Federal Reserve Bulletin, 1986-12

VOLUME 72 • NUMBER 12 • DECEMBER 1986 FEDERAL RESERVE BULLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. PUBLICATIONS COMMITTEE Joseph R. Coyne, Chairman • Michael Bradfield • S. David Frost • Griffith L. Garwood • James L. Kichline • Edwin M. Truman 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 Section headed by Mendelle T. Berenson, the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Linda C. Kyles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents 815 ECONOMIC IMPLICATIONS OF 833 LEGAL DEVELOPMENTS CHANGING POPULATION TRENDS Various bank holding company, bank ser- This article reviews the major postwar vice corporation, and bank merger orders; changes in the population and describes and pending cases. some of their effects, particularly on labor market conditions, on consumer expendi- AI FINANCIAL AND BUSINESS STATISTICS tures and saving, and on the housing mar- A3 Domestic Financial Statistics ket. It also draws some implications for A44 Domestic Nonfinancial Statistics future developments in these areas in the A53 International Statistics context of projected demographic trends. A69 GUIDE TO TABULAR PRESENTATION, 827 INDUSTRIAL PRODUCTION STATISTICAL RELEASES, AND SPECIAL Industrial production edged up an estimated TABLES 0.1 percent in September. A80 BOARD OF GOVERNORS AND STAFF 829 ANNOUNCEMENTS A82 FEDERAL OPEN MARKET COMMITTEE Resignation of Emmett J. Rice as a Member AND STAFF; ADVISORY COUNCILS of the Board of Governors. Update of the guidelines to the Credit Prac- A84 FEDERAL RESERVE BOARD tices Rule. PUBLICATIONS Revision to Regulation Y. A87 SCHEDULE OF RELEASE DATES FOR New activities permissible under Regula- PERIODIC RELEASES tion Y. A89 INDEX TO STATISTICAL TABLES Extension of comment period on proposal to amend Regulation E. A91 INDEX TO VOLUME 72 Revised rates for Federal Reserve Board publications. A105 FEDERAL RESERVE BANKS, BRANCHES, AND OFFICES Publication of Annual Statistical Digest, 1985. A106 MAP OF FEDERAL RESERVE SYSTEM Discontinuance of quarterly Federal Reserve Chart Book. Publication of revised List of OTC Stocks Subject to Margin Regulations. Change in Board staff. Admission of one state bank to membership in the Federal Reserve System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

815 Economic Implications of Changing Population Trends William L. Wascher, Susan W. Burch, and John demographic trends, the final section of the L. Goodman, Jr., of the Board's Division of article then draws some implications for develop- Research and Statistics, prepared this article. ments in these areas over the remainder of this Diana Stella provided research assistance. decade. The years since World War II have been marked by sharp changes in the size and composition of THE CHANGING STRUCTURE the U.S. population. The baby boom that fol- OF THE POPULATION—AN OVERVIEW lowed the low birth rates of the 1930s and early 1940s, improvements in longevity and health, The population of the United States stood at and important changes in immigration patterns nearly 240 million in 1985, almost 100 million all have drawn a profile of the U.S. population more than in 1950. Population growth was most much different from that in 1950. These develop- rapid in the 1950s and early 1960s, averaging ments, together with changes in living arrange- more than 1 Vz percent per year; and it has slowed ments and family structure, have had far-reach- markedly since that time (chart 1). This pattern ing influences on many aspects of American life of growth has been determined by the three including, as this article explains, the economy. sources of change in the population: the number The growth and structure of the population of births, the number of deaths, and the amount affect the economy through both supply and of net immigration. demand channels. On the supply side, the size of No other demographic event during the postthe working-age population is a key determinant war period has drawn the attention paid the high of the number of people who take part in the birth rates between the late 1940s and the early production of goods and services. In addition, 1960s (chart 2). The bulge of children that resultchanges in the composition of the population ed from this "baby boom," which grew to more may affect productivity growth, labor force par- than a third of the total population in the early ticipation rates, and the length of the workweek. These are important determinants of the supply of labor services and thus critical elements of the 1. Annual percentage change in size of productive potential of the economy. U.S. population On the demand side, population growth direct- Percent ly influences consumer expenditures—not only their total amount but also their composition. The demand for housing and related goods and services is especially sensitive to demographic changes, but other aspects of consumption as well as saving behavior also are influenced. This article reviews the major postwar changes in the population and describes some of their effects, particularly on labor market conditions, II t ! I U I 1 i I I I 11 • I I I I lit I • I I II I H I • II I I I I I IBM II 1940 1950 1960 1970 1980 on consumer expenditures and saving, and on the housing market. In the context of projected SOURCE. U.S. Bureau of the Census. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 Federal Reserve Bulletin • December 1986 2. U.S. birth rate more than six years since 1950. As a result, both Births per 1,000 persons1 the number and the proportion of elderly persons |jjfP has risen steadily, and that rise has exerted •, i jj unique influences of its own. 25 A third factor that has influenced population growth in recent decades is the net flow of immigrants into the United States. The rate of legal immigration throughout the postwar era remained well below that recorded in the 19th and early 20th centuries, adding only about 0.2 • i i M n I ii i I.I 11a 111 ti 111 IB 1111 percent per year to the total population. Al- 1930 1940 1950 19601970 1980 though legislative limits kept immigration close 1. Live births, all races. to that rate between 1950 and the mid-1970s, in SOURCE. National Center for Health Statistics. recent years these limits have been eased in the face of several Asian refugee crises, and the net 1960s, has since moved through the age structure immigration rate rose to around 0.25 percent. of the population (chart 3). The initial pressures But legal immigration is only part of the story. that baby boomers placed on school systems The number of illegal aliens entering the country gave way to other problems and influences in the each year also has risen. According to estimates late 1960s and 1970s as they became young by the Census Bureau, the number of illegal adults. Now beginning to reach middle age, they immigrants probably increased by between Vi promise to have significant effects on the labor million and IV2 million from 1980 to 1985, acmarket and on consumption patterns for several counting for as much as 40 percent of total more decades. immigration. An important change also has occurred at the Apart from sheer numbers, changing demoupper end of the age distribution. Advances in graphic patterns have had an influence on the health care have lengthened the average life by number and structure of households and fam- 3. Age structure of U.S. population II II II I I I I I I 6 5 4 3 2 1 0 1 2 3 4 56 6 5 4 3 21 0 1 2 3 4 56 Percent Shaded bars indicate the baby-boom cohort. SOURCE. U.S. Bureau of the Census. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Implications of Changing Population Trends 817 ilies. Household formations—that is, the change is also one reason that the average size of a in the number of households—is a summary household has fallen from 3.7 in 1960 to 2.7 measure of demographic expansion, reflecting today. Another is that families have been having not only population growth but also changes in fewer children. The average number of children the age composition, marital status, and living per family dropped from 1.41 in 1960 to 0.98 in arrangements of the population. (A household is 1985. one or more individuals occupying a house, apartment, or mobile home; a family is two or THE INFLUENCE OF DEMOGRAPHICS more related individuals sharing such a housing ON THE LABOR MARKET unit.) Explosive growth in the number of young adults, the age group in which households typi- The changes in the size and structure of the cally are formed, contributed heavily to a sharp population described above have had significant increase in the pace of household formation implications for the U.S. labor market. Obviousduring the 1960s and 1970s. But a rise in indepen- ly, the size of the population is a determinant of dent living among adults of all age groups also the amount of labor supplied to the economy. played a role. Promoted by long-term income However, changes in the composition of the gains as well as by changes in marriage, divorce, population have also affected the distribution of and death rates, one-person households have skills supplied to the economy, which has influbecome more prevalent and now account for enced the average productivity of workers, the nearly one-fourth of all households, compared extent of inflationary pressures in the economy, with less than 10 percent in 1950 (table 1). At the and the distribution of income. same time, household composition has shifted An important aspect of past demographic away from the traditional husband-wife family. trends has been their influence on growth in the In 1950, married couples accounted for more economy's productive capacity. Although that than three quarters of all households; by 1984, potential can be estimated in various ways, one their proportion was little more than half. In approach is to sum the trend growth rates of its contrast, the number of other kinds of families, three key determinants: the size of the labor many of which are headed by a single parent, force (the combination of the size of the populahave been growing rapidly over the past 15 tion and labor force participation rates), the years, and by 1984 they accounted for 14 percent average length of the workweek, and the average of all U.S. households. productivity of workers (table 2). The spread of independent living arrangements The rapid growth in the working-age population associated with the entrance of the baby boom into the labor market contributed to higher 1. Change in household composition, selected years, rates of growth in potential output in the late 1950-85 1960s and early 1970s simply by swelling the pool Percent of all households of available workers. In particular, the average Type of household 1950 1970 1980 1985 annual rate of increase in the working-age popu- Single persons living lation (age 16 and over) rose from about 1 alone 9.1 17.1 22.6 23.7 Married couples with percent in the 1950s to VA percent in the 1960s no children under 18 32.9 30.3 29.9 30.1 Married couples with 2. Sources of growth in potential GNP, 1950-85 children under 18 . 45.1 40.3 30.9 27.9 Single-parent and other IslS Percent change at an annual rate family1 11.1 10.6 12.9 14.2 Unrelated persons 1.8 1.7 3.7 4.0 Source of growth 1950-60 1960-70 1970-80 1980-85 B f l m H NI All households 100.0 100.0 100.0 100.0 Working-age population . 1.1 1.6 2.0 1.2 Labor force participation .1 .2 .5 .3 1. "Other family" consists of households whose members include Workweek -.3 -.4 -.5 -.1 two or more related individuals apart from those with married Productivity 2.1 2.3 1.0 1.2 couples. 3.0 3.7 3.0 2.6 SOURCES. Current Population Reports, Series P-20, No. 398; Statistical Abstract of the United States, 1951; and unpublished data from the Census Bureau. SOURCE. U.S. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 Federal Reserve Bulletin • December 1986 and early 1970s. At the same time, ever greater The net effect of these demographic events proportions of working-age women were enter- was that the potential growth of the economy ing the labor market, owing to the changing rose less during the 1980s than during the 1960s sociological and economic conditions of that and 1970s. Indeed, the slower rate of labor force period. As a result, growth in the labor force growth in the first half of this decade has more averaged 2Vi percent per year by the 1970s, than offset slightly higher growth in productivity about twice the pace of the 1950s. and a slower decrease in the workweek. As a Partially offsetting this increase in the supply result, potential growth appears to have been of labor was a downward trend in the length of closer to Vh percent per year in the first half of the average workweek, apparently associated the 1980s than to the 3 to Vh percent evident in with the increase in the number of women and earlier decades. young people (aged 16 to 24) holding jobs. Many The ability of an economy to translate potenof these new entrants were juggling childrearing tial growth into actual growth depends upon its or schooling (or both) with their jobs, creating ability to adapt to changing supply or demand the need for more flexible work schedules. Cou- conditions and upon fiscal and monetary polipled with the expansion of service-producing cies. The potential for economic growth expandindustries, in which flexibility is more easily ed with the surge in population and in labor force arranged, these conditions doubled the percent- participation rates in the 1960s and early 1970s, age of persons voluntarily working at part-time but some of that added potential went untapped jobs—from 7 percent in the 1950s to about 14 because the labor market was unable to adjust percent in the mid-1970s. quickly to the sharp influx of inexperienced At the same time, productivity growth slowed labor. markedly, further damping the effect of a rapidly Indeed, structural labor market imbalances expanding work force on potential output. Al- associated with changes in the demographic though other factors may account for much of composition of the labor force had important the fluctuation in productivity growth over the macroeconomic implications for the ability of last three decades, the sharp increase in new policymakers to reduce aggregate unemployment workers in the 1960s and 1970s probably had without generating additional inflation. In genersome influence. In particular, women and young al, unemployment rates are higher for young people, whose attachment to jobs may have been workers than for adults, even at times of high less permanent or who were embarking on ca- employment: new entrants into the labor market reers for the first time, often were inadequate are less experienced and thus less readily emsubstitutes for experienced workers. The rise in ployable than older, more experienced workers, the proportion of these inexperienced workers and they often switch jobs in search of a more probably offset some of the ongoing gains in desirable position. As a result, the higher proporproductivity associated with capital investment tion of young workers in the labor market beginand technological change. ning in the 1960s caused a rise in the rate of As members of the huge baby-boom genera- unemployment consistent with nonaccelerating tion moved into their late twenties and thirties at inflation. (This nonaccelerating-inflation rate of the beginning of this decade, their effect on labor unemployment is sometimes referred to as the market trends diminished or reversed. With NAIRU or the natural rate of unemployment in baby-boom workers and women in general ob- the economics literature. It is a term for the rate taining work experience and moving into better of unemployment below which the pressures on jobs, the changing demographic patterns proba- wages cause prices to rise faster than they have bly have favored productivity growth in this been.) Even if the unemployment rates for spedecade. At the same time, a reduction in the flow cific age groups had remained unchanged, the of new workers, as both population growth and shift in the demographic composition of the labor the rise in the participation rates of women have force toward persons in the age groups that slackened, has slowed labor force growth to typically have relatively high unemployment about 1 Vi percent per year. rates would have raised the NAIRU during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Implications of Changing Population Trends 819 4. Relative unemployment rate for young people1 and illegal, who arrived in the late 1970s and early 1980s has added to the supply of lowerskilled workers. Many of the recent immigrants have arrived from less developed and often wartorn countries, are relatively young, and have little job training or command of English. They f i \ are more willing to accept jobs requiring little skill, which often pay far more than similar jobs \ / in their home countries. 1 ! t ' 1 1 1 1 1 1 1 1 I960 1965 1920 1975 1980 1985 DEMOGRAPHIC CHANGE AND 1. The relative unemployment rate is defined as the ratio of the rate for people aged 16 to 24 to that for men aged 45 to 54. THE DISTRIBUTION OF INCOME SOURCE. U.S. Bureau of Labor Statistics. 1970s. In fact, the unemployment rate for young Although higher relative unemployment rates persons rose sharply relative to that for males among younger workers accompanied the enaged 45 to 54 in the 1960s and declined only trance of the baby boomers into the labor market gradually through the mid-1970s, adding further in the 1960s and 1970s, the influence of this group to the rise in the NAIRU (chart 4). on youth unemployment was much smaller even- Most estimates suggest that the higher per- tually than at the outset. As chart 4 indicates, centage of young people in the labor force and even though the relative unemployment rate for the rise in their unemployment contributed more 16- to 24-year-olds jumped as the first wave of than 1 percentage point to the rise in the NAIRU the baby boom entered the labor market, this between the 1950s and the late 1970s. (That added supply of workers was absorbed fairly jobless rates for nearly all age-sex groups have quickly into the work force. shown an upward trend over the past two dec- The ability of the U.S. economy to create the ades indicates that other structural and institu- jobs necessary to accommodate the onslaught of tional changes also have been at work.) In this baby boomers largely reflected the degree of decade, however, as baby boomers move into wage flexibility in the U.S. labor market. As the middle age, with correspondingly lower average huge number of inexperienced entrants into the unemployment rates, the NAIRU apparently has labor force (both young people and adult women) begun to decline gradually. Indeed, the expected searched for jobs, the consequences became demographic shifts along this path will, other evident in their earnings profiles as well as in things equal, exert downward pressure on the their unemployment rates. The income of year- NAIRU over the rest of the decade. Today, with the baby boomers largely past 5. Relative income of young full-time workers1 their youth, shortages of workers rather than Ratio surpluses are surfacing at the lower end of the skill distribution. Today's teenagers, members of a "baby bust" generation, often face ample choices of entry-level jobs. Indeed, anecdotal evidence suggests that in many areas, employers with jobs typically filled by less-experienced young people are having difficulties attracting workers. To some extent, the changing immigration patterns of the late 1970s and early 1980s are 1960 1965 1970 1975 1980 1985 helping to alleviate these labor market shortages. 1. Relative income is defined as the ratio of the median income of Although the Census Bureau's population proall full-time workers aged 15 to 24 to that of full-time male workers jections currently assume that net immigration aged 45 to 54. will level off, the influx of immigrants, both legal SOURCE. U.S. Bureau of the Census, Current Population Reports, Series P-60, various issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 Federal Reserve Bulletin • December 1986 round full-time workers aged 16 to 24 relative to generation. Demographic considerations suggest that of males aged 45 to 54 began to decline in the that relative income, like unemployment, should mid-1960s, with the influx of young workers into have improved. That it did not may be due to the the labor market (chart 5). Unlike relative unem- recent absence of minimum wage legislation and ployment rates, however, the relative income of to the increase in the share of nonlabor income— employed young workers worsened throughout such as interest and transfer payments—in the the 1970s and even into the early 1980s as the income of older workers. large number of young workers continued to Over the past 20 years these shifts in relative depress wage rates for this group. Both the unemployment rates and earnings between suchigher unemployment rates faced by the baby- cessive generations of the young, coupled with boom generation and their persistently low rela- changes in living arrangements and the age distritive wage rates suggest that the substitutability of bution of the population, have altered the way young workers for older workers was imperfect. household income is distributed by age. The If young workers had been more easily substitut- income of households headed by a young person ed for experienced workers, the result would declined from about 62 percent of that for the 45have been a broader decline in wages and a 54 age group in 1967 to about 45 percent in 1984 greater general increase in unemployment rather (see table 3). The reason lies partly in the lower than the sharp relative changes that actually relative earnings of baby-boom workers, but also occurred. in the sharp increase in the number of single Moreover, the deterioration in the relative persons living alone. Because single persons income position of young workers in the 1970s often are young and because their income, on suggests that labor market conditions were average, is lower than that of households with worse for individuals born later in the baby boom two or more persons, the rise in one-person than for those born earlier. Many of the latter households has depressed average household probably were able to take advantage of the income for the group aged 14 to 24. In addition, shortage of workers in the preceding generation the proportion of families headed by a single and became middle- and upper-level managers. parent, who also tend to be young, has risen. Those who came later faced fewer and less This group, in particular, is likely to be at the low favorable opportunities. end of the income distribution. The relationship between the size of their For households headed by 25- to 34-year-olds, population group and earnings growth has be- relative income has declined since the late 1960s, come less certain for the baby-boom generation largely reflecting the lower relative earnings of as they have entered their late twenties and early baby-boom workers currently of this age. Howthirties. Several recent studies have found evi- ever, a substantial rise in the proportion of dence not only that their relative wages were households with more than one earner, from lower than was true for previous generations about 45 percent in the late 1950s and early 1960s during their youth, but also that subsequent to nearly 70 percent by the early 1980s, has kept growth in their earnings has been lower. Other this decline from being even greater. Many babystudies claim the opposite result: that through faster income growth, baby boomers have raised their relative income.1 3. Relative household income, by age of head, For full-time workers in the small current selected years, 1967-84 generation of youth, relative income has contin- Percent of median income of households with heads aged 45-54 ued to drop even as they replaced the baby-boom Age of head 1967 1975 1984 14-24 61.7 50.7 44.5 25-34 88.1 79.4 75.3 1. For a detailed survey of this literature, see Frank 35-44 98.9 96.0 94.5 45-54 100.0 100.0 100.0 Nothaft, "The Effect of Cohort Size on Earnings and Em- 55-64 76.5 77.6 76.5 ployment" (Ph.D. dissertation, Columbia University, 1986); 65 or over 30.3 35.6 40.6 and David Bloom and Richard Freeman, "The Youth Problem: Age or Generational Crowding?" Working Paper 1829 SOURCE. U.S. Bureau of the Census, Current Population Reports, (National Bureau of Economic Research, February 1986). Series P-60, various issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Implications of Changing Population Trends 821 4. Distribution of household income, by age of head, Influences on Saving and Consumer selected years, 1967-84 Expenditures Percent of income received by all households These changes in the distribution of income, and Age of head 1967 1975 1984 consequently in the relative purchasing power of 14-24 4.6 specific demographic groups, have had impor- 25-34 18.3 35-44 23.9 tant effects on consumer behavior. Demographic 45-54 25.1 55-64 17.4 trends influence consumption expenditures along 65 or more 10.8 two fronts: First, they affect the extent of con- All 100.0 sumption out of current income and, as a result, the rate of personal saving. Second, they affect SOURCE. U.S. Bureau of the Census, Current Population Reports, Series P-60, various issues. the allocation of consumer expenditures among various goods and services. boom households have counteracted their lower As individuals age and the size of their family relative wage rates by sending additional earners changes, their saving and outlays vary in a into the labor market, placing these families in systematic way. For example, younger people the upper half of the income distribution. save relatively less than older ones, probably Unlike the baby-boom generation, elderly peo- because they have heavier demands for durable ple have improved their income position even goods and education and because their current though more of them are living alone. The rela- income is lower than the average they expect tive income for households with heads aged 65 over their lifetime. As they age, rising incomes, and over rose from 30 percent of that for house- coupled with their expectations about the educaholds with heads aged 45 to 54 in 1967 to more tional needs of children and about the loss of than 40 percent in 1984. A number of factors wage and salary income after retirement, induce have influenced the relative income of the elder- them to save proportionally more throughout ly. First, since the early 1970s social security most of their working years. Finally, the elderly benefits have kept pace with inflation. More- typically save less out of current income as they over, elderly households receive a significant often use accumulated assets for living expenses. portion of their income from interest payments This pattern in personal saving rates across on their accumulated assets, and in recent years age groups, along with the observed changes in these payments have risen more rapidly than the age structure of the population, has signifiwage income. cant implications for the aggregate personal sav- Together with the changes in relative income ing rate. In particular, as the baby-boom generashown in table 3, the changes in the age distribu- tion entered their low-saving young-adult years tion of the population have influenced the pro- during the late 1960s and the early 1970s, they portion of income received by each age group, tended to depress the aggregate saving rate bewhich in turn has been an important determinant low what it otherwise would have been; they of its relative purchasing power. The percentage subsequently boosted the aggregate saving rate of total income received by households with in the late 1970s and 1980s as they matured into younger heads rose between 1967 and 1975 de- higher-saving age groups. However, while the spite the worsening of their relative income (ta- baby boomers were moving into their high-savble 4). As the percentage of households in this ing years, the proportion of the elderly, whose age group dwindled in the late 1970s and early saving rates are low, was increasing. As a result 1980s, their share of total income fell to less than of these two largely offsetting demographic de- 4 percent. In contrast, the share for households velopments, changes in the age structure of the whose head is 25 to 44 has risen, reflecting the population appear to have had little net effect in maturing of the baby-boom cohort. In addition, recent years on the overall saving rate. the share of income received by households with Two other demographic factors appear to have an elderly head has risen steadily as their numinfluenced the aggregate personal saving rate in bers have increased and their relative income has offsetting ways. On the one hand, changes in improved. living arrangements—notably, the spread of sin- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 Federal Reserve Bulletin • December 1986 gle-person households—have been a damping demographic influences, coupled with generally influence on the overall saving rate in recent higher standards of living, has been to spur real years. Single-person households typically save a spending on services relative to expenditures on much smaller proportion of their income than do durable and nondurable goods (chart 6). larger households of the same age group. The Changes related to the age distribution of the reasons are not clear. One may be that single population alone largely reflect the maturation of people tend to be more concentrated in the lower the baby-boom generation and the increase in the half of the income distribution where, cross- number of elderly persons. Because, as table 5 section studies suggest, saving rates may be suggests, younger households typically spend a lower than they are for upper-income house- larger portion of their budget on durable goods holds. Another reason may be that single people than do households whose head is over 34, the view their current household status as a tempo- increase in their number should have boosted rary state; they expect higher household incomes total expenditures in this category during the in the future and thus do not feel as great a need 1970s and 1980s. However, the relatively poor to save out of current income. In any event, the income performance of the baby boomers curbed increase in single-person households has lowered this stimulus to spending on durable goods, paraverage saving rates, largely among the elderly ticularly for new cars and major household duraand the young, who make up the bulk of such bles. households. At the other end of the age distribution, the On the other hand, an increase in the number elderly spend a much greater portion of their of multi-earner families—typically husband-wife budget on services than other age groups do. households in which both spouses work outside Thus, as they came to account for a greater share the home—has tended to boost the aggregate of the population, they helped to boost expendisaving rate. The additional income in a multi- tures on services throughout that time, particuearner family often is enough to place that family larly for medical care. Improvements in the near the top of the income distribution, where, relative income of the elderly, especially supcross-section studies suggest, saving rates are ported as it was by favorable tax provisions, relatively high. The effect of the rise in multi- reinforced that trend. earner families appears to be concentrated A final factor tipping the distribution of spendamong households whose head is 25 to 44, among ing toward services has been the rise in the which labor force participation rates for women number of single-person households. Whatever have increased most rapidly. their age, these individuals devote more of their Thus, although difficult to quantify, longer-run budget to services (and less to durables) than demographic trends—changes in the age struc- other households, largely because their per capiture of the population, changes in living arrange- ta cost of housing services is higher. ments, and increases in the number of multiearner families—appear on balance to have had 6. Spending on major components only a small net effect on the aggregate saving of personal consumption1 rate in recent years. Thousands of 1982 dollars Consumer Expenditures Demographic trends also can influence the way people divide their expenditures among the components of personal consumption. In general, recent changes in the composition of consumer spending can be traced, on demographic grounds, to changes in three influences: the age distribution of the population, the relative income of specific age groups, and living arrange- 1. Annual personal consumption expenditures per household. SOURCE. U.S. Bureau of Economic Analysis; and U.S. Bureau of ments and household size. The net effect of these the Census. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Implications of Changing Population Trends 823 5. Distribution of personal expenditures, by age of head and size of urban household, 1982-83 Percent of all personal consumption expenditures with more than one person Non- Serdurables vices' 31.9 48.8 30.0 51.8 31.2 52.9 31.1 54.1 30.4 57.5 27.6 62.5 All 30.3 54.6 1. Includes imputed rent on owner-occupied housing. a description of the survey, see U.S. Bureau of Labor Statistics, SOURCE. U.S. Bureau of Labor Statistics, consumer expenditure Consumer Expenditure Survey: Interview Survey, Bulletin 2246, Febdata, interview survey, 1982-83; and calculations by Board staff. For ruary 1986. POPULATION AND HOUSING annual net change during that period to approximately 1.7 million housing units, compared with Perhaps the sector of the economy most sensi- an average annual increase of 1.6 million housetive to changing demographic trends is housing. holds over the same period. The rate of population growth, shifts in the At the beginning of the 1980s, projected population's age and geographic distribution, changes in the age structure of the population and changes in its living arrangements all have and past trends in living arrangements suggested important implications for the quantity and char- that household formations would remain near 1.7 acteristics of newly constructed housing. million per year for several more years. Instead, Growth in the number of households has been household formations fell sharply, dropping to responsible for most of the new housing built 1.2 million units annually between 1981 and 1984 during the postwar era. In the 10 years ending in before rebounding during the past two years. The 1983, most of the additions to the housing stock back-to-back recessions earlier in this decade were a result of new construction and went to almost certainly played a role in holding formaaccommodate the growth in households (table 6). tions below their long-term trend. But noneco- The 1.9 million annual additions to the stock, nomic factors also contributed to the falloff in minus the 200,000 units that were demolished or household formations, notably an easing of the lost through natural disaster, brought the average "sibling squeeze." Young adults in the early 1980s typically had fewer younger brothers and 6. Sources and uses of additions to the housing sisters at home than did their counterparts during stock, 1973-83 the 1970s, and therefore the pressure for them to Average annual number of units, in thousands move out was less. Indeed, the proportion of 18to 24-year-olds living with their parents rose from 49 percent in 1980 to 54 percent four years Sources later. New construction Mobile homes. As household formations fell, housing starts Net conversions of existing s' • dropped during the early 1980s to their lowest All sources level in 30 years. Although the weakening of the Uses demographic component of housing demand Household formations Replacement of existing units probably played a role, in large measure these Vacation properties short-term cyclical downswings in household formation and construction probably had the same underlying economic causes: declines in SOURCE. Estimates based on reports of the U.S. Bureau of the Census: Current Housing Reports, Annual Housing Survey, Series income, high unemployment, high interest rates, H-150-1983; Current Population Reports, Series P-20; and Construcand low consumer confidence. tion Reports, Series C-20. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 Federal Reserve Bulletin • December 1986 Growth in the number of households is highly willing to risk the greater expenses of moving correlated with increases in the number of hous- that confront owners. By the same token, younging units built, but by itself the number tells little er adults who anticipate moving again within a about the demand for particular housing charac- few years are less likely to buy. As a result, teristics: space, amenities, neighborhood, and changes in the age composition first supported homeownership. On the other hand, changes in the rental market as the baby boomers entered the composition of the population have implica- the housing market and now favor homeownertions for each of these characteristics. Coupled ship as that generation matures. with a gradual rise in the median age of the Changes in the average size of a household population, the shift toward single-person and also have influenced the demand for housing. single-parent households and away from the tra- The average number of persons per household ditional husband-wife family has significantly has fallen steadily in the postwar era, both beinfluenced the type and location of the nation's cause the number of single-person households housing. has increased sharply and because the average Regarding homeownership, the likelihood of number of children per family has declined. being an owner increases with age, at least up to Along with inflation- and tax-related incentives late middle age; and, at any age, husband-wife for ownership, this reduction in average househouseholds are more likely to be owners than are hold size spurred the market for owner-occupied other types of households (table 7). There are apartments, and these units now account for two links between age and homeownership. roughly 5 percent of the housing stock and a First, older workers are likely to have more work substantially larger share of new construction. In experience and thus higher wages. Their higher general, however, the average size of houses and income makes homeownership both possible apartments has increased as the effect of higher and, because tax benefits increase with income, incomes has more than offset that of smaller financially more attractive. Second, older house- households. holds are less likely to face a change in job or in One other demographic influence on housing is family size that warrants a move and so are more the shifting geographic distribution of the population. During the postwar era, migration from the 7. Rate of homeownership, by age of household northeast and midwest regions of the country to head and type of household, 1983 the south and west, as well as the continuing Percent movement from city to suburb, has increased housing needs above what they would have been with a less mobile population. For example, although just a bit more than half of the nation lives in the south and the west, in the past five years fully three-quarters of the new dwelling units have been built there. ON THE HORIZON The implications of demographic change over the rest of this decade are, in general, associated with the aging of the population and further changes in living arrangements. As the babyboom generation continues to mature, many of the trends associated with its entry into the labor market may reverse as it is replaced by the relatively small baby-bust generation. In addition, improvements in health care are likely to SOURCE. U.S. Bureau of the Census, Annual Housing Survey, 1983. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Implications of Changing Population Trends 825 lengthen the average life of the population, fur- slowing in the rate of increase in the labor force ther skewing the age distribution of the popula- participation of women should retard potential tion toward the elderly. output growth. But two other forces will favor it. The Census Bureau's middle-series demo- First, with a greater proportion of workers congraphic projections show an average annual pop- centrated in the middle years, the average work ulation growth of 0.9 percent over the rest of the experience of the population will continue to rise decade, a bit less than the average rate of growth over the rest of this decade, lending a positive between 1980 and 1985 (table 8). The slowing in impetus to the trend rate of productivity growth. population growth largely reflects an assumed Second, many of the structural imbalances that decline in the birth rate and essentially no change characterized the labor market when the babyin the death rate or in the net immigration rate boom generation was in its youth have moderatover the next five years. Under these assump- ed as this group has aged. Now that members of tions, the median age of the population will rise, this generation are in the prime working years, with increases in the percentage of people in both when unemployment rates are typically lower, the middle (25 to 44) and older (over 65) age the nonaccelerating-inflation rate of unemploygroups and a corresponding decrease in the per- ment probably is edging down, and thus some of centage of young people. the barriers that prevented the economy from Household growth probably will remain near reaching its productive capacity have been lowthe reduced rate of the first half of this decade as ered. a decline in the number of young adults—barring Indeed, the current youth cohort—the babyany unforeseen surge in immigration—seems bust generation—is off to a good start as they likely to dominate any plausible increase in inde- choose among entry-level positions. Although pendent living. According to Census Bureau relative income for young people remains low, projections, household formations will gradually the initial experience obtained by these workers decline over the rest of the decade, falling from and the relatively small number of competitors the 1.5 million average recorded in the two years for future higher-paying positions should boost ending March 1986 to 1.2 million annually by their relative income as they pursue their ca- 1990 if the proportions of individuals of any given reers. In contrast, members of the baby-boom age living in any given arrangement do not generation probably will continue to face intense change. Household growth could be higher— competition in the labor market even as they age. perhaps 1.6 million annually—if the past trend Although recent studies differ on the effect of toward independent living persists. In addition, cohort size on earnings growth, none suggests the average household is likely to shrink further that this generation has completely recovered because the downtrend in family size will proba- from the depressed levels of relative income it bly continue. experienced during its youth. Predicting how The implications of these demographic trends baby-boom workers will fare is difficult, but it is for the labor market are mixed. On the one hand, plausible that their income path will remain bea slowing in population growth and a likely low that of other generations. Finally, the elderly should continue to maintain their share of in- 8. Demographic projections, 1986-90 come in the foreseeable future, thanks to the wealth—particularly in the form of homeowner- Actual, Projected, ship—they have amassed during their working Item 1980-85 1986-90 years. Population growth (annual Demographic influences on saving and conpercentage change) 1.2 .9 Births (per 1,000 population) 15.8 14.5 sumption patterns largely reflect the inevitable Deaths (per 1,000 population) 8.7 8.9 Median age (years) 30.6 32.2 aging of the population and the changes in living Household formations (millions per arrangements. In particular, between now and year) 1.2 1.2-1.6 Average household size (persons)... 2.7 2.6 1990 changes in the age structure alone will probably have a slightly positive effect on the SOURCE. U.S. Bureau of the Census; and National Center for saving rate as the baby-boom generation increas- Health Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 Federal Reserve Bulletin • December 1986 ingly moves into the typically high-saving mid- though over shorter periods the demographic dle-aged years and offsets the increase in the influence could be overwhelmed by changes in number of typically low-saving older house- incomes, housing costs, and interest rates. holds. These influences may be counteracted if The slowdown of household formations and the trend toward living alone continues or if the aging of the population will also alter the slower growth in the labor force participation of composition of the housing stock. Although ecowomen brakes the increase in the number of nomic conditions—notably tax laws and the inhigh-income multi-earner households. flation rate—will play a key role, homeowner- In terms of the composition of consumption ship is likely to spread as the baby-boom outlays, the large number of people now in their generation continues to mature. In addition, late twenties and thirties, when income typically first-time buyers of homes will constitute a smallrises and households tend to spend relatively er share of the single-family market. With promore on goods than on services, should have a portionally fewer households headed by young substantial positive influence on the demand for adults, upgrading moves will be more common, both durable and nondurable goods. However, another manifestation of the maturation of the the growth in the purchasing power of the elderly baby-boom generation that will lead to improveand in the number of people living alone, both ments in average housing quality. At the same groups that spend relatively more on services, time, marked growth in the number of housemay moderate the boost to durables and nondu- holds headed by the elderly means that their rables associated with the baby-boom genera- special housing needs will play a larger role in tion. Instead, these factors should continue to housing construction. stimulate expenditures on services, albeit at a In sum, although economic growth and the slower rate than in the first half of the 1980s. general state of the economy are sensitive to Finally, demographic trends promise to affect cyclical influences, demographic change can the volume and characteristics of housing con- play a significant role over longer periods of struction for the balance of the decade. The time. Indeed, demographic trends influence the potential decline in household formations from overall potential for growth in an economy as the 1.5 million annual average of the past two well as specific areas in which demographic years implies a reduction of as many as 300,000 pressures may affect economic conditions. Alunits (approximately 15 percent fewer than at though shorter-term influences may overwhelm present) in the required annual additions to the demographic change at times, the importance of housing stock. On balance, this trend suggests demographic trends for the longer-run allocation some gradual reduction in housing starts, al- of resources cannot be ignored. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

827 Industrial Production Released for publication October 16 declined in September and output of materials and intermediate products changed little. At Industrial production increased an estimated 0.1 125.3 percent of the 1977 average, industrial percent in September, following a similar gain in production in September was 0.8 percent higher August and an upward revised increase of 0.5 than it was a year earlier, and in the third quarter percent for July. Output of consumer goods and grew at a 2.3 percent annual rate. equipment was led by gains in automotive prod- In market groups, total output of consumer ucts and transit equipment respectively. Howev- goods increased 0.3 percent in September, prier, production of some other types of equipment marily due to an increase in auto assemblies to an Ratio scale, 1977= 100 TOTAL INDEX - 140 - - 112200 _ Products ^ -— — _ 100 "— / — Materials 1 1 1 1 1 1 80 1 1 I I I! 140 MANUFACTURING MATERIALS Durable Nondurable 120 —<\ Nondurable 100 Energy \y _L INTERMEDIATE PRODUCTS Business supplies J y \ Construction supplies 140 240 MOTOR VEHICLES AND PARTS FINAL PRODUCTS 200 120 Defense and space 100 160 Business equipment 140 / 120 60 100 Consumer goods 80 1980 1982 1984 1980 1982 1984 1986 All series are seasonally adjusted. Latest figures: September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 Federal Reserve Bulletin • December 1986 1977 = 100 Percentage change from preceding month PPPeeerrrccceeennntttaaagggeee ccchhhaaannngggeee,,, Group 1986 1986 SSSeeepppttt... 111999888555 tttooo SSSeeepppttt... Aug. Sept. May June July Aug. Sept. 111999888666 Major market groups Total industrial production 125.1 125.3 -.4 .0 .5 .1 .1 .8 Products, total 133.7 133.9 -.2 .0 .6 .3 .2 1.5 Final products 132.5 132.9 -.4 -.4 .8 .3 .3 .5 Consumer goods 124.9 125.2 -.2 .1 .6 -.1 .3 3.4 Durable 115.3 116.9 -1.8 .5 1.4 -.6 1.4 3.3 Nondurable 128.5 128.3 .3 .0 .3 .0 -.1 3.5 Business equipment.. 139.2 139.7 -.5 -.9 1.2 .7 .3 -.6 Defense and space... 181.5 181.9 .0 .2 .7 1.1 .2 4.3 Intermediate products.. 137.7 137.7 .4 1.4 .3 .3 -.1 4.8 Construction supplies 125.5 126.0 -.1 .5 -.1 1.2 .4 4.7 Materials 113.4 113.4 -.7 .1 .4 -.1 .0 -.4 Major industry groups Manufacturing 129.4 129.8 -.4 .0 1 .3 2.2 Durable. 127.6 128.0 -.9 -.6 2 .3 .5 Nondurable 132.0 132.2 .2 1.0 .7 1 .2 4.6 Mining 96.5 96.1 -1.2 -.9 -1.8 6 -.4 -11.2 Utilities 110.1 111.0 -.8 .1 2.0 6 .8 -2.0 NOTE. Indexes are seasonally adjusted. annual rate of 7.7 million units from a 7.0 million struction supplies increased and materials output rate in August. Among other durables, home remained sluggish. goods declined somewhat in September follow- In industry groups, manufacturing output rose ing strong recent gains, and output of nondurable 0.3 percent in September to a level 2.2 percent consumer goods also edged down. Output of above that of a year earlier, with both durable business equipment posted its third consecutive and nondurable manufacturing contributing to monthly gain in September but remained below the gains. However, mining production declined its 1985 year-end level. In this group a large 0.4 percent further in September, falling to a increase occurred in production of business vehi- level more than 11 percent below that of a year cles, while other equipment areas were sluggish. earlier. In this group, oil and gas well drilling Production of defense and space equipment post- rose for the second month after very sharp ed a small gain in September after sharp in- cutbacks earlier. Utilities output gained 0.8 percreases in July and August. In September, as cent in September. during most earlier months of this year, con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

829 Announcements EMMETT J. RICE GUIDELINES TO RESIGNATION AS A MEMBER CREDIT PRACTICES RULE: UPDATE OF THE BOARD OF GOVERNORS The Federal Reserve Board published on Octo- Emmett J. Rice will resign as a member of the ber 28, 1986, an update to its guidelines on the Board of Governors, effective December 31, Credit Practices Rule, which applies to all banks 1986. The text of Governor Rice's letter of and their subsidiaries, concerning unfair or deresignation to President Reagan and a statement ceptive acts or practices in the extending of by Chairman Volcker follow: consumer credit. The updated guidelines became effective November 1. October 2, 1986 The rule applies to all consumer credit obligations except for the purchase of real property. President Ronald W. Reagan The rule prohibits banks from using certain rem- The White House edies to enforce consumer credit obligations and from imposing a late charge practice called pyra- Dear Mr. President miding. It also provides protections for cosigners I hereby submit my resignation from the Board of in consumer credit transactions. Governors of the Federal Reserve System effective December 31, 1986. My decision to leave is entirely personal and was reached after serving many years in REGULATION Y: REVISION public service, the last seven and a half as a member of the Board. I feel the time has come to return to private The Federal Reserve Board has adopted a comlife. prehensive revision to provisions of Regulation It has been a great honor and privilege to have had Y (Bank Holding Companies and Change in Bank the opportunity to serve on the Board of Governors Control) that deal with permissible insurance and contribute to the formulation of monetary policy which I feel has been most successful in the best activities for bank holding companies. As part of interest of the country over this particular period of this revision the Board eliminated a 1972 requirehistory. I leave the Federal Reserve with the highest ment that bank holding companies engaging in professional and personal regard for Chairman credit life, accident, and health insurance under- Volcker and my other colleagues on the Board of writing provide rate reductions or increased poli- Governors. cy benefits. The requirement had stipulated that Sincerely, premiums must be charged below state-mandated rates, on a sliding scale 2 to 15 percent lower Emmett J. Rice than the state-allowed maximum. The Board determined that this requirement Chairman Paul A. Volcker made the following put bank holding companies at a disadvantage statement on the resignation of Governor Rice: with respect to other providers of this insurance underwriting. The Board also determined that other adequate safeguards exist to deal with the I have known for a long time of Governor Rice's increasing desire to return to private life. Naturally, I possibility of adverse effects on the public. regret that the time has now come, but I appreciate his The general revision of the insurance provilong and faithful service to the government in general sions of Regulation Y was originally proposed in and important contribution to so many aspects of the March 1984 to reflect amendments to the Bank Federal Reserve's work in recent years. We will miss Holding Company Act contained in the Garn-St him here, but he will leave with our best wishes and thanks. Germain Depository Institutions Act of 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 Federal Reserve Bulletin • December 1986 In clarifying the scope of insurance activities planning, insurance, and general investment that are closely related to banking and permissi- management. This service would not involve the ble for bank holding companies under the Garn- sale of specific products or investments, or St Germain Act, the Board further defined seven the provision of portfolio investment advice specific exemptions contained in the act. or portfolio management authorized under Regu- These exemptions generally allow bank hold- lation Y. ing companies to sell credit-related life, accident, Tax planning and tax preparation activity auand health insurance, and involuntary unemploy- thorizes bank holding companies to provide adment insurance; to sell property insurance on vice and strategies designed to minimize tax collateral securing loans of $10,000 or less liabilities and to prepare tax forms for both ($25,000 for manufactured homes) through fi- corporations and individuals. nance company subsidiaries; to act as general Futures and options advisory services include insurance agents (a) in towns with populations of advice with respect to financial futures and opless than 5,000 or (b) when the bank holding tions approved for futures commission merchant company has less than $50 million in assets; to subsidiaries or "FCMs." Additionally, bank continue to sell and expand, in certain instances, holding companies are authorized to provide insurance agency activities authorized on or be- such advice as a "stand alone" activity as a fore May 1, 1982; to act as a managing general commodity trading advisor or "CTA." FCMs agent for group insurance for the holding compa- and CTAs are subject to regulation by the Comny; and to engage in certain insurance agency modity Futures Trading Commission pursuant to activities conducted before 1971. the Commodity Exchange Act. This advice would include general research and counseling on market conditions, trades, and trading strategies; client account information and reconcilia- NEW ACTIVITIES PERMISSIBLE tion of trades; communication linkage between UNDER REGULATION Y clients and the commodity exchange floor; and assistance to a customer in structuring hedging The Federal Reserve Board approved on Octo- strategies. Such advice would be limited to sober 31, 1986, a list of six additional permissible phisticated customers. nonbanking activities for bank holding compa- Check guaranty services involve the authorinies under Regulation Y, subject to certain con- zation by bank holding companies to subscribing ditions and limitations. merchants to accept personal checks tendered by Some of these activities have previously been the merchant's customers in payment for goods approved on a case-by-case basis. The Board's and services and the purchase from merchants of latest action means that applications for these validly authorized checks that are not subseadditional activities may now be filed under quently honored. expedited procedure. Collection agency operation involves collect- The additional activities are the following: ing overdue accounts receivable, either retail or consumer financial counseling; tax planning and commercial, for a contingent fee based upon a tax preparation; futures and options advisory specified percentage of the amount collected. services; check guaranty service; collection Credit bureau services involve maintaining files agency and credit bureau services; and personal on the past credit history of certain borrowers property appraisals. and providing that information for a fee to a Consumer financial counseling involves pro- credit grantor who is considering a borrower's viding counseling, educational courses, and in- application for credit. structional material to individuals on consumer- Personal property appraisal involves estimatoriented, financial-management matters, includ- ing or determining the value of all property other ing debt consolidation, mortgage applications, than real property. Real property appraisals were bankruptcy, budget management, real estate tax previously included on the list of permissible shelters, tax planning, retirement and estate activities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 831 PROPOSED ACTION LETIN. The Digest also offers a continuation of series that formerly appeared regularly in the The Federal Reserve Board has extended the BULLETIN, as well as certain special, irregular comment period to December 12 on its proposal tables that the BULLETIN also once carried. to amend Regulation E (Electronic Fund Trans- This issue of the Digest covers only 1985 fers) to eliminate the periodic statement require- unless data were revised for earlier years. It ment for providers of EFT services that do not serves to maintain the historical series first pubhold consumer accounts. lished in Banking and Monetary Statistics, 1941- 1970, and the Digest for 1970-79 and yearly issues thereafter. A Concordance of Statistics REVISED RATES FOR will be included with all orders. The Concor- FEDERAL RESERVE BOARD PUBLICATIONS dance provides a guide to tables that cover the same material in the current and the previous In view of substantial increases in the cost of year's Digest, the ten-year Digest for 1970-79, publishing and distributing the Federal Reserve and the BULLETIN. Regulatory Service and Handbooks, the sub- Copies of the Digest are available from Publiscription rates have been revised effective Janu- cations Services, Mail Stop 138, Board of Goverary 1, 1987. The new annual rates are as follows: nors of the Federal Reserve System, Washing- (See the list of publications on page A84.) ton, D.C. 20551. The price is $15.00 per copy. DOMESTIC RATES Federal Reserve Regulatory Service (three volumes) $200.00 DISCONTINUANCE OF QUARTERLY Consumer and Community Affairs Handbook ... $ 75.00 FEDERAL RESERVE CHART BOOK Monetary Policy and Reserve Requirements Handbook $ 75.00 The quarterly Federal Reserve Chart Book is Securities Credit Transactions Handbook $ 75.00 being discontinued. The final edition will be FOREIGN RATES1 issued in February 1987, and copies will no Federal Reserve Regulatory Service longer be available on an annual subscription (three volumes) $250.00 Each Handbook $ 90.00 basis. The price for one copy is $2.00 in the United States, its possessions, Canada, and 1. Rates shown include additional air mail costs for subscribers Mexico and $3.00 elsewhere. outside the United States. The Historical Chart Book is still available at Existing subscribers will be sent renewal notices $1.25 per copy in the United States, its possesreflecting the new price schedules before their sions, Canada, and Mexico and $1.50 elsewhere. expiration dates in 1987. The price for 10 or more copies sent to one Also, because of the costs involved in main- address is $1.00 each. taining our mailing lists, a charge to cover postage will be imposed for subscriptions to the Board's statistical releases effective January 1, PUBLICATION OF REVISED LIST 1987. (See the list of releases on page A87.) OF OTC STOCKS SUBJECT TO MARGIN REGULATIONS PUBLICATION OF ANNUAL STATISTICAL DIGEST, 1985 The Federal Reserve Board has published a revised list of over-the-counter (OTC) stocks The Annual Statistical Digest, 1985, is now that are subject to its margin regulations, effecavailable. This one-year Digest is designed as a tive November 11, 1986. compact source of economic, and especially fi- This List of Marginable OTC Stocks supernancial, data. The Digest provides a single sedes the revised list that was effective on Ausource of historical continuations of the statistics gust 12, 1986. Changes that have been made in carried regularly in the FEDERAL RESERVE BUL- the list, which now includes 2,887 OTC stocks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 Federal Reserve Bulletin • December 1986 are as follows: 219 stocks have been included for CHANGE IN BOARD STAFF the first time, 181 under national market system designation; 40 stocks previously on the list have The Board of Governors has announced the been removed for substantially failing to meet appointment of Patricia A. Welch to the official the requirements for continued listing; and 42 staff as Assistant Director in the Division of stocks have been removed for other reasons such Applications Development and Statistical Seras listing on a national securities exchange or vices effective October 22, 1986. Ms. Welch will involvement in an acquisition. have responsibility for the Statistical Services The list includes all over-the-counter securities Branch of the division. designated by the Board pursuant to its estab- Ms. Welch came to the Board in September lished criteria as well as all securities qualified 1973, and is Chief of the Generalized Statistics for trading in the national market system (NMS). Systems Section. She has a B.S. in Technology This list includes all securities qualified for trad- of Management from American University. ing in tier 1 of the NMS through November 11 and those in tier 2 through October 21, 1986. Additional OTC securities may be designated as SYSTEM MEMBERSHIP: NMS securities in the interim between the ADMISSION OF STATE BANKS Board's quarterly publications and will be immediately marginable. The next publication of the The following bank was admitted to membership Board's list is scheduled for January 1987. in the Federal Reserve System during the period In addition to NMS-designated securities, the October 1 through October 31, 1986: Board will continue to monitor the market activity of other OTC stocks to determine which New York stocks meet the requirements for inclusion and New York City United Missouri Trust continued inclusion on the list. Company of New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

