 5 5 5 3 4 N U o .S n . -U ad .S d . r e a s d s d ee r s e s ( s d e o e m s i ( c d i o le m ) icile) 439,1 ( ( 54 4 6 ) ) 2 3 1 3 6 3 1 2 1 , , , 4 6 2 7 8 0 7 0 3 1 12 0 1 2 6 6 , , , 8 2 5 5 7 7 4 9 5 2 2 3 1 2 9 4 4 , , , 8 9 9 2 0 2 6 2 4 76,4 ( ( 7 4 45 ) ) 6 6 6 5 6 6 6 6 5 5 5 6 0 3 5 6 1 7 6 7 8 7 9 4 Loan P C O s a r t t R R C O s e h o s d e e e h t e i r h t i s e t n a n i e c i i d g d c r k l n e e i a s v r i ( n r a t n c i d t a n d a s h i s l d a t u u l a a l m a a t r l r o g l n l p e e s e m m d r n v o f t e o o a o r p n b l c e l r v e t o c i l l r a i h o a l e n t t o o n y u s e g s a u d n n r s c t) e s e r p p e h l c f a d a o o r i n i e l r r t s d d h , a i t n o f d u a c m s a m e r i d h l o y o d , l e d a r , n n d f iz a m a o t t i i h l o y e n r , a p n e d r s o o t n h a e l r e p x e p r e s n o d n i a t l u r e e x s p enditures 140, ( ( ( ( 1 ( ( ( ( ( ( ( ( ( ( ( 3 4 4 44 4 4 4 4 4 4 4 44 4 4 4 ) )) ) ) ) ) ) ) ) ) )) ) ) 77, ( ( ( ( ( ( 9 ( ( ( ( ( 34 4 4 4 4 4 4 4 4 4 4 8 ) ) ) ) ) ) ) ) ) ) ) 6, ( 4 ( ( ( ( ( ( < ( ( ( 34 4 4 4 4 4 4 4 4 4 4 2 ) ) ) ) ) ) ) ) ) ) ) 5 2 7 1 1 1 1 8 1 2 4 4 3 8 3 6 8 2 6 , , , , , , , , , , , , 7 5 3 7 2 6 0 1 6 2 7 5 8 0 2 1 0 6 9 8 8 2 4 8 2 6 2 9 4 2 2 2 3 5 0 5 5 6 2 1 1 0 2 9 8 8 1 4 3 3 1 6 1 , , , , , , , , , , , , 8 9 5 1 3 6 0 5 2 3 4 0 3 2 5 0 8 9 3 4 8 6 5 1 3 3 9 9 8 6 2 7 4 3 0 9 6 6 7 8 9 0 Loans to foreign government and official institutions 51, < 7 ( 8 4 43 ) ) 4 3 1 7 3 4 , , , 8 3 5 0 0 0 7 4 3 2 2 4 2 2 , , , 8 8 0 6 1 5 9 3 6 2 1 1 2 2 0 , . , 9 4 4 3 9 4 8 1 7 3, ( 9 ( 74 4 6 ) ) 71 Lease financing receivables 15,574 13,674 2,688 10,985 1,900 72 Bank premises, furniture and fixtures, and other assets representing bank premises 24,523 15,221 1,501 13,719 9,302 73 Real estate owned other than bank premises 2,739 1,706 90 1,616 1,033 74 All other assets 107,522 97,091 49,822 101,285 10,431 75 Investment in unconsolidated subsidiaries and associated companies 1,559 1,482 1,135 347 77 7 7 7 7 6 7 8 9 C N u e N U t s t o . d o S n u m . - e U a e f d r . r s S d o ' . r m e l a i s a d f s b o d e i r e l r e i s e t i y s g ( s n d e o o e n b m s r a a i ( c c n d c i c o l e h e m p ) e i t s c a , i n l f c e o ) e r s e i o g u n ts s t u a b n s d i i d n i g a ries, Edge and agreement subsidiaries .... 60, ( ( ( 184 4 4 6 ) ) ) 5 4 1 9 1 8 , , , 7 3 ( 3 2 3 8 4 0 9 1 ) 2 1 0 6 , , ( < 3 4 7 44 4 4 3 ) ) 4 3 3 3 , , 2 ( ( 6 74 4 4 7 3 ) ) 4 ( ( ( 64 4 4 6 ) ) ) 80 45,777 35,889 11,870 24,019 9,888 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A71 4.20 Continued Banks with foreign offices2 BBaannkkss IItteemm IInnssuurreedd ww ffoo ii rr tt ee hh ii oo gg uu nn tt 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 capital' 1,696,396 1,251,046 (4) (4) 445,349 82 Total liabilities excluding subordinated debt 1,599,900 1,188,231 387,519 854,728 411,669 83 Total deposits 1,279,114 915,316 313,540 601,777 363,798 84 Individuals, partnerships, and corporations 985,949 664,312 160,732 503,579 321,638 85 U.S. government 2,730 1,832 212 1,620 898 86 States and political subdivisions in United States 56,728 27,890 637 27,253 28,838 87 All other 221,321 212,465 151,425 61,040 8,856 88 Foreign governments and official institutions 27,751 27,555 20,137 7,418 196 8 9 9 9 0 1 Co O U m t . m h S e . e r r b c c r i o a a n m l c m b h a e e n s r k c a s i a n l i d n b a U a g n n e k i n t s c e i d i e n s S U o ta f n t i f e t o s e r d e i S gn ta t b e a s nks 78,0 ( ( 24 4 3 ) ) 6 6 9 3 6 , , , 6 2 4 9 1 8 6 6 0 3 2 2 4 7 , , , 4 6 7 4 6 7 1 9 2 3 3 7 5 1 , , , 2 7 5 5 0 4 5 8 7 8,3 ( ( 24 4 7 ) ) 9 9 9 3 4 2 Ba O F n o t k h r s e e i r in g n b f a o b n r r k e a s i n g c n in h c e f o s o u r o e n f i t g r o n i t e h s c e o r u n U t . r S ie . s banks 115, ( ( 544 4 7 ) ) 1 9 1 1 8 5 7 , , , 2 0 2 1 0 1 2 2 3 9 8 1 8 3 5 , , , 8 4 3 4 5 8 7 9 8 1 1 6 4 1 , , , 3 7 6 6 5 1 7 3 4 ( ( 343 4 ) 4 ) 95 Certified and officers' checks, travelers checks, and letters of credit sold for cash 12,386 8,818 533 8,284 3,568 96 Federal funds purchased and securities sold under agreements to repurchase in domestic offices and Edge and agreement subsidiaries 161,135 127,627 419 127,207 33,508 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 5 1 2 7 , , 2 8 0 2 7 8 4 1 6 4 , , 9 3 1 2 6 8 15, ( 1427 ) 3 1 1 4 , , 7 3 8 2 9 8 5 3 , , 2 5 9 0 1 0 99 Other liabilities for borrowed money 34,378 32,587 15,127 17,461 1,791 100 Mortgage indebtedness and liability for capitalized leases 2,309 1,550 62 1,487 759 101 All other liabilities 105,135 96,822 58,371 92,468 8,312 1 1 0 0 3 2 N A e c t c e d p u t e a n to c e f s o r e e x i e g c n u b te r d a n a c n h d e s o , u f t o s r t e a i n g d n i n s g u bsidiaries, Edge and agreement subsidiaries 60,3 ( 745 ) 59, ( 9049 ) 3 1 3 4 , , 6 1 4 6 3 6 4 2 5 0 , , 7 3 4 7 3 4 ( 4646 ) 104 Other 44,760 36,913 10,562 26,351 7,847 105 Subordinated notes and debentures 6,102 4,473 257 4,216 1,628 1 1 1 1 1 1 1 1 1 0 1 0 0 0 1 0 6 2 9 7 8 To U P C ta r o n l e R U m d f e e n i e m q v s d r u e i r i o d e i r v n t e d v i y d e d s s e c t f t p d o a o o r c p r c o p k i k f c r t i a o o t l s f n 5 i t t a s i 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 t o h n er t in ca g p e i n t c al i e r s es a e n r d v e o s t her capital reserves 4 4 2 9 1 2 3 9 0 7 , , , , , 2 0 8 3 8 2 3 0 0 7 9 1 6 0 1 9 0 5 5 9 0 2 2 5 1 1 8 8 8 8 1 , , , , , 8 4 3 4 0 3 1 4 4 3 4 2 0 3 2 2 6 1 9 6 1 ( ( ( ( ( ( ( 4 4 4 4 4 4 4 ) ) ) ) ) ) ) ( ( ( ( ( ( ( 4 4 4 4 4 4 4 ) ) ) ) ) ) ) 3 1 1 1 5 2 4 3 1 , , , , , 9 0 2 7 7 4 7 5 2 6 6 8 6 1 2 8 5 9 4 3 MEMO Deposits in domestic offices 113 Total demand 265,478 176,124 0 176,124 89,355 114 Total savings 156,495 80,466 0 80,466 76,029 115 Total time 543,601 345,187 0 345,187 198,414 116 Time deposits of $100,000 or more 302,767 229,431 0 229,431 73,336 117 Certificates of deposit (CDs) in denominations of $100,000 or more 264,835 195,933 0 195,933 88,901 118 Other 37,932 33,497 0 33,497 4,435 119 Savings deposits authorized for automatic transfer and NOW accounts 47,565 24,420 0 24,420 23,145 170 Money market time deposits (A) in minimum denomination of $10,000 but less than $100,000 with original maturities of 26 weeks, and (B) in minimum denomination of $7,500 but less than $100,000 with original maturities of 91 days 141,964 67,957 0 67,957 74,007 121 All savers certificates 16,414 8,605 0 8,605 7,809 122 Total Individual Retirement Accounts (IRA) and Keogh Plan accounts 10,881 5,358 0 5,358 5,523 123 Demand deposits adjusted6 175,235 103,954 0 103,954 71,281 1 1 1 2 2 2 4 5 6 Sta N U 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 d e 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 l i cile) 89, ( ( 63 4 48 ) ) 2 6 8 1 2 4 , , , 4 7 2 8 8 6 5 4 9 15, ( ( 77 4 45 ) ) 68, ( ( 49 4 44 ) ) 5, ( ( 36 4 49 ) ) 127 Standby letters of credit conveyed to others through participations (included in total standby 128 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 7,8 ( 843 ) 7,5 ( 844 ) ( 7841 ) 6,8 3 0 4 3 8 8 2 5 9 1 9 Average for 30 calendar days (or calendar month) ending with report date 179 Total assets 1,688,386 1,245,193 342,363 902,830 443,193 130 Cash and due from depository institutions 283,306 231,434 127,167 104,267 51,872 131 Federal funds sold and securities purchased under agreements to resell 67,411 42,136 823 41,313 25,275 13? Total loans 961,340 725,337 197,817 527,520 236,003 1 13 3 3 4 T To im 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 6 6 5 1 , , 6 6 7 6 2 2 900,4 ( 749 ) 305, ( 0047 ) 5 1 9 9 5 7 , , 4 3 7 5 2 5 3 6 6 8 1 , , 3 1 1 8 7 3 135 Federal funds purchased and securities sold under agreements to repurchase 165,990 130,942 369 130,573 35,048 136 Other liabilities for borrowed money 35,487 33,682 15,115 18,567 1,805 137 Number of banks 1,705 197 197 197 1,508 