833 Legal Developments AMENDMENT TO REGULATION Y (i) does not trade for its own account except for the purpose of hedging a cash position in the related The Board of Governors is amending its Regulation Y, government security, bullion, foreign currency, or Bank Holding Companies and Change in Bank Con- money market instrument: and trol, implementing the Bank Holding Company Act, to (ii) limits its advice to financial institutions and other include on the list of nonbanking activities generally financially sophisticated customers that have signifipermissible for bank holding companies the following cant dealings or holdings in the underlying commodactivities: personal property appraisals, commodity ities, securities, or instruments. trading and futures commission merchant advice, con- (20) Consumer financial counseling. Providing advice, sumer financial counseling, tax preparation and plan- educational courses, and instructional materials to ning, check guaranty services, operating a collection consumers on individual financial management matagency, and operating a credit bureau. Certain of these ters, including debt consolidation, applying for a mortactivities have been previously approved by the Board gage, bankruptcy, budget management, tax planning, by order. retirement and estate planning, insurance and general Effective December 15, 1986, the Board amends investment management, provided: 12 C.F.R. Part 225 as follows: (i) educational materials and presentations used by the counselor may not promote specific products Part 225—Bank Holding Companies and and services; Change in Bank Control (ii) the counselor advises each customer that the customer is not required to purchase any services 1. The authority citation for 12 C.F.R. Part 225 contin- from affiliates; and ues to read as follows: (iii) the counselor does not obtain or disclose confidential information concerning its customers with- Authority: 12 U.S.C. §§ 1817(j)(13), 1818, 1843(c)(8), out the customer's written consent or pursuant to 1844(b), 3106, 3108, 3907, and 3909. legal process. This paragraph does not authorize the provision of 2. Section 225.25(b) is amended by revising paragraph advice on specific products or investments or the (13) and adding new paragraphs (19), (20), (21), (22), provision of portfolio investment advice or portfolio (23), and (24) to read as follows: management, which are authorized under paragraphs (3) and (4)(iii) of this subsection subject to certain fiduciary standards. If consumer financial counseling is offered by a company that also offers securities (13) Real estate and personal property appraising. brokerage services pursuant to paragraph (15) of this Performing appraisals of real estate and tangible and subsection, the brokerage and counseling services intangible personal property, including securities. must be provided by different personnel and in separate offices or in separate and distinctly marked areas. (21) Tax planning and preparation. Providing individ- (19) Investment advice on financial futures and op- uals, businesses, and nonprofit organizations tax plantions on futures. Providing investment advice, includ- ning and tax preparation services, including advice ing counsel, publications, written analyses and re- and strategies to minimize tax liabilities, and the ports, as a futures commission merchant ("FCM") preparation of tax forms, provided: authorized pursuant to paragraph (18) of this subsec- (i) the materials used by the tax planner or preparer tion or as a commodity trading advisor ("CTA") do not promote other specific products and services; registered with the Commodity Futures Trading Com- and mission, with respect to the purchase and sale of (ii) the tax planner or preparer does not obtain or futures contracts and options on futures contracts for disclose confidential information concerning its custhe commodities and instruments referred to in para- tomers without the customer's written consent or graph (18), provided that the FCM or CTA: pursuant to legal process. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 Federal Reserve Bulletin • December 1986 (22) Check guaranty services. Authorizing a subscrib- Applicant is a non-operating corporation formed for ing merchant to accept personal checks tendered by the purpose of acquiring Bank. Principals of Applicant the merchant's customers in payment for goods and are also principals of Bank. Bank is the 87th largest services and purchasing from the merchant validly commercial banking organization in Illinois, with total authorized checks that are subsequently dishonored, deposits of $165.5 million, representing 0.2 percent of provided that the check guarantor does not discrimi- total deposits in commercial banks in the state.1 This nate against checks drawn on unaffiliated banks. proposal represents a restructuring of existing owner- (23) Operating collection agency. Collecting overdue ship interests. Consummation of this proposal would accounts receivable, either retail or commercial, pro- not result in the concentration of banking resources or vided the collection agency: in any significant adverse competitive eflFects in Illi- (i) does not obtain the names of customers of nois. competing collection agencies from an affiliated Bank competes in the Chicago banking market2 depository institution that maintains trust accounts where it is the 60th largest commercial banking organifor those agencies; and zation, controlling approximately 0.2 percent of total (ii) does not provide preferential treatment to an deposits in commercial banks in the market. Principals affiliate or a customer of such affiliate seeking of Applicant and Bank are not associated with any collection of an outstanding debt. other financial institutions located in the market. Con- (24) Operating credit bureau. Maintaining files on the summation of this transaction would not result in the past credit history of consumers and providing that concentration of banking resources or in any signifiinformation to a credit grantor who is considering a cant adverse competitive eflFects in any relevant geoborrower's application for credit, provided that the graphic area. Thus, competitive factors are consistent credit bureau does not provide preferential treatment with approval. to a customer of an affiliated financial institution. The financial and managerial resources and future prospects of Applicant and Bank are considered satisfactory and consistent with approval. In considering the convenience and needs of the community to be served, the Board has taken into account the record of Bank under the Community Reinvestment Act ("CRA") (12 U.S.C. § 2901 ORDERS ISSUED UNDER BANK HOLDING et seq.). The CRA requires the federal bank superviso- COMPANY ACT, BANK MERGER ACT, BANK ry agencies to encourage financial institutions to help SERVICE CORPORATION ACT, AND FEDERAL meet the credit needs of the local communities in RESERVE ACT which they are chartered consistent with the safe and Orders Issued Under Section 3 of the Bank sound operation of such institutions. To accomplish Holding Company Act this end, the CRA requires the appropriate federal supervisory authority to "assess the institution's re- Advance Bancorp, Inc. cord of meeting the credit needs of its entire communi- Chicago, Illinois ty, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of Order Approving Formation of a Bank Holding the institution." The Board is required to "take such Company record into account in its evaluation" of applications under section 3 of the BHC Act. Advance Bancorp, Inc., Chicago, Illinois, has applied The record reflects that Bank's past record under for the Board's approval under section 3(a)(1) of the CRA has been less than satisfactory. The Board would Bank Holding Company Act of 1956, as amended generally regard this as a significant adverse factor in ("BHC Act") (12 U.S.C. § 1842(a)(1)), to become a its evaluation of an application. In this case, however, bank holding company by acquiring all of the outstand- there are a number of special circumstances that ing voting shares of South Chicago Savings Bank, mitigate the Board's concern regarding Bank's service Chicago, Illinois ("Bank"). to the convenience and needs of its community and Notice of the application, affording opportunity for interested persons to submit comments, has been given in accordance with section 3(b) of the BHC Act. The time for filing comments has expired, and the Board has considered the application and all comments received in light of the factors set forth in 1. All banking data are as of June 30, 1985. 2. The Chicago banking market is approximated by Cook, DuPage, section 3(c) of the BHC Act (12 U.S.C. § 1842(c)). and Lake Counties, all in Illinois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 835 that convince the Board that convenience and needs Board that Bank will increase its loan-to-deposit ratio considerations are consistent with approval of this within five years and increase the number of loans application. made in its delineated CRA community to a level The Board notes that this is the third application to providing an equivalent ratio of the number of loan the Board involving Bank within a period of three accounts to the number of deposit accounts both years. In connection with the processing of the previ- inside and outside its delineated CRA community. ous two applications, Bank's deficiencies were point- Applicant and Bank have also committed that Bank ed out and the applications were withdrawn. During will expand and enlarge the percentage of Bank's the processing of this application, Applicant met on consumer loans, including the percentage of consumer numerous occasions with Board and Reserve Bank loans made within Bank's delineated CRA communistaff to discuss Bank's CRA performance, the im- ty. provements in that performance, and measures that In addition, Applicant and Bank have committed to Bank could take to further improve its performance further study the needs of Bank's newly enlarged and correct specific deficiencies noted in its CRA designated CRA community by conducting an indereview. As a result of these discussions, Applicant has pendent survey of consumer credit needs; to solicit made specific commitments designed to improve the advice from members of community organizations and entire scope of its CRA performance. invite their participation on Bank's Community Advis- As a result of this effort, Bank has shown improve- ory Group; to increase substantially advertising to ment in its service to the convenience and needs of the make known its lending program to its designated community. As of Bank's last CRA examination, CRA community; and to participate in various com- Bank's performance was satisfactory in three of the munity development programs. five areas considered in assessing a bank's overall Finally, the Board notes that this application to form CRA performance: community credit needs and mar- a holding company over Bank involves a restructuring keting; discrimination or other illegal practices; and of existing ownership interests for the apparent purcommunity development.3 As of its last examination, pose of enabling Applicant to further expand its bank- Bank's CRA performance was deficient in two areas: ing operations. Any such expansion will require an the geographic distribution of Bank's lending and the application to the Board. At such time, the Board will types of credit offered and extended by Bank. carefully scrutinize such an application to determine Concerning the geographic distribution of Bank's whether Applicant has made substantial measurable lending, Bank has substantially expanded its CRA progress in fulfilling the commitments it has made to community delineation so that Bank will serve a far the Board to improve its service to the convenience greater number of low- and moderate-income neigh- and need of its community. borhoods.4 Bank is located on the southeast side of In this connection, the Board has directed the Chicago in an area that has traditionally been the hub Reserve Bank to monitor the performance of Appliof steel-making and heavy manufacturing, both of cant and Bank, including their progress in fulfilling which have suffered serious economic setbacks over their commitments to the Board. To ensure that the the past decade. Applicant and Bank have committed Federal Reserve Bank of Chicago can accurately monto extend Bank's CRA community delineation to the itor progress on these commitments, Applicant and north and west to include 46 new census tracts of Bank have committed to submit monthly reports to the which 44 have a Black population in excess of 80 Reserve Bank concerning progress on Bank's CRA percent and 28 of which are considered low-income program. areas. It is in this context that the Board believes it is Concerning the types of credit offered and extended appropriate to give weight to commitments for future by Bank, Applicant and Bank have committed to the actions as part of its consideration of convenience and needs factors. Such commitments are considered an important aspect of the Board's role in encouraging performance.5 In view of the fact that the Board is taking limited action in this case that will set the stage for further reviews of Bank's CRA performance, and in view of the fact that the commitments by Applicant 3. An institution's overall CRA performance is evaluated on the basis of five separate performance categories: community credit needs and Bank would correct the deficiencies in Bank's and marketing; types of credit offered and extended; geographic CRA record, the Board believes that it is appropriate distribution; discrimination or other illegal credit practices; and community development. 4. A low-income census tract has a median family income of less than 80 percent of the median family income and a moderate-income census tract has a median family income between 80 and 125 percent 5. See Board statement of January 3, 1980, Federal Reserve of the median family income for that metropolitan statistical area. Regulatory Service, II 6-1312. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 Federal Reserve Bulletin • December 1986 in this case to give substantial weight to the commit- institutions have a "continuing and affirmative obligaments of Applicant and Bank in assessing Bank's CRA tion to help meet the credit needs of the local commuperformance and convenience and needs factors. On nities in which they are chartered." To this end, CRA this basis, and in light of the progress shown to date by requires that the appropriate Federal finar cial supervi- Bank in improving its CRA record, as well as the sory agencies shall "assess the institution's record of commitments made by Applicant and Bank and other meeting the credit needs of its entire community, facts of record, the Board believes that considerations including low- and moderate-income neighborhoods, relating to the convenience and needs of the communi- consistent with the safe and sound operation of such ties to be served are consistent with approval.6 institution," and "take such record into account in its Based on the foregoing and other facts of record, the evaluation" of an application under the Bank Holding Board has determined that approval of the application Company Act. Thus, Congress has choser the applicawould be consistent with the public interest and that tion process as the mechanism to encourage a financial the application should be and hereby is approved. The institution to build a good record in mee :ing its comtransaction shall not be consummated before the thirti- munity's credit needs by directly tying an institution's eth calendar day following the effective date of this ability to expand to its past record in meeting its Order, or later than three months after the effective obligations to serve the convenience and needs of its date of this Order, unless such period is extended for community. good cause by the Board or by the Federal Reserve Bank's record of meeting the credit needs of its Bank of Chicago acting pursuant to delegated author- entire community, including low- and noderate-inity. come neighborhoods, has been consistently judged By order of the Board of Governors, effective less than satisfactory by Federal financial supervisory October 17, 1986. agencies during the entire period following the enactment of CRA. Bank is one of only a handful of Voting for this action: Vice Chairman Johnson and Gover- financial institutions in the country with such a consisnors Wallich, Seger, Angell, and Heller. Voting against this tently poor record. Even though Bank's serformance action: Governor Rice. Absent and not voting: Chairman has improved somewhat over time, it has not reached Volcker. a satisfactory level, despite continuing efforts by regulatory agencies to provide Bank with guidance in JAMES MCAFEE improving its performance. [SEAL] Associate Secretary of the Board It is only when Bank desired to form a bank holding company and was faced with the application process that it chose to make some promises to the Board concerning its future performance in meeting the cred- Dissenting Statement By Governor Rice it needs of its community. The majority of the Board relies upon Bank's improving performaice and the I dissent from the Board's action in this case. I cannot commitments that Applicant and Bank have made agree with the majority's decision to provide bank concerning the future. This seems insufficient to me. holding company status to an institution that has In my opinion, the Board should not approve Bank's chosen to ignore its obligations under law to serve the application on the basis of promises of fut are performconvenience and needs of its community as consistent- ance when Bank's demonstrated, longterm record has ly and for as long a period as Bank has done in this been and continues to be unsatisfactory. Rather, in case. this case the Board should require that Bank first The Community Reinvestment Act ("CRA") con- demonstrate a satisfactory track record ol meeting the tains a Congressional finding that regulated financial credit needs of its community. This is ;ill the more important for a bank, like Bank, that is s tuated in an area that has predominantly low- and noderate-income neighborhoods. 6. The Board has also received comments concerning Bank's CRA performance that were submitted to the Board by Woodstock Institute I recognize that most CRA issues are *aised in the and the Illinois Foreclosure Coalition (collectively, "commenters") context of a protested application. Typically, these after the expiration of the comment period on this application. The issues are resolved through the process of discussion commenters allege that Bank has discriminated on the basis of race in defining the community it serves and in lending to Black sections of and constructive negotiation between applicants and the community it has designated. The commenters also allege that protestants. This process has worked well, and in fact, Bank has failed to make loans, especially residential loans, in its designated community area. Based upon the facts of record, there is no applications have been denied on CRA grounds. insufficient evidence to indicate that Bank is discriminating on the The record in this case demonstrates a failure by basis of race in its lending practices. As discussed earlier in this Order, Applicant to respond to the concerns expressed by Applicant and Bank have made a number of commitments which the Board believes sufficiently address the concerns of commenters. regulatory authorities and a refusal to work out that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 837 kind of accommodation, such as to warrant, in my premises of Banco Mercantil. In addition, CIMA holds opinion, disapproval of this application. shares of a number of companies engaged in a variety Accordingly, I would deny this proposal until such of banking and nonbanking activities outside the Unittime as Bank demonstrates, through more than gener- ed States, including commercial financing, mortgage alized promises of improvement, that it has recognized banking, insurance activities, and real estate investits obligations to satisfy the convenience and needs of ment and development activities. CIMA had consoliits entire community, including low- and moderate- dated assets of approximately $1.2 billion as of Deincome neighborhoods. cember 31, 1985. The shares of CIMA and Banco October 17, 1986 Mercantil are held by the same shareholders and, under the provisions of the articles of incorporation of Consorcio Inversionista Mercantil y Agricola CIMA and Banco Mercantil, may only be transferred C.A. together. The Board has determined that Banco Mer- Caracas, Venezuela cantil and CIMA meet the requirements of section 211.23(b) of Regulation K for the exemptions to the Banco Mercantil C.A. nonbanking prohibitions of the Act provided to quali- Caracas, Venezuela fying foreign banking organizations. 12 C.F.R. § 211.23(b), (c), and (f). Order Approving the Formation of Bank Holding Bank had total assets of approximately $26 million Companies as of March 31, 1986. The only U.S. operation of Banco Mercantil is an agency in Miami, Florida. While Consorcio Inversionista Mercantil y Agricola C.A., the agency and Bank operate in the same banking Caracas, Venezuela ("CIMA"), and Banco Mercantil market, neither controls a significant share of the C.A., Caracas, Venezuela, have applied for Board banking business in that market, and the acquisition of approval under section 3 of the Bank Holding Compa- Bank by Applicants will not have any significantly ny Act (12 U.S.C. § 1842) ("Act") to acquire the adverse effects on competition or significantly inshares of Commercebank, N.A., Miami, Florida crease the concentration of resources in any relevant ("Bank"), and thereby to become bank holding com- market. Accordingly, competitive factors are consispanies for purposes of the Act.1 tent with approval of the application. Notice of the applications, affording interested per- Section 3(c) of the Act requires in every case that sons an opportunity to submit comments, has been the Board consider the financial resources of the given in accordance with section 3(b) of the Act. The applicant organization and the bank or bank holding time for filing comments has expired, and the Board company to be acquired. As the Board has previously has considered the applications and all comments stated, review of the financial resources of foreign received in light of the factors set forth in section 3(c) banking organizations raises a number of complex of the Act (12 U.S.C. § 1842(c)). issues that the Board believes require careful consider- Banco Mercantil, with total assets of approximately ation and that the Board continues to have under $2.8 billion as of March 31, 1986, is the third largest review.2 In this regard, the Board has initiated consulprivate bank in Venezuela. CIMA is a Venezuelan tations with appropriate foreign bank supervisors and corporation that was originally formed by Banco Mer- notes that work is currently in progress among foreign cantil for the purpose of providing services to Banco and domestic bank supervisory officials to develop Mercantil, including data processing, printing, and more fully the concept of functional equivalency of similar services, and to hold and maintain the bank capital ratios for banks of different countries. Pending the outcome of these consultations and deliberations, the Board has determined to consider the issues raised 1. CIMA proposes to acquire its shares of Bank through a trust and by applications by foreign banks to acquire domestic series of off-shore companies. CIMA, an unnamed United Kingdom subsidiary of CIMA, and the shareholders of CIMA are beneficiaries banks on a case-by-case basis. of the trust. The trust will own all of the voting shares of the Schatten In this case, the Board notes that the primary capital Corporation, a holding company established under the laws of the ratio of Banco Mercantil, after making certain adjust- United Kingdom. The Schatten Corporation, in turn, will own all of the shares of two companies: the Geld Corporation, which is a ments in accord with U.S. regulatory and accounting Channel Islands corporation that will serve as the trustee for the trust; and Mountain Corporation, a Florida holding company. The shares of Bank will be held by Mountain Corporation. Banco Mercantil proposes to make a substantial investment in Mountain Corporation in 2. See, e.g., Ljubljanska Banka-Associated Bank, 72 FEDERAL the form of debt that will convert into equity of Mountain Corporation RESERVE BULLETIN 489 (1986); The Industrial Bank of Japan, Ltd., 72 after a fixed period. In addition to Banco Mercantil and CIMA, the FEDERAL RESERVE BULLETIN 71 (1986); The Mitsubishi Bank, Limit- United Kingdom subsidiary of CIMA, the trust, Schatten Corpora- ed, 70 FEDERAL RESERVE BULLETIN 518 (1984); see also Policy tion, Geld Corporation, and Mountain Corporation have each applied Statement on Supervision and Regulation of Foreign-Based Bank under the Act to become bank holding companies as a result of this Holding Companies, Federal Reserve Regulatory Service f 4-835 transaction. (1979). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 Federal Reserve Bulletin • December 1986 practices, is slightly below the minimum level estab- Dissenting Statement Of Governors Angell And lished for domestic bank holding companies. The Heller Board also notes that the primary capital ratio of CIMA is below the minimum level established for We dissent from the Board's action in this case. It is domestic bank holding companies. The Board regards our concern that the limitations imposed by Venezuethis as a negative factor. In other similar cases, the lan law on the investments of Venezuelan banks and Board has considered mitigating factors, including the trust arrangement proposed in this case will limit adjustments to the applicant's capital that reflect dif- the ability of Applicants to serve as sources of finanferences in accounting and regulatory practices and cial strength to Bank. that generally cause applicant's capital to reflect the This case also raises the general issue of comparabillevels required for domestic bank holding companies. ity of capital adequacy standards between domestic In this case, the Board puts particular emphasis on the and foreign banking organizations. It is our view that facts that Bank will be strongly capitalized by Appli- the same standards should be applied equally to docants and is small in relation to Applicants; that mestic bank holding companies and to foreign banking Applicants have established a plan to increase their organizations seeking to acquire banks in the United capital, on a combined basis, to a level that will equal States. In this regard, we wish to emphasize the or exceed the capital guidelines set for U.S. bank importance of developing international standards for holding companies; and that Applicants are in compli- comparing capital adequacy in order to assure the ance with capital and other financial requirements of consistent treatment of foreign and domestic banking the appropriate supervisory authorities in Venezuela organizations. and that Applicants' resources and prospects are October 23, 1986 viewed as satisfactory by those authorities. The Board expects that Applicants will continue to maintain Bank as among the more strongly capitalized banking organizations of comparable size in the Unit- Merchants National Corporation ed States. Based on these and all of the other facts of Indianapolis, Indiana record, including the commitments made by Applicants, the Board concludes that the financial and Order Approving Acquisition of Bank Holding managerial factors are consistent with approval of Companies and a Bank these applications. The Board has also determined that considerations Merchants National Corporation, Indianapolis, Indirelating to the convenience and needs of the communi- ana, a bank holding company within the meaning of ty to be served are consistent with approval. Based on the Bank Holding Company Act of 1956, as amended the foregoing and all the facts of record, including the (12 U.S.C. § 1841 et seq.) ("Act"), has applied for the commitments made by Applicants, the Board has Board's approval under section 3(a)(5) of the Act determined that consummation of the transaction (12 U.S.C. § 1842(a)(5)) to merge with Farmers State would be consistent with the public interest. Accord- Corporation, Zionsville, Indiana ("FSC") and thereby ingly, the Board has determined that the applications indirectly acquire FSC's subsidiary bank, Mid State should be and hereby are approved. The transaction Bank, Zionsville, Indiana; with US Bancorp, Carmel, shall not be consummated before the thirtieth calendar Indiana ("USB") and thereby indirectly acquire day following the effective date of this Order, or later USB's subsidiary bank, Union State Bank, Carmel, than three months after the effective date of this Indiana; and with Alliance Bancorp, Danville, Indiana Order, unless such period is extended for good cause ("Alliance") and thereby indirectly acquire Alliance's by the Board or by the Federal Reserve Bank of subsidiary bank, Mid State Bank of Hendricks Coun- Atlanta, pursuant to delegated authority. ty, Danville, Indiana. Applicant has also applied for By order of the Board of Governors, effective the Board's approval under section 3(a)(3) of the Act October 23, 1986. (12 U.S.C. § 1842(a)(3)) to acquire Anderson Banking Company, Anderson, Indiana ("Anderson"). Voting for this action: Chairman Volcker and Governors Notice of the applications, affording opportunity for Johnson, Rice, and Seger. Voting against this action: Gover- interested persons to submit comments (51 Federal nors Angell and Heller. Absent and not voting: Governor Register 25,257 (July 11, 1986)), has been given in Wallich. accordance with section 3(b) of the Act. The time for filing comments has expired, and the Board has con- JAMES MCAFEE sidered the applications and all comments received in [SEAL] Associate Secretary of the Board light of the factors set forth in section 3(c) of the Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 839 Applicant is the third largest banking organization in Although consummation of the proposal would elim- Indiana, controlling four subsidiary banks in the state, inate some existing competition between Applicant's which hold deposits of $2.1 billion, representing 5.6 subsidiary banks and the subsidiary banks of FSC, percent of the total deposits of commercial banks in USB and Alliance in the Indianapolis banking market, the state.1 FSC, USB and Alliance each have one numerous other commercial banking organizations subsidiary bank. Their subsidiary banks in each case would remain as competitors after consummation of control less than one percent of the total deposits in the proposal. In addition, the presence of 19 thrift commercial banks in the state, and respectively con- institutions that control approximately 18.6 percent of trol total deposits of $74.1 million, $129.6 million and the market's total deposits mitigates the anticompeti- $86.2 million.2 Anderson Banking Company is the 33rd tive effects of the transaction.5 Thrift institutions allargest banking organization in the state, controlling ready exert a considerable competitive influence in the deposits of $210.4 million, representing 0.58 percent of market as providers of NOW accounts and consumer the total deposits in commercial banks in the state. loans. In addition, most of the thrift institutions are Upon consummation of these applications, Applicant engaged in the business of making commercial loans would remain the third largest banking organization in and are providing an alternative for such services in the state. Accordingly, consummation of the proposal the Indianapolis market. Based upon the above conwould have no significant effect on the concentration siderations, the Board concludes that consummation of banking resources in Indiana. of the proposal is not likely to substantially lessen competition in the Indianapolis market.6 The Board has considered the effects of the proposal upon competition in the relevant banking markets in Anderson Banking Company operates in the Anderwhich Applicant, FSC, USB, Alliance and Anderson son banking market, a market where Applicant does operate. Three of Applicant's subsidiary banks and the not operate.7 Consummation of the proposal would subsidiary banks of FSC, USB and Alliance operate in therefore not eliminate any existing competition in that the Indianapolis banking market.3 Applicant is the market. The Board has considered the effects of the third largest banking organization in this market with proposed merger on probable future competition in the $1.7 billion in deposits, representing 19.4 percent of Anderson market. On the basis of the number of the total deposits in commercial banks in the market. probable future entrants into the market and the fact The subsidiary banks of FSC, USB and Alliance are that the market is not concentrated, the Board has the 14th, 8th and 12th largest banking organizations in concluded that consummation of the proposal would the Indianapolis market, together holding 3.3 percent not have any significant adverse effects on probable of the total deposits in commercial banks in the future competition in the market. market. Upon consummation, Applicant would remain In its evaluation of Applicant's managerial rethe third largest banking organization in the market, sources, the Board has considered certain violations and would control deposits of $2 billion, representing by Applicant of the Currency and Foreign Transac- 22.7 percent of total deposits in commercial banks in tions Reporting Act ("CFTRA") and the regulations the market. The Indianapolis market is highly concen- thereunder.8 In this regard, the Board notes that trated, with the four largest commercial banks controlling 79 percent of the deposits of commercial banks in the market. The Herfindahl-Hirschman Index ("HHI") for the market is 2042, and upon consummation of the proposal the HHI would increase by 131 points to 2113.4 will not be challenged (in the absence of other factors indicating anticompetitive effect) unless the post-merger HHI is at least 1800 and the merger increases the HHI by at least 200 points. 5. The Board has previously indicated that thrift institutions have become or have the potential to become, major competitors of commercial banks. National City Corporation, 70 FEDERAL RESERVE BULLETIN 743 (1984); NCNB Bancorporation, 70 FEDERAL RESERVE BULLETIN 225 (1984); General Bancshares Corporation, 69 FEDERAL RESERVE BULLETIN 802 (1983); First Tennessee National Corpora- 1. All banking data are as of June 30, 1985. tion, 69 FEDERAL RESERVE BULLETIN 298 (1983). 2. The subsidiary banks of FSC, USB and Alliance respectively 6. If 50 percent of deposits held by thrift institutions in the rank in size as the 115th, 57th and 95th largest banking organizations Indianapolis banking market were included in the calculation of in Indiana. market concentration, the share of total deposits held by the four 3. The Indianapolis banking market is approximated by the India- largest organizations in the market would, as a result of the proposal, napolis MSA, consisting of Boone, Hamilton, Hancock, Hendricks, increase from 74.3 percent to 75.4 percent. Applicant would control Johnson, Marion, Morgan and Shelby counties in Indiana. 20.3 percent of the market's deposits upon consummation of the 4. Under the revised Department of Justice Merger Guidelines (49 proposal. The HHI would increase by 106 points to 1765. Federal Register 26,823 (June 29, 1984)), any market in which the post 7. The Anderson banking market is approximated by Madison merger HHI is above 1800 is considered highly concentrated. The County, Indiana. Department has informed the Board that a bank merger or acquisition 8. 31 U.S.C. § 5311, et seq.; 31 C.F.R. § 103. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 Federal Reserve Bulletin • December 1986 Applicant, the United States Attorney for Southern Orders Issued Under Section 4 of the Bank Indiana and the IRS have reached agreement on a Holding Company Act settlement of all outstanding violations of CFTRA, and that throughout the investigative process Applicant Sovran Financial Corporation cooperated fully with law enforcement agencies. Ap- Norfolk, Virginia plicant and its subsidiaries have also undertaken a comprehensive remedial program to correct these vio- Order Approving an Application to Deal in Gold and lations and to prevent similar violations from occur- Silver Bullion and Coins ring in the future. Applicant has advised the Board that it has filed corrective currency transaction reports Sovran Financial Corporation, Norfolk, Virginia, a ("CTRs"), appointed a senior officer responsible for bank holding company within the meaning of the Bank ensuring compliance with CFTRA reporting require- Holding Company Act of 1956 ("Act") (12 U.S.C. ments, including reporting for transactions aggregating § 1841 et seq.), has applied pursuant to section 4(c)(8) over $3,000 on a daily basis; instituted intensive inter- of the Act (12 U.S.C. § 1843(c)(8)) and section nal training for bank personnel regarding compliance 225.23(a) of the Board's Regulation Y (12 C.F.R. with the CFTRA; eliminated its exempt list until § 225.23(a)), to expand the activities of its wholly convinced that its bank personnel are thoroughly owned subsidiary, Sovran Investment Corporation, knowledgable of CFTRA requirements so as to permit Richmond, Virginia ("SIC"), to include purchasing rebuilding of the list; established a new automated and selling gold and silver bullion and gold coins upon teller system allowing for the centralization of exempt receipt of a customer's order. list computation and the monitoring of CTRs; and Notice of the application, affording interested perrequired all bank personnel to participate in CFTRA sons an opportunity to submit comments, has been retraining courses at least once a year. The Board has duly published (50 Federal Register 29,701 (1986)). also consulted with appropriate enforcement agencies The time for filing comments has expired, and the with respect to this matter, and has considered Appli- Board has considered the application and all comcant's past record of compliance with the law. ments received in light of the public interest factors set For the foregoing reasons and based upon a review forth in section 4(c)(8) of the Act. of all of the facts of record, the Board concludes that Applicant, with total assets of $14.2 billion,1 is the the managerial resources of Applicant are consistent largest banking organization in Virginia. Applicant with approval. The Board also finds that the financial operates three subsidiary banks throughout Virginia, resources of Applicant, FSC, USB, Alliance and An- Maryland and the District of Columbia, and engages derson are consistent with approval of these applica- through certain subsidiaries in other nonbanking activtions. Considerations relating to the convenience and ities permissible for bank holding companies. needs of the communities to be served are also consis- This application represents a corporate reorganizatent with approval. tion whereby Sovran Bank, N.A., a subsidiary of Based on the foregoing and other facts of record, the Applicant, will transfer its gold and silver operations Board has determined that the applications should be to SIC. SIC will buy or sell precious metals only upon and hereby are approved. The transaction shall not be a firm customer order. SIC will also establish an consummated before the thirtieth calendar day follow- arrangement with metal supply dealers whereby SIC ing the effective date of this Order or later than three would acquire title to an inventory of metal, subject to months after the effected date of this Order, unless the supplier's security interest, but would not be such period is extended by the Board or by the Federal obligated to make payment to the supplier until SIC Reserve Bank of Chicago acting pursuant to delegated actually sold a portion of the metal. SIC will not use its authority. assets to deal in or take a position in the precious By order of the Board of Governors, effective metals market in a manner generally associated with October 29, 1986. the activities of a principal. The Board has previously determined that the purchase and sale of gold and Voting for this action: Chairman Volcker and Governors Johnson, Seger, Angell, and Heller. Absent and not voting: Governors Wallich and Rice. JAMES MCAFEE [SEAL] Associate Secretary of the Board 1. Data are as of June 30, 1986. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 841 silver bullion by a bank holding company is closely Orders Issued Under Sections 3 and 4 of the related to banking.2 Bank Holding Company Act In order to approve this application, the Board is also required to determine that the performance of the proposed activity by Applicant "can reasonably be Lloyds Bank Pic expected to produce benefits to the public . . . that London, England outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair com- Order Approving the Acquisition of a Bank Holding petition, conflicts of interests, or unsound banking Company practices." (12 U.S.C. § 1843(c)(8)). This proposal is basically a corporate reorganiza- Lloyds Bank Pic, London, England, has applied for tion, and thus consummation of this proposal should Board approval under section 3 of the Bank Holding result in operational and managerial efficiencies. Ac- Company Act ("BHC Act") (12 U.S.C. § 1841 etseq.) cordingly, the Board concludes that Applicant's per- to acquire up to 30 percent of the voting shares of formance of the proposed activities can reasonably be Standard Chartered Pic, London, England, a regisexpected to provide benefits to the public. tered bank holding company by virtue of its indirect The Board has also considered the potential for ownership of Union Bancorp and its wholly owned adverse effects that may be associated with this pro- subsidiary, Union Bank ("Bank"), Los Angeles, Caliposal. There is no evidence in the record that consum- fornia. Lloyds Bank Pic has also applied for Board mation of the proposal would result in any adverse approval under section 4(c)(8) of the BHC Act effects, such as undue concentration of resources, (12 U.S.C. § 1843(c)(8)) to acquire indirectly the votdecreased or unfair competition, conflicts of interests, ing shares of the following direct and indirect nonor unsound banking practices. banking subsidiaries of Standard Chartered operating Based upon a consideration of all the relevant facts, within the United States: Stanchart Business Credit, the Board concludes that the balance of the public which engages in commercial lending and leasing interest factors that it is required to consider under activities through offices in Los Angeles, Pasadena, section 4(c)(8) is favorable. Accordingly, the applica- Atlanta, Chicago, Miami, Seattle, New York City, and tion is hereby approved. Richmond; Market Investment Services Corporation, This determination is also subject to all of the Los Angeles, California, which provides discount broconditions set forth in Regulation Y, including sections kerage services; Institutional Credit Services Corpora- 225.4(d) and 225.23(b)(3) (12 C.F.R. §§ 225.4(d) and tion, Los Angeles, California, which engages in con- 225.23(b)(3)), and to the Board's authority to require sumer financing, servicing and leasing activities; such modification or termination of the activities of a Stanchart Real Estate Advisors, Inc., London, Enbank holding company or any of its subsidiaries as the gland, which provides real estate investment advisory Board finds necessary to assure compliance with the services and advisory services related to leasing real provisions and purposes of the Act and the Board's and personal property; Mocatta Metal Corporation, regulations and orders issued thereunder, or to pre- New York, New York, which engages in the purchase vent evasion thereof. and sale of gold and silver bullion and coins and the The transaction shall be made not later than three purchase and granting of options to buy or sell gold or months after the effective date of this Order, unless silver bullion; Iron Mountain Depository Corporation, such period is extended for good cause by the Board or which engages in storing, weighing, counting and by the Federal Reserve Bank of Richmond, pursuant transporting bullion and coins; and Mocatta Trade to delegated authority. Corporation, New York, New York, which provides By order of the Board of Governors, effective the services of a futures commission merchant. In October 20, 1986. addition, Applicant has applied to acquire indirectly the shares of Standard Chartered Bank International, Voting for this action: Chairman Volcker and Governors Houston, Texas, a corporation chartered pursuant to Johnson, Rice, Seger, Angell, and Heller. Absent and not section 25(a) of the Federal Reserve Act (the "Edge voting: Governor Wallich. Act") (12 U.S.C § 611 etseq.) and has provided notice under section 4(c)(14) of the BHC Act (12 U.S.C. JAMES MCAFEE § 1843(c)(14)) of its intention to acquire indirectly [SEAL] Associate Secretary of the Board Stanchart Export Services Company, Los Angeles, California, an export trading company. Notice of the applications, affording interested persons an opportunity to submit comments, has been 2. The Hongkong and Shanghai Banking Corporation, 72 FEDERAL RESERVE BULLETIN 345 (1986). given in accordance with sections 3 and 4 of the BHC Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 Federal Reserve Bulletin • December 1986 Act (51 Federal Register 19,797 (1986)). The time for provisions of section 5 of the IBA (12 U.S.C. § 3103) filing comments has expired, and the Board has con- would not permit Applicant to continue to accept sidered the applications and all the comments re- domestic deposits at those branches after Applicant ceived,1 in light of the factors set forth in section 3(c) has acquired 25 percent or more of the voting shares of of the BHC Act, the considerations specified in sec- Standard Chartered.5 Accordingly, based on these tions 4(c)(8) and (14) of the BHC Act, and the purposes facts and conditions, the Board concludes that the of the Edge Act. acquisition of Standard Chartered by Applicant is Applicant, with total assets of approximately $65.9 consistent with section 5(a) of the IBA and section 3(d) billion, is the fourth largest bank in the United King- of the BHC Act (12 U.S.C. § 1842(d)). dom.2 Standard Chartered is the fifth largest bank in Union Bancorp, with total assets of approximately the United Kingdom, with approximately $43.4 billion $9.6 billion, controls approximately 3.1 percent of in total assets. In the United States, Applicant oper- total deposits in commercial banking organizations in ates full-service branches in Los Angeles, San Fran- California and is the fifth largest commercial banking cisco, Chicago, and New York; limited service organization in the state. Applicant recently sold its branches in Boston and Pittsburgh; two limited pur- interest in Lloyds Bank California and currently does pose merchant bank subsidiaries in New York; and not operate a bank subsidiary in California. Upon agencies or loan production offices in 17 other cities consummation, Applicant would become the fifth largnationwide.3 In addition to Union Bancorp, Standard est commercial banking organization in California, and Chartered operates in the United States through full- would control approximately 3.1 percent of deposits in service branches in Chicago, New York and Seattle, commercial banks in the state. an agency in Los Angeles, and representative offices Applicant and Standard Chartered both operate in San Francisco, Atlanta, and Miami. branches or agencies in Chicago, New York, and Los Both Applicant and Standard Chartered have select- Angeles. Upon consummation of the proposal, there ed California as their home state under the Board's will remain numerous commercial bank competitors in Regulation K (12 C.F.R. § 211.22(b)). Applicant may these markets and Applicant and Standard Chartered retain its current full-service branches in Chicago, together would control less than one percent of the New York, Los Angeles, and San Francisco under the deposits in commercial banking organizations in these provisions of section 5(b) of the International Banking markets. Act ("IBA") (12 U.S.C. § 3103(b)) because these of- Accordingly, the Board has determined that confices were duly established by Applicant prior to July summation of this proposal would not have significant- 27, 1978. While Applicant contends that the branches ly adverse effects on either existing or potential comof Standard Chartered may be operated indirectly by petition in any relevant banking market. Applicant as full-service branches after consummation Section 3(c) of the BHC Act requires in every case of the proposal,4 the Board has determined that the that the Board consider the financial resources of the applicant organization and the bank or bank holding company to be acquired. As the Board has previously stated, review of the financial resources of foreign 1. Standard Chartered and Union Bancorp submitted comments banking organizations raises a number of complex opposing Board approval of these applications and requesting a public hearing regarding the applications. These comments are discussed issues that the Board believes require careful considerbelow. The Board has also reviewed the comments submitted by the ation and that the Board continues to have under California/Nevada Interfaith Committee on Corporate Responsibility review.6 In this regard, the Board has initiated consul- ("CN-ICCR") and the response to those comments submitted by Applicant, and has determined, based on all the facts of record, that tations with appropriate foreign bank supervisors and the comments submitted by the CN-ICCR do not warrant denial of notes that work is currently in progress among foreign these applications. and domestic bank supervisory officials to develop 2. All banking data are as of December 31, 1985. 3. Applicant recently sold its interest in Lloyds Bank California in a more fully the concept of functional equivalency of transaction reviewed and approved by the Federal Deposit Insurance Corporation. 4. Applicant contends that section 5(b) of the IBA would permit Applicant to operate indirectly the domestic branches of Standard 5. The Board has determined that, in the event Applicant acquires Chartered because those branches were established and operated 25 percent or more of the voting shares of Standard Chartered, prior to July 27, 1978. Under this interpretation, a foreign banking Applicant must, within six months, conform the deposit-taking activiorganization could acquire any branch or bank in any state, provided ties of the domestic branches of Standard Chartered to the activities the branch or bank had been established and operated by anyone prior permissible for a corporation organized under section 25(a) of the to July 27, 1978. The Board believes that the literal terms of section 5 Federal Reserve Act (12 U.S.C. § 611 seq.) or divest the branches. of the IBA permit foreign banking organizations to retain only 6. Bank of Montreal, 70 FEDERAL RESERVE BULLETIN 664 (1984); branches that they have established and operated prior to the grandfa- Mitsubishi Bank, Ltd., 70 FEDERAL RESERVE BULLETIN 518 (1984). ther date and do not permit foreign banking organizations to acquire See also Policy Statement on Supervision and Regulation of Foreigndomestic branches established by another organization prior to the Based Bank Holding Companies, 1 Federal Reserve Regulatory grandfather date. Service f 4-835 (1979). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 843 capital ratios for banks of different countries. Pending must consider under section 4(c)(8) of the BHC Act is the outcome of these consultations and deliberations, favorable and consistent with approval of the applicathe Board has determined to consider the issues raised tions to acquire the nonbanking subsidiaries of Stanby applications by foreign banks to acquire domestic dard Chartered. banks on a case-by-case basis. The financial and managerial resources of Applicant In this case, Applicant's primary capital ratio, on a are consistent with approval of its indirect acquisition U.S. basis, would be above the minimum levels speci- of Standard Chartered Bank International. The acquified in the Capital Adequacy Guidelines established by sition would result in the continuation of the internathe Board for U.S. bank holding companies, both tional services currently provided, and is consistent before and after consummation of the proposed trans- with the purposes of the Edge Act. Accordingly, the action.7 The Board has also noted that the current and Board finds that the continued operation of Standard pro forma capital levels of Applicant do not reflect any Chartered Bank International upon acquisition by Apintangibles. In addition, the Board notes Applicant's plicant would be in the public interest. current U.S. operations are satisfactory. Based on Standard Chartered and Union Bancorp ("Protesthese and all of the other facts of record, the Board tants") have objected to Board approval of the proconcludes that the financial and managerial factors are posed acquisition and have requested that the Board consistent with approval of this application. Factors hold a public hearing regarding the applications. The related to the convenience and needs of the communi- Protestants raised questions concerning, among other ties to be served are also consistent with approval. things, the capital position of Applicant, its managerial Applicant has also applied, pursuant to section resources and record of operations in the United 4(c)(8) of the BHC Act, to acquire the nonbanking States, Applicant's plans regarding the retention and subsidiaries of Standard Chartered PLC listed above. operation of Bank, the effect of the presence of a The Board has previously determined by Order that minority shareholder on the operations and future the activities of Mocatta Metal Corporation and its prospects of Standard Chartered and Union Bancorp, wholly owned subsidiary, Iron Mountain Depository and the effect of the proposed acquisition on the Corporation, are closely related to banking.8 The convenience and needs of the communities served by Board has previously determined by regulation that Bank. The Board has considered these comments each of the activities of the other nonbanking compa- carefully, as well as the responses to these comments nies that Applicant proposes to acquire are permissible submitted by Applicant, and has reviewed the applicanonbanking activities for bank holding companies.9 tion in light of all of the information presented and With the exception of various leasing activities, otherwise available to the Board, including the rele- Applicant and Standard Chartered do not conduct vant reports of examination and other financial inforsimilar nonbanking activities in the same relevant mation regarding Applicant's U.S. banking operamarkets in the United States. The volume of leasing tions. activities of both Applicant and Standard Chartered is For the reasons discussed above, the Board has small and the overlapping market share is insignificant analyzed the financial aspects of this case in accord in comparison with the total market volume. More- with its policy of reviewing applications by foreign over, there is a large number of competitors in the banks to acquire domestic banking organizations on a market for leasing services, and elimination of either case-by-case basis, giving appropriate weight to all Applicant or Standard Chartered as a competitor relevant financial factors. As stated above, based on would not have any significant adverse effects. the Board's review of all of the facts in this case, There is no evidence in the record to indicate that including the fact that Applicant's tangible primary approval of this proposal would result in undue con- capital on a U.S. basis is above the Board's minimum centration of resources, decreased or unfair competi- levels specified in the Capital Adequacy Guidelines, tion, conflicts of interest, unsound banking practices, the Board believes that the financial resources of or other effects adverse to the public interest. Accord- Applicant are consistent with approval of this applicaingly, subject to the conditions and limitations set tion. forth in the Board's Order approving the acquisition of The Board has also considered that Applicant has Mocatta Metal Corporation, the Board has determined stated its intention to retain Bank and that it has no that the balance of the public interest factors that it present plans to change either the executive management, business plan, structure, or services provided by Bank. As discussed above, on the basis of these 7. 50 Federal Register 16057 (April 24, 1985); 71 FEDERAL RESERVE and all of the other facts of record, the Board believes BULLETIN 445 (1985). that the managerial resources of Applicant and its 8. 38 Federal Register 27,552 (1973). 9. See 12 C.F.R. § 225.25(b)(1), (4), (5), and (18). current plans for Bank, including those regarding the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 Federal Reserve Bulletin • December 1986 continued provision of services to the communities The position taken by the Protestants would pre- Bank currently serves, are consistent with approval of clude the Board from approving any proposal to this application.10 acquire less than an absolute majority of the shares of Protestants also contend that the Board should deny a bank holding company if the management of the the application in this case because the acquisition by bank holding company opposes the acquisition. The Applicant of a minority interest in Standard Chartered BHC Act recognizes, however, that control is possible would only perpetuate dissension and uncertainty in without ownership of an absolute majority of voting the management of Standard Chartered without per- shares. Therefore, after careful review of the committing Applicant to gain actual control of Standard ments submitted by Protestants, Applicant's response Chartered or Union Bancorp. In support of its posi- to these comments, and all of the facts of record in this tion, Protestants rely on the Board's decision in NBC case, the Board has determined that the comments Co., 60 FEDERAL RESERVE BULLETIN 782 (1974), submitted by Protestants do not warrant denial of denying an application to acquire between 20 and 25 these applications.11 percent of the voting shares of a bank. The Board The Board has also considered Protestants' request stated in that case that, because a single shareholder for a formal hearing. The BHC Act requires the Board held over 50 percent of the voting shares of the bank to hold a formal hearing regarding an application and vigorously opposed the acquisition, the acquisi- submitted under section 3 of the BHC Act only in the tion "would only perpetuate or aggravate dissension in event that the state supervisory authority, in the case Bank's management" without the applicant having of a state bank such as Union Bank, expresses written any opportunity to obtain control of the bank. Id. 784. disapproval of the proposed transaction.12 This hear- The Board also noted that the proposed acquisition in ing requirement is not triggered in this case because NBC Co. could detract from the overall financial the Superintendent of Banking for the State of Califorcondition of the applicant, which would not be in a nia has not expressed written disapproval of the proposition to assure that the bank in which it proposed to posed transaction. invest could continue to pay dividends to service the Further, Protestants have been given the opportuniapplicant's acquisition debt. ty to submit facts and arguments to the Board regard- While the Board has considered the effects on Union ing this application, and have not provided any basis to Bancorp and Bank of Applicant's proposed minority support the belief that the facts already before the ownership position, the facts in this case may be Board are incomplete or insufficient to permit the distinguished from the circumstances in NBC Co. In Board to carry out its responsibility under the BHC this case, unlike in NBC Co., Applicant will become Act, or that further investigation would produce addithe largest single shareholder of Standard Chartered tional relevant information. The Board is not required and may determine to seek to acquire a majority of the to hold a formal hearing where a party disputes the shares of Standard Chartered once Applicant is per- conclusions to be drawn from established facts or mitted to renew its offer under relevant British law. where such proceeding would not serve to develop Moreover, as discussed above, the proposed invest- new or useful facts.13 ment will not impair the financial resources of Appli- Accordingly, based on these facts, and the extensive cant, and Applicant would not be dependent upon submissions by the parties, the Board concludes that a dividends from Standard Chartered to meet its debt formal hearing is not warranted in this case, and servicing requirements. Consequently, this case more hereby denies Protestants' request for a hearing. closely resembles the facts of several cases approved Based on the foregoing, the commitments made by by the Board, which involved the acquisition by a Applicant, and all the facts of record, the Board has bank holding company of a minority position in another institution without the consent of the institution's management. See, e.g., City Holding Company, 71 FEDERAL RESERVE BULLETIN 575 (1985); Hudson 11. Protestants have also raised questions regarding certain alleged violations of the Export Administration Act during 1983. 50 Financial Associates, 72 FEDERAL RESERVE BULLE- App. U.S.C. § 2401 et seq. Based on all the facts of record, including TIN 151 (1986). the fact that Applicant has instituted a comprehensive compliance program, Applicant's record since 1983, and the fact that the record does not indicate that the violations were willful, the Board has determined that these violations do not warrant denial of the applications in this case. 12. 12 U.S.C. § 1842(b); Northwest Bancorporation v. Board of 10. The retention of Bank or its current management is not a Governors, 303 F.2d 832, 843-44 (8th Cir. 1962); Grandview Bank & condition of the Board's action in this case. The Board expects that all Trust Co. v. Board of Governors, 550 F.2d 415 (8th Cir.), cert, denied, future actions that Applicant takes regarding Union Bancorp or Bank 434 U.S. 821 (1977); and, Farmers & Merchants Bank of Las Cruces will be consistent with relevant law, the Board's regulations, this v. Board of Governors, 567 F.2d 1082 (D.C. Cir. 1977). Order, and safe and sound banking practice. 13. Northwest Bancorporation, supra, n. 20. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 845 determined that the applications under sections 3 and 4 Francisco, pursuant to delegated authority. The deterof the BHC Act and under the Edge Act should be, and minations herein regarding nonbank activities are subhereby are, approved.14 ject to the conditions stated herein as well as all of the The Board has also considered the notice by Appli- conditions set forth in Regulation Y, including sections cant to acquire Stanchart Export Services Company 225.4(d) and 225.23(b), and to the Board's authority to under section 4(c)(14) of the BHC Act. Based on the require such modification or termination of the activifacts of record, the Board has determined that disap- ties of a holding company or any of its subsidiaries as proval of the proposed investment is not warranted. the Board finds necessary to assure compliance with, The acquisition shall not be consummated before or to prevent evasion of, the provisions and purposes the thirtieth day following the effective date of this of the BHC Act and the Board's regulations and orders Order or later than three months after the effective issued thereunder. date of this Order, unless such period is extended by By order of the Board of Governors, effective the Board or by the Federal Reserve Bank of San October 1, 1986. Voting for this action: Vice Chairman Johnson and Gover- 14. By its action today, the Board does not indicate any preference or endorsement, either in support or in opposition, to the proposed nors Rice, Seger, Angell, and Heller. Absent and not voting: acquisition or to any further acquisitions of shares of Standard Chairman Volcker and Governor Wallich. Chartered by Applicant. Rather, the Board is acting on the applications before it solely with respect to the U.S. activities of Standard Chartered and in order that the proposed transaction, if consummat- JAMES MCAFEE ed, may be made in accordance with relevant U.S. law. [SEAL] Associate Secretary of the Board ORDERS APPROVED UNDER BANK HOLDING COMPANY ACT By the Secretary of the Board Recent applications have been approved by the Secretary of the Board as 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 Effective Applicant Bank(s) ^ First-Knox Banc Corp., The Farmers and Savings Bank, October 17, 1986 Mount Vernon, Ohio Loudonville, Ohio By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. Section 3 Reserve Effective Applicant Bank(s) Bank date Ambanc Financial Services, Bank of Helenville, Chicago October 24, 1986 Inc., Helenville, Wisconsin Beaver Dam, Wisconsin AmeriTrust Corporation, Central Indiana Bancorp, Inc. Cleveland October 16, 1986 Cleveland, Ohio Fairland, Indiana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 Federal Reserve Bulletin • December 1986 Section 3—Continued Reserve Effective AApppplliiccaanntt BBaannkk((ss)) Bank date AmeriTrust Corporation, Union Banc Corp., Cleveland October 24, 1986 Cleveland, Ohio Kokomo, Indiana Banc One Corporation, First National Corporation, Cleveland October 24, 1986 Columbus, Ohio Bloomington, Indiana Bank Maryland Corp., Bank of Maryland, Richmond October 22, 1986 Towson, Maryland Towson, Maryland Bank Shares Incorporated, First Brookdale State Bank, Minneapolis October 24, 1986 Minneapolis, Minnesota Brooklyn Center, Minnesota Bay Holdings Corporation, Portland State Bank, Dallas October 24, 1986 Rockport, Texas Portland, Texas BNB Bancorp, Inc., Belmont National Bank of Chicago October 9, 1986 Chicago, Illinois Chicago, Chicago, Illinois Capital National Bancshares, Capital National Bank, Kansas City October 21, 1986 Inc., Oklahoma City, Oklahoma Oklahoma City, Oklahoma Cardinal Bancorp, Inc., Citizens National Bank of Greater St. Louis October 10, 1986 Washington, Missouri St. Louis, St. Louis, Missouri Carolina First Corporation, Carolina First Bank, Richmond October 21, 1986 Greenville, South Carolina Greenville, South Carolina The Central Bancorporation, Oberlin Bancshares, Inc., Cleveland October 3, 1986 Inc., Oberlin, Ohio Cincinnati, Ohio Central National Corporation, Central National Bank, Atlanta October 14, 1986 Sarasota, Florida Sarasota, Florida Chambers Bancshares, Inc., Danville State Bank, St. Louis October 7, 1986 Danville, Arkansas Danville, Arkansas Citizens Fidelity Corporation, Mercer County National Bank of St. Louis October 21, 1986 Louisville, Kentucky Harrodsburg, Harrodsburg, Kentucky Community Financial First of America Bank—Huron, Chicago October 8, 1986 Corporation, Harbor Beach, Michigan Harbor Beach, Michigan Cosmopolitan Bancorp The Cosmopolitan National Bank Chicago October 24, 1986 Incorporated, of Chicago, Chicago, Illinois Chicago, Illinois Dakota Company, Inc., Security State Bank, Minneapolis October 23, 1986 Minneapolis, Minnesota Doland, South Dakota DeSoto Bancshares, Inc., DeSoto State Bank, Kansas City October 7, 1986 DeSoto, Kansas DeSoto, Kansas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 847 Section 3—Continued „ , . . Reserve Effective Applicant Bank(s) Bank date Dickey County Bancorporation, The First National Bank of Minneapolis October 9, 1986 Ellendale, North Dakota Oakes, Oakes, North Dakota Dickey County Bancorporation, Liberty National Bank and Trust Minneapolis October 3, 1986 Ellendale, North Dakota Company, Dickinson, North Dakota Dominion Bankshares Nashville City Bank and Trust Richmond October 20, 1986 Corporation, Company, Roanoke, Virginia Nashville, Tennessee F&M Bankshares of Reedsburg, Farmers and Merchants Bank, Chicago October 24, 1986 Inc., Reedsburg, Wisconsin Reedsburg, Wisconsin F&M Financial Services The Bank of Ashippun, Chicago October 17, 1986 Corporation, Ashippun, Wisconsin Menomonee Falls, Wisconsin First Bryson Bancorporation, Bryson Bancshares, Inc., Dallas October 21, 1986 Inc., Bryson, Texas Bryson, Texas The First State Bank of Bryson, Bryson, Texas First Indiana Bancorp, Central Indiana Bancorp, Inc., Cleveland October 16, 1986 Elkhart, Indiana Fairland, Indiana First National Bancorp, The Citizens Bank of Toccoa, Atlanta October 20, 1986 Gainesville, Georgia Toccoa, Georgia G.S.B. Investments, Inc., Keystone Securities, Inc., Atlanta October 22, 1986 Gainesville, Florida Keystone Heights, Florida Gulf Harbor Banks, Inc., Gulf Bank of Dunedin, Atlanta October 6, 1986 Dunedin, Florida Dunedin, Florida Hartford National Corporation, Charter Financial Corporation, Boston October 17, 1986 Hartford, Connecticut Framingham, Massachusetts Hartford National Corporation, First New England Bankshares Boston October 15, 1986 Hartford, Connecticut Corp., Taunton, Massachusetts HomeBanc Corporation, The Home Bank of Albertville, Atlanta September 25, 1986 Guntersville, Alabama Albertville, Alabama Huntington Bancshares Kasco Financial Corporation, Cleveland October 16, 1986 Incorporated, Warren, Michigan Columbus, Ohio Huntington Bancshares Michigan, Inc., Columbus, Ohio IBT Bancorp, Inc., Irwin Bank and Trust Company, Cleveland October 23, 1986 Irwin, Pennsylvania Irwin, Pennsylvania Illini Community Bancorp, Inc., Peoples National Bank of Chicago October 24, 1986 Springfield, Illinois Springfield, Springfield, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 Federal Reserve Bulletin • December 1986 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Jefferson Bancorp, Inc., Jefferson National Bank, Atlanta October 14, 1986 Miami Beach, Florida Boca Raton, Forida JSB Bancorp, Inc., Jersey State Bank, St. Louis October 21, 1986 Jerseyville, Illinois Jerseyville, Illinois Lamar Capital Corporation, Lamar County Bank, Atlanta October 1, 1986 Purvis, Mississippi Purvis, Mississippi Lawson Financial Corporation, Lawson Bank, Kansas City October 21, 1986 Kansas City, Missouri Lawson, Missouri LBT Bancshares, Inc., First National Bank of Mt. St. Louis October 9, 1986 Litchfield, Illinois Auburn, Mt. Auburn, Illinois Limestone Bancshares, Inc., Limestone National Bank, Kansas City October 7, 1986 Sand Springs, Oklahoma Sand Springs, Oklahoma Lincoln Financial Corporation, Angola State Bancorp, Chicago October 22, 1986 Fort Wayne, Indiana Angola, Indiana CNB FINANCIAL CORP., Auburn, Indiana Lincolnland Bancorp, Inc., Farmers State Bank, St. Louis October 16, 1986 Dale, Indiana Rockport, Indiana Louise Bancshares, Inc., First City Bank of Wallis, Dallas October 10, 1986 Louise, Texas Wallis, Texas The First State Bank, Louise, Texas Lowden Bancshares, Inc., American Trust & Savings Bank, Chicago October 2, 1986 Lowden, Iowa Lowden, Iowa The Marine Corporation, Marine Bank of Mt. Pleasant, Chicago October 7, 1986 Milwaukee, Wisconsin National Association, Marisub, Inc., Mt. Pleasant, Wisconsin Milwaukee, Wisconsin Marshfield Investment Bank of Kimberling City, St. Louis October 24, 1986 Company, Kimberling City, Missouri Springfield, Missouri MBT BANCORP, The Merchant's Bank and Trust Chicago October 23, 1986 West Harrison, Indiana Company, West Harrison, Indiana Metropolitan Bancorporation, Continental Bancshares, Inc., Minneapolis October 23, 1986 Inc., Bloomington, Minnesota Bloomington, Minnesota Midlands Bancorp, Inc., Bank of the Midlands, Kansas City October 17, 1986 Papillion, Nebraska Papillion, Nebraska Mount Vernon Bancorp, Mount Vernon Bank and Trust Chicago October 23, 1986 Mount Vernon, Iowa Company, Mount Vernon, Iowa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 849 Section 3—Continued . .. , , Reserve Effective Applicant Bank (xs) BanR date National City Bancshares, Inc., Poole Deposit Bank, St. Louis October 20, 1986 Evansville, Indiana Poole, Kentucky NCNB Corporation, The Prince William Bank, Richmond October 21, 1986 Charlotte, North Carolina Dumfries, Virginia Northeastern Oklahoma Northeastern Oklahoma Kansas City October 6, 1986 Banshares, Inc., Bancorporation, Inola, Oklahoma Inola, Oklahoma Peoples Bancorporation, Mid-South BancShares (N.C.), Richmond October 22, 1986 Rocky Mount, North Carolina Inc., Sanford, North Carolina Peoples National Bancorp, Inc., Heritage Financial Services Philadelphia October 10, 1986 State College, Pennsylvania Corporation, Lewistown, Pennsylvania Peoples Tri-County Peoples State Bank, Chicago October 17, 1986 Bancorporation, Albia, Iowa Des Moines, Iowa Rush County National The Rush County National Bank Chicago September 26, 1986 Corporation, of Rushville, Rushville, Indiana Rushville, Indiana Saban S.A., Republic New York Corporation, New York October 1, 1986 Panama City, Republic of New York, New York Panama S.B.T. Bancshares, Inc., State Bank and Trust Company, Dallas October 10, 1986 San Marcos, Texas San Marcos, Texas Sooner Southwest Bancshares, Hugo Bancshares, Inc., Kansas City October 7, 1986 Inc., Hugo, Oklahoma Bristow, Oklahoma Community Bancorporation, Inc., Bristow, Oklahoma Southeast Banking Corporation, Southeast Bank of Tallahassee, Atlanta October 6, 1986 Miami, Florida Tallahassee, Florida SouthTrust Corporation, SouthTrust Bank of Cleburne Atlanta October 9, 1986 Birmingham, Alabama County, N.A., Heflin, Alabama SouthTrust Corporation, SouthTrust Bank of Decatur, Atlanta October 14, 1986 Birmingham, Alabama Decatur, Alabama State Financial Services Edgewood Bank, Chicago October 1, 1986 Corporation, Greenfield, Wisconsin Hales Corner, Wisconsin Stroud Bancorp, Inc., Stroud National Bank, Kansas City September 30, 1986 Stroud, Oklahoma Stroud, Oklahoma Summcorp, SOUTH CENTRAL BANCORP, Chicago October 22, 1986 Fort Wayne, Indiana Edinburg, Indiana Clinton County Bancorp., Frankfort, Indiana Industrial Trust & Savings Bank, Muncie, Indiana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 Federal Reserve Bulletin • December 1986 Section 3—Continued . r» i / x Reserve Effective Applicant Bank(s) ^ Bank Tripoli Bancshares, Inc., American Savings Bank, Chicago October 16, 1986 Tripoli, Iowa Tripoli, Iowa UNITEDCORP, United Bank, Boston October 8, 1986 Bangor, Maine Bangor, Maine Valley Bancorp, Inc. Lyons Bancorp, Inc., Kansas City October 10, 1986 Employees' Stock Ownership Lyons, Colorado Plan and Trust, Brighton, Colorado Valley Bancshares, Inc., Meramec State Bank, St. Louis October 3, 1986 Valley Park, Missouri Sullivan, Missouri Ventura County National Conejo Valley National Bank, San Francisco October 24, 1986 Bancorp, Thousand Oaks, California Oxnard, California Versailles Bancorporation, Inc., Bank of Versailles, Chicago October 16, 1986 Britton, Indiana Versailles, Indiana WVB Bancorp, Wabash Valley Bank of St. Louis October 7, 1986 Vincennes, Indiana Vincennes, Vencennes, Indiana Section 4 Nonbanking Reserve Effective Applicant Company Bank date Carlson Bankshares, Inc., Peoples State Agency, Inc. Minneapolis September 29, 1986 Comfrey, Minnesota Comfrey, Minnesota CITIZENS BANKING First National Capital Chicago October 10, 1986 CORPORATION, Corporation, Flint, Michigan Birmingham, Michigan MCorp, MBank Facilities Corp, Dallas September 29, 1986 Dallas, Texas Dallas, Texas MCorp Financial, Inc., Wilmington, Delaware Sections 3 and 4 Bank(s)/Nonbanking Reserve Effective Applicant Company Bank date Walsh County Bancorporation, Bank of Minto, Minneapolis October 8, 1986 Inc., Minto, North Dakota Drayton, North Dakota Minto Insurance Agency, Minto, North Dakota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 851 ORDERS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Reserve Effective Applicant Bank(s) Bank date Banco de Ponce, two branches of The East New New York October 10, 1986 Ponce, Puerto Rico York Savings Bank, New York, New York Hawkeye-Capital Bank & Trust, Hawkeye Bank & Trust of Des Chicago October 16, 1986 Des Moines, Iowa Moines, Des Moines, Iowa Imperial Bank, Popular Bank of Florida, Atlanta October 14, 1986 Coral Gables, Florida Miami, Florida Norstar Bank, purchase certain assets and New York October 10, 1986 Rochester, New York assume certain liabilities of two branches of Norstar Bank of Upstate New York, Albany, New York ORDERS APPROVED UNDER BANK SERVICE CORPORATION ACT By Federal Reserve Banks * i- Nonbanking Reserve Effective t Company Bank date Northern Indiana Financial Grant Life Insurance Company, Chicago September 26, 1986 Service Corporation, Phonenix, Arizona Marion, Indiana PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the Federal Reserve Banks in which the Board of Governors is not named a party. Independent Insurance Agents of America, et al. v. CBC, Inc. v. Board of Governors, No. 86-1001 (10th Board of Governors, Nos. 86-1572, 1573, 1576 Cir., filed Jan. 2, 1986). (D.C. Cir., filed Oct. 24, 1986). Howe v. United States, et al, No. 85-4504-C (D. Securities Industry Association v. Board of Gover- Mass., filed Dec. 6, 1985). nors, No. 86-2728 (D.C. Cir., filed Oct. 7, 1986). Myers, et al. v. Federal Reserve Board, No. 85-1427 Independent Community Bankers Association v. (D. Idaho, filed Nov. 18, 1985). Board of Governors, No. 86-5373 (8th Cir., filed Souser, et al. v. Volcker, et al., No. 85-C-2370, et al. Oct. 3, 1986). (D. Colo., filed Nov. 1, 1985). Jenkins v. Board of Governors, No. 86-1419 (D.C. Podolak v. Volcker, No. C85-0456, et al. (D. Wyo., Cir., filed July 18, 1986). filed Oct. 28, 1985). Securities Industry Association v. Board of Gover- Kolb v. Wilkinson, et al., No. C85-4184 (N.D. Iowa, nors, No. 86-1412 (D.C. Cir., filed July 14, 1986). filed Oct. 22, 1985). Adkins v. Board of Governors, No. 86-3853 (4th Cir., Farmer v. Wilkinson, et al., No. 4-85-CIVIL-1448 (D. filed May 14, 1986). Minn., filed Oct. 21, 1985). Optical Coating Laboratory, Inc. v. United States, Kurkowski v. Wilkinson, et al, No. CV-85-0-916 (D. No. 288-86C (U.S. Claims Ct., filed May 6, 1986). Neb., filed Oct. 16, 1985). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 Federal Reserve Bulletin • December 1986 Jensen v. Wilkinson, et al., No. 85-4436-S, et al. (D. Wight, et al. v. Internal Revenue Service, et al., No. Kan., filed Oct. 10, 1985). CIV S-85-0012 MLS (E.D. Cal., filed July 12, 1985). Alfson v. Wilkinson, et al., No. Al-85-267 (D. N.D., Cook v. Spillman, et al., No. CIV S-85-0953 EJG filed Oct. 8, 1985). (E.D. Cal., filed July 10, 1985). First National Bank of Blue Island Employee Stock Florida Bankers Association v. Board of Governors, Ownership Plan v. Board of Governors, No. 85- No. 84-3883 and No. 84-3884 (11th Cir., filed Feb. 2615 (7th Cir., filed Sept. 23, 1985). 15, 1985). First National Bancshares II v. Board of Governors, Florida Department of Banking v. Board of Gover- No. 85-3702 (6th Cir., filed Sept. 4, 1985). nors, No. 84-3831 (11th Cir., filed Feb. 15, 1985), McHuin v. Volcker, et al., No. 85-2170 WARB (W.D. and No. 84-3832 (11th Cir., filed Feb. 15, 1985). Okl., filed Aug. 29, 1985). Lewis v. Volcker, et al., No. C-l-85-0099 (S.D. Ohio, Independent Community Bankers Associaton of South filed Jan. 14, 1985). Dakota v. Board of Governors, No. 84-1496 (D.C. Brown v. United States Congress, et al., No. 84-2887- Cir., filed Aug. 7, 1985). 6(IG) (S.D. Cal., filed Dec. 7, 1984). Florida Bankers Association, et al. v. Board of Gover- Melcher v. Federal Open Market Committee, No. 84nors, No. 85-193 (U.S., filed Aug. 5, 1985). 1335 (D.D.C., filed Apr. 30, 1984). Urwyler, et al. v. Internal Revenue Service, et al., No. Securities Industry Association v. Board of Gover- CV-F-85-402 REC (E.D. Cal., filed July 18, 1985). nors, No. 80-2614 (D.C. Cir., filed Oct. 24., 1980), Johnson v. Federal Reserve System, et al., No. S85- and No. 80-2730 (D.C. Cir., filed Oct. 24, 1980). 0958(R) and S85-1269(N) (S.D. Miss., filed July 16, 1985). 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 in New York City A21 Branches and agencies of foreign banks MONEY STOCK AND BANK CREDIT ALL Gross demand deposits—individuals, partnerships, and corporations A3 Reserves, money stock, liquid assets, and debt measures A4 Reserves of depository institutions, Reserve FINANCIAL MARKETS Bank credit A5 Reserves and borrowings—Depository A23 Commercial paper and bankers dollar institutions acceptances outstanding A5 Selected borrowings in immediately available A23 Prime rate charged by banks on short-term funds— Large member banks business loans A24 Interest rates—money and capital markets A25 Stock market—Selected statistics POLICY INSTRUMENTS A26 Selected financial institutions—Selected assets and liabilities A6 Federal Reserve Bank interest rates A7 Reserve requirements of depository institutions A8 Maximum interest rates payable on time and FEDERAL FINANCE savings deposits at federally insured institutions A9 Federal Reserve open market transactions A28 Federal fiscal and financing operations A29 U.S. budget receipts and outlays A30 Federal debt subject to statutory limitation FEDERAL RESERVE BANKS A30 Gross public debt of U.S. Treasury—Types and ownership A10 Condition and Federal Reserve note statements A31 U.S. government securities dealers— All Maturity distribution of loan and security Transactions holdings A32 U.S. government securities dealers—Positions and financing A3 3 Federal and federally sponsored credit MONETAR Y AND CREDIT A GGREGA TES agencies—Debt outstanding A12 Aggregate reserves of depository institutions and monetary base SECURITIES MARKETS AND A13 Money stock, liquid assets, and debt measures CORPORATE FINANCE A15 Bank debits and deposit turnover A16 Loans and securities—All commercial banks A34 New security issues—State and local governments and corporations A35 Open-end investment companies—Net sales and COMMERCIAL BANKING INSTITUTIONS asset position A35 Corporate profits and their distribution 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

42 Federal Reserve Bulletin • December 1986 A36 Nonfinancial corporations—Assets and A54 Foreign official assets held at Federal Reserve liabilities Banks A36 Total nonfarm business expenditures on new A55 Foreign branches of U.S. banks—Balance sheet plant and equipment data A37 Domestic finance companies—Assets and A57 Selected U.S. liabilities to foreign official liabilities and business credit institutions REAL ESTATE REPORTED BY BANKS IN THE UNITED STATES A3 8 Mortgage markets A57 Liabilities to and claims on foreigners A39 Mortgage debt outstanding A58 Liabilities to foreigners A60 Banks' own claims on foreigners A61 Banks' own and domestic customers' claims on CONSUMER INSTALLMENT CREDIT foreigners A61 Banks' own claims on unaffiliated foreigners A40 Total outstanding and net change A62 Claims on foreign countries—Combined A41 Terms domestic offices and foreign branches FLOW OF FUNDS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES A42 Funds raised in U.S. credit markets A43 Direct and indirect sources of funds to credit A63 Liabilities to unaffiliated foreigners markets A64 Claims on unaffiliated foreigners Domestic Nonfinancial Statistics SECURITIES HOLDINGS AND TRANSACTIONS A65 Foreign transactions in securities SELECTED MEASURES A66 Marketable U.S. Treasury bonds and notes— Foreign transactions A44 Nonfinancial business activity—Selected measures A45 Labor force, employment, and unemployment INTEREST AND EXCHANGE RATES A46 Output, capacity, and capacity utilization A47 Industrial production—Indexes and gross value A67 Discount rates of foreign central banks A49 Housing and construction A67 Foreign short-term interest rates A50 Consumer and producer prices A68 Foreign exchange rates A51 Gross national product and income A52 Personal income and saving A69 Guide to Tabular Presentation, Statistical Releases, and Special International Statistics Tables SUMMARY STATISTICS SPECIAL TABLES A53 U.S. international transactions—Summary A70 Terms of lending at commercial banks, A54 U.S. foreign trade August 1986 A54 U.S. reserve assets A76 Assets and liabilities of foreign banks, June 30, 1986 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Money Stock and Bank Credit A3 1.10 RESERVES, MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent)1 IItteemm 1985 1986 1986 Q4 Qi Q2 Q3 May June' July Aug. Sept. Reserves of depository institutions2 1 Total 12.5 13.1 17.8 22.9 33.0 21.4 25.3 19.7' 11.5 2 Required 11.5 12.3 19.8 23.9 32.7 19.5 26.3 24.2 11.9 3 Nonborrowed 10.4 19.1 17.6 23.2 34.1 23.7 27.3 16.8 8.4 4 Monetary base3 8.2 8.6 8.8 9.9 13.7 9.2 8.8 12.0 5.3 Concepts of money, liquid assets, and debt4 5 Ml 10.7 7.7 15.8 17.4 23.2' 14.9 16.7 20.8 9.9 6 M2 6.1 4.3 10.4' 11.2 12.6' 9.5 12.8' 11.1' 7.6 7 M3 6.6 7.6 9.0 10.1 7.9 8.5 13.0 8.9' 8.9 8 L 9.5 8.4' 7.0' n.a. 9.8' 7.1 10.0' 8.9 n.a. 9 Debt 13.3'" 15.2' 9.7' n.a. 11.5' 11.2 10.6' 12.4 n.a. Nontransaction components 10 In M25 4.6 3.3 8.7 9.1 9.1 7.7 11.5' 7.9' 6.8 11 In M3 only6 8.5 20.6' 3.4 6.0 -10.5 4.7 13.8 .0' 14.0 Time and savings deposits Commercial banks 12 Savings7 3.2 1.9 11.8 25.5 22.7 17.7 22.9 30.6 36.0 13 Small-denomination time8 -1.6 5.3 -3.1 -9.0 -9.6 -10.0 -5.3' -12.6 -10.9 14 Large-denomination time9'10 14.1 18.5 -8.8 -3.0 -23.4' -4.3 -2.1' 7.3' -2.6 Thrift institutions 15 Savings7 7.5 3.1 20.9 23.0 30.5 29.1 22.3 \l.Qf 15.6 16 Small-denomination time -2.9 6.6 2.6 -3.6 -3.8 -5.7 -.5 -5.7' -5.3 17 Large-denomination time9 5.2 10.0 11.0 2.4 -.7 -2.2 8.0 2.2 -2.2 Debt components4 18 Federal 13.7' 16.9' 11.5' n.a. 17.2' 19.4 14.8' 8.8 n.a. 19 Nonfederal 13. 1' 14.7' 9.2' n.a. 9.8' 8.7 9.2' 13.5 n.a. 20 Total loans and securities at commercial banks" 9.3' 12.7 4.1 10.3 5.9 3.8 13.1' 13.9' 11.7 1. Unless otherwise noted, rates of change are calculated from average commercial banks, money market funds (general purpose and broker/dealer), amounts outstanding in preceding month or quarter. foreign governments and commercial banks, and the U.S. government. Also 2. Figures incorporate adjustments for discontinuities associated with the subtracted is a consolidation adjustment that represents the estimated amount of implementation of the Monetary Control Act and other regulatory changes to demand deposits and vault cash held by thrift institutions to service their time and reserve requirements. To adjust for discontinuities due to changes in reserve savings deposits. requirements on reservable nondeposit liabilities, the sum of such required M3: M2 plus large-denomination time deposits and term RP liabilities (in reserves is subtracted from the actual series. Similarly, in adjusting for discontin- amounts of $100,000 or more) issued by commercial banks and thrift institutions, uities in the monetary base, required clearing balances and adjustments to term Eurodollars held by U.S. residents at foreign branches of U.S. banks compensate for float also are subtracted from the actual series. worldwide and at all banking offices in the United Kingdom and Canada, and 3. The monetary base not adjusted for discontinuities consists of total balances in both taxable and tax-exempt, institution-only money market mutual reserves plus required clearing balances and adjustments to compensate for float funds. Excludes amounts held by depository institutions, the U.S. government, at Federal Reserve Banks plus the currency component of the money stock less money market funds, and foreign banks and official institutions. Also subtracted is the amount of vault cash holdings of thrift institutions that is included in the a consolidation adjustment that represents the estimated amount of overnight RPs currency component of the money stock plus, for institutions not having required and Eurodollars held by institution-only money market mutual funds. reserve balances, the excess of current vault cash over the amount applied to L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term satisfy current reserve requirements. After the introduction of contemporaneous Treasury securities, commercial paper and bankers acceptances, net of money reserve requirements (CRR), currency and vault cash figures are measured over market mutual fund holdings of these assets. the weekly computation period ending Monday. Debt: Debt of domestic nonfinancial sectors consists of outstanding credit Before CRR, all components of the monetary base other than excess reserves market debt of the U.S. government, state and local governments, and private are seasonally adjusted as a whole, rather than by component, and excess nonfinancial sectors. Private debt consists of corporate bonds, mortgages, conreserves are added on a not seasonally adjusted basis. After CRR, the seasonally sumer credit (including bank loans), other bank loans, commercial paper, bankers adjusted series consists of seasonally adjusted total reserves, which include acceptances, and other debt instruments. The source of data on domestic excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt currency component of the money stock plus the remaining items seasonally data are based on monthly averages. Growth rates for debt reflect adjustments for adjusted as a whole. discontinuities over time in the levels of debt presented in other tables. 4. Composition of the money stock measures and debt is as follows: 5. Sum of overnight RPs and Eurodollars, money market fund balances Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults (general purpose and broker/dealer), MMDAs, and savings and small time of commercial banks; (2) travelers checks of nonbank issuers; (3) demand deposits deposits less the estimated amount of demand deposits and vault cash held by at all commercial banks other than those due to domestic banks, the U.S. thrift institutions to service their time and savings deposit liabilities. government, and foreign banks and official institutions less cash items in the 6. Sum of large time deposits, term RPs, and Eurodollars of U.S. residents, process of collection and Federal Reserve float; and (4) other checkable deposits money market fund balances (institution-only), less a consolidation adjustment (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer that represents the estimated amount of overnight RPs and Eurodollars held by service (ATS) accounts at depository institutions, credit union share draft institution-only money market mutual funds. accounts, and demand deposits at thrift institutions. The currency and demand 7. Excludes MMDAs. deposit components exclude the estimated amount of vault cash and demand 8. Small-denomination time deposits—including retail RPs—are those issued deposits respectively held by thrift institutions to service their OCD liabilities. in amounts of less than $100,000. All IRA and Keogh accounts at commercial M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs) banks and thrifts are subtracted from small time deposits. issued by all commercial banks and overnight Eurodollars issued to U.S. residents 9. Large-denomination time deposits are those issued in amounts of $100,000 by foreign branches of U.S. banks worldwide, Money Market Deposit Accounts or more, excluding those booked at international banking facilities. (MMDAs), savings and small-denomination time deposits (time deposits—includ- 10. Large-denomination time deposits at commercial banks less those held by ing retail RPs—in amounts of less than $100,000), and balances in both taxable and money market mutual funds, depository institutions, and foreign banks and tax-exempt general purpose and broker/dealer money market mutual funds. official institutions. Excludes individual retirement accounts (IRA) and Keogh balances at depository 11. Changes calculated from figures shown in table 1.23. institutions and money market funds. Also excludes all balances held by U.S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 Domestic Financial Statistics • December 1986 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT Millions of dollars Monthly averages of daily figures Weekly averages of daily figures for week ending FFFaaaccctttooorrrsss 1986 1986 July Aug. Sept. Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 SSSSSUUUUUPPPPPPPPPPLLLLLYYYYYIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkk cccccrrrrreeeeedddddiiiiittttt 210,913 210,945 215,130 211,399 209,941 210,690 211,925 213,485 213,294 217,100 22222 UUUUU.....SSSSS..... gggggooooovvvvveeeeerrrrrnnnnnmmmmmeeeeennnnnttttt ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss11111 185,112 185,339 188,598 185,309 185,038 185,595 186,260 187,176 187,375 190,388 33333 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 183,550 185,339 187,237 185,309 185,038 185,595 186,260 187,176 187,375 187,842 44444 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss.................... 1,562 0 1,361 0 0 0 0 0 0 2,546 55555 FFFFFeeeeedddddeeeeerrrrraaaaalllll aaaaagggggeeeeennnnncccccyyyyy ooooobbbbbllllliiiiigggggaaaaatttttiiiiiooooonnnnnsssss 8,581 8,076 8,252 8,098 8,047 8,047 8,047 8,047 8,047 8,323 66666 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 8,137 8,076 8,047 8,098 8,047 8,047 8,047 8,047 8,047 8,047 77777 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss.................... 444 0 205 0 0 0 0 0 0 276 88888 AAAAAcccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss 0 0 0 0 0 0 0 0 0 0 99999 LLLLLoooooaaaaannnnnsssss 762 847 1,046 812 933 887 971 1,251 868 1,094 1111100000 FFFFFllllloooooaaaaattttt 438 610 734 434 430 733 522 862 523 592 1111111111 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaasssssssssseeeeetttttsssss 16,020 16,073 16,500 16,746 15,494 15,429 16,126 16,150 16,481 16,704 1111122222 GGGGGooooolllllddddd ssssstttttoooooccccckkkkk 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 1111133333 SSSSSpppppeeeeeccccciiiiiaaaaalllll dddddrrrrraaaaawwwwwiiiiinnnnnggggg rrrrriiiiiggggghhhhhtttttsssss ccccceeeeerrrrrtttttiiiiifffffiiiiicccccaaaaattttteeeee aaaaaccccccccccooooouuuuunnnnnttttt.................... 4,818 4,844 5,018 4,818 4,818 4,818 5,018 5,018 5,018 5,018 1111144444 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccuuuuurrrrrrrrrreeeeennnnncccccyyyyy ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 17,342 17,374 17,427 17,365 17,375 17,385 17,396 17,410 17,424 17,438 AAAAABBBBBSSSSSOOOOORRRRRBBBBBIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 1111155555 CCCCCuuuuurrrrrrrrrreeeeennnnncccccyyyyy iiiiinnnnn ccccciiiiirrrrrcccccuuuuulllllaaaaatttttiiiiiooooonnnnn 200,878 201,116 201,439' 201,473 201,276 200,600 201,998 202,514 201,710 200,726 1111166666 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccaaaaassssshhhhh hhhhhooooollllldddddiiiiinnnnngggggsssss 564 516 495' 519 518 512 497 496 496 496 DDDDDeeeeepppppooooosssssiiiiitttttsssss,,,,, ooooottttthhhhheeeeerrrrr ttttthhhhhaaaaannnnn rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss,,,,, wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 1111177777 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy 3,638 3,210 5,677 3,695 3,454 3,284 2,095 3,424 4,098 7,625 1111188888 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 256 208 285 204 198 224 239 275 249 268 1111199999 SSSSSeeeeerrrrrvvvvviiiiiccccceeeee-----rrrrreeeeelllllaaaaattttteeeeeddddd bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaannnnnddddd 1,837 aaaaadddddjjjjjuuuuussssstttttmmmmmeeeeennnnntttttsssss 1,824 1,901 1,886 1,995 1,963 1,918 1,879 1,885 1,973 2222200000 OOOOOttttthhhhheeeeerrrrr 471 508 497 412 566 453 513 485 566 482 2222211111 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll 6,383 6,479 6,405 6,686 6,311 6,267 6,494 6,549 6,346 6,321 2222222222 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 30,143 30,308 31,974 29,838 28,899 30,675 31,669 31,374 31,470 32,750 End-of-month figures Wednesday figures 1986 1986 July Aug. Sept. Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 SSSSSUUUUUPPPPPPPPPPLLLLLYYYYYIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 2222233333 RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkk cccccrrrrreeeeedddddiiiiittttt 209,666 211,705 219,358 210,719 209,624 211,131 213,679 218,226 213,138 215,489 2222244444 UUUUU.....SSSSS..... gggggooooovvvvveeeeerrrrrnnnnnmmmmmeeeeennnnnttttt ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss11111 183,446 185,937 190,751 184,482 184,199 185,575 186,777 189,075 186,918 187,958 2222255555 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 183,446 185,937 184,437 184,482 184,199 185,575 186,777 189,075 186,918 186,247 2222266666 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss.................... 0 0 6,314 0 0 0 0 0 0 1,711 2222277777 FFFFFeeeeedddddeeeeerrrrraaaaalllll aaaaagggggeeeeennnnncccccyyyyy ooooobbbbbllllliiiiigggggaaaaatttttiiiiiooooonnnnnsssss 8,137 8,047 9,856 8,047 8,047 8,047 8,047 8,047 8,047 8,266 2222288888 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 8,137 8,047 8,047 8,047 8,047 8,047 8,047 8,047 8,047 8,047 2222299999 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 0 0 1,809 0 0 0 0 0 0 219 3333300000 AAAAAcccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss 0 0 0 0 0 0 0 0 0 0 3333311111 LLLLLoooooaaaaannnnnsssss 737 913 879 881 817 944 1,350 4,332 752 1,555 3333322222 FFFFFllllloooooaaaaattttt 831 261 849 408 708 2,117 1,295 453 1,266 924 3333333333 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaasssssssssseeeeetttttsssss 16,515 16,547 17,023 16,901 15,853 14,448 16,210 16,319 16,155 16,786 3333344444 GGGGGooooolllllddddd ssssstttttoooooccccckkkkk 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 3333355555 SSSSSpppppeeeeeccccciiiiiaaaaalllll dddddrrrrraaaaawwwwwiiiiinnnnnggggg rrrrriiiiiggggghhhhhtttttsssss ccccceeeeerrrrrtttttiiiiifffffiiiiicccccaaaaattttteeeee aaaaaccccccccccooooouuuuunnnnnttttt ............... 4,818 5,018 5,018 4,818 4,818 4,818 5,018 5,018 5,018 5,018 3333366666 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccuuuuurrrrrrrrrreeeeennnnncccccyyyyy ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 17,353 17,394 17,450 17,374 17,384 17,394 17,408 17,422 17,436 17,450 AAAAABBBBBSSSSSOOOOORRRRRBBBBBIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 3333377777 CCCCCuuuuurrrrrrrrrreeeeennnnncccccyyyyy iiiiinnnnn ccccciiiiirrrrrcccccuuuuulllllaaaaatttttiiiiiooooonnnnn 200,552 201,778 200,642 201,548 200,985 200,976 202,839 202,320 201,401 200,500 3333388888 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccaaaaassssshhhhh hhhhhooooollllldddddiiiiinnnnngggggsssss 532 497 492 519 512 511 496 496 496 493 DDDDDeeeeepppppooooosssssiiiiitttttsssss,,,,, ooooottttthhhhheeeeerrrrr ttttthhhhhaaaaannnnn rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 3333399999 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy 3,983 1,106 7,514 3,169 3,542 3,890 3,125 3,959 4,665 7,744 4444400000 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 233 227 342 199 270 228 228 406 247 208 4444411111 SSSSSeeeeerrrrrvvvvviiiiiccccceeeee-----rrrrreeeeelllllaaaaattttteeeeeddddd bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaannnnnddddd aaaaadddddjjjjjuuuuussssstttttmmmmmeeeeennnnntttttsssss 1,631 1,669 1,681 1,631 1,671 1,670 1,669 1,673 1,668 1,668 4444422222 OOOOOttttthhhhheeeeerrrrr 688 461 663 410 449 497 501 509 503 449 4444433333 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll 6,658 6,562 6,463 6,171 6,122 6,113 6,335 6,224 6,200 6,153 4444444444 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 28,644 32,901 35,113 30,347 29,359 30,542 31,996 36,163 31,496 31,826 1. Includes securities loaned—fully guaranteed by U.S government securities 2. Excludes required clearing balances and adjustments to compensate for pledged with Federal Reserve Banks—and excludes any securities sold and float. 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

Money Stock and Bank Credit A5 1.12 RESERVES AND BORROWINGS Depository Institutions Millions of dollars Monthly averages8 RReesseerrvvee ccllaassssiiffiiccaattiioonn 1983 1984 1985 1986 Dec. Dec. Dec. Feb. Mar. Apr. May June July Aug. 1 Reserve balances with Reserve Banks' 21,138 21,738 27,620 24,700 27,114 28,892 28,279 29,499 30,313 30,165 ? Total vault cash2 20,755 22,316 22,956 24,962 22,688 22,231 22,474 22,805 23,098 23,451 3 Vault cash used to satisfy reserve requirements3 . 17,908 18,958 20,522 21,952 20,160 19,990 20,140 20,439 20,716 21,112 4 Surplus vault cash4 2,847 3,358 2,434 3,010 2,528 2,241 2,334 2,366 2,381 2,339 5 Total reserves5 38,894 40,696 48,142 46,652 47,274 48,882 48,419 49,938 51,029 51,277 6 Required reserves 38,333 39,843 47,085 45,555 46,378 48,081 47,581 49,007 50,118 50,538 7 Excess reserve balances at Reserve Banks6 561 853 1,058 1,097 896 801 838 931 910 740 8 Total borrowings at Reserve Banks 774 3,186 1.318 884 761 893 876 803 741 872 9 Seasonal borrowings at Reserve Banks 96 113 56 56 68 73 94 108 116 144 10 Extended credit at Reserve Banks7 2 2,604 499 492 518 634 584 531 378 465 Biweekly averages of daily figures for weeks ending 1986 June 18 July 2 July 16 July 3(K Aug. 13 Aug. 27 Sept. 10f Sept. 24' Oct. 8 Oct. 22 p 11 Reserve balances with Reserve Banks' 30,156 29,044 31,267 29,549 30,185 29,758r 31,527 32,103 32,158 32,987 1? Total vault cash2 22,250 23,580 22,466 23,644 23,323 23,792 22,671 23,623 22,671 23,955 13 Vault cash used to satisfy reserve requirements3 . 20,106 20,958 20,283 21,095 20,992 21,388 20,534 21,567 21,782 21,910 14 Surplus vault cash4 2,144 2,622 2,183 2,549 2,331 2,404 2,137 2,056 2,233 2,045 15 Total reserves5 50,262 50,002 51,550 50,644 51,177 51,146 52,061 53,670 53,940 54,897 16 Required reserves 49,627 48,755 50,871 49,528 50,592 50,279 51,268 52,964 53,272 54,122 17 Excess reserve balances at Reserve Banks6 636 1,247 679 1,117 585 867 793 706 668 775 18 Total borrowings at Reserve Banks 719 879 758 702 759 910 1,111 981 902 771 19 Seasonal borrowings at Reserve Banks 102 119 104 127 134 152 149 135 125 88 20 Extended credit at Reserve Banks7 526 525 442 294 373 515 592 569 538 488 1. Excludes required clearing balances and adjustments to compensate for computation period by institutions having required reserve balances at Federal float. Reserve Banks p.us the amount of vault cash equal to required reserves during the 2. Dates refer to the maintenance periods in which the vault cash can be used to maintenance period at institutions having no required reserve balances. satisfy reserve requirements. Under contemporaneous reserve requirements, 6. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy maintenance periods end 30 days after the lagged computation periods in which reserve requirements less required reserves. the balances are held. 7. Extended credit consists of borrowing at the discount window under the 3. Equal to all vault cash held during the lagged computation period by terms and conditions established for the extended credit program to help institutions having required reserve balances at Federal Reserve Banks plus the depository institutions deal with sustained liquidity pressures. Because there is amount of vault cash equal to required reserves during the maintenance period at not the same need to repay such borrowing promptly as there is with traditional institutions having no required reserve balances. short-term adjustment credit, the money market impact of extended credit is 4. Total vault cash at institutions having no required reserve balances less the similar to that of nonborrowed reserves. amount of vault cash equal to their required reserves during the maintenance 8. Before February 1984, data are prorated monthly averages of weekly period. averages; beginning February 1984, data are prorated monthly averages of 5. Total reserves not adjusted for discontinuities consist of reserve balances biweekly averages. with Federal Reserve Banks, which exclude required clearing balances and NOTE. These data also appear in the Board's H.3 (502) release. For address, see adjustments to compensate for float, plus vault cash used to satisfy reserve inside front cover. requirements. Such vault cash consists of all vault cash held during the lagged 1.13 SELECTED BORROWINGS IN IMMEDIATELY AVAILABLE FUNDS Large Member Banks1 Averages of daily figures, in millions of dollars 1986 week ending Monday BByy mmaattuurriittyy aanndd ssoouurrccee Aug. 18 Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 Oct. 6 Oct. 13 Federal funds purchased, repurchase agreements, and other selected borrowing in immediately available funds From commercial banks in the United States 1 For one day or under continuing contract 73,971 72,709 71,747 79,935 76,260 70,433 65,390 75,099 74,705 2 For all other maturities 9,435 9,148 9,810 8,953 9,450 9,606 9,338 9,440 10,804 From other depository institutions, foreign banks and foreign official institutions, and United States government agencies 3 For one day or under continuing contract 39,130 39,548 41,393 43,667 41,138 9,606 9,338 9,440 10,804 4 For all other maturities 6,131 5,372 5,123 5,670 6,683 6,443 7,070 6,331 6,854 Repurchase agreements on United States government and federal agency securities in immediately available funds Brokers and nonbank dealers in securities 5 For one day or under continuing contract 12,170 12,202 11,250 11,639 11,318 11,010 10.721 11,504 12,202 6 For all other maturities 9,282 9,472 9,985 9,133 9,818 10,283 10,020 8,173 9,209 All other customers 7 For one day or under continuing contract 29,339 29,053 29,476 27,418 27,380 26,885 26,512 26,351 26,847 8 For all other maturities 9,616 9,316 10,200 11,031 11,599 11,483 10.722 9,608 10,398 MEMO: Federal funds loans and resale agreements in immediately available funds in maturities of one day or under continuing contract 9 To commercial banks in the United States 29.435 27,328 27,686 30,498 28,114 26,250 24,570 30,132 28,714 10 To all other specified customers2 10,530 9,552 9,728 11,539 12,242 11,631 10,665 11,100 10,793 Digitized for F1R. ABaSnkEs Rw ith assets of $1 billion or more as of Dec. 31, 1977. 2. Brokers and nonbank dealers in securities; other depository institutions; foreign banks and official institutions; and United States government agencies. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 Domestic Financial Statistics • December 1986 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per annum Current and previous levels Extended credit2 SShhoorrtt--tteerrmm aaddjjuussttmmeenntt ccrreeddiitt FFFeeedddeeerrraaalll RRReeessseeerrrvvveee aanndd sseeaassoonnaall ccrreeddiitt11 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 10/27/86 date rate 10/27/86 rate 10/27/86 rate 10/27/86 rate iVl Boston 51/2 8/21/86 6 5!/2 6 6'/2 7 8/21/86 New York 8/21/86 8/21/86 Philadelphia 8/22/86 8/22/86 Cleveland 8/21/86 8/21/86 Richmond 8/21/86 8/21/86 Atlanta 8/21/86 8/21/86 Chicago 8/21/86 8/21/86 St. Louis 8/22/86 8/22/86 Minneapolis 8/21/86 8/21/86 Kansas City .... 8/21/86 8/21/86 Dallas 8/21/86 6V2 8/21/86 San Francisco... 51/2 8/21/86 6 51/2 6 7 71/2 8/21/86 Range of rates in recent years3 Range (or F.R. Range (or F.R. Range (or F.R. Effective date A le l v l e F l) . — R. Ba of n k Effective date A le l v l e F l) . — R. Ba of n k Effective date A le ll v e F l) . — R. Ba of n k Banks N.Y. Banks N.Y. Banks N.Y. I 1 n 9 7 e 4 f — fe ct A D pr e . c. 2 3 5 1, 1973 71 7 / 1 2 /2 -8 7 8 1 /2 1978— A Se u p g t . . ? ? 1 ? 7 8 3 /4 7 8 3 /4 1982— July 2 2 0 3 lHW/2-h12 1W11/2/ 2 Dec. 3 1 9 0 6 73 7 8 / 3 4 /4 - 8 8 7 7 3 3 / / 4 4 O N c o t v . . 7 1 0 6 1 8 8 '/29 8 -8 - > 9 ' / V 2 >/ i /i 2 88 91 1 V/ >/ 2 2 i / 2 Aug. 1 2 3 6 11 1W - 1 1 1 / 1 2 /2 1 1 lO 1 1 '/z 9 27 10-10'/2 10 1975— Jan. 6 7!/4—73/4 73/4 30 10 10 Feb. 2 1 5 4 0 7 6 1 3/ / 7 4 4 1 - - / 7 7 4 3 ' / / 4 4 7 7 63 1 1 / / / 4 4 4 1979— J AA u uu ly gg .. 7 7 1 0 0 7 10W 1 - 0 1 0''//22 1 1 10 0 0 V '/2 i O N c o t v . . 2 1 1 2 2 3 9 9 1 - / 9 2 9 - V 1 10 /2 2 9 9 9 1 1 / / 2 2 7 63/4 63/4 SSeepptt.. 19 10V!>-11 11 26 9 9 Mar. 1 1 0 4 6'/ 6 4 1 - / 6 4 3 /4 6 6 1 1 / / 4 4 Oct. 71 8 1 1 1 1 - 12 1 1 2 1 Dec. 1 1 4 5 8 81 '/ / 2 2 - - 9 9 9 8 1/2 May 16 6-61/4 6 10 12 12 17 8>/2 81/2 23 6 6 1976— J N a o n. v . 2 1 2 2 9 3 51 5 / S 4 l/ - V 5 2 '/2 - I 6 5 5 5 1 1 / < / 4 2 /z 1980— MM Fe aa b yy . 7 3 1 1 9 0 5 9 1 1 2 2 1 1 - - 3 2 1 1 3 3 1 1 1 1 2 3 3 3 1984— A N p o r v . . 2 2 1 9 1 6 3 8 8 1 1 9 8 / / 2 2 V - - 2 9 9 9 9 8 m '/> 26 51/4 51/4 June 13 11-12 11 Dec. 24 8 8 1977— Aug. 30 5i/4-53/4 51/4 JJuullyy 7 1 8 6 10 1 - 1 1 1 1 1 1 0 1985— May 20 7'/2-8 m 31 5l/4-53/4 53/4 79 10 10 24 7'/2 71/2 Sept. 2 53/4 53/4 Sept. 76 11 11 Oct. 26 6 6 Nov. 17 12 12 1986— Mar. 7 7-71/2 7 1978— J M an a . y 1 2 1 9 1 2 0 6 6 - 6 7 V 6 1 2 / ! 2 - /2 7 66 1 1 1/V 2 2 1981— M De a c y . 5 X 8 S 1 1 3 2 1 1 - - 3 4 1 1 3 4 1 1 1 1 3 3 4 4 J A A u u p ly g r. . 2 2 2 1 1 1 1 3 1 0 6 5 1 1 7 6 6 / / 2 1 2 / - - 2 7 6 6 7 6 56 1 V / l 2 /2 i July 3 7-71/4 71/4 Nov. 7 13-14 13 22 51/2 51/2 July 10 71/4 7'/4 6 13 13 Dec. 4 12 12 In effect Oct. 27, 1986 51/2 51/2 1. After May 19, 1986, the highest rate within the structure of discount rates rate under this structure is applied may be shortened. See section 201.3(b)(2) of may be charged on adjustment credit loans of unusual size that result from a major Regulation A. operating problem at the borrower's facility. 3. Rates for short-term adjustment credit. For description and earlier data see A temporary simplified seasonal program was established on Mar. 8, 1985, and the following publications of the Board of Governors: Banking and Monetary the interest rate was a fixed rate Vi percent above the rate on adjustment credit. Statistics, 1914-1941, and 1941-1970; Annual Statistical Digest, 1970-1979, 1980, The program was re-established on Feb. 18, 1986; the rate may be either the same 1981, and 1982. as that for adjustment credit or a fixed rate Vz percent higher. In 1980 and 1981, the Federal Reserve applied a surcharge to short-term 2. Applicable to advances when exceptional circumstances or practices involve adjustment credit borrowings by institutions with deposits of $500 million or more only a particular depository institution and to advances when an institution is that had borrowed in successive weeks or in more than 4 weeks in a calendar under sustained liquidity pressures. As an alternative, for loans outstanding for quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, more than 150 days, a Federal Reserve Bank may charge a flexible rate that takes 1980. There was no surcharge until Nov. 17,1980, when a 2 percent surcharge was into account rates on market sources of funds, but in no case will the rate charged adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and be less than the basic rate plus one percentage point. Where credit provided to a to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective particular depository institution is anticipated to be outstanding for an unusually Sept. 22, 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula for prolonged period and in relatively large amounts, the time period in which each 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

Policy Instruments A7 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Percent of deposits Member bank requirements Depository institution requirements before implementation of the after implementation of the TTyypp dd ee ee pp oo oo ff ss ii dd tt eepp iinn oo tt ss ee ii rr tt vv ,, aa aa ll nndd Monetary Control Act TTyy dd pp ee ee pp oo oo ff ss ii dd tt ee ii pp nn oo ttee ssii rr tt vv ,, aall aa 55 nn dd Monetary Control Act6 Percent Effective date Percent Effective date Net demand2 Net transaction accounts1-* 7 12/30/76 $0—$31.7 million 3 12/31/85 9Vi 12/30/76 1122 1122//3311//8855 $10 million-$100 million 113/4 12/30/76 $100 million-$400 million 123/4 12/30/76 Nonpersonal time deposits9 Over $400 million 161/4 12/30/76 By original maturity Less than \ Vi years 3 10/6/83 Time and savings2'3 1 '/2 years or more 0 10/6/83 SSaavviinnggss 3 3/16/67 Eurocurrency liabilities Time4 AAllll ttyyppeess 3 11/13/80 $0 million-$5 million, by maturity 30-179 days 3 3/16/67 180 days to 4 years IVi 1/8/76 4 years or more 1 10/30/75 Over $5 million, by maturity 30-179 days 6 12/12/74 180 days to 4 years 2l/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 of foreign 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. Effective with the reserve maintenance The Federal Reserve Act as amended through 1978 specified different ranges of period beginning Jan. 1, 1985, the amount of the exemption is $2.4 million. requirements for reserve city banks and for other banks. Reserve cities were Effective with the reserve computation period beginning Dec. 31, 1985, the designated under a criterion adopted effective Nov. 9, 1972, by which a bank amount of the exemption is $2.6 million. In determining the reserve requirements having net demand deposits of more than $400 million was considered to have the of a depository institution, the exemption shall apply in the following order: (1) character of business of a reserve city bank. The presence of the head office of nonpersonal money market deposit accounts (MMDAs) described in 12 CFR such a bank constituted designation of that place as a reserve city. Cities in which section 204.2 (d)(2); (2) net NOW accounts (NOW accounts less allowable there were Federal Reserve Banks or branches were also reserve cities. Any deductions); (3) net other transaction accounts; and (4) nonpersonal time deposits banks having net demand deposits of $400 million or less were considered to have or Eurocurrency liabilities starting with those with the highest reserve ratio. With the character of business of banks outside of reserve cities and were permitted to respect to NOW accounts and other transaction accounts, the exemption applies maintain reserves at ratios set for banks not in reserve cities. only to such accounts that would be subject to a 3 percent reserve requirement. Effective Aug. 24, 1978, the Regulation M reserve requirements on net balances 6. For nonmember banks and thrift institutions that were not members of the due from domestic banks to their foreign branches and on deposits that foreign Federal Reserve System on or after July 1, 1979, a phase-in period ends Sept. 3, branches lend to U.S. residents were reduced to zero from 4 percent and 1 percent 1987. For banks that were members on or after July 1, 1979, but withdrew on or respectively. The Regulation D reserve requirement of borrowings from unrelated before Mar. 31, 1980, the phase-in period established by Public Law 97-320 ends banks abroad was also reduced to zero from 4 percent. on Oct. 24, 1985. For existing member banks the phase-in period of about three Effective with the reserve computation period beginning Nov. 16, 1978, years was completed on Feb. 2, 1984. All new institutions will have a two-year domestic deposits of Edge corporations were subject to the same reserve phase-in beginning with the date that they open for business, except for those requirements as deposits of member banks. institutions that have total reservable liabilities of $50 million or more. 3. Negotiable order of withdrawal (NOW) accounts and time deposits such as 7. Transaction accounts include all deposits on which the account holder is Christmas and vacation club accounts were subject to the same requirements as permitted to make withdrawals by negotiable or transferable instruments, paysavings deposits. ment orders of withdrawal, and telephone and preauthorized transfers (in excess The average reserve requirement on savings and other time deposits before of three per month) for the purpose of making payments to third persons or others. implementation of the Monetary Control Act had to be at least 3 percent, the However, MMDAs and similar accounts offered by institutions not subject to the minimum specified by law. rules that permit no more than six preauthorized, automatic, or other transfers per 4. Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent month of which no more than three can be checks—are not transaction accounts was imposed on large time deposits of $100,000 or more, obligations of affiliates, (such accounts are savings deposits subject to time deposit reserve requirements.) and ineligible acceptances. This supplementary requirement was eliminated with 8. The Monetary Control Act of 1980 requires that the amount of transaction the maintenance period beginning July 24, 1980. accounts against which the 3 percent reserve requirement applies be modified Effective with the reserve maintenance period beginning Oct. 25, 1979, a annually by 80 percent of the percentage increase in transaction accounts held by marginal reserve requirement of 8 percent was added to managed liabilities in all depository institutions determined as of June 30 each year. Effective Dec. 31, excess of a base amount. This marginal requirement was increased to 10 percent 1981, the amount was increased accordingly from $25 million to $26 million; beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980, and effective Dec. 30, 1982, to $26.3 million; effective Dec. 29, 1983, to $28.9 million; was eliminated beginning July 24, 1980. Managed liabilities are defined as large effective Jan. 1, 1985, to $29.8 million; and effective Dec. 31, 1985, to $31.7 time deposits, Eurodollar borrowings, repurchase agreements against U.S. million. government and federal agency securities, federal funds borrowings from non- 9. In general, nonpersonal time deposits are time deposits, including savings member institutions, and certain other obligations. In general, the base for the deposits, that are not transaction accounts and in which a beneficial interest is marginal reserve requirement was originally the greater of (a) $100 million or (b) held by a depositor that is not a natural person. Also included are certain the average amount of the managed liabilities held by a member bank, Edge transferable time deposits held by natural persons, and certain obligations issued corporation, or family of U.S. branches and agencies of a foreign bank for the two to depository institution offices located outside the United States. For details, see reserve computation periods ending Sept. 26, 1979. For the computation period section 204.2 of Regulation D. beginning Mar. 20, 1980, the base was lowered by (a) 7 percent or (b) the decrease in an institution's U.S. office gross loans to foreigners and gross balances due NOTE. Required reserves must be held in the form of deposits with Federal from foreign offices of other institutions between the base period (Sept. 13-26, Reserve Banks or vault cash. Nonmembers may maintain reserve balances with a 1979) and the week ending Mar. 12, 1980, whichever was greater. For the Federal Reserve Bank indirectly on a pass-through basis with certain approved computation period beginning May 29, 1980, the base was increased by lxh institutions. percent above the base used to calculate the marginal reserve in the statement 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