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • January 1983 4.21 DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or over Consolidated Report of Condition; Sept. 30, 1982 Millions of dollars Member banks NNoonn-- IItteemm mmeemmbbeerr iinnssuurreedd Total National State 1 Total assets 1,362,636 1,157,340 873,424 283,917 205,296 2 Cash and due from depository institutions 156,175 135,171 99,341 35,830 21,003 3 Currency and coin (U.S. and foreign) 13,866 11,778 9,288 2,490 2,088 4 Balances with Federal Reserve Banks 19,070 18,074 14,480 3,594 996 5 Balances with other central banks 178 178 143 35 * 6 Demand balances with commercial banks in United States 18,251 12,555 10,035 2,519 5,696 7 All other balances with depository institutions in United States and with banks in foreign countries 42,442 33,021 24,330 8,691 9,421 8 Time and savings balances with commercial banks in United States 12,749 8,796 7,058 1,738 3,953 9 Balances with other depository institutions in United States 320 189 143 45 131 10 Balances with banks in foreign countries 29,373 24,036 17,129 6,908 5,337 11 Cash items in process of collection 62,367 59,565 41,065 18,500 2,802 12 Total securities, loans, and lease financing receivables 1,069,075 896,885 679,902 216,982 172,190 13 Total securities, book value 228,418 179,425 135,818 43,606 48,994 14 U.S. Treasury 66,308 50,523 37,273 13,250 15,784 15 Obligations of other U.S. government agencies and corporations 39,383 28,757 23,727 5,030 10,626 16 Obligations of states and political subdivisions in United States 104,700 84,132 63,978 20,154 20,568 17 All other securities 18,027 16,012 10,840 5,172 2,015 18 Other bonds, notes, and debentures 4,364 2,675 2,004 670 1,689 19 Federal Reserve and corporate stock 1,749 1,565 1,180 385 185 20 Trading account securities 11,914 11,773 7,656 4,117 141 21 Federal funds sold and securities purchased under agreements to resell 67,279 58,470 43,334 15,137 8,809 22 Total loans, gross 783,304 665,842 506,059 159,783 117,462 23 LESS: Unearned income on loans 12,601 9,691 7,333 2,358 2,910 24 Allowance for possible loan loss 10,210 8,944 6,723 2,220 1,267 25 EQUALS: Loans, net 760,492 647,208 492,003 155,205 113,284 Total loans, gross, by category 26 Real estate loans 219,185 176,132 144,501 31,631 43,053 27 Construction and land development 45,404 38,455 29,876 8,579 6,948 28 Secured by farmland 2,340 1,733 1,554 179 606 29 Secured by residential properties 119,355 96,073 80,271 15,802 23,282 30 1- to 4-family 113,349 91,266 76,364 14,902 22,083 31 FHA-insured or VA-guaranteed 6,019 5,378 4,395 983 641 32 Conventional 107,330 85,888 71,968 13,920 21,442 6,007 4,808 3.908 900 1,199 34 FHA-insured 301 221 119 102 80 35 Conventional '. 5,706 4,587 3,789 798 1,119 36 Secured by nonfarm nonresidential properties 52,087 39,870 32,800 7,070 12,217 37 Loans to financial institutions 63,484 58,916 36,904 22,012 4,569 38 REITs and mortgage companies in United States 4,589 4,358 3,122 1,236 232 39 Commercial banks in United States 12,475 9,331 6,317 3,014 3,144 21,296 20,768 11,990 8,778 528 41 Finance companies in United States 11,445 11,206 6,988 4,218 239 42 Other financial institutions 13,678 13,253 8,487 4,766 425 43 Loans for purchasing or carrying securities 11,840 11,270 6,478 4,792 570 '44 Brokers and dealers in securities 7,532 7,330 3,490 3,840 203 45 Other 4,308 3,940 2,989 952 368 46 Loans to finance agricultural production and other loans to farmers 11,876 10,421 9,429 992 1,456 47 Commercial and industrial loans 316,301 276,675 204,740 71,935 39,626 48 Loans to individuals for household, family, and other personal expenditures 133,702 107,520 87,802 19,718 26,183 49 Installment loans 109,615 88,024 72,497 15,527 21,591 50 Passenger automobiles 38,015 28,836 23,561 5,275 9,179 51 Credit cards and related plans 32,281 29,164 24,018 5,146 3,117 52 Retail (charge account) credit card 26,791 24,438 20,303 4,135 2,353 53 Check and revolving credit 5,491 4,727 3,716 1,011 764 54 Mobile homes 6,714 5,369 4,910 459 1,345 55 Other installment loans 32,604 24,655 20,008 4,647 7,949 56 Other retail consumer goods 7,451 5,946 4,886 1,060 1,505 57 Residential property repair and modernization 7,746 5,550 4,501 1,049 2,196 58 Other installment loans for household, family, and other personal expenditures 17,407 13,159 10,621 2,538 4,248 59 Single-payment loans 24,087 19,496 15,305 4,191 4,592 26,914 24,909 16,205 8,703 2,005 61 Lease financing receivables 12,885 11,782 8,748 3,034 1,103 62 Bank premises, furniture and fixtures, and other assets representing bank premises 23,021 18,761 15,122 3,639 4,261 63 Real estate owned other than bank premises 2,649 2,135 1,746 389 515 64 All other assets 111,716 104,389 77,312 27,077 7,327 65 Investment in unconsolidated subsidiaries and associated companies 424 382 350 32 42 66 Customers' liability on acceptances outstanding 43,743 42,981 30,498 12,483 762 67 Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries .... 33,643 31,784 25,777 6,007 1,859 68 Other 33,907 29,243 20,688 8,555 4,664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A73 4.21 Continued Member bank: NNoonn-- IItteemm IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 69 Total liabilities and equity capital8 1,362,636 1,157,340 873,424 283,917 205,296 70 Total liabilities excluding subordinated debt 1,266,397 1,076,462 812,460 264,002 189,935 71 Total deposits 965,575 795,818 616,420 179,398 169,757 72 Individuals, partnerships, and corporations 825,217 674,476 530,418 144,059 150,741 71 U.S. government 2,518 2,178 1,747 431 340 74 States and political subdivisions in United States 56,091 42,521 34,728 7,793 13,570 75 All other 69,896 66,498 43,207 23,291 3,398 76 Foreign governments and official institutions 7,614 7,368 4,401 2,967 245 77 Commercial banks in United States 45,582 42.970 30,017 12,952 2,612 78 Banks in foreign countries 16,700 16,160 8,788 7,372 540 79 Certified and officers' checks, travelers checks, and letters of credit sold for cash 11,853 10,145 6,321 3,823 1,708 80 Demand deposits 265,478 226,864 167,972 58,892 38,614 81 Mutual savings banks 883 771 441 330 112 82 Other individuals, partnerships, and corporations 207,079 173,593 131,172 42,421 33,486 83 U.S. government 1,715 1,458 1,135 322 257 84 States and political subdivisions in United States 9,815 8,104 6,473 1,631 1,711 85 All other 34,134 32,794 22,430 10,364 1,340 86 Foreign governments and official institutions 1,917 1,864 1,439 426 53 87 Commercial banks in United States 26,162 25,047 18,140 6,908 1,115 88 Banks in foreign countries 6,055 5,882 2,852 3,031 173 89 Certified and officers' checks, travelers checks, and letters of credit sold for cash 11,853 10,145 6,321 3,823 1,708 90 Time deposits 543,601 445,821 348,972 96,849 97,780 91 Mutual savings banks 240 214 116 98 27 92 Other individuals, partnerships, and corporations 462,188 378,080 300,237 77,843 84,108 93 U.S. government 747 669 561 108 78 94 States and political subdivisions in United States 44,683 33,173 27,298 5,874 11,511 95 All other 35,742 33,685 20,759 12,926 2,057 % Foreign governments and official institutions 5,678 5,486 2,945 2,541 192 97 Commercial banks in United States 19,419 17,921 11,877 6,044 1,497 98 Banks in foreign countries 10,645 10,278 5,937 4,341 368 99 Savings deposits 156,495 123,133 99,476 23,657 33,362 100 Mutual savings banks * * * * * 101 Other individuals, partnerships, and corporations 154,826 121,819 98,452 23,367 33,008 102 Individuals and nonprofit organizations 149,087 117,739 95,189 22,550 31,348 103 Corporations and other profit organizations 5,740 4,080 3,263 817 1,660 104 U.S. government 56 51 50 1 5 105 States and political subdivisions in United States 1,593 1,245 956 288 348 106 All other 20 19 18 1 1 107 Foreign governments and official institutions 19 18 17 * 1 108 Commercial banks in United States 1 1 * 1 * 109 Banks in foreign countries * * * * * 110 Federal funds purchased and securities sold under agreements to repurchase 160,716 148,623 105,832 42,791 12,093 111 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed money 37,080 34,630 21,765 12,865 2,450 112 Interest-bearing demand notes (note balances) issued to U.S. Treasury 17,828 16,525 12,966 3,560 1,303 113 Other liabilities for borrowed money 19,252 18,105 8,799 9,305 1,147 114 Mortgage indebtedness and liability for capitalized leases 2,246 1,883 1,587 295 364 115 All other liabilities 100,780 95,508 66,856 28,653 5,272 116 Acceptances executed and outstanding 46,209 45.446 32,914 12,532 763 117 Net due to foreign branches, foreign subsidiaries, Edge and agreement subsidiaries 20,374 19,609 11,919 7,690 765 118 34,198 30,453 22,022 8,431 3,744 119 Subordinated notes and debentures 5,845 4,746 3,090 1,656 1,099 120 Total equity capital8 90,395 76,133 57,875 18,258 14,262 MEMO 121 Time deposits of $100,000 or more 302,767 259,081 194,553 64,528 43,686 172 Certificates of deposit (CDs) in denominations of $100,000 or more 264,835 223,522 170,945 52,577 41,313 P3 Other .... 37,932 35,559 23,608 11,951 2,374 174 Savings deposits authorized for automatic transfer and NOW accounts 47,565 37,488 30,892 6,595 10,077 175 Money market time deposits (A) in minimum denomination of $10,000 but less than $100,000 with original maturities of 26 weeks, and (B) in minimum denomination of $7,500 but 141,964 110,165 91,766 18,399 31,799 less than $100,000 with original maturities of 91 days 16,414 12,797 10,494 2,304 3,617 126 All savers certificates 10,881 8,475 7,014 1,461 2,406 177 Total Individual Retirement Accounts (IRA) and Keogh Plan accounts 175,235 140,794 107,633 33,162 34,441 128 DDeemmaanndd ddeeppoossiittss aaddjjuusstteedd66 73,863 70,976 45,383 25,592 2,887 129 Standby letters of credit 7,101 7,007 5,289 1,717 95 130 Conveyed to others through participation (included in standby letters of credit) 1,198 786 615 171 412 131 Holdings of commercial paper included in total gross loans Average for 30 calendar days (or calendar month) ending with report date 1,346,023 1,142,580 863,550 279,030 203,443 137 Total assets 156,139 136,266 98,987 37,279 19,873 133 Cash and due from depository institutions 66,588 57,567 43,704 13,863 9,021 134 Federal funds sold and securities purchased under agreements to resell 763,523 649,262 492,201 157,061 114,261 135 Total loans 956,655 787,822 610,283 177,539 168,833 136 Total deposits 265,672 224,582 171,754 52,828 41,090 137 Time CDs in denominations of $100,000 or more in domestic offices 165,620 153,100 112,090 41,010 12,520 138 Federal funds purchased and securities sold under agreements to repurchase 20,372 19,267 10,083 9,185 1,105 139 Other liabilities for borrowed money 1,705 1,062 886 176 643 140 Number of banks For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • January 1983 4.22 DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities'" Consolidated Report of Condition; Sept. 30, 1982 Millions of dollars Member banks NNoonn-- IItteemm IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 1 Total assets 1,772,860 1,328,179 1,017,002 311,177 444,681 2 Cash and due from depository institutions 191,947 151,778 113,394 38,384 40,169 3 Currency and coin (U.S. and foreign) 19,193 14,157 11,286 2,871 5,037 4 Balances with Federal Reserve Banks 21,233 19,990 16,086 3,904 1,243 Balances with other central banks 178 178 143 35 * 6 Demand balances with commercial banks in United States 31,589 17,189 14,043 3,146 14,399 7 All other balances with depository institutions in United States and with banks in foreign countries 54,905 39,174 29,517 9,657 15,731 8 Cash items in process of collection 64,849 61,090 42,319 18,771 3,759 9 Total securities, loans, and lease financing receivables 1,425,037 1,043,514 803,029 240,486 381,523 10 Total securities, book value 349,439 229,323 177,783 51,539 120,116 11 U.S. Treasury 106,037 66,761 50,681 16,080 39,276 12 Obligations of other U.S. government agencies and corporations 74,139 42,679 35,379 7,300 31,460 13 Obligations of states and political subdivisions in United States 149,422 103,023 80,182 22,840 46,399 14 All other securities 19,841 16,859 11,540 5,319 2,982 15 Federal funds sold and securities purchased under agreements to resell 90,130 68,648 51,829 16,820 21,482 16 Total loans, gross 1,003,806 755,960 581,710 174,250 247,845 17 LESS: Unearned income on loans 19,248 12,523 9,710 2,813 6,725 18 Allowance for possible loan loss 12,350 9,865 7,509 2,356 2,485 19 EQUALS: Loans, net 972,208 733,572 564,492 169,080 238,636 Total loans, gross, by category 70 Real estate loans 295,313 220066,,991133 169,964 36,949 88,400 21 Construction and land development 50,811 40,326 31,540 8,785 10,485 2? Secured by farmland 8,525 3,787 3,181 606 4,738 23 Secured by residential properties 165,191 115,549 96,236 19,312 49,642 74 1- to 4-family 157,874 110,246 91,915 18,331 47,629 25 Multifamily 7,317 5,303 4,321 982 2,014 26 Secured by nonfarm nonresidential properties 70,786 47,251 39,007 8,245 23,535 27 Loans to financial institutions 68,243 61,037 38,800 22,237 7,206 28 Loans for purchasing or carrying securities 12,450 11,499 6,669 4,829 951 29 Loans to finance agricultural production and other loans to farmers 37,003 19,829 17,165 2,664 17,174 30 Commercial and industrial loans 372,132 299,559 224,374 75,184 72,574 31 Loans to individuals for household, family, and other personal expenditures 188,152 130,682 107,277 23,405 57,470 3? Installment loans 149,881 105,437 87,161 18,276 44,444 33 Passenger automobiles 58,582 37,562 30,926 6,636 21,020 34 Credit cards and related plans 34,030 30,286 24,936 5,350 3,744 35 Mobile homes 9,955 6,815 6,135 680 3,140 36 All other installment loans for household, family, and other personal expenditures 47,315 30,774 25,164 5,610 16,541 37 Single-payment loans 38,271 25,245 20,116 5,129 13,026 38 All other loans 30,512 26,442 17,461 8,982 4,070 39 Lease financing receivables 13,260 11,971 8,925 3,046 1,289 40 Bank premises, furniture and fixtures, and other assets representing bank premises 31,345 22,198 18,015 4,183 9,147 41 Real estate owned other than bank premises 3,732 2,543 2,076 467 1,189 42 120,799 108,145 80,489 27,657 12,653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A75 4.22 Continued Member banks NNoonn-- IItteemm IInnssuurreedd mmeemmbbeerr iinnssuurreedd Total National State 43 Total liabilities and equity capital8 1,772,860 1,328,179 1,017,002 311,177 444,681 44 Total liabilities excluding subordinated debt 1,640,054 1,232,133 943,298 288,835 407,921 45 Total deposits 1,321,647 942,980 740,229 202,751 378,667 46 Individuals, partnerships, and corporations 1,147,598 808,307 643,002 165,304 339,291 47 U.S. government 3,247 2,497 2,026 471 750 48 States and political subdivisions in United States 84,925 53,663 44,143 9,519 31,262 49 All other 71,146 67,164 43,710 23,453 3,983 50 Certified and officers' checks, travelers checks, and letters of credit sold for cash 14,731 11,350 7,346 4,004 3,380 51 Demand deposits 338,016 257,583 194,137 63,446 80,433 52 Individuals, partnerships, and corporations 271,616 201,186 154,481 46,705 70,431 53 U.S. government 2,261 1,700 1,346 353 562 54 States and political subdivisions in United States 14,650 10,164 8,231 1,933 4,485 55 All other 34,758 33,184 22,732 10,451 1,574 56 Certified and officers' checks, travelers checks, and letters of credit sold for cash 14,731 11,350 7,346 4,004 3,380 57 Time deposits 752,504 530,325 419,901 110,425 222,179 58 Other individuals, partnerships, and corporations 648,463 454,151 364,029 90,122 194,312 59 U.S. government 918 742 625 116 176 60 States and political subdivisions in United States 66,794 41,488 34,301 7,187 25.306 61 All other 36,329 33,944 20,945 12,999 2,385 62 Savings deposits 231,127 155,072 126,191 28,881 76,055 63 Corporations and other profit organizations 8.109 5,042 4,074 967 3,067 64 Other individuals, partnerships, and