A8 Domestic Financial Statistics • December 1986 1.16 MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions1 Percent per annum Commercial banks mut S u a al v i s n a g v s i n a g n s d b l a o n a k n s a ( s t s h o r c if i t a t i i n o s n t s i tu a t n io d ns)1 In effect Oct. 31, 1986 In effect Oct. 31, 1986 TTTyyypppeee ooofff dddeeepppooosssiiittt Percent Effective date Percent Effective date 2 3 1 N M Sa e o v g n i o n e t y g i a s m ble a rk or e d t e d r e o p f o s w it i t a h c d c r o aw un a t l accounts ( ( ( 2 3 4 ) ) ) 12 4 / 1 1 / / 1 4 1 / / / 8 8 8 6 2 6 (( ( ?)3 4 ) ) 12 4 / 1 1 / / 1 4 1 / / / 8 8 8 6 2 6 4 7 T im 31 e da a y c s counts (5) 1/1/86 (5) 9/1/86 1100//11//8833 1100//11//8833 1. Effective Oct. 1, 1983, restrictions on the maximum rates of interest payable 4. Effective Dec. 14, 1982, depository institutions are authorized to offer a new by commercial banks and thrift institutions on various categories of deposits were account with a required initial balance of $2,500 and an average maintenance removed. For information regarding previous interest rate ceilings on all catego- balance of $2,500 not subject to interest rate restrictions. Effective Jan. 1, 1985, ries of accounts see earlier issues of the FEDERAL RESERVE BULLETIN, the the minimum denomination and average balance maintenance requirements was Federal Home Loan Bank Board Journal, and the Annual Report of the Federal lowered to $1,000. Effective Jan. 1, 1986, the minimum denomination and average Deposit Insurance Corporation. balance maintenance requirements were removed. No minimum maturity period 2. Effective Apr. 1, 1986, the interest rate ceiling on savings deposits was is required for this account, but depository institutions must reserve the right to removed. Before Apr. 1, 1986, savings deposits were subject to an interest rate require seven days, notice before withdrawals. ceiling of 5V2 percent. 5. Before Jan. 1, 1986, deposits of less than $1,000 were subject to an interest 3. Before Jan. 1, 1986, NOW accounts with minimum denomination require- rate ceiling of 5Vi percent. Deposits of less than $1,000 issued to governmental ments of less than $1,000 were subject to an interest rate ceiling of 5lA percent. units were subject to an interest rate ceiling of 8 percent. Effective Jan. 1, 1986, NOW accounts with minimum required denominations of $1,000 or more and the minimum denomination requirement was removed. IRA/Keough (HR10) Plan accounts were not subject to interest rate ceilings. Effective Jan. 1, 1986, the minimum denomination requirement was removed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars Type of transaction Feb. Mar. Apr. May U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 2 3 1 G E G x r r o c o s h s s s a n s p g a u e l r e c s hases 1 3 8 , , 4 88 20 8 0 20 8 , ,5 0 5 3 7 6 0 2 4 2 , , 1 2 1 1 8 4 0 2,277 0 0 39 0 0 6 3,196 0 0 1,402 0 0 4 Redemptions 2,400 7,700 3,500 1,000 0 0 0 6 5 Oth G G e r r r o o s s s s s w p s it a u h l i r e n c s h 1 a se y s e ar 484 0 1,126 0 1,349 0 0 0 0 0 0 0 0 0 0 0 7 Maturity shift 18,887 16,354 19,763 4,776 1,152 447 1,847 1,152 8 9 R Ex ed ch em an p g t e i ons -16,55 8 3 7 -20,840 0 -17,717 0 -2,148 0 -1,458 0 -1,129 0 -1,819 0 -1,957 0 1 to 5 years 1 1 0 1 G G r r o o s s s s p sa u l r e c s h ases 1,896 0 1,638 0 2,185 0 0 0 0 0 0 0 0 0 0 0 12 Maturity shift -15,533 -13,709 -17,459 -4,776 -1,152 -447 -1,532 -1,152 13 Exchange 11,641 16,039 13,853 1,548 1,458 1,134 1,019 1,957 1 1 1 5 6 4 5 t G M G o r r a 1 o o t 0 s s u s s r i y p s t e y a u a l r r e s s c s h h i a ft s es -2,4 8 5 9 0 0 0 -2,3 5 3 7 0 3 1 0 6 -1,8 4 1 5 5 0 7 8 0 0 0 0 -315 0 0 17 Exchange 2,950 2,750 2,184 350 500 Over 10 years 2 1 1 0 8 9 M G G r r a o o t s u s s s r i p t s y a u l r e s c s h h i a ft s es -9 3 0 8 4 3 0 -2 4 7 4 5 1 0 -4 2 4 9 7 3 0 0 0 0 0 0 0 21 Exchange 1,962 2,052 1,679 250 300 22 All G ro m s a s t u p r u it r ie c s h ases 22,540 23,776 26,499 0 396 3,196 1,402 23 Gross sales 3,420 8,857 4,218 2,277 0 0 0 24 Redemptions 2,487 7,700 3,500 1,000 0 0 0 Matched transactions 25 Gross sales 578,591 808,986 866,175 90,459 88,917 109,253 62,663 80,219 26 Gross purchases 576,908 810,432 865,968 94,368 88,604 103,957 67,147 80,674 Repurchase agreements 27 Gross purchases 105,971 127,933 134,253 0 6,748 21,156 12,395 5,640 28 Gross sales 108,291 127,690 132,351 3,087 6,748 13,634 19,917 5,640 29 Net change in U.S. government securities 12,631 -2,456 5,214 158 1,857 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases .. 0 0 0 31 Gross sales 0 0 0 32 Redemptions 292 256 162 Repurchase agreements 33 Gross purchases 8,833 11,509 22,183 0 3,369 3,135 1,691 34 Gross sales 9,213 11,328 20,877 623 1,955 4,567 1,691 35 Net change in federal agency obligations. -672 -76 1,144 -663 1,432 0 BANKERS ACCEPTANCES 36 Repurchase agreements, net -1,062 -418 0 0 0 0 0 37 Total net change in System Open Market Account 10,897 8,414 21,621 -3,119 6,647 -1,324 1,857 NOTE. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Financial Statistics • December 1986 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 1986 1986 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 July Aug. Sept. Consolidated condition statement ASSETS 1 Gold certificate account 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 2 Special drawing rights certificate account 4,818 5,018 5,018 5,018 5,018 4,818 5,018 5,018 3 Coin 476 461 462 475 501 467 468 507 Loans 4 To depository institutions 944 1,350 4,332 752 1,555 737 913 879 5 Other 0 0 0 0 0 0 0 0 Acceptances—Bought outright 6 Held under repurchase agreements 0 00 00 00 00 00 00 00 Federal agency obligations 7 Bought outright 8,047 8,047 8,047 88,,004477 8,047 88,,113377 8,047 8,047 8 Held under repurchase agreements 0 0 0 0 219 0 0 1,809 U.S. government securities Bought outright 9 Bills 93,202 94,404 96,702 94,545 93,874 9911,,007733 93,564 92,064 10 Notes 66,597 66,597 66,597 66,597 66,597 67,097 66,597 66,597 11 Bonds 25,776 25,776 25,776 25,776 25,776 25,276 25,776 25,776 12 Total bought outright1 185,575 186,777 189,075 186,918 186,247 183,446 185,937 184,437 13 Held under repurchase agreements 0 0 0 0 1,711 0 0 6,314 14 Total U.S. government securities 185,575 186,777 189,075 186,918 187,958 183,446 185,937 190,751 15 Total loans and securities 194,566 196,174 201,454 195,717 197,779 192,320 194,897 201,486 16 Items in process of collection 7,741 10,107 6,310 8,294 6,485 6,206 5,632 9,125 17 Bank premises 642 643 644 643 648 638 642 647 Other assets 18 Denominated in foreign currencies2 8,681 9,148 9,153 9,164 9,177 8,657 9,147 9,126 19 All other3 5,125 6,419 6,522 6,348 6,961 7,220 6,758 7,250 20 Total assets 233,133 239,054 240,647 236,743 237,653 231,410 233,646 244,243 LIABILITIES 21 Federal Reserve notes 184,569 186,388 185,856 184,936 184,044 184,198 185,349 184,191 Deposits 22 To depository institutions 32,212 33,665 37,836 33,164 33,494 30,275 34,570 36,794 23 U.S. Treasury—General account 3,890 3,125 3,959 4,665 7,744 3,983 1,106 7,514 24 Foreign—Official accounts 228 228 406 247 208 233 227 342 25 Other 497 501 509 503 449 688 461 663 26 Total deposits 36,827 37,519 42,710 38,579 41,895 35,179 36,364 45,313 27 Deferred credit items 5,624 8,812 5,857 7,028 5,561 5,375 5,371 8,276 28 Other liabilities and accrued dividends4 2,103 2,118 2,233 2,202 2,147 2,212 2,193 2,193 29 Total liabilities 229,123 234,837 236,656 232,745 233,647 226,964 229,277 239,973 CAPITAL ACCOUNTS 30 Capital paid in 1,844 1,846 1,847 1,846 1,848 1,834 1,843 1,849 31 Surplus 1,781 1,781 1,780 1,781 1,781 1,781 1,781 1,780 32 Other capital accounts 385 590 364 371 377 831 745 641 33 Total liabilities and capital accounts 233,133 239,054 240,647 236,743 237,653 231,410 233,646 244,243 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 155,291 160,151 158,893 160,333 161,580 153,973 155,182 163,236 Federal Reserve note statement 35 Federal Reserve notes outstanding 221,734 221,835 222,400 222,848 223,566 218,626 221,640 223,928 36 LESS: Held by bank 37,165 35,447 36,544 37,912 39,522 34,428 36,291 39,737 37 Federal Reserve notes, net 184,569 186,388 185,856 184,936 184,044 184,198 185,349 184,191 Collateral held against notes net: 38 Gold certificate account 11,084 11,084 11,084 11,084 11,084 11,084 11,084 11,084 39 Special drawing rights certificate account 4,818 5,018 5,018 5,018 5,018 4,818 5,018 5,018 40 Other eligible assets 0 0 0 0 0 0 0 0 41 U.S. government and agency securities 168,667 170,286 169,754 168,834 167,942 168,296 169,247 168,089 42 Total collateral 184,569 186,388 185,856 184,936 184,044 184,198 185,349 184,191 1. Includes securities loaned—fully guaranteed by U.S. government securities 4. Includes exchange-translation account reflecting the monthly revaluation at pledged with Federal Reserve Banks—and excludes (if any) securities sold and market exchange rates of foreign-exchange commitments. scheduled to be bought back under matched sale-purchase transactions. NOTE: Some of these data also appear in the Board's H.4.1 (503) release. For 2. Assets shown in this line are revalued monthly at market exchange rates. address, see inside front cover. 3. Includes special investment account at Chicago of Treasury bills maturing within 90 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks All 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings Millions of dollars Wednesday End of month TTTyyypppeee aaannnddd mmmaaatttuuurrriiitttyyy gggrrrooouuupppiiinnngggsss 1986 1986 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 July 31 Aug. 29 Sept. 30 1 Loans—Total 944 1,350 4,332 752 1,555 737 913 879 4 2 3 9 W 1 1 6 i t d d h a a i y n y s s 1 t t 5 o o d 9 1 a 0 y y s e d a a r y s 935 9 0 1,2 6 9 0 0 0 4,27 5 7 0 5 749 0 3 1,551 4 0 6 4 9 4 3 0 86 5 3 0 0 85 2 5 0 4 5 Acceptances—Total 0 0 0 0 0 0 0 0 6 7 8 W 9 1 1 6 i t d d h a a i y n y s s 1 t t 5 o o d 9 1 a 0 y y s d e a ar y s 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 9 0 1 2 5 3 4 U. W 9 O O O 1 S 1 6 . v v v i t d e e e g d h r r r a o a i y n y v 5 1 1 s s e 0 y y 1 r t t 5 n e e o y o a a m e d r 9 r 1 a s a e 0 r t y y s n o t d t e s o 1 a a 5 s r y 1 e y s 0 c e u y a r r e i s a t i r e s s—Total 1 4 5 3 2 8 1 1 6 2 6 2 5 1 5 , , , , , , , 9 2 5 8 5 3 5 8 6 7 6 7 0 8 0 6 5 4 6 9 0 1 4 5 3 2 8 1 6 5 9 6 2 6 5 , , , , , , , 6 6 3 7 7 8 5 7 3 5 1 7 8 0 5 7 8 8 7 0 9 1 4 5 3 2 8 1 6 9 8 6 2 9 5 , , , , , , , 1 6 1 7 8 0 5 5 2 8 1 7 0 8 8 1 9 8 5 9 0 1 4 5 3 2 8 1 8 3 9 6 2 6 5 , , , , , , , 5 3 9 7 8 9 5 0 2 8 1 1 8 0 2 8 1 8 8 0 9 1 4 5 3 2 8 1 1 8 3 6 2 7 0 5 , , , , , , , 4 8 7 8 9 6 5 0 0 5 1 0 4 8 2 5 8 8 9 4 0 1 4 6 3 2 8 1 1 1 8 4 2 3 5 , , , , , , , 3 4 8 4 3 4 1 0 5 1 6 4 0 0 3 4 3 7 6 9 0 1 4 6 3 2 8 1 2 0 5 8 2 5 5 , , , , , , , 8 5 5 4 8 9 5 9 9 8 7 3 0 8 4 6 2 6 7 9 0 1 4 5 3 2 1 9 1 6 7 6 2 0 1 5 , , , , , , , 2 6 6 8 7 6 5 9 9 5 9 8 0 8 3 0 1 8 1 9 0 2 2 1 1 1 1 0 1 6 7 8 9 Fe O O 9 W d 1 1 6 e v v i r e e t d d a h r r a a l i y n y 5 1 a s s g y y 1 t e t e e 5 o o n a a d c r r 9 1 y s a 0 t y y o t o d e o s b 1 5 a a r l y 1 i y s 0 g e a y a t r e i s o a n rs s —Total 8 3 1 1 , , , , 0 9 1 2 7 4 5 4 2 7 0 2 6 5 7 5 4 4 4 9 1 8 3 1 1 , , , , 0 9 9 4 1 5 4 1 2 2 7 6 4 7 3 1 4 4 6 9 8 3 1 1 , , , , 0 8 1 9 4 6 4 9 7 3 2 1 1 7 1 4 6 4 2 0 8 3 1 1 , , , , 0 8 5 1 2 7 4 4 4 9 9 7 2 1 7 9 1 1 4 4 8 8 3 1 1 , , , , 8 2 4 7 4 5 1 9 6 4 9 2 3 7 1 6 9 1 4 7 4 3 8 1 1 , , , , 8 1 7 6 4 3 1 8 3 0 4 2 0 7 5 7 4 5 4 4 5 8 3 1 1 , , , , 0 9 7 4 5 1 2 4 2 0 2 6 7 5 7 5 4 4 9 4 1 9 3 2 1 1 , , , , , 9 8 1 7 4 5 1 0 5 1 0 5 5 2 5 6 8 2 5 2 4 1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 Domestic Financial Statistics • December 1986 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Billions of dollars, averages of daily figures 1986 1982 1983 1984 1985 Item Dec. Dec. Dec. Dec. Feb. Mar. Apr. May June July Aug. Sept. Seasonally adjustec ADJUSTED FOR 1 Total reserves2 34.28 36.14 39.51 45.61 46.37 46.87 47.28 48.58 49.45 50.49 51.32 51.81 2 Nonborrowed reserves 33.65 35.36 36.32 44.29 45.49 46.10 46.38 47.70 48.64 49.75 50.45' 50.80 3 Nonborrowed reserves plus extended credit3 33.83 35.37 38.93 44.79 45.98 46.62 47.02 48.29 49.17 50.13 50.91 51.37 4 Required reserves 33.78 35.58 38.66 44.55 45.27 45.97 46.47 47.74 48.51 49.58 50.58 51.08 5 Monetary base4 170.04 185.39 199.17 216.72 219.79 221.26 222.36 224.90 226.63 228.30 230.59 231.60 Not seasonally adjusted 6 Total reserves2 35.01 36.86 40.57 46.84 45.68 46.34 47.94 47.71 49.20 50.32 50.62 51.55 7 Nonborrowed reserves 34.37 36.09 37.38 45.52 44.80 45.58 47.04 46.84 48.40 49.58 49.75 50.54 8 Nonborrowed reserves plus extended credit3 34.56 36.09 39.98 46.02 45.29 46.10 47.68 47.42 48.93 49.96 50.21 51.11 9 Required reserves 34.51 36.30 39.71 45.78 44.59 45.44 47.14 46.87 48.27 49.41 49.88 50.82 10 Monetary base4 173.07 188.66 202.34 220.36 216.78 218.99 222.13 223.61 227.04 230.02 230.76 231.48 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS5 11 Total reserves2 41.85 38.89 40.70 48.14 46.65 47.27 48.88 48.42 49.94 51.03 51.28' 53.19 12 Nonborrowed reserves 41.22 38.12 37.51 46.82 45.77 46.51 47.99 47.54 49.14 50.29 50.41 52.18 13 Nonborrowed reserves plus extended credit3 41.41 38.12 40.09 47.41 46.22 47.17 48.22 48.24 49.81 50.68 50.90 52.76 14 Required reserves 41.35 38.33 39.84 47.08 45.55 46.38 48.08 47.58 49.01 50.12 50.54 52.46 15 Monetary base4 180.42 192.26 204.18 223.53 219.57 221.70 224.88 226.12 229.68 232.55 233.32 235.04 1. Figures incorporate adjustments for discontinuities associated with the of vault cash holdings of thrift institutions that is included in the currency implementation of the Monetary Control Act and other regulatory changes to component of the money stock plus, for institutions not having required reserve reserve requirements. To adjust for discontinuities due to changes in reserve balances, the excess of current vault cash over the amount applied to satisfy requirements on reservable nondeposit liabilities, the sum of such required current reserve requirements. After the introduction of contemporaneous reserve reserves is subtracted from the actual series. Similarly, in adjusting for discontin- requirements (CRR), currency and vault cash figures are measured over the uities in the monetary base, required clearing balances and adjustments to weekly computation period ending Monday. compensate for float also are subtracted from the actual series. Before CRR, all components of the monetary base other than excess reserves 2. Total reserves not adjusted for discontinuities consist of reserve balances are seasonally adjusted as a whole, rather than by component, and excess with Federal Reserve Banks, which exclude required clearing balances and reserves are added on a not seasonally adjusted basis. After CRR, the seasonally adjustments to compensate for float, plus vault cash used to satisfy reserve adjusted series consists of seasonally adjusted total reserves, which include requirements. Such vault cash consists of all vault cash held during the lagged excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted computation period by institutions having required reserve balances at Federal currency component of the money stock and the remaining items seasonally Reserve Banks plus the amount of vault cash equal to required reserves during the adjusted as a whole. maintenance period at institutions having no required reserve balances. 5. Reflects actual reserve requirements, including those on nondeposit liabil- 3. Extended credit consists of borrowing at the discount window under the ities, with no adjustments to eliminate the effects of discontinuities associated terms and conditions established for the extended credit program to help with implementation of the Monetary Control Act or other regulatory changes to depository institutions deal with sustained liquidity pressures. Because there is reserve requirements. not the same need to repay such borrowing promptly as there is with traditional NOTE. Latest monthly and biweekly figures are available from the Board's short-term adjustment credit, the money market impact of extended credit is H.3(502) statistical release. Historical data and estimates of the impact on similar to that of nonborrowed reserves. required reserves of changes in reserve requirements are available from the 4. The monetary base not adjusted for discontinuities consists of total reserves Banking Section, Division of Research and Statistics, Board of Governors of the plus required clearing balances and adjustments to compensate for float at Federal Federal Reserve System, Washington, D.C. 20551. Reserve Banks and the currency component of the money stock less the amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates A13 1.21 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Billions of dollars, averages of daily figures 1986 IItteemm11 D 19 e 8 c 2 . D 19 e 8 c 3 . D 19 e 8 c 4 . D 19 e 8 c 5 . June July Aug. Sept. Seasonally adjusted 1 Ml 479.9 527.1 558.5 626.6 666.8 676.1 687.8 693.5 "> 1,952.6 2,186.0 2,373.8 2,566.5 2,670.6' 2,699.1 2,724.1' 2,741.3 2,443.5 2,697.3 2,986.5 3,201.1 3,338.9' 3,375.1' 3,400.1' 3,425.2' 4 2,850.1 3,162.7' 3,532.4' 3,839.5' 3,973.8' 4,007.0' 4,036.6 n.a. 5 4,662.3' 5,197.6' 5,950.3' 6,769.0' 7,145.5' 7,208.4' 7,282.9 n.a. Ml components 6 Currency2 134.3 148.3 158.5 170.6 176.7 177.5 179.0 179.8 7 Travelers checks3 4.3 4.9 5.2 5.9 6.2 6.4 6.5 6.5 8 Demand deposits4 237.9 242.7 248.4 271.5 284.9 288.3 291.8 292.2 9 Other checkable deposits5 103.4 131.3 146.3 178.6 199.0 203.9 210.6' 215.1 Nontransactions components 1100 In M26 1,472.7 1,658.9 1,815.4 1,939.9 2,003.8' 2,023.0 2,036.3' 2,047.8 1111 In M3 only7 490.9 511.3 612.7 634.6 668.3' 676.0' 676.0' 683.9 Savings deposits9 1? Commercial Banks 163.7 133.4 122.3 112244..55 113300..99 113333..44 113366..88 114400..99 13 Thrift institutions 194.2 173.2 167.3 179.1 194.1 197.7 200.5 203.1 Small denomination time deposits9 14 Commercial Banks 380.4 351.1 387.2 384.1 381.7' 380.0 376.0 372.6 15 Thrift institutions 472.4 434.1 500.3 496.2 503.9 503.7 501.3' 499.1 Money market mutual funds 16 General purpose and broker/dealer 185.2 138.2 167.5 176.5 197.3' 199.7' 200.3' 202.2 17 Institution-only 51.1 43.2 62.7 64.6 75.0 77.5 80.8 84.4 Large denomination time deposits10 18 Commercial Banks11 262.1 228.7 263.7 279.1 280.5 280.0' 281.7' 281.1 19 Thrift institutions 65.8 101.1 150.2 157.3 164.6 165.7 166.0 165.7 Debt components 70 Federal debt 919.1' 1,172.8' 1,367.7' 1,587.0^ 11,,669911..55'' 11,,771122..44'' 11,,772244..99 n.a. 21 Non-federal debt 3,682.6' 4,024.8' 4,582.6' 5,182.0' 5,454.1' 5,4%. 1' 5,558.0 n.a. Not seasonally adjusted ?"> 490.9 538.8 570.5 639.9 669.1' 679.8 684.8' 691.0 ?3 M2 1,958.6 2,192.8 2,380.8 2,574.7 2,672.8' 2,704.4 2,718.9' 2,732.0 74 M3 2,453.3 2,707.9 2,997.8 3,213.8 3,339.6' 3,372.7' 3,394.8' 3,417.9 ?5 2,856.4 3,169.3' 3,537.6' 3,845.7' 3,973.9' 4,007.1' 4,033.1 n.a. 26 Debt 4,656.3' 5,191.9' 5,944.4' 6,762.4' 7,110.8' 7,172.9' 7,251.7 n.a. Ml components 11 Currency2 136.5 150.5 160.9 173.1 177.4 179.1 179.9 117799..66 ?8 Travelers checks3 4.1 4.6 4.9 5.5 6.5 7.2 7.3 6.9 79 Demand deposits4 246.2 251.3 257.3 281.3 285.6 290.0 288.9' 290.8 30 Other checkable deposits5 104.1 132.4 147.5 180.1 199.6 203.5 208.7' 213.7 Nontransactions components 31 M26 1,467.7 1,654.0 1,810.3 1,934.7 2,003.6' 2,024.6 2,034.1' 2,041.0 32 M3 only7 494.7 515.1 617.0 639.2 666.8' 668.3' 675.9' 685.9 Money market deposit accounts 33 Commercial banks 26.3 230.5 267.2 332.4 355.2 358.9 363.5' 368.0 34 Thrift institutions 16.9 148.7 149.7 179.6 185.2 187.2 189.8 190.7 Savings deposits8 35 Commercial Banks 162.1 113322..22 112211..44 112233..55 113322..22 113355..11 113377..33'' 114400..77 36 Thrift institutions 193.1 172.3 166.5 178.3 194.8 198.6' 199.4 202.1 Small denomination time deposits9 37 Commercial Banks 380.1 351.1 387.6 384.8 380.6' 379.8' 378.0 375.1 38 Thrift institutions 471.7 434.2 501.2 497.6 501.0 502.8 500.6' 498.9 Money market mutual funds 39 General purpose and broker/dealer 185.2 138.2 167.5 176.5 197.3' 199.7' 200.3' 202.2 40 Institution-only 51.1 43.2 62.7 64.6 75.0 77.5 80.8 84.4 Large denomination time deposits10 41 Commercial Banks11 265.2 230.8 265.4 280.9 278.8 279.0' 282.0' 283.2 42 Thrift institutions 65.8 101.4 150.6 157.8 164.1 164.6 165.9 165.7 Debt components 43 Federal debt 976.4 11,,117700..22 1,364.7 1,583.7 1,678.9 1,695.6 1,713.3 n.a. 44 Non-federal debt 3,679.9' 4,021.7' 4,579.7' 5,178.6 5,431.8' 5,477.3' 5,538.4 n.a. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Financial Statistics • December 1986 NOTES TO TABLE 1.21 1. Composition of the money stock measures and debt is as follows: 2. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults commercial banks. Excludes the estimated amount of vault cash held by thrift of commercial banks; (2) travelers checks of nonbank issuers; (3) demand deposits institutions to service their OCD liabilities. at all commercial banks other than those due to domestic banks, the U.S. 3. Outstanding amount of U.S. dollar-denominated travelers checks of nongovernment, and foreign banks and official institutions less cash items in the bank issuers. Travelers checks issued by depository institutions are included in process of collection and Federal Reserve float; and (4) other checkable deposits demand deposits. (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer 4. Demand deposits at commercial banks and foreign-related institutions other service (ATS) accounts at depository institutions, credit union share draft than those due to domestic banks, the U.S. government, and foreign banks and accounts, and demand deposits at thrift institutions. The currency and demand official institutions less cash items in the process of collection and Federal deposit components exclude the estimated amount of vault cash and demand Reserve float. Excludes the estimated amount of demand deposits held at deposits respectively held by thrift institutions to service their OCD liabilities. commercial banks by thrift institutions to service their OCD liabilities. M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs) 5. Consists of NOW and ATS balances at all depository institutions, credit issued by all commercial banks and overnight Eurodollars issued to U.S. residents union share draft balances, and demand deposits at thrift institutions. Other by foreign branches of U.S. banks worldwide, MMDAs, savings and small- checkable deposits seasonally adjusted equals the difference between the seasondenomination time deposits (time deposits—including retail RPs—in amounts of ally adjusted sum of demand deposits plus OCD and seasonally adjusted demand less than $100,000), and balances in both taxable and tax-exempt general purpose deposits. Included are all ceiling free "Super NOWs," authorized by the and broker/dealer money market mutual funds. Excludes individual retirement Depository Institutions Deregulation committee to be offered beginning Jan. 5, accounts (IRA) and Keogh balances at depository institutions and money market 1983. funds. Also excludes all balances held by U.S. commercial banks, money market 6. Sum of overnight RPs and overnight Eurodollars, money market fund funds (general purpose and broker/dealer), foreign governments and commercial balances (general purpose and broker/dealer), MMDAs, and savings and small banks, and the U.S. government. Also subtracted is a consolidation adjustment time deposits, less the consolidation adjustment that represents the estimated that represents the estimated amount of demand deposits and vault cash held by amount of demand deposits and vault cash held by thrift institutions to service thrift institutions to service their time and savings deposits. their time and savings deposits liabilities. M3: M2 plus large-denomination time deposits and term RP liabilities (in 7. Sum of large time deposits, term RPs and term Eurodollars of U.S. amounts of $100,000 or more) issued by commercial banks and thrift institutions, residents, money market fund balances (institution-only), less a consolidation term Eurodollars held by U.S. residents at foreign branches of U.S. banks adjustment that represents the estimated amount of overnight RPs and Eurodolworldwide and at all banking offices in the United Kingdom and Canada, and lars held by institution-only money market funds. balances in both taxable and tax-exempt, institution-only money market mutual 8. Savings deposits exclude MMDAs. funds. Excludes amounts held by depository institutions, the U.S. government, 9. Small-denomination time deposits—including retail RPs— are those issued money market funds, and foreign banks and official institutions. Also subtracted is in amounts of less than $100,000. All individual retirement accounts (IRA) and a consolidation adjustment that represents the estimated amount of overnight RPs Keogh accounts at commercial banks and thrifts are subtracted from small time and Eurodollars held by institution-only money market mutual funds. deposits. L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term 10. Large-denomination time deposits are those issued in amounts of $100,000 Treasury securities, commercial paper and bankers acceptances, net of money or more, excluding those booked at international banking facilities. market mutual fund holdings of these assets. 11. Large-denomination time deposits at commercial banks less those held by Debt: Debt of domestic nonfinancial sectors consists of outstanding credit money market mutual funds, depository institutions, and foreign banks and market debt of the U.S. government, state and local governments, and private official institutions. nonfinancial sectors. Private debt consists of corporate bonds, mortgages, con- NOTE: Latest monthly and weekly figures are available from the Board's H.6 sumer credit (including bank loans), other bank loans, commercial paper, bankers (508) release. Historical data are available from the Banking Section, Division of acceptances, and other debt instruments. The source of data on domestic Research and Statistics, Board of Governors of the Federal Reserve System, nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt Washington, D.C. 20551. data are based on monthly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates 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. 1986 Mar. Apr. May June July Aug. DEBITS TO Seasonally adjusted Demand deposits2 1 All insured banks 109,642.3 128,440.8 154,556.0 182,841.8 192,847.2 189,819.7 187,035.1 188,874.2 194,457.3 2 Major New York City banks 47,769.4 57,392.7 70,445.1 89,350.3 95,699.5 87,846.7 89,201.2 91,040.8 92,961.7 3 Other banks 61,873.1 71,048.1 84,110.9 93,491.5 97,147.7 101,973.0 97,833.9 97,833.4 101,495.6 4 ATS-NOW accounts3 1,405.5 1,588.7 1,920.8 2,266.0 2,088.7 2,255.6 2,188.0 2,320.1 2,414.8 5 Savings deposits4 741.4 633.1 539.0 356.7 385.2 389.7 382.6 417.4 421.0 DEPOSIT TURNOVER Demand deposits2 6 All insured banks 379.7 434.4 496.5 566.0 593.6 569.7 553.3 556.4 567.6 7 Major New York City banks 1,528.0 1,843.0 2,168.9 2,517.7 2,635.1 2,457.8 2,504.5 2,417.2 2,437.0 8 Other banks 240.9 268.6 301.8 325.1 336.6 342.8 323.5 324.2 333.4 9 ATS-NOW accounts3 15.6 15.8 16.7 17.7 16.0 17.0 16.2 16.8 16.9 10 Savings deposits4 5.4 5.0 4.5 2.9 3.1 3.1 3.0 3.2 3.2 DEBITS TO Not seasonally adjusted Demand deposits2 11 All insured banks 109,517.6 128,059.1 154,108.4 179,715.2 195,373.5 184,827.4 188,924.1 198,657.9 186,892.9 12 Major New York City banks 47,707.4 57,282.4 70,400.9 87,757.0 95,408.5 85,189.6 91,315.2 96,686.1 88,807.6 13 Other banks 64,310.2 70,776.9 83,707.8 91,958.3 99,965.0 99,637.8 97,608.9 101,971.8 98,085.3 14 ATS-NOW accounts3 1,397.0 1,579.5 1,903.4 2,349.0 2,393.2 2,256.6 2,356.3 2,240.4 2,140.8 15 MMDA5 567.4 848.8 1,179.0 1,600.9 1,638.8 1,557.9 1,697.2 1,575.9 1,530.6 16 Savings deposits4 742.0 632.9 538.7 362.3 418.7 377.8 385.9 419.9 413.7 DEPOSIT TURNOVER Demand deposits2 17 All insured banks 379.9 433.5 497.4 569.5 600.1 569.4 564.1 587.8 554.7 18 Major New York City banks 1,510.0 1,838.6 2,191.1 2,494.1 2,661.7 2,487.0 2,570.0 2,620.6 2,421.9 19 Other banks 240.5 267.9 301.6 328.0 345.0 343.2 326.0 338.7 326.6 20 ATS-NOW accounts3 15.5 15.7 16.6 18.3 17.9 17.1 17.4 16.3 15.1 21 MMDA5 2.8 3.5 3.8 4.7 4.8 4.5 4.8 4.4 4.2 22 Savings deposits4 5.4 5.0 4.5 3.0 3.4 3.0 3.0 3.2 3.1 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 SMSAs 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, MMDA and special club accounts, such These data also appear on the Board's G.6 (406) release. For address, see inside as Christmas and vacation clubs. front cover. 5. Money market deposit accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • December 1986 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars; averages of Wednesday figures 1985 1986 CCaatteeggoorryy Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Seasonally adjusted 1 Total loans and securities2 1,855.5 1,876.0 1,900.4 1,930.0 1,935.5 1,944.6 1,947.9 1,957.5 1,963.7 1,985.0 2,007.7 2,027.1 2 U.S. government securities 274.2 276.0 273.1 268.2 273.6 269.5 270.0 274.1 274.8 285.4 290.9 294.1 3 Other securities 157.3 163.3 177.6 192.5 188.1 183.3 182.1 181.9 183.6 186.1 192.3 200.5 4 Total loans and leases2 1,424.0 1,436.8 1,449.7 1,469.3 1,473.7 1,491.8 1,495.8 1,501.5 1,505.3 1,513.4 1,524.5 1,532.6 5 Commercial and industrial 492.7 495.7 499.5 502.1 502.4 506.1 507.8 506.7 508.7 508.7 510.4 510.8 6 Bankers acceptances held3.. 4.9 4.9 4.9 4.9 4.8 4.9 5.2 5.6 6.1 5.8 5.9 6.2 7 Other commercial and industrial 487.8 490.7 494.7 497.2 497.6 501.2 502.6 501.0 502.6 502.8 504.4 504.6 8 U.S. addressees4 479.4 482.4 486.0 488.0 488.4 491.3 492.7 490.6 493.1 493.8 495.4 495.7 9 Non-U.S. addressees4.... 8.4 8.3 8.7 9.3 9.2 9.9 9.8 10.5 9.5 9.0 9.1 8.9 10 Real estate 414.0 418.0 422.4 427.1 431.4 436.1 440.7 446.4 450.7 455.9 461.4 465.8 11 Individual 287.5 289.7 291.5 294.6 297.4 299.5 301.1 303.0 304.5 305.6 306.9 308.8 12 Security 39.2 39.8 40.1 44.1 43.4 50.4 48.0 46.4 42.5 44.8 44.2 44.0 13 Nonbank financial institutions 31.3 32.0 32.6 32.6 31.9 32.3 32.4 33.3 34.7 34.2 34.4 35.1 14 Agricultural 37.9 37.1 36.3 35.9 35.4 34.9 34.6 34.1 33.7 33.3 33.3 33.2 15 State and political subdivisions 49.3 50.0 52.8 60.5 60.3 60.2 59.8 59.5 59.4 59.0' 59.4 59.4 16 Foreign banks 9.3 9.0 9.1 9.1 9.2 9.2 9.2 9.3 9.5 9.5 9.3 9.4 17 Foreign official institutions ... 6.6 6.7 6.9 7.0 7.0 6.8 5.3 5.1 6.4 6.5 6.5 6.4 18 Lease financing receivables... 18.3 18.4 18.8 19.4 19.6 19.8 19.9 19.8 20.0 20.0 20.2 20.4 19 All other loans 38.0 40.3 39.6 36.8 35.7 36.5 37.3 37.9 35.4 35.9r 38.5 39.3 Not seasonally adjusted 20 Total loans and securities2 1,851.8 1,875.7 1,912.6 1,934.8 1,932.4 1,944.1 1,950.5 1,956.7 1,965.4 1,981.4 1,999.8 2,024.8 21 U.S. government securities 270.3 273.7 271.0 267.7 275.0 273.2 274.0 275.4 276.2 285.3 289.1 292.5 22 Other securities 156.8 163.3 178.7 193.8 188.9 183.9 181.8 182.2 182.5 183.9 192.1 200.5 23 Total loans and leases2 1,424.7 1,438.7 1,462.9 1,473.3 1,468.5 1,487.1 1,494.7 1,499.0 1,506.7 1,512.1 1,518.7 1,531.9 24 Commercial and industrial.... 492.0 494.8 501.5 501.4 500.1 506.9 510.0 508.5 509.4 508.6 508.3 509.9 25 Bankers acceptances held3.. 4.8 5.0 5.2 4.9 4.7 5.0 5.2 5.5 66..00 66..00 55..99 66..00 26 Other commercial and industrial 487.2 489.7 496.4 496.5 495.4 501.9 504.9 503.0 503.4 502.6 502.4 503.9 2277 U.S. addressees4 478.4 481.0 487.3 487.3 486.3 492.7 495.4 493.3 494.0 493.3 493.1 494.7 28 Non-U.S. addressees4.... 8.8 8.8 9.0 9.2 9.1 9.2 9.5 9.7 9.4 9.3 9.4 9.2 29 Real estate 415.2 419.2 423.3 427.3 430.6 434.9 439.5 445.2 450.2 455.8 461.V 466.9 30 Individual 289.0 291.0 294.8 297.0 296.3 296.8 298.6 301.1 303.1 304.9 307.2 310.2 31 Security 38.6 41.0 45.4 46.8 42.6 49.5 48.5 45.6 4422..55 4433..00 4411..33 4411..55 32 Nonbank financial institutions 31.1 32.1 33.4 32.9 31.3 31.7 32.2 33.1 34.6 34.3 34.6 35.3 3333 Agricultural 38.5 37.2 36.0 35.2 34.5 34.0 33.9 34.0 34.2 34.1 34.0 33.9 34 State and political subdivisions 49.3 50.0 52.8 60.5 60.3 60.2 59.8 59.5 59.4 59.0' 59.4 59.4 3355 Foreign banks 9.5 9.3 9.5 9.3 9.3 9.1 9.0 9.1 9.2 9.4 9.1 9.4 36 Foreign official institutions ... 6.6 6.7 6.9 7.0 7.0 6.8 5.3 5.1 6.4 6.5 6.5 6.4 37 Lease financing receivables... 18.2 18.3 18.8 19.6 19.8 19.8 19.9 19.9 20.0 20.0 20.1 20.3 38 All other loans 36.7 39.1 40.5 36.3 36.5 37.4 38.1 37.9 37.7 36.5 36.3 38.7 1. Data are prorated averages of Wednesday estimates for domestically char- 2. Excludes loans to commercial banks in the United States. tered insured banks, based on weekly sample reports and quarterly universe 3. Includes nonfinancial commercial paper held. reports. For foreign-related institutions, data are averages of month-end estimates 4. United States includes the 50 states and the District of Columbia. based on weekly reports from large U.S. agencies and branches and quarterly NOTE. These data also appear in the Board's G.7 (407) release. For address, see reports from all U.S. agencies and branches, New York investment companies inside front cover. majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions A17 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Monthly averages, billions of dollars 1985 1986 SSoouurrccee Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total nondeposit funds 1 Seasonally adjusted2 118.8 122.3 128.2 131.7 131.7 141.2 134.1 135.7 132.6' 136.0 137.7 142.3 2 Not seasonally adjusted 117.4 123.4 127.9 131.8 134.4 143.7 135.0 137.9 131.4 132.1 136.7 140.6 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 144.3 149.4 154.1 151.6 152.7 160.6 160.4 157.9 157.1 166.2 168.0 167.3 4 Not seasonally adjusted 142.9 150.5 153.7 151.6 155.3 163.1 161.3 160.0 155.8 162.3 166.9 165.6 5 Net balances due to foreign-related institutions, not seasonally adjusted -25.5 -27.2 -25.9 -19.9 -21.0 -19.4 -26.3 -22.2 -24.5 -30.2 -30.2 -25.0 MEMO 6 Domestically chartered banks' net positions with own foreign branches, not seasonally adjusted4 -28.6 -30.2 -31.6 -28.0 -25.8 -26.5 -30.2 -29.3 -30.5 -33.8 -31.2 -29.2 7 Gross due from balances 74.2 74.1 76.3 74.3 69.4 71.7 75.2 72.9 72.2 73.9 75.2 74.0 8 Gross due to balances 45.5 43.9 44.7 46.4 43.6 45.2 45.1 43.6 41.7 40.1 44.0 44.8 9 Foreign-related institutions' net positions with directly related institutions, not seasonally adjusted5 3.2 3.1 5.7 8.1 4.8 7.1 3.9 7.2 6.0 3.6 1.0 4.2 10 Gross due from balances 55.2 55.9 56.7 57.6 60.0 60.7 62.5 60.0 62.8 64.2 66.2 67.9 11 Gross due to balances 58.4 58.9 62.5 65.7 64.8 67.8 66.4 67.1 68.8 67.8 67.2 72.1 Security RP borrowings 12 Seasonally adjusted" 85.6 85.9 89.4 87.6 89.5 89.7 89.7 89.0 89.2 95.7 96.3 96.0 13 Not seasonally adjusted 84.2 87.0 89.0 87.7 92.2 92.2 90.6 91.2 88.0 91.8 95.3 94.3 U.S. Treasury demand balances7 14 Seasonally adjusted 4.7 13.5 17.5 19.0 21.1 15.7 17.4 21.3 18.5 14.7 13.1 16.0 15 Not seasonally adjusted 5.4 7.9 14.6 24.0 24.2 15.7 17.8 21.8 16.1 16.8 11.0 18.2 Time deposits, $100,000 or more8 16 Seasonally adjusted 333.9 335.9 337.6 349.4 351.9 347.7 346.9 340.4 339.8 338.4 342.6 342.1 17 Not seasonally adjusted 336.3 337.5 339.4 348.3 350.7 348.3 343.5 339.7' 338.1 337.3 342.9 344.2 1. Commercial banks are those in the 50 states and the District of Columbia 3. Other borrowings are borrowings on any instrument, such as a promissory with national or state charters plus agencies and branches of foreign banks, New note or due bill, given for the purpose of borrowing money for the banking York investment companies majority owned by foreign banks, and Edge Act business. This includes borrowings from Federal Reserve Banks and from foreign corporations owned by domestically chartered and foreign banks. banks, term federal funds, overdrawn due from bank balances, loan RPs, and Data for lines 1-4 and 12-17 have been revised in light of benchmarking and participations in pooled loans. revised seasonal adjustment. 4. Averages of daily figures for member and nonmember banks. 2. Includes seasonally adjusted federal funds, RPs, and other borrowings from 5. Averages of daily data. nonbanks and not seasonally adjusted net Eurodollars. Includes averages of 6. Based on daily average data reported by 122 large banks. Wednesday data for domestically chartered banks and averages of current and 7. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at previous month-end data for foreign-related institutions. commercial banks. Averages of daily data. 8. Averages of Wednesday figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Financial Statistics • December 1986 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS Last-Wednesday-of-Month Series Billions of dollars 1985 1986 AAccccoouunntt Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ALL COMMERCIAL BANKING INSTITUTIONS1 1 Loans and securities 2,035.6 2,068.7 2,065.2 2,078.8 2,091.4 2,113.4 2,101.3 2,105.5 2,134.0 2,154.4 2,171.1 2 Investment securities 410.5 420.4 432.5 432.8 427.2 429.5 430.9 432.6 445.7 455.1 464.6 3 U.S. government securities 254.9 253.9 251.9 255.1 253.7 255.8 257.7 259.6 269.6 272.2 275.9 4 Other 155.6 166.5 180.6 177.7 173.5 173.6 173.2 173.0 176.1 183.0 188.7 5 Trading account assets 32.0 31.1 30.1 34.0 30.1 27.8 27.0 27.4 28.7 29.3 27.9 6 Total loans 1,593.1 1,617.2 1,602.6 1,612.0 1,634.2 1,656.1 1,643.5 1,645.5 1,659.6 1,670.0 1,678.5 7 Interbank loans 149.0 150.6 140.4 143.5 146.0 155.7 146.2 139.2 148.6 149.4 145.3 8 Loans excluding interbank 1,444.2 1,466.7 1,462.2 1,468.5 1,488.1 1,500.4 1,497.2 1,506.3 1,511.0 1,520.6 1,533.2 9 Commercial and industrial 495.8 500.2 496.7 501.8 508.5 510.5 506.2 512.3 507.3 510.1 512.1 10 Real estate 420.2 423.7 428.7 431.5 435.9 441.7 446.4 451.4 457.6 463.2 467.7 11 Individual 292.0 296.0 297.4 296.4 296.9 300.4 301.1 304.0 305.6 308.4 310.5 12 All other 236.2 246.7 239.4 238.7 246.9 247.8 243.6 238.7 240.5 238.8 242.9 13 Total cash assets 209.0 213.3 187.3 193.7 198.1 209.9 221.0 196.0 206.2 205.8 196.6 14 Reserves with Federal Reserve Banks 20.4 27.6 21.9 26.2 29.1 25.5 30.2 27.9 28.2 27.9 27.8 15 Cash in vault 21.4 22.2 23.0 22.7 21.8 22.3 23.9 23.0 23.3 23.7 22.9 16 Cash items in process of collection ... 82.1 79.5 64.2 66.9 68.8 80.7 84.6 67.3 72.1 73.5 66.3 17 Demand balances at U.S. depository institutions 35.8 36.0 31.3 31.8 31.1 34.7 36.8 32.0 33.8 33.6 32.3 18 Other cash assets 49.4 48.0 47.0 46.1 47.4 46.7 45.5 45.8 48.7 47.1 47.4 19 Other assets 197.1 201.9 187.0 186.5 195.3 207.0 195.9 196.6 196.6 196.2 200.8 20 Total assets/total liabilities and capital ... 2,441.8 2,483.8 2,439.6 2,458.9 2,484.8 2,530.3 2,518.3 2,498.1 2,536.7 2,556.4 2,568.4 21 Deposits 1,751.7 1,772.5 1,739.5 1,746.4 1,762.8 1,798.4 1,807.4 1,791.9 1,819.5 1,833.6 1,830.8 22 Transaction deposits 522.2 536.9 488.8 492.1 502.5 540.7 542.7 523.3 540.0 544.2 537.4 23 Savings deposits 450.4 452.0 454.2 457.2 462.0 467.8 477.3 482.4 490.8 497.7 504.4 24 Time deposits 779.1 783.6 796.5 797.1 798.3 789.9 787.5 786.3 788.7 791.7 789.0 25 Borrowings 356.1 367.8 364.4 374.7 373.1 390.7 367.4 366.8 379.2 377.3 388.1 26 Other liabilities 167.9 175.8 167.6 169.1 179.3 170.4 173.1 168.5 168.6 174.7 177.5 27 Residual (assets less liabilities) 166.0 167.7 168.2 168.8 169.7 170.8 170.3 170.9 169.4 170.8 172.1 MEMO 28 U.S. government securities (including trading account) 274.8 269.7 269.8 278.4 273.7 274.0 275.1 276.5 288.8 289.8 292.5 29 Other securities (including trading account) 167.7 181.8 192.8 188.4 183.6 183.3 182.8 183.5 185.6 194.6 200.0 DOMESTICALLY CHARTERED COMMERCIAL BANKS2 30 Loans and securities 1,926.0 1,954.3 1,954.3 1,964.0 1,972.4 1,993.3 1,985.3 1,990.0 2,014.0 2,029.4 2,039.8 31 Investment securities 399.5 409.9 421.1 420.8 416.0 416.1 417.1 419.6 432.5 440.2 448.0 32 U.S. government securities 250.1 249.0 247.0 249.6 248.5 248.8 250.2 253.1 263.2 264.5 267.5 33 Other 149.4 160.9 174.1 171.2 167.5 167.2 166.9 166.5 169.4 175.7 180.5 34 Trading account assets 32.0 31.1 30.1 34.0 30.1 27.8 27.0 27.4 28.7 29.3 27.9 35 Total loans 1,494.5 1,513.4 1,503.1 1,509.2 1,526.3 1,549.4 1,541.3 1,543.0 1,552.8 1,559.8 1,564.0 36 Interbank loans 124.1 123.8 115.8 115.8 120.2 129.3 123.3 117.3 122.7 123.1 118.9 37 Loans excluding interbank 1,370.4 1,389.5 1,387.3 1,393.5 1,406.1 1,420.1 1,418.0 1,425.8 1,430.1 1,436.7 1,445.1 38 Commercial and industrial 441.8 445.3 442.5 446.2 448.2 452.3 449.8 452.5 448.4 448.4 447.2 39 Real estate 415.0 418.4 423.6 426.4 430.7 436.3 440.7 445.8 451.9 457.3 461.7 40 Individual 291.7 295.7 297.1 296.2 296.6 300.1 300.8 303.6 305.3 308.1 310.1 41 All other 222.0 230.1 224.1 224.7 230.7 231.4 226.7 223.9 224.6 222.9 226.1 42 Total cash assets 193.4 197.2 171.1 179.1 182.7 194.3 205.8 180.1 187.8 189.3 180.4 43 Reserves with Federal Reserve Banks 19.2 25.8 21.0 25.5 28.4 24.4 28.7 26.3 27.2 26.6 26.9 44 Cash in vault 21.4 22.2 23.0 22.6 21.7 22.2 23.8 22.9 23.2 23.7 22.8 45 Cash items in process of collection ... 81.8 79.3 63.8 66.5 68.4 80.3 84.2 66.7 71.7 73.1 65.9 46 Demand balances at U.S. depository institutions 33.9 34.3 29.4 30.1 29.4 33.0 35.1 30.2 32.0 31.9 30.5 47 Other cash assets 37.1 35.7 34.0 34.3 34.7 34.3 34.0 34.0 33.6 34.1 34.4 48 Other assets 146.2 150.0 137.8 134.6 144.0 150.3 142.8 144.1 143.2 141.7 145.5 49 Total assets/total liabilities and capital ... 2,265.6 2,301.6 2,263.1 2,277.8' 2,299.1 2,337.9 2,334.0 2,314.1 2,345.0 2,360.3 2,365.7 50 Deposits 1,704.6 1,724.4 1,689.6 1,698.2 1,713.1 1,749.1 1,758.7 1,741.4 1,768.0 1,779.9 1,775.2 51 Transaction deposits 515.3 529.5 481.6 484.8 495.0 533.1 535.3 515.5 532.1 536.1 529.3 52 Savings deposits 448.6 450.3 452.4 455.3 460.1 465.8 475.2 480.3 488.7 495.5 502.1 53 Time deposits 740.7 744.7 755.7 758.1 758.1 750.1 748.1 745.6 747.2 748.2 743.8 54 Borrowings 285.0 295.7 298.0 304.9 304.8 309.1 294.2 293.5 300.5 295.5 305.2 55 Other liabilities 113.0 116.9 110.5 109.0 114.6 112.0 113.9 111.5 110.3 117.3 116.4 56 Residual (assets less liabilities) 162.9 164.6 165.0 165.6 166.5 167.7 167.2 167.8 166.2 167.7 168.9 1. Commercial banking institutions include insured domestically chartered NOTE. Figures are partly estimated. They include all bank-premises subsidiarcommercial banks, branches and agencies of foreign banks, Edge Act and ies and other significant majority-owned domestic subsidiaries. Loan and securi- Agreement corporations, and New York State foreign investment corporations. ties data for domestically chartered commercial banks are estimates for the last 2. Insured domestically chartered commercial banks include all member banks Wednesday of the month based on a sample of weekly reporting banks and and insured nonmember banks. quarter-end condition report data. Data for other banking institutions are estimates made for the last Wednesday of the month based on a weekly reporting sample of foreign-related institutions and quarter-end condition reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Commercial Banks A19 1.26 ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1.4 Billion or More on December 31, 1982, Assets and Liabilities Millions of dollars, Wednesday figures 1986 AAccccoouunntt July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 1 Cash and balances due from depository institutions 98,047 93,723' 91,845 95,904' 99,843' 108,532 100,020 98,355 90,017 2 Total loans, leases and securities, net 943,443' 950,686' 945,322' 949,719' 950,779' 970,761 962,988 967,106 957,772 3 U.S. Treasury and government agency 103,182 105,087 101,746 102,145 102,924 106,507 103,985 105,436 102,040 4 22,545 24,614 21,326 21,028 20,937 24,875 22,593 22,808 19,947 5 Investment account, by maturity 80,638 80,473 80,420 81,118 81,987 81,633 81,392 82,628 82,092 6 17,999 17,510 17,563 17,368 17,641 17,314 17,956 18,238 17,876 7 Over one through five years 37,644 38,671 38,214 39,237 39,078 38,808 38,011 38,436 37,766 8 24,995 24,292 24,643 24,512 25,268 25,510 25,426 25,954 26,450 9 69,450 70,818 71,633 72,193 74,154 79,275 78,480 77,705 76,352 10 5,435 5,894 6,243 6,436 7,131 8,788 7,785 7,098 6,223 11 64,014 64,924 65,390 65,757 67,023 70,487 70,695 70,608 70,129 1? States and political subdivisions, by maturity 56,003 56,577 56,996 57,248 58,301 61,327 61,329 61,466 61,013 13 8,216 8,605 8,805 8,886 9,646 10,623 10,684 11,508 11,068 14 Over one year 47,788 47,973 48,191 48,361 48,654 50,704 50,645 49,959 49,945 IS Other bonds, corporate stocks, and securities 8,011 8,346 8,394 8,510 8,722 9,160 9,365 9,141 9,116 16 Other trading account assets 4,293r 4,415' 4,080' 4,366' 4,858' 5,106 5,351 5,989 5,425 17 Federal funds sold1 59,056 58,673 58,934 58,976 55,949 61,056 62,117 58,974 56,348 18 To commercial banks 35,992 36,615 35,764 38,916 35,446 38,529 37,813 34,772 32,312 19 To nonbank brokers and dealers in securities 15,644 15,450 15,740 12,585 13,739 15,039 13,830 15,470 15,238 70 7,420 6,607 7,430 7,474 6,764 7,488 10,474 8,731 8,798 71 Other loans and leases, gross2 728,195' 732,642' 729,864' 732,997' 733,940' 739,976 734,292 740,272 738,820 V 712,149' 716,569' 713,756' 716,860' 717,743' 723,756 718,036 723,890 722,384 73 Commercial and industrial2 256,483 258,229 256,312 256,086 257,020' 258,748 256,925 258,638 256,932 74 Bankers acceptances and commercial paper 2,215 2,324 2,228 2,148 2,071 2,447 2,257 2,268 2,257 75 All other 254,268 255,905 254,084 253,938 254,950' 256,300 254,668 256,370 254,675 76 U.S. addressees 250,296 251,866 250,028 249,870 250,892 252,240 250,639 252,386 250,699 27 Non-U.S. addressees 3,972 4,038 4,056 4,068 4,058' 4,061 4,029 3,984 3,976 78 194,171 194,740 195,998 196,668 196,897 196,959 197,711 198,943 199,106 79 To individuals for personal expenditures 137,290' 137,290' 137,629' 138,073' 138,588' 138,790 139,130 139,558 139,843 30 To depository and financial institutions 45,565 46,636 46,083 47,274 46,660 47,876 47,496 48,177 48,611 31 Commercial banks in the United States 14,839 15,379 15,098 15,319 14,894 14,938 15,045 14,915 16,616 37 Banks in foreign countries 5,151 5,290 4,665 4,852 5,031 5,774 5,058 5,258 5,304 33 Nonbank depository and other financial institutions 25,575 25,967 26,319 27,103 26,735 27,163 27,393 28,004 26,691 34 For purchasing and carrying securities 16,635 17,554 16,174 16,844 16,712 17,567 15,269 16,294 16,043 35 To finance agricultural production 6,124 6,123 6,144 6,093 6,042 6,051 6,000 6,009 5,948 36 To states and political subdivisions 36,088 36,135 36,172 36,207 36,340 36,441 36,228 36,179 36,273 37 To foreign governments and official institutions 3,227 3,312 3,249 3,254 3,097' 3,234 3,121 3,170 3,086 38 All other 16,566 16,550' 15,995 16,36(C 16,386 18,092 16,156 16,922 16,542 39 Lease financing receivables 16,046 16,073 16,108 16,137 16,197 16,220 16,256 16,382 16,436 40 LESS: Unearned income 4,907' 4,878' 4,886' 4,890' 4,898' 4,846 4,869 4,884 4,902 41 Loan and lease reserve2 15,827 16,071 16,050 16,068' 16,149 16,314 16,369 16,388 16,311 4? Other loans and leases, net2 707,461 711,693' 708,929 712,039' 712,892 718,816 713,054 719,000 717,607 43 All other assets 125,556' 127,158' 126,674' 125,182' 124,427' 127,731 125,509 129,235 126,746 44 Total assets 1,167,045' 1,171,567' 1,163,842' 1,170,804' 1,175,049' 1,207,024 1,188,517 1,194,695 1,174,536 45 Demand deposits 215,803 215,902' 210,136 217,201 216,839 234,527 217,506 219,342 209,280 46 Individuals, partnerships, and corporations 165,733 165,003' 164,739 164,622' 163,596 178,178 168,931 169,594 159,935 47 States and political subdivisions 5,105 5,412 4,417 5,329 5,324 5,519 4,668 5,521 5,138 48 U.S. government 2,839 2,158 1,092 3,902 2,588 1,607 2,611 2,169 2,976 49 Depository institutions in United States 24,116 24,991 22,954 24,357 24,684 29,377 25,239 25,614 24,262 50 Banks in foreign countries 6,058 6,671 6,192 6,263 6,712 7,260 6,495 6,498 6,580 51 Foreign governments and official institutions 945 885 748 784 715 701 811 972 854 57 Certified and officers' checks 11,008 10,783 9,993 11,945 13,220 11,884 8,751 8,975 9,535 53 Transaction balances other than demand deposits 46,428 48,801 47,998 48,215 47,932 51,042 50,618 50,375 48,643 54 Nontransaction balances 495,485' 497,094' 497,327' 498,838' 499,049' 499,540 500,448 499,768 499,450 55 Individuals, partnerships and corporations 458,606' 459,984' 459,082' 460,244' 460,316' 461,099 461,923 461,489 460,627 56 States and political subdivisions 24,420 24,726 25,399 25,705 25,790 25,716 25,673 25,526 25,660 57 U.S. government 807 817 811 832 832 883 863 850 799 58 Depository institutions in the United States 10,390 10,292 10,777 10,816 10,866 10,612 10,752 10,666 11,095 59 Foreign governments, official institutions and banks 1,263 1,275 1,258 1,241 1,245 1,230 1,237 1,237 1,269 60 Liabilities for borrowed money 245,783' 248,020' 245,899' 241,451' 241,774' 253,882 253,149 255,478 249,683 61 Borrowings from Federal Reserve Banks 185 150 216 200 192 730 3,521 150 787 67 Treasury tax-and-loan notes 12,293 3,204 4,924 3,294 5,622 2,863 808 16,366 19,716 63 All other liabilities for borrowed money3 233,304' 244,666' 240,758' 237,957' 235,959' 250,289 248,820 238,961 229,180 64 Other liabilities and subordinated note and debentures 81,803 79,182 79,639 82,458' 86,915 85,263 83,619 86,831 84,412 65 Total liabilities 1,085,301 1,089,000' 1,080,998 1,088,163' 1,092,509 1,124,254 1,105,340 1,111,793 1,091,468 66 Residual (total assets minus total liabilities)4 81,744' 82,566' 82,843' 82,642' 82,539' 82,769 83,177 82,902 83,068 MEMO 67 Total loans and leases (gross) and investments adjusted5 913,346' 919,641' 915,395' 916,442' 921,486' 938,454 931,368 938,690 930,057 68 Total loans and leases (gross) adjusted2 5 736,420' 739,320' 737,936' 737,738' 739,549' 747,565 743,551 749,559 746,241 69 Time deposits in amounts of $100,000 or more 153,567' 154,312' 154,293' 154,972' 155,375' 153,714 154,143 153,795 154,654 70 Loans sold outright to affiliates total6 1,610 1,602 1,613 1,628 1,744 1,706 1,729 1,738 1,748 71 Commercial and industrial 920 919 952 964 1,054 1,023 1,032 1,041 1,046 77 Other 691 684 661 664 689 684 697 697 702 73 Nontransaction savings deposits (including MMDAs) 209,314 211,386 211,784 212,998 212,975 215,314 215,623 215,662 214,955 1. Includes securities purchased under agreements to resell. 4. This is not a measure of equity capital for use in capital adequacy analysis or 2. Levels of major loan items were affected by the Sept. 26, 1984, transaction for other analytic uses. between Continental Illinois National Bank and the Federal Deposit Insurance 5. Exclusive of loans and federal funds transactions with domestic commercial Corporation. For details see the H.4.2 statistical release dated Oct. 5, 1984. banks. 3. Includes federal funds purchased and securities sold under agreements to 6. Loans sold are those sold outright to a bank's own foreign branches, repurchase; for information on these liabilities at banks with assets of $1 billion or nonconsolidated nonbank affiliates of the bank, the bank's holding company (if more on Dec. 31, 1977, see table 1.13. not a bank), and nonconsolidated nonbank subsidiaries of the holding company. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Financial Statistics • December 1986 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures except as noted 1986 AAccccoouunntt July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 1 Cash and balances due from depository institutions 27,006 24,443 21,513 26,721 26,768 24,696 25,700 22,741 20,592 2 Total loans, leases and securities, net' 199,965 199,722' 198,826 200,948' 201,286 202,915 202,817 201,427 202,739 Securities 3 U.S. Treasury and government agency2 0 0 0 0 0 0 0 0 0 4 Trading account2 0 0 0 0 0 0 0 0 0 5 Investment account, by maturity 11,026 11,531 12,115 11,525 10,728 10,735 10,666 10,155 10,989 6 One year or less 1,138 993 1,142 1,265 1,215 1,197 1,246 1,293 1,363 7 Over one through five years 5,626 5,868 5,897 6,652 5,731 5,689 5,547 5,133 5,344 8 Over five years 4,262 4,670 5,075 3,608 3,782 3,849 3,872 3,729 4,281 9 Other securities2 0 0 0 0 0 0 0 0 0 10 Trading account2 0 0 0 0 0 0 0 0 0 11 Investment account 15,362 15,662 15,813 15,862 16,240 17,221 17,089 17,074 16,967 12 States and political subdivisions, by maturity 13,266 13,448 13,576 13,614 13,958 14,927 14,772 14,982 14,957 13 One year or less 1,562 1,655 1,716 1,666 1,732 1,767 1,767 2,427 2,386 14 Over one year 11,705 11,792 11,860 11,948 12.226 13,160 13,005 12,555 12,570 15 Other bonds, corporate stocks and securities 2,095 2,215 2,237 2,248 2,281 2,294 2,316 2,092 2,010 16 Other trading account assets2 0 0 0 0 0 0 0 0 0 Loans and leases 17 Federal funds sold3 29,585 27,122 27,104 28,599 28,007 26,009 30,352 26,664 25,452 18 To commercial banks 14.393 13,397 13,534 17,010 15,436 13,491 15,754 12,619 11,349 19 To nonbank brokers and dealers in securities 8,798 8,572 7,907 5,539 7,120 7,196 6,226 7,595 7,020 20 To others 6,394 5,153 5,663 6,051 5,450 5,322 8,373 6,450 7,083 21 Other loans and leases, gross 149,832 151,324' 149,736 150,903' 152,291 154,960 150,798 153,636 155,358 22 Other loans, gross 146,716 148,188' 146,590 147,739' 149,112 151,768 147,593 150,411 152,116 23 Commercial and industrial 55,760 56,572 56,263 55,939 57,054 57,652 57,037 57,477 56,997 24 Bankers acceptances and commercial paper 501 569 552 468 449 563 580 504 459 25 All other 55,258 56,003 55,710 55,471 56,605 57,089 56,456 56,973 56,537 26 U.S. addressees 54,855 55,571 55,218 55,020 56,178 56,628 55,975 56,505 56,035 27 Non-U.S. addressees 403 432 492 452 427 460 482 469 502 28 Real estate loans 32,582 32,685 32,699 32,974 33,059 33,026 33,061 33,488 33,770 29 To individuals for personal expenditures 18,966 19,042 19,114 19,192 19,273 19,357 19,446 19,544 19,434 30 To depository and financial institutions 16,137 16,425 15,892 16,855 16,724 17,009 16,410 16,706 18,478 31 Commercial banks in the United States 6,875 7,117 7,007 7,472 6,832 6,686 6,592 6,780 8,469 32 Banks in foreign countries 2,221 2,360 1,798 2,077 2,431 2,964 2,246 2,279 2,712 33 Nonbank depository and other financial institutions 7,041 6,947 7,087 7,305 7,461 7,359 7,571 7,646 7,297 34 For purchasing and carrying securities 8,358 8,934 8.172 8,672 8,457 9,040 7,401 8,735 8,655 35 To finance agricultural production 280 276 287 278 290 325 329 316 314 36 To states and political subdivisions 8,746 8.795 8,798 8,826 8,791 8,879 8,853 8,915 9,011 37 To foreign governments and official institutions 830 905 844 851 726 836 735 815 749 38 All other 5,056 4,554' 4,523 4,153' 4,736 5,643 4,321 4,415 4,708 39 Lease financing receivables 3,116 3,137 3,146 3,164 3,179 3,192 3,205 3,225 3,242 40 LESS: Unearned income 1,474 1,468 1,474 1,476 1,480 1,466 1,473 1,480 1,484 41 Loan and lease reserve 4,366 4,449 4,467 4,465 4,500 4.545 4,615 4,622 4,543 42 Other loans and leases, net 143,992 145,407' 143,795 144,962' 146,311 148,950 144,710 147,534 149,331 43 All other assets4 69,718 74,205' 70,418 68,601 68,594 75,527 70,506 73,426 70,069 44 Total assets 296,689 298,370' 290,757 296,270' 296,648 303,138 299,023 297,594 293,400 Deposits 45 Demand deposits 58.093 55,115' 52,379 58,759' 58,904 58,598 55,811 56,120 54,785 46 Individuals, partnerships, and corporations 40,426 36,913' 35,938 38,832' 38,154 39,186 38,342 39,024 36,487 47 States and political subdivisions 606 712 601 748 897 496 535 709 790 48 U.S. government 658 344 151 674 495 213 493 209 494 49 Depository institutions in the United States 5,482 6,086 5,325 6,193 6,232 6,515 6,901 6,347 6.626 50 Banks in foreign countries 4,780 5,369 4,932 5,014 5,438 5,963 5,247 5,232 5,414 51 Foreign governments and official institutions 788 744 609 630 564 575 665 812 693 52 Certified and officers' checks 5,352 4,946 4,823 6,668 7,123 5,649 3,627 3,787 4,281 53 Transaction balances other than demand deposits ATS, NOW, Super NOW, telephone transfers) 5,462 5,730 5,665 5,681 5,676 5,965 6,016 6,035 5,819 54 Nontransaction balances 91,781 91,824 91,106 92,571' 92,351 92,228 92,212 92,525 92,744 55 Individuals, partnerships and corporations 83,326 83,309 82,415 83,827' 83,543 83,534 83,424 83,884 83,755 56 States and political subdivisions 5,410 5,480 5,585 5,661 5,712 5,667 5,645 5,535 5,622 57 U.S. government 88 83 85 84 85 84 90 74 72 58 Depository institutions in the United States 2,285 2,271 2,356 2,344 2,370 2,317 2,425 2,403 2,635 59 Foreign governments, official institutions and banks 672 682 665 655 640 625 628 628 659 60 Liabilities for borrowed money 81,581 86,546 82,496 78,557 76,248 83,395 83,383 79,921 77,216 61 Borrowings from Federal Reserve Banks 0 0 0 0 0 0 2,540 0 250 62 Treasury tax-and-loan notes 3,594 632 1,422 800 1,273 942 119 3,907 4,736 63 All other liabilities for borrowed money5 77,987 85,914 81,074 77,757 74,975 82,453 80,724 76,014 72,230 64 Other liabilities and subordinated note and debentures 33,227 32,212 32,057 33,794' 36,649 35,880 34,412 35,855 35,785 65 Total liabilities 270,144 271,427' 263,703 269,362' 269,827 276,066 271,834 270,456 266,350 66 Residual (total assets minus total liabilities)6 26,546 26,943 27,054 26,908 26,820 27,072 27,188 27,138 27,051 MEMO 67 Total loans and leases (gross) and investments adjusted1'7 184,536 185,126' 184,227 182,406' 184,998 188,748 186,558 188,130 188,949 68 Total loans and leases (gross) adjusted7 158,148 157,933' 156.299 155,020' 158,030 160,792 158,804 160,902 160,993 69 Time deposits in amounts of $100,000 or more 33,326 33,480 32,678 33,374 33,229 32,608 32,668 32,927 32,954 1. Excludes trading account securities. 6. Not a measure of equity capital for use in capital adequacy analysis or for 2. Not available due to confidentiality. other analytic uses. 3. Includes securities purchased under agreements to resell. 7. Exclusive of loans and federal funds transactions with domestic commercial 4. Includes trading account securities. banks. 5. Includes federal funds purchased and securities sold under agreements to NOTE. These data also appear in the Board's H.4.2 (504) release. For address, repurchase. see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Commercial Banks A21 1.30 LARGE WEEKLY REPORTING U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS1 Assets and Liabilities Millions of dollars, Wednesday figures 1986 AAccccoouunntt July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 1 Cash and due from depository institutions. 11,169 10,491 9,338 9,994 10,076 10,587 10,064 9,388 9,647 2 Total loans and securities 69,394 67,864 69,569 71,536 72,603 73,793 72,869 73,551 76,462 3 U.S. Treasury and govt, agency securities 4,606 4,677 5,366 5,848 5,435 5,613 5,736 5,947 5,917 4 Other securities 4,659 4,741 4,879 4,997 4,985 5,491 5,620 5,692 5,710 5 Federal funds sold2 4,475 3,081 4,113 3,695 4,404 3,976 3,755 3,771 4,805 6 To commercial banks in the United States 3,540 2,135 3,180 2,823 3,369 3,003 2,789 2,855 3,630 7 To others 935 946 933 872 1,034 972 966 916 1,175 8 Other loans, gross 55,654 55,365 55,210 56,996 57,779 58,714 57,758 58,142 60,030 9 Commercial and industrial 32,581 32,406 32,583 33,793 34,163 33,964 34,172 34,604 35,910 10 Bankers acceptances and commercial paper 3,000 3,048 3,047 2,975 2,993 2,984 3,143 33,,222233 33,,222255 11 All other 29,582 29,358 29,536 30,818 31,170 30,980 31,029 31.381 32,685 12 U.S. addressees 27,184 27,040 27,172 28,612 28,855 28,702 28,682 29,064 30,326 13 Non-U.S. addressees 2,398 2,317 2,365 2,206 2,315 2,278 2,347 2,317 2,359 14 To financial institutions 15,313 15,471 15,278 15,454 15,718 16,918 16,194 15,605 15,680 15 Commercial banks in the United States . 12,295 12,480 12,366 12,531 12,762 13,932 13,167 12,679 12,696 16 Banks in foreign countries 1,051 1,110 990 1,116 1,122 1,202 1,182 1,166 1,161 17 Nonbank financial institutions 1,967 1,881 1,921 1,807 1,834 1,784 1,845 1,760 1,822 18 To foreign govts, and official institutions .. 638 656 617 617 606 605 605 602 642 19 For purchasing and carrying securities .. 3,045 2,816 2,661 2,799 3,035 2,918 2,495 2,919 3,403 20 All other 4,076 4,014 4,071 4,333 4,258 4,309 4,292 4,411 4,395 21 Other assets (claims on nonrelated parties).. 22,044 21,881 21,956 21,791 22,162 23,007 22,738 22.900 22,880 22 Net due from related institutions 12,779 15,097 12,744 15,218 13,384 14,968 13,706 13,389 13,552 23 Total assets 115,387 115,333 113,607 118,539 118,226 122,355 119,378 119,229 122,542 24 Deposits or credit balances due to other than directly related institutions.... 33,853 33,374 33,994 35,144 35,725 35,704 35,779 3366,,556611 3366,,557799 25 Transaction accounts and credit balances3 3,370 2,968 2,810 3,351 3,368 3,232 3,134 3,275 3,149 26 Individuals, partnerships, and corporations 1,928 1,693 1,768 1,814 1,870 11,,880022 11,,880000 11,,777777 11,,777788 27 Other 1,441 1,275 1,042 1,537 1,497 1,430 1,335 1,498 1,371 28 Nontransaction accounts4 30,484 30,406 31,183 31,794 32,357 32,472 32,644 33,286 33,430 29 Individuals, partnerships, and corporations 24,097 23,888 24,698 25,088 25,904 26,349 26,508 2277,,225533 2277,,442277 30 Other 6,387 6,518 6,485 6,706 6,452 6,122 6,136 6,033 6,003 31 Borrowings from other than directly related institutions 45,863 47,749 44,493 50,230 4477,,339999 5511,,443322 4488,,775555 4477,,556633 4477,,880066 32 Federal funds purchased5 21,595 24,552 21,796 27,019 24,850 26,483 26,124 24,985 25,059 33 From commercial banks in the United States 14,990 16,788 14.583 17,556 17,284 17,888 17,387 16,577 1155,,118899 34 From others 6,605 7,765 7,213 9,462 7,566 8,595 8,737 8.408 9,870 35 Other liabilities for borrowed money 24,268 23,197 22,697 23,211 22,549 24,949 22,632 22,578 22,747 36 To commercial banks in the United States 21,256 20,078 19,850 20,218 20,108 22,452 20,141 20,129 20,457 37 To others 3,012 3,118 2,847 2,993 2,441 2,497 2,491 2,450 2,290 38 Other liabilities to nonrelated parties 23,795 23,652 23,845 23,331 23,990 24,155 24,138 24,676 24,815 39 Net due to related institutions 11,876 10,557 11,275 9,834 11,112 11,064 10,706 10,428 13,341 40 Total liabilities 115,387 115,333 113,607 118,539 118,226 122,355 119,378 119,229 122,542 MEMO 41 Total loans (gross) and securities adjusted6 53,560 53,249 54,022 56,182 56,472 56,858 56,913 5588,,001188 6600,,113366 42 Total loans (gross) adjusted6 44,294 43,830 43,777 45,337 46,052 45,754 45,557 46,378 48,508 1. Effective Jan. I, 1986, the reporting panel includes 65 U.S. branches and 4. Includes savings deposits, money market deposit accounts, and time agencies of foreign banks that include those branches and agencies with assets of deposits. $750 million or more on June 30, 1980, plus those branches and agencies that had 5. Includes securities sold under agreements to repurchase. reached the $750 million asset level on Dec. 31, 1984. 6. Exclusive of loans to and federal funds sold to commercial banks in the 2. Includes securities purchased under agreements to resell. United States. 3. Includes credit balances, demand deposits, and other checkable deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic Financial Statistics • December 1986 1.31 GROSS DEMAND DEPOSITS Individuals, Partnerships, and Corporations1 Billions of dollars, estimated daily-average balances, not seasonally adjusted Commercial banks TTyyppee ooff hhoollddeerr 1985 1986 11998811 11998822 11998833 11998844 DDeecc.. DDeecc.. DDeecc.. DDeecc.. Mar.3'4 June Sept. Dec. Mar. June 1 All holders—Individuals, partnerships, and corporations 288.9 291.8 293.5 302.7 286.3 298.4 299.3 321.0 307.4 322.4 2 Financial business 28.0 35.4 32.8 31.7 27.3 27.9 28.1 32.3 31.8 32.3 3 Nonfinancial business 154.8 150.5 161.1 166.3 157.9 164.5 167.2 178.5 166.6 180.0 4 Consumer 86.6 85.9 78.5 81.5 78.9 82.8 82.0 85.5 84.0 86.4 5 Foreign 2.9 3.0 3.3 3.6 3.6 3.7 3.5 3.5 3.4 3.0 6 Other 16.7 17.0 17.8 19.7 18.7 19.5 18.5 21.2 21.6 20.6 Weekly reporting banks 1985 1986 11998811 11998822 11998833 11998844 DDeecc.. DDeecc.. DDeecc.. DDeecc..22 Mar.3'4 June Sept. Dec. Mar. June 7 All holders—Individuals, partnerships, and corporations 137.5 144.2 146.2 157.1 147.7 151.2 153.6 168.6 159.7 168.5 8 Financial business 21.0 26.7 24.2 25.3 21.9 22.1 22.7 25.9 25.5 25.7 9 Nonfinancial business 75.2 74.3 79.8 87.1 82.3 83.7 85.5 94.5 86.8 93.1 10 Consumer 30.4 31.9 29.7 30.5 30.2 31.0 31.6 33.2 32.6 34.9 11 Foreign 2.8 2.9 3.1 3.4 3.4 3.5 3.3 3.1 3.3 2.9 12 Other 8.0 8.4 9.3 10.9 9.8 10.9 10.5 12.0 11.5 11.9 1. Figures include cash items in process of collection. Estimates of gross thrift institutions. Historical data have not been revised. The estimated volume of deposits are based on reports supplied by a sample of commercial banks. Types of such deposits for becember 1984 is $5.0 billion at all insured commercial banks depositors in each category are described in the June 1971 BULLETIN, p. 466. and $3.0 billion at weekly reporting banks. Figures may not add to totals because of rounding. 4. Historical data back to March 1985 have been revised to account for 2. Beginning in March 1984, these data reflect a change in the panel of weekly corrections of bank reporting errors. Historical data before March 1985 have not reporting banks, and are not comparable to earlier data. Estimates in billions of been revised, and may contain reporting errors. Data for all commercial banks for dollars for December 1983 based on the new weekly reporting panel are; financial March 1985 were revised as follows (in billions of dollars): all holders, —.3; business, 24.4; nonfinancial business, 80.9; consumer, 30.1; foreign, 3.1; other, financial business, -.8; nonfinancial business, -.4; consumer, .9; foreign, .1; 9.5. other, -.1. Data for weekly reporting banks for March 1985 were revised as 3. Beginning March 1985, financial business deposits and, by implication, total follows (in billions of dollars): all holders, - .1; financial business, -.7; nonfinangross demand deposits have been redefined to exclude demand deposits due to cial business, -.5; consumer, 1.1; foreign, .1; other, -.2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A23 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING Millions of dollars, end of period 1986 Instrument DD 1199 ee 88 cc 11 .. DD 1199 ee 88 cc 22 .. DD 1199 ee 88 cc 33 .. DD 1199 ee 88 cc 44 .. DD 1199 ee 88 cc 55 .. Mar. Apr. May June July Aug. Commercial paper (seasonally adjusted unless noted otherwise) 1 All issuers 165,829 166,436 187,658 237,586 300,899 301,110 297,108 309,843 310,711 311,435 326,601 Financial companies3 Dealer-placed paper4 2 Total 30,333 34,605 44,455 56,485 78,443 84,071 83,871 87,423 89,757 90,038 94,084 3 Bank-related (not seasonally adjusted) 6,045 2,516 2,441 2,035 1,602 1,348 1,520 1,575 1,568 1,772 1,799 Directly placed paper5 4 Total 81,660 84,393 97,042 110,543 135,504 135,510 135,801 114422,,225522 142,933 142,121 149,200 5 Bank-related (not seasonally adjusted) 26,914 32,034 35,566 42,105 44,778 37,013 37,835 39,009 40,147 39,067 40,415 6 Nonfinancial companies6 53,836 47,437 46,161 70,558 86,952 81,529 77,436 80,168 78,021 79,276 83,317 Bankers dollar acceptances (not seasonally adjusted)7 7 Total 69,226 79,543 78,309 77,121 68,115 66,882 66,235 66,759 67,080 66,437 64,463 Holder 8 Accepting banks 10,857 10,910 9,355 9,811 11,174 13,061 12,287 12,216 12,789 11,577 12,127 9 Own bills 9,743 9,471 8,125 8,621 9,448 10,722 10,261 10,254 10,641 9,257 9,794 10 Bills bought 1,115 1,439 1,230 1,191 1,726 2,339 2,026 1,962 2,147 2,320 2,333 Federal Reserve Banks 11 Own account 195 1,480 418 0 0 0 0 0 0 0 0 12 Foreign correspondents 1,442 949 729 671 937 877 746 664 896 931 897 13 Others 56,731 66,204 67,807 66,639 56,004 52,944 53,202 53,880 53,396 53,929 51,439 Basis 14 Imports into United States 14,765 17,683 15,649 17,560 15,147 13,595 14,464 15,094 15,106 15,601 15,796 15 Exports from United States 15,400 16,328 16,880 15,859 13,204 13,410 13,473 13,574 13,721 13,781 12,948 16 All other 39,060 45,531 45,781 43,702 39,765 39,878 38,299 38,091 38,254 37,056 35,719 1. Effective Dec. 1, 1982, there was a break in the commercial paper series. The 4. Includes all financial company paper sold by dealers in the open market. key changes in the content of the data involved additions to the reporting panel, 5. As reported by financial companies that place their paper directly with the exclusion of broker or dealer placed borrowings under any master note investors. agreements from the reported data, and the reclassification of a large portion of 6. Includes public utilities and firms engaged primarily in such activities as bank-related paper from dealer-placed to directly placed. communications, construction, manufacturing, mining, wholesale and retail trade, 2. Correction of a previous misclassification of paper by a reporter has created transportation, and services. a break in the series beginning December 1983. The correction adds some paper to 7. Beginning October 1984, the number of respondents in the bankers acceptnonfinancial and to dealer-placed financial paper. ance survey were reduced from 340 to 160 institutions—those with $50 million or 3. Institutions engaged primarily in activities such as, but not limited to, more in total acceptances. The new reporting group accounts for over 95 percent commercial, savings, and mortgage banking; sales, personal, and mortgage of total acceptances activity. financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective Date Rate Month Average rate 11.50 1985--Jan. 15 10.50 1984-—Jan 11.00 1985—June 12.00 May 20 10.00 Feb 11.00 July 12.50 June 18 9.50 Mar 11.21 Aug 13.00 Apr 11.93 Sept 12.75 1986--Mar. 7 9.00 May 12.39 Oct 12.50 Apr. 21 8.50 June 12.60 Nov 12.00 July 11 8.00 July 13.00 Dec 11.75 Aug. 26 7.50 Aug 13.00 11.25 Sept 12.97 1986—Jan 10.75 Oct 12.58 Feb Nov 11.77 Mar Dec 11.06 Apr May 1985-—Jan 10.61 Feb 10.50 July Mar 10.50 Aug Apr 10.50 May 10.31 NOTE. These data also appear in the Board's H.15 (519) release. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Nonfinancial Statistics • December 1986 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. 1986 1986, week ending IInnssttrruummeenntt 11998833 11998844 11998855 June July Aug. Sept. Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 MONEY MARKET RATES 1 Federal funds12 9.09 10.22 8.10 6.92 6.56 6.17 5.89 5.87 5.83 5.82 5.88 5.81 2 Discount window borrowing1'2,3 8.50 8.80 7.69 6.50 6.16 5.82 5.50 5.50 5.50 5.50 5.50 5.50 Commercial paper4 5 3 1-month 8.87 10.05 7.94 6.79 6.42 6.02 5.74 5.64 5.59 5.72 5.78 5.79 4 3-month 8.88 10.10 7.95 6.71 6.33 5.92 5.68 5.57 5.49 5.67 5.73 5.74 5 6-month 8.89 10.16 8.01 6.63 6.24 5.83 5.61 5.49 5.39 5.60 5.66 5.69 Finance paper, directly placed4-5 b 1-month 8.80 9.97 7.91 6.80 6.42 5.98 5.76 5.61 5.62 5.77 5.77 5.81 1 3-month 8.70 9.73 7.77 6.61 6.31 5.94 5.61 5.62 5.60 5.56 5.63 5.67 8 6-month 8.69 9.65 7.75 6.53 6.24 5.90 5.54 5.59 5.55 5.48 5.50 5.63 Bankers acceptances5 6 9 3-month 8.90 10.14 7.92 6.60 6.23 5.80 5.60 5.44 5.41 5.62 5.64 5.67 10 6-month 8.91 10.19 7.96 6.49 6.14 5.71 5.56 5.38 5.34 5.58 5.61 5.63 Certificates of deposit, secondary market7 11 1-month 8.96 10.17 7.97 6.79 6.43 5.97 5.73 5.63 5.57 5.73 5.76 5.81 12 3-month 9.07 10.37 8.05 6.73 6.37 5.92 5.71 5.57 5.49 5.71 5.75 5.79 13 6-month 9.27 10.68 8.25 6.72 6.36 5.92 5.71 5.57 5.49 5.72 5.76 5.80 14 Eurodollar deposits, 3-month8 9.56 10.73 8.28 6.95 6.54 6.06 5.88 5.79 5.59 5.79 5.96 6.00 U.S. Treasury bills5 Secondary market9 15 3-month 8.61 9.52 7.48 6.21 5.83 5.53 5.21 5.27 5.21 5.20 5.18 5.24 16 6-month 8.73 9.76 7.65 6.27 5.86 5.58 5.35 5.31 5.26 5.36 5.37 5.38 17 1-year 8.80 9.92 7.81 6.32 5.90 5.60 5.45 5.36 5.35 5.46 5.48 5.47 Auction average10 18 3-month 8.52 9.57 7.47 6.21 5.84 5.57 5.19 5.32 5.12 5.24 5.16 5.25 19 6-month 8.76 9.80 7.64 6.28 5.85 5.58 5.31 5.35 5.17 5.35 5.34 5.40 20 1-year 8.86 9.91 7.83 6.59 5.98 5.82 5.33 n.a. 5.33 n.a. n.a. n.a. CAPITAL MARKET RATES U.S. Treasury notes and bonds" Constant maturities12 21 1-year 9.57 10.89 8.43 6.73 6.27 5.93 5.77 5.67 5.66 5.79 5.81 5.80 22 2-year 10.21 11.65 9.27 7.18 6.67 6.33 6.35 6.05 6.12 6.35 6.43 6.42 23 3-year 10.45 11.89 9.64 7.41 6.86 6.49 6.62 6.25 6.35 6.64 6.71 6.71 24 5-year 10.80 12.24 10.13 7.64 7.06 6.80 6.92 6.55 6.63 6.96 7.01 6.99 25 7-year 11.02 12.40 10.51 7.75 7.22 7.01 7.28 6.81 6.99 7.30 7.38 7.35 26 10-year 11.10 12.44 10.62 7.80 7.30 7.17 7.45 7.02 7.18 7.46 7.56 7.52 27 20-year 11.34 12.48 10.97 7.69 7.29 7.28 7.56 7.17 7.33 7.57 7.66 7.64 28 30-year 11.18 12.39 10.79 7.57 7.27 7.33 7.62 7.24 7.40 7.63 7.71 7.69 Composite13 29 Over 10 years (long-term) 10.84 11.99 10.75 8.23 7.86 7.72 8.08 7.59 7.78 8.07 8.21 8.18 State and local notes and bonds Moody's series14 30 Aaa 8.80 9.61 8.60 7.49 7.24 7.11 6.91 6.80 6.85 7.00 6.95 6.85 31 Baa 10.17 10.38 9.58 8.14 7.95 7.81 7.59 7.40 7.50 7.70 7.65 7.50 32 Bond Buyer series15 9.51 10.10 9.11 7.87 7.51 7.21 7.11 6.93 7.00 7.15 7.14 7.15 Corporate bonds Seasoned issues16 33 All industries 12.78 13.49 12.05 9.73 9.52 9.44 9.55 9.35 9.43 9.53 9.60 9.61 34 Aaa 12.04 12.71 11.37 9.13 8.88 8.72 8.89 8.62 8.74 8.85 8.95 8.97 35 Aa 12.42 13.31 11.82 9.49 9.28 9.22 9.36 9.16 9.24 9.35 9.41 9.42 36 A 13.10 13.74 12.28 9.% 9.76 9.64 9.73 9.57 9.64 9.72 9.78 9.79 37 Baa 13.55 14.19 12.72 10.34 10.16 10.18 10.20 10.04 10.08 10.21 10.24 10.24 38 A-rated, recently-offered utility bonds17 12.73 13.81 12.06 9.65 9.57 9.51 9.56 9.32 9.43 9.59 9.72 9.62 MEMO: Dividend/price ratio18 39 Preferred stocks 11.02 11.59 10.49 8.89 8.68 8.42 8.10 8.30 7.99 8.12 8.14 8.15 40 Common stocks 4.40 4.64 4.25 3.36 3.41 3.36 3.43 3.26 3.30 3.34 3.57 3.49 1. Weekly and monthly figures are averages of all calendar days, where the places. Thus, average issuing rates in bill auctions will be reported using two rate for a weekend or holiday is taken to be the rate prevailing on the preceding rather than three decimal places. business day. The daily rate is the average of the rates on a given day weighted by 11. Yields are based on closing bid prices quoted by at least five dealers. the volume of transactions at these rates. 12. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields 2. Weekly figures are averages for statement week ending Wednesday. are read from a yield curve at fixed maturities. Based on only recently issued, 3. Rate for the Federal Reserve Bank of New York. actively traded securities. 4. Unweighted average of offering rates quoted by at least five dealers (in the 13. Averages (to maturity or call) for all outstanding bonds neither due nor case of commercial paper), or finance companies (in the case of finance paper). callable in less than 10 years, including one very low yielding "flower" bond. Before November 1979, maturities for data shown are 30-59 days, 90-119 days, 14. General obligations based on Thursday figures; Moody's Investors Service. and 120-179 days for commercial paper; and 30-59 days, 90—119 days, and 150- 15. 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. 5. Yields are quoted on a bank-discount basis, rather than an investment yield 16. Daily figures from Moody's Investors Service. Based on yields to maturity basis (which would give a higher figure). on selected long-term bonds. 6. Dealer closing offered rates for top-rated banks. Most representative rate 17. Compilation of the Federal Reserve. This series is an estimate of the yield (which may be, but need not be, the average of the rates quoted by the dealers). on recently-offered, A-rated utility bonds with a 30-year maturity and 5 years of 7. Unweighted average of offered rates quoted by at least five dealers early in call protection. Weekly data are based on Friday quotations. the day. 18. Standard and Poor's corporate series. Preferred stock ratio based on a 8. Calendar week average. For indication purposes only. sample of ten issues: four public utilities, four industrials, one financial, and one 9. Unweighted average of closing bid rates quoted by at least five dealers. transportation. Common stock ratios on the 500 stocks in the price index. 10. Rates are recorded in the week in which bills are issued. Beginning with the NOTE. These data also appear in the Board's H. 15 (519) and G.13 (415) releases. Treasury bill auction held on Apr. 18, 1983, bidders were required to state the For address, see inside front cover. percentage yield (on a bank discount basis) that they would accept to two decimal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 1.36 STOCK MARKET Selected Statistics 1986 IInnddiiccaattoorr 11998833 11998844 11998855 Jan. Feb. Mar. Apr. May June July Aug. Sept. Prices and trading (averages of daily figures) Common stock prices 1 New York Stock Exchange (Dec. 31, 1965 = 50) 92.63 92.46 108.09 120.16 126.43 133.97 137.25 137.37 140.82 138.32 140.91 137.06 2 Industrial 107.45 108.01 123.79 137.13 144.03 152.75 157.35 158.59 163.15 158.06 160.10 156.52 3 Transportation 89.36 85.63 104.11 115.72 124.18 128.66 125.92 122.21 120.65 112.03 111.24 114.06 4 Utility 47.00 46.44 56.75 62.46 65.18 68.06 69.35 68.65 70.69 74.20 77.84 74.56 Finance 95.34 89.28 114.21 132.36 142.13 153.94 154.83 151.28 151.73 150.23 152.90 145.56 6 Standard & Poor's Corporation (1941-43 = 10)1 ... 160.41 160.50 186.84 208.19 219.37 232.33 237.97 238.46 245.30 240.18 245.00 238.27 7 American Stock Exchange2 (Aug. 31, 1973 = 50) 216.48 207.96 229.10 245.27 246.09 264.91 270.59 274.22 281.18 269.93 268.55 264.30 Volume of trading (thousands of shares) X New York Stock Exchange 85,418 91,084 109,191 130,872 152,590 160,755 146,330 127,624 126,151 137,709 128,661 150,831 9 American Stock Exchange 8,215 6,107 8,355 11,105 14,057 15,902 13,503 11,870 12,795 10,320 9,885 10,853 Customer financing (end-of-period balances, in millions of dollars) 10 Margin credit at broker-dealers3 23,000 22,470 28,390 26,810 27,450 29,090 30,760 32,370 32,480 33,170 34,550 Free credit balances at brokers4 11 Margin-account5 1,755 2,715 2,645 2,545 2,715 3,065 2,405 2,585 2,570 3,035 12 Cash-account 8,430 10,215 12,840 11,695 12,355 13,920 14,340 12,970 13,570 14,600 14,210 Margin-account debt at brokers (percentage distribution, end of period)6 13 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 By equity class (in percent)1 14 Under 40 22.0 18.0 34.0 32.0 28.0 29.0 29.0 30.0 31.0 15 40-49 22.0 18.0 20.0 21.0 19.0 19.0 20.0 19.0 20.0 16 50-59 16.0 16.0 19.0 19.0 21.0 22.0 20.0 22.0 20.0 n a. n a. n a. 17 60-69 9.0 9.0 11.0 11.0 13.0 13.0 13.0 12.0 13.0 18 70-79 6.0 5.0 8.0 8.0 9.0 8.0 9.0 8.0 8.0 I 1 1 19 80 or more 6.0 6.0 8.0 9.0 10.0 9.0 9.0 9.0 8.0 T T T Special miscellaneous-account balances at brokers (end of period)6 20 Total balances (millions of dollars)8 . .. 58,329 75,840 99,310 99,290 104,228 103,450 105,790 109,620 112,401 Distribution by equity status (percent) 21 Net credit status 63.0 58.0 59.0 60.0 Debt status, equity of 22 60 percent or more 28.0 29.0 31.0 33.0 32.0 31.0 33.0 33.0 32.0 23 Less than 60 percent 9.0 11.0 11.0 8.0 8.0 8.0 8.0 9.0 9.0 Margin requirements (percent of market value and effective date)9 Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24. 1972 Jan. 3, 1974 24 Margin stocks 70 80 65 55 65 50 25 Convertible bonds 50 60 50 50 50 50 26 Short sales 70 80 65 55 65 50 1. Effective July 1976, includes a new financial group, banks and insurance and dealers. Data items that are no longer reported include distributions of margin companies. With this change the index includes 400 industrial stocks (formerly debt by equity status of the account and special miscellaneous-account 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 balances. financial. 7 Each customer's equity in his collateral (market value of collateral less net 2. Beginning July 5, 1983, the American Stock Exchange rebased its index debit balance) is expressed as a percentage of current collateral values. effectively cutting previous readings in half. 8. Balances that may be used by customers as the margin deposit required for 3. Beginning July 1983, under the revised Regulation T, margin credit at additional purchases. Balances may arise as transfers based on loan values of broker-dealers includes credit extended against stocks, convertible bonds, stocks other collateral in the customer's margin account or deposits of cash (usually sales acquired through exercise of subscription rights, corporate bonds, and govern- proceeds) occur. ment securities. Separate reporting of data for margin stocks, convertible bonds, 9. Regulations G, T, and U of the Federal Reserve Board of Governors, and subscription issues was discontinued in April 1984, and margin credit at prescribed in accordance with the Securities Exchange Act of 1934, limit the broker-dealers became the total that is distributed by equity class and shown on amount of credit to purchase and carry margin stocks that may be extended on lines 17-22. securities as collateral by prescribing a maximum loan value, which is a specified 4. Free credit balances are in accounts with no unfulfilled commitments to the percentage of the market value of the collateral at the time the credit is extended. brokers and are subject to withdrawal by customers on demand. Margin requirements are the difference between the market value (100 percent) 5. New series beginning June 1984. and the maximum loan value. The term "margin stocks" is defined in the 6. In July 1986, the New York Stock Exchange stopped reporting certain data corresponding regulation. items that were previously obtained in a monthly survey of a sample of brokers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic Nonfinancial Statistics • December 1986 t.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1985 1986 AAccccoouunntt 11998833 11998844 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Savings and loan associations 1 Assets 773,417 903,488 942,212 948,781 938,467 943,029' 947,302' 954,129' 962,509' 953,580' 957,294' 964,378' 954,960 2 Mortgages 449944,,778899 555,277 583,262 585,462 578,472 576,608 574,732' 575,298' 575,114' 565,205' 565,435' 566,532' 558,409 96,844 97,303 96,891 98,482 99,332 102,419' 107,311' 112,148' 112,054' 112,594' 112,720 4 Cash and investment securities1 . 104,274 124,801 123,670 126,712 123,415 127,028' 131,464' 132,347' 134,870' 131,000' 132,769' 138,876' 139,861 5 Other 174,354 223,396 237,275 238,833 236,850 239,394' 241,104' 246,484' 252,522' 257,372' 259,089' 258,968' 256,688 6 Liabilities and net worth 773,417 903,488 942,212 948,781 938,467 943,029' 947,302' 954,129' 962,509' 953,580' 957,294' 964,378' 954,960 7 Savings capital 634,455 725,045 744,697 750,071 745,218 747,016' 752,056 750,299' 751,138' 744,018' 747,015' 749,086' 743,635 8 Borrowed money 92,127 125,666 134,938 138,798 131,521 131,671 133,407' 139,574' 144,179' 147,166' 145,691' 147,658' 151,899 9 FHLBB 52,626 64,207 72,370 73,888 71,488 71,214 70,464 73,815 73,520 73,555' 75,059' 75,594' 80,409 10 Other 39,501 61,459 62,568 64,910 60,033 60,457 62,943' 65,759' 70,659' 73,611' 70,632' 72,064' 71,490 11 Other 15,968 17,944 22,949 19,045 21,024 23,125 20,078' 22,078' 24,803' 20,947' 22,899' 24,788' 16,181 12 Net worth2 30,867 34,833 39,820 41,064 40,704 41,217' 41,76C 42,178' 42,388' 41,450' 41,689' 42,846' 43,245 MEMO 13 Mortgage loan commitments outstanding3 54,113 61,305 59,280 56,051 51,130 52,542 54,366' 55,773' 57,992' 57,147' 55,546' 52,980' 51,306 FSLIC-insured federal savings banks 14 Assets 64,969 98,559 130,754 131,868 142,136' 146,508' 152,823' 155,684' 164,129' 180,134' 183,239' 186,693' 196,173 15 Mortgages 38,698 57,429 72,852 72,355 78,984 81,641 85,028' 86,599 89,108' 99,599' 101,206' 102,422' 107,335 16 Mortgage-backed securities 7,172 9,949 15,386 15,676 16,620 16,367 17,851 18,661 19,829' 21,649' 23,330' 24,187 24,447 17 Other 6,595 10,971 11,895 11,723 13,274' 13,759' 13,923' 14,590' 15,083' 16,816' 17,714' 17,794' 18,326 18 Liabilities and net worth 64,969 98,559 130,754 131,868 142,136' 146,508' 152,823' 155,684 164,129' 180,134' 183,239' 186,693' 196,173 19 Savings capital 53,227 79,572 102,937 103,462 111,879' 114,743 119,434 121,133 126,123 138,168 140,610 142,805 149,086 20 Borrowed money 7,477 12,798 18,606 19,323 20,419 21,254 22,747' 23,196 25,686 28,502' 28,697 29,387' 32,231 21 FHLBB 4,640 7,515 10,353 10,510 11,151 11,283 12,064 12,476 12,830 15,301 15,866 16,157' 16,845 22 Other 2,837 5,283 8,253 8,813 9,268 9,971 10,683' 10,720 12,856 13,201' 12,831 13,230 15,386 23 Other 1,157 1,903 3,113 2,732 2,983 3,397 3.291 3,755 4,338 4,279' 4,504' 4,851' 4,675 24 Net worth 3,108 4,286 6,098 6,351 6,857' 7,114' 7,349 7,599 7,982 9,186 9,427 9,650 10,180 MEMO 25 Mortgage loan commitments outstanding3 2,151 3,234 5,636 5,355 6,707 7,718 8,330 8,287 8,762 9,343' 10,134 9,378' 10,113 Savings banks 26 Assets 193,535 203,898 216,793 216,776 216,673 218,119 221,256 222,542 226,495 223,239 224,569 227,011 Loans 71 Mortgage 97,356 102,895 109,494 110,371 108,973 109,702 110,271 11,813 112,417 110,877 111,971 113,265 78 Other 1199,,112299 24,954 31,217 30,876 31,752 32,501 34,873 34,591 35,500 36,684 36,421 37,350 Securities 79 U.S. government 15,360 14,643 13,434 13,111 12,568 12,474 12,313 12,013 13,210 12,111 12,297 12,043 30 Mortgage-backed securities... 18,205 19,215 19,828 19,481 21,372 21,525 21,593 21,885 22,546 22,400 22,954 21,161 31 State and local government... 2,177 2,077 2,148 2,323 2,298 2,297 2,306 2,372 2,343 2,280 2,309 2,400 37 Corporate and other 25,375 23,747 22,816 21,199 20,828 20,707 20,403 20,439 20,260 20,355 20,862 20,602 33 Cash 6,263 4,954 4,771 6,225 5,645 5,646 5,845 5,570 6,225 5,300 4,651 5,018 n a. 34 Other assets 9,670 11,413 13,085 13,113 13,237 13,267 13,652 13,859 13,994 13,232 13,104 13,172 35 Liabilities 193,535 203,898 216,793 216,776 216,673 218,119 221,256 222,542 226,495 223,239 224,569 227,011 36 Deposits 172,665 180,616 187,552 185,972 186,321 186,777 188,960 189,025 190,310 188,987 188,615 189,937 37 Regular4 170,135 177,418 183,716 181,921 182,399 182,890 184,704 184,580 185,716 183,847 183,433 184,764 38 Ordinary savings 38,554 33,739 33,638 33,018 32,365 32,693 33,021 33,057 33,577 33,985 34,166 34,530 39 95,129 104,732 104,116 103,311 104,436 104,588 105,562 105,550 105,146 103,013 102,374 102,668 40 Other 2,530 3,198 3,836 4,051 3,922 3,887 4,256 4,445 4,594 5,140 5,182 5,173 41 Other liabilities 10,154 12,504 16,309 17,414 17,086 17,793 18,412 19,074 21,384 19,205 20,641 21,360 42 General reserve accounts 10,368 10,510 12,567 12,823 12,925 13,211 13,548 14,114 14,519 14,746 15,084 15,427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets All 1.37 Continued 1985 1986 AAccccoouunntt 11998833 11998844 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Credit unions5 43 Total assets/liabilities and capital . 81,961 93,036 117,029 118,010 118,933 122,623 126,653 128,229 132,415 134,703 137,901 139,233 44 Federal 54,482 63,205 77,829 77,861 78,619 80,024 82,275 83,543 86,289 87,579 89,539 90,367 45 State 27,479 29,831 39,200 40,149 40,314 42,599 44,378 44,686 46,126 47,124 48,362 48,866 46 Loans outstanding 50,083 62,561 72,404 73,513 73,513 74,207 75,300 76,385 76,774 77,847 79,647 80,656 n.a. 47 Federal 32,930 42,337 47,538 47,933 48,055 48,059 48,633 49,756 49,950 50,613 51,331 52,007 48 State 17,153 20.224 24,866 25,580 25,458 26,148 26,667 26,629 26,824 27,234 28,316 28,649 49 Savings 74,739 84,348 105,384 105,963 107,238 110,541 114,579 116,703 120,331 122,952 125,331 126,268 50 Federal 49,889 57,539 71,117 70,926 72,166 73,227 75,698 77,112 79,479 80,975 82,596 83,132 51 State 24,850 26,809 34,267 35,037 35,072 37,314 38,881 39,591 40,852 41,977 42,735 43,136 Life insurance companies 52 Assets 654,948 722,979 802,024 816,203 831,716 839,856 848,535 855,605 863,610 872,359 Securities 53 Government 50,752 63,899 73,451 77,230 75,937 76,761 77,965 78,494 79,051 78,284 54 United States6 28,636 42,204 50,321 53,559 52,243 53,264 54,289 54,705 55,120 54,197 55 State and local 9,986 8.713 9,615 10,086 9,869 9,588 9,674 9,869 9,930 10,114 56 Foreign7 12,130 12.982 13,515 13,585 13,825 13,909 14,002 13,920 14,001 13,973 57 Business 322,854 359,333 410,141 414,424 428,979 435,758 440,963 445,573 450,279 455,119 n a. n a. n a. 58 Bonds 257,986 295,998 335,129 337,205 351,402 354,911 357,196 361,306 364,122 367,966 59 Stocks 64,868 63,335 75,012 77,219 77,577 80,847 83,767 84,267 86,157 87,153 60 Mortgages 150,999 156,699 167,306 170,460 172,324 172,997 174,823 175,951 177,554 180,041 61 Real estate 22,234 25,767 28,844 28,662 29,035 29,356 29,804 30,059 30,025 30,350 62 Policy loans 54,063 54,505 54,121 54,200 54,264 54,267 54,273 54,272 54,351 57,342 63 Other assets 54,046 63,776 68,161 71,227 57.090 57,351 57,753 57,492 57,802 58,290 1. Holdings of stock of the Federal Home Loan Banks are in "other assets." FSLIC-insured federal savings banks: Estimates by the FHLBB for federal 2. Includes net undistributed income accrued by most associations. savings banks insured by the FSLIC and based on monthly reports of federally 3. As of July 1985, data include loans in process. insured institutions. 4. Excludes checking, club, and school accounts. Savings banks: Estimates by the National Council of Savings Institutions for all 5. Data include all federally insured credit unions, both federal and state savings banks in the United States and for FDIC-insured savings banks that have chartered, serving natural persons. converted to federal savings banks. 6. Direct and guaranteed obligations. Excludes federal agency issues not Credit unions: Estimates by the National Credit Union Administration for guaranteed, which are shown in the table under "Business" securities. federally chartered and federally insured state-chartered credit unions serving 7. Issues of foreign governments and their subdivisions and bonds of the natural persons. International Bank for Reconstruction and Development. Life insurance companies: Estimates of the American Council of Life Insurance NOTE. Savings and loan associations: Estimates by the FHLBB for all for all life insurance companies in the United States. Annual figures are annualassociations in the United States based on annual benchmarks for non-FSLIC- statement asset values, with bonds carried on an amortized basis and stocks at insured associations and the experience of FSLIC-insured associations. year-end market value. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately but are included, in total, in "other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Nonfinancial Statistics • December 1986 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Calendar year FFFiiissscccaaalll FFFiiissscccaaalll FFFiiissscccaaalll TTTyyypppeee ooofff aaaccccccooouuunnnttt ooorrr ooopppeeerrraaatttiiiooonnn yyyeeeaaarrr yyyeeeaaarrr yyyeeeaaarrr 1986 111999888333 111999888444 111999888555 Apr. May June July Aug. Sept. U.S. budget1 1 Receipts, total 600,562 666,457 733,996 91,438 46,246 77,024 62,974 56,523 78,013 2 On-budget n.a. n.a. n.a. 69,130 30,004 58,400 47,571 41,404 59,978 3 Off-budget n.a. n.a. n.a. 22,308 16,242 18,624 15,402 15,119 18,035 4 Outlays, total 808,273 851,796 945,927 81,510 85,642 78,034 85,203 84,434 81,750 5 On-budget n.a. n.a. n.a. 67,276 69,611 60,982 69,604 68,112 65,614 6 Off-budget n.a. n.a. n.a. 14,234 16,031 17,052 15,599 16,322 16,136 / Surplus, or deficit (-), total -207,711 -185,339 -211,931 9,928 -39,396 -1,011 -22,229 -27,911 -3,737 8 On-budget n.a. n.a. n.a. 1,854 -39,607 -2,583 -22,033 -26,708 -5,636 9 Off-budget n.a. n.a. n.a. 8,074 211 1,572 -196 -1,203 1,898 Source of financing (total) 10 Borrowing from the public 212,424 170,817 197,269 14,213 17,960 18,500 1144,,998800 20,278 22,188 11 Cash and monetary assets (decrease, or increase (-))2 -9,889 5,636 10,673 -22,542 22,774 -13,065 3,972 10,298 -21,313 12 Other3 5,176 8,885 3,989 -1,599 -1,338 -4,424 3,277 -2,665 2,862 MEMO 13 Treasury operating balance (level, end of period) 37,057 22,345 17,060 34,417 12,808 24,641 20,810 10,428 31,384 14 Federal Reserve Banks 16,557 3,791 4,174 11,550 3,083 3,143 3,983 1,106 7,514 15 Tax and loan accounts 20,500 18,553 12,886 22,867 9,725 21,498 16,827 9,322 23,870 1. In accordance with the Balanced Budget and Emergency Deficit Control Act 3. Includes accrued interest payable to the public; allocations of special of 1985, all former off-budget entries are now presented on-budget. The Federal drawing rights; deposit funds; miscellaneous liability (including checks outstand- Financing Bank (FFB) activities are now shown as separate accounts under the ing) and asset accounts; seigniorage; increment on gold; net gain/loss for U.S. agencies that use the FFB to finance their programs. The act has also moved two currency valuation adjustment; net gain/loss for IMF valuation adjustment; and social security trust funds (Federal old-age survivors insurance and Federal profit on the sale of gold. disability insurance trust funds) off-budget. 2. Includes U.S. Treasury operating cash accounts; SDRs; reserve position on SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. the U.S. quota in the IMF; loans to International Monetary Fund; and other cash Government," and the "Daily Treasury Statement." and monetary assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A29 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS Millions of dollars Calendar year Fiscal Fiscal Source or type year year 11998844 1985 11998866 1986 1984 1985 H2 HI H2 HI July Aug. Sept. RECEIPTS 1 All sources 666,457 734,057' 341,392 380,618 364,790 394,345 62,974 56,523 78,013 ? Individual income taxes, net 295,960 334,560' 157,229 166,783 169,987 169,444 31,438 25,764 37,125 3 Withheld 279,350 298,941 145,210 149,288 155,725 153,919 30,329 24,504 24,707 4 Presidential Election Campaign Fund ... 35 35 5 29 6 31 2 1 1 5 Nonwithheld 81,346 101,328' 19,403 76,155 22,295 78,981 2,838 2,846 14,199 6 Refunds 64,770 65,743 7,387 58,684 8,038 63,488 1,732 1,587 1,782 Corporation income taxes 7 Gross receipts 74,179 77,413 35,190 42,193 36,528 41,946 4,483 1,997 13,162 8 Refunds 17,286 16,082 6,847 8,370 7,751 9,557 1,109 922 1,713 9 Social insurance taxes and contributions, net 241,902 265,163' 118,690 144,598 128,017 156,714 2211,,556644 23,738 23,507 10 Employment taxes and contributions1 212,180 234,646' 105,624 126,038 116,276 139,706 19,675 1199,,552299 2222,,881199 11 Self-employment taxes and contributions2 8,709 10,468 J,086 9,482 985 10,581 -264 0 11,,337799 1? Unemployment insurance 25,138 25,758 10,706 16,213 9,281 14,674 1,464 3,842 314 13 Other net receipts3 4,580 4,759 2,360 2,350 2,458 2,333 424 366 374 14 37,361 35,992' 18,961 17,259 18,470 15,944 2,755 2,340' 2,653 1*5 Customs deposits 11,370 12,079 6,329 5,807 6,354 6,369 1,305 1,272 1,236 16 Estate and gift taxes 6,010 6,422 3,029 3,204 3,323 3,487 612 608 599 17 Miscellaneous receipts4 16,965 18,510^ 8,812 9,144 9,861 10,002 1,926 1,725 1,445 OUTLAYS 18 All types 851,781 946,223 446,944 463,842 487,188 486,037 85,203 84,434 81,750 19 National defense 227,413 252,748 118,286 124,186 134,675 135,367 23,647 22,448 23,964 70 International affairs 15,876 16,176 8,550 6,675 8,367 5,384 889 999 2,603 71 General science, space, and technology ... 8,317 8,627 4,473 4,230 4,727 12,5^ 679 694 876 77 Energy 7,086 5,685 1,423 680 3,305 2,484 393 671 228 73 Natural resources and environment 12,593 13,357 7,370 5,892 7,553 6,245 1,346 1,142 1,227 24 Agriculture 13,613 25,565 8,524 11,705 15,412 14,482 2,029 844 2,801 75 Commerce and housing credit 6,917 4,229 2,663 -260 644 860 1,127 175 1,884 26 Transportation 23,669 25,838 13,673 11,440 15,360 12,658 2,551 2,310 2,969 27 Community and regional development .... 7,673 7,680 4,836 3,408 3,901 3,169 635 582 516 28 Education, training, employment, social services 27,579 29,342 13,737 14,149 14,481 14,712 22,,339999 22,,663300 22,,550077 79 Health 30,417 33,542 15,692 16,945 17,237 17,872 3,125 3,241 2,997 30 Social security and medicare 235,764 254,446 119,613 128,351 129,037 135,214 23,471 22,809 22,756 31 Income security 112,668 128,200 61,558 65,246 59,457 60,786 10,192 10,740 8,574 3? Veterans benefits and services 25,614 26,352 13,317 11,956 14,527 12,193 2,366 3,373 829 33 Administration of justice 5,660 6,277 2,992 3,016 3,212 3,352 603 516 513 34 General government 5,053 5,228 2,552 2,857 3,634 3,566 188 598 525 35 General-purpose fiscal assistance 6,768 6,353 3,458 2,659 3,391 2,179 1,071 49 1,139 36 Net interest' 111,058 129,436 61,293 65,143 67,448 68,054 11,174 12,652 8,640 37 Undistributed offsetting receipts6 -31,957 -32,759 -17,061 -14,436 -17,953 -17,193 -2,683 -2,079 -3,796 1. Old-age, disability, and hospital insurance, and railroad retirement accounts. 5. Net interest function includes interest received by trust funds. 2. Old-age, disability, and hospital insurance. 6. Consists of rents and royalties on the outer continental shelf and U.S. 3. Federal employee retirement contributions and civil service retirement and government contributions for employee retirement. disability fund. 4. Deposits of earnings by Federal Reserve Banks and other miscellaneous SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. receipts. Government," and the Budget of the U.S. Government, Fiscal Year 1987. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • December 1986 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars 1984 1985 1986 IItteemm June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 1 Federal debt outstanding 1,517.2 1,576.7 1,667.4 1,715.1 1,779.0 1,827.5 1,950.3 1,991.1 2,063.6 2 Public debt securities 1,512.7 1,572.3 1,663.0 1,710.7 1,774.6 1,823.1 1,945.9 1,986.8 2,059.3 3 Held by public 1,255.1 1,309.2 1,373.4 1,415.2 1,460.5 1,506.6 1,597.1 1,634.3 1,684.9 4 Held by agencies 257.6 263.1 289.6 295.5 314.2 316.5 348.9 352.6 374.4 5 Agency securities 4.5 4.5 4.5 4.4 4.4 4.4 4.4 4.3 4.3 6 Held by public 3.4 3.4 3.4 3.3 3.3 3.3 3.3 3.2 3.2 7 Held by agencies 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 8 Pebt subject to statutory limit 1,513.4 1,573.0 1,663.7 1,711.4 1,775.3 1,823.8 1,932.4 1,973.3 2,060.0 9 Public debt securities 1,512.1 1,571.7 1,662.4 1,710.1 1,774.0 1,822.5 1,931.1 1,972.0 2,058.7 10 Other debt1 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 11 MEMO: Statutory debt limit 1,520.0 1,573.0 1,823.8 1,823.8 1,823.8 1,823.8 2,078.7 2,078.7 2,078.7 1. Includes guaranteed debt of government agencies, specified participation NOTE. Data from Treasury Bulletin and Daily Treasury Statement (U.S. certificates, notes to international lending organizations, and District of Columbia Treasury Department), stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership Billions of dollars, end of period 1985 1986 TTyyppee aanndd hhoollddeerr 11998811 11998822 11998833 11998844 Q3 Q4 Ql Q2 1 Total gross public debt 1,028.7 1,197.1 1,410.7 1,663.0 1,823.1 1,945.9 1,986.8 2,059.3 By type 2 Interest-bearing debt 1,027.3 1,195.5 1,400.9 1,660.6 1,821.0 1,943.4 1,984.2 2,056.7 3 Marketable 720.3 881.5 1,050.9 1,247.4 1,360.2 1,437.7 1,472.8 1,498.2 4 Bills 245.0 311.8 343.8 374.4 384.2 399.9 393.2 396.9 5 Notes 375.3 465.0 573.4 705.1 776.4 812.5 842.5 869.3 6 Bonds 99.9 104.6 133.7 167.9 199.5 211.1 223.0 232.3 7 Nonmarketable1 307.0 314.0 350.0 413.2 460.8 505.7 511.4 558.5 8 State and local government series 23.0 25.7 36.7 44.4 62.8 87.5 88.5 98.2 9 Foreign issues2 19.0 14.7 10.4 9.1 6.6 7.5 6.7 5.3 10 Government 14.9 13.0 10.4 9.1 6.6 7.5 6.7 5.3 11 Public 4.1 1.7 .0 .0 .0 .0 .0 .0 12 Savings bonds and notes 68.1 68.0 70.7 73.1 77.0 78.1 79.8 82.3 13 Government account series3 196.7 205.4 231.9 286.2 313.9 332.2 336.0 372.3 14 Non-interest-bearing debt 1.4 1.6 9.8 2.3 2.1 2.5 2.6 2.6 By holder4 15 U.S. government agencies and trust funds 203.3 209.4 236.3 289.6 316.5 348.9 352.6 374.4 16 Federal Reserve Banks 131.0 139.3 151.9 160.9 169.7 181.3 184.8 183.8 17 Private investors 694.5 848.4 1,022.6 1,212.5 1,338.2 1,417.2 1,473.1 1,502.7 18 Commercial banks 111.4 131.4 188.8 183.4 196.9 192.2 195.1 197.2 19 Money market funds 21.5 42.6 22.8 25.9 22.7 25.1 29.9 22.8 20 Insurance companies 29.0 39.1 56.7 76.4 88.6 93.2 95.8 n.a. 21 Other companies 17.9 24.5 39.7 50.1 59.0 59.0 59.6 59.8 22 State and local governments 104.3 127.8 155.1 179.4 n.a. n.a. n.a. n.a. Individuals 23 Savings bonds 68.1 68.3 71.5 74.5 78.2 79.8 81.4 83.8 74 Other securities 42.7 48.2 61.9 69.3 73.2 75.0 76.1 73.4 25 Foreign and international5 136.6 149.5 166.3 192.9 209.8 214.6 225.4 237.9 26 Other miscellaneous investors6 163.0 217.0 259.8 360.6 n.a. n.a. n.a. n.a. 1. Includes (not shown separately): Securities issued to the Rural Electrifica- 5. Consists of investments of foreign and international accounts. Excludes nontion Administration; depository bonds, retirement plan bonds, and individual interest-bearing notes issued to the International Monetary Fund. retirement bonds. 6. Includes savings and loan associations, nonprofit institutions, credit unions, 2. Nonmarketable dollar-denominated and foreign currency-denominated se- mutual savings banks, corporate pension trust funds, dealers and brokers, certain ries held by foreigners. U.S. government deposit accounts, and U.S. government-sponsored agencies . 3. Held almost entirely by U.S. government agencies and trust funds. SOURCES. Data by type of security, U.S. Treasury Department, Monthly 4. Data for Federal Reserve Banks and U.S. government agencies and trust Statement of the Public Debt of the United States; data by holder. Treasury funds are actual holdings; data for other groups are Treasury estimates. Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A31 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Par value; averages of daily figures, in millions of dollars 1986 1986 week ending Wednesday IItteemm 11998833 11998844 11998855 June' July' Aug/ July 23 July 30 Aug. 6 Aug. 13' Aug. 20' Aug. 27 Immediate delivery2 1 U.S. government securities 42,135 52,778 75,331 90,149 84,935 101,961 74,974' 79,945' 103,815' 112,425 97,598 97,245' By maturity 2 Bills 22,393 26,035 32,900 32,470 31,171 36,838 29,024 28,862 40,330' 39,034 31,300 37,893' 3 Other within 1 year 708 1,305 1,811 2.271 2,182 2,250 2,028 2,042 2,283 2,416 2,503 2,196 4 1-5 years 8,758 11,733 18,361 23,257 22,860 30,246 20,348' 23,026' 30,391' 28,998 35,144 30,243 5 5-10 years 5,279 7,606 12,703 20,994 19,256 21,354 16,235' 15,606 21,148' 25,426 17,546 18,481 6 Over 10 years 4,997 6,099 9,556 11,157 9,467 11,272 7,339' 10,409 9,663' 16,551 11,104 8,433 By type of customer 7 U.S. government securities dealers 2,257 2,919 3,336 3,732 3,625 4,572 3,027 3,223 5,293 4,629 3,867 4,285' 8 U.S. government securities brokers 21,045 25,580 36,222 47,405 44,583 53,271 40,648 43,671' 52,459 60,190 51,314 50,712 9 All others3 18,833 24,278 35,773 39,013 36,727 44,118 31,299' 33,051' 46,064' 47,606 42,417 42,249' 10 Federal agency securities 5,576 7,846 11,640 16,036 15,817 16,963 14,031 12,035 14,206 16,369 20,642 17,506' 11 Certificates of deposit 4,333 4,947 4,016 4,748 4,725 4,384 4,296' 3,938 3,449 4,889 4,048 4,906 12 Bankers acceptances 2,642 3,243 3,242 3,284 3,473 3,211 3,310 2,770 3,288 3,284 3,176 3,383 13 Commercial paper 8,036 10,018 12,717 17,093 16,934 17,093 16,197 15,855 17,229 16,592 17,140 17,044 Futures transactions4 14 Treasury bills 6,655 6,947 5,561 2,912 2,196 2,869 1,962 2,368 1,955 2,295 3,683 3,198' 15 Treasury coupons 2,501 4,503 6,069 7,202 5,276 5,931 5,318 5,777 5,765' 6,931 5,566 5,368' 16 Federal agency securities 265 262 240 17 13 12 * 5 2 1 41 1 Forward transactions5 17 U.S. government securities 1,493 1,364 1,283 1,707 1,377 2,905 1,579 1,350 3,408 3,033 2,652 3,278 18 Federal agency securities 1,646 2,843 3,857 6,739 7,623 7,783 7,313 6,834' 5,851 9,167 8,891 6,748' 1. Transactions are market purchases and sales of securities as reported to the securities, nondealer departments of commercial banks, foreign banking agencies, Federal Reserve Bank of New York by the U.S. government securities dealers on and the Federal Reserve System. its published list of primary dealers. 4. Futures contracts are standardized agreements arranged on an organized Averages for transactions are based on the number of trading days in the period. exchange in which parties commit to purchase or sell securities for delivery at a The figures exclude allotments of, and exchanges for, new U.S. government future date. securities, redemptions of called or matured securities, purchases or sales of 5. Forward transactions are agreements arranged in the over-the-counter securities under repurchase agreement, reverse repurchase (resale), or similar market in which securities are purchased (sold) for delivery after 5 business days contracts. from the date of the transaction for government securities (Treasury bills, notes, 2. Data for immediate transactions do not include forward transactions. and bonds) or after 30 days for mortgage-backed agency issues. 3. Includes, among others, all other dealers and brokers in commodities and NOTE. Data shown above and previously published for the period since May 1, 1986 are partially estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 Domestic Nonfinancial Statistics • December 1986 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Averages of daily figures, in millions of dollars 1986 1986 week ending Wednesday IItteemm 11998833 11998844 11998855 July' Aug/ Sept. Aug. 21' Sept. 3 Sept. 10 Sept. 17 Sept. 24 Positions Net immediate2 1 U.S. government securities 14,082 5,429 7,391 11,973 21,151 18,596 17,839 18,498 19,539 16,936 18,935 2 Bills 10,800 5,500 10,075 10,491 15,727 12,812 14,009 16,479 13,744 11,042 11,458 3 Other within 1 year 921 63 1,050 6,167 4,718 3,515 4,121 3,797 3,768 3,625 3,041 4 1-5 years 1,912 2,159 5,154 6,945 10,944 11,600 11,462 11,445 12,885 9,093 12,642 5 5-10 years -78 -1,119 -6,202 -9,317 -8,482 -7,790 -8,827 -9,171 -8,546 -6,212 -8,030 6 Over 10 years 528 -1,174 -2,686 -2,314 -1,756 -1,541 -2,926 -4,052 -2,312 -612 -176 7 Federal agency securities 7,313 15,294 22,860 35,014 31,295 26,857 29,237 28,937 27,521 26,197 25,210 8 Certificates of deposit 5,838 7,369 9,192 11,530 10,919 9,960 9,866 9,977 10,262 9,582 9,888 9 Bankers acceptances 3,332 3,874 4,586 5,466 6,734 5,172 5,809 5,615 5,676 4,781 4,593 10 Commercial paper 3,159 3,788 5,570 7,989 8,027 7,469 7,261 8,262 7,950 66,,778899 66,,883333 Futures positions 11 Treasury bills -4,125 -4,525 -7,322 -14,058 -16,381 -16,246 -14,734 -14,897 -15,831 -16,949 -16,747 12 Treasury coupons -1,033 1,794 4,465 2,324 2,522 2,340 4,251 4,592 3,165 1,239 1,281 13 Federal agency securities 171 233 -722 -95 -67 -60 -70 -69 -65 -56 -54 Forward positions 14 U.S. government securities -1,936 -1,643 -911 -2,636 -3,046 -3,503 -3,370 -4,507 -2,912 -3,224 -3,900 15 Federal agency securities -3,561 -9,205 -9,420 -10,490 -11,383 -9,906 -10,867 -10,528 -9,740 -9,973 -9,839 Financing3 Reverse repurchase agreements4 16 Overnight and continuing 29,099 44,078 68,035 92,366 97,709 98,805 97,903 97,509 94,321 98,265 100,226 17 Term agreements 52,493 68,357 80,509 108,761 102,897 106,640 105,635 109,265 112,931 104,596 103,623 Repurchase agreements5 18 Overnight and continuing 57,946 75,717 101,410 137,536 144,251 138,823 140,374 139,272 134,300 139,577 140,750 19 Term agreements 44,410 57,047 77,748 102,427 99,140 103,532 101,012 104,714 108,177 101,872 101,228 1. Data for dealer positions and sources of financing are obtained from reports reverses to maturity, which are securities that were sold after having been submitted to the Federal Reserve Bank of New York by the U.S. government obtained under reverse repurchase agreements that mature on the same day as the securities dealers on its published list of primary dealers. securities. Data for immediate positions do not include forward positions. Data for positions are averages of daily figures, in terms of par value, based on 3. Figures cover financing involving U.S. government and federal agency the number of trading days in the period. Positions are net amounts and are shown securities, negotiable CDs, bankers acceptances, and commercial paper. on a commitment basis. Data for financing are in terms of actual amounts 4. Includes all reverse repurchase agreements, including those that have been borrowed or lent and are based on Wednesday figures. arranged to make delivery on short sales and those for which the securities 2. Immediate positions are net amounts (in terms of par values) of securities obtained have been used as collateral on borrowings, that is, matched agreements. owned by nonbank dealer firms and dealer departments of commercial banks on a 5. Includes both repurchase agreements undertaken to finance positions and commitment, that is, trade-date basis, including any such securities that have "matched book" repurchase agreements. been sold under agreements to repurchase (RPs). The maturities of some NOTE. Data on positions shown above and previously published data for the repurchase agreements are sufficiently long, however, to suggest that the securi- period since May 1, 1986 are partially estimated. ties involved are not available for trading purposes. Immediate positions include Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A33 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1986 AAggeennccyy 11998833 11998844 11998855 Mar. Apr. May June July Aug. 1 Federal and federally sponsored agencies 240,068 271,220 293,905 291,525 293,336 294,961 296,226 298,361 n.a. 2 Federal agencies 33,940 35,145 36,390 35,927 35.530 36,110 35,826 35,768 36,132 3 Defense Department1 243 142 71 59 55 52 48 45 40 4 Export-Import Bank2 3 14,853 15,882 15,678 15,257 15,257 15,256 14,953 14,953 14,953 5 Federal Housing Administration4 194 133 115 108 114 118 115 115 115 6 Government National Mortgage Association participation certificates5 2,165 2,165 2,165 2,165 2,165 2,165 2,165 2,165 22,,116655 7 Postal Service6 1,404 1,337 1,940 1,940 1,940 1,940 1,854 1,854 1,854 8 Tennessee Valley Authority 14,970 15,435 16,347 16,324 15,925 16,505 16,617 16,562 16,931 9 United States Railway Association6 111 51 74 74 74 74 74 74 74 10 Federally sponsored agencies7 206,128 236,075 257,515 255,670' 257,806 258,851 260,400 262,593 n.a. 11 Federal Home Loan Banks 48,930 65,085 74,447 74.778 76,527 78,718 81,558 83,081 85,997 12 Federal Home Loan Mortgage Corporation 6,793 10,270 11,926 12,963 13,492 12,475 12,276 12,818 n.a. 13 Federal National Mortgage Association 74,594 83,720 93,896 92,414 92,401 92,629 92,562 93,417 92,286 14 Farm Credit Banks 72,816 71,193 68,851 66,002' 65,188 64,629 63,585 62,857 61,575 15 Student Loan Marketing Association8 3,402 5,745 8,395 9,513 10,198 10,400 10,419 10,420 10,420 MEMO 16 Federal Financing Bank debt 135,791 145,217 153,373 153,455 153,508 155,076 155,222 155,526 156,132 Lending to federal and federally sponsored 17 Export-Import Bank3 14,789 15,852 15,670 15,250 15,250 15,250 14,947 14,947 14,947 18 Postal Service6 1,154 1,087 1,690 1,690 1,690 1,690 1,604 1,604 1,604 19 Student Loan Marketing Association 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 20 Tennessee Valley Authority 13,245 13,710 14,622 14,649 14,250 14,830 14,942 14,937 15,306 21 United States Railway Association6 111 51 74 74 74 74 74 74 74 Other Lending10 22 Farmers Home Administration 55,266 58,971 64,234 63,464 63,829 64,544 64,924 65,174 6655,,227744 23 Rural Electrification Administration 19,766 20,693 20,654 20,959 21,061 21,154 21,255 21,321 21,398 24 Other 26,460 29,853 31,429 32,369 32,354 32,534 32,476 32,469 32,529 1. Consists of mortgages assumed by the Defense Department between 1957 7. Includes outstanding noncontingent liabilities: Notes, bonds, and debenand 1963 under family housing and homeowners assistance programs. tures. Some data are estimated. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 8. Before late 1981, the Association obtained financing through the Federal 3. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter. Financing Bank. 4. Consists of debentures issued in payment of Federal Housing Administration 9. The FFB, which began operations in 1974, is authorized to purchase or sell insurance claims. Once issued, these securities may be sold privately on the obligations issued, sold, or guaranteed by other federal agencies. Since FFB securities market. incurs debt solely for the purpose of lending to other agencies, its debt is not 5. Certificates of participation issued before fiscal 1969 by the Government included in the main portion of the table in order to avoid double counting. National Mortgage Association acting as trustee for the Farmers Home Adminis- 10. Includes FFB purchases of agency assets and guaranteed loans; the latter tration; Department of Health, Education, and Welfare; Department of Housing contain loans guaranteed by numerous agencies with the guarantees of any and Urban Development; Small Business Administration; and the Veterans particular agency being generally small. The Farmers Home Administration item Administration. consists exclusively of agency assets, while the Rural Electrification Administra- 6. Off-budget. tion entry contains both agency assets and guaranteed loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic Nonfinancial Statistics • December 1986 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars 1986 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11998833 11998844 11998855 Jan. Feb. Mar. Apr. May June July Aug. 1 All issues, new and refunding1 86,421 106,641 214,189 1,572 3,300 8,008 12,578 13,215 12,611 19,833 25,965 Type of issue 2 General obligation 21,566 26,485 52,622 751 916 2,720 5,459 7,115 6,326 6,531 5,931 3 Revenue 64,855 80,156 161,567 821 2,384 5,288 7,120 6,100 6,285 13,302 20,034 Type of issuer 4 State 7,140 9,129 13,004 296 287 1,088 1,956 2,825 1,705 2,879 2,121 5 Special district and statutory authority2 51,297 63,550 134,363 579 1,691 4,383 7,350 6,427 6,351 10,589 15,714 6 Municipalities, counties, townships 27,984 33,962 66,822 697 1,322 2,537 3,273 3,962 4,554 6,365 8,125 7 Issues for new capital, total 72,441 94,050 156,050 1,350 2,022 3,314 6,938 7,155 8,178 13,165 17,810 Use of proceeds 8 Education 8,099 7,553 16,658 370 441 624 1,706 1,827 1,694 2,800 2,926 9 Transportation 4,387 7,552 12,070 246 380 795 815 273 947 3,164 1,460 10 Utilities and conservation 13,588 17,844 26,852 315 1,352 4,082 4,554 3,450 1,583 4,425 6,292 11 Social welfare 26,910 29,928 63,181 6 239 337 579 1,424 1,518 1,186 2,554 12 Industrial aid 7,821 15,415 12,892 0 134 37 313 264 255 975 489 13 Other purposes 11,637 15,758 24,398 413 729 2,132 4,610 5,978 6,614 7,281 12,245 1. Par amounts of long-term issues based on date of sale. SOURCES. Securities Data Company beginning April 1986. Public Securities 2. Includes school districts beginning April 1986. Association for earlier data. This new data source began with the November BULLETIN. 1.46 NEW SECURITY ISSUES Corporations Millions of dollars 1986 Type of i o s r s u u e s e o r issuer, 11998833 11998844 11998855 Jan. Feb. Mar. Apr. May June July' Aug. 1 All issues1 119,949 132,531 201,269 17,093 23,931 30,444 33,489 19,564 25,776' 20,999 24,022 2 Bonds2 68,370 109,903 165,754 13,693 19,469 24,923 27,883 13,050 20,756' 16,672 18,202 Type of offering 3 Public 47,244 73,579 119,559 13,693 19,469 24,923 27,883 13,050 20,756' 16,672 18,202 4 Private placement 21,126 36,324 46,195 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Industry group 5 Manufacturing 17,001 24,607 52,228 4,596 3,950 8,895 7,975 3,939 5,368 2,535 4,536 6 Commercial and miscellaneous 7,540 13,726 15,215 624 1,216 790 2,640 1,776 2,206 3,410 1,030 7 Transportation 3,833 4,694 5,743 633 373 303 614 427 250 497 550 8 Public utility 9,125 10,679 12,957 820 2,540 2,133 3,330 1,709 1,948 1,470 2,098 9 Communication 3,642 2,997 10,456 0 1,200 1,907 3,115 712 810 465 1,615 10 Real estate and financial 27,227 53,199 69,157 7,021 10,190 10,895 10,210 4,487 10,174 8,295 8,373 11 Stocks3 51,579 22,628 35,515 3,400 4,462 5,521 5,606 6,514 5,020 4,327 5,820 Type 12 Preferred 7,213 4,118 6,505 570 975 1,160 751 856 1,284 726 1,290 13 Common 44,366 18,510 29,010 2,830 3,487 4,361 4,855 5,658 3,736 3,601 4,530 Industry group 14 Manufacturing 14,135 4,054 5,700 827 1,269 851 1,434 1,827 1,132 746 991 15 Commercial and miscellaneous 13,112 6,277 9,149 683 434 607 910 953 421 917 803 16 Transportation 2,729 589 1,544 78 302 355 158 372 154 179 57 17 Public utility 5,001 1,624 1.966 176 153 357 165 346 406 305 208 18 Communication 1,822 419 978 231 282 0 27 74 140 107 379 19 Real estate and financial 14,780 9,665 16,178 1,405 2,022 3,351 2,912 2,942 2,767 2,073 3,382 1. Figures, which represent gross proceeds of issues maturing in more than one 2. Monthly data include only public offerings. year, sold for cash in the United States, are principal amount or number of units 3. Beginning in August 1981, gross stock offerings include new equity volume multiplied by offering price. Excludes offerings of less than $100,000, secondary from swaps of debt for equity. offerings, undefined or exempted issues as defined in the Securities Act of 1933, SOURCES. IDD Information Services, Inc., Securities and Exchange Commisemployee stock plans, investment companies other than closed-end, intracorpo- sion and the Board of Governors of the Federal Reserve System. rate transactions, and sales to foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Market and Corporate Finance A35 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Asset Position Millions of dollars 1986 IItteemm 11998844 11998855 Jan. Feb. Mar. Apr. May June July Aug. INVESTMENT COMPANIES1 1 Sales of own shares2 107,480 222,670 32,466 27,489 33,764 37,656 31,251 30,619 35,684 32,611 2 Redemptions of own shares3 77,032 132,440 15,836 11,860 15,085 21,699 16,706 18,921 21,508 20,107 3 Net sales 30,448 90,230 16,630 15,629 18,679 15,957 14,545 11,698 14,176 12,504 4 Assets4 137,126 251,695 265,487 292,002 315,245 329,684 343,926 356,040 360,050 387,504 5 Cash position5 12,181 20,607 22,425 23,716 27,639 29,599 28,184 28,083 28,08(K 28,817 6 Other 124,945 231,088 243,062 268,286 287,606 300,085 315,742 327,957 331,970' 358,687 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. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1984 1985 1986 AAccccoouunntt 11998833 11998844 11998855 Q3 Q4 Q1 Q2 Q3 Q4 QL Q2 1 Corporate profits with inventory valuation and capital consumption adjustment 213.7 264.7 280.6 259.8 265.0 266.4 274.3 296.3 285.6 296.4 293.1 2 Profits before tax 207.6 235.7 223.1 225.1 221.9 213.8 213.8 229.2 235.8 224.3 231.3 3 Profits tax liability 77.2 95.4 91.8 89.3 87.8 87.8 87.1 95.8 96.4 89.1 93.3 4 Profits after tax 130.4 140.3 131.4 135.8 134.1 126.0 126.7 133.4 139.4 135.2 138.0 5 Dividends 71.5 78.3 81.6 79.0 80.1 80.9 81.4 81.6 82.5 85.2 87.5 6 Undistributed profits 58.8 62.0 49.8 56.8 54.0 45.1 45.3 51.8 57.0 50.0 50.4 7 Inventory valuation -10.9 -5.5 -.6 -1.8 -1.6 -.5 1.6 6.1 -9.4 16.5 10.6 8 Capital consumption adjustment 17.0 34.5 58.1 36.5 44.7 53.2 58.9 61.0 59.2 55.6 51.3 SOURCE. Survey of Current Business (Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • December 1986 1.49 NONFINANCIAL CORPORATIONS Assets and Liabilities Billions of dollars, except for ratio 1985 1986 AAccccoouunntt 11998800 11998811 11998822 11998833 11998844 Ql Q2 Q3 Q4 Ql 1 Current assets 1,328.3 1,419.6 1,437.1 1,575.9 1,703.0 1,722.7 1,734.6 1,763.0 1,784.6 1,795.7 2 Cash 127.0 135.6 147.8 171.8 173.6 167.5 167.1 176.3 189.2 195.3 3 U.S. government securities 18.7 17.7 23.0 31.0 36.2 35.7 35.4 32.6 33.0 31.0 4 Notes and accounts receivable 507.5 532.5 517.4 583.0 633.1 650.3 654.1 661.0 671.5 663.4 5 Inventories 543.0 584.0 579.0 603.4 656.9 665.7 666.7 675.0 666.0 679.6 6 Other 132.1 149.7 169.8 186.7 203.2 203.5 211.2 218.0 224.9 226.3 7 Current liabilities 890.6 971.3 986.0 1,059.6 1,163.6 1,174.1 1,182.9 1,211.9 1,233.6 1,222.3 8 Notes and accounts payable 514.4 547.1 550.7 595.7 647.8 636.9 651.7 670.4 682.7 668.4 9 Other 376.2 424.1 435.3 463.9 515.8 537.1 531.2 541.5 550.9 553.9 10 Net working capital 437.8 448.3 451.1 516.3 539.5 548.6 551.7 551.1 551.0 573.4 11 MEMO: Current ratio1 1.492 1.462 1.458 1.487 1.464 1.467 1.466 1.455 1.447 1.469 1. Ratio of total current assets to total current liabilities. Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. NOTE. For a description of this series, see "Working Capital of Nonfinancial 20551. Corporations" in the July 1978 BULLETIN, pp. 533-37. SOURCE. Federal Trade Commission and Bureau of the Census. 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 1.50 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment • Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1985 1986 IInndduussttrryy 11998844 11998855 1199886611 Ql Q2 Q3 Q4 Ql Q2 Q31 Q4> 1 Total nonfarm business 354.44 387.13 379.59 373.56 387.86 389.23 397.88 377.94 375.92 380.52 383.99 Manufacturing 2 Durable goods industries 66.24 73.27 68.23 70.29 74.34 72.99 75.47 68.01 68.33 66.30 70.28 3 Nondurable goods industries 72.58 80.21 75.78 76.64 79.91 81.48 82.79 76.02 73.35 76.43 77.32 Nonmanufacturing 4 Mining 16.86 15.88 11.29 15.81 16.56 15.89 15.25 12.99 11.22 10.80 10.16 Transportation •> Railroad 6.79 7.08 6.60 6.42 7.38 7.79 6.74 6.22 6.77 7.09 6.31 6 Air 3.56 4.79 5.88 4.23 3.71 5.17 6.07 6.58 5.77 5.40 5.75 7 Other 6.17 6.15 5.87 6.04 6.35 5.85 6.34 5.42 5.74 6.25 6.08 Public utilities 8 Electric 37.03 36.11 33.60 36.49 36.00 35.58 36.38 34.21 33.81 33.61 32.78 9 Gas and other 10.44 12.71 12.62 11.95 12.61 12.86 13.41 12.82 12.74 12.46 12.46 10 Commercial and other2 134.75 150.93 159.72 145.68 150.99 151.62 155.42 155.67 158.18 162.18 162.84 ATrade and services are no longer being reported separately. They are included 2. "Other" consists of construction; wholesale and retail trade; finance and in Commercial and other, line 10. insurance; personal and business services; and communication. 1. Anticipated by business. SOURCE. Survey of Current Business (Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Markets and Corporate Finance A37 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities Billions of dollars, end of period 1985 1986 AAccccoouunntt 11998811 11998822 11998833 11998844 Ql Q2 Q3 Q4 QL Q2 ASSETS Accounts receivable, gross 1 Consumer 72.4 78.1 87.4 96.7 99.1 106.0 116.4 120.8 125.5 134.7 2 Business 100.3 101.4 113.4 135.2 142.1 144.6 141.4 152.8 159.7 160.3 3 Real estate 17.9 20.2 22.5 26.3 27.2 28.4 29.0 30.4 31.5 32.4 4 Total 190.5 199.7 223.4 258.3 268.5 279.0 286.5 304.0 316.7 327.5 Less: 5 Reserves for unearned income 30.0 31.9 33.0 36.5 36.6 38.6 41.0 40.9 41.3 41.8 6 Reserves for losses 3.2 3.5 4.0 4.4 4.9 4.8 4.9 5.0 5.1 5.2 7 Accounts receivable, net 157.3 164.3 186.4 217.3 227.0 235.6 240.6 258.1 270.3 280.4 8 All other 27.1 30.7 34.0 35.4 35.9 39.5 46.3 46.8 50.6 52.1 9 Total assets 184.4 195.0 220.4 252.7 262.9 275.2 286.9 304.9 321.0 332.5 LIABILITIES 10 Bank loans 16.1 18.3 18.7 21.3 19.8 18.5 18.2 21.0 20.4 22.9 11 Commercial paper 57.2 51.1 59.7 72.5 79.1 82.6 93.6 96.9 102.0 106.4 Debt 12 Other short-term 11.3 12.7 13.9 16.2 16.8 16.6 16.6 17.2 18.5 20.9 13 Long-term 56.0 64.4 68.1 77.2 78.3 85.7 86.4 93.0 100.0 101.8 14 All other liabilities 18.5 21.2 30.1 33.1 35.4 36.9 36.6 39.6 41.4 40.4 15 Capital, surplus, and undivided profits 25.3 27.4 29.8 32.3 33.5 34.8 35.7 37.1 38.8 40.2 16 Total liabilities and capital 184.4 195.0 220.4 252.7 262.9 275.2 286.9 304.9 321.0 332.5 NOTE. Components may not add to totals due to rounding. These data also appear in the Board's G.20 (422) release. For address, see inside front cover. 1.52 DOMESTIC FINANCE COMPANIES Business Credit Millions of dollars, seasonally adjusted except as noted Changes in accounts Extensions Repayments receivable AAAccccccooouuunnntttsss rrreeeccceeeiiivvvaaabbbllleee TTTyyypppeee ooouuutttssstttaaannndddiiinnnggg 1986 1986 1986 AAAuuuggg... 333111,,, 111999888666111 June July Aug. June July Aug. June July Aug. 1 Total 157,820 -151 949 190 26,687 27,277 28,014 26,838 26,328 27,824 Retail financing of installment sales 2 Automotive (commercial vehicles) 16,916 380 390 291 1,336 1,365 1,302 956 975 1,011 3 Business, industrial, and farm equipment 20,091 -51 -106 -91 1,044 1,022 786 1,095 1,128 876 Wholesale financing 4 Automotive 22,855 471 -1,097 127 10,397 9,030 10,220 9,926 10,128 10,093 5 Equipment 4,668 45 211 -44 506 900 845 462 689 889 6 All other 7,154 -15 -242 33 1,609 1,656 11,,770033 11,,662244 1,898 11,,666699 Leasing 7 Automotive 16,303 -121 103 185 820 1,077 892 941 973 707 8 Equipment 40,474 -101 647 22 1,264 1,669 1,540 1,365 1,022 1,518 9 Loans on commercial accounts receivable and factored commercial accounts receivable 16,867 -882 716 -307 8,441 9,208 9,429 9,323 8,492 9,735 10 All other business credit 12,492 123 327 -27 1,270 1,350 1,298 1,146 1,023 1,325 1. Not seasonally adjusted. NOTE. These data also appear in the Board's G.20 (422) release. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • December 1986 1.53 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1986 IItteemm 11998833 11998844 11998855 Mar. Apr. May June July Aug. Sept. Terms and yields in primary and secondary markets PRIMARY MARKETS Conventional mortgages on new homes Terms1 1 Purchase price (thousands of dollars) 92.8 96.8 104.1 108.2 114.2 114.7 122.1 115.7 117.9' 120.3 2 Amount of loan (thousands of dollars) 69.5 73.7 77.4 79.6 83.9 83.0 88.0 83.4 84.8' 88.1 3 Loan/price ratio (percent) 77.1 78.7 77.1 75.4 75.9 74.7 74.9 73.9 74.5' 75.1 4 Maturity (years) 26.7 27.8 26.9 26.9 25.9 25.8 26.6 26.2 26.5' 27.0 5 Fees and charges (percent of loan amount)2 2.40 2.64 2.53 2.60 2.34 2.19 2.40 2.35 2.40' 2.52 6 Contract rate (percent per annum) 12.20 11.87 11.12 10.04 9.87 9.84 9.74 9.89 9.84' 9.78 Yield (percent per annum) 7 FHLBB series3 12.66 12.37 11.58 10.50 10.27 10.22 10.15 10.30 10.26' 10.22 8 HUD series4 13.43 13.80 12.28 10.06 9.99 10.32 10.38 10.28 9.88 9.96 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5 13.11 13.81 12.24 9.77 9.80 10.07 9.98 10.01 9.80 9.90 10 GNMA securities6 12.25 13.13 11.61 9.44 9.17 9.23 9.57 9.31 9.11 9.17 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 74,847 83,339 94,574 98,795 98,746 98,096 97,295 97,255 96,675 97,717 12 FHA/VA-insured 37,393 35,148 34,244 33,368 33,246 32,558 31,241 30,766 28,451 26,658 13 Conventional 37,454 48,191 60,331 65,427 65,500 65,538 66,054 66,489 68,224 71,059 Mortgage transactions (during period) 14 Purchases 17,554 16,721 21,510 1,410 1,631 1,978 3,000 3,343 3,800 4,649 15 Sales 3,528 978 1,301 n.a. n.a. n.a. n.a. n.a. n a. n a. Mortgage commitments1 16 Contracted (during period) 18,607 21,007 20,155 1,917 3,774 3,538 3,049 3,270 3,840 4,248 17 Outstanding (end of period) 5,461 6,384 3,402 4,851 6,942 8,444 7,862 7,706 7,671 7,252 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)8 18 Total 5,996 9,283 12,399 13,623 13,144 14,302 14,194 13,795 19 FHA/VA 974 910 841 787 778 769 742 692 20 Conventional 5,022 8,373 11,558 12,836 12,366 13,533 13,452 13,103 Mortgage transactions (during period) 21 Purchases 23,089 21,886 44,012 5,318 6,195 8,947 10,505 8,518 n.a. n a. 22 Sales 19,686 18,506 38,905 5,897 5,591 7,354 9,588 6,179 Mortgage commitments9 23 Contracted (during period) 32,852 32,603 48,989 7,128 9,869 10,612 10,338 9,814 24 Outstanding (end of period) 16,964 13,318 16,613 n.a. n.a. n.a. n.a. n.a. 1. Weighted averages based on sample surveys of mortgages originated by 6. Average net yields to investors on Government National Mortgage Associamajor institutional lender groups; compiled by the Federal Home Loan Bank tion guaranteed, mortgage-backed, fully modified pass-through securities, assum- Board in cooperation with the Federal Deposit Insurance Corporation. ing prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying the 2. Includes all fees, commissions, discounts, and "points" paid (by the prevailing ceiling rate. Monthly figures are averages of Friday figures from the borrower or the seller) to obtain a loan. Wall Street Journal. 3. Average effective interest rates on loans closed, assuming prepayment at the 7. Includes some multifamily and nonprofit hospital loan commitments in end of 10 years. addition to 1- to 4-family loan commitments accepted in FNMA's free market 4. Average contract rates on new commitments for conventional first mort- auction system, and through the FNMA-GNMA tandem plans. gages; from Department of Housing and Urban Development. 8. Includes participation as well as whole loans. 5. Average gross yields on 30-year, minimum-downpayment, Federal Housing 9. Includes conventional and government-underwritten loans. FHLMC's mort- Administration-insured first mortgages for immediate delivery in the private gage commitments and mortgage transactions include activity under mortgage/ secondary market. Based on transactions on first day of subsequent month. Large securities swap programs, while the corresponding data for FNMA exclude swap monthly movements in average yields may reflect market adjustments to changes activity. in maximum permissable contract rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Real Estate A39 1.54 MORTGAGE DEBT OUTSTANDING Millions of dollars, end of period 1985 1986 TTyyppee ooff hhoollddeerr,, aanndd ttyyppee ooff pprrooppeerrttyy 11998833 11998844 11998855 Q2 Q3 Q4 Ql Q2 1 All holders 1,813,856 2,034,602 2,266,976 2,139,019 2,201,732 1,266,976 2,316,013 2,380,765 7 1- to 4-family 1,189,822 1,318,888 1,467,578 1,383,101 1,426,770 1,467,578 1,495,398 1,542,847 3 Multifamily 160,805 185,414 213,936 197,418 203,742 213,936 220,733 227,600 4 Commercial 350,389 418,300 479,840 447,631 462,929 479,840 495,323 507,888 5 112,840 112,000 105,622 110,869 108,291 105,622 104,559 102,430 6 Selected financial institutions 1,130,781 1,272,206 1,392,793 1,325,659 1,358,654 1,392,793 1,410,827 1,437,827 7 Commercial banks' 330,521 379,498 429,207 400,746 415,599 429,207 440,985 456,168 8 1- to 4-family 182,514 196,163 213,537 203,003 209,119 213,537 216,598 222,929 9 Multifamily 18,410 20,264 23,403 21,582 22,254 23,403 24,445 25,637 10 Commercial 120,210 152,894 180,882 165,554 173,190 180,882 188,137 195,377 11 Farm 9,387 10,177 11,385 10,607 11,036 11,385 11,805 12,225 1? Savings banks 131,940 154,441 177,263 165,705 174,427 177,263 187,823 205,413 13 1- to 4-family 93,649 107,302 121,879 114,375 119,952 121,879 131,099 143,246 14 Multifamily 17,247 19,817 23,329 21,357 22,604 23,329 23,965 26,833 15 Commercial 21,016 27,291 31,973 29,942 31,757 31,973 32,673 35,229 16 Farm 28 31 82 31 114 82 86 105 17 Savings and loan associations 494,789 555,277 585,461 569,291 575,684 585,461 577,062 567,354 18 1- to 4-family 387,924 421,489 434,072 425,021 427,081 434,072 422,034 415,035 19 Multifamily 44,333 55,750 66,663 60,231 62,608 66,663 67,418 66,063 20 Commercial 62,403 77,605 84,118 83,447 85,358 84,118 86,949 85,722 71 Farm 129 433 608 592 637 608 661 534 22 Life insurance companies 150,999 156,699 170,460 161,485 163,929 170,460 173,418 176,468 23 1- to 4-family 15,319 14,120 12,279 13,562 13,382 12,279 12,496 12,746 74 Multifamily 19,107 18,938 19,731 18,983 18,972 19,731 19,836 19,936 75 Commercial 103,831 111,175 126,621 116,812 119,543 126,621 129,441 132,241 76 Farm 12,742 12,466 11,829 12,128 12,032 11,829 11,645 11,545 27 Finance companies2 22,532 26,291 30,402 28,432 29,015 30,402 31,539 32,424 28 Federal and related agencies 148,328 158,993 166,928 165,912 166,248 166,928 165,730 162,000 29 Government National Mortgage Association 3,395 2,301 1,473 1,825 1,640 1,473 1,533 847 30 1- to 4-family 630 585 539 564 552 539 527 47 31 Multifamily 2,765 1,716 934 1,261 1,088 934 1,006 800 37 Farmers Home Administration 2,141 1,276 733 790 577 733 704 570 33 1- to 4-family 1,159 213 183 223 185 183 217 146 34 Multifamily 173 119 113 136 139 113 33 66 35 Commercial 409 497 159 163 72 159 217 111 36 Farm 400 447 278 268 181 278 237 247 37 Federal Housing and Veterans Administration 4,894 4,816 4,920 4,888 4,918 4,920 4,964 5,092 38 1- to 4-family 1,893 2,048 2,254 2,199 2,251 2,254 2,309 2,447 39 Multifamily 3,001 2,768 2,666 2,689 2,667 2,666 2,655 2,645 40 Federal National Mortgage Association 78,256 87,940 98,282 94,777 96,769 98,282 98,795 97,295 41 1- to 4-family 73,045 82,175 91,966 88,788 90,590 91,966 92,315 90,460 47 Multifamily 5,211 5,765 6,316 5,989 6,179 6,316 6.480 6,835 43 Federal Land Banks 52,010 52,261 47,498 51,056 49,255 47,498 46,111 44,002 44 1- to 4-family 3,081 3,074 2,798 3,006 2,895 2,798 2,711 2,589 45 Farm 48,929 49,187 44,700 48,050 46,360 44,700 43,400 41,413 46 Federal Home Loan Mortgage Corporation 7.632 10,399 14,022 12,576 13,089 14,022 13,623 14,194 47 1- to 4-family 7,559 9,654 11,881 11,288 11,457 11,881 12,231 11,890 48 Multifamily 73 745 2,141 1,288 1,632 2,141 1,392 2,304 49 Mortgage pools or trusts3 285,073 332,057 415,042 365,748 388,948 415,042 440,701 475,615 50 Government National Mortgage Association 159,850 179,981 212,145 192,925 201,026 212,145 220,348 229,204 51 1- to 4-family 155,950 175,589 207,198 188,228 196,198 207,198 215,148 223,838 57 Multifamily 3,900 4,392 4,947 4,697 4,828 4,947 5,200 5.366 53 Federal Home Loan Mortgage Corporation 57,895 70,822 100,387 83,327 91,915 100,387 110,337 125,903 54 1- to 4-family 57,273 70,253 99,515 82,369 90,997 99,515 108,020 123,676 55 Multifamily 622 569 872 958 918 872 2,317 2,227 56 Federal National Mortgage Association 25,121 36,215 54,987 42,755 48,769 54,987 62,310 72,377 57 1- to 4-family 25,121 35,965 54,036 41,985 47,857 54,036 61,117 71,153 58 Multifamily n.a. 250 951 770 912 951 1,193 1,224 59 Farmers Home Administration 42,207 45,039 47,523 46,741 47,238 47,523 47,706 48,131 60 1- to 4-family 20,404 21,813 22,186 21,962 22,090 22,186 22,082 21,987 61 Multifamily 5,090 5,841 6,675 6,377 6,415 6,675 6,943 7,170 67 Commercial 7,351 7,559 8,190 8,014 8,192 8,190 8,150 8,347 63 Farm 9,362 9,826 10,472 10,388 10,541 10,472 10,531 10,627 64 Individuals and others4 249,674 271,346 292,213 281,700 287,882 292,213 298,755 305,323 65 1- to 4-family 141,769 152,154 162,853 158,096 163,149 162,853 164,955 168,234 66 Multifamily 40,873 48,480 55,195 51,100 52,526 55,195 57,850 60,494 67 Commercial 35,169 41,279 47,897 43,699 44,817 47,897 49,756 50,861 68 Farm 31,863 29,433 26,268 28,805 27,390 26,268 26,194 25,734 1. Includes loans held by nondeposit trust companies but not bank trust 4. Other holders include mortgage companies, real estate investment trusts, departments. state and local credit agencies, state and local retirement funds, noninsured 2. Assumed to be entirely 1- to 4-family loans. pension funds, credit unions, and other U.S. agencies. 3. Outstanding principal balances of mortgage pools backing securities insured NOTE. Based on data from various institutional and governmental sources, with or guaranteed by the agency indicated. some quarters estimated in part by the Federal Reserve. Multifamily debt refers to loans on structures of five or more units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • December 1986 1.55 CONSUMER INSTALLMENT CREDIT1-4 Total Outstanding, and Net Change, seasonally adjusted Millions of dollars 1985 1986 Dec. Jan. Feb. Mar. Apr. May June July' Aug. Amounts outstanding (end of period) 1 Total 453,580 535,098 535,098 542,753 547,852 550,939 555,810 562,267 567,653 573,216 576,959 By major holder 2 Commercial banks 209,158 240,796 240,7% 243,256 244,761 245,172 247,498 248,681 249,753 251,197 252,308 3 Finance companies2 96,126 120,095 120,095 123,717 126,001 127,422 128,728 131,172 134,933 137,197 138,938 4 Credit unions 66,544 75,127 75,127 75,810 76,431 76,953 77,957 78,474 79,095 80,130 80,557 5 Retailers3 37,061 39,187 39,187 39,416 39,497 39,844 39,826 40,139 40,076 40,251 40,351 6 Savings institutions 40,330 55,555 55,555 56,290 57,048 57,573 58,024 60,247 60,352 61,051 61,435 7 Gasoline companies 4,361 4,337 4,337 4,264 4,114 3,975 3,777 3,554 3,445 3,389 3,368 By major type of credit S Automobile 173,122 206,482 206,482 210,661 213,342 214,361 215,814 218,965 222,606 226,234 228,744 9 Commercial banks 83,900 92,764 92,764 93,489 93,828 93,377 93,013 93,157 93,261 94,014 94,689 10 Credit unions 28,614 30,577 30,577 30,855 31,107 31,320 31,728 31,939 32,191 32,613 32,787 11 Finance companies 54,663 73,391 73,391 76,410 78,310 79,416 80,685 83,221 86,520 88,862 90,578 12 Savings institutions 5,945 9,750 9,750 9,907 10,097 10,248 10,386 10,648 10,634 10,745 10,690 13 Revolving 98,514 118,296 118,2% 119,682 120,724 122,131 123,442 124,545 124,720 125,577 125,767 14 Commercial banks 58,145 73,893 73,893 74,991 75,953 77,021 78,421 79,151 79,397 79,998 79,983 15 Retailers 33,064 34,560 34,560 34,770 34,843 35,188 35,170 35,449 35,390 35,542 35,639 16 Gasoline companies 4,361 4,337 4,337 4,264 4,114 3,975 3,777 3,554 3,445 3,389 3,368 17 Savings institutions 2,944 5,506 5,506 5,657 5,813 5,947 6,075 6,392 6,488 6,649 6,776 18 Mobile home 24,184 25,461 25,461 25,371 25,573 25,584 25,513 25,560 25,479 25,398 25,236 19 Commercial banks 9,623 9,578 9,578 9,457 9,566 9,348 9,264 9,215 9,196 9,156 99,,009933 20 Finance companies 9,161 9,116 9,116 9,125 9,161 9,327 9,286 9,115 9,077 8,989 88,,888822 21 Savings institutions 5,400 6,767 6,767 6,789 6,846 6,909 6,963 7,230 7,206 7,253 7,262 22 Other 157,760 184,859 184,859 187,039 188,212 188,863 191,041 193,197 194,847 196,007 197,212 23 Commercial banks 57,490 64,561 64,561 65,319 65,414 65,427 66,800 67,158 67,898 68,030 68,543 24 Finance companies 32,302 37,588 37,588 38,182 38,530 38,678 38,757 38,836 39,336 39,345 39,479 25 Credit unions 37,930 44,550 44,550 44,955 45,323 45,633 46,228 46,535 46,903 47,517 47,770 26 Retailers 3,997 4,627 4,627 4,646 4,653 4,656 4,656 4,690 4,686 4,710 4,712 27 Savings institutions 26,041 33,533 33,533 33,937 34,291 34,469 34,600 35,977 36,024 36,405 36,707 Net change (during period) 28 Total 77,341 81,518 6,477 7,655 5,099 3,087 4,871 6,457 5,386 5,563 3,743 By major holder 29 Commercial banks 39,819 31,638 2,176 2,460 1,505 411 2,326 1,183 1,072 1,444 1,111 30 Finance companies2 9,961 23,969 1,739 3,622 2,284 1,421 1,306 2,444 3,761 2,264 1,741 31 Credit unions 13,456 8,583 1,010 683 621 522 1,004 517 621 1,035 427 32 Retailers3 2,900 2,126 148 229 81 347 -18 313 -63 175 100 33 Savings institutions 11,038 15,225 1,248 735 758 525 451 2,223 105 699 384 34 Gasoline companies 167 -24 155 -73 -150 -139 -198 -223 -109 -56 -21 By major type of credit 35 Automobile 27,214 33,360 2,716 4,179 2,681 1,019 1,453 3,151 3,641 3,628 2,510 36 Commercial banks 16,352 8,864 637 725 339 -451 -364 144 104 753 675 37 Credit unions 3,223 1,963 411 278 252 213 408 211 252 422 174 38 Finance companies 4,576 18,728 1,395 3,019 1,900 1,106 1,269 2,536 3,299 2,342 1,716 39 Savings institutions 3,063 3,805 273 157 190 151 138 262 -14 111 -55 40 Revolving 20,145 19,782 1,246 1,386 1,042 1,407 1,311 1,103 175 857 190 41 Commercial banks 15,949 15,748 817 1,098 %2 1,068 1,400 730 246 601 -15 42 Retailers 2,512 1,496 74 210 73 345 -18 279 -59 152 97 43 Gasoline companies 167 -24 155 -73 -150 -139 -198 -223 -109 -56 -21 44 Savings institutions 1,517 2,562 200 151 156 134 128 317 % 161 127 45 Mobile home 1,990 1,277 146 -90 202 11 -71 47 -81 -81 -162 46 Commercial banks -199 -45 -6 -121 109 -218 -84 -49 -19 -40 -63 47 Finance companies 544 -45 59 9 36 166 -41 -171 -38 -88 -107 48 Savings institutions 1,645 1,367 93 22 57 63 54 267 -24 47 9 49 Other 27,992 27,099 2,369 2,180 1,173 651 2,178 2,156 1,650 1,160 1,205 50 Commercial banks 7,717 7,071 728 758 95 13 1,373 358 740 132 513 51 Finance companies 4,841 5,286 285 594 348 148 79 79 500 9 134 52 Credit unions 10,233 6,620 599 405 368 310 595 307 368 614 253 53 Retailers 388 630 74 19 7 3 0 34 -4 24 2 54 Savings institutions 4,813 7,492 683 404 354 178 131 1,377 47 381 302 1. The Board's series cover most short- and intermediate-term credit extended 2. More detail for finance companies is available in the G.20 statistical release, to individuals that is scheduled to be repaid (or has the option of repayment) in 3. Excludes 30-day charge credit held by travel and entertainment companies, two or more installments. 4. All data have been revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Installment Credit A41 1.56 TERMS OF CONSUMER INSTALLMENT CREDIT Percent unless noted otherwise 1986 IItteemm 11998833 11998844 11998855 Feb. Mar. Apr. May June July Aug. INTEREST RATES Commercial banks' 1 48-month new car2 13.92 13.71 12.91 12.29 n.a. n.a. 11.45 n.a. n.a. 11.00 2 24-month personal 16.68 16.47 15.94 15.52 n.a. n.a. 14.89 n.a. n.a. 14.70 3 120-month mobile home2 16.08 15.58 14.96 14.57 n.a. n.a. 13.97 n.a. n.a. 13.95 4 Credit card 18.78 18.77 18.69 18.48 n.a. n.a. 18.32 n.a. n.a. 18.15 Auto finance companies New car 12.58 14.62 11.98 9.70 10.51 10.55 9.49 9.35 9.31 9.29 6 Used car 18.74 17.85 17.59 16.74 16.63 16.67 16.56 16.06 15.83 15.56 OTHER TERMS3 Maturity (months) 7 New car 45.9 48.3 51.5 51.3 51.0 50.6 49.4 49.5 49.9 50.4 8 Used car 37.9 39.7 41.4 42.5 42.4 42.5 42.5 42.7 42.8 42.9 Loan-to-value ratio 9 New car 86 88 91 92 90 89 89 89 89 90 10 Used car 92 92 94 95 95 96 97 97 97 97 Amount financed (dollars) 11 New car 8,787 9,333 9,915 10,074 10,306 10,402 10,521 10,608 10,748 10,756 12 Used car 5,033 5,691 6,089 6,194 6,207 6,281 6,393 6,611 6,614 6,569 1. Data for midmonth of quarter only. 3. At auto finance companies. 2. Before 1983 the maturity for new car loans was 36 months, and for mobile NOTE. These data also appear in the Board's G. 19 (421) release. For address, home loans was 84 months. see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • December 1986 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; half-yearly data are at seasonally adjusted annual rates. 1983 1984 1985 1986 TTrraannssaaccttiioonn ccaatteeggoorryy,, sseeccttoorr 11998800 11998811 11998822 11998833 11998844 11998855 H2 HI H2 HI H2 HI Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors 344.9 375.8 387.4 548.8 756.3 859.1 591.5 728.8 783.8 726.3 992.0 668.6 By sector and instrument 2 U.S. government 79.2 87.4 161.3 186.6 198.8 223.6 156.6 181.0 216.6 201.3 246.0 210.7 3 Treasury securities 79.8 87.8 162.1 186.7 199.0 223.7 156.7 181.2 216.8 201.4 246.0 210.8 4 Agency issues and mortgages -.6 -.5 -.9 -.1 -.2 -.1 -.1 -.2 -.1 -.1 -.1 -.1 5 Private domestic nonfinancial sectors 265.7 288.5 226.2 362.2 557.5 635.5 434.9 547.8 567.2 525.1 746.0 457.9 6 Debt capital instruments 189.1 155.5 148.3 252.8 314.0 462.4 277.9 298.5 329.5 354.3 570.6 371.2 7 Tax-exempt obligations 30.3 23.4 44.2 53.7 50.4 152.4 51.8 42.7 58.0 67.4 237.3 11.8 8 Corporate bonds 27.7 22.8 18.7 16.0 46.1 73.9 11.5 31.2 61.0 72.7 75.0 129.2 9 Mortgages 131.2 109.3 85.4 183.0 217.5 236.2 214.6 224.5 210.4 214.1 258.2 230.2 10 Home mortgages 94.2 72.2 50.5 117.1 129.9 151.8 135.0 135.2 124.6 133.1 170.4 151.7 11 Multifamily residential 7.6 4.8 5.4 14.1 25.1 29.3 20.4 27.5 22.7 24.5 34.1 27.3 12 Commercial 19.2 22.2 25.2 49.0 63.3 61.5 55.3 62.9 63.7 59.3 63.7 58.1 13 Farm 10.2 10.0 4.2 2.8 -.8 -6.4 3.9 -1.1 -.5 -2.8 -9.9 -6.8 14 Other debt instruments 76.6 133.0 77.9 109.5 243.5 173.1 157.0 249.3 237.7 170.8 175.4 86.7 15 Consumer credit 4.5 22.6 17.7 56.8 95.0 96.6 75.1 98.7 91.3 97.3 95.9 74.9 16 Bank loans n.e.c 37.8 57.0 52.9 25.8 80.1 37.6 41.1 93.0 67.2 28.5 46.8 4.9 17 Open market paper 4.0 14.7 -6.1 -.8 21.7 14.6 4.3 24.8 18.7 12.3 16.9 -15.7 18 Other 30.3 38.7 13.4 27.7 46.6 24.3 36.5 32.8 60.4 32.7 15.8 22.6 19 By borrowing sector 265.7 288.5 226.2 362.2 557.5 635.5 434.9 547.8 567.2 525.1 746.0 457.9 20 State and local governments 17.2 6.8 21.5 34.0 27.4 107.8 33.7 25.2 29.6 56.8 158.8 31.4 21 Households 120.0 121.4 88.4 188.0 239.5 292.0 223.2 232.9 246.1 248.5 335.5 217.5 22 Farm 15.2 16.6 6.8 4.3 .1 -14.3 6.7 -.4 .5 -7.4 -21.2 -16.5 23 Nonfarm noncorporate 31.8 38.5 40.2 76.6 97.1 90.0 91.7 101.4 92.7 83.3 96.7 85.8 24 Corporate 81.5 105.2 69.2 59.3 193.4 160.1 79.7 188.6 198.2 143.9 176.3 139.7 25 Foreign net borrowing in United States 23.8 23.5 16.0 17.4 6.1 2.1 15.5 35.4 -23.2 -4.2 8.4 27.5 26 Bonds .8 5.4 6.7 3.1 1.3 4.0 2.3 1.1 1.5 5.5 2.6 6.9 27 Bank loans n.e.c 11.8 3.0 -5.5 3.6 -6.6 -2.6 -3.4 -2.3 -11.0 -6.1 .9 .9 28 Open market paper 2.4 3.9 1.9 6.5 6.2 6.2 6.0 18.0 -5.6 4.2 8.2 20.6 29 U.S. government loans 8.8 11.1 13.0 4.1 5.3 -5.5 10.7 18.7 -8.1 -7.8 -3.2 1.0 30 Total domestic plus foreign 368.7 399.3 403.4 566.2 762.4 861.2 607.1 764.2 760.6 722.1 1000.4 696.0 Financial sectors 31 Total net borrowing by financial sectors .. 65.4 101.9 90.1 94.0 139.0 186.9 123.1 134.3 143.8 154.9 218.8 186.4 By instrument 32 U.S. government related 44.8 47.4 64.9 67.8 74.9 101.5 68.8 69.8 80.0 92.9 110.2 130.2 33 Sponsored credit agency securities .... 24.4 30.5 14.9 1.4 30.4 20.6 8.1 29.1 31.8 25.3 15.9 4.4 34 Mortgage pool securities 19.2 15.0 49.5 66.4 44.4 79.9 60.7 40.7 48.2 67.6 92.1 125.1 35 Loans from U.S. government 1.2 1 9 .4 1 1 2.2 .8 36 Private financial sectors 20.6 54.5 25.2 26.2 64.1 85.3 54.3 64.5 63.8 62.0 108.7 56.2 37 Corporate bonds 1.6 4.4 12.5 12.1 23.3 36.5 13.1 17.3 29.3 35.3 37.7 24.0 38 Mortgages * .1 * .4 .1 * .4 .4 * .1 .1 39 Bank loans n.e.c -1.0 1.2 1.9 - i .7 2.5 2.1 * 1.4 1.0 4.1 3.5 40 Open market paper 12.9 32.7 9.9 2L3 24.1 32.0 40.9 31.1 17.0 13.9 50.1 15.2 41 Loans from Federal Home Loan Banks 7.1 16.2 .8 -7.0 15.7 14.2 -1.8 15.7 15.7 11.7 16.7 13.5 By sector 42 Sponsored credit agencies 25.6 32.4 15.3 1.4 30.4 21.7 8.1 29.1 31.8 25.3 18.1 5.2 43 Mortgage pools 19.2 15.0 49.5 66.4 44.4 79.9 60.7 40.7 48.2 67.6 92.1 125.1 44 Private financial sectors 20.6 54.5 25.2 26.2 64.1 85.3 54.3 64.5 63.8 62.0 108.7 56.2 45 Commercial banks 8.3 11.6 11.7 5.0 7.3 -4.9 17.1 15.4 -.9 -9.2 -.6 -13.4 46 Bank affiliates 6.7 9.2 6.8 12.1 15.6 14.5 14.9 23.7 7.5 13.7 15.3 7.1 47 Savings and loan associations 7.4 15.5 2.5 -2.1 22.7 22.3 4.6 20.2 25.1 12.1 32.6 31.9 48 Finance companies -1.3 18.5 4.3 11.4 17.8 52.8 18.0 4.4 31.2 44.9 60.8 28.9 49 REITs -.5 -.2 * -.2 .8 .5 -.3 .8 .8 .5 .5 1.7 All sectors 50 Total net borrowing 434.1 501.3 493.5 660.2 901.4 1048.1 730.2 898.5 904.3 877.0 1219.2 882.5 51 U.S. government securities.. 122.9 133.0 225.9 254.4 273.8 324.2 225.5 250.9 296.7 294.3 354.0 340.2 52 State and local obligations... 30.3 23.4 44.2 53.7 50.4 152.4 51.8 42.7 58.0 67.4 237.3 11.8 53 Corporate and foreign bonds 30.1 32.6 37.8 31.2 70.7 114.4 26.8 49.6 91.8 113.5 115.3 160.1 54 Mortgages 131.1 109.2 85.4 183.0 217.8 236.1 214.5 224.9 210.7 214.0 258.2 230.3 55 Consumer credit 4.5 22.6 17.7 56.8 95.0 96.6 75.1 98.7 91.3 97.3 95.9 74.9 56 Bank loans n.e.c 48.5 61.2 49.3 29.3 74.2 37.6 39.8 90.7 57.6 23.3 51.8 9.3 57 Open market paper 19.3 51.3 5.7 26.9 52.0 52.8 51.2 73.9 30.1 30.4 75.2 20.0 58 Other loans 47.5 68.0 27.6 24.8 67.6 34.1 45.4 67.1 68.0 36.6 31.5 35.9 External corporate equity funds raised in United States 59 Total new share issues 21.2 -3.3 33.6 67.0 -31.1 37.5 52.1 -40.1 -22.2 33.3 41.6 163.4 60 Mutual funds 4.5 6.0 16.8 32.1 38.0 103.4 28.7 39.3 36.6 93.6 113.1 214.1 61 All other 16.8 -9.3 16.8 34.9 -69.1 -65.9 23.4 -79.4 -58.8 -60.4 -71.5 -50.7 62 Nonfinancial corporations 12.9 -11.5 11.4 28.3 -77.0 -81.6 18.4 -84.5 -69.4 -75.7 -87.5 -67.5 63 Financial corporations 1.8 1.9 4.0 2.7 6.7 11.7 2.9 5.9 7.6 11.0 12.4 8.3 64 Foreign shares purchased in United States 2.1 .3 1.5 3.9 1.2 4.0 2.1 -.7 3.0 4.3 3.6 8.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A43 1.58 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates. 1983 1984 1985 1986 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11998800 11998811 11998822 11998833 11998844 11998855 H2 HI H2 HI H2 HI 1 Total funds advanced in credit markets to domestic nonfinancial sectors 344.9 375.8 387.4 548.8 756.3 859.1 591.5 728.8 783.8 726.3 992.0 668.6 By public agencies and foreign 7 Total net advances 94.9 104.4 115.4 115.3 154.6 193.0 110066..88 113333..44 117755..88 119955..66 119900..33 225555..99 3 U.S. government securities 15.8 17.1 22.7 27.6 36.0 43.1 19.0 27.6 44.4 50.1 36.1 63.3 4 Residential mortgages 31.7 23.5 61.0 76.1 56.5 94.6 71.5 52.7 60.2 85.6 103.7 121.2 5 FHLB advances to savings and loans 7.1 16.2 .8 -7.0 15.7 14.2 -1.8 15.7 15.7 11.7 16.7 13.5 6 Other loans and securities 40.2 47.7 30.8 18.6 46.5 41.0 18.1 37.5 55.5 48.2 33.9 57.9 Total advanced, by sector 7 U.S. government 23.7 24.0 15.9 9.7 17.4 10.8 9.7 9.0 25.7 20.8 .7 7.9 8 Sponsored credit agencies 45.6 48.2 65.5 69.8 73.3 101.5 70.5 74.0 72.5 98.2 104.9 128.0 9 Monetary authorities 4.5 9.2 9.8 10.9 8.4 21.6 12.2 9.0 7.8 24.0 19.2 10.1 10 Foreign 21.1 23.0 24.1 24.9 55.5 59.1 14.5 41.3 69.8 52.6 65.6 109.9 Agency and foreign borrowing not in line 1 11 Sponsored credit agencies and mortgage pools 44.8 47.4 6644..99 67.8 74.9 110011..55 6688..88 6699..88 80.0 9922..99 111100..22 113300..22 12 Foreign 23.8 23.5 16.0 17.4 6.1 2.1 1155..55 35.4 -23.2 -4.2 8.4 27.5 Private domestic funds advanced 13 Total net advances 318.7 342.3 352.9 518.7 682.7 769.8 569.1 700.6 664.8 661199..44 992200..22 557700..44 14 U.S. government securities 107.1 115.9 203.1 226.9 237.8 281.1 206.5 223.3 252.3 244.2 317.9 276.8 15 State and local obligations 30.3 23.4 44.2 53.7 50.4 152.4 51.8 42.7 58.0 67.4 237.3 11.8 16 Corporate and foreign bonds 20.3 19.8 14.8 14.6 32.6 36.5 9.0 25.6 39.5 47.1 25.9 8888..88 17 Residential mortgages 70.0 53.5 -5.3 55.0 98.5 86.3 83.9 109.9 87.0 71.9 100.8 5577..77 18 Other mortgages and loans 98.1 145.9 96.9 161.5 279.1 227.7 216.0 314.7 243.6 200.4 255.0 148.7 19 LESS: Federal Home Loan Bank advances 7.1 16.2 .8 -7.0 15.7 14.2 -1.8 15.7 15.7 11.7 16.7 13.5 Private financial intermediation 70 Credit market funds advanced by private financial 286.2 320.2 261.9 391.9 550.5 547.2 447.6 583.4 517.5 461.2 633.2 574.1 71 Commercial banking 107.6 106.5 110.2 144.3 168.9 186.8 167.2 185.7 152.0 135.8 237.9 86.6 77. Savings institutions 51.3 26.2 21.8 135.6 149.2 85.7 143.8 173.6 124.9 63.1 108.3 113.8 73 Insurance and pension funds 93.2 93.5 86.2 97.8 124.0 133.4 105.7 144.6 103.5 113.9 153.0 141.5 24 Other finance 34.0 94.0 43.7 14.1 108.3 141.3 30.9 79.5 137.1 148.4 134.1 232.1 ?5 Sources of funds 286.2 320.2 261.9 391.9 550.5 547.2 447.6 583.4 517.5 461.2 633.2 574.1 76 Private domestic deposits and RPs 170.8 214.5 195.2 212.2 317.6 206.9 235.7 300.3 334.8 201.8 212.1 215.1 27 Credit market borrowing 20.6 54.5 25.2 26.2 64.1 85.3 54.3 64.5 63.8 62.0 108.7 56.2 78 Other sources 94.8 51.2 41.5 153.4 168.8 254.9 157.6 218.6 119.0 197.4 312.5 302.7 79 Foreign funds -25.1 -23.7 -31.4 16.3 5.4 16.2 46.2 3.0 7.8 11.2 21.2 -6.4 30 Treasury balances -2.6 -1.1 6.1 -5.3 4.0 10.3 -21.9 -.4 8.5 13.9 6.6 -7.8 31 Insurance and pension reserves 88.9 89.6 92.5 110.6 112.5 102.2 122.4 146.5 78.5 92.0 112.5 107.7 32 Other, net 33.6 -13.6 -25.7 31.8 46.8 126.3 10.9 69.5 24.2 80.4 172.2 209.3 Private domestic nonfinancial investors 33 Direct lending in credit markets 53.1 76.6 116.3 153.0 196.4 307.9 175.8 181.7 211.0 220.2 395.6 52.5 34 U.S. government securities 34.2 37.1 69.9 95.5 132.9 156.8 89.2 140.9 125.0 134.4 179.3 55.7 35 State and local obligations 7.0 11.1 25.0 39.0 29.6 58.8 37.8 25.0 34.3 20.2 97.4 -37.1 36 Corporate and foreign bonds -11.7 -4.0 2.0 -12.7 -3.4 15.5 -4.5 -26.7 19.9 34.5 -3.5 27.2 37 Open market paper -4.6 1.4 -1.3 15.1 8.9 49.9 32.1 15.6 2.3 4.9 94.9 -16.4 38 Other 28.2 31.0 20.6 16.2 28.3 26.9 21.2 26.9 29.7 26.3 27.6 23.1 39 Deposits and currency 183.9 222.4 204.5 229.7 321.1 217.2 248.8 311.5 330.7 215.0 219.3 216.6 40 Currency 10.3 9.5 9.7 14.3 8.6 12.4 17.4 13.2 4.1 15.9 8.9 11.4 41 Checkable deposits 6.5 18.5 18.6 28.8 27.8 44.2 16.2 30.2 25.4 18.1 70.2 76.0 47 Small time and savings accounts 82.3 47.3 135.7 215.3 150.7 137.5 148.1 136.2 165.1 166.7 108.3 115.5 43 Money market fund shares 29.2 107.5 24.7 -44.1 47.2 -2.2 -4.2 30.2 64.2 4.2 -8.6 29.0 44 Large time deposits 45.9 36.0 5.2 -6.3 84.9 14.0 53.8 92.9 77.0 -1.5 29.6 -5.4 45 Security RPs 6.8 5.2 11.1 18.5 7.0 13.4 21.8 10.8 3.1 14.3 12.5 .1 46 Deposits in foreign countries 2.8 -1.7 -.4 3.1 -5.1 -2.1 -4.3 -2.0 -8.2 -2.6 -1.7 -10.0 47 Total of credit market instruments, deposits and currency 237.0 299.0 320.7 382.7 517.4 525.1 424.6 493.2 541.7 435.2 614.9 269.0 48 Public holdings as percent of total 25.7 26.2 28.6 20.4 20.3 22.4 17.6 17.5 23.1 27.1 19.0 36.8 49 Private financial intermediation (in percent) 89.8 93.6 74.2 75.5 80.6 71.1 78.7 83.3 77.8 74.5 68.8 100.7 50 Total foreign funds -4.0 -.7 -7.3 41.3 60.9 75.2 60.6 44.3 77.6 63.7 86.7 103.5 MEMO: Corporate equities not included above 51 Total net issues 21.2 -3.3 33.6 67.0 -31.1 37.5 52.1 -40.1 -22.2 33.3 41.6 163.4 5? Mutual fund shares 4.5 6.0 16.8 32.1 38.0 103.4 28.7 39.3 36.6 93.6 113.1 214.1 53 Other equities 16.8 -9.3 16.8 34.9 -69.1 -65.9 23.4 -79.4 -58.8 -60.4 -71.5 -50.7 54 Acquisitions by financial institutions 22.2 19.9 27.6 46.8 8.2 31.2 35.6 -4.1 20.6 48.0 14.3 28.5 55 Other net purchases -1.0 -23.2 6.0 20.2 -39.4 6.3 16.5 -36.0 -42.7 -14.7 27.3 134.9 NOTES BY LINE NUMBER. 31. Excludes net investment of these reserves in corporate equities. 1. Line 1 of table 1.57. 32. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 33. Line 13 less line 20 plus line 27. 6. Includes farm and commercial mortgages. 34-38. Lines 14-18 less amounts acquired by private finance plus amounts 11. Credit market funds raised by federally sponsored credit agencies, and net borrowed by private finance. Line 38 includes mortgages. issues of federally related mortgage pool securities. 40. Mainly an offset to line 9. 13. Line 1 less line 2 plus line 11 and 12. Also line 20 less line 27 plus line 33. Also 47. Lines 33 plus 39, or line 13 less line 28 plus 40 and 46. sum of lines 28 and 47 less lines 40 and 46. 48. Line 2/line 1. 18. Includes farm and commercial mortgages. 49. Line 20/line 13. 26. Line 39 less lines 40 and 46. 50. Sum of lines 10 and 29. 27. Excludes equity issues and investment company shares. Includes line 19. 51. 53. Includes issues by financial institutions. 29. Foreign deposits at commercial banks, bank borrowings from foreign NOTE. Full statements for sectors and transaction types in flows and in amounts branches, and liabilities of foreign banking agencies to foreign affiliates, less outstanding may be obtained from Flow of Funds Section, Division of Research claims on foreign affiliates and deposits by banking in foreign banks. and Statistics, Board of Governors of the Federal Reserve System, Washington, 30. Demand deposits and note balances at commercial banks. D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 Domestic Nonfinancial Statistics • December 1986 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures' 1977 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1986 MMeeaassuurree 11998833 11998844 11998855 Jan. Feb. Mar. Apr. May June July' Aug.' Sept. 1 Industrial production 109.2 121.8 124.5 126.2 125.3 123.6 124.7 124.2 124.2' 124.9 125.1 125.3 Market groupings 2 Products, total 113.9 127.1 131.7 134.0 132.9 131.2 132.7 132.4 132.4' 133.2 133.7 133.9 3 Final, total 114.7 127.8 132.0 133.9 132.8 130.6 132.1 131.6 131.1' 132.1 132.5 132.9 4 Consumer goods 109.3 118.2 120.7 123.8 123.3 121.8 124.5 124.3 124.4' 125.1 124.9 125.2 5 Equipment 121.7 140.5 147.1 147.5 145.4 142.3 142.3 141.2 140.0' 141.3 142.5 143.0 6 Intermediate 111.2 124.9 130.6 134.2 133.4 133.3 134.5 135.1 137.0' 137.3 137.7 137.7 7 Materials 102.8 114.6 114.7 115.5 114.8 113.3 113.8 113.0 113.1' 113.5 113.4 113.4 Industry groupings 8 Manufacturing 110.2 123.9 127.1 129.4 128.7 127.2 128.7 128.2 128.3' 129.3 120.4 129.8 Capacity utilization (percent)2 9 Manufacturing 74.0 80.8 80.3 80.8 80.2 79.1 79.9 79.4 79.3' 79.8 79.7 79.8 10 Industrial materials industries 75.3 82.3 80.2 80.1 79.6 78.5 78.7 78.1 78.0' 78.3 78.1 78.0 11 Construction contracts (1977 = 100)3 138.0 150.0 161.0 146.0 162.0 149.0 176.0 160.0 161.0 163.0 168.0 158.0 12 Nonagricultural employment, total4 109.4 114.5 118.5 120.4 120.6 120.6 121.0 121.2 121.1 121.4 121.6 121.7 13 Goods-producing, total 95.9 101.6 102.9 103.1 102.9 102.5 102.9 102.6 102.1 102.2 102.2 102.1 14 Manufacturing, total 93.6 98.6 98.7 98.0 98.0 97.8 97.8 97.5 97.2 97.1 97.1 96.9 15 Manufacturing, production-worker ... 88.6 94.1 93.5 92.7 92.6 92.4 92.4 92.1 91.8 91.7 91.7 91.5 16 Service-producing 115.0 120.0 125.0 127.6 128.0 128.2 128.6 129.0 129.0 129.5 129.7 129.9 17 Personal income, total 176.6 193.5 206.2 212.6 213.7 214.3 216.9 216.6 216.6 217.3 217.7 218.4 18 Wages and salary disbursements 168.7 184.8 197.8 204.8 205.7 206.4 206.8 207.1 207.6 208.5 209.6 210.2 19 Manufacturing 149.0 164.6 172.5 176.6 176.2 176.4 175.8 176.1 175.4 175.5 176.7 176.5 20 Disposable personal income5 176.0 193.6 205.0 211.8 212.9 213.7 216.5 215.9 215.5 216.0 216.2 216.6 21 Retail sales (1977 = 100)6 162.0 179.0 190.6 194.8 194.5 193.7 195.4 197.0 197.5 198.9 201.8 211.1 Prices7 22 Consumer 298.4 311.1 322.2 328.4 327.5 326.0 325.3 326.3 327.9 328.0 328.6 330.2 23 Producer finished goods 285.2 291.1 293.7 296.0 291.9 288.1 287.2 289.0 288.9 288.0 288.3 287.5 1. A major revision of the industrial production index and the capacity 5. Based on data in Survey of Current Business (U.S. Department of Comutilization rates was released in July 1985. See "A Revision of the Index of merce). Industrial Production" and accompanying tables that contain revised indexes 6. Based on Bureau of Census data published in Survey of Current Business. (1977 = 100) through December 1984 in the FEDERAL RESERVE BULLETIN, vol. 71 7. Data without seasonal adjustment, as published in Monthly Labor Review. (July 1985), pp. 487-501. The revised indexes for January through June 1985 were Seasonally adjusted data for changes in the price indexes may be obtained from shown in the September BULLETIN. the Bureau of Labor Statistics, U.S. Department of Labor. 2. Ratios of indexes of production to indexes of capacity. Based on data from Federal Reserve, McGraw-Hill Economics Department, Department of Com- NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and 6, merce, and other sources. and indexes for series mentioned in notes 3 and 7 may also be found in the Survey 3. Index of dollar value of total construction contracts, including residential, of Current Business. nonresidential and heavy engineering, from McGraw-Hill Information Systems Figures for industrial production for the last two months are preliminary and Company, F. W. Dodge Division. estimated, respectively. 4. Based on data in Employment and Earnings (U.S. Department of Labor). Series covers employees only, excluding personnel in the Armed Forces. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A45 2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data are seasonally adjusted. Exceptions noted. 1986 CCaatteeggoorryy 11998833 11998844 11998855 Feb. Mar. Apr. May June July Aug. Sept. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 176,414 178,602 180,440 182,055 182,223 182,387 182,545 182,732 182,906 183,074 183,261 2 Labor force (including Armed Forces)1 113,749 115,763 117,695 119,322 119,445 119,473 119,898 120,345 120,2% 120,428 120,484 3 Civilian labor force 111,550 113,544 115,461 117,088 117,207 117,234 117,664 118,116 118,072 118,182 118,220 4 Nonagricultural industries2 97,450 101,685 103,971 105,465 105,503 105,670 105,950 106,508 106,769 107,107 106,770 5 Agriculture 3,383 3,321 3,179 3,0% 3,285 3,222 3,160 3,165 3,112 3,048 3,121 Unemployment 6 Number 10,717 8,539 8,312 8,527 8,419 8,342 8,554 8,443 8,190 8,027 8,329 7 Rate (percent of civilian labor force) ... 9.6 7.5 7.2 7.3 7.2 7.1 7.3 7.1 6.9 6.8 7.0 8 Not in labor force 62,665 62,839 62,745 62,733 62,778 62,914 62,647 62,387 62,610 62,646 62,777 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 90,196 94,461 97,698 99,429 99,484 99,783 99,918 99,843 100,105 100,261' 100,368 10 Manufacturing 18,434 19,412 19,426 19,294 19,255 19,245 19,201 19,135 19,121 19,122' 19,084 11 Mining 952 974 969 880 852 821 790 772 768 752 745 1? Contract construction 3,948 4,345 4,661 4,864 4,838 4,972 4,974 4,947 4,980 5,012' 5,014 13 Transportation and public utilities 4,954 5,171 5,300 5,277 5,280 5,266 5,265 5,167 5,288 5,250' 5,279 14 Trade 20,881 22,134 23,195 23,638 23,669 23,715 23,783 23,773 23,841 23,898' 23,943 15 Finance 5,468 5,682 5,924 6,157 6,184 6,228 6,261 6,295 6,334 6,365' 6,385 16 Service 19,694 20,761 21,929 22,638 22,707 22,825 22,924 23,072 23,176 23,242' 23,296 17 Government 15,869 15,984 16,295 16,681 16,699 16,711 16,720 16,682 16,597 16,620' 16,622 1. Persons 16 years of age and over. Monthly figures, which are based on exclude proprietors, self-employed persons, domestic servants, unpaid family sample data, relate to the calendar week that contains the 12th'day; annual data workers, and members of the Armed Forces. Data are adjusted to the March 1984 are averages of monthly figures. By definition, seasonality does not exist in benchmark and only seasonally adjusted data are available at this time. Based on population figures. Based on data from Employment and Earnings (U.S. Depart- data from Employment and Earnings (U.S. Department of Labor). ment of Labor). 4. In addition to the revisions noted here, data for January through June 1985 2. Includes self-employed, unpaid family, and domestic service workers. have been revised as follows: Jan., 21,382; Feb., 21,480; Mar., 21,644; Apr., 3. Data include all full- and part-time employees who worked during, or 21,723; May, 21,813; and June, 21,856. These data were reported incorrectly in received pay for, the pay period that includes the 12th day of the month, and the BULLETIN for November 1985 through March 1986. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • December 1986 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION Seasonally adjusted 1985 1986 1985 1986 1985 1986 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Output (1977 = 100) Capacity (percent of 1977 output) Utilization rate (percent) 1 Total industry 124.7 125.0 124.3 125.1 155.4 156.3 157.1 157.9 80.2 80.0 79.2 79.2 2 Mining 107.1 105.4 100.1 96.6 132.5 132.1 132.1 137.5 80.9 79.6 75.6 73.2 3 Utilities 112.8 110.5 109.5 110.6 135.7 136.3 136.9 149.0 83.2 81.1 79.5 80.5 4 Manufacturing 127.4 128.4 128.3 129.5 159.5 160.5 161.4 162.3 79.9 80.0 79.5 79.8 5 Primary processing ... 110.3 111.5 111.1 111.9 133.1 133.6 134.0 134.5 82.8 83.5 82.9 83.2 6 Advanced processing . 137.8 138.5 138.8 140.1 175.3 176.7 177.9 179.2 78.6 78.4 78.0 78.2 7 Materials U4.3 114.5 113.4 113.4 143.6 144.2 144.7 145.3 79.6 79.4 78.3 78.1 8 Durable goods 121.1 120.9 118.8 118.7 159.0 159.9 160.7 161.5 76.2 75.6 73.9 73.5 9 Metal materials .... 82.6 79.0 75.2 72.6 115.5 115.0 114.5 114.0 71.5 68.7 65.7 63.7 10 Nondurable goods.... 113.9 115.7 116.8 118.9 138.6 139.0 139.5 139.9 82.2 83.2 83.8 85.0 11 Textile, paper, and chemical.. 114.0 116.2 117.0 119.6 138.0 138.4 138.8 139.2 82.7 83.9 84.3 85.9 V 124.8 128.8 130.2 136.5 137.3 138.1 91.4 9933..88 94.3 13 113.4 115.3 115.4 143.6 144.0 144.3 79 0 8800 11 79 9 14 Energy materials 102.6 102.2 100.8 99.4 120.9 121.1 121.3 121.4 84.9 84.4 82.9 81.9 Previous cycle1 Latest cycle2 1985 1986 High Low High Low Aug. Jan. Feb. Mar. Apr. May June' July' Aug/ Sept. Capacity utilization rate (percent) 15 Total industry 88.6 72.1 86.9 69.5 80.6 80.9 80.2 79.0 79.5 79.1 78.9 79.1 79.0 79.2 16 Mining 92.8 87.8 95.2 76.9 81.6 81.6 79.4 77.9 76.4 75.5 74.9 73.5 73.1 72.9 17 Utilities 95.6 82.9 88.5 78.0 81.5 82.7 80.4 80.1 80.0 79.3 79.2 80.7 80.1 80.6 18 Manufacturing 87.7 69.9 86.5 68.0 80.3 80.8 80.2 79.1 79.9 79.4 79.3 79.8 79.7 79.8 19 Primary processing ... 91.9 68.3 89.1 65.1 82.5 84.4 83.6 82.4 83.2 82.9 82.7 83.0 83.3 83.4 20 Advanced processing . 86.0 71.1 85.1 69.5 79.3 79.2 78.6 77.4 78.5 78.0 77.7 78.4 78.1 78.0 21 Materials 92.0 70.5 89.1 68.4 79.8 80.1 79.6 78.5 78.7 78.1 78.0 78.3 78.1 78.0 22 Durable goods 91.8 64.4 89.8 60.9 76.8 76.5 75.9 74.5 74.9 73.7 73.2 73.6 73.5 73.5 23 Metal materials 99.2 67.1 93.6 45.7 70.2 71.0 69.0 66.0 68.3 65.2 63.2 63.8 63.4 63.9 24 Nondurable goods .... 91.1 66.7 88.1 70.6 81.6 83.7 83.5 82.5 83.6 83.5 84.3 84.9 85.0 85.0 25 Textile, paper, and chemical 92.8 64.8 89.4 68.6 81.7 84.3 84.2 83.4 83.6 84.2 85.7 85.5 86.1 86.0 ?6 98.4 70.6 97.3 79.9 89.7 9944..66 93.8 93.0 93.6 93.1 96.1 95.6 77 92.5 64.4 87.9 63.3 78.7 8800..88 80.2 79.4 79.4 80.2 80.4 80.5 80.9 28 Energy materials 94.6 86.9 94.0 82.2 84.8 85.1 84.3 83.7 82.8 82.9 83.1 82.6 81.7 81.3 1. Monthly high 1973; monthly low 1975. NOTE. These data also appear in the Board's G.3 (402) release. For address, see 2. Monthly highs 1978 through 1980; monthly lows 1982. inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A47 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value A Monthly data are seasonally adjusted 1977 1985 11998866 Grouping p p r o o r - - a 11 v 9988 g 55 . tion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July Aug.? Sept/ Index (1977 = 100) MAJOR MARKET 1 Total index 100.00 123.8 124.3 123.6 124.8 125.6 126.2 125.3 123.6 124.7 124.2 124.2 124.9 125.1 125.3 2 Products 57.72 130.8 132.0 131.0 132.8 133.0 134.0 132.9 131.2 132.7 132.4 132.4 133.2 133.7 133.9 3 Final products 44.77 131.1 132.2 131.0 133.1 133.2 133.9 132.8 130.6 132.1 131.6 131.1 132.1 132.5 132.9 4 Consumer goods 25.52 120.2 121.1 120.5 122.7 123.3 123.8 123.3 121.8 124.5 124.3 124.4 125.1 124.9 125.2 5 Equipment 19.25 145.4 146.9 144.9 147.0 146.4 147.5 145.4 142.3 142.3 141.2 140.0 141.3 142.5 143.0 6 Intermediate products 12.94 130.0 131.3 131.2 131.8 132.0 134.2 133.4 133.3 134.5 135.1 137.0 137.3 137.7 137.7 7 Materials 42.28 114.2 113.8 113.4 113.9 115.4 115.5 114.8 113.3 113.8 113.0 113.1 113.5 113.4 113.4 Consumer goods 8 Durable consumer goods 6.89 112.9 113.1 112.3 115.4 115.3 116.0 116.6 112.4 115.9 113.8 114.3 116.0 115.3 116.9 9 Automotive products 2.98 114.0 116.2 113.2 115.6 113.9 116.2 117.6 110.4 116.4 113.2 113.7 115.9 113.4 117.4 10 Autos and trucks 1.79 112.0 115.8 111.3 114.1 110.4 118.2 119.4 106.3 115.1 110.3 112.2 114.5 110.8 117.5 11 Autos, consumer 1.16 98.9 98.8 94.9 95.6 94.6 105.5 107.1 93.7 100.8 94.8 99.3 95.3 87.8 96.2 12 Trucks, consumer .63 136.3 147.4 141.8 148.6 139.8 141.7 142.1 129.6 141.5 139.1 136.1 150.3 153.4 13 Auto parts and allied goods 1.19 116.9 116.8 116.0 117.7 119.0 113.3 114.9 116.6 118.4 117.4 116.1 117.9 (17.5 117.4 14 Home goods 3.91 112.2 110.7 111.6 115.3 116.4 115.8 115.8 113.9 115.5 114.3 114.8 116.0 116.7 116.4 15 Appliances, A/C and TV 1.24 131.0 126.1 127.5 138.8 140.4 133.2 135.1 133.7 138.8 133.9 137.5 138.9 139.6 138.0 16 Appliances and TV 1.19 131.8 128.3 129.8 141.3 143.2 135.7 137.6 136.0 140.6 135.8 139.1 141.6 142.7 17 Carpeting and furniture .96 119.8 121.7 121.9 124.6 123.3 125.1 124.4 121.2 121.8 123.3 122.5 125.6 125.7 18 Miscellaneous home goods 1.71 94.3 93.3 94.4 93.1 95.1 98.0 97.0 95.5 95.0 95.0 94.1 94.1 95.1 19 Nondurable consumer goods 18.63 122.9 124.1 123.5 125.3 126.3 126.6 125.8 125.3 127.7 128.1 128.1 128.4 128.5 128.3 20 Consumer staples 15.29 129.0 130.1 129.4 131.3 132.5 132.8 132.3 131.6 134.3 135.0 135.1 135.3 135.6 135.4 21 Consumer foods and tobacco 7.80 128.8 130.1 128.7 130.5 131.6 130.1 131.1 130.3 131.9 132.4 133.3 132.0 132.8 22 Nonfood staples 7.49 129.2 130.1 130.1 132.1 133.4 135.6 133.5 133.0 136.7 137.7 137.0 138.8 138.5 138.4 23 Consumer chemical products .. 2.75 149.1 152.9 149.1 154.8 153.6 156.3 158.3 156.4 163.1 162.4 163.6 166.4 164.9 24 Consumer paper products 1.88 141.9 142.6 143.5 143.2 146.5 148.9 143.4 143.1 145.1 148.6 147.1 146.4 146.6 25 Consumer energy 2.86 101.8 99.9 103.0 103.1 105.4 107.0 103.2 104.0 106.0 106.8 104.8 107.4 107.7 26 Consumer fuel 1.44 88.6 84.6 90.1 89.8 91.7 94.1 92.0 92.2 93.7 96.4 91.8 93.1 95.5 27 Residential utilities 1.42 115.3 115.5 116.2 116.6 119.4 120.1 114.5 116.1 118.4 117.5 118.1 122.0 Equipment 28 Business and defense equipment 18.01 146.0 147.4 145.7 148.2 147.8 149.1 147.8 145.5 146.6 146.0 145.1 146.7 147.8 148.3 29 Business equipment 14.34 139.6 140.4 138.3 140.8 140.0 141.5 140.5 137.7 138.6 137.9 136.6 138.3 139.2 139.7 30 Construction, mining, and farm .. 2.08 64.3 64.4 64.2 65.1 66.3 65.3 63.0 59.5 58.6 60.9 61.9 60.6 57.5 31 Manufacturing 3.27 110.7 112.2 110.0 110.5 111.6 113.0 112.9 112.4 111.9 111.9 111.7 112.6 113.1 113.1 32 Power 1.27 83.5 84.3 85.3 84.1 85.4 82.9 82.3 82.0 83.0 82.9 83.5 81.7 83.2 82.9 33 Commercial 5.22 217.9 216.9 212.3 218.6 217.0 217.8 216.8 214.3 213.4 212.9 208.2 215.6 217.2 216.0 34 Transit 2.49 105.4 109.5 109.5 109.7 105.5 112.7 111.7 104.3 112.1 107.3 108.8 103.9 106.9 112.3 35 Defense and space equipment 3.67 170.6 174.5 174.8 177.2 178.5 178.7 176.3 176.2 178.0 178.0 178.4 179.5 181.5 181.9 Intermediate products 36 Construction supplies 5.95 118.3 120.3 120.2 120.5 119.8 124.0 122.6 122.6 123.6 123.5 124.1 124.0 125.5 126.0 37 Business supplies 6.99 140.0 140.7 140.5 141.5 142.4 142.9 142.6 142.5 143.8 145.0 147.9 148.7 148.2 38 General business supplies 5.67 143.9 144.2 144.3 145.3 146.2 147.2 146.7 146.4 148.0 148.3 151.6 153.4 152.2 39 Commercial energy products 1.31 122.9 125.4 123.8 125.4 126.2 124.4 124.9 125.6 125.8 130.7 131.9 128.3 130.8 Materials 40 Durable goods materials 20.50 121.4 119.9 120.1 121.2 121.9 122.2 121.3 119.3 120.2 118.4 117.8 118.6 118.7 118.9 41 Durable consumer parts 4.92 100.3 98.6 99.8 100.7 101.1 103.5 103.2 99.9 99.3 96.4 96.3 96.5 95.1 95.7 42 Equipment parts 5.94 158.0 155.4 152.7 154.0 154.1 153.8 153.0 153.7 154.8 152.3 151.8 154.2 155.7 155.4 43 Durable materials n.e.c 9.64 109.7 108.9 110.3 111.4 112.8 112.2 111.0 108.0 109.4 108.8 107.9 108.0 107.9 108.3 44 Basic metal materials 4.64 84.8 84.0 85.5 87.8 87.9 85.2 83.0 79.6 82.9 78.9 76.7 77.4 76.3 45 Nondurable goods materials 10.09 112.2 114.2 113.6 113.3 114.9 116.2 116.1 114.8 116.5 116.5 117.7 118.7 119.1 119.3 46 Textile, paper, and chemical materials 7.53 112.2 114.4 113.7 113.4 115.0 116.5 116.5 115.5 115.9 116.9 118.2 119.0 119.9 119.8 47 Textile materials 1.52 98.7 104.3 105.2 106.1 103.8 104.1 107.5 105.7 106.7 108.4 109.5 111.2 113.0 48 Pulp and paper materials 1.55 124.1 123.8 121.8 123.6 129.0 129.7 128.8 128.0 129.0 128.6 132.7 134.4 135.0 49 Chemical materials 4.46 112.7 114.6 113.7 112.4 114.0 116.2 115.4 114.5 114.5 115.7 116.1 116.3 117.0 50 Miscellaneous nondurable materials 2.57 112.1 113.5 113.4 112.8 114.4 115.4 115.0 112.8 118.2 115.3 116.4 117.9 116.6 51 Energy materials 11.69 103.4 102.8 101.5 101.8 104.5 103.0 102.1 101.4 100.4 100.5 100.8 100.2 99.2 98.8 52 Primary energy 7.57 107.2 106.3 105.5 106.5 108.1 106.9 106.7 107.4 106.2 106.7 106.5 104.7 103.5 53 Converted fuel materials 4.12 96.4 96.2 94.2 93.3 97.9 95.8 93.6 90.5 89.7 89.2 90.4 92.0 91.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 Domestic Nonfinancial Statistics • December 1986 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value—Continued 1977 1985 1986 Grouping c S o I d C e p p r o o r - - a 1 v 98 g 5 . tion Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June' July Aug.? Sept Index (1977 = 100) MAJOR INDUSTRY 1 Mining and utilities 15.79 110.0 110.1 108.8 108.8 110.2 109.8 106.8 105.4 104.2 103.1 102.6 102.2 101.6 101.7 2 Mining 9.83 108.8 108.2 106.9 106.9 107.4 108.1 105.1 103.0 101.0 99.8 98.9 97.1 96.5 96.1 3 Utilities 5.96 111.9 113.3 111.8 111.9 114.8 112.5 109.7 109.3 109.4 108.5 108.6 110.8 110.1 111.0 4 Manufacturing 84.21 126.4 127.0 126.3 127.8 128.2 129.4 128.7 127.2 128.7 128.2 128.3 129.3 129.4 129.8 5 Nondurable 35.11 125.1 126.4 125.8 127.2 127.5 129.3 128.7 127.7 129.6 129.9 131.2 132.1 132.0 132.2 6 Durable 49.10 127.3 127.4 126.7 128.2 128.7 129.5 128.7 126.8 128.1 127.0 126.2 127.4 127.6 128.0 Mining 1 Metal 10 .50 75.0 73.8 76.0 78.3 77.3 73.5 77.2 75.9 76.0 72.0 65.9 8 Coal 11.12 1.60 126.8 126.9 122.9 125.8 128.4 130.8 126.5 124.7 124.4 124.0 127.3 120.2 122.2 9 Oil and gas extraction 13 7.07 106.2 105.4 104.4 103.6 104.2 104.9 101.1 99.2 96.2 95.1 93.3 92.3 90.8 90.3 10 Stone and earth minerals 14 .66 118.3 118.8 118.5 118.0 114.6 113.5 116.8 111.6 115.0 112.4 114.5 111.8 114.8 Nondurable manufactures 11 Foods 20 7.96 130.2 132.2 129.4 131.5 132.1 132.0 132.9 132.2 133.1 133.7 134.6 133.9 134.9 12 Tobacco products 21 .62 100.2 98.9 103.2 102.8 100.3 93.8 97.0 93.6 100.3 101.6 97.6 100.0 13 Textile mill products 22 2.29 103.2 107.0 107.7 110.0 107.7 107.9 109.9 108.0 111.4 111.3 112.6 113.1 113.5 14 Apparel products 23 2.79 100.9 101.8 102.1 103.8 104.5 105.5 102.8 102.8 103.1 102.6 101.7 103.3 101.5 15 Paper and products 26 3.15 127.6 128.0 127.7 128.9 131.3 133.6 132.6 132.4 134.1 133.2 137.2 138.3 138.6 16 Printing and publishing 27 4.54 153.9 153.4 154.5 156.8 157.6 160.9 156.7 157.8 161.6 161.9 164.0 166.0 163.5 164.0 17 Chemicals and products 28 8.05 127.1 129.1 127.3 128.2 128.1 131.7 132.0 130.2 132.8 131.5 134.2 134.8 135.1 18 Petroleum products 29 2.40 86.8 85.3 87.9 87.6 88.9 94.7 90.1 88.6 91.3 95.7 91.8 91.8 94.5 93.1 19 Rubber and plastic products... 30 2.80 146.9 148.8 149.0 150.1 149.4 150.2 151.1 147.8 146.8 150.1 152.2 155.7 154.9 20 Leather and products 31 .53 68.5 70.1 68.2 68.7 66.4 65.4 64.8 62.7 61.5 59.5 57.9 61.9 61.7 Durable manufactures 21 Lumber and products 24 2.30 113.4 116.0 116.2 115.0 116.1 120.5 120.3 120.7 121.3 121.6 120.9 119.7 22 Furniture and fixtures 25 1.27 139.7 142.8 140.0 142.2 140.5 141.2 143.2 142.9 145.9 146.2 147.1 150.8 149.5 23 Clay, glass, stone products.... 32 2.72 115.5 117.4 116.1 116.7 118.2 120.0 119.3 120.0 121.6 120.2 120.8 119.6 119.8 24 Primary metals 33 5.33 80.5 80.8 81.9 82.9 81.7 82.4 80.3 76.3 78.1 74.8 71.4 73.5 72.6 72.6 25 Iron and steel 331.2 3.49 70.4 70.3 72.4 73.9 71.6 72.2 69.5 64.3 65.6 60.2 58.3 61.4 59.9 26 Fabricated metal products .... 34 6.46 107.3 106.7 107.9 107.6 108.2 109.2 108.5 107.6 108.2 106.5 106.6 105.5 106.5 107.1 27 Nonelectrical machinery 35 9.54 145.3 144.2 141.7 144.8 146.2 144.9 143.9 141.7 140.8 141.3 140.4 142.6 142.9 141.5 28 Electrical machinery 36 7.15 168.4 164.5 164.2 166.9 168.7 166.1 164.8 165.2 166.8 166.0 163.2 166.8 167.0 167.5 29 Transportation equipment 37 9.13 121.4 124.5 123.3 124.8 124.0 128.2 127.5 122.6 126.2 124.1 125.1 125.6 125.3 127.4 30 Motor vehicles and parts.... 371 5.25 111.5 113.7 111.4 112.6 111.4 116.5 116.4 108.1 112.6 108.7 110.6 111.2 108.3 112.8 31 Aerospace and miscellaneous transportation equipment 372-6.9 3.87 134.9 139.1 139.4 141.3 141.0 143.9 142.6 142.4 144.8 145.0 144.7 145.1 148.5 147.2 32 Instruments 38 2.66 139.1 139.0 138.4 139.9 140.4 141.5 141.9 142.0 142.4 140.3 139.9 141.7 142.6 142.6 33 Miscellaneous manufactures... 39 1.46 96.1 95.3 95.0 94.8 96.6 100.9 100.9 99.0 99.2 101.0 98.3 97.9 98.2 Utilities 34 Electric 44..1177 111199..77 112200..88 111199..44 112200..11 112222..44 111199..77 111199..55 111199..88 112211..66 112211..77 112233..11 112255..44 112244..44 Gross value (billions of 1978 dollars, annual rates) MAJOR MARKET 35 Products, total 517.5 F,650.9 1,653.8 1,658.6 1,680.6 1,676.6 1,702.1 1,686.5 1,660.8 1,686.3 1,687.6 1,676.7 1,672.0 1,682.5 36 Final 405.7 1,282.3 1,283.5 1,284.6 1,304.9 1,302.5 1,321.2 1,310.3 1,282.5 1,307.0 1,301.1 1,289.5 1,284.8 1,292.6 37 Consumer goods 272.7 820.7 817.3 822.1 838.1 841.7 850.7 845.3 832.0 852.3 852.4 843.8 843.6 846.7 38 Equipment 133.0 461.7 466.2 462.5 466.8 460.8 470.5 465.1 450.4 454.7 448.7 445.7 441.2 445.9 39 Intermediate 111.9 368.6 370.3 374.0 375.7 374.1 380.8 376.2 378.3 379.3 386.4 387.2 387.2 389.9 • A major revision of the industrial production index and the capacity (July 1985), pp. 487-501. The revised indexes for January through June 1985 were utilization rates was released in July 1985. See "A Revision of the Index of shown in the September BULLETIN. Industrial Production" and accompanying tables that contain revised indexes NOTE. These data also appear in the Board's G.12.3 (414) release. For address, (1977=100) through December 1984 in the FEDERAL RESERVE BULLETIN, vol. 71 see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A49 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1985 1986 Nov. Dec. Jan. Feb. Mar. Apr. May' June' July Aug. Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 1,605 1,682 1,733 1,668 1,839 1,861 1,808 1,834 1,885 1,788 1,792 1,759 1,673 7 1-family 902 922 957 932 963 1,060 1,033 1,043 1,139 1,092 1,121 1,093 1,039 3 2-or-more-family 703 759 777 736 876 801 775 791 746 696 671 666 634 4 Started 1,703 1,749 1,742 1,654 1,882 2,034 2,001 1,960 2,019 1,853 1,852 1,782 1,818 1-family 1,067 1,084 1,072 1,006 1,098 1,335 1,202 1,221 1,242 1,241 1,230 1,137 1,199 6 2-or-more-family 635 665 669 648 784 699 799 739 777 612 622 645 619 7 Under construction, end of period1 1,003 1.051 1,063 1,087 1.088 1,094 1,110 1,099 1,135 1,132 1,151 1,156 1,167 8 1-family 524 556 539 570 561 571 581 574 586 597 612 623 633 9 2-or-more-family 479 494 524 517 528 522 529 526 549 534 539 532 534 10 Completed 1,390 1,652 1,703 1,721 1.762 1,778 1,725 1,806 1,693 1,829 1,620 1,764 1,765 11 1-family 924 1,025 1,072 1,095 1,141 1,075 1,038 1,153 1,127 1,140 1,060 1,068 1,114 12 2-or-more-family 466 627 631 626 621 703 687 653 566 689 560 696 651 13 Mobile homes shipped 296 296 284 287 285 280 266 240 249 239 226 236 232 Merchant builder activity in 1-familv units 14 Number sold 622 639 688 722 729 735 741 924 880 787 717 686 594 15 Number for sale, end of period1 304 358 350 353 349 352 352 338 336 336 342 351 356 Price (thousands of dollars)2 Median 16 Units sold 75.5 80.0 84.3 87.2 87.9 86.6 89.7 88.7 92.5 92.1 91.2 94.7 91.4 Average 17 Units sold 89.9 97.5 101.0 104.1 106.1 104.1 106.6 108.0 110.3 114.6 110.5 117.5 116.3 EXISTING UNITS (1-family) 18 Number sold 2,719 2,868 3,217 3,450 3,520 3,300 3,270 3,200 3,570 3,450 3,390 3,470 3,610 Price of units sold (thousands of dollars)2 19 Median 69.8 72.3 75.4 74.9 75.5 77.1 77.4 79.8 80.2 83.2 82.6 79.9 80.9 20 Average 82.5 85.9 90.6 90.3 91.8 93.0 93.1 96.8 98.1 101.7 102.1 99.2 99.4 Value of new construction' (millions of dollars) CONSTRUCTION 21 Total put in place 279,240 327,209 355,570 357,630 365,554 373,378 373,947 368,027 373,904' 374,483 375,397 378,121 382,226 77. Private 228,527 271,973 292,792 294,425 300,619 305.366 305,682 298,868 303,320' 302,573 304,567 305,661 308,579 73 Residential 126,553 155,148 158,818 158,210 161,786 163,413 164,713 165,645 170,520' 172,491 174,478 175,854 176,684 74 Nonresidential, total 101,974 116.825 133,974 136,215 138,833 141,953 140,969 133,223 132,800' 130,082 130,089 129,807 131,895 Buildings 25 Industrial 12,863 13,746 15.769 16,095 16,546 15,783 16,381 13,354 14,557' 13,658 13,027 12,878 13,182 26 Commercial 35,789 48,100 59,626 61,185 63,863 65,222 63,494 60,716 59,763' 57,368 57,443 57,886 58,771 77 Other 11.838 12,547 12,619 12,748 12,487 12,781 13,065 13,131 13,006' 13,131 13,263 13,269 13,603 28 Public utilities and other 41,484 42,432 45,960 46,187 45,937 48,167 48,029 46,022 45,474' 45,925 46,356 45,774 46,339 2.9 Public 50,715 55.232 62,777 63,205 64,935 68,013 68,264 69,159 70,583' 71,910 70,830 72,460 73,647 30 Military 2,544 2,839 3,283 3,598 3,539 3,407 3,974 3,673 3,725' 3,637 3,761 3,768 4,021 31 Highway 14,143 16,343 19,998 19,854 21,017 22,129 22,273 22,673 23,155 23,240 22,001 21,802 21,857 32 Conservation and development 4,820 4,654 4,952 5,090 4,958 5,614 4,372 4,598 4,947' 4,729 4,657 4,423 4.279 33 Other 29,208 31,396 34,544 34,663 35,421 36,863 37,645 38,215 38,756' 40,304 40,411 42,467 43,490 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