corporations 219.410 147,928 120,418 27,510 71,481 65 U.S. government 68 56 55 1 13 66 States and political subdivisions in United States 3,481 2,011 1,611 399 1,471 67 All other 59 35 33 3 24 68 Federal funds purchased and securities sold under agreements to repurchase 169,707 153,358 109,761 43,597 16,349 69 Interest-bearing demand notes (note balances) issued to U.S. Treasury and other liabilities for borrowed money 38,687 35,509 22,408 13,101 3,178 70 Mortgage indebtedness and liability for capitalized leases 2,643 2,028 1,702 326 615 71 All other liabilities 107,369 98,258 69,198 29,060 9,112 72 Subordinated notes and debentures 6,414 4,986 3,304 1,682 1,427 73 Total equity capital8 126,392 91,059 70,400 20,659 35,333 MEMO ITEMS 74 Time deposits of $100,000 or more 350,337 277,733 210,568 67,165 72,604 75 Certificates of deposit (CDs) in denominations of $100,000 or more 309,041 240,822 185,784 55,038 68,218 76 Other 41,297 36,911 24,784 12,126 4,386 77 Savings deposits authorized for automatic transfer and NOW accounts 72,657 48,187 40,025 8,163 24,469 78 Money market time deposits (A) in minimum denomination of $10,000 but less than $100,000 with original maturities of 26 weeks, and (B) in minimum denomination of $7,500 but less than $100,000 with original maturities of 91 days 237,665 149,266 124,545 24,722 88,398 79 All savers certificates 23,594 15,789 12,997 2,793 7,804 80 Total Individual Retirement Accounts (IRA) and Keogh plan accounts 15,678 10,403 8,647 1,756 5,275 81 Demand deposits adjusted6 244,123 169,357 132,030 37.327 74,765 82 Total standby letters of credit 75,613 71,662 45,975 25,687 3,951 Average for 30 calendar days (or c alendar month) ending with report date 83 Total deposits 1,313,033 934,989 734,075 200,914 378,045 84 Number of banks 14,445 5,584 4,555 1,029 8,861 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 detail available from banks without foreign offices, the inapplicability of certain varying 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 consolidated basis for banks with foreign offices. banking facilities (IBFs). Activity of IBFs established by U.S. commercial banks 5. Equity capital is not allocated between the domestic and foreign offices of is 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 subsidiaries of U.S. commercial banks is reflected in the appropriate asset and commercial interbank and U.S. government less cash items in process of liability line items in the foreign office portion of the tables. When there is a collection. column for fully consolidated foreign and domestic data, activity of IBFs is 7. Domestic offices exclude branches in foreign countries and in U.S. terrireflected in the appropriate asset and liability line items in that portion of the tories and possessions, subsidiaries in foreign countries, and all offices of Edge tables. Act and 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 intraoffice transactions are erased by consolidation, total assets and accounts of their Edge or foreign subsidiaries. liabilities are the sum of all except intraoffice balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • January 1983 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 1982' Millions of dollars All states2 New York Other states2 CCaallii-- IItteemm ffoorrnniiaa,, IIlllliinnooiiss,, Total Branches4 Agencies Branches4 Agencies ttoottaall33 bbrraanncchheess Branches Agencies 1 Total assets5 204,102 150,547 53,556 132,508 7,283 42,385 9,625 7,600 4,701 2 Cash and due from depository institutions 29,800 27,600 2.201 25,575 425 1,505 1,773 203 320 3 Currency and coin (U.S. and foreign) 22 19 2 16 1 1 2 1 1 4 Balances with Federal Reserve Banks 1,116 1.003 113 857 68 40 31 108 13 5 Balances with other central banks 3 0 3 0 0 3 0 0 0 6 Demand balances with commercial banks in United States 1,070 929 141 869 48 70 24 33 26 7 All other balances with depository institutions in United States and with banks in foreign countries 27,501 25,566 1.935 23,758 307 1,387 1,713 58 279 8 Time and savings balances with commercial banks in United States 13,136 11.897 1,240 10,793 262 801 1,027 56 197 9 Balances with other depository institutions in United States 139 138 1 138 0 1 0 0 0 10 Balances with banks in foreign countries 14,226 13,532 694 12,827 45 584 686 2 82 11 Foreign branches of U.S. banks 1,630 1.620 10 1,554 3 13 58 0 1 12 Other banks in foreign countries 12,596 11.912 684 11,273 42 571 627 2 81 13 Cash items in process of collection 88 82 6 75 1 4 4 3 1 14 Total securities, loans, and lease financing receivables . 130,215 98,608 31,607 86,379 4,947 23,485 7,270 4,261 3,874 15 Total securities, book value 4,907 4,506 401 4,294 155 251 176 28 2 16 U.S. Treasury 2,656 2,546 110 2.479 71 42 43 21 0 17 Obligations of other U.S. government agencies and corporations 502 482 20 473 4 20 0 5 1 18 Obligations of states and political subdivisions in United States 71 67 4 50 1 1 16 1 2 19 Other bonds, notes, debentures and corporate stock .. 1,678 1,411 267 1,292 80 188 118 0 0 20 Federal funds sold and securities purchased under agreements to resell 5,060 3.881 1,179 3,661 642 468 127 86 77 By holder 21 Commercial banks in United States 4,372 3,272 1,100 3,085 604 468 94 86 36 22 Others 687 608 79 576 38 0 33 0 41 By type 23 One-day maturity or continuing contract 4,943 3,765 1,179 3,547 641 468 125 86 77 24 Securities purchased under agreements to resell . 194 191 3 116 2 0 0 75 0 75 Other 4,749 3,573 1,176 3,431 639 468 125 11 77 26 Other securities purchased under agreements to resell 117 116 1 114 1 0 2 0 0 ?7 Total loans, gross 125,511 94,240 31.271 82,209 4,803 23,283 7,105 4,235 3,877 78 LESS: Unearned income on loans 204 139 65 125 12 49 11 2 5 29 EQUALS: Loans, net 125,308 94,101 31,206 82,084 4.792 23,234 7,094 4,233 3,872 Total loans, gross, by category 30 Real estate loans 4,907 2,151 2,756 1,412 12 1,919 59 568 936 31 Loans to financial institutions 48,027 38,457 9,571 35,388 1,094 8,194 2,822 193 335 3? Commercial banks in United States 27,834 21,547 6,288 19,523 336 5,965 1,799 184 26 33 U.S. branches and agencies of other foreign banks . 25,949 20,188 5.761 18,291 243 5,531 1,720 158 6 34 Other commercial banks 1,885 1,359 527 1,232 94 434 79 26 20 35 Banks in foreign countries 18,878 15,826 3,052 15,039 631 2,144 766 8 290 36 Foreign branches of U.S. banks 988 846 142 791 66 81 45 0 5 37 Other 17,890 14,980 2,910 14,248 565 2,063 721 8 285 38 Other financial institutions 1,315 1,084 231 826 128 85 257 1 18 39 Loans for purchasing or carrying securities 829 721 108 649 108 72 0 1 0 40 Commercial and industrial loans 57,255 40,682 16,573 33,094 2,977 11,681 3,810 3,342 2,351 41 U.S. addressees (domicile) 33,803 23,218 10,585 17,160 957 8,265 3,254 2,422 1,745 42 Non-U.S. addressees (domicile) 23,452 17,465 5,987 15,934 2,020 3,416 557 920 606 43 Loans to individuals for household, family, and other personal expenditures 208 141 67 108 13 50 8 20 9 44 All other loans 14,284 12,088 2,197 11,559 599 1,366 405 110 246 45 Loans to foreign governments and official institutions 12,022 9,937 2.086 9.478 543 1,331 375 72 223 46 Other 2,262 2,151 111 2,080 55 35 30 38 23 47 Lease financing receivables 1 1 0 1 0 0 0 0 0 48 All other assets 39,027 20,458 18,568 16,893 1,270 16,928 455 3,051 430 49 Customers' liability on acceptances outstanding .... 11,361 8,136 3,225 7.762 601 2,568 162 187 81 50 U.S. addressees (domicile) 5,412 3,159 2,253 2,981 58 2,178 131 32 31 51 Non-U.S. addressees (domicile) 5,949 4,977 972 4,781 542 390 31 155 50 52 Net due from related banking institutions6 20,923 6,847 14,076 4.097 431 13,406 0 2,749 239 53 Other 6,743 5,475 1,268 5,033 238 955 293 114 110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies All 4.30 Continued All states2 New York Other states2 CCaallii-- IItteemm ffoorrnniiaa,, IIlllliinnooiiss,, Total Branches4 Agencies Branches4 Agencies ttoottaall33 bbrraanncchheess Branches Agencies 54 Total liabilities5 204,102 150,547 53,556 132,508 7,283 42,385 9,625 7,600 4,701 55 Total deposits and credit balances 86,026 77,653 8,373 70,235 2,064 5,450 2,389 4.867 1,023 56 Individuals, partnerships, and corporations 34,818 32,782 2,036 26,750 476 881 1,163 4,732 816 57 U.S. addressees (domicile) 26,088 26,016 71 20,402 40 86 938 4,611 11 58 Non-U.S. addressees (domicile) 8,730 6,766 1,964 6,347 436 795 225 121 805 59 U.S. government, states, and political subdivisions in United States 100 100 0 37 0 1 1 61 0 60 All other 51,109 44,771 6,338 43,448 1,587 4,567 1,225 74 207 61 Foreign governments and official institutions .... 5,652 4,889 763 4,833 496 264 33 23 3 62 Commercial banks in United States 16,731 14,388 2,343 13,743 409 1,866 601 32 80 63 U.S. branches and agencies of other foreign banks 11,662 10,052 1,610 9,600 211 1,367 433 19 32 64 Other commercial banks in United States 5,069 4,336 733 4,143 198 499 167 13 48 65 Banks in foreign countries 28,053 24,918 3,135 24,324 620 2,412 576 8 113 66 Foreign branches of U.S. banks 3,906 3,393 513 3,281 186 309 112 0 18 67 Other banks in foreign countries 24,147 21,525 2,621 21,044 434 2,102 464 8 95 68 Certified and officers' checks, traveler's checks, and letters of credit sold for cash 673 575 97 547 62 26 15 12 11 69 Demand deposits 3,373 3,181 192 2,935 62 70 100 137 69 70 Individuals, partnerships, and corporations 1,625 1,554 71 1,373 0 30 79 95 48 71 U.S. addressees (domicile) 1,013 1,013 0 846 0 6 76 84 0 72 Non-U.S. addressees (domicile) 612 541 71 526 0 24 3 11 48 73 U.S. government, states, and political subdivisions in the United States 13 13 0 7 0 0 0 6 0 74 All other 1,734 1,614 121 1,556 62 39 20 36 21 75 Foreign governments and official institutions .... 302 293 9 269 0 8 1 23 1 76 Commercial banks in United States 115 115 0 114 0 0 0 1 0 77 U.S. branches and agencies of other foreign banks 43 43 0 43 0 0 0 0 0 78 Other commercial banks in United States 72 72 0 71 0 0 0 1 0 79 Banks in foreign countries 644 630 14 626 0 5 3 1 9 80 Certified and officers' checks, traveler's checks, and letters of credit sold for cash 673 575 97 547 62 26 15 12 11 81 Time deposits 81,984 74,070 7,914 66,963 1,804 5,329 2,258 4,700 929 82 Individuals, partnerships, and corporations 32,730 30,929 1,801 25,143 379 803 1,053 4,608 744 83 U.S. addressees (domicile) 24,775 24,775 1 19,386 0 56 833 4,500 0 84 Non-U.S. addressees (domicile) 7,955 6,154 1,801 5,757 379 746 220 108 744 85 U.S. government, states, and political subdivisions in the United States 87 87 0 30 0 1 0 55 0 86 All other 49,167 43,054 6,113 41,790 1,424 4,526 1,204 38 185 87 Foreign governments and official institutions .... 5,330 4,592 739 4,560 483 254 32 0 2 88 Commercial banks in United States 16,560 14,265 2,295 1133,,662211 363 1,865 600 31 80 89 U.S. branches and agencies of other foreign banks 11,619 10,009 1,609 9,557 211 1,367 433 19 32 90 Other commercial banks in United States 4,942 4,256 686 4,064 153 498 167 12 48 91 Banks in foreign countries 27,277 24,198 3,079 23,608 578 2,407 573 7 104 92 Savings deposits 287 256 31 193 0 25 31 26 12 93 Individuals, partnerships, and corporations 287 256 31 193 0 25 31 26 12 94 U.S. addressees (domicile) 201 201 0 145 0 3 29 24 0 95 Non-U.S. addressees (domicile) 86 55 31 48 0 22 2 2 12 96 U.S. government, states, and political subdivisions in the 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 383 146 237 144 198 25 0 3 14 99 Individuals, partnerships, and corporations 176 43 132 41 97 23 0 3 13 1(H) U.S. addressees (domicile) 99 28 71 25 40 20 0 3 11 101 Non-U.S. addressees (domicile) 77 16 61 16 57 3 0 0 2 102 U.S. government, states, and political subdivisions in United States 0 0 0 0 0 0 0 0 0 103 All other 207 103 104 103 101 2 0 0 1 104 Foreign governments and official institutions .... 20 5 15 5 14 1 0 0 0 105 Commercial banks in United States 55 8 47 8 46 1 0 0 1 106 U.S. branches and agencies of other foreign banks 0 0 0 0 0 0 0 0 0 107 Other commercial banks in United States 55 8 47 8 46 1 0 0 1 108 Banks in foreign countries 132 90 42 90 42 0 0 0 0 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • January 1983 4.30 Continued All states2 New York Other states2 CCaallii-- IItteemm ffoorrnniiaa,, IIlllliinnooiiss,, Total Branches4 Agencies Branches4 Agencies ttoottaall33 bbrraanncchheess Branches Agencies 109 Federal funds purchased and securities sold under agreement to repurchase 21,076 13,365 7,711 11,839 1,689 5,210 1,145 356 836 By holder 110 Commercial banks in United States 19,122 12,406 6,716 10,950 1,305 5,131 1,076 357 303 111 Others 1,954 959 996 889 384 79 69 0 533 By type 112 One-day maturity or continuing contract 20,278 12,757 7,520 11,250 1,594 5,114 1,126 358 836 113 Securities sold under agreements to repurchase .. 1,691 1,500 191 1,289 42 146 97 113 3 114 Other 18,587 11,258 7,329 9,961 1,552 4,967 1,029 244 833 115 Other securities sold under agreements to repurchase 798 608 191 588 95 96 19 0 0 116 Other liabilities for borrowed money 50,662 22,388 28,275 20,439 1,512 26,332 979 898 503 117 Owed to banks 48,318 20,533 27,785 18,597 1,500 25,858 977 887 498 118 U.S. addressees (domicile) 46,548 19,137 27,412 17,380 1,313 25,789 938 775 354 119 Non-U.S. addressees (domicile) 1,770 1,397 373 1,217 186 69 41 112 143 120 Owed to others 2,345 1,854 490 1,842 12 473 2 11 5 121 U.S. addressees (domicile) 1,878 1,462 416 1,451 2 415 0 11 0 122 Nono-U.S. addressees (domicile) 466 392 74 390 10 59 2 0 5 123 All other liabilities 46,337 37,141 9,196 29,995 2,019 5,394 5,112 1,477 2,339 124 Acceptances executed and outstanding 12,661 9,299 3,362 8,924 642 2,662 164 187 82 125 Net due to related banking institutions6 29,334 24,305 5,029 17,979 1,229 2,135 4,770 1,042 2,180 126 Other 4,342 3,536 805 3,093 148 597 178 249 77 MEMO 127 Time deposits of $100,000 or more 63,680 59,311 4,369 52,510 21 3,651 2,002 4,660 837 128 Certificates of deposit (CDs) in denominations of $100,000 or more 32,336 31,015 1,320 25,297 12 814 1,038 4,590 585 129 Other 31,345 28,296 3,049 27,213 9 2,837 965 71 251 130 Savings deposits authorized for automatic transfer and NOW accounts 33 19 14 5 0 6 6 7 9 131 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26 weeks 39 32 7 0 0 8 0 31 0 132 Time certificates of deposit in denominations of $100,000 or more with remaining maturity of more than 12 months 2,510 2,458 52 2,177 10 7 52 226 39 133 Acceptances refinanced with a U.S.-chartered bank .. 3,880 3,002 878 2,698 40 835 19 286 2 134 Statutory or regulatory asset pledge requirement 84,190 82,013 2,177 75,411 2,124 64 6,549 37 5 135 Statutory or regulatory asset maintenance requirement 10,526 10,282 244 6,975 34 5 297 3,008 208 136 Commercial letters of credit 7,773 5,368 2,405 4,939 359 1,985 253 168 68 137 Standby letters of credit, total 13,898 11,661 2,238 10,554 557 1,270 449 420 648 138 U.S. addressees (domicile) 11,606 9,779 1,827 9,004 409 1,028 322 264 578 139 Non-U.S. addresses (domicile) 2,292 1,882 411 1,550 148 242 126 156 70 140 Standby letters of credit conveyed to others through participation (included in total standby letters of credit) 2,958 2,778 180 2,754 91 76 18 5 12 141 Holdings of commercial paper included in total gross loans 854 757 98 724 30 68 33 0 0 142 Holdings of acceptances included in total commercial and industrial loans 5,187 3,811 1,377 3,680 81 1,263 66 64 33 143 Immediately available funds with a maturity greater than one day (included in other liabilities for borrowed money) 36,691 13,591 23.100 12,050 1,310 21,562 923 567 278 144 Gross due from related banking institutions6 82,135 55,862 26,274 49,429 5,223 20.360 2,393 3,975 756 145 U.S. addressees (domicile) 22,604 9,228 13,376 5,324 1,336 11,903 161 3,706 173 146 Branches and agencies in the United States 21,241 8,111 13,131 4.221 1,272 11,723 148 3,705 172 147 In the same state as reporter 860 380 480 340 14 456 0 40 10 148 In other states 20,381 7,731 12.650 3,881 1,258 11,267 148 3,665 162 149 U.S. banking subsidiaries7 1,362 1,117 245 1,103 64 181 14 0 1 150 Non-U.S. addressees (domicile) 59,532 46,634 12,898 44,104 3,887 8,457 2,231 269 583 151 Head office and non-U.S. branches and agencies. 