A50 Domestic Nonfinancial Statistics • December 1986 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data, except as noted C m h o a n n t g h e s f e ro a m rl ie 1 r 2 Change ( a f t r o a m nn 3 u a m l o ra n t t e h ) s earlier Change from 1 month earlier IIIttteeemmm 1985 1986 1986 11998855 11998866 SSeepptt.. SSeepptt.. Dec. Mar. June Sept. May June July Aug. Sept. CONSUMER PRICES2 1 All items 3.2 1.8 S.3 -1.9 1.5 2.2 .2 .5 .0 .2 .3 2 Food 1.9 4.3 5.9 -1.4 3.4 9.4 .4 .1 .9 .9 .4 3 Energy items .8 -16.6 3.3 -34.2 -12.5 -19.5 .3 2.3 -4.1 -1.9 .7 4 All items less food and energy 3.9 4.1 5.4 4.1 3.1 3.7 .1 .3 .4 .3 .3 5 Commodities 1.6 1.7 3.6 .3 -.5 3.1 -.1 .1 .2 .3 .2 6 Services 5.3 5.6 6.5 6.5 5.2 4.1 .2 .4 .4 .3 .3 PRODUCER PRICES 7 Finished goods .2 -.9 9.2 -12.5 .0 1.1 ,5R .0 -.4 .3 .4 8 Consumer foods -2.7 6.2 16.0 -8.1 6.0 12.8 1.3 .0 1.9 1.3 -.2 9 Consumer energy -1.9 -33.6 20.7 -66.9 -25.1 -34.5 1.8' -11.9 -1.5 3.7 10 Other consumer goods 1.9 2.9 4.4 2.5 1.7 2.5 .(y .V .3 .1 .2 11 Capital equipment 1.3 2.7 5.6 .7 1.9 2.6 .(y .1 .2 .1 .4 12 Intermediate materials' -.4 -4.0 2.9 -11.8 -4.8 -1.3 -.3 .lr -.7 -.2 .5 13 Excluding energy .2 -.1 .0 -1.0 -1.3 2.0 .0 .2 .0 .3 Crude materials 14 Foods -14.8 7.7 47.0 -24.7 -.2 22.3 4.4R -1.2R 3.4 2.5 -.8 15 Energy -5.7 -26.8 -4.0 -51.3 -33.8 -7.1 -1.1' -2.9R -2.8 -2.6 3.7 16 Other -6.6 -3.0 1.5 -.2 6.6 -17.8 .2R 1.1 .1 -5.3 .5 1. Not seasonally adjusted. 3. Excludes intermediate materials for food manufacturing and manufactured 2. Figures for consumer prices are those for all urban consumers and reflect a animal feeds. rental equivalence measure of homeownership after 1982. SOURCE. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A51 2.16 GROSS NATIONAL PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates. 1985 1986 AAccccoouunntt 11998833 11998844 11998855 Q3 Q4 Ql Q2 Q3 GROSS NATIONAL PRODUCT 1 3,405.7 3,765.0 3,998.1 4,030.5 4,087.7 4,149.2 4,175.6 4,234.3 By source 2 Personal consumption expenditures 2,234.5 2,428.2 2,600.5 2,627.1 2,667.9 22,,669977..99 22,,773322..00 22,,779999..33 3 Durable goods 289.1 331.2 359.3 373.3 362.0 360.8 373.9 410.2 4 Nondurable goods 816.7 870.1 905.1 907.4 922.6 929.7 928.4 935.5 5 Services 1,128.7 1,227.0 1,336.1 1,346.4 1,383.2 1,407.4 1,429.8 1,453.6 6 Gross private domestic investment 502.3 662.1 661.1 657.4 669.5 708.3 687.3 674.7 7 509.4 598.0 650.0 654.3 672.6 664.4 672.8 682.3 8 356.9 416.5 458.2 459.8 474.0 459.2 457.5 461.1 9 124.0 139.3 154.8 155.0 157.2 154.6 141.5 139.6 in Producers' durable equipment 232.8 277.3 303.4 304.7 316.8 304.6 316.0 321.5 11 Residential structures 152.5 181.4 191.8 194.5 198.6 205.3 215.3 221.1 i? Change in business inventories -7.1 64.1 11.1 3.1 -3.1 43.8 14.5 -7.5 13 Nonfarm .4 56.6 12.2 3.2 16.7 41.2 10.5 -7.4 14 Net exports of goods and services -6.1 -58.7 -78.9 -83.7 -105.3 -93.7 -104.5 -110.1 is 352.5 382.7 369.8 362.3 368.2 374.8 363.0 373.5 16 358.7 441.4 448.6 446.0 473.6 468.5 467.5 483.7 17 Government purchases of goods and services 675.0 733.4 815.4 829.7 855.6 836.7 860.8 870.4 18 283.5 311.3 354.1 360.9 380.9 355.7 367.6 365.7 19 State and local 391.5 422.2 461.3 468.8 474.7 480.9 493.3 504.7 By major type of product 70 3,412.8 3,700.9 3,987.0 44,,002277..44 44,,009900..88 44,,110055..44 44,,116611..22 44,,224411..88 71 1,396.1 1,576.7 1,630.2 1,642.8 1,644.1 1,669.0 1,661.6 1,684.4 77 573.3 675.0 700.2 710.3 709.1 710.6 703.1 728.0 73 822.7 901.7 930.0 932.5 935.0 958.4 958.5 956.4 74 1,682.5 1,813.1 1,959.8 1,971.9 2,025.5 2,057.7 2,087.4 2,115.7 25 Structures 327.1 375.1 408.1 415.9 418.1 422.6 426.7 434.1 26 Change in business inventories -7.1 64.1 11.1 3.1 -3.1 43.8 14.5 -7.5 77 Durable goods -1.0 39.2 6.6 -2.7 9.5 28.6 -.1 -14.7 28 Nondurable goods -6.1 24.9 4.5 5.8 -12.7 15.3 14.6 7.2 29 MEMO: Total GNP in 1982 dollars 3,279.1 3,489.9 3,585.2 3,603.8 3,622.3 3,655.9 3,661.4 3,683.3 NATIONAL INCOME 30 2,719.5 3,032.0 3,222.3 3,243.4 3,287.3 3,340.7 3,376.4 n.a. 31 Compensation of employees 2,020.7 2,214.7 2,368.2 2,380.9 2,423.6 2,461.5 2,480.2 2,507.8 3? Wages and salaries 1,676.2 1,837.0 1,965.8 1,976.0 2,012.8 2,044.1 2,058.8 2,081.6 33 Government and government enterprises 324.3 346.2 372.2 374.2 381.6 387.2 392.5 398.4 34 Other 1,352.3 1,490.6 1,593.9 1,601.8 1,631.1 1,656.8 1,666.3 1,683.2 35 Supplement to wages and salaries 344.5 377.7 402.4 404.9 410.9 417.4 421.3 426.2 36 Employer contributions for social insurance 170.9 193.1 205.5 206.1 209.1 212.9 214.1 215.8 37 Other labor income 173.6 184.5 196.9 198.8 201.7 204.5 207.3 210.4 38 Proprietors' income1 190.9 236.9 254.4 249.3 262.1 265.3 289.1 279.3 39 Business and professional1 178.4 205.3 225.2 227.7 232.7 240.9 249.6 257.9 40 Farm1 12.4 31.5 29.2 21.6 29.4 24.4 39.5 21.4 41 Rental income of persons2 13.2 8.3 7.6 7.3 8.3 12.8 16.3 16.3 42 Corporate profits1 213.7 264.7 280.7 296.3 285.6 296.4 293.1 n.a. 43 Profits before tax3 207.6 235.7 223.2 229.2 235.8 224.3 231.3 n.a. 44 Inventory valuation adjustment -10.9 -5.5 -.6 6.1 -9.4 16.5 10.6 7.1 45 Capital consumption adjustment 17.0 34.5 58.1 61.0 59.2 55.6 51.3 50.4 46 Net interest 281.0 307.4 311.4 309.7 307.6 304.9 297.7 292.5 1. With inventory valuation and capital consumption adjustments. 3. For after-tax profits, dividends, and the like, see table 1.48. 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