56,764 44,185 12,579 41,734 3,710 8,354 2,186 236 544 152 Non-U.S. banking companies and offices 2,767 2,449 319 2,370 176 103 45 33 39 153 Gross due to related banking institutions6 90,547 73,320 17,227 63,310 6,020 9,090 7,162 2,267 2,697 154 U.S. addressees (domicile) 20,946 15,349 5,597 9,922 1,248 3,253 3,424 1,694 1,405 155 Branches and agencies in the United States 18,580 13,078 5,502 7.696 1,248 3,165 3,413 1,692 1,365 156 In the same state as reporter 573 126 447 88 46 393 0 39 8 157 In other states 18,007 12,952 5,055 7,609 1,202 2,772 3,413 1,654 1,357 158 U.S. banking subsidiaries7 2,366 2,271 96 2,226 0 88 11 2 39 159 Non-U.S. addressees (domicile) 69,601 57,971 11,630 53,388 4,772 5,837 3,739 573 1,293 160 Head office and non-U.S. branches and agencies. 68,465 56,912 11,553 52,366 4,752 5,799 3,733 547 1,267 161 Non-U.S. banking companies and offices 1,136 1,059 77 1,021 20 38 5 26 26 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 Other states2 CCaallii-- IItteemm ffoorrnniiaa,, IIlllliinnooiiss,, Total Branches4 Agencies Branches4 Agencies ttoottaall33 bbrraanncchheess Branches Agencies Average for 30 calendar days (or calendar month) ending with report date 162 Total assets 428,594 375,850 52,744 357,902 6,887 42,053 9,527 7,619 4,607 163 Cash and due from depository institutions 28,020 25,934 2,086 23,940 366 1,417 1,748 197 351 164 Federal funds sold and securities purchased under agreements to resell 6,110 4,803 1,307 4,576 798 434 134 84 85 165 Total loans 116,628 86,649 29,979 74,940 4,718 22,267 6,822 4,220 3,660 166 Loans to banks in foreign countries 18,209 15,288 2,921 14,518 615 2,036 752 5 282 167 Total deposits and credit balances 81,565 74,155 7,411 67,064 1,764 4,865 2,277 4,656 939 168 Time CDs in denominations of $100,000 or more 31,530 30,241 1,289 24,784 12 829 962 44,,440088 535 169 Federal funds purchased and securities sold under agreements to repurchase 18,885 12,030 6,855 10,662 1,313 4,465 1,040 304 1,100 170 Other liabilities for borrowed money 50,584 22,283 28,301 20,367 1,266 26,584 1,012 823 532 171 Number of reports filed8 396 213 183 133 44 106 39 31 43 1. Data are aggregates of categories reported on the quarterly form FF1EC 002, footnote 6). On the former monthly branch and agency report, available through "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign the G.l 1 statistical release, gross balances were included in total assets and total Banks." This form was first used for reporting data as of June 30, 1980. From liabilities. Therefore, total asset and total liability figures in this table are not November 1972 through May 1980, U.S. branches and agencies of foreign banks comparable to those in the G.l 1 tables. had filed a monthly FR 886a report. Aggregate data from that report were 6. "Related banking institutions" includes the foreign head office and other available through the Federal Reserve statistical release G.ll, last issued on July U.S. and foreign branches and agencies of the bank, the bank's parent holding 10, 1980. Data in this table and in the G.ll tables are not strictly comparable company, and majority-owned banking subsidiaries of the bank and of its parent because of differences in reporting panels and in definitions of balance sheet holding company (including subsidiaries owned both directly and indirectly). items. Gross amounts due from and due to related banking institutions are shown as 2. Includes the District of Columbia. memo items. 3. Agencies account for virtually all of the assets and liabilities reported in 7. "U.S. banking subsidiaries" refers to U.S. banking subsidiaries majority- California. owned by the foreign bank and by related foreign banks and includes U.S. offices 4. Includes all offices that have the power to accept deposits from U.S. of U.S.-chartered commercial banks, of Edge Act and Agreement corporations, residents, including any such offices that are considered agencies under state law. and of New York State (Article XII) investment companies. 5. Total assets and total liabilities include net balances, if any, due from or due 8. In some cases two or more offices of a foreign bank within the same to related banking institutions in the United States and in foreign countries (see metropolitan 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. JONES, Special Assistant to the Board STANLEY J. SIGEL, Assistant to the Board WILLIAM R. MALONI, Special Assistant to the Board NORMAND R.V. BERNARD, Special Assistant to the Board NAOMI P. SALUS, Special Assistant to the Board DIVISION OF RESEARCH AND STATISTICS LEGAL DIVISION JAMES L. KICHLINE, Director MICHAEL BRADFIELD, General Counsel JOSEPH S. ZEISEL, Deputy Director ROBERT E. MANNION, Deputy General Counsel MICHAEL J. PRELL, Associate Director J. VIRGIL MATTINGLY, JR., Associate General Counsel JARED J. ENZLER, Senior Deputy Associate Director GILBERT T. SCHWARTZ, Associate General Counsel DONALD L. KOHN, Senior Deputy Associate Director RICHARD M. ASHTON, Assistant General Counsel ELEANOR J. STOCKWELL, Senior Deputy Associate Director NANCY P. JACKLIN, Assistant General Counsel 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 DAVID E. LINDSEY, Assistant Director OFFICE OF THE SECRETARY LAWRENCE SLIFMAN, Assistant Director FREDERICK M. STRUBLE, Assistant Director WILLIAM W. WILES, Secretary STEPHEN P. TAYLOR, Assistant Director BARBARA R. LOWREY, Associate Secretary PETER A. TINSLEY, Assistant Director JAMES MCAFEE, Associate Secretary LEVON H. GARABEDIAN, Assistant Director (Administration) DIVISION OF CONSUMER DIVISION OF INTERNATIONAL FINANCE AND COMMUNITY AFFAIRS EDWIN M. TRUMAN, Director ROBERT F. GEMMILL, Associate Director GRIFFITH L. GARWOOD, 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 DOLORES S. SMITH, Assistant Director SAMUEL PIZER, Staff Adviser MICHAEL P. DOOLEY, Assistant Director RALPH W. SMITH, JR., Assistant Director DIVISION OF BANKING 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 DAVID L. ROBINSON, Associate Director BRUCE M. BEARDSLEY, Deputy Director C. WILLIAM SCHLEICHER, JR., Associate Director GLENN L. CUMMINS, Assistant Director WALTER ALTHAUSEN, Assistant Director NEAL H. HILLERMAN, Assistant Director CHARLES W. BENNETT, Assistant Director ELIZABETH A. JOHNSON, Assistant Director ANNE M. DEBEER, Assistant Director WILLIAM C. SCHNEIDER, JR., Assistant Director JACK DENNIS, JR., Assistant Director ROBERT J. ZEMEL, Assistant Director RICHARD B. GREEN, Assistant Director EARL G. HAMILTON, Assistant Director ELLIOTT C. MCENTEE, Assistant Director DIVISION OF PERSONNEL DAVID L. SHANNON, Director JOHN R. WEIS, Assistant Director CHARLES W. WOOD, Assistant Director OFFICE OF THE CONTROLLER GEORGE E. LIVINGSTON, Controller DIVISION OF SUPPORT SERVICES DONALD E. ANDERSON, Director ROBERT E. FRAZIER, Associate Director WALTER W. KREIMANN, Associate Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A82 Federal Reserve Bulletin • January 1983 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 WILLIAM S. EDGERLY, First District ROGER E. ANDERSON, Seventh District LEWIS T. PRESTON, Second District RONALD TERRY, Eighth District JOHN H. WALTHER, Third District E. PETER GILLETTE, JR., Ninth District JOHN G. MCCOY, Fourth District N. BERNE HART, Tenth District VINCENT C. BURKE, JR., Fifth District T. C. FROST, JR., Eleventh District PHILIP F. SEARLE, Sixth District JOSEPH J. PINOLA, Twelfth District HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Associate Secretary CONSUMER ADVISORY COUNCIL SUSAN PIERSON DE WITT, Springfield, Illinois, Chairman WILLIAM J. O'CONNOR, Buffalo, New York, Vice Chairman ARTHUR F. BOUTON, Little Rock, Arkansas KENNETH V. LARKIN, San Francisco, California JAMES G. BOYLE, Austin, Texas TIMOTHY D. MARRINAN, Minneapolis, Minnesota GERALD R. CHRISTENSEN, Salt Lake City, Utah STANLEY L. MULARZ, Chicago, Illinois THOMAS L. CLARK, New York, New York WILLARD P. OGBURN, Boston, Massachusetts JEAN A. CROCKETT, Philadelphia, Pennsylvania ELVA QUIJANO, San Antonio, Texas JOSEPH N. CUGINI, Westerly, Rhode Island JANET J. RATHE, Portland, Oregon MEREDITH FERNSTROM, New York, New York JANET M. SCACCIOTTI, Providence, Rhode Island ALLEN J. FISHBEIN, Washington, D.C. GLENDA G. SLOANE, Washington, D.C. E. C. A. FORSBERG, SR., Atlanta, Georgia HENRY J. SOMMER, Philadelphia, Pennsylvania LUTHER R. GATLING, New York, New York NANCY Z. SPILLMAN, Los Angeles, California RICHARD F. HALLIBURTON, Kansas City, Missouri WINNIE F. TAYLOR, Gainesville, Florida CHARLES C. HOLT, Austin, Texas MICHAEL M. VAN BUSKIRK, Columbus, Ohio GEORGE S. IRVIN, Denver, Colorado CLINTON WARNE, Cleveland, Ohio HARRY N. JACKSON, Minneapolis, Minnesota 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 William H. Hendricks Cincinnati 45201 Clifford R. Meyer Robert E. Showaiter Pittsburgh 15230 Milton G. Hulme, Jr. Harold J. Swart RICHMOND* 23219 Steven Muller Robert P. Black Paul E. Reichardt Jimmie R. Monhollon Baltimore 21203 Edward H. Covell Robert D. McTeer, Jr. Charlotte 28230 Naomi G. Albanese Stuart P. Fishburne Culpeper Communications and Records Center 22701 Albert D. Tinkelenberg ATLANTA 30301 William A. Fickling, Jr. William F. Ford John H. Weitnauer, Jr. Robert P. Forrestal Birmingham 35202 William H. Martin III Hiram J. Honea Jacksonville 32231 Copeland D. Newbern Charles D. East Miami 33152 Eugene E. Cohen 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 Robert F. McNellis KANSAS CITY 64198 Paul H. Henson Roger Guffey Doris M. Drury Henry R. Czerwinski Denver 80217 James E. Nielson 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 be made accepted. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNC- each. PART 2, 1971. 153 pp. and PART 3, 1973. 131 pp. TIONS. 1974. 125 pp. Each volume $1.00; 10 or more to one address, $.85 ANNUAL REPORT. each. FEDERAL RESERVE BULLETIN. Monthly. $20.00 per year or OPEN MARKET POLICIES AND OPERATING PROCEDURES— $2.00 each in the United States, its possessions, Canada, STAFF STUDIES. 1971. 218 pp. $2.00 each; 10 or more to and Mexico; 10 or more of same issue to one address, one address, $1.75 each. $18.00 per year or $1.75 each. Elsewhere, $24.00 per REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHAyear or $2.50 each. NISM. Vol. I. 1971. 276 pp. Vol. 2. 1971. 173 pp. Vol. 3. BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint 1972. 220 pp. Each volume $3.00; 10 or more to one of Part I only) 1976. 682 pp. $5.00. address, $2.50 each. BANKING AND MONETARY STATISTICS, 1941-1970. 1976. THE ECONOMETRICS OF PRICE DETERMINATION CONFER- 1,168 pp. $15.00. ENCE, October 30-31, 1970, Washington, D.C. 1972. 397 ANNUAL STATISTICAL DIGEST pp. Cloth ed. $5.00 each; 10 or more to one address, 1971-75. 1976. 339 pp. $5.00 per copy. $4.50 each. Paper ed. $4.00 each; 10 or more to one 1972-76. 1977. 377 pp. $10.00 per copy. address, $3.60 each. 1973-77. 1978. 361 pp. $12.00 per copy. FEDERAL RESERVE STAFF STUDY; WAYS TO MODERATE 1974-78. 1980. 305 pp. $10.00 per copy. FLUCTUATIONS IN HOUSING CONSTRUCTION. 1972. 487 1970-79. 1981. 587 pp. $20.00 per copy. pp. $4.00 each; 10 or more to one address, $3.60 each. 1980. 1981. 241 pp. $10.00 per copy. LENDING FUNCTIONS OF THE FEDERAL RESERVE BANKS. 1981. 1982. 239 pp. $6.50 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 COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to year or $.35 each. Elsewhere, $20.00 per year or $.50 one address, $2.25 each. each. IMPROVING THE MONETARY AGGREGATES: STAFF PAPERS. THE FEDERAL RESERVE ACT, as amended through December 1978. 170 pp. $4.00 each; 10 or more to one address, 1976, with an appendix containing provisions of certain $3.75 each. other statutes affecting the Federal Reserve System. 307 1977 CONSUMER CREDIT SURVEY. 1978. 119 pp. $2.00 each. pp. $2.50. FLOW OF FUNDS ACCOUNTS. 1949-1978. 1979. 171 pp. $1.75 REGULATIONS OF THE BOARD OF GOVERNORS OF THE FED- each; 10 or more to one address, $1.50 each. ERAL RESERVE SYSTEM. INTRODUCTION TO FLOW OF FUNDS. 1980. 68 pp. $1.50 each; BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 10 or more to one address, $1.25 each. pp. $1.00 each; 10 or more to one address, $.85 each. PUBLIC POLICY AND CAPITAL FORMATION. 1981. 326 pp. REPORT OF THE JOINT TREASURY-FEDERAL RESERVE STUDY $13.50 each. OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. NEW MONETARY CONTROL PROCEDURES: FEDERAL RE- 48 pp. $.25 each; 10 or more to one address, $.20 each. SERVE STAFF STUDY, 1981. JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOV- SEASONAL ADJUSTMENT OF THE MONETARY AGGREGATES: ERNMENT SECURITIES MARKET; STAFF STUDIES—PART REPORT OF THE COMMITTEE OF EXPERTS ON SEASONAL 1. 1970. 86 pp. $.50 each; 10 or more to one address, $.40 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 BELOW THE BOTTOM LINE: THE USE OF CONTINGENCIES three Handbooks plus substantial additional material.) AND COMMITMENTS BY COMMERCIAL BANKS, by Benja- $175.00 per year. min Wolkowitz and others. Jan. 1982. 186 pp. Rates for subscribers outside the United States are as MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON follows and include additional air mail costs: COMPETITION AND PERFORMANCE IN BANKING MAR- Federal Reserve Regulatory Service, $225.00 per year. KETS, by Timothy J. Curry and John T. Rose. Jan. 1982. Each Handbook, $75.00 per year. 9 pp. WELCOME TO THE FEDERAL RESERVE, December 1982. COSTS, SCALE ECONOMIES, COMPETITION, AND PRODUCT PROCESSING BANK HOLDING COMPANY AND MERGER APPLI- MIX IN THE U.S. PAYMENTS MECHANISM, by David B. CATIONS Humphrey. Apr. 1982. 18 pp. DIVISIA MONETARY AGGREGATES: COMPILATION, DATA, AND HISTORICAL BEHAVIOR, by William A. Barnett and Paul A. Spindt. May 1982. 82 pp. CONSUMER EDUCATION PAMPHLETS THE COMMUNITY REINVESTMENT ACT AND CREDIT ALLO- Short pamphlets suitable for classroom use. Multiple CATION, by Glenn Canner. June 1982. 8 pp. copies available without charge. INTEREST RATES AND TERMS ON CONSTRUCTION LOANS AT COMMERCIAL BANKS, by David F. Seiders. July 1982. Alice in Debitland 14 pp. Consumer Handbook to Credit Protection Laws The Equal Credit Opportunity Act and . . . Age STRUCTURE-PERFORMANCE STUDIES IN BANKING: AN UP- The Equal Credit Opportunity Act and . . . Credit Rights in DATED SUMMARY AND EVALUATION, by Stephen A. Rhoades. Aug. 1982. 15 pp. Housing FOREIGN SUBSIDIARIES OF U.S. BANKING ORGANIZATIONS, The Equal Credit Opportunity Act and . . . Doctors, Lawby James V. Houpt and Michael G. Martinson. Oct. yers, Small Retailers, and Others Who May Provide 1982. 18 pp. Incidental Credit The Equal Credit Opportunity Act and . . . Women REDLINING: RESEARCH AND FEDERAL LEGISLATIVE RE- SPONSE, by Glenn B. Canner. Oct. 1982. 20 pp. Fair Credit Billing Federal Reserve Glossary Guide to Federal Reserve Regulations How to File A Consumer Credit Complaint REPRINTS If You Borrow To Buy Stock Most of the articles reprinted do not exceed 12 pages. If You Use A Credit Card Series on the Structure of the Federal Reserve System Perspectives on Personal Saving. 8/80. The Board of Governors of the Federal Reserve System The Impact of Rising Oil Prices on the Major Foreign The Federal Open Market Committee Industrial Countries. 10/80. Federal Reserve Bank Board of Directors Federal Reserve and the Payments System: Upgrading Elec- Federal Reserve Banks tronic Capabilities for the 1980s. 2/81. Monetary Control Act of 1980 Survey of Finance Companies, 1980. 5/81. Organization and Advisory Committees Bank Lending in Developing Countries. 9/81. Truth in Leasing U.S. International Transactions in 1981. 4/82. U.S. Currency The Commercial Paper Market since the Mid-Seventies. 