A52 Domestic Nonfinancial Statistics • December 1986 2.17 PERSONAL INCOME AND SAVING Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted. 1985 1986 AAccccoouunntt 11998833 11998844 11998855 Q3 Q4 Ql Q2 Q3 PERSONAL INCOME AND SAVING 1 Total personal income 2,838.6 3,110.2 3,314.5 3,323.2 3,382.9 3,432.6 3,483.3 3,501.6 2 Wage and salary disbursements 1,676.6 1,836.8 1,966.1 1,976.0 2,012.8 2,044.1 2,058.8 2,081.6 3 Commodity-producing industries 523.1 577.8 607.7 608.3 617.7 622.0 620.8 622.1 397.4 439.1 460.1 460.7 467.5 470.5 468.8 470.1 5 Distributive industries 404.2 442.2 469.8 472.4 478.9 485.2 484.3 487.9 6 Service industries 425.1 470.6 516.4 521.1 534.6 549.6 561.3 573.2 7 Government and government enterprises 324.3 346.2 372.2 374.2 381.6 387.2 392.5 398.4 173.6 184.5 196.9 198.8 201.7 204.5 207.3 210.4 9 Proprietors' income1 190.9 236.9 254.4 249.3 262.1 265.3 289.1 279.3 10 Business and professional1 178.4 205.3 225.2 227.7 232.7 240.9 249.6 257.9 11 Farm1 12.4 31.5 29.2 21.6 29.4 24.4 39.5 21.4 12 Rental income of persons2 13.2 8.3 7.6 7.3 8.3 12.8 16.3 16.3 68.7 74.7 76.4 76.3 76.7 79.1 81.1 82.0 14 Personal interest income 393.1 446.9 476.2 475.2 480.6 480.8 480.1 474.4 15 Transfer payments 442.6 455.6 487.1 491.1 493.6 504.7 510.1 518.3 16 Old-age survivors, disability, and health insurance benefits... 221.7 235.7 253.4 256.5 256.8 263.2 264.1 269.8 17 LESS: Personal contributions for social insurance 120.1 133.5 150.2 150.7 152.9 158.6 159.5 160.8 18 EQUALS: Personal income 2,838.6 3,110.2 3,314.5 3,323.2 3,382.9 3,432.6 3,483.3 3,501.6 19 LESS: Personal tax and nontax payments 410.5 439.6 486.5 491.2 500.7 497.5 504.8 518.6 20 EQUALS: Disposable personal income 2,428.1 2,670.6 2,828.0 2,832.0 2,882.2 2,935.1 2,978.5 2,983.0 21 LESS: Personal outlays 2,297.4 2,501.9 2,684.7 2,712.4 2,756.4 2,789.4 2,825.5 2,895.4 22 EQUALS: Personal saving 130.6 168.7 143.3 119.6 125.8 145.6 153.1 87.5 MEMO Per capita (1982 dollars) 23 Gross national product 13,963.7 14,721.1 14,980.9 15,040.5 15,079.9 15,188.0' 1155,,117799..99 1155,,223322..88 24 Personal consumption expenditures 9,138.5 9,475.4 9,713.0 9,774.4 9,790.3 9,857.1' 9,985.0 10,134.0 25 Disposable personal income 9,930.0 10,421.0 10,563.0 10,537.0 10,577.0 10,723.0 10,886.0 10,800.0 26 Saving rate (percent) 5.4 6.3 5.1 4.2 4.4 5.0 5.1 2.9 GROSS SAVING 463.6 573.3 551.5 541.7 524.1 583.2 539.7 n.a. 28 Gross private saving 592.2 674.8 687.8 679.6 679.2 714.8 718.7 n.a. 29 Personal saving 130.6 168.7 143.3 119.6 125.8 145.6 153.1 87.5 30 Undistributed corporate profits1 65.0 91.0 107.3 118.8 106.8 122.1 112.3 n.a. 31 Corporate inventory valuation adjustment -10.9 -5.5 -.6 6.1 -9.4 16.5 10.6 7.1 Capital consumption allowances 242.7 253.9 268.2 227700..11 227733..33 227755..33 227788..99 228811..44 33 Noncorporate 153.9 161.2 169.0 171.2 173.4 171.8 174.4 176.5 34 Wage accruals less disbursements .0 .0 .0 .0 .0 .0 .0 .0 35 Government surplus, or deficit (-), national income and -128.6 -101.5 -136.3 -138.0 --115555..11 --113311..66 --117799..00 n.a. -176.0 -170.0 -198.0 -197.5 -217.6 -201.6 -238.1 n.a. 47.5 68.5 61.7 59.5 62.5 70.0 59.0 n.a. 38 Capital grants received by the United States, net .0 .0 .0 .0 .0 .0 .0 .0 468.8 571.4 545.9 536.2 525.7 579.6 544.3 529.8 40 Gross private domestic 502.3 662.1 661.1 657.4 669.5 708.3 687.3 674.7 -33.5 -90.7 -115.2 -121.2 -143.8 -128.6 -143.0 -145.0 5.2 -1.9 -5.5 -5.5 1.6 -3.6 4.6 4.6 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

Summary Statistics A53 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data are seasonally adjusted except as noted.1 1985 1986 IItteemm ccrreeddiittss oorr ddeebbiittss 11998833 11998844 11998855 Q2 Q3 Q4 QL Q2P 1 Balance on current account --4466,,660055 -106,466 -117,677 -29,416 -28,454 -33,698 -34,038 -34,731 7 --3300,,336622 --3322,,227755 --3311,,551100 --3311,,002200 --3355,,775533 3 Merchandise trade balance2 -67,080 -112,522 -124,439 -30,367 -31,675 -37,352 -36,459 -36,023 4 Merchandise exports 201,820 219,900 214,424 53,875 52,498 52,727 53,661 54,795 5 Merchandise imports -268,900 -332,422 -338,863 -84,242 -84,173 -90,079 -90,120 -90,818 6 Military transactions, net -370 -1,827 -2,917 -729 -619 -1,322 -1,066 -704 7 Investment income, net3 24,841 18,751 25,188 5,449 8,262 9,255 6,517 5,290 8 Other service transactions, net 5,484 1,288 -525 -311 -421 -35 -7 753 9 Remittances, pensions, and other transfers -3,194 -3,621 -3,787 -881 -914 -937 -954 -843 10 U.S. government grants (excluding military) -6,286 -8,536 -11,196 -2,577 -3,087 -3,307 -2,069 -3,204 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -5,005 -5,523 -2,824 --11,,005555 -422 --554400 --225500 --118811 12 Change in U.S. official reserve assets (increase, -) -1,196 -3,130 -3,858 -356 -121 -3,148 -115 16 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -66 -979 -897 -180 -264 -189 -274 -104 15 Reserve position in International Monetary Fund -4,434 -995 908 72 388 168 344 366 16 Foreign currencies 3,304 -1,156 -3,869 -248 -245 -3,126 -185 -246 17 Change in U.S. private assets abroad (increase, -)3 -43,821 -14,987 -25,754 -1,382 -5,324 -19,579 -12,533 -17,584 18 Bank-reported claims -29,928 -11,127 -691 3,450 4,009 -8,485 6,333 -10,744 19 Nonbank-reported claims -6,513 5,081 1,665 1,706 -1,517 418 -2,842 n.a. 20 U.S. purchase of foreign securities, net -7,007 -5,082 -7,977 -2,325 -1,664 -1,411 -6,133 -1,567 21 U.S. direct investments abroad, net3 -373 -3,859 -18,752 -4,213 -6,152 -10,101 -9,891 -5,273 22 Change in foreign official assets in the United States (increase, +) 5,968 3,037 -1,324 8,486 2,577 -1,322 22,,446699 1133,,776666 23 U.S. Treasury securities 6,972 4,690 -546 8,685 -81 -1,976 3,256 13,889 24 Other U.S. government obligations -476 13 -295 136 46 -171 -177 -597 25 Other U.S. government liabilities4 725 436 483 606 58 263 228888 663 26 Other U.S. liabilities reported by U.S. banks 545 555 522 -107 2,932 722 --11,,226611 350 27 Other foreign official assets5 -1,798 -2,657 -1,488 -834 -378 -160 363 -539 28 Change in foreign private assets in the United States (increase, +)3 79,528 99,730 128,430 16,872 33,088 53,158 3344,,115511 3322,,773388 29 U.S. bank-reported liabilities 50,342 33,849 40,387 606 7,276 20,427 8,434 4,983 30 U.S. nonbank-reported liabilities -118 4,704 -1,172 -1,837 589 2,232 -2,057 n.a. 31 Foreign private purchases of U.S. Treasury securities, net 8,721 23,059 20,500 5,123 7,484 5,676 7,666 1,391 32 Foreign purchases of other U.S. securities, net 8,636 12,759 50,859 7,223 11,628 22.441 18,686 22,590 33 Foreign direct investments in the United States, net3 11,947 25,359 17,856 5,757 6,111 2,382 1,422 3,774 34 Allocation of SDRs 0 0 0 0 0 0 0 0 35 Discrepancy 11,130 27,338 23,006 6,851 -1,344 5,128 10,316 5,976 36 --11,,117755 --33,,668888 33,,777744 11,,221166 --11,,446644 37 Statistical discrepancy in recorded data before seasonal adjustment 11,130 27,338 23,006 8,026 2,344 1,354 9,100 7,440 MEMO Changes in official assets 38 U.S. official reserve assets (increase, -) -1,196 -3,130 -3,858 --335566 -121 -3,148 --111155 1166 39 Foreign official assets in the United States (increase, +) 5,243 2,601 -1,807 7,880 2,519 -1,585 22,,118811 1133,,110033 40 Change in Organization of Petroleum Exporting Countries official assets in the United States (part of line 22 above) -8,283 -4,304 -6,599 -1,843 -1,831 -1,002 1,421 -2,609 41 Transfers under military grant programs (excluded from lines 4, 6, and 10 above) 194 190 64 1122 1155 28 2222 6611 1. Seasonal factors are not calculated for lines 6, 10, 12-16, 18-20, 22-34, and 4. Primarily associated with military sales contracts and other transactions 38-41. arranged with or through foreign official agencies. 2. Data are on an international accounts (IA) basis. Differs from the Census 5. Consists of investments in U.S. corporate stocks and in debt securities of basis data, shown in table 3.11, for reasons of coverage and timing; military private corporations and state and local governments. exports are excluded from merchandise data and are included in line 6. NOTE. Data are from Bureau of Economic Analysis, Survey of Current Business 3. Includes reinvested earnings. (Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • December 1986 3.11 U.S. FOREIGN TRADE Millions of dollars; monthly data are not seasonally adjusted. 1986 IItteemm 11998833 11998844 11998855 Feb. Mar. Apr. May June July Aug. 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 200,486 217,865 213,146 17,735 18,913 17,965 17,431 19,070 17,707 17,604 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 258,048 325,726 345,276 28,895 31,972 28,762 30,272 31,764 34,121 29,476 3 Trade balance -57,562 107,861 -132,129 -11,160 -13,059 -10,797 -12,842 -12,694 -16,414 -11,871 NOTE. The data through 1981 in this table are reported by the Bureau of Census the export side, the largest adjustments are: (1) the addition of exports to Canada data of a free-alongside-ship (f.a.s.) value basis—that is, value at the port of not covered in Census statistics, and (2) the exclusion of military sales (which are export. Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in combined with other military transactions and reported separately in the "service the Census basis trade data; this adjustment has been made for all data shown in account" in table 3.10, line 6). On the import side, additions are made for gold, the table. Beginning with 1982 data, the value of imports are on a customs ship purchases, imports of electricity from Canada, and other transactions; valuation basis. military payments are excluded and shown separately as indicated above. 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 (Department of Commerce, Bureau of the Census). 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 1986 TTyyppee 11998833 11998844 11998855 Mar. Apr. May June July Aug. Sept. 1 Total 33,747 34,934 43,191 44,919 46,491 45,260 46,635 47,430 48,161 48,086 2 Gold stock, including Exchange Stabilization Fund1 11,121 11,096 11,090 11,090 11,089 11,085 11,084 11,084 11,084 11,084 3 Special drawing rights2-3 5,025 5,641 7,293 7,839 8,098 8,066 8,213 8,085 8,250 8,295 4 Reserve position in International Monetary Fund2 11,312 11,541 11,952 12,025 12,242 11,789 12,109 12,114 12,017 11,922 5 Foreign currencies4 6,289 6,656 12,856 13,965 15,062 14,320 15,229 16,147 16,810 16,785 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. Gold stock is valued at $42.22 per fine troy ounce. 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. Valued at current market exchange rates. From July 1974 through December 1980, 16 currencies were used; from January 1981, 5 currencies have been used. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS Millions of dollars, end of period 1986 AAsssseettss 11998833 11998844 11998855 Mar. Apr. May June July Aug. Sept. 1 Deposits 190 267 480 273 325 253 354 233 227 342 Assets held in custody 2 U.S. Treasury securities' 117,670 118,000 121,004 127,611 132,017 136,762 137,820 144,527 148,263 152,275 3 Earmarked gold2 14,414 14,242 14,245 14,167 14,160 14,145 14,128 14,131 14,120 14,115 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 interna- 2. Earmarked gold is valued at $42.22 per fine troy ounce. tional 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

Summary Statistics A55 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data1 Millions of dollars, end of period 1986 AAsssseett aaccccoouunntt 11998833 11998844 11998855 Feb. Mar. Apr. May June July Aug.P All foreign countries 1 Total, all currencies 477,090 453,656 458,012 449,561 459,885 475,158 459,587 467,565 454,756 461,152 7 Claims on United States 115,542 113,393 119,713 113,840 118,524 122,487 117,627 117,680 113,383 117,661 Parent bank 82,026 78,109 87,201 81,038 85,164 88,975 83,404 82,514 79,387 83,779 4 Other banks in United States2 13,664 13,057' 11,729' 12.96C 12,792' 13,185' 13,991' 13,484 13,043 5 Nonbanks2 21,620 19,455' 21,073' 20,40c 20,72c 21,038' 21,175' 20,512 20,839 6 Claims on foreigners 342,689 320,162 315,702 311,419 316,493 326,013 316,151 324,128 314,153 315,536 7 Other branches of parent bank 96,004 95,184 91,399 88,457 91,586 95,238 90,447 98,457 92,641 93,436 8 Banks 117,668 100,397 102,960 100,362 101,743 107,141 103,851 105,570 103,002 102,726 9 Public borrowers 24,517 23,343 23,478 23,776 23,770 23,645 23,823 23,273 23,561 23,938 10 Nonbank foreigners 107,785 101,238 97,865 98,824 99,394 99,989 98,030 96,828 94,949 95,436 11 Other assets 18,859 20,101 22,597 24,302 24,868 26,658 25,809 25,757 27,220 27,955 12 Total payable in U.S. dollars 371,508 350,636 336,288 316,473' 324,129' 331,511' 322,837' 327,639' 313,703 318,355 13 Claims on United States 113,436 111,426 116,645 110,477 114,965 118,629 113,767 113,387 109,172 113,636 14 Parent bank 80,909 77,229 85,971 79,703 83,841 87,597 82,110 81,022 78,025 82,261 15 Other banks in United States2 1 13,500 12,454' 11,066' 12,261' 11,891' 12,272' 12,859' 12,330 12,151 16 Nonbanks2 20,697 18,220' 19,708' 18,863' 19,141' 19,385' 19,506' 18,817 19,224 17 Claims on foreigners 247,406 228,600 209,927 195,816 199,279 202,498 198,172 203,846 193,901 194,598 18 Other branches of parent bank 78,431 78,746 72,689 67,630 70,910 73,109 69,684 75,934 69,135 68,604 19 Banks 93,332 76,940 71,748 63,987 63,849 66,006 65,053 66,673 64,940 64,841 70 Public borrowers 17,890 17,626 17,252 17,226 17,219 16,752 17,180 16,492 16,667 16,977 21 Nonbank foreigners 60,977 55,288 48,238 46,973 47,301 46,631 46,255 44,747 43,159 44,176 22 Other assets 10,666 10,610 9,716 10,180' 9,885' 10,384' 10,898' 10,406' 10,630 10,121 United Kingdom 23 Total, ail currencies 158,732 144,385 148,599 148,788 150,975 155,867 152,075 151,593 145,448 145,455 74 Claims on United States 34,433 27,675 33,157 33,482 33,990 34,234 34,231 31,364 30,223 29,839 75 Parent bank 29,111 21,862 26,970 27,350 27,881 28,058 28,001 25,106 24,252 23,466 76 Other banks in United States2 1 . 1,429 1,106 1,064 1,129 1,386 1,312 1,366 1,367 1,446 71 Nonbanks2 4,384 5,081 5,068 4,980 4,790 4,918 4,892 4,604 4,927 78 Claims on foreigners 119,280 111,828 110,217 109,802 111,468 115,485 111,823 113,739 108,156 108,977 79 Other branches of parent bank 36,565 37,953 31,576 30,218 31,250 32,516 31,984 34,670 31,613 31,829 30 Banks 43,352 37,443 39,250 39,777 38,929 41,593 39,222 39,430 38,393 37,925 31 Public borrowers 5,898 5,334 5,644 6,113 5,833 5,642 5,427 5,236 5,229 5,554 32 Nonbank foreigners 33,465 31,098 33,747 33,694 35,456 35,734 35,190 34,403 32.921 33,669 33 Other assets 5,019 4,882 5,225 5,504 5,517 6,148 6,021 6,490 7,069 6,639 34 Total payable in U.S. dollars 126,012 112,809 108,626 105,214' 105,118 107,364' 106,716 104,013' 97,641 97,769 35 Claims on United States 33,756 26,868 32,092 32,384 32,746 32,959 32,872 29,944 28,848 28,446 36 Parent bank 28,756 21,495 26,568 26,943 27,393 27,629 27,584 24,693 23,888 22,972 37 Other banks in United States2 1,363 1,005 978 1,027 1,225 1,152 1,103 1,129 1,192 38 Nonbanks2 f 5,000 4,010 4,519 4,463 4,326 4,105 4,136 4,148 3,831 4,282 19 Claims on foreigners 88,917 82,945 73,475 69,597 69,433 71,058 70,406 70,697 65,472 66,420 40 Other branches of parent bank 31,838 33,607 26,011 24,474 25,250 26,224 26,265 27,559 24,258 24,657 41 Banks 32,188 26,805 26,139 23,725 22,106 23,310 23,134 22,825 21,938 21,537 47 Public borrowers 4,194 4,030 3,999 4,370 4,223 4,012 3,937 3,777 3,793 4,027 43 Nonbank foreigners 20,697 18,503 17,326 17,028 17,854 17,512 17,07C 16,536 15,483 16,199 44 Other assets 3,339 2,996 3,059 3,233' 2,939' 3,347' 3,438' 3,372' 3.321 2,903 Bahamas and Caymans 45 Total, all currencies 152,083 146,811 142,055 130,154 136,529 137,272 132,122 138,944 134,238 137,526 46 Claims on United States 75,309 77,296 74,864 68,412 71,735 72,755 68,710 70,751 69,721 73,047 47 Parent bank 48,720 49,449 50,553 43,891 46,813 47,613 42,868 44,132 43,867 47,694 48 Other banks in United States2 -i co 11,544 11,204' 9,886' 10,827' 10,445' 10,895' 11,681' 11,160 10,786 49 Nonbanks2 16,303 13,107' 14,635' 14,095' 14,697' 14,947' 14,938' 14,694 14,567 50 Claims on foreigners 72,868 65,598 63,904' 57,724 60,564 60,301 59,106 63,955 60,162 60,167 51 Other branches of parent bank 20,626 17,661 19,042 15,872 19,131 18,286 15,703 20,636 16,682 16,539 S? Banks 36,842 30,246 28,192 25,438 25,129 25,809 26,290 27,000 27,067 27,065 53 Public borrowers 6,093 6,089 6,458 6,286 6,292 6,326 6,694 6,399 6,534 6,675 54 Nonbank foreigners 12,592 11,602 10,212 10,128 10,012 9,880 10,419 9,920 9,879 9,888 55 Other assets 3,906 3,917 3,287 4,018 4,230 4,216 4,306 4,238 4,355 4,312 56 Total payable in U.S. dollars 145,641 141,562 136,794 124,216 130,438 130,530 125,681 132,353 127,910 130,723 1. Beginning with June 1984 data, reported claims held by foreign branches 2. Data for assets vis-a-vis other banks in the United States and vis-a-vis have been reduced by an increase in the reporting threshold for "shell" branches nonbanks are combined for dates before June 1984. from $50 million to $150 million equivalent in total assets, the threshold now applicable to all reporting branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • December 1986 3.14 Continued 1986 lyoj Feb. Mar. Apr. May June July Aug.P All foreign countries 57 Total, all currencies 477,090 453,656 458,012 449,561 459,885 475,158 459,587 467,565 454,756 461,152 58 Negotiable CDs3 n.a. 37,725 34,607 33,458 36,066 33,229 35,006 34,683 32,656 31,475 59 To United States 188,070 147,583 155,538 138,228 140,401' 150,390 144,241 149,847' 141,611 145,450 60 Parent bank 81,261 78,739 83,914 73,465 74,952 81,594 77,484 85,125' 81,299 80,219 61 Other banks in United States 29,453 18,409 16,894 13,984 15,744' 14,270 14,347 16,118 14,203 14,473 62 Nonbanks 77,356 50,435 54,730 50,779 49,705 54,526 52,410 48,604 46,109 50,758 63 To foreigners 269,685 247,907 245,942 255,533 261,763' 269,814 258,700 262,330' 259,121 262,928 64 Other branches of parent bank 90,615 93,909 89,529 86,358 90,921 93,768 90,228 97,717' 91,144 91,314 65 Banks 92,889 78,203 76,814 83,843 84,800' 89,608 83,251 81,008 82,842 85,270 66 Official institutions 18,896 20,281 19,523 21,889 20,688 20,744 20,792 20,480 20,608 20,549 67 Nonbank foreigners 68,845 55,514 60,076 63,443 65,354 65,694 64,429 63,125 64,527 65,795 68 Other liabilities 19,335 20,441 21,925 22,342 21,655 21,725 21,640 20,705' 21,368 21,299 69 Total payable in U.S. dollars 388,291 367,145 353,470 332,029 341,550 347,587' 340,176' 346,428' 330,053 333,438 70 Negotiable CDs3 n.a. 35,227 31,063 30,202 32,418 29,912 31,513 31,076 28,970 28,091 71 To United States 184,305 143,571 150,161 132,215 134,204' 143,601 137,694 142,730' 133,920 137,767 72 Parent bank 79,035 76,254 80,888 70,208 71,616 78,061 73,950 81,066' 77,048 76,046 73 Other banks in United States 28,936 17,935 16,264 13,288 14,953' 13,477 13,575 15,323 13,519 13,686 74 Nonbanks 76,334 49,382 53,009 48,719 47,635 52,063 50,169 46,341 43,353 48,035 75 To foreigners 194,139 178,260 163,361 160,810 166,329' 166,229 162,528 163,943' 158,302 158,968 76 Other branches of parent bank 73,522 77,770 70.943 65,947 70,465 71,841 69,978 75,805' 68,065 66,884 77 Banks 57,022 45,123 37,323 36,699 37,470' 37,240 36,335 33,745 34,815 36,491 78 Official institutions 13,855 15,773 14,354 15,853 14,719 14,746 14,049 13,772 14,091 14,125 79 Nonbank foreigners 51,260 39,594 40,741 42,311 43,675 42,402 42,166 40,621 41,331 41,468 80 Other liabilities 9.847 10,087 8,885 8,805' 8,599 7,845' 8,441' 8,679' 8,861 8,612 United Kingdom 81 Total, all currencies 158,732 144,385 148,599 148,788 150,975 155,867 152,075 151,593 145,448 145,455 82 Negotiable CDs3 n.a. 34,413 31,260 29,419 32,217 29,898 31,734 31,396 29,295 28,279 83 To United States 55,799 25,250 29,422 26,705 22,945 28,450 27,505 26,270' 22,671 22,831 84 Parent bank 14,021 14,651 19,330 16,798 13,724 17,231 16,624 15,892' 13,300 14,188 85 Other banks in United States 11,328 3,125 2,974 1,950 2,793 1,966 2,175 1,997 1,999 2,163 86 Nonbanks 30,450 7,474 7,118 7,957 6,428 9,253 8,706 8,381' 7,372 6,480 87 To foreigners 95,847 77,424 78,525 82,666 86,053 87,773 83,067 84,362' 83,707 84,880 88 Other branches of parent bank 19,038 21,631 23,389 21,954 24,733 25,379 23,838 27,029' 25,106 24,969 89 Banks 41,624 30,436 28,581 32,088 33,301 34,294 31,584 30,505 31,678 32,243 90 Official institutions 10,151 10,154 9,676 10,956 9,750 9,757 9,548 9,543 9,074 9,330 91 Nonbank foreigners 25,034 15,203 16,879 17,668 18,269 18,343 18,097 17,285 17,849 18,338 92 Other liabilities 7,086 7,298 9,392 9,998 9,760 9,746 9,769 9,565' 9,775 9,465 93 Total payable in U.S. dollars 131,167 117,497 112,697 108,335' 108,420 110,378' 109,337' 108,375' 101,095 101,240 94 Negotiable CDs3 n.a. 33,070 29,337 27,655 30,042 27,978 29,542 29,135 27,015 26,114 95 To United States 54,691 24,105 27,756 24,967 21,070 26,411 25,490 24,214' 20,065 20,403 % Parent bank 13,839 14,339 18,956 16,528 13,405 16,867 16,233 15,331' 12,648 13,707 97 Other banks in United States 11,044 2,980 2,826 1,820 2,596 1,774 1,944 1,817 1,738 1,894 98 Nonbanks 29,808 6,786 5,974 6,619 5,069 7,770 7,313 7,066 5,679 4,802 99 To foreigners 73,279 56,923 51,980 51,686 53,219 52,262 50,441 51,056' 49,932 50,855 100 Other branches of parent bank 15,403 18,294 18,493 16,829 19,068 19,297 18,043 20,455' 17,868 17,796 101 Banks 29,320 18,356 14,344 14,457 14,731 14,125 14,114 13,073 14,251 15,050 102 Official institutions 8,279 8,871 7,661 8,747 7,839 7,449 6,953 6,914 6,658 6,724 103 Nonbank foreigners 20,277 11,402 11,482 11,653 11,581 11,391 11,331 10,614 11,155 11,285 104 Other liabilities 3,197 3,399 3,624 4,027' 4,089 3,727' 3,864' 3,970' 4,083 3,868 Bahamas and Caymans 105 Total, all currencies 152,083 146,811 142,055 130,154 136,529 137,272 132,122 138,944 134,238 137,526 106 Negotiable CDs3 n.a. 615 610 1,237 1,132 629 634 567 565 470 107 To United States 111,299 102,955 103,813 91,773 97,686' 98,621 94,128 98,897 96,648 99,567 108 Parent bank 50,980 47,162 44,811 39,381 43,834 43,662 40,757 47,014 47,862 45,072 109 Other banks in United States 16,057 13,938 12,778 10,854 11,624' 11,014 10,738 12,868 11,143 11,279 110 Nonbanks 44,262 41,855 46,224 41,538 42,228 43,945 42,633 39,015 37,643 43,216 111 To foreigners 38,445 40,320 35,053 34,993 35,646' 35,901 35,139 37,340 34,815 35,234 112. Other branches of parent bank 14,936 16,782 14,075 13,081 13,198 14,077 13,731 15,882 13,561 13,368 113 Banks 11,876 12,405 10,669 10,851 10,34(y 10,788 10,318 9,991 9,624 10,234 114 Official institutions 1,919 2,054 1,776 1,741 1,759 2,176 2,144 2,427 2,468 2,386 115 Nonbank foreigners 11,274 9,079 8,533 9,320 10,349 8,860 8,946 9,040 9,162 9,246 116 Other liabilities 2,339 2,921 2,579 2,151 2,065 2,121 2,221 2,140 2,210 2,255 117 Total payable in U.S. dollars 148,278 143,582 138,322 125,861 132,308 132,966 127,918 134,606 130,075 133,255 3. Before June 1984, liabilities on negotiable CDs were included in liabilities to the United States or liabilities to foreigners, according to the address of the initial purchaser. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summary Statistics A57 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1986 IItteemm 11998844 11998855 Feb. Mar. Apr. May June1- July Aug/> 1 Total1 180,552 178,337 179,856 180,525 188,908 190,634 195,053 199,210 204,049 By type 2 Liabilities reported by banks in the United States2 26,089 26,734 26,506 25,479 27,029 24,911 26,142 25,039 25,582 3 U.S. Treasury bills and certificates3 59,976 53,252 54,420 55,933 59,547 63,614 65,790 70,721 74,766 U.S. Treasury bonds and notes 4 Marketable 69,019 77,108 78,089 78,483 82,345 82,501 84,113 85,601 85,717 5 Nonmarketable4 5,800 3,550 3,150 2,750 2,300 1,800 1,800 1,300 1,300 6 U.S. securities other than U.S. Treasury securities5 19,668 17,693 17,691 17,880 17,687 17,808 17,208 16,549 16,684 By area 7 Western Europe1 69,776 74,418 72,891 72,435 76,353 76,405 79,641 81,421 83,930 8 Canada 1,528 1,314 1,762 1,445 1,711 1,502 1,529 1,627 1,535 9 Latin America and Caribbean 8,561 11,141 10,234 10,425 10,785 10,595 11,046 11,282 10,842 10 Asia 93,954 86,441 89,719 90,869 94,646 96,963 97,850 100,560 102,850 11 Africa 1,264 1,824 1,786 1,846 1,833 1,718 1,717 1,525 1,958 12 Other countries6 5,469 3,199 3,464 3,505 3,580 3,451 3,270 2,795 2,934 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. NOTE. Based on Treasury Department data and on data reported to the 3. Includes nonmarketable certificates of indebtedness (including those pay- Treasury Department by banks (including Federal Reserve Banks) and securities able in foreign currencies through 1974) and Treasury bills issued to official dealers in the United States. institutions of foreign countries. 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 1985 1986 IItteemm 11998822 11998833 11998844 Sept. Dec. Mar/ June 1 Banks' own liabilities 4,844 5,219 8,586 12,982 15,368 21,364 24,137 2 Banks' own claims 7,707 7,231 11,984 15,233 16,161 19,736 21,584 3 Deposits 4,251 2,731 4,998 8,540 8,304 11,318 11,912 4 Other claims 3,456 4,501 6,986 6,693 7,857 8,418 9,672 5 Claims of banks' domestic customers' 676 1,059 569 328 580 1,426 1,385 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

A58 International Statistics • December 1986 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States Payable in U.S. dollars Millions of dollars, end of period 1986 HHoollddeerr aanndd ttyyppee ooff lliiaabbiilliittyy 11998833 11998844 11998855 Feb. Mar. Apr. May June' July Aug.P 1 AU foreigners 369,607 407,306 435,368 436,528 440,518 443,456 444,528 457,350 469,616 486,747 2 Banks' own liabilities 279,087 306,898 341,070 340,076 344,422 346,469 342,074 345,663 342,163 355,237 3 Demand deposits 17,470 19,571 21,107 19,659 20,195 19,751 19,651 21,332 19,607 20,278 4 Time deposits' 90,632 110,413 117,278 116,964 116,418 114,209 114,143 115,246 117,010 122,166 5 Other2 25,874 26,268 29,305 31,144 32,125 33,220 31,598 31,712 30,546 33,183 6 Own foreign offices3 145,111 150,646 173,381 172,309 175,685 179,289 176,683 177,373 174,999 179,610 7 Banks' custody liabilities4 90,520 100,408 94,298 96,452 96,096 96,987 102,454 111,687 127,453 131,510 8 U.S. Treasury bills and certificates5 68,669 76,368 68,785 72,631 72,714 7744,,663311 8800,,119922 8822,,770011 8866,,778899 8899,,558866 9 Other negotiable and readily transferable instruments6 17,467 18,747 17,964 15,597 15,329 13,776 13,917 14,729 16,132 16,288 10 Other 4,385 5,293 7,549 8,223 8,053 8,580 8,346 14,257 24,532 25,637 11 Nonmonetary international and regional organizations7 5,957 4,454 5,821 9,867 5,223 3,495 4,519 3,441 3,974 5,153 12 Banks' own liabilities 4,632 2,014 2,621 4,326 1,404 1,749 2,388 891 1,857 3,990 13 Demand deposits 297 254 85 184 102 138 99 79 156 165 14 Time deposits1 3,584 1,267 2,067 3,892 391 681 1,109 551 1,209 3,233 15 Other2 750 493 469 250 911 931 1,179 262 492 591 16 Banks' custody liabilities4 1,325 2,440 3,200 5,540 3,820 1,746 2,131 2,550 2,118 1,163 17 U.S. Treasury bills and certificates 463 916 1,736 4,219 2,311 768 11,,228822 1,619 991 129 18 Other negotiable and readily transferable instruments6 862 1,524 1,464 1,322 1,508 970 849 918 1,126 11,,003333 19 Other 0 0 0 0 0 7 0 13 0 11 20 Official institutions8 79,876 86,065 79,985 80,926 81,405 86,576 88,526 91,932 95,760 100,347 21 Banks' own liabilities 19,427 19,039 20,835 22,056 21,719 23,927 22,018 22,928 21,940 22,810 22 Demand deposits 1,837 1,823 2,077 1,602 1,917 1,832 1,810 2,131 1,609 1,582 23 Time deposits' 7,318 9,374 10,949 10,334 10,299 9,368 9,850 10,347 10,116 9,739 24 Other2 10,272 7,842 7,809 10,121 9,503 12,728 10,358 10,450 10,216 11,489 25 Banks' custody liabilities4 60,448 67,026 59,150 58,870 59,686 62,648 66,508 69,004 73,820 77,538 26 U.S. Treasury bills and certificates5 54,341 59,976 53,252 54,420 55,933 59,547 63,614 6655,,779900 7700,,772211 7744,,776666 27 Other negotiable and readily transferable instruments6 6,082 6,966 5,824 4,102 3,585 2,916 2,754 2,996 2,892 2,624 28 Other 25 84 75 348 168 185 139 218 207 148 29 Banks' 226,887 248,893 275,311 269,832 278,967 277,856 275,217 284,637 290,396 299,999 30 Banks' own liabilities 205,347 225,368 252,723 247,132 255,921 254,617 251,214 255,673 251,779 261,181 31 Unaffiliated foreign banks 60,236 74,722 79,341 74,823 80,236 75,328 74,532 78,300 76,779 81,571 32 Demand deposits 8,759 10,556 10,271 9,659 9,692 8,689 9,036 10,277 9,180 9,307 33 Time deposits' 37,439 47,095 49,510 45,942 50,194 48,484 46,868 48,480 49,418 52,806 34 Other2 14,038 17,071 19,561 19,222 20,350 18,155 18,627 19,544 18,181 19,459 35 Own foreign offices3 145,111 150,646 173,381 172,309 175,685 179,289 176,682 177,373 174,999 179,610 36 Banks' custody liabilities4 21.540 23,525 22,588 22,700 23,046 23,239 24,003 28,964 38,618 38,818 37 U.S. Treasury bills and certificates 10,178 11,448 9,554 9,501 9,869 9,914 10,841 10,688 1100,,993344 1100,,554433 38 Other negotiable and readily transferable instruments6 7,485 7,236 6,040 5,876 5,752 5,423 5,451 5,448 5,585 5,526 39 Other 3,877 4,841 6,994 7,323 7,426 7,901 7,711 12,828 22,099 22,749 40 Other foreigners 56,887 67,894 74,251 75,902 74,923 75,530 76,266 77,339 79,485 81,248 41 Banks' own liabilities 49,680 60,477 64,892 66,561 65,379 66,176 66,454 66,170 66,587 67,256 42 Demand deposits 6,577 6,938 8,673 8,214 8,484 9,093 8,705 8,845 8,663 9,224 43 Time deposits 42,290 52,678 54,752 56,796 55,534 55,677 56,316 55,869 56,267 56,388 44 Other2 813 861 1,467 1,550 1,361 1,406 1,433 1,456 1,657 1,644 45 Banks' custody liabilities4 7,207 7,417 9,359 9,341 9,544 9,354 9,811 11,169 12,898 13,992 46 U.S. Treasury bills and certificates 3,686 4,029 4,243 4,491 4,601 4,401 4,454 44,,660044 44,,114433 44,,114499 47 Other negotiable and readily transferable instruments6 3,038 3,021 4,636 4,297 4,483 4,465 4,862 5,367 6,529 7,105 48 Other 483 367 480 553 459 487 495 1,198 2,226 2,738 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 10,346 10,476 9,845 7,386 6,603 6,286 6,269 6,419 6,492 6,569 1. Excludes negotiable time certificates of deposit, which are included in 5. Includes nonmarketable certificates of indebtedness and Treasury bills "Other negotiable and readily transferable instruments." issued to official institutions of foreign countries. 2. Includes borrowing under repurchase agreements. 6. Principally bankers acceptances, commercial paper, and negotiable time 3. U.S. banks: includes amounts due to own foreign branches and foreign certificates of deposit. subsidiaries consolidated in "Consolidated Report of Condition" filed with bank 7. Principally the International Bank for Reconstruction and Development, and regulatory agencies. Agencies, branches, and majority-owned subsidiaries of the Inter-American and Asian Development Banks. foreign banks: principally amounts due to head office or parent foreign bank, and 8. Foreign central banks and foreign central governments, and the Bank for foreign branches, agencies or wholly owned subsidiaries of head office or parent International Settlements. foreign bank. 9. Excludes central banks, which are included in "Official institutions." 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A59 3.17 Continued 1986 AArreeaa aanndd ccoouunnttrryy 11998833 11998844 11998855 Feb. Mar. Apr. May Juner July Aug.P 1 Total 369,607 407,306 435,368 436,528 440,518 443,456 444,528 457,350 469,616 486,747 2 Foreign countries 363,649 402,852 429,547 426,661 435,295 439,961 440,009 453,909 465,641 481,594 3 Europe 138,072 153,145 163,829 157,270 157,033 165,193 165,800 166,382 162,912 166,140 4 Austria 585 615 693 769 1,665 931 897 1,013 988 1,035 5 Belgium-Luxembourg 2,709 4,114 5,240 4,732 4,268 5,737 5,425 5,224 5,343 5,109 6 Denmark 466 438 513 533 536 752 523 519 557 643 7 Finland 531 418 496 506 354 619 514 484 449 360 8 France 9,441 12,701 15,540 15,148 15,906 19,322 19,423 19,862 20,129 21,470 9 Germany 3,599 3,358 4,835 5,309 5,691 6,718 4,964 4,639 5,646 5,285 10 Greece 520 699 664 551 535 559 552 657 604 570 II Italy 8,462 10,762 9,667 7,235 7,215 6,553 7,875 8,918 8,828 9,269 12 Netherlands 4,290 4,731 4,212 4,027 4,334 4,320 4,183 4,224 4,682 4,495 13 Norway 1,673 1,548 948 552 469 731 850 710 497 542 14 Portugal 373 597 652 685 705 674 801 795 711 791 IS Spain 1,603 2,082 2,113 1,794 1,772 1,919 1,879 2,069 1,894 1,979 16 Sweden 1,799 1,676 1,422 1,693 1,547 1,313 1,299 1,118 1,167 945 17 Switzerland 32,246 31,740 28,742 25,606 26,602 27.247 26,848 27,812 28,455 29,072 18 Turkey 467 584 429 404 383 363 434 586 310 285 19 United Kingdom 60,683 68,671 76,728 80,144 78,585 81,983 83,885 82,314 78,193 79,947 20 Yugoslavia 562 602 673 600 535 547 556 661 542 482 21 Other Western Europe1 7,403 7,192 9,635 6,491 5,286 4,233 4,165 3,997 3,366 3,277 77 U.S.S.R 65 79 105 64 61 38 34 89 48 32 23 Other Eastern Europe2 596 537 523 427 586 634 693 690 506 553 24 Canada 16,026 16,059 17,426 21,466 22,497 20,450 21,257 22,926 22,359 23,933 75 Latin America and Caribbean 140,088 153,381 167,792 161,056 164,875 164,801 161,400 169,650 181,736 188,017 26 Argentina 4,038 4,394 6,029 5,551 5,155 5,627 6,075 6,229 6,336 6,096 27 Bahamas 55,818 56,897 57,657 54,647 55,791 57,865 53,680 60,081 60,764 67,096 28 Bermuda 2,266 2,370 2,765 2,147 2,324 2,270 2,016 2,513 2,201 2,195 79 Brazil 3,168 5,275 5,369 5,759 6,096 5,788 5,542 5,185 5,134 5,179 30 British West Indies 34,545 36,773 42,670 41,127 44,041 41,354 42,111 43,278 55,552 55,851 31 Chile 1,842 2,001 2,042 1,997 2,084 2,147 2,223 2,270 2,227 2,139 32 Colombia 1,689 2,514 3,102 3,140 3,076 3,101 3,053 3,419 3,334 3,314 33 Cuba 8 10 11 6 6 7 7 8 7 8 34 Ecuador 1,047 1,092 1,238 1,172 1,209 1,199 1,166 1,262 1,196 1,232 35 Guatemala 788 896 1,071 1,132 1,126 1,128 1,097 1,108 1,123 1,140 36 Jamaica 109 183 122 126 144 173 201 185 184 177 37 Mexico 10,392 12,303 14,045 13,433 12,990 13,126 13,153 13,633 12,985 13,610 38 Netherlands Antilles 3,879 4,220 4,875 4,560 4,561 4,859 4,798 4,358 4,382 4,383 39 Panama 5,924 6,951 7,492 7,161 7,286 6,960 7,042 6,686 6,639 6,391 40 Peru 1,166 1,266 1,166 1,100 1,106 1,116 1,132 1,254 1,158 1,149 41 Uruguay 1,244 1,394 1,549 1,727 1,567 1,646 1,703 1,664 1,687 1,636 42 Venezuela 8,632 10,545 11,919 11,741 11,670 11,727 11,712 11,734 12,058 11,668 43 Other Latin America and Caribbean 3,535 4,297 4,668 4,529 4,641 4,708 4,689 4,783 4,770 4,754 44 58,570 71,187 72,271 78,772 82,644 81,682 83,817 86,977 91,669 96,022 China 4S Mainland 249 1,153 1,607 1,624 1,347 1,550 973 1,469 1,795 1,185 46 Taiwan 4,051 4,990 7,786 9,661 10,837 11,027 12,687 13,683 14,331 15,608 47 Hong Kong 6,657 6,581 8,067 8,194 8,706 8,757 8,745 8,656 8,934 9,026 48 India 464 507 711 630 926 574 577 695 562 685 49 Indonesia 997 1,033 1,466 1,738 2,107 1,787 1,758 1,416 1,526 1,474 50 Israel 1,722 1,268 1,595 1,363 1,450 1,490 1,671 1,725 1,731 1,686 51 Japan 18,079 21,640 23,077 26,397 28,274 28,279 29,689 31,325 36,286 38,186 52 Korea 1,648 1,730 1,665 1,602 1,551 1,337 1,336 1,414 1,392 1,286 53 Philippines 1,234 1,383 1,140 1,086 978 1,051 1,331 1,306 1,363 1,457 54 Thailand 747 1,257 1,358 1,141 1,103 993 1,155 1,068 1,104 1,080 55 Middle-East oil-exporting countries3 12,976 16,804 14,523 16,308 15,384 14,418 14,045 14,581 12,785 13,227 56 Other Asia 9,748 12,841 9,276 9,028 9,980 10,419 9,848 9,638 9,861 11,121 57 Africa 2,827 3,396 4,883 4,359 4,260 4,173 4,227 4,291 4,041 4,227 58 Egypt 671 647 1,363 987 870 960 910 1,079 820 1,088 59 Morocco 84 118 163 92 91 85 92 87 93 82 60 South Africa 449 328 388 421 465 386 414 414 609 438 61 Zaire 87 153 163 92 95 90 105 92 65 60 62 Oil-exporting countries4 620 1,189 1,494 1,614 1,601 1,442 1,490 1,463 1,368 1,371 63 Other Africa 917 961 1,312 1,152 1,137 1,210 1,216 1,156 1,086 1,189 64 Other countries 8,067 5,684 3,347 3,739 3,987 3,662 3,507 3,682 2,924 3,255 65 Australia 7,857 5,300 2,779 3,024 3,237 3,058 2,744 2,943 2,173 2,459 66 All other 210 384 568 714 750 604 763 739 751 796 67 Nonmonetary international and regional organizations 5,957 4,454 5,821 9,867 5,223 3,495 4,519 3,441 3,974 5,153 68 International 5,273 3,747 4,806 8,671 4,139 2,512 3,669 2,471 2,714 4,047 69 Latin American regional 419 587 894 863 916 823 748 845 922 916 70 Other regional5 265 120 121 333 168 160 102 126 338 190 1. Includes the Bank for International Settlements. Beginning April 1978, also 4. Comprises Algeria, Gabon, Libya, and Nigeria. includes Eastern European countries not listed in line 23. 5. Asian, African, Middle Eastern, and European regional organizations, 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German except the Bank for International Settlements, which is included in "Other Democratic Republic, Hungary, Poland, and Romania. Western Europe." 3. 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

A60 International Statistics • December 1986 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 1986 AArreeaa aanndd ccoouunnttrryy 11998833 11998844 11998855 Feb. Mar. Apr. May Juner July Aug.? 1 Total 391,312 400,162 401,585 389,501 394,769 401,109 394,666 403,843 403,495 403,871 2 Foreign countries 391,148 399,363 400,554 388,692 394,286 400,607 394,258 403,387 403,002 403,452 3 Europe 91,927 99,014 106,407 100,173 100,458 101,250 100,925 104,441 100,321 100,318 4 Austria 401 433 598 542 494 429 501 609 619 694 5 Belgium-Luxembourg 5,639 4,794 5,772 5,276 5,429 5,502 5,696 7,243 6,113 6,990 6 Denmark 1,275 648 706 940 845 794 882 750 856 783 7 Finland 1,044 898 823 741 1,194 795 866 983 1,041 954 8 France 8,766 9,157 9,124 7,943 8,636 8,902 8,861 9,455 9,583 9,483 9 Germany 1,284 1,306 1,267 1,309 1,374 1,341 1,176 1,095 1,426 1,181 10 Greece 476 817 991 884 798 764 723 629 622 660 11 Italy 9,018 9,119 8,848 6,913 7,297 6,709 6,806 7,474 7,266 5,981 12 Netherlands 1,267 1.356 1,258 1,249 1,394 1,380 1,384 1,407 1,427 1,254 13 Norway 690 675 706 652 613 786 746 905 614 698 14 Portugal 1,114 1,243 1,058 936 893 874 850 776 789 757 15 Spain 3,573 2,884 1,908 1,885 1,866 1,701 1,986 2,001 1,863 1,749 16 Sweden 3,358 2.230 2,219 2,278 2,422 1,924 2,239 2,478 2,906 2,404 17 Switzerland 1,863 2,123 3,171 2,361 2,940 2,978 3,134 3,553 2,617 3,306 18 Turkey 812 1.130 1,200 1,519 1,587 1,584 1,649 1,856 1,709 1,649 19 United Kingdom 47,364 56,185 62,560 60,621 57,983 60,602 59,354 58,224 56,249 57,848 20 Yugoslavia 1,718 1.886 1,964 1,953 1,978 1,950 1,928 2,005 1,902 1,852 21 Other Western Europe1 477 596 998 734 1,166 649 491 1,253 1,102 521 22 U.S.S.R 192 142 130 287 424 477 489 568 504 528 23 Other Eastern Europe2 1,598 1,389 1,107 1,151 1,126 1,111 1,164 1,176 1,112 1,026 24 Canada 16,341 16,109 16.476 18,280 17,945 18,814 17,910 18,270 18,303 19,401 25 Latin America and Caribbean 205,491 207.862 202.663 190,623 196,723 199.032 193,625 200,733 202,204 198,021 26 Argentina 11,749 11.050 11,462 11,574 11,456 11,803 11,921 12,079 12,282 12,009 27 Bahamas 59,633 58.009 58.258 49,659 55,691 55.260 52,537 57,075 56,020 55,435 28 Bermuda 566 592 499 380 460 275 238 274 663 373 29 Brazil 24,667 26,315 25,283 25,129 25,379 25,363 25,271 24,855 24,915 24,787 30 British West Indies 35,527 38,205 38,881 36,534 36,880 38,932 37,072 40,043 41,923 39,868 31 Chile 6,072 6,839 6,603 6,478 6,557 6,540 6,537 6,507 6,514 6,449 32 Colombia 3,745 3,499 3,249 3,044 2,903 2,861 2,820 2,789 2,776 2,642 33 Cuba 0 0 0 0 1 0 0 0 0 0 34 Ecuador 2,307 2,420 2,390 2,369 2,399 2,388 2.382 2,397 2,366 2,375 35 Guatemala3 129 158 194 167 167 124 112 136 113 127 36 Jamaica3 215 252 224 213 213 216 218 244 209 209 37 Mexico 34,802 34.885 31,788 32,100 31,608 32,367 31,493 31,399 31,074 30,859 38 Netherlands Antilles 1,154 1,350 1,340 1,043 927 839 1,075 1,086 1,090 1,060 39 Panama 7,848 7,707 6,645 5,881 6,179 6,133 5,919 5,860 6,280 5,862 40 Peru 2,536 2,384 1,947 1,852 1,806 1,767 1,757 1,738 1,703 1,677 41 Uruguay 977 1.088 960 956 961 953 951 931 927 936 42 Venezuela 11,287 11,017 10,871 11,269 11,204 11,295 11,326 11,304 11,364 11,289 43 Other Latin America and Caribbean 2,277 2,091 2,067 1,976 1.931 1,917 1,997 2,015 1,985 2,065 44 67.837 66,316 66,212 71,058 70,729 73,421 73,942 72,033 74,253 7777,,778866 China 45 Mainland 292 710 639 820 902 593 703 567 779 526 46 Taiwan 1,908 1,849 1,535 1,243 1,403 1,151 1,446 1,238 1,089 1,637 47 Hong Kong 8,489 7,293 6,796 7,602 8,208 8,134 8,315 7,526 8,445 8,632 48 India 330 425 450 284 479 398 420 440 372 375 49 Indonesia 805 724 698 793 712 717 736 675 720 729 50 Israel 1,832 2,088 1,991 1,697 1,617 1,611 1,742 1,772 1,567 1,536 51 Japan 30.354 29.066 31,249 36,471 36,711 38,781 38,629 38,524 40,902 43,327 52 Korea 9,943 9.285 9,226 9,072 9,242 9,286 9,176 8,977 8,900 8,476 53 Philippines 2,107 2,555 2,224 2,224 2,336 2,325 2,263 2,393 2,168 2,128 54 Thailand 1,219 1,125 845 765 810 775 716 706 711 736 55 Middle East oil-exporting countries4 4,954 5,044 4,298 3,869 3,577 3,838 3,948 3,680 2,919 2,764 56 Other Asia 5,603 6,152 6,260 6,218 4,732 5,812 5,845 5,535 5,680 6,921 57 Africa 6,654 6,615 5,407 5.360 5,128 5,007 4,890 4,971 4,817 4,693 58 Egypt 747 728 721 690 653 639 619 740 701 633 59 Morocco 440 583 575 612 646 662 640 642 615 617 60 South Africa 2,634 2,795 1,942 1,856 1,799 1,716 1,743 1,705 1,661 1,683 61 Zaire 33 18 20 18 17 17 17 17 17 21 62 Oil-exporting countries5 1,073 842 630 562 488 465 417 415 413 445 63 Other 1,727 1,649 1,520 1,621 1,525 1,508 1,455 1,452 1,410 1,294 64 Other countries 2,898 3,447 3,390 3,199 3,305 3,082 2,966 2,939 3,103 3,232 65 Australia 2,256 2,769 2,413 2,367 2,473 2,237 2,050 2,023 2,159 2,293 66 All other 642 678 978 832 832 845 916 916 945 940 67 Nonmonetary international and regional organizations6 164 800 1,030 809 483 502 408 456 493 420 1. Includes the Bank for International Settlements. Beginning April 1978, also 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and includes Eastern European countries not listed in line 23. United Arab Emirates (Trucial States). 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German 5. Comprises Algeria, Gabon, Libya, and Nigeria. Democratic Republic, Hungary, Poland, and Romania. 6. Excludes the Bank for International Settlements, which is included in 3. Included in "Other Latin America and Caribbean" through March 1978. "Other Western Europe." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A61 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 1986 TTyyppee ooff ccllaaiimm 11998833 11998844 11998855 Feb. Mar. Apr. May June' July Aug.P 1 Total .. . 444444422222226666666,,,,,,,222222211111115555555 444444433333333333333,,,,,,,000000077777778888888 444444433333330000000,,,,,,,444444466666666666666 444444411111119999999,,,,,,,888888811111113333333''''''' 444444433333332222222,,,,,,,333333322222226666666 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 333333399999991111111,,,,,,,333333311111112222222 444444400000000000000,,,,,,,111111166666662222222 444444400000001111111,,,,,,,555555588888885555555 389.501 333333399999994444444,,,,,,,777777766666669999999 401,109 394,666 444444400000003333333,,,,,,,888888844444443333333 403,495 403,871 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 55555557777777,,,,,,,555555566666669999999 66666662222222,,,,,,,222222233333337777777 66666660000000,,,,,,,444444499999996666666 60,582 66666660000000,,,,,,,444444422222227777777 60,157 59,965 66666660000000,,,,,,,666666622222222222222 60,667 59,737 44 OOwwnn ffoorreeiiggnn ooffffiicceess11 111111144444446666666,,,,,,,333333399999993333333 111111155555556666666,,,,,,,222222211111116666666 111111177777774444444,,,,,,,222222266666661111111 169,084 111111177777773333333,,,,,,,666666699999998888888 179,662 173,094 111111188888881111111,,,,,,,888888866666667777777 181,591 182,260 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 111111122222223333333,,,,,,,888888833333337777777 111111122222224444444,,,,,,,999999933333332222222 111111111111116666666,,,,,,,666666644444443333333 110,219 111111111111110000000,,,,,,,666666644444443333333 111,832 112,529 111111111111112222222,,,,,,,999999999999996666666 114.101 115.972 66 DDeeppoossiittss 44444447777777,,,,,,,111111122222226666666 44444449999999,,,,,,,222222222222226666666 44444448888888,,,,,,,333333366666661111111 44,159 44444444444444,,,,,,,999999988888885555555 46,393 47,493 44444447777777,,,,,,,000000044444441111111 49,331 52,410 77 OOtthheerr 77777776666666,,,,,,,777777711111111111111 77777775555555,,,,,,,777777700000006666666 66666668888888,,,,,,,222222288888882222222 66,060 66666665555555,,,,,,,666666655555558888888 65,439 65,036 66666665555555,,,,,,,999999955555555555555 64,770 63,563 88 AAllll ootthheerr ffoorreeiiggnneerrss 66666663333333,,,,,,,555555511111114444444 55555556666666,,,,,,,777777777777777777777 55555550000000,,,,,,,111111188888885555555 49,616 55555550000000,,,,,,,000000000000002222222 49,458 49,078 44444448888888,,,,,,,333333355555558888888 47,137 45,903 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 .... 33333334444444,,,,,,,999999900000003333333 33333332222222,,,,,,,999999911111116666666 22222228888888,,,,,,,888888888888881111111 22222225555555,,,,,,,000000044444444444444''''''' 22222228888888,,,,,,,444444488888883333333 2222222,,,,,,,999999966666669999999 3333333,,,,,,,333333388888880000000 3333333,,,,,,,333333333333335555555 2222222,,,,,,,444444499999994444444 3333333,,,,,,,444444477777775555555 11 Negotiable and readily transferable 22222226666666,,,,,,,000000066666664444444 22222223333333,,,,,,,888888800000005555555 11111119999999.......333333333333332222222 11111117777777,,,,,,,888888855555559999999 22222220000000,,,,,,,222222299999994444444 12 Outstanding collections and other 5555555,,,,,,,888888877777770000000 5555555,,,,,,,777777733333332222222 6666666,,,,,,,222222211111114444444 4444444,,,,,,,666666699999992222222''''''' 4444444,,,,,,,777777711111115555555 13 MEMO: Customer liability on 33333337777777,,,,,,,777777711111115555555 33333337777777,,,,,,,111111100000003333333 22222228888888,,,,,,,444444488888887777777''''''' 22222228888888,,,,,,,555555544444441111111''''''' 22222228888888,,,,,,,333333322222223333333 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States4 .... 46,337 40,714 37,399' 42,207' 41,442' 42,771' 47,351' 46,136 45,848 n.a. 1. U.S. banks: includes amounts due from own foreign branches and foreign 3. Principally negotiable time certificates of deposit and bankers acceptances. subsidiaries consolidated in "Consolidated Report of Condition" filed with bank 4. Includes demand and time deposits and negotiable and nonnegotiable regulatory agencies. Agencies, branches, and majority-owned subsidiaries of certificates of deposit denominated in U.S. dollars issued by banks abroad. For foreign banks: principally amounts due from head office or parent foreign bank, description of changes in data reported by nonbanks, see July 1979 BULLETIN, and foreign branches, agencies, or wholly owned subsidiaries of head office or p. 550. parent foreign bank. NOTE. Beginning April 1978, data for banks' own claims are given on a monthly 2. Assets owned by customers of the reporting bank located in the United basis, but the data for claims of banks' own domestic customers are available on a States that represent claims on foreigners held by reporting banks for the account quarterly basis only. of their domestic customers. 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 1985 1986 MMaattuurriittyy;; bbyy bboorrrroowweerr aanndd aarreeaa 11998822 11998833 11998844 Sept.' Dec. Mar.' June' 1 228,150 243,715 243,952 232,803 227,903' 221,177 222,256 By borrower 2 Maturity of 1 year or less1 173,917 176,158 167,858 161,642 160,824' 152,696 152,249 3 Foreign public borrowers 21,256 24,039 23,912 25,537 26,302 23,845 23,183 4 All other foreigners 152,661 152,120 143,947 136,105 134,522' 128,851 129,066 5 Maturity of over 1 year1 54,233 67,557 76,094 71,161 67,078' 68,481 70,008 6 Foreign public borrowers 23,137 32,521 38,695 36,820 34,512' 36,681 37,177 7 All other foreigners 31,095 35,036 37,399 34,340 32,567 31,800 32,830 By area Maturity of 1 year or less1 8 Europe 50,500 56,117 58,498 58,520 56,585' 53,462 57,929 9 Canada 7,642 6,211 6,028 6,117 6,401' 5,899 6,043 10 Latin America and Caribbean 73,291 73,660 62,791 62,148 63,328 59,538 57,134 11 37,578 34,403 33,504 29,120 27,966 28,034 25,772 12 Africa 3,680 4,199 4,442 3,954 3,753 3,331 3,297 1.3 All other2 1,226 1,569 2,593 1,782 22,,779911 2,433 2,073 Maturity of over 1 year1 14 Europe 11,636 13,576 9,605 8,078 7,634 7,783 7,934 15 Canada 1,931 1,857 1,882 1,940 1,805 1,925 2,256 16 Latin America and Caribbean 35,247 43,888 56,144 53,090 50,674' 52,165 53,572 17 3,185 4,850 5,323 5,230 4,502 4,251 4,034 18 Africa 1,494 2,286 2,033 1,665 1,538 1,634 1,497 19 All other2 740 1,101 1,107 1,157 926 722 714 1. Remaining time to maturity. 2. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • December 1986 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 1984 1985 1986 AArreeaa oorr ccoouunnttrryy 11998822 11998833 June2 Sept. Dec. Mar. June Sept. Dec. Mar. JuneP 1 Total 436.1 433.9 427.6 406.4 405.7 405.5 396.8 394.9 391.9 394.4 391.1 2 G-10 countries and Switzerland 179.6 167.8 157.4 147.5 148.1 153.0 146.7 152.0 148.5 156.6 159.7 3 Belgium-Luxembourg 13.1 12.4 10.9 9.8 8.7 9.3 8.9 9.5 9.3 8.3 9.0 4 France 17.1 16.2 14.2 14.3 14.1 14.5 13.5 14.8 12.3 13.8 14.7 5 Germany 12.7 11.3 10.9 10.0 9.0 8.9 9.6 9.8 10.5 11.2 11.5 6 Italy 10.3 11.4 11.5 9.7 10.1 10.0 8.6 8.4 9.8 8.5 9.3 7 Netherlands 3.6 3.5 3.0 3.4 3.9 3.8 3.7 3.4 3.7 3.5 3.4 8 Sweden 5.0 5.1 4.3 3.5 3.2 3.1 2.9 3.1 2.8 2.9 2.9 9 Switzerland 5.0 4.3 4.2 3.9 3.9 4.2 4.0 4.1 4.4 5.4 5.6 10 United Kingdom 72.1 65.3 60.3 57.1 60.3 65.4 65.7 67.1 64.6 68.8 68.9 11 Canada 10.4 8.3 8.9 8.1 7.9 9.1 8.1 7.6 7.0 6.1 7.0 12 Japan 30.2 29.9 29.3 27.7 27.1 24.7 21.7 24.3 24.2 28.1 27.4 13 Other developed countries 33.5 36.0 37.0 36.2 33.6 32.8 32.3 32.0 30.4 31.5 30.6 14 Austria 1.9 1.9 1.9 1.8 1.6 1.6 1.6 1.7 1.6 1.6 1.7 15 Denmark 2.4 3.4 3.1 2.9 2.2 2.1 1.9 2.1 2.4 2.5 2.4 16 Finland 2.2 2.4 2.3 1.9 1.9 1.8 1.8 1.8 1.6 1.9 1.6 17 Greece 3.0 2.8 3.3 3.2 2.9 2.9 2.9 2.8 2.6 2.5 2.6 18 Norway 3.3 3.3 3.2 3.2 3.0 2.9 2.9 3.4 2.9 2.7 3.0 19 Portugal 1.5 1.5 1.7 1.6 1.4 1.4 1.3 1.4 1.3 1.1 1.0 20 Spain 7.5 7.1 7.3 6.9 6.5 6.4 5.9 6.1 5.8 6.4 6.4 21 Turkey 1.4 1.7 2.0 2.0 1.9 1.9 2.0 2.1 1.9 2.3 2.5 22 Other Western Europe 2.3 1.8 1.9 1.7 1.7 1.7 1.8 1.7 2.0 2.4 2.1 23 South Africa 3.7 4.7 4.7 5.0 4.5 4.2 3.9 3.3 3.2 3.2 3.1 24 Australia 4.3 5.4 5.6 6.1 6.0 6.1 6.2 5.6 5.0 4.9 4.2 25 OPEC countries3 26.9 28.4 26.0 24.4 24.9 24.5 22.8 22.7 21.6 20.6 20.6 26 Ecuador 2.2 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.1 2.2 2.1 27 Venezuela 10.5 9.9 9.5 9.2 9.3 9.3 9.3 9.0 8.9 8.7 8.8 28 Indonesia 2.9 3.4 3.5 3.2 3.3 3.3 3.1 3.1 3.0 3.3 3.0 29 Middle East countries 8.5 9.8 8.2 7.3 7.9 7.4 6.1 6.2 5.5 4.8 5.0 30 African countries 2.8 3.0 2.7 2.5 2.3 2.3 2.2 2.3 2.0 1.8 1.7 31 Non-OPEC developing countries 106.5 110.8 112.3 111.6 111.8 110.8 110.0 107.8 105.0 103.4 101.6 Latin America 32 Argentina 8.9 9.5 9.2 9.1 8.7 8.6 8.6 8.9 8.9 8.9 9.2 33 Brazil 22.9 23.1 25.4 26.3 26.3 26.4 26.6 25.5 25.6 25.7 25.3 34 Chile 6.3 6.4 6.7 7.1 7.0 7.0 6.9 6.6 7.0 7.0 7.1 35 Colombia 3.1 3.2 3.0 2.9 2.9 2.8 2.7 2.6 2.7 2.3 2.2 36 Mexico 24.2 25.8 25.9 26.0 25.7 25.5 25.3 24.4 24.1 23.9 23.9 3/ Peru 2.6 2.4 2.3 2.2 2.2 2.2 2.1 1.9 1.8 1.7 1.6 38 Other Latin America 4.0 4.2 4.1 3.9 3.9 3.8 3.7 3.5 3.4 3.3 3.3 Asia China 39 Mainland .2 .3 .6 .5 .7 .7 .3 1.1 .5 .6 .6 40 Taiwan 5.3 5.2 5.2 5.1 5.1 5.3 5.5 5.1 4.5 4.3 3.6 41 .5 .9 .9 1.0 .9 .9 .9 1.1 1.2 1.2 1.3 42 2.3 1.9 1.9 1.7 1.8 1.7 2.3 1.5 1.6 1.3 1.6 43 Korea (South) 10.7 11.2 11.0 10.3 10.6 10.4 10.0 10.4 9.4 9.5 8.7 44 Malaysia 2.1 2.8 2.7 2.9 2.7 2.7 2.8 2.7 2.4 2.2 2.0 45 Philippines 6.3 6.1 6.2 5.9 6.0 6.1 6.0 6.0 5.7 5.6 5.7 46 Thailand 1.6 2.2 1.9 1.8 1.8 1.7 1.6 1.6 1.4 1.3 1.1 47 Other Asia 1.1 1.0 1.1 .9 1.1 1.1 .9 .9 1.0 .9 .8 Africa 48 Egypt 1.2 1.5 1.4 1.2 1.2 1.1 1.0 1.0 1.0 .9 .9 49 Morocco .7 .8 .8 .8 .8 .8 .8 .9 .9 .9 .9 50 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 51 Other Africa4 2.4 2.3 1.9 1.9 2.1 2.2 2.0 2.0 1.9 1.9 1.7 52 Eastern Europe 6.2 5.3 4.9 4.5 4.4 4.3 4.3 4.6 4.2 4.0 4.0 53 U.S.S.R .3 .2 .2 .2 .1 .2 .3 .2 .1 .3 .3 54 Yugoslavia 2.2 2.4 2.3 2.3 2.3 2.2 2.2 2.4 2.2 2.0 2.0 55 Other 3.7 2.8 2.4 2.1 2.0 1.9 1.8 1.9 1.8 1.7 1.7 56 Offshore banking centers 66.0 68.9 72.8 65.1 65.6 63.2 63.9 58.8 65.4 61.5 57.2 57 Bahamas 19.0 21.7 27.4 23.3 21.5 20.1 21.1 16.6 21.4 21.5 17.3 58 Bermuda .9 .9 .7 1.0 .9 .7 .9 .8 .7 .7 .4 59 Cayman Islands and other British West Indies 12.8 12.2 12.2 11.1 11.8 12.3 12.1 12.3 13.4 11.3 12.8 60 Netherlands Antilles 3.3 4.2 3.3 3.1 3.4 3.3 3.2 2.3 2.3 2.3 2.3 61 Panama5 7.5 5.8 6.5 5.6 6.7 5.5 5.4 6.1 6.0 5.9 5.5 62 Lebanon .1 .1 .1 .1 .1 .1 .1 .0 .1 .1 .1 63 Hong Kong 13.3 13.8 12.4 11.6 11.4 11.4 11.4 11.4 11.5 11.4 9.4 64 Singapore 9.1 10.3 10.2 9.4 9.8 9.9 9.7 9.4 9.9 8.4 9.4 65 Others6 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 66 Miscellaneous and unallocated7 17.5 16.8 17.3 17.1 17.3 16.9 16.9 17.3 16.9 16.8 17.4 1. The banking offices covered by these data are the U.S. offices and foreign from $50 million to $150 million equivalent in total assets, the threshold now branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. applicable to all reporting branches. Offices not covered include (1) U.S. agencies and branches of foreign banks, and 3. Besides the Organization of Petroleum Exporting Countries shown individ- (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are ually, this group includes other members of OPEC (Algeria, Gabon, Iran, Iraq, adjusted to exclude the claims on foreign branches held by a U.S. office or another Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as well foreign branch of the same banking institution. The data in this table combine as Bahrain and Oman (not formally members of OPEC). foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims 4. Excludes Liberia. of U.S. offices in table 3.18 (excluding those held by agencies and branches of 5. Includes Canal Zone beginning December 1979. foreign banks and those constituting claims on own foreign branches). 6. Foreign branch claims only. 2. Beginning with June 1984 data, reported claims held by foreign branches 7. Includes New Zealand, Liberia, and international and regional organizahave been reduced by an increase in the reporting threshold for "shell" branches tions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A63 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States' Millions of dollars, end of period 1985 1986 Type, and area or country 998822 11998833 11998844 June Sept. Dec. Mar. June? 1 Total 27,512 25,346 29,357 24,574' 25,256' 27,230' 25,635 23,941 2 Payable in dollars 24,280 22,233 26,389 21,899' 22,408' 23,994' 22,022 20,612 3 Payable in foreign currencies 3,232 3,113 2,968 2,675' 2,848' 3,236' 3,613 3,330 By type 4 Financial liabilities 1111,,006666 10,572 14,509 11,528' 11,815' 13,005' 12,328 10,854 5 Payable in dollars 88,,885588 8,700 12,553 9,543' 9,824' 10,955' 10,205 9,114 6 Payable in foreign currencies 2,208 1,872 1,955 1,985' 1,991' 2,050' 2,123 1,740 7 Commercial liabilities 16,446 14,774 14,849 13,046 13,441 14,225' 13,307 13,087 8 Trade payables 9,438 7,765 7,005 5,797 5,694 6,685 5,598 5,494 9 Advance receipts and other liabilities... 7,008 7,009 7,843 7,249 7,747 7,540' 7,710 7,593 10 Payable in dollars 15,423 13,533 13,836 12,356 12,584 13,039' 11,817 11,497 11 Payable in foreign currencies 1,023 1,241 1,013 690 857 1,186 1,490 1,590 By area or country Financial liabilities 12 Europe 6,501 5,742 6,728 5,944' 6,568' 7,270' 6,971 6,557 13 Belgium-Luxembourg 505 302 471 351 367 329 338 288 14 France 783 843 995 865 849 857 851 701 15 Germany 467 502 489 474 493 419 371 262 16 Netherlands 711 621 590 604 624 745 630 651 17 Switzerland 792 486 569 566 593 676 702 561 18 United Kingdom 3,102 2,839 3,297 2,835' 3,351' 3,924' 3,736 3,812 19 Canada 746 764 863 850 826 760 753 287 20 Latin America and Caribbean 2,751 2,596 5,086 3,106 2,619 3,152 2,788 2,335 21 Bahamas 904 751 1,926 1,107 1,145 1,120 954 859 22 Bermuda 14 13 13 10 4 4 13 14 23 Brazil 28 32 35 27 23 29 26 27 24 British West Indies 1,027 1,041 2,103 1,734 1,234 1,814 1,610 1,295 25 Mexico 121 213 367 32 28 15 20 30 26 Venezuela 114 124 137 3 3 3 4 3 27 Asia 1,039 1,424 1,777 1,584' 1,767' 1,790' 1,799 1,660 28 Japan 715 991 1,209 994' 1,136' 1,173' 1,192 1,189 29 Middle East oil-exporting countries2.. 169 170 155 147 82 82 78 43 30 Africa 17 19 14 14 14 12 12 12 0 0 0 0 0 0 0 0 31 Oil-exporting countries3 12 27 41 30 22 21 4 4 32 All other4 Commercial liabilities 3,831 3,245 4,001 3,461 3,897 4,074' 3,915 3,757 33 Europe 52 62 48 53 56 62 66 58 34 Belgium-Luxembourg 598 437 438 423 431 453 382 357 35 France 468 427 622 428 601 607 546 512 36 Germany 346 268 245 284 386 364 545 585 37 Netherlands 367 241 257 349 289 379 251 283 38 Switzerland 1,027 732 1,095 730 858 976 957 861 39 United Kingdom 40 Canada 1,495 1,841 1,975 1,494 1,383 1,449 1,442 1,351 41 Latin America and Caribbean 1,570 1,473 1,871 1,225 1,262 1,088 1,097 1,302 42 Bahamas 16 1 7 12 2 12 26 10 43 Bermuda 117 67 114 77 105 77 210 294 44 Brazil 60 44 124 90 120 58 64 107 45 British West Indies 32 6 32 1 15 44 7 35 46 Mexico 436 585 586 492 415 430 256 233 47 Venezuela 642 432 636 309 311 212 364 488 48 Asia 8,144 6,741 5,285 5,246 5,353 6,046 5,384 5,059 49 Japan 1,226 1,247 1,256 1,219 1,567 1,799 2,039 2,093 50 Middle East oil-exporting countries2 5, 5,503 4,178 2,372 2,3% 2,109 2,829 2,171 1,731 51 Africa 753 553 588 631 572 587 486 565 52 Oil-exporting countries3 277 167 233 265 235 238 148 215 53 All other4 651 921 1,128 988 975 982 983 1,053 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 5. Revisions include a reclassification of transactions, which also affects the United Arab Emirates (Trucial States). totals for Asia and the grand totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 International Statistics • December 1986 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States1 Millions of dollars, end of period 1985 1986 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11998822 11998833 11998844 June Sept. Dec. Mar. June'' 1 Total 28,725 34,911 29,901 26,750 28,61(K 28,085' 30,949 32,172 2 Payable in dollars 26,085 31,815 27,304 24,121 25,743' 25,783' 28,762 29,976 i Payable in foreign currencies 2,640 3,096 2,597 2,629 2,866 2,302 2,187 2,196 By type 4 Financial claims 17,684 23,780 19,254 16,695 19,203 18,099' 21,540 22,971 •> Deposits 13,058 18,496 14,621 12,839 15,315 14,852' 18,146 19,866 6 Payable in dollars 12,628 17,993 14,202 12,283 14,611 14,237' 17,689 19,294 7 Payable in foreign currencies 430 503 420 556 704 615 457 573 8 Other financial claims 4,626 5,284 4,633 3,856 3,889 3,248' 3,394 3,105 9 Payable in dollars 2,979 3,328 3,190 2,375 2,351 2,213' 2,301 2,088 10 Payable in foreign currencies 1,647 1,956 1,442 1,480 1,538 1,035 1,093 1,016 11 Commercial claims 11,041 11,131 10,646 10,055 9,406' 9,986' 9,410 9,201 12 Trade receivables 9,994 9,721 9,177 8,688 7,932' 8,6%' 8,109 7,864 13 Advance payments and other claims 1,047 1,410 1,470 1,367 1,475 1,290 1,301 1,337 14 Payable in dollars 10,478 10,494 9,912 9,463 8,782r 9,333' 8,773 8,594 15 Payable in foreign currencies 563 637 735 592 624 652 637 607 By area or country Financial claims 16 Europe 4,873 6,488 5,762 5,477 6,463 6,327' 6,859 8,723 17 Belgium-Luxembourg 15 37 15 15 12 10 10 U 18 France 134 150 126 51 132 184 217 257 19 Germany 178 163 224 175 158 223 172 143 20 Netherlands 97 71 66 46 127 61 61 17 21 Switzerland 107 38 66 16 53 74 166 177 22 United Kingdom 4,064 5,817 4,864 4,900 5,736 5,522' 5,986 7,902 23 Canada 4,377 5,989 3,988 3,756 4,037 3,256 4,024 4,464 24 Latin America and Caribbean 7,546 10,234 8,216 6,616 7,603 7,697' 9,934 8,951 25 Bahamas 3,279 4,771 3,306 2,204 2,315 2,685' 3,500 3,101 26 Bermuda 32 102 6 6 5 6 2 17 27 Brazil 62 53 100 96 92 78 77 75 28 British West Indies 3,255 4,206 4,043 3,747 4,632 44,,444400 5,904 5,310 29 Mexico 274 293 215 206 201 118800 178 176 30 Venezuela 139 134 125 100 73 48 43 42 31 698 764 961 640 969 696 621 723 32 Japan 153 297 353 281 725 475 350 499 33 Middle East oil-exporting countries2 15 4 13 6 6 4 2 2 34 Africa 158 147 210 111 104 103 87 89 35 Oil-exporting countries3 48 55 85 25 31 29 27 25 36 All other4 31 159 117 95 26 21 14 20 Commercial claims 37 Europe 3,826 3,670 3,801 3,680 3,235 3,533 3,391 3,321 38 Belgium-Luxembourg 151 135 165 212 158 175 148 127 39 France 474 459 440 408 360 426 385 390 40 Germany 357 349 374 375 336 346 396 410 41 Netherlands 350 334 335 301 286 284 222 236 42 Switzerland 360 317 271 376 208 284 248 221 43 United Kingdom 811 809 1,063 950 779 898 793 663 44 Canada 633 829 1,021 1,065 1,100 1,023 1,060 967 45 Latin America and Caribbean 2,526 2,695 2,052 1,803 1,660' 1,753' 1,604 1,583 46 Bahamas 21 8 8 11 18 13 27 24 47 Bermuda 261 190 115 65 62 93 82 148 48 Brazil 258 493 214 193 211 206 232 192 49 British West Indies 12 7 7 29 7 6 7 24 50 Mexico 775 884 583 468 416 510 389 317 51 Venezuela 351 272 206 181 149 157 172 180 52 Asia 3,050 3,063 3,073 2,707 2,712 2,982 2,620 2,649 53 Japan 1,047 1,114 1,191 954 884 1,016 803 837 54 Middle East oil-exporting countries2 751 737 668 593 541 638 632 691 55 Africa 588 588 470 464 434 437 491 446 56 Oil-exporting countries3 140 139 134 137 131 130 167 171 57 All other4 417 286 229 336 264 257 244 236 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