6/82. What Truth in Lending Means to You Applying the Theory of Probable Future Competition. 9/82. International Banking Facilities. 10/82. 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, 11, 26, 28 Demand deposits—Continued Agricultural loans, commercial banks, 19, 20, 21, 27 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners) corporations, 25 Banks, by classes, 18, 19-22, 70-75 Turnover, 15 Domestic finance companies, 39 Depository institutions Federal Reserve Banks, 12 Reserve requirements, 8 Foreign banks, U.S. branches and agencies, 23, 76 Reserves and related items, 3, 4, 5, 13 Nonfinancial corporations, 38 Deposits (See also specific types) Savings institutions, 30 Banks, by classes, 3, 18, 19-22, 30, 71, 73, 75 Automobiles Federal Reserve Banks, 4, 12 Consumer installment credit, 42, 43 Turnover, 15 Production, 48, 49 Discount rates at Reserve Banks and at foreign central banks (See Interest rates) BANKERS balances, 18, 19-21, 70, 72, 74 Discounts and advances by Reserve Banks (See (See also Foreigners) Loans) Banks for Cooperatives, 35 Dividends, corporate, 37 Bonds (See also U.S. government securities) New issues, 36 EMPLOYMENT, 46, 47 Rates, 3 Eurodollars, 28 Branch banks, 16, 22-23, 56, 76 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, 11, 12, 13, 34 Federal credit agencies, 35 CAPACITY utilization, 46 Federal finance Capital accounts Debt subject to statutory limitation and types and Banks, by classes, 18, 71, 73, 75 ownership of gross debt, 33 Federal Reserve Banks, 12 Receipts and outlays, 31, 32 Central banks, 67 Treasury financing of surplus, or deficit, 31 Certificates of deposit, 22, 28 Treasury operating balance, 31 Commercial and industrial loans Federal Financing Bank, 31, 35 Commercial banks, 16, 18, 23, 27 Federal funds, 3, 6, 19, 20, 21, 28, 31 Weekly reporting banks, 19-23, 24 Federal Home Loan Banks, 35 Commercial banks Federal Home Loan Mortgage Corporation, 35, 40, 41 Assets and liabilities, 18, 19-22, 70-75 Federal Housing Administration, 35, 40, 41 Business loans, 27 Federal Intermediate Credit Banks, 35 Commercial and industrial loans, 16, 18, 23, 24, 27 Federal Land Banks, 35, 41 Consumer loans held, by type, 42, 43 Federal National Mortgage Association, 35, 40, 41 Loans sold outright, 22 Federal Reserve Banks Nondeposit funds, 17 Condition statement, 12 Number, by classes, 18, 71, 73, 75 Discount rates (See Interest rates) Real estate mortgages held, by holder and property, 41 U.S. government securities held, 4, 12, 13, 33 Time and savings deposits, 3 Federal Reserve credit, 4, 5, 12, 13 Commercial paper, 3, 26, 28, 39 Federal Reserve notes, 12 Condition statements (See Assets and liabilities) Federally sponsored credit agencies, 35 Construction, 46, 50 Finance companies Consumer installment credit, 42, 43 Assets and liabilities, 39 Consumer prices, 46, 51 Business credit, 39 Consumption expenditures, 52, 53 Loans, 19, 20, 21, 42, 43 Corporations Paper, 26, 28 Profits and their distribution, 37 Financial institutions Security issues, 36, 66 Loans to, 19, 20, 21 Cost of living (See Consumer prices) Selected assets and liabilities, 30 Credit unions, 30, 42, 43 Float, 4 (See also Thrift institutions) Flow of funds, 44, 45 Currency and coin, 5, 18, 70, 72, 74 Foreign banks, assets and liabilities of U.S. branches and Currency in circulation, 4, 14 agencies, 23, 76 Customer credit, stock market, 29 Foreign currency operations, 12 Foreign deposits in U.S. banks, 4, 12, 19, 20, 21 DEBITS to deposit accounts, 15 Foreign exchange rates, 68 Debt (See specific types of debt or securities) Foreign trade, 55 Demand deposits Foreigners Adjusted, commercial banks, 15 Claims on, 56, 58, 61, 62, 63, 65 Banks, by classes, 18, 19-22, 71, 73, 75 Liabilities to, 22, 55, 56-60, 64, 66, 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A87 GOLD REAL estate loans Certificate account, 12 Banks, by classes, 19-21, 41 Stock, 4, 55 Rates, terms, yields, and activity, 3, 40 Government National Mortgage Association, 35, 40, 41 Savings institutions, 28 Gross national product, 52, 53 Type of holder and property mortgaged, 41 Repurchase agreements and federal funds, 6, 19, 20, 21 HOUSING, new and existing units, 50 Reserve requirements, 8 Reserves INCOME, personal and national, 46, 52, 53 Commercial banks, 18, 71 Industrial production, 46, 48 Depository institutions, 3, 4, 5, 13 Installment loans, 42, 43 Federal Reserve Banks, 12 Insurance companies, 30, 33, 41 U.S. reserve assets, 55 Insured commercial banks, 70-75 Residential mortgage loans, 40 Interbank loans and deposits, 18 Retail credit and retail sales, 42, 43, 46 Interest rates Bonds, 3 SAVING Business loans of banks, 27 Flow of funds, 44, 45 Federal Reserve Banks, 3, 7 National income accounts, 53 Foreign central banks and foreign countries, 67 Savings and loan associations, 9, 30, 41, 42, 43, 44 Money and capital markets, 3, 28 (See also Thrift institutions) Mortgages, 3, 40 Savings deposits (See Time and savings deposits) Prime rate, commercial banks, 27 Securities (See specific types) Time and savings deposits, 9 Federal and federally sponsored credit agencies, 35 International banking facilities, 17 Foreign transactions, 66 International capital transactions of United States, 54-67 New issues, 36 International organizations, 58, 59-61, 64-67 Prices, 29 Inventories, 52 Special drawing rights, 4, 12, 54, 55 Investment companies, issues and assets, 37 State and local governments Investments (See also specific types) Deposits, 19, 20, 21 Banks, by classes, 18, 30 Holdings of U.S. government securities, 33 Commercial banks, 3, 16, 18, 19-21, 70, 72, 74 New security issues, 36 Federal Reserve Banks, 12, 13 Ownership of securities issued by, 19, 20, 21, 30 Savings institutions, 30, 41 Rates on securities, 3 Stock market, 29 LABOR force, 47 Stocks (See also Securities) Life insurance companies (See Insurance companies) New issues, 36 Loans (See also specific types) Prices, 29 Banks, by classes, 18, 19-22 Commercial banks, 3, 16, 18, 19-22, 23, 27, 70, 72, 74 Federal Reserve Banks, 3, 4, 5, 7, 12, 13 TAX receipts, federal, 32 Insured or guaranteed by United States, 40, 41 Thrift institutions, 3 (See also Credit unions, Savings institutions, 30, 41 Mutual savings banks, and Savings and loan associations) MANUFACTURING Time and savings deposits, 3, 9, 15, 18, 19-22, 71, 73, 75 Capacity utilization, 46 Trade, foreign, 55 Production, 46, 49 Treasury currency, Treasury cash, 4 Margin requirements, 29 Treasury deposits, 4, 12, 31 Member banks (See also Depository institutions) Treasury operating balance, 31 Federal funds and repurchase agreements, 6 Reserve requirements, 8 UNEMPLOYMENT, 47 Mining production, 49 U.S. government balances Mobile home shipments, 50 Commercial bank holdings, 19, 20, 21 Monetary and credit aggregates, 3,13 Treasury deposits at Reserve Banks, 4, 12, 31 Money and capital market rates (See Interest U.S. government securities rates) Bank holdings, 18, 19-21, 33, 70, 72, 74 Money stock measures and components, 3, 14 Dealer transactions, positions, and financing, 34 Mortgages (See Real estate loans) Federal Reserve Bank holdings, 4, 12, 13, 33 Mutual funds (See Investment companies) Foreign and international holdings and transactions, 12, Mutual savings banks, 9, 19-21, 30, 33, 41, 42, 43 33, 67 (See also Thrift institutions) Open market transactions, 11 Outstanding, by type and ownership, 33 NATIONAL defense outlays, 32 Ownership of securities issued by, 30 National income, 52 Rates, 3, 28 U.S. international transactions, 54-67 OPEN market transactions, 11 Utilities, production, 49 PERSONAL income, 53 Prices VETERANS Administration, 40, 41 Consumer and producer, 46, 51 Stock market, 29 WEEKLY reporting banks, 19-24 Prime rate, commercial banks, 27 Wholesale (producer) prices, 46, 51 Producer prices, 46, 51 Production, 46, 48 Profits, corporate, 37 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 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