Securities Holdings and Transactions A65 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1986 1986 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11998844 11998855 A Ja u n g . . - Feb. Mar. Apr. May Juner July Aug.P U.S. corporate securities STOCKS 1 Foreign purchases 59,834 81,994 98,304 10,593 13,503 15,306 13,107 11,176 13,268 12,040 2 Foreign sales 62,814 77,054 81,471 8,835 10,640 11,420 10,310 10,832 11,258 10,611 3 Net purchases, or sales (-) -2,980 4,940 16,833 1,758 2,863 3,886 2,796 344 2,010 1,429 4 Foreign countries -3,109 4,856 16,899 1,738 2,816 3,823 2,754 464 2,075 1,469 -3,077 2,057 9,968 1,395 2,205 2,049 1,577 192 576 823 -405 -438 480 -68 -26 36 102 219 182 105 7 Germany -50 730 398 234 229 47 99 -174 -130 -42 8 Netherlands -357 -123 956 121 166 123 236 97 52 50 9 Switzerland -1,542 -75 2,081 420 698 566 375 -134 -198 44 10 United Kingdom -677 1,665 4,559 635 1,021 719 568 38 481 520 11 Canada 1,691 356 670 -59 77 50 43 131 214 97 12 Latin America and Caribbean 495 1,718 2,108 213 198 863 482 60 269 108 13 Middle East1 -1,992 238 795 -19 127 338 117 -236 181 78 14 Other Asia -378 295 2,882 154 122 376 421 288 830 376 15 Africa -22 24 232 30 59 48 43 -3 30 -1 16 Other countries 175 168 245 24 28 98 70 32 -23 -13 17 Nonmonetary international and regional organizations 129 84 -66 20 47 63 42 -121 --6655 -40 BONDS2 18 Foreign purchases 39,296 87,182 81,726 9,285 12,564 13,603 12,125 8,964 8,796 9,380 19 Foreign sales 26,399 43,046 47,167 4,936 7,420 8,967 5,350 5,686 5,679 5,348 20 Net purchases, or sales (-) 12,897 44,137 34,559 4,350 5,144 4,636 6,776 3,278 3,117 4,032 21 Foreign countries 12,600 44,231 33,389 4,201 4,843 4,446 6,679 2,798 3,056 4,037 22 Europe 11,697 40,047 27,147 3,123 3,690 3,641 6,221 2,763 2,302 2,484 23 France 207 210 57 -33 -17 -22 83 -6 6 20 24 Germany 1,724 2,001 -232 45 -224 -73 205 -3 -91 -81 25 Netherlands 100 222 226 3 25 2 89 -37 -39 98 26 Switzerland 643 3,987 4,147 511 459 1,231 456 490 180 564 27 United Kingdom 8,429 32,762 22,994 2,617 3,374 2,578 5,631 2,214 2,119 1,917 28 Canada -62 189 152 -31 -198 75 53 55 85 110 29 Latin America and Caribbean 376 498 1,105 27 200 263 142 63 220 160 30 Middle East1 -1,230 -2,643 -2,128 0 15 -389 -202 -632 -706 -40 31 Other Asia 1,817 6,091 6,986 1,064 1,144 840 464 480 1,147 1,289 32 Africa 1 11 8 1 0 3 -2 3 -3 5 33 Other countries 0 38 120 17 -10 13 3 66 11 29 34 Nonmonetary international and regional organizations 297 -95 1,170 149 301 190 96 480 61 -4 Foreign securities 35 Stocks, net purchases, or sales (-) -1,101 -3,888 -3,887 -771 -1,440 -1,675 -219 -238 412 -70 36 Foreign purchases 14,816 20,856 29,578 2,937 3,618 4,384 3,457 3,775 4,289 4,596 37 Foreign sales 15,917 24,743 33,464 3,708 5,058 6,059 3,676 4,013 3,877 4,666 38 Bonds, net purchases, or sales (-) -3,930 -4,042 -1,776 -966 -3,003 -1,035 83 1,540 427 1,232 39 Foreign purchases 56,017 81,160 104,413 10,418 12,438 15,194 13,275 15,632 13,559 14,086 40 Foreign sales 59,948 85,202 106,189 11,385 15,441 16,229 13,192 14,091 13,132 12,854 41 Net purchases, or sales (—), of stocks and bonds .... -5,031 -7,930 -5,663 -1,737 -4,443 -2,711 -136 1,302 839 1,162 42 Foreign countries -4,642 -8,993 -6,073 -1,877 -4,119 -2,581 -208 1,122 515 1,104 43 Europe -8,655 -9,927 -11,147 -1,916 -3,840 -2,435 123 -1,332 -641 -719 44 Canada 542 -1,686 -713 -319 -491 -286 80 16 243 261 45 Latin America and Caribbean 2,460 1,845 2,319 297 121 175 346 742 278 127 46 1,356 659 3,902 562 127 -130 -745 1,639 696 1,359 47 Africa -108 75 43 10 4 6 3 3 9 1 48 Other countries -238 41 -476 -512 -40 89 -16 55 -70 75 49 Nonmonetary international and regional organizations -389 1,063 410 140 -324 -130 73 180 324 59 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, ties sold abroad by U.S. corporations organized to finance direct investments Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). abroad. 2. Includes state and local government securities, and securities of U.S. government agencies and corporations. Also includes issues of new debt securi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 International Statistics • December 1986 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions Millions of dollars 1986 1986 11998844 11998855 Country or area A Ja u n g. . - Feb. Mar. Apr. May June July Aug.P Transactions, net purchases or sales (-) during period1 1 Estimated total2 21,501 29,007 16,647 206 9,572 8,363 -2,215 3,112r -238 781 2 Foreign countries2 16,496 28,551 18,603 3,737 2,361 8,103 -335 2,230r 2,721 2,244 3 Europe2 11,014 4,145 14,272 1,672 1,813 1,625 1,434 2,562r 2,543 2,474 4 Belgium-Luxembourg 287 476 78 -2 -196 29 39 82 -46 180 5 Germany2 2,929 1,917 3,722 459 322 139 468 357 818 1,029 6 Netherlands 449 269 1,504 -261 61 81 -31 -64 1,756 -64 7 Sweden 40 976 359 191 -14 113 236 16 42 -25 8 Switzerland2 656 760 893 115 22 163 365 349 -278 105 9 United Kingdom 5,188 -1,954 5,753 1,240 1,474 -206 6% 698r 609 1,207 10 Other Western Europe 1,466 1,701 1,963 -72 144 1,307 -339 1,125 -358 43 11 Eastern Europe 0 0 0 0 0 0 0 0 0 0 12 Canada 1,586 -188 987 -131 762 55 908 -302 67 105 13 Latin America and Caribbean 1,418 4,312 729 584 227 1,234 -954 -460 28 -37 14 Venezuela 14 238 -294 -63 127 196 36 -170 -72 -294 15 Other Latin America and Caribbean 536 2,343 1,311 448 171 173 372 -290 96 255 16 Netherlands Antilles 869 1,731 -287 200 -70 865 -1,363 0 5 2 17 Asia 2,431 19,859 2,045 1,311 -446 4,797 -1,698 515 -120 -136 18 Japan 6,289 17,880 1,189 1,601 140 1,973 -1,229 223 273 683 19 Africa -67 112 -41 -12 -18 -1 -2 -5 6 -1 20 All other 114 311 612 314 22 394 -22 -80 198 -160 21 Nonmonetary international and regional organizations 5,009 458 -1,959 -3,533 7,211 260 -1,881 882 -2,960 -1,463 22 International 4,612 -420 -2,109 -3,766 6,957 198 -1,889 899 -2,804 -1,511 23 Latin American regional 0 18 123 51 23 30 0 5 0 0 MEMO 24 Foreign countries2 16,496 28,551 18,603 3,737 2,361 8,103 -335 2,23 (K 2,721 2,244 25 Official institutions 505 8,088 8,609 619 394 3,862 157 1,612 1,488 116 26 Other foreign2 15,992 20,462 9,998 3,119 1,967 4,242 -491 619r 1,234 2,128 Oil-exporting countries 27 Middle East3 -6,270 -1,581 141 -301 -607 1,334 -14 -290 41 -242 28 Africa4 -101 7 2 0 -2 1 1 0 2 -1 1. Estimated official and private transactions in marketable U.S. Treasury 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and securities with an original maturity of more than 1 year. Data are based on United Arab Emirates (Trucial States). monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and 4. Comprises Algeria, Gabon, Libya, and Nigeria, notes held by official institutions of foreign countries. 2. Includes U.S. Treasury notes publicly issued to private foreign residents denominated in foreign currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest and Exchange Rates A67 3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS Percent per annum Rate on Sept. 30, 1986 Rate on Sept. 30, 1986 Rate on Sept. 30, 1986 Country Country Country Per- Month Per- Month Percent effective cent effective cent Austria.. 4.0 Aug. 1985 France1 7.0 June 1986 Norway 8.0 Belgium . 8.0 May 1986 Germany, Fed. Rep. of 3.5 Mar. 1986 Switzerland 4.0 Brazil... 49.0 Mar. 1981 Italy 12.0 May 1986 United Kingdom2. Canada.. 8.63 Sept. 1986 Japan 3.5 Apr. 1986 Venezuela Denmark 7.0 Oct. 1983 Netherlands 4.5 Mar. 1986 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 NOTE. Rates shown are mainly those at which the central bank either discounts central bank transacts the largest proportion of its credit operations. 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1986 CCoouunnttrryy,, oorr ttyyppee 11998833 11998844 11998855 Mar. Apr. May June July Aug. Sept. 1 Eurodollars 9.57 10.75 8.27 7.42 6.80 6.86 6.95 6.54 6.06 5.88 2 United Kingdom 10.06 9.91 12.16 11.70 10.43 10.16 9.70 9.91 9.79 10.05 3 Canada 9.48 11.29 9.64 10.94 9.57 8.60 8.72 8.45 8.50 8.38 4 Germany 5.73 5.96 5.40 4.49 4.48 4.58 4.59 4.61 4.56 4.48 5 Switzerland 4.11 4.35 4.92 3.84 4.04 4.32 4.96 4.80 4.30 4.13 6 Netherlands 5.58 6.08 6.29 5.44 5.23 5.76 5.90 5.69 5.28 5.17 7 France 12.44 11.66 9.91 8.28 7.66 7.21 7.23 7.13 7.09 7.07 8 Italy 18.95 17.08 14.86 16.05 13.62 12.35 11.78 11.70 11.18 10.84 9 Belgium 10.51 11.41 9.60 9.75 8.51 7.90 7.27 7.25 7.25 7.25 10 Japan 6.49 6.32 6.47 5.47 4.85 4.58 4.64 4.62 4.68 4.71 NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 International Statistics • December 1986 3.28 FOREIGN EXCHANGE RATES Currency units per dollar 1986 CCoouunnttrryy//ccuurrrreennccyy 11998833 11998844 11998855 Apr. May June July Aug. Sept. 1 Australia/dollar1 90.14 87.937 70.026 72.28 72.72 68.89 62.91 61.23 62.21 2 Austria/schilling 17.968 20.005 20.676 15.965 15.667 15.699 15.117 14.502 14.349 3 Belgium/franc 51.121 57.749 59.336 46.394 45.497 45.633 44.304 42.701 42.315 4 Brazil/cruzeiro 573.27 1841.50 6205.10 13.84 13.84 13.84 13.84 13.84 13.84 5 Canada/dollar 1.2325 1.2953 1.3658 1.3879 1.3757 1.3899 1.3808 1.3885 1.3872 6 China, P.R./yuan 1.9809 2.3308 2.9434 3.2143 3.2014 3.2115 3.6435 3.7129 3.7150 7 Denmark/krone 9.1483 10.354 10.598 8.3928 8.2479 8.2822 8.0635 7.7657 7.7278 8 Finland/markka 5.5636 6.0007 6.1971 5.1235 5.0967 5.1954 5.0744 4.9377 4.9190 9 France/franc 7.6203 8.7355 8.9799 7.2060 7.0967 7.1208 6.9323 6.7215 6.6835 10 Germany/deutsche mark 2.5539 2.8454 2.9419 2.2732 2.2277 2.2337 2.1517 2.0621 2.0415 11 Greece/drachma 87.895 112.73 138.40 142.50 139.64 140.98 138.40 134.68 135.07 12 Hong Kong/dollar 7.2569 7.8188 7.7911 7.7957 7.8080 7.8107 7.8123 7.8003 7.8026 13 India/rupee 10.1040 11.348 12.332 12.393 12.466 12.599 12.508 12.567 12.676 14 Ireland/pound1 124.81 108.64 106.62 133.71 136.62 135.68 139.00 134.67 134.53 15 Italy/lira 1519.30 1756.10 1908.90 1559.45 1528.50 1533.10 1478.31 1420.33 1410.23 16 Japan/yen 237.55 237.45 238.47 175.09 167.03 167.54 158.61 154.18 154.73 17 Malaysia/ringgit 2.3204 2.3448 2.4806 2.5981 2.5978 2.6231 2.6455 2.6121 2.6174 18 Netherlands/guilder 2.8543 3.2083 3.3184 2.5629 2.5082 2.5154 2.4236 2.3242 2.3050 19 New Zealand/dollar1 66.790 57.837 49.752 56.127 56.666 54.585 53.176 50.068 47.950 20 Norway/krone 7.3012 8.1596 8.5933 7.1603 7.4106 7.6117 7.4800 7.3534 7.3429 21 Portugal/escudo 111.610 147.70 172.07 150.79 149.12 151.09 148.67 146.17 146.83 22 Singapore/dollar 2.1136 2.1325 2.2008 2.1880 2.2157 2.2232 2.1861 2.1601 2.1680 23 South Africa/rand1 89.85 69.534 45.57 48.77 45.67 39.49 39.04 38.39 43.36 24 South Korea/won 776.04 807.91 861.89 887.95 889.09 890.74 888.59 886.45 883.06 25 Spain/peseta 143.500 160.78 169.98 144.11 141.62 142.91 137.58 134.11 134.10 26 Sri Lanka/rupee 23.510 25.428 27.187 27.791 27.932 27.955 28.065 28.187 28.297 27 Sweden/krona 7.6717 8.2706 8.6031 7.2433 7.1458 7.2124 7.0715 6.9365 6.9191 28 Switzerland/franc 2.1006 2.3500 2.4551 1.9016 1.8538 1.8406 1.7445 1.6616 1.6537 29 Taiwan/dollar n.a. 39.633 39.889 38.689 38.460 38.163 38.119 37.422 36.885 30 Thailand/baht 22.991 23.582 27.193 26.429 26.327 26.400 26.204 26.093 26.120 31 United Kingdom/pound1 151.59 133.66 129.74 149.85 152.11 150.85 150.71 148.61 146.98 MEMO 32 United States/dollar2 125.34 138.19 143.01 115.67 113.27 113.77 110.38 107.50 107.15 1. Value in U.S. cents. 3. Currency reform. 2. Index of weighted-average exchange value of U.S. dollar against currencies NOTE. Averages of certified noon buying rates in New York for cable transfers. of other G-10 countries plus Switzerland. March 1973 = 100. Weights are 1972-76 Data in this table also appear in the Board's G.5 (405) release. For address, see global trade of each of the 10 countries. Series revised as of August 1978. For inside front cover. description and back data, see "Index of the Weighted-Average Exchange Value of the U.S. Dollar: Revision" on p. 700 of the August 1978 BULLETIN. 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 SMSAs Standard metropolitan statistical areas when the smallest unit given is millions) .... Cell not applicable General Information Minus signs are used to indicate (1) a decrease, (2) a negative obligations of the Treasury. "State and local government" figure, or (3) an outflow. also includes municipalities, special districts, and other politi- "U.S. government securities" may include guaranteed cal subdivisions. issues of U.S. government agencies (the flow of funds figures In some of the tables details do not add to totals because of also include not fully guaranteed issues) as well as direct rounding. STATISTICAL RELEASES List Published Semiannually, with Latest Bulletin Reference Issue Page Anticipated schedule of release dates for periodic releases December 1986 A87 SPECIAL TABLES Published Irregulary, with Latest Bulletin Reference Assets and liabilities of commercial banks, March 31, 1983 August 1983 A70 Assets and liabilities of commercial banks, June 30, 1983 December 1983 A68 Assets and liabilities of commercial banks, September 30, 1983 March 1984 A68 Assets and liabilities of commercial banks, December 31, 1983 June 1984 A66 Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 1985 May 1986 A74 Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1985 September 1986 A70 Assets and liabilities of U.S. branches and agencies of foreign banks, March 31,1986 November 1986 A70 Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 1986 December 1986 A76 Terms of lending at commercial banks, November 1985 March 1986 A70 Terms of lending at commercial banks, February 1986 May 1986 A70 Terms of lending at commercial banks, May 1986 July 1986 A70 Terms of lending at commercial banks, August 1986 December 1986 A70 Special tables begin on next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • December 1986 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 4-8, 19861 A. Commercial and Industrial Loans2 Weighted Loan rate (percent) Loans AAmmoouunntt AAvveerraaggee made Partici- Characteristics (t o h f o u lo sa a n ns d s (tho s u iz s e a nds maturity3 co u m nd m e i r t p l a o t a i n o s n of dollars) of dollars) Days e a f v fe e c r t a i g v e e 4 SSttaannddaarrdd q r u a a n r g ti e l 6 e (pe m r e c n e t n t) (percent) ALL BANKS 1 Overnight8 18,440,593 8,119 * 7.07 .05 6.79-7.18 85.6 2 One month and under 6,496,558 477 17 7.58 .13 6.92-7.82 74.0 7.5 3 Fixed rate 5,183,735 763 16 7.35 .08 6.84-7.52 72.4 8.2 4 Floating rate 1,312,824 192 20 8.47 .18 7.30-9.38 80.5 4.7 5 Over one month and under a year ... 9,270,883 99 138 8.61 .20 7.38-9.42 71.1 6.9 6 Fixed rate 4,282,589 96 90 8.22 .35 7.05-9.15 64.9 6.9 7 Floating rate 4,988,294 101 179 8.94 .13 8.24-9.65 76.5 6.9 8 Demand9 5,537,638 156 * 8.65 .14 7.98-9.38 80.1 7.4 9 Fixed rate 619,374 226 * 7.62 .27 7.12-7.76 58.3 10.3 10 Floating rate 4,918,264 150 * 8.78 .11 8.30-9.38 82.9 7.0 11 Total short term 39,745,673 273 41 7.73 .13 6.86-8.30 79.6 4.8 12 Fixed rate (thousands of dollars) .... 27,611,152 492 18 7.32 .12 6.83-7.41 79.0 4.2 13 1-24 320,283 8 112 11.73 .20 10.38-13.08 19.0 .0 14 25-49 158,047 32 119 10.66 .24 8.81-12.36 22.9 .2 15 50-99 182,710 67 109 10.43 .21 9.31-12.28 30.3 .5 16 100-499 433,111 189 80 9.11 .12 8.25-10.20 44.9 4.3 17 500-999 327,159 706 63 9.00 .32 7.50-11.46 51.0 3.0 18 1000 and over 26,189,842 8,150 15 7.18 .06 6.82-7.36 81.3 4.4 19 Floating rate (thousands of dollars).... 12,134,521 136 127 8.67 .11 7.58-9.38 80.9 20 1-24 440,797 9 155 10.07 .11 9.37-10.49 68.1 21 25-49 458,853 34 153 9.90 .10 9.18-10.47 65.4 2.1 22 50-99 777,538 66 148 9.74 .10 8.94-10.38 71.5 3.9 23 100-499 2,574,700 185 143 9.30 .06 8.57-9.92 74.9 4.3 24 500-999 1,202,075 647 144 9.02 .07 8.30-9.39 76.6 6.4 25 1000 and over 6,680,558 3,935 114 8.07 .09 7.03-8.84 87.0 7.7 Months 26 Total long term 4,635,631 203 55 8.73 .21 7.52-9.42 77.8 27 Fixed rate (thousands of dollars) .... 872,502 85 49 9.03 .44 6.84-11.02 58.8 2.2 28 1-99 165,507 18 32 11.84 .28 11.00-12.68 15.9 .1 29 100-499 139,686 196 47 10.72 .28 9.79-11.63 22.9 1.5 30 500-999 44,941 677 42 8.92 .53 7.50-9.92 57.4 8.5 31 1000 and over 522,368 4,919 55 7.69 .41 6.78-7.97 82.1 2.4 32 Floating rate (thousands of dollars).... 3,763,129 300 57 8.66 .15 7.78-9.38 82.2 12.7 33 1-99 215,909 23 47 9.99 .10 9.11-10.75 46.5 2.3 34 100-499 500,447 218 68 9.52 .19 8.77-9.92 50.9 4.5 35 500-999 236,153 659 39 9.05 .16 8.30-9.92 77.5 11.4 36 1000 and over 2,810,620 5,171 57 8.37 .20 7.39-9.25 90.9 15.1 Loan rate (percent) DDaayyss PPrriimmee rraattee"" Effective4 Nominal10 LOANS MADE BELOW PRIME12 37 Overnight8 17,862,669 10,431 * 7.01 6.78 8.00 85.8 2.2 38 One month and under 5,439,776 2,817 16 7.23 6.99 8.01 75.3 8.2 4 3 0 9 D Ov em er a o n n d e 9 month and under a year ... 3 1 , , 7 4 5 7 7 7 , , 2 0 0 6 6 5 1, 6 45 5 1 0 120 * 7 7 . . 1 1 3 7 6 6 . . 9 9 1 5 8 8 . . 0 1 2 0 8 80 0 . . 4 3 6 8 . . 8 1 41 Total short term 28,536,716 2,733 21 7.08 6.85 8.02 82.8 42 Fixed rate 24,855,428 3,850 14 7.06 6.83 8.01 81.4 4.4 43 Floating rate 3,681,288 923 85 7.20 6.97 8.08 91.6 3.6 Months 44 Total long term 1,592,528 979 62 7.33 7.12 8.25 45 Fixed rate 486,433 747 52 7.30 7.11 8.24 79.4 3.1 46 Floating rate 1,106,095 1,133 67 7.34 7.13 8.26 84.3 8.6 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A71 4.23 Continued A. Continued Loans Characteristics ( o t f A o h f o m d u o l o o s l u l a a a n n n r t s d s ) s ( o t A f h o v d s u e o iz r s l a e l a a g n r e d s s ) W m av a e D t e i u g a r r y a h i s g t t e e y d 3 e W a f v f e e e i c g r t a h i g t v e e e d L 4 oan r S a t t a e n d (p a e rd rc ent) q r I u a n a n t r g e t r i e - l 6 e ( c p o u m e m m n r a e c d m d n e e e t n r i t t - ) (p P p l e a a o r r t a c t i i n e o c s n n i - t) LARGE BANKS 1 Overnight8 13,415,754 7.10 6.82-7.25 2.7 2 One month and under 4,394,851 2,416 17 7.36 6.86-7.62 73.2 3.9 3 Fixed rate 3,810,435 3,858 16 7.29 6.84-7.52 70.5 4.4 4 Floating rate 584,417 703 20 7.84 7.23-8.30 90.8 .7 5 Over one month and under a year 4,605,986 533 119 8.07 7.20-9.11 81.1 5.3 6 Fixed rate 2,536,882 1,720 67 7.72 7.09-8.52 78.6 5.6 7 Floating rate 2,069,103 289 183 8.50 7.46-9.38 84.3 5.0 8 Demand9 2,330,083 274 8.53 7.76-9.38 82.7 2.6 9 Fixed rate 181,316 434 7.37 6.98-8.33 75.4 .8 10 Floating rate 2,148,767 266 8.62 8.16-9.38 83.4 2.7 11 Total short term 24,746,674 1,226 7.46 6.84-7.65 84.0 3.4 12 Fixed rate (thousands of dollars) . 19,899,538 4,903 7.22 6.83-7.38 83.8 3.4 13 1-24 7,310 9 10.66 9.38-11.46 34.0 .0 14 25-49 7,550 33 95 9.61 8.85-10.20 41.5 .0 15 50-99 17,595 66 72 9.57 8.96-10.20 44.8 .0 16 100-499 112,880 216 66 8.74 7.99-9.42 68.0 .5 17 500-999 129.563 672 36 8.15 7.41-8.84 74.0 1.1 18 1000 and over 19,624,641 9,640 12 7.20 6.83-7.38 84.0 3.4 19 Floating rate (thousands of dollars). 4,847,136 301 145 8.47 7.46-9.38 3.4 20 1-24 64,796 11 141 9.86 9.11-10.49 79.9 .2 21 25-49 80,582 34 136 9.63 9.00-10.38 78.0 .7 22 50-99 169,768 68 144 9.47 8.84-9.93 78.0 .8 23 100-499 737,431 198 148 9.14 8.30-9.65 79.4 2.4 24 500-999 433,845 653 142 9.00 8.30-9.38 77.9 7.4 25 1000 and over 3,360,712 4,290 145 8.15 7.19-9.11 87.5 3.4 26 Total long term 2,794,393 1,076 8.23 7.23-9.04 92.8 27 Fixed rate (thousands of dollars) 403,793 841 7.67 6.84-7.97 81.8 .2 28 1-99 6,858 23 11.39 9.96-11.85 40.8 3.1 29 100-499 17,585 219 9.88 8.84-10.75 61.6 2.4 30 500-999 27,817 682 9.22 8.57-9.92 52.2 .0 31 1000 and over 351,532 5,343 7.36 6.76-7.52 86.0 .0 32 Floating rate (thousands of dollars) 2,390,600 1,129 8.32 7.30-9.04 94.7 12.8 33 1-99 31,277 30 9.53 8.84-10.20 67.1 4.9 34 100-499 126,207 226 9.08 8.30-9.84 77.5 8.1 35 500-999 109,029 668 8.72 8.24-9.31 85.9 18.0 36 1000 and over 2,124,087 6,147 8.24 7.23-8.99 96.5 13.0 Loan rate (percent) Days Effective4 Nominal10 LOANS MADE BELOW PRIME13 37 Overnight8 12,926,802 12,645 7.04 6.80 8.00 89.1 38 One month and under 3,995,231 5,628 16 7.21 6.97 8.00 72.7 4.3 39 Over one month and under a year 2,565,654 5,120 108 7.18 6.97 8.00 81.2 3.7 40 Demand9 688,953 2,109 7.06 6.84 8.00 87.9 .0 41 Total short term 20,176,640 7,882 7.09 6.86 8.00 84.8 42 Fixed rate 18,439,669 8,856 11 7.08 6.84 8.00 84.0 3.4 43 Floating rate 1,736,971 3,635 139 7.22 6.99 8.00 93.4 .2 Months 44 Total long term 1,191,463 5,792 8.00 2.7 .0 45 Fixed rate .... 328,564 5,504 7.13 6.96 87.8 3.7 46 Floating rate .. 862,899 5,910 7.21 6.99 99.7 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • December 1986 4.23 TERMS OF LENDING AT COMMERCIAL BANKS SURVEY of Loans Made, August 4-8, 1986' -Continued A. Commercial and Industrial Loans—Continued2 Weighted Loan rate (percent) Loans Amount Average average made Particiof loans size maturity3 under pation Characteristics (thousands (thousands Weighted Inter- commit- loans of dollars) of dollars) Days e a f v fe e c r t a i g v e e 4 St e a r n ro d r a 5 r d q r u a a n r g ti e l 6 e (pe m r e c n e t n t) (percent) OTHER BANKS 1 Overnight8 5,024,840 4,743 7.00 6.77-7.05 2 One month and under 2,101,707 178 17 8.03 7.04-8.84 75.7 15.0 3 Fixed rate 1,373,300 236 16 7.52 6.94-7.63 77.6 18.8 4 Floating rate 728,407 121 20 8.17-9.94 72.3 7.9 5 Over one month and under a year 4,664,897 55 156 9.14 8.24-9.93 61.3 8.4 6 Fixed rate 1,745,707 41 123 8.95 6.99-10.88 45.0 8.8 7 Floating rate 2,919,190 69 176 9.25 8.30-9.92 71.0 8.2 8 Demand9 3,207,555 119 8.74 8.24-9.38 78.2 10.9 9 Fixed rate 438,057 189 7.72 7.23-7.61 51.2 14.2 10 Floating rate 2,769,497 112 8.90 8.30-9.65 82.5 10.4 11 Total short term 14,998,999 8.18 6.92-9.31 72.3 12 Fixed rate (thousands of dollars) . 7,711,614 148 33 7.59 6.82-7.54 66.6 6.5 13 1-24 312,973 8 113 11.76 10.38-13.08 18.6 .0 14 25-49 150,497 32 121 10.71 8.81-12.49 22.0 .2 15 50-99 165,115 67 112 10.52 9.31-12.28 28.8 .5 16 100-499 320,232 182 85 9.24 8.30-10.44 36.7 5.7 17 500-999 197,596 731 78 9.56 7.50-11.46 35.9 4.2 18 1000 and over. 6,565,201 5,575 22 7.11 6.81-7.32 73.2 7.2 19 Floating rate (thousands of dollars). 7,287,386 99 117 8.81 8.17-9.65 78.3 8.0 20 1-24 376,001 9 156 10.10 9.38-10.48 66.1 2.1 21 25-49 378,270 34 155 9.96 9.31-10.47 62.7 2.4 22 50-99 607,770 65 149 9.82 9.11-10.38 69.7 4.8 23 100-499 1,837,269 180 141 9.36 8.57-9.92 73.1 5.1 24 500-999 768,229 643 144 9.04 8.30-9.39 76.0 5.8 25 1000 and over 3,319,846 3,631 84 7.98 6.85-8.84 86.5 12.0 26 Total long term 1,841,238 9.48 .21 8.30-10.47 55.0 10.3 27 Fixed rate (thousands of dollars) 468,709 10.20 .43 6.84-11.63 39.0 3.9 28 1-99 158,648 17 11.86 .20 11.02-12.68 14.9 .0 29 100-499 122,101 193 10.84 .55 10.47-11.63 17.4 1.4 30 500-999 17,124 669 8.44 1.33 6.84-9.44 66.0 22.2 31 1000 and over 170,837 4,229 8.38 .71 6.78-10.11 74.1 7.4 32 Floating rate (thousands of dollars) 1,372,529 131 9.23 .15 8.30-9.92 60.5 12.5 33 1-99 184,631 22 10.07 .05 9.20-11.02 43.0 1.9 34 100-499 374,241 216 9.66 .35 8.84-9.92 41.9 3.3 35 500-999 127,123 652 9.33 .26 8.30-10.47 70.2 5.8 36 1000 and over 686,534 3,467 8.75 .39 8.24-9.38 73.6 21.7 Loan rate (percent) Days Prime rate" Effective4 Nominal10 LOANS MADE BELOW PRIME12 37 Overnight8 4,935,867 7,151 6.95 6.72 8.00 76.9 .6 38 One month and under 1,444,545 1,183 16 7.29 7.04 8.05 82.7 18.8 39 Over one month and under a year 1,191,552 226 145 7.13 6.91 8.30 78.3 17.8 40 Demand9 788,111 1,140 7.19 6.98 8.03 73.8 12.7 41 Total short term 8,360,076 1,061 7.06 6.83 8.05 77.8 7.3 42 Fixed rate 6,415,759 1,467 7.03 6.79 8.03 74.1 7.5 43 Floating rate 1,944,317 554 7.17 6.95 8.15 90.1 6.6 44 Total long term 401,066 7.76 45 Fixed rate .... 157,869 267 7.65 7.41 8.75 61.9 9.6 46 Floating rate .. 243,197 293 7.82 7.62 9.17 29.6 26.0 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A73 4.23 Continued B. Construction and Land Development Loans Loan rate (percent)13 AAmmoouunntt AAvveerraaggee WWeeiigghhtteedd LLooaannss PPaarrttiiccii-- CChhaarraacctteerriissttiiccss ooff llooaannss ssiizzee aavveerraaggee mmaaddee uunnddeerr ppaattiioonn (( oo tt ff hh oo dd uu oo ss ll aa llaa nn rr dd ss ss )) (( oo tt ff hh oo dd uu oo ss llll aa aa nn rr dd ss ss )) (( mm mm aa oo tt nn uu tt rr hh iitt ss yy )) 33 W e a f v f e e e ig c r t h a i g t v e e e d 4 St e a r n ro d r a 5 r d q r I u a n a n t r e g t r e i - l 6 e ccoo (( mm ppee mm rrcc iitt ee mm nntt ee )) nn tt ((pp ll ee oo rr aa cc nn ee ss nn tt)) ALL BANKS 1 Total 1,710,104 95 12 9.73 .23 8.84-10.47 75.8 14.8 2 Fixed rate (thousands of dollars) .... 521,039 69 9 10.29 .65 8.36-11.57 86.0 ..88 1-24 57,710 11 6 12.72 .42 11.41-12.68 74.6 11..55 4 25 49 51,281 34 7 12.33 1.01 10.28-13.21 78.2 .4 S 50-99 26,612 64 13 12.26 .40 11.57-14.93 39.4 .0 6 100-499 128,198 245 18 11.38 .37 11.55-11.57 91.6 2.2 7 500 and over 257,238 2,688 5 8.58 .35 8.21-8.84 92.1 .0 8 Floating rate (thousands of dollars) .. 1,189,065 114 13 9.49 .15 8.84-9.96 71.4 20.9 9 1-24 55,095 10 8 10.19 .14 9.70-10.47 72.1 .4 10 25-49 63,198 37 13 9.94 .07 9.38-10.47 72.4 11.0 11 50-99 78,256 70 15 9.92 .12 9.38-10.47 66.9 5.6 1? 100-499 346,041 205 12 9.87 .10 9.38-10.47 70.4 19.7 13 500 and over 646,475 2,268 14 9.13 .17 8.57-9.38 72.3 26.1 By type of construction 14 Single family 543,903 50 10 9.97 .47 8.84-10.48 84.1 44..55 15 Multifamily 77,972 89 17 9.53 .21 9.11-9.92 80.2 10.5 16 Nonresidential 1,088,229 176 12 9.62 .22 8.84-10.47 71.4 20.2 LARGE BANKS14 1 Total 665,689 571 9 8.85 .11 8.30-9.12 92.2 20.8 2 Fixed rate (thousands of dollars) .... 240,118 974 4 8.47 .53 8.21-8.65 92.7 ..11 3 1-24 1,349 9 6 11.07 .12 10.75-11.57 49.1 2211..11 4 25-49 * * * * * * * * 5 50-99 * * * * * * * 6 100-499 * * * * * * * * 7 500 and over 233,326 4,276 4 8.42 .11 8.00-8.65 93.5 .0 8 Floating rate (thousands of dollars) .. 425,571 463 12 9.07 .24 8.30-9.38 91.9 32.5 9 1-24 3,824 11 8 9.84 .22 9.38-10.20 92.0 1.9 10 25-49 4,390 35 8 9.81 .06 9.38-9.92 85.5 .0 11 50-99 7,928 74 10 9.74 .19 9.38-9.96 73.4 5.1 1? 100-499 53,900 231 10 9.47 .14 9.11-9.92 86.3 3.3 13 500 and over 355,529 3,576 13 8.97 .28 8.30-9.38 93.3 38.2 By type of construction 14 Single family 193,927 289 9 8.79 .50 8.30-9.38 90.4 ..88 15 Multifamily 30,825 252 12 9.41 .22 9.11-9.92 88.5 1122..33 16 Nonresidential 440,938 1,185 9 8.84 .14 8.36-9.04 93.3 30.2 OTHER BANKS14 1 Total 1,044,415 62 14 10.29 .15 9.31-10.98 65.4 10.9 2 Fixed rate (thousands of dollars) 280,921 38 13 11.84 .64 11.02-12.13 80.3 1.3 3 1-24 56,361 11 6 12.76 .60 11.41-12.75 75.2 1.1 4 25-49 50,594 34 7 12.34 1.63 10.28-13.31 78.5 .4 5 50-99 25,698 63 13 12.32 .51 11.57-14.93 39.8 .0 6 100-499 124,356 247 18 11.44 .23 19.62-11.57 92.1 2.3 7 500 and over * * * * * * * * 8 Floating rate (thousands of dollars) .. 763,494 80 14 9.72 .11 8.84-10.47 59.9 14.5 9 1-24 51,271 10 8 10.21 .15 9.84-10.47 70.6 .2 10 25-49 58,809 37 13 9.95 .13 9.42-10.47 71.4 11.9 11 50-99 70,328 69 15 9.94 .13 9.38-10.47 66.1 5.6 17 100-499 292,141 200 13 9.94 .10 9.38-10.47 67.5 22.8 13 500 and over 290,945 1,567 15 9.31 .22 8.84-9.93 46.6 11.4 By type of construction 14 Single family 349,976 34 11 10.63 .71 9.73-11.07 80.6 6.6 15 Multifamily 47,148 62 20 9.60 .34 9.11-9.92 74.8 9.3 16 Nonresidential 647,292 112 14 10.16 .25 8.84-10.93 56.5 13.4 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • December 1986 4.23 TERMS OF LENDING AT COMMERCIAL BANKS SURVEY of Loans Made, August 4-8, 1986'—Continued C. Loans to Farmers14 Size class of loans (thousands) Characteristics $250 All sizes $1-9 $10-24 $25-49 $50-99 $100-249 and over ALL BANKS 1 Amount of loans (thousands of dollars) 771,912 127,325 129,626 107,083 158,053 149,631 100,194 2 Number of loans 53,604 38,258 8,660 3,198 2,311 1,037 140 3 Weighted average maturity (months)3 8.8 6.1 8.0 9.9 11.2 10.8 5.3 4 Weighted average interest rate (percent)4 11.39 12.16 11.88 11.73 11.81 11.22 8.97 5 Standard error5 .24 .25 .25 .47 .46 .72 .20 6 Interquartile range6 9.94-12.68 11.30-13.11 11.00-12.97 10.52-12.75 10.52-13.10 10.11-12.37 8.30-9.38 By purpose of loan 7 Feeder livestock 10.96 11.93 1122..0066 1111..4488 1111..9955 1111..2266 88..7733 8 Other livestock 11.54 12.95 12.57 * * * * 9 Other current operating expenses 11.60 12.17 11.85 11.79 12.00 11.20 8.84 10 Farm machinery and equipment 11.53 11.97 11.62 11.91 * * * 11 Farm real estate 11.68 13.28 11.77 * * * * 12 Other 10.95 11.59 11.49 11.39 9.82 11.19 * Percentage of amount of loans 13 With floating rates 53.0 48.8 45.9 4488..99 5511..99 5511..99 7755..00 14 Made under commitment 41.6 41.2 35.6 39.6 44.4 34.1 59.0 By purpose of loan 15 Feeder livestock 22.1 6.3 99..44 2233..22 3355..44 1177..33 4433..44 16 Other livestock 6.5 4.2 9.7 * * * * 17 Other current operating expenses 46.1 72.5 57.7 46.4 36.9 34.0 29.9 18 Farm machinery and equipment 7.9 9.2 9.4 6.0 * * * 19 Farm real estate 6.6 2.0 4.6 * * * * 20 Other 10.7 5.8 9.3 14.9 4.2 17.2 * LARGE BANKS14 1 Amount of loans (thousands of dollars) 183.716 7,983 12,098 15,501 20,298 35,431 92,405 2 Number of loans 3,952 2,021 792 471 294 250 124 3 Weighted average maturity (months)3 6.0 5.6 6.9 6.9 5.8 7.1 5.3 4 Weighted average interest rate (percent)4 9.34 10.57 9.99 9.87 9.68 9.46 8.94 5 Standard error5 .15 .17 .13 .35 .35 .59 .20 6 Interquartile range6 8.56-9.93 9.51-11.07 9.32-10.47 9.31-10.38 9.11-10.11 8.77-10.11 8.24-9.32 By purpose of loan 7 Feeder livestock 8.99 9.99 99..4444 99..6600 99..4499 99..3399 88..7733 8 Other livestock 9.18 10.86 * * * * * 9 Other current operating expenses 9.47 10.50 10.22 9.96 9.84 9.70 8.65 10 Farm machinery and equipment 10.67 12.98 10.92 * * * 11 Farm real estate 10.41 12.13 * * * * * 12 Other 9.65 10.50 9.57 9.63 9.75 9.21 Percentage of amount of loans 13 With floating rates 82.8 82.0 8877..99 9911..88 9955..11 9966..11 7722..99 14 Made under commitment 72.8 71.5 82.0 80.6 81.1 85.0 64.0 By purpose of loan 15 Feeder livestock 37.3 9.2 1177..44 1177..44 2266..77 3399..55 4477..11 16 Other livestock 8.3 3.6 * * * * * 17 Other current operating expenses 31.1 63.1 52.5 45.1 35.2 26.9 24.0 18 Farm machinery and equipment 1.9 2.9 3.8 * * * * 19 Farm real estate 1.2 1.9 * * * * 20 Other 20.2 19.2 20.1 25.0 27.8 24.5 * OTHER BANKS14 1 Amount of loans (thousands of dollars) 588,195 119,342 117,528 91,582 137,755 114,200 2 Number of loans 49,652 36,238 7,868 2,727 2,017 787 * 3 Weighted average maturity (months)3 9.5 6.1 8.1 10.2 11.7 11.6 * 4 Weighted average interest rate (percent)4 12.02 12.27 12.08 12.04 12.12 11.72 5 Standard error5 .18 .17 .20 .30 .29 .42 * 6 Interquartile range6 11.11-13.00 11.46-13.16 11.18-13.10 11.35-13.11 11.57-13.16 11.02-12.37 * By purpose of loan 7 Feeder livestock 1122..2288 1122..1122 1122..6611 1111..7711 1122..2222 * 8 Other livestock 12.55 13.07 12.65 * * * * 9 Other current operating expenses 12.01 12.27 12.00 12.09 12.30 * * 10 Farm machinery and equipment 11.58 11.95 11.65 * * * 11 Farm real estate 11.74 * * * * * * 12 Other 12.00 11.88 11.98 * For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A75 4.23 Continued C. Loans to Farmers14—Continued Size class of loans (thousands) Characteristics $250 All sizes $1-9 $10-24 $25-49 $50-99 $100-249 and over Percentage of amount of loans 13 With floating rates 43.6 46.5 41.6 41.6 45.6 * * 14 Made under commitment 31.9 39.2 30.8 32.7 39.0 * * By purpose of loan 15 Feeder livestock 17.4 6.1 8.6 2244..22 3366..77 * * 16 Other livestock 6.0 4.2 10.3 * * * * 17 Other current operating expenses 50.8 73.1 58.2 46.6 37.2 * * 18 Farm machinery and equipment 9.8 9.6 10.0 * * * * 19 Farm real estate 8.3 * * * * * * 20 Other 7.8 4.9 8.2 * * *Fewer than 10 sample loans. 6. The interquartile range shows the interest rate range that encompasses the 1. The survey of terms of bank lending to business collects data on gross loan middle 50 percent of the total dollar amount of loans made. extensions made during the first full business week in the mid-month of each 7. The most common base rate is that rate used to price the largest dollar quarter by a sample of 340 commercial banks of all sizes. A subsample of 250 volume of loans. Base pricing rates include the prime rate (sometimes referred to banks also report loans to farmers. The sample data are blown up to estimate the as a bank's "basic" or "reference" rate); the federal funds rate; domestic money lending terms at all insured commercial banks during that week. The estimated market rates other than the federal funds rate; foreign money market rates; and terms of bank lending are not intended for use in collecting the terms of loans other base rates not included in the foregoing classifications. extended over the entire quarter or residing in the portfolios of those banks. 8. Overnight loans are loans that mature on the following business day. Construction and land development loans include both unsecured loans and loans 9. Demand loans have no stated date of maturity. secured by real estate. Thus, some of the construction and land development 10. Nominal (not compounded) annual interest rates are calculated from survey loans would be reported on the statement of condition as real estate loans and the data on the stated rate and other terms of the loan and weighted by loan size. remainder as business loans. Mortgage loans, purchased loans, foreign loans, and 11. The prime rate reported by each bank is weighted by the volume of loans loans of less than $1,000 are excluded from the survey. extended and then averaged. As of Dec. 31, 1985, assets of most of the large banks were at least $5.5 billion. 12. The proportion of loans made at rates below prime may vary substantially For all insured banks total assets averaged $165 million. from the proportion of such loans outstanding in banks' portfolios. 2. Beginning with the August 1986 survey respondent banks provide informa- 13. 73.4 percent of construction and land development loans were priced tion on the type of base rate used to price each commercial and industrial loan relative to the prime rate. made during the survey week. This reporting change is reflected in the new 14. Among banks reporting loans to farmers (Table 5), most "large banks" column on the most common base pricing rate in table A and footnote 13 from (survey strata 1 to 3) had over $600 million in total assets, and most "other banks" table B. (survey strata 4 to 6) had total assets below $600 million. 3. Average maturities are weighted by loan size and exclude demand loans. The survey of terms of bank lending to farmers now includes loans secured by 4. Effective (compounded) annual interest rates are calculated from the stated farm real estate. In addition, the categories describing the purpose of farm loans rate and other terms of the loan and weighted by loan size. have now been expanded to include "purchase or improve farm real estate." In 5. The chances are about two out of three that the average rate shown would previous surveys, the purpose of such loans was reported as "other". differ by less than this amount from the average rate that would be found by a complete survey of lending at all banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A76 Special Tables • December 1986 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 19861 Millions of dollars All states2 New York California Illinois IItteemm inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 in T c I l B o u t F d a s i l n g o IB nl F y s 3 1 Total assets4 328,188 163,325 246,105 128,754 49,343 22,544 17,106 6,897 2 Claims on nonrelated parties 302,365 141,875 228,326 111,794 44,061 20,146 17,054 6,581 3 Cash and balances due from depository institutions 76,966 60,825 65,126 51,048 6,775 6,237 44,,009977 33,,116699 4 Cash items in process of collection and unposted debits 488 0 464 0 6 0 11 0 5 Currency and coin (U.S. and foreign) 23 n.a. 16 n.a. 2 n.a. 2 n.a. 6 Balances with depository institutions in United States 42,794 29,953 35,146 24,088 4,491 4,027 22,,447788 11,,663399 7 U.S. branches and agencies of other foreign banks (including IBFs) 36,367 28,558 29,516 22,861 4,208 3,920 2,164 11,,559933 8 Other depository institutions in United States (including IBFs) 6,426 1,395 5,630 1,227 283 107 314 46 9 Balances with banks in foreign countries and with foreign central banks 31,627 30,872 27,610 26,960 2,237 2,211 1,545 1,530 10 Foreign branches of U.S. banks 2,503 2,442 2,206 2,157 121 119 152 152 11 Other banks in foreign countries and foreign central banks 29,124 28,429 25,404 24,803 2,116 2,092 1,393 1,378 12 Balances with Federal Reserve Banks 2,034 n.a. 1,889 n.a. 39 n.a. 61 n.a. 13 Total securities and loans 185,300 77,748 131,503 58,109 30,713 13,492 11,905 3,212 14 Total securities, book value 22,317 7,686 18,640 5,898 2,757 1,587 557 141 15 U.S. Treasury 5,067 n.a. 4,829 n.a. 108 n.a. 79 n.a. 16 Obligations of U.S. government agencies and corporations 1,980 n.a. 1,961 n.a. 17 n.a. 0 n.a. 17 Other bonds, notes, debentures and corporate stock (including state and local securities) 15,270 7,686 11,850 5,898 2,631 1,587 478 141 18 Federal funds sold and securities purchased under agreements to resell 12,503 1,218 11,441 1,108 356 67 457 44 19 U.S branches and agencies of other foreign banks .... 7,523 552 6,822 506 178 17 405 29 20 Commercial banks in United States 3,181 110 2,976 110 38 0 37 0 21 Other 1,798 557 1,643 492 140 50 15 15 22 Total loans, gross 163,118 70,073 112,950 52,218 27,997 11,907 11,353 3,071 23 Less: Unearned income on loans 136 11 87 7 41 3 5 1 24 Equals: Loans, net 162,982 70,062 112,863 52,211 27,956 11,904 11,349 3,070 Total loans, gross, by category 25 Real estate loans 6,592 68 3,259 42 1,446 25 446 0 26 Loans to depository institutions 52,648 35,942 37,809 24,311 10,164 7,958 3,009 2,361 27 Commercial banks in United States (including IBFs) . 28.677 13,821 19,481 7,551 6,778 4,646 1,955 1,378 28 U.S. branches and agencies of other foreign banks . 24,972 12,276 16,475 6,432 6,225 4,277 1,875 1,331 29 Other commercial banks in United States 3,704 1,545 3,006 1,119 553 369 80 47 30 Other depository institutions in United States (including IBFs) 76 0 72 0 0 0 0 0 31 Banks in foreign countries 23,896 22,121 18,256 16,760 3,386 3,312 1,054 984 32 Foreign branches of U.S. banks 951 939 767 762 122 115 32 32 33 Other banks in foreign countries 22,945 21,182 17,488 15,997 3,264 3,197 1,022 952 34 Other financial institutions 4,025 426 2,806 367 369 31 795 17 35 Commercial and industrial loans 77,208 19,638 50,638 16,603 13,497 1,954 6,602 353 36 U.S. addressees (domicile) 52,757 78 30,572 70 11,001 8 6,126 0 37 Non-U.S. addressees (domicile) 24,451 19,560 20,066 16,533 2,496 1,947 476 353 38 Acceptances of other banks 1,044 20 820 13 179 0 27 7 39 U.S. banks 697 0 523 0 160 0 0 0 40 Foreign banks 346 20 297 13 19 0 27 7 41 Loans to foreign governments and official institutions (including foreign central banks) 15,612 13,756 12,211 10,730 1,935 1,885 404 333 42 Loans for purchasing or carrying securities (secured and unsecured) 4,085 47 3,804 47 280 0 0 0 43 All other loans 1,905 176 1,603 105 128 53 71 0 44 All other assets 27,597 2,083 20,256 1,530 6,218 350 595 156 45 Customers' liability on acceptances outstanding 20,424 n.a. 14,783 n.a. 5,206 n.a. 205 n.a. 46 U.S. addressees (domicile) 13,363 n.a. 8,665 n.a. 4,432 n.a. 192 n.a. 47 Non-U.S. addressees (domicile) 7,061 n.a. 6,118 n.a. 775 n.a. 13 n.a. 48 Other assets including other claims on nonrelated parties 7,173 2,083 5,473 1,530 1,012 350 389 156 49 Net due from related depository institutions5 25,823 21,450 17,779 16,959 5,282 2,398 52 316 50 Net due from head office and other related depository institutions5 25,823 n.a. 17,779 n.a. 5,282 n.a. 52 n.a. 51 Net due from establishing entity, head offices. and other related depository institutions5 n.a. 21,450 n.a. 16,959 n.a. 2,398 n.a. 316 52 Total liabilities4 328,188 163,325 246,105 128,754 49,343 22,544 17,106 6,897 53 Liabilities to nonrelated parties 282,117 133,029 218,690 104,436 43,616 19,788 10,173 4,577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies All 4.30 Continued Millions of dollars All states2 New York California Illinois IItteemm ex T c IB l o u t F d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s i l ng o IB nl F y s 3 54 Total deposits and credit balances 45,219 105,362 38,037 92,908 1,659 6,802 2,174 1,832 55 Individuals, partnerships, and corporations 34,603 13,942 28,186 10,913 1,481 353 1,733 112 56 U.S. addressees (domicile) 27,028 492 23,125 491 464 0 1,629 0 57 Non-U.S. addressees (domicile) 7,576 13,451 5,061 10,422 1,017 353 104 112 58 Commercial banks in United States (including IBFs) . 7,147 37,719 6,609 32,657 71 3,487 422 1,032 59 U.S. branches and agencies of other foreign banks . 3,883 30,712 3,462 26,210 34 3,206 371 830 60 Other commercial banks in United States 3,263 7,006 3,148 6,447 37 281 52 202 61 Banks in foreign countries 1,704 48,911 1,642 44,711 16 2,919 4 674 67 Foreign branches of U.S. banks 158 6,509 158 5,290 0 881 0 158 63 Other banks in foreign countries 1,546 42,402 1,484 39,420 16 2,039 4 516 64 Foreign governments and official institutions (including foreign central banks) 942 4,770 886699 44,,661166 6622 4433 22 1155 65 All other deposits and credit balances 252 20 221 12 7 0 1 0 66 Certified and official checks 571 n.a. 510 n.a. 21 n.a. 11 n.a. 67 Transaction accounts and credit balances (excluding IBFs) 5,873 n.a. 5,121 n.a. 150 n.a. 197 n.a. 68 Individuals, partnerships, and corporations 3,531 n.a. 2,925 n.a. 119 n.a. 180 n.a. 69 U.S. addressees (domicile) 2,410 n.a. 2,057 n.a. 73 n.a. 177 n.a. 70 Non-U.S. addressees (domicile) 1,121 n.a. 868 n.a. 46 n.a. 3 n.a. 71 Commercial banks in United States (including IBFs) . 315 n.a. 296 n.a. 2 n.a. 11 n.a. 72 U.S. branches and agencies of other foreign banks . 107 n.a. 106 n.a. 0 n.a. 00 n.a. 73 Other commercial banks in United States 207 n.a. 189 n.a. 2 n.a. 0 n.a. 74 Banks in foreign countries 1,042 n.a. 999 n.a. 5 n.a. 2 n.a. 75 Foreign branches of U.S. banks 36 n.a. 36 n.a. 0 n.a. 0 n.a. 76 Other banks in foreign countries 1,006 n.a. 963 n.a. 5 n.a. 2 n.a. 77 Foreign governments and official institutions (including foreign central banks) 336633 n.a. 335522 n.a. 1 n.a. 2 n.a. 78 All other deposits and credit balances 51 n.a. 40 n.a. 2 n.a. 1 n.a. 79 Certified and official checks 571 n.a. 510 n.a. 21 n.a. 11 n.a. 80 Demand deposits (included in transaction accounts and credit balances) 4,336 n.a. 33,,772200 n.a. 8811 n.a. 118888 n.a. 81 Individuals, partnerships, and corporations 2,615 n.a. 2,129 n.a. 53 n.a. 117711 n.a. 82 U.S. addressees (domicile) 1,656 n.a. 1,383 n.a. 26 n.a. 168 n.a. 83 Non-U.S. addressees (domicile) 960 n.a. 747 n.a. 27 n.a. 3 n.a. 84 Commercial banks in United States (including IBFs) . 91 n.a. 72 n.a. 11 n.a. 11 n.a. 85 U.S. branches and agencies of other foreign banks . 15 n.a. 14 n.a. 00 n.a. 00 n.a. 86 Other commercial banks in United States 76 n.a. 58 n.a. 1 n.a. 0 n.a. 87 Banks in foreign countries 773 n.a. 737 n.a. 4 n.a. 2 n.a. 88 Foreign branches of U.S. banks 9 n.a. 9 n.a. 0 n.a. 0 n.a. 89 Other banks in foreign countries 764 n.a. 728 n.a. 4 n.a. 2 n.a. 90 Foreign governments and official institutions (including foreign central banks) 226666 n.a. 225544 n.a. 11 n.a. 22 n.a. 91 All other deposits and credit balances 20 n.a. 18 n.a. 00 n.a. 11 n.a. 92 Certified and official checks 571 n.a. 510 n.a. 21 n.a. 1111 n.a. 93 Non-transaction accounts (including MMDAs, excluding IBFs) 39,346 n.a. 32,915 n.a. 11,,550099 n.a. 11,,997777 n.a. 94 Individuals, partnerships, and corporations 31,073 n.a. 25,261 n.a. 1,362 n.a. 1,553 n.a. 95 U.S. addressees (domicile) 24,618 n.a. 21,068 n.a. 391 n.a. 1,453 n.a. % Non-U.S. addressees (domicile) 6,455 n.a. 4,193 n.a. 971 n.a. 100 n.a. 97 Commercial banks in United States (including IBFs) . 6,832 n.a. 6,314 n.a. 69 n.a. 422 n.a. 98 U.S. branches and agencies of other foreign banks . 3,776 n.a. 3,355 n.a. 34 n.a. 371 n.a. 99 Other commercial banks in United States 3,056 n.a. 2,959 n.a. 35 n.a. 51 n.a. 100 Banks in foreign countries 662 n.a. 642 n.a. 1111 n.a. 2 n.a. 101 Foreign branches of U.S. banks 121 n.a. 121 n.a. 00 n.a. 0 n.a. 102 Other banks in foreign countries 541 n.a. 521 n.a. 11 n.a. 2 n.a. 103 Foreign governments and official institutions (including foreign central banks) 557799 n.a. 551177 n.a. 6611 n.a. 00 n.a. 104 All other deposits and credit balances 200 n.a. 181 n.a. 5 n.a. 0 n.a. 105 IBF deposit liabilities n.a. 105,362 n.a. 92,908 n.a. 6,802 n.a. 1,832 106 Individuals, partnerships, and corporations n.a. 13,942 n.a. 10,913 n.a. 353 n.a. 112 107 U.S. addressees (domicile) n.a. 492 n.a. 491 n.a. 0 n.a. 0 108 Non-U.S. addressees (domicile) n.a. 13,451 n.a. 10,422 n.a. 353 n.a. 112 109 Commercial banks in United States (including IBFs) . n.a. 37,719 n.a. 32,657 n.a. 3,487 n.a. 1,032 110 U.S. branches and agencies of other foreign banks . n.a. 30,712 n.a. 26,210 n.a. 3,206 n.a. 830 111 Other commercial banks in United States n.a. 7,006 n.a. 6,447 n.a. 281 n.a. 202 117 Banks in foreign countries n.a. 48,911 n.a. 44,711 n.a. 2,919 n.a. 674 113 Foreign branches of U.S. banks n.a. 6,509 n.a. 5,290 n.a. 881 n.a. 158 114 Other banks in foreign countries n.a. 42,402 n.a. 39,420 n.a. 2,039 n.a. 516 115 Foreign governments and official institutions (including foreign central banks) n.a. 4,770 n.a. 44,,661166 n.a. 43 n.a. 1155 116 All other deposits and credit balances n.a. 20 n.a. 12 n.a. 0 n.a. 0 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A76 Special Tables • December 1986 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 19861—Continued Millions of dollars All states2 New York California Illinois IItteemm in T c I l B o u t F d a s i l n g o IB nl F y s 3 in T c I l B o u t F d a s i l n g o IB nl F y s 3 in T c I l B o u t F d a s i l ng o IB nl F y s 3 in T c I l B o u t F d a s i l ng o IB nl F y s 3 117 Federal funds purchased and securities sold under agreements to repurchase 38,928 1,595 30,439 809 6,318 628 1,649 115 118 U.S. branches and agencies of other foreign banks ... 10,337 678 7,125 129 2,549 448 459 70 119 Other commercial banks in United States 15,583 275 11,324 253 2,975 15 1,060 5 170 Other 13,008 641 11,990 426 795 165 131 40 121 Other borrowed money 63,887 24,138 35,811 9,231 22,548 12,092 4,015 2,490 17? Owed to nonrelated commercial banks in United States (including IBFs) 45,609 10,637 25,905 2,885 16,534 7,040 1,845 533 123 Owed to U.S. offices of nonrelated U.S. banks 21,925 1,670 14,153 724 6,145 797 822 66 124 Owed to U.S. branches and agencies of nonrelated foreign banks 23,685 8,967 11,752 2,160 10,389 6,244 1,022 467 125 Owed to nonrelated banks in foreign countries 12,674 12,249 5,550 5,212 4,959 4,941 1,984 1,949 126 Owed to foreign branches of nonrelated U.S. banks .. 2,109 2,050 569 527 1,285 1,285 206 190 127 Owed to foreign offices of nonrelated foreign banks... 10,566 10,199 4,981 4,685 3,674 3,655 1,778 1,759 128 Owed to others 5,603 1,252 4,357 1,133 1,054 111 186 8 129 All other liabilities 28,721 1,934 21,495 1,488 6,289 267 502 139 130 Branch or agency liability on acceptances executed and outstanding 23,268 n.a. 17,249 n.a. 5,544 n.a. 222 n.a. 131 Other liabilities to nonrelated parties 5,453 1,934 4,246 1,488 745 267 280 139 132 Net due to related depository institutions5 46,071 30,296 27,415 24,318 5,728 2,756 6,934 2,320 133 Net due to head office and other related depository institutions5 46,071 n.a. 27,415 n.a. 5,728 n.a. 6,934 n.a. 134 Net due to establishing entity, head office, and other related depository institutions5 n.a. 30,296 n.a. 24,318 n.a. 2,756 n.a. 2,320 MEMO 135 Non-interest bearing balances with commercial banks in United States 2,405 137 2,174 137 101 0 65 0 136 Holding of commercial paper included in total loans .... 652 n.a. 331 n.a. 282 n.a. 39 n.a. 137 Holding of own acceptances included in commercial and industrial loans 3,952 n.a. 2,734 n.a. 997711 n.a. 112277 n.a. 138 Commercial and industrial loans with remaining maturity of one year or less 47,672 n.a. 28,860 n.a. 9,092 n.a. 5,146 n.a. 139 Predetermined interest rates 31,531 n.a. 17,971 n.a. 6,993 n.a. 3,898 n.a. 140 Floating interest rates 16,141 n.a. 10,890 n.a. 2,099 n.a. 1,248 n.a. 141 Commercial and industrial loans with remaining maturity of more than one year 29,535 n.a. 21,778 n.a. 4,405 n.a. 1,456 n.a. 14? Predetermined interest rates 9,422 n.a. 6,025 n.a. 2,026 n.a. 710 n.a. 143 Floating interest rates 20,114 n.a. 15,752 n.a. 2,379 n.a. 746 n.a. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A79 4.30 Continued Millions of dollars All states2 New York California Illinois IItteemm ex T c IB l o u t F d a s l i ng o IB nl F y s 3 ex T c IB l o u t F d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s l i ng o IB nl F y s 3 111144444444 CCCCoooommmmppppoooonnnneeeennnnttttssss ooooffff ttttoooottttaaaallll nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnn aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ttttoooottttaaaallll ddddeeeeppppoooossssiiiittttssss aaaannnndddd ccccrrrreeeeddddiiiitttt bbbbaaaallllaaaannnncccceeeessss ooooffff nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnnaaaallll aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddiiiinnnngggg IIIIBBBBFFFFssss 49,919 n.a. 42,877 n.a. 1,506 n.a. 2,633 n.a. 111144445555 TTTTiiiimmmmeeee CCCCDDDDssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 32,231 n.a. 27,291 n.a. 1,092 n.a. 1,645 n.a. 111144446666 OOOOtttthhhheeeerrrr ttttiiiimmmmeeee ddddeeeeppppoooossssiiiittttssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 111144447777 TTTTiiiimmmmeeee CCCCDDDDssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 4,228 n.a. 3,856 n.a. 196 n.a. 132 n.a. wwwwiiiitttthhhh rrrreeeemmmmaaaaiiiinnnniiiinnnngggg mmmmaaaattttuuuurrrriiiittttyyyy ooooffff mmmmoooorrrreeee tttthhhhaaaannnn 11112222 mmmmoooonnnntttthhhhssss 13,460 n.a. 11,729 n.a. 218 n.a. 856 n.a. All states2 New York California Illinois inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 111144448888 MMMMaaaarrrrkkkkeeeetttt vvvvaaaalllluuuueeee ooooffff sssseeeeccccuuuurrrriiiittttiiiieeeessss hhhheeeelllldddd 2211,,336677 7,741 1177,,993333 5,980 22,,554499 1,560 555533 142 111155550000 IIIImmmmmmmmeeeeddddiiiiaaaatttteeeellllyyyy aaaavvvvaaaaiiiillllaaaabbbblllleeee ffffuuuunnnnddddssss wwwwiiiitttthhhh aaaa mmmmaaaattttuuuurrrriiiittttyyyy ggggrrrreeeeaaaatttteeeerrrr tttthhhhaaaannnn oooonnnneeee ddddaaaayyyy iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ooootttthhhheeeerrrr bbbboooorrrrrrrroooowwwweeeedddd mmmmoooonnnneeeeyyyy 3399,,335599 n.a. 2233,,880033 n.a. 1133,,445566 n.a. 11,,330022 n.a. 447755 222211 111188 4466 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, that no IBF data are reported for that item, either because the item is not an "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign eligible IBF asset or liability or because that level of detail is not reported for Banks." Details may not add to totals because of rounding. This form was first IBFs. From December 1981 through September 1985, IBF data were included in used for reporting data as of June 30, 1980, and was revised as of December 31, all applicable items reported. 1985. From November 1972 through May 1980, U.S. branches and agencies of 4. Total assets and total liabilities include net balances, if any, due from or due foreign banks had filed a monthly FR 886a report. Aggregate data from that report to related banking institutions in the United States and in foreign countries (see were available through the Federal Reserve statistical release G.ll, last issued on footnote 5). On the former monthly branch and agency report, available through July 10, 1980. Data in this table and in the G.ll tables are not strictly comparable the G.l 1 statistical release, gross balances were included in total assets and total because of differences in reporting panels and in definitions of balance sheet liabilities. Therefore, total asset and total liability figures in this table are not items. comparable to those in the G.ll tables. 2. Includes the District of Columbia. 5. "Related banking institutions" includes the foreign head office and other 3. Effective December 1981, the Federal Reserve Board amended Regulations U.S. and foreign branches and agencies of the bank, the bank's parent holding D and Q to permit banking offices located in the United States to operate company, and majority-owned banking subsidiaries of the bank and of its parent International Banking Facilities (IBFs). As of December 31, 1985, data for IBFs holding company (including subsidiaries owned both directly and indirectly). are reported in a separate column. These data are either included in or excluded 6. In some cases two or more offices of a foreign bank within the same from the total columns as indicated in the headings. The notation "n.a." indicates 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 MANUEL H. JOHNSON, Vice Chairman MARTHA R. SEGER 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 DONALD L. KOHN, Deputy Staff Director STEVEN M. ROBERTS, Assistant to the Chairman NORMAND R.V. BERNARD, Special Assistant to the Board BOB S. MOORE, Special Assistant to the Board DIVISION OF RESEARCH AND STATISTICS LEGAL DIVISION JAMES L. KICHLINE, Director MICHAEL BRADFIELD, General Counsel EDWARD C. ETTIN, Deputy Director J. VIRGIL MATTINGLY, JR., Deputy General Counsel MICHAEL J. PRELL, Deputy Director RICHARD M. ASHTON, Associate General Counsel JARED J. ENZLER, Associate Director OLIVER IRELAND, Associate General Counsel DAVID E. LINDSEY, Associate Director RICKI R. TIGERT, Assistant General Counsel ELEANOR J. STOCKWELL, Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel THOMAS D. SIMPSON, Deputy Associate Director LAWRENCE SLIFMAN, Deputy Associate Director MARTHA BETHEA, Assistant Director OFFICE OF THE SECRETARY SUSAN J. LEPPER, Assistant Director RICHARD D. PORTER, Assistant Director WILLIAM W. WILES, Secretary PETER A. TINSLEY, Assistant Director BARBARA R. LOWREY, Associate Secretary LEVON H. GARABEDIAN, Assistant Director JAMES MCAFEE, Associate Secretary (Administration) DIVISION OF CONSUMER DIVISION OF INTERNATIONAL FINANCE AND COMMUNITY AFFAIRS EDWIN M. TRUMAN, Director GRIFFITH L. GARWOOD, Director LARRY J. PROMISEL, Senior Associate Director GLENN E. LONEY, Assistant Director CHARLES J. SIEGMAN, Senior Associate Director ELLEN MALAND, Assistant Director DAVID H. HOWARD, Deputy Associate Director DOLORES S. SMITH, Assistant Director ROBERT F. GEMMILL, Staff Adviser DONALD B. ADAMS, Assistant Director PETER HOOPER III, Assistant Director DIVISION OF BANKING KAREN H. JOHNSON, Assistant Director SUPERVISION AND REGULATION RALPH W. SMITH, JR., Assistant Director WILLIAM TAYLOR, Director WELFORD S. FARMER, Deputy Director1 FREDERICK R. DAHL, Associate Director DON E. KLINE, Associate Director FREDERICK M. STRUBLE, Associate Director WILLIAM A. RYBACK, Deputy Associate Director STEPHEN C. SCHEMERING, Deputy Associate Director RICHARD SPILLENKOTHEN, Deputy Associate Director HERBERT A. BIERN, Assistant Director JOE M. CLEAVER, Assistant Director ANTHONY CORNYN, Assistant Director JAMES I. GARNER, Assistant Director JAMES D. GOETZINGER, Assistant Director MICHAEL G. MARTINSON, Assistant Director ROBERT S. PLOTKIN, Assistant Director SIDNEY M. SUSSAN, Assistant Director LAURA M. HOMER, Securities Credit Officer Digitized for FRASER http://fraser.stlouis1f.e dO.no rloga/n from the Federal Reserve Bank of Richmond. Federal Reserve Bank of St. Louis

A81 and Official Staff WAYNE D. ANGELL H. ROBERT HELLER OFFICE OF OFFICE OF STAFF DIRECTOR FOR STAFF DIRECTOR FOR MANAGEMENT FEDERAL RESERVE BANK ACTIVITIES S. DAVID FROST, Staff Director THEODORE E. ALLISON, Staff Director EDWARD T. MULRENIN, Assistant Staff Director CHARLES L. HAMPTON, Senior Technical Adviser PORTIA W. THOMPSON, Equal Employment Opportunity DIVISION OF FEDERAL RESERVE Programs Officer BANK OPERATIONS CLYDE H. FARNSWORTH, JR., Director DIVISION OF PERSONNEL ELLIOTT C. MCENTEE, Associate Director DAVID L. ROBINSON, Associate Director DAVID L. SHANNON, Director C. WILLIAM SCHLEICHER, JR., Associate Director JOHN R. WEIS, Assistant Director CHARLES W. BENNETT, Assistant Director CHARLES W. WOOD, Assistant Director ANNE M. DEBEER, Assistant Director JACK DENNIS, JR., Assistant Director EARL G. HAMILTON, Assistant Director OFFICE OF THE CONTROLLER WILLIAM E. PASCOE III, Assistant Director JOHN H. PARRISH, Assistant Director GEORGE E. LIVINGSTON, Controller FLORENCE M. YOUNG, Adviser BRENT L. BOWEN, Assistant Controller DIVISION OF SUPPORT SERVICES ROBERT E. FRAZIER, Director WALTER W. KREIMANN, Associate Director GEORGE M. LOPEZ, Assistant Director OFFICE OF THE EXECUTIVE DIRECTOR FOR INFORMATION RESOURCES MANAGEMENT ALLEN E. BEUTEL, Executive Director STEPHEN R. MALPHRUS, Assistant Director DIVISION OF HARDWARE AND SOFTWARE SYSTEMS BRUCE M. BEARDSLEY, Director THOMAS C. JUDD, Assistant Director ELIZABETH B. RIGGS, Assistant Director ROBERT J. ZEMEL, Assistant Director DIVISION OF APPLICATIONS DEVELOPMENT AND STATISTICAL SERVICES WILLIAM R. JONES, Director DAY W. RADEBAUGH, Assistant Director RICHARD C. STEVENS, Assistant Director PATRICIA A. WELCH, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A82 Federal Reserve Bulletin • December 1986 Federal Open Market Committee FEDERAL OPEN MARKET COMMITTEE PAUL A. VOLCKER, Chairman E. GERALD CORRIGAN, Vice Chairman WAYNE D. ANGELL MANUEL H. JOHNSON EMMETT J. RICE ROGER GUFFEY THOMAS C. MELZER MARTHA R. SEGER H. ROBERT HELLER FRANK E. MORRIS HENRY C. WALLICH KAREN N. HORN NORMAND R.V. BERNARD, Assistant Secretary RICHARD G. DAVIS, Associate Economist MICHAEL BRADFIELD, General Counsel THOMAS E. DAVIS, Associate Economist JAMES H. OLTMAN, Deputy General Counsel DONALD L. KOHN, Associate Economist JAMES L. KICHLINE, Economist DAVID E. LINDSEY, Associate Economist EDWIN M. TRUMAN, Economist (International) ALICIA H. MUNNELL, Associate Economist ANATOL B. BALBACH, Associate Economist MICHAEL J. PRELL, Associate Economist JOHN M. DAVIS, Associate Economist CHARLES J. SIEGMAN, 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 ROBERT L. NEWELL, FIRST DISTRICT, President WILLIAM H. BOWEN, EIGHTH DISTRICT, Vice President ROBERT L. NEWELL, First District HAL C. KUEHL, Seventh District JOHN F. MCGILLICUDDY, Second District WILLIAM H. BOWEN, Eighth District GEORGE A. BUTLER, Third District DEWALT H. ANKENY, JR., Ninth District JULIEN L. MCCALL, Fourth District F. PHILLIPS GILTNER, Tenth District JOHN G. MEDLIN, JR., Fifth District NAT S. ROGERS, Eleventh District BENNETT A. BROWN, Sixth District G. ROBERT TRUEX, JR., Twelfth District HERBERT V. PROCHNOW, SECRETARY WILLIAM J. KORSVIK, ASSOCIATE SECRETARY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A83 and Advisory Councils CONSUMER ADVISORY COUNCIL MARGARET M. MURPHY, Columbia, Maryland, Chairman LAWRENCE S. OKINAGA, Honolulu, Hawaii, Vice Chairman RACHEL G. BRATT, Medford, Massachusetts FRED S. MCCHESNEY, Atlanta, Georgia EDWIN B. BROOKS, JR., Richmond, Virginia FREDERICK H. MILLER, Norman, Oklahoma JONATHAN BROWN, Washington, D.C. ROBERT F. MURPHY, Detroit, Michigan MICHAEL S. CASSIDY, New York, New York HELEN NELSON, Mill Valley, California THERESA FAITH CUMMINGS, Springfield, Illinois SANDRA PARKER, Richmond, Virginia NEIL J. FOGARTY, Jersey City, New Jersey JOSEPH L. PERKOWSKI, Centerville, Minnesota STEVEN M. GEARY, Jefferson City, Missouri BRENDA SCHNEIDER, Detroit, Michigan KENNETH HALL, Jackson, Mississippi JANE SHULL, Phildelphia, Pennsylvania STEVEN W. HAMM, Columbia, South Carolina TED L. SPURLOCK, New York, New York ROBERT J. HOBBS, Boston, Massachusetts MEL STILLER, Boston, Massachusetts ROBERT W. JOHNSON, West Lafayette, Indiana CHRISTOPHER J. SUMNER, Salt Lake City, Utah JOHN M. KOLESAR, Cleveland, Ohio EDWARD J. WILLIAMS, Chicago, Illinois EDWARD N. LANGE, Seattle, Washington MERVIN WINSTON, Minneapolis, Minnesota ALAN B. LERNER, Dallas, Texas MICHAEL ZOROYA, St. Louis, Missouri THRIFT INSTITUTIONS ADVISORY COUNCIL RICHARD H. DEIHL, Los Angeles, California, President MICHAEL R. WISE, Denver, Colorado, Vice President ELLIOTT G. CARR, Orleans, Massachusetts JAMIE J. JACKSON, Houston, Texas M. TODD COOKE, Philadelphia, Pennsylvania FRANCES LESNIESKI, East Lansing, Michigan JOHN C. DICUS, Topeka, Kansas DONALD F. MCCORMICK, Livingston, New Jersey HAROLD W. GREENWOOD, JR., Minneapolis, Minnesota HERSCHEL ROSENTHAL, Miami, Florida JOHN A. HARDIN, Rock Hill, South Carolina GARY L. SIRMON, Walla Walla, Washington Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A84 Federal Reserve Board Publications Copies are available from PUBLICATIONS SERVICES, FEDERAL RESERVE MEASURES OF CAPACITY AND CAPACITY Mail Stop 138, Board of Governors of the Federal Reserve UTILIZATION. 1978. 40 pp. $1.75 each; 10 or more to one System, Washington, D.C. 20551. When a charge is indicat- address, $1.50 each. ed, remittance should accompany request and be made THE BANK HOLDING COMPANY MOVEMENT TO 1978: A payable to the order of the Board of Governors of the Federal COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to Reserve System. Remittance from foreign residents should one address, $2.25 each. be drawn on a U.S. bank. Stamps and coupons are not INTRODUCTION TO FLOW OF FUNDS. 1980. 68 pp. $1.50 each; accepted. 10 or more to one address, $1.25 each. PUBLIC POLICY AND CAPITAL FORMATION. 1981. 326 pp. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNC- $13.50 each. TIONS. 1984. 120 pp. FEDERAL RESERVE REGULATORY SERVICE. Looseleaf; updat- ANNUAL REPORT. ed at least monthly. (Requests must be prepaid.) ANNUAL REPORT: BUDGET REVIEW, 1985-86. Consumer and Community Affairs Handbook. $75.00 per FEDERAL RESERVE BULLETIN. Monthly. $20.00 per year or year. $2.00 each in the United States, its possessions, Canada, Monetary Policy and Reserve Requirements Handbook. and Mexico; 10 or more of same issue to one address, $75.00 per year. $18.00 per year or $1.75 each. Elsewhere, $24.00 per Securities Credit Transactions Handbook. $75.00 per year. year or $2.50 each. Federal Reserve Regulatory Service. 3 vols. (Contains all BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint three Handbooks plus substantial additional material.) of Part I only) 1976. 682 pp. $5.00. $200.00 per year. BANKING AND MONETARY STATISTICS. 1941-1970. 1976. Rates for subscribers outside the United States are as 1,168 pp. $15.00. follows and include additional air mail costs: ANNUAL STATISTICAL DIGEST Federal Reserve Regulatory Service, $250.00 per year. 1974-78. 1980. 305 pp. $10.00 per copy. Each Handbook, $90.00 per year. 1981. 1982. 239 pp. $ 6.50 per copy. THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A 1982. 1983. 266 pp. $ 7.50 per copy. MULTICOUNTRY MODEL, May 1984. 590 pp. $14.50 each. 1983. 1984. 264 pp. $11.50 per copy. WELCOME TO THE FEDERAL RESERVE. 1984. 1985. 254 pp. $12.50 per copy. PROCESSING AN APPLICATION THROUGH THE FEDERAL RE- 1985. 1986. 231 pp. $15.00 per copy. SERVE SYSTEM. August 1985. 30 pp. HISTORICAL CHART BOOK. Issued annually in Sept. Subscrip- WRITING IN STYLE AT THE FEDERAL RESERVE. August 1984. tion to the Federal Reserve Chart Book includes one 93 pp. $2.50 each. issue. $1.25 each in the United States, its possessions, Canada, and Mexico; 10 or more to one address, $1.00 each. Elsewhere, $1.50 each. SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SE- CONSUMER EDUCATION PAMPHLETS RIES OF CHARTS. Weekly. $21.00 per year or $.50 each in Short pamphlets suitable for classroom use. Multiple copies the United States, its possessions, Canada, and Mexico; are available without charge. 10 or more of same issue to one address, $19.50 per year or $.45 each. Elsewhere, $26.00 per year or $.60 each. THE FEDERAL RESERVE ACT, and other statutory provisions Alice in Debitland affecting the Federal Reserve System, as amended Consumer Handbook on Adjustable Rate Mortgages through April 20, 1983, with Supplements covering Consumer Handbook to Credit Protection Laws amendments through August 1986. 576 pp. $7.00. Fair Credit Billing REGULATIONS OF THE BOARD OF GOVERNORS OF THE FED- Federal Reserve Glossary ERAL RESERVE SYSTEM. A Guide to Business Credit and the Equal Credit Opportunity ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— Act Regulation Z) Vol. I (Regular Transactions). 1969. 100 Guide to Federal Reserve Regulations pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each How to File A Consumer Credit Complaint volume $2.25; 10 or more of same volume to one If You Borrow To Buy Stock address, $2.00 each. If You Use A Credit Card Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A85 Series on the Structure of the Federal Reserve System 130. EFFECTS OF EXCHANGE RATE VARIABILITY ON IN- The Board of Governors of the Federal Reserve System TERNATIONAL TRADE AND OTHER ECONOMIC VARIA- The Federal Open Market Committee BLES: A REVIEW OF THE LITERATURE, by Victoria S. Federal Reserve Bank Board of Directors Farrell with Dean A. DeRosa and T. Ashby McCown. Federal Reserve Banks January 1984. Out of print. Organization and Advisory Committees 131. CALCULATIONS OF PROFITABILITY FOR U.S. DOLLAR- What Truth in Lending Means to You DEUTSCHE MARK INTERVENTION, by Laurence R. Jacobson. October 1983. 8 pp. 132. TIME-SERIES STUDIES OF THE RELATIONSHIP BE- TWEEN EXCHANGE RATES AND INTERVENTION: A REVIEW OF THE TECHNIQUES AND LITERATURE, by PAMPHLETS FOR FINANCIAL INSTITUTIONS Kenneth Rogoff. October 1983. 15 pp. Short pamphlets on regulatory compliance, primarily suit- 133. RELATIONSHIPS AMONG EXCHANGE RATES, INTERable for banks, bank holding companies and creditors. VENTION, AND INTEREST RATES: AN EMPIRICAL IN- VESTIGATION, by Bonnie E. Loopesko. November Limit of 50 copies 1983. Out of print. 134. SMALL EMPIRICAL MODELS OF EXCHANGE MARKET INTERVENTION: A REVIEW OF THE LITERATURE, by The Board of Directors' Opportunities in Community Rein- Ralph W. Tryon. October 1983. 14 pp. Out of print. vestment 135. SMALL EMPIRICAL MODELS OF EXCHANGE MARKET The Board of Directors' Role in Consumer Law Compliance INTERVENTION: APPLICATIONS TO CANADA, GERMA- Combined Construction/Permanent Loan Disclosure and NY, AND JAPAN, by Deborah J. Danker, Richard A. Regulation Z Haas, Dale W. Henderson, Steven A. Symansky, and Community Development Corporations and the Federal Re- Ralph W. Tryon. April 1985. 27 pp. Out of print. serve 136. THE EFFECTS OF FISCAL POLICY ON THE U.S. ECONO- Construction Loan Disclosures and Regulation Z MY, by Darrell Cohen and Peter B. Clark. January Finance Charges Under Regulation Z 1984. 16 pp. Out of print. How to Determine the Credit Needs of Your Community 137. THE IMPLICATIONS FOR BANK MERGER POLICY OF Regulation Z: The Right of Rescission FINANCIAL DEREGULATION, INTERSTATE BANKING, The Right to Financial Privacy Act AND FINANCIAL SUPERMARKETS, by Stephen A. Signature Rules in Community Property States: Regulation B Rhoades. February 1984. Out of print. Signature Rules: Regulation B 138. ANTITRUST LAWS, JUSTICE DEPARTMENT GUIDE- Timing Requirements for Adverse Action Notices: Regula- LINES, AND THE LIMITS OF CONCENTRATION IN LOtion B CAL BANKING MARKETS, by James Burke. June 1984. What An Adverse Action Notice Must Contain: Regulation B 14 pp. Out of print. Understanding Prepaid Finance Charges: Regulation Z 139. SOME IMPLICATIONS OF FINANCIAL INNOVATIONS IN THE UNITED STATES, by Thomas D. Simpson and Patrick M. Parkinson. August 1984. 20 pp. 140. GEOGRAPHIC MARKET DELINEATION: A REVIEW OF THE LITERATURE, by John D. Wolken. November STAFF STUDIESSummaries Only Printed in the 1984. 38 pp. Out of print. Bulletin 141. A COMPARISON OF DIRECT DEPOSIT AND CHECK PAY- Studies and papers oh economic and financial subjects that MENT COSTS, by William Dudley. November 1984. are of general interest. Requests to obtain single copies of 15 pp. Out of print. the full text or to be added to the mailing list for the series 142. MERGERS AND ACQUISITIONS BY COMMERCIAL may be sent to Publications Services. BANKS, 1960-83, by Stephen A. Rhoades. December 1984. 30 pp. Out of print. Staff Studies 115-125 are out of print. 143. COMPLIANCE COSTS AND CONSUMER BENEFITS OF THE ELECTRONIC FUND TRANSFER ACT: RECENT SURVEY EVIDENCE, by Frederick J. Schroeder. April 114. MULTIBANK HOLDING COMPANIES: RECENT EVI- 1985. 23 pp. Out of print. DENCE ON COMPETITION AND PERFORMANCE IN 144. SCALE ECONOMIES IN COMPLIANCE COSTS FOR CON- BANKING MARKETS, by Timothy J. Curry and John T. SUMER CREDIT REGULATIONS: THE TRUTH IN LEND- Rose. Jan. 1982. 9 pp. ING AND EQUAL CREDIT OPPORTUNITY LAWS, by 126. DEFINITION AND MEASUREMENT OF EXCHANGE MAR- Gregory E. Elliehausen and Robert D. Kurtz. May KET INTERVENTION, by Donald B. Adams and Dale 1985. 10 pp. W. Henderson. August 1983. 5 pp. Out of print. 145. SERVICE CHARGES AS A SOURCE OF BANK INCOME 127. U.S. EXPERIENCE WITH EXCHANGE MARKET INTER AND THEIR IMPACT ON CONSUMERS, by Glenn B. VENTION: JANUARY-MARCH 1975, by Margaret L. Canner and Robert D. Kurtz. August 1985. 31 pp. Out Greene. August 1984. 16 pp. Out of print. of print. 128. U.S. EXPERIENCE WITH EXCHANGE MARKET INTER- 146. THE ROLE OF THE PRIME RATE IN THE PRICING OF VENTION: SEPTEMBER 1977-DECEMBER 1979, by Mar- BUSINESS LOANS BY COMMERCIAL BANKS, 1977-84, garet L. Greene. October 1984. 40 pp. Out of print. by Thomas F. Brady. November 1985. 25 pp. 129. U.S. EXPERIENCE WITH EXCHANGE MARKET INTER- 147. REVISIONS IN THE MONETARY SERVICES (DIVISIA) VENTION: OCTOBER 1980-OcTOBER 1981, by Margaret INDEXES OF THE MONETARY AGGREGATES, by Helen L. Greene. August 1984. 36 pp. T. Farr and Deborah Johnson. December 1985. 42 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A86 148. THE MACROECONOMIC AND SECTORAL EFFECTS OF Ten Staff Studies. 11/83. THE ECONOMIC RECOVERY TAX ACT: SOME SIMULA- A Financial Perspective on Agriculture. 1/84. TION RESULTS, by Flint Brayton and Peter B. Clark. Survey of Consumer Finances, 1983. 9/84. December 1985. 17 pp. Bank Lending to Developing Countries. 10/84. 149. THE OPERATING PERFORMANCE OF ACQUIRED FIRMS Survey of Consumer Finances, 1983: A Second Report. IN BANKING BEFORE AND AFTER ACQUISITION, by 12/84. Stephen A. Rhoades. April 1986. 32 pp. Union Settlements and Aggregate Wage Behavior in the 150. STATISTICAL COST ACCOUNTING MODELS IN BANK- 1980s. 12/84. ING: A REEXAMINATION AND AN APPLICATION, by The Thrift Industry in Transition. 3/85. John T. Rose and John D. Wolken. May 1986. 13 pp. A Revision of the Index of Industrial Production. 7/85. Financial Innovation and Deregulation in Foreign Industrial Countries. 10/85. Recent Developments in the Bankers Acceptance Market. REPRINTS OF BULLETIN ARTICLES 1/86. Most of the articles reprinted do not exceed 12 pages. The Use of Cash and Transaction Accounts by American Families. 2/86. Financial Characteristics of High-Income Families. 3/86. Limit of 10 copies U. S. International Transactions in 1985. 5/86. Prices, Profit Margins, and Exchange Rates. 6/86. Agricultural Banks under Stress. 7/86. Foreign Experience with Targets for Money Growth. 10/83. Foreign Lending by Banks: A Guide to International and Intervention in Foreign Exchange Markets: A Summary of U.S. Statistics. 10/86. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A87 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM1 (Payment must accompany requests) Annual oroximate Date or period Weekly Releases rate release days to which data refer • Aggregate Reserves of Depository Institutions and $12.00 Thursday Week ended previous the Monetary Base. H.3 (502) [1.20] Wednesday • Actions of the Board: Applications and Reports $21.00 Friday Week ended previous Saturday Received. H.2 (501) • Assets and Liabilities of Insured Domestically $12.00 Monday Wednesday, 3 weeks earlier Chartered and Foreign Related Banking Institutions. H.8 (510) [1.25] • Changes in State Member Banks. K.3 (615) $12.00 Tuesday Week ended previous Saturday • Factors Affecting Reserves of Depository $12.00 Thursday Week ended previous Institutions and Condition Statement of Federal Wednesday Reserve Banks. H.4.1 (503) [1.11] • Foreign Exchange Rates. H. 10 (512) [3.28] $12.00 Monday Week ended previous Friday • Money Stock, Liquid Assets, and Debt Measures. $21.00 Thursday Week ended Monday of H.6 (508) [1.21] previous week • Selected Borrowings in Immediately Available $12.00 Wednesday Week ended Thursday of Funds of Large Member Banks. H.5 (507) [1.13] previous week • Selected Interest Rates. H.15 (519) [1.35] $12.00 Monday Week ended previous Saturday • Weekly Consolidated Condition Report of Large $12.00 Friday Wednesday, 1 week earlier Commercial Banks, and Domestic Subsidiaries. H.4.2 (504) [1.26, 1.28, 1.29, 1.30] Monthly Releases • Capacity Utilization: Manufacturing, Mining, $ 3.00 Midmonth Previous month Utilities and Industrial Materials. G.3 (402) [2.12] • Changes in Status of Banks and Branches. G.4.5 $ 9.00 1st of month Previous month (404) • Commercial and Industrial Loan Commitments at $ 3.00 2nd week of month 2nd month previous Selected Large Commercial Banks. G.21 (423) $ 3.00 Midmonth 2nd month previous • Consumer Installment Credit. G.19 (421) [1.55, 1.56] $3.00 12th of month Previous month • Debits and Deposit Turnover at Commercial Banks. G.6 (406) [1.22] • Finance Companies. G.20 (422) [1.51, 1.52] $ 3.00 5th working day of 2nd month previous month • Foreign Exchange Rates. G.5 (405) [3.28] $3.00 1st of month Previous month • Industrial Production. G.12.3 (414) [2.13] $ 7.00 Midmonth Previous month • Loans and Securities at all Commercial Banks. G.7 $ 3.00 3rd week of month Previous month (407) [1.23] • Major Nondeposit Funds of Commercial Banks. $ 3.00 3rd week of month Previous month G. 10 (411) [1.24] 1. Release dates are those anticipated or usually met. However, please note that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. The BULLETIN table that reports these data is designated in brackets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A88 Annual Approximate Date or period Monthly Releases—Continued rate release days to which data refer • Maturity Distribution of Outstanding Negotiable $ 3.00 3rd week of month Last Wednesday of previous Time Certificates of Deposit at Large Commercial month Banks. G.9 (410) • Monthly Report of Assets and Liabilities of $ 3.00 2nd week of month Wednesday, 2 weeks earlier International Banking Facilities. G.14 (416) • Research Library—Recent Acquisitions. G.15 (417) Free of 1st of month Previous month charge • Selected Interest Rates. G.13 (415) [1.35] $ 3.00 3rd working day of Previous month month Quarterly Releases • Agricultural Finance Databook. E.15 (125) $ 4.00 End of March, January, April, July, and June, September, October and December • Country Exposure Lending Survey. E.16 (126) 4.00 January, April, Previous 3 months July, and October • Domestic Offices, Commercial Bank Assets and $ 3.00 March, June, Previous 6 months Liabilities Consolidated Report of Condition. September, and E.3.4 (113) [1.26, 1.28] December • Flow of Funds: Seasonally Adjusted and $ 7.00 23rd of February, Previous quarter Unadjusted. Z.l (780) [1.58, 1.59] May, August, and November • Flow of Funds Summary Statistics Z.l. (788) [1.57, $ 2.00 15th of February, Previous quarter 1.58] May, August, and November • Geographical Distribution of Assets and Liabilities $ 2.00 15th of March, Previous quarter of Major Foreign Branches of U.S. Banks. E.ll June, September, (121) and December • Survey of Terms of Bank Lending. E.2 (111) [1.34] $ 2.00 Midmonth of February, May, August, and March, June, November September, and December • List of OTC Margin Stocks. E.7 (117) $ 4.00 January, April, February, May, August, and July, and November October Annual Releases • Aggregate Summaries of Annual Surveys of $ .50 February End of previous June Securities Credit Extension. C.2 (101) • Balance Sheets of the U.S. Economy. C.9 (108) $ 2.00 October Previous year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A89 Index to Statistical Tables References are to pages A3-A79 although the prefix 'A" is omitted in this index ACCEPTANCES, bankers (See Bankers acceptances) Demand deposits—Continued Agricultural loans, commercial banks, 19, 20, 74 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners) corporations, 22 Banks, by classes, 18-20 Turnover, 15 Domestic finance companies, 37 Depository institutions Federal Reserve Banks, 10 Reserve requirements, 7 Financial institutions, 26 Reserves and related items, 3, 4, 5, 12 Foreign banks, U.S. branches and agencies, 21, 76-79 Deposits (See also specific types) Nonfinancial corporations, 36 Banks, by classes, 3, 18-20, 21 Automobiles Federal Reserve Banks, 4, 10 Consumer installment credit, 40, 41 Turnover, 15 Production, 47, 48 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) BANKERS acceptances, 9, 23, 24 Discounts and advances by Reserve Banks (See Loans) Bankers balances, 18-20 (See also Foreigners) Dividends, corporate, 35 Bonds (See also U.S. government securities) New issues, 34 EMPLOYMENT, 45 Rates, 24 Eurodollars, 24 Branch banks, 21, 55, 76-79 Business activity, nonfinancial, 44 FARM mortgage loans, 39 Business expenditures on new plant and equipment, 36 Federal agency obligations, 4, 9, 10, 11, 31, 32 Business loans (See Commercial and industrial loans) Federal credit agencies, 33 Federal finance Debt subject to statutory limitation, and types and CAPACITY utilization, 46 ownership of gross debt, 30 Capital accounts Receipts and outlays, 28, 29 Banks, by classes, 18 Treasury financing of surplus, or deficit, 28 Federal Reserve Banks, 10 Treasury operating balance, 28 Central banks, discount rates, 67 Federal Financing Bank, 28, 33 Certificates of deposit, 24 Federal funds, 5, 17, 19, 20, 21, 24, 28 Commercial and industrial loans Federal Home Loan Banks, 33 Commercial banks, 16, 19, 70-72, 76 Federal Home Loan Mortgage Corporation, 33, 38, 39 Weekly reporting banks, 19-21 Federal Housing Administration, 33, 38, 39 Commercial banks Federal Land Banks, 39 Assets and liabilities, 18-20 Federal National Mortgage Association, 33, 38, 39 Commercial and industrial loans, 16, 18, 19, 20, 21, Federal Reserve Banks 70-72, 76 Condition statement, 10 Consumer loans held, by type, and terms, 40, 41 Discount rates (See Interest rates) Loans sold outright, 19 U.S. government securities held, 4, 10, 11, 30 Nondeposit funds, 17 Federal Reserve credit, 4, 5, 10, 11 Real estate mortgages held, by holder and property, 39 Federal Reserve notes, 10 Terms of lending, 70-75 Federal Savings and Loan Insurance Corporation insured Time and savings deposits, 3 institutions, 26 Commercial paper, 23, 24, 37 Federally sponsored credit agencies, 33 Condition statements (See Assets and liabilities) Finance companies Construction, 44, 49, 73 Assets and liabilities, 37 Consumer installment credit, 40, 41 Business credit, 37 Consumer prices, 44, 50 Loans, 40, 41 Consumption expenditures, 51, 52 Paper, 23, 24 Corporations Financial institutions Nonfinancial, assets and liabilities, 36 Loans to, 19, 20, 21 Profits and their distribution, 35 Selected assets and liabilities, 26 Security issues, 34, 65 Float, 4 Cost of living (See Consumer prices) Flow of funds, 42, 43 Credit unions, 26, 40 (See also Thrift institutions) Foreign banks, assets and liabilities of U.S. branches and Currency and coin, 18 agencies, 21, 76-79 Currency in circulation, 4, 13 Foreign currency operations, 10 Customer credit, stock market, 25 Foreign deposits in U.S. banks, 4, 10, 19, 20 Foreign exchange rates, 68 DEBITS to deposit accounts, 15 Foreign trade, 54 Debt (See specific types of debt or securities) Foreigners Demand deposits Claims on, 55, 57, 60, 61, 62, 64 Banks, by classes, 18-21 Liabilities to, 20, 54, 55, 57, 58, 63, 65, 66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A90 GOLD REAL estate loans Certificate account, 10 Banks, by classes, 16, 19, 20, 39 Stock, 4, 54 Financial institutions, 26 Government National Mortgage Association, 33, 38, 39 Terms, yields, and activity, 38 Gross national product, 51 Type of holder and property mortgaged, 39 Repurchase ajgreements, 5, 17, 19, 20, 21 HOUSING, new and existing units, 49 Reserve requirements, 7 Reserves INCOME, personal and national, 44, 51, 52 Commercial banks, 18 Industrial production, 44, 47 Depository institutions, 3, 4, 5, 12 Installment loans, 40, 41 Federal Reserve Banks, 10 Insurance companies, 26, 30, 39 U.S. reserve assets, 54 Interest rates Residential mortgage loans, 38 Bonds, 24 Retail credit and retail sales, 40, 41, 44 Commercial banks, 70-75 Consumer installment credit, 41 SAVING Federal Reserve Banks, 6 Flow of funds, 42, 43 Foreign central banks and foreign countries, 67 National income accounts, 51 Money and capital markets, 24 Savings and loan associations, 8, 26, 39, 40, 42 (See also Mortgages, 38 Thrift institutions) Prime rate, 23 Savings banks, 26, 39, 40 Time and savings deposits, 8 Savings deposits (See Time and savings deposits) International capital transactions of United States, 53-67 Securities (See specific types) International organizations, 57, 58, 60, 63, 64 Federal and federally sponsored credit agencies, 33 Inventories, 51 Foreign transactions, 65 Investment companies, issues and assets, 35 New issues, 34 Investments (See also specific types) Prices, 25 Banks, by classes, 18, 19, 20, 21, 26 Special drawing rights, 4, 10, 53, 54 Commercial banks, 3, 16, 18-20, 39 State and local governments Federal Reserve Banks, 10, 11 Deposits, 19, 20 Financial institutions, 26, 39 Holdings of U.S. government securities, 30 New security issues, 34 LABOR force, 45 Ownership of securities issued by, 19, 20, 26 Life insurance companies (See Insurance companies) Rates on securities, 24 Loans (See also specific types) Stock market, selected statistics, 25 Banks, by classes, 18-20 Stocks (See also Securities) Commercial banks, 3, 16, 18-20, 70-75, 76 New issues, 34 Federal Reserve Banks, 4, 5, 6, 10, 11 Prices, 25 Financial institutions, 26, 39 Insured or guaranteed by United States, 38, 39 Student Loan Marketing Association, 33 MANUFACTURING TAX receipts, federal, 29 Capacity utilization, 46 Thrift institutions, 3 (See also Credit unions, Mutual Production, 46, 48 savings banks, and Savings and loan associations) Margin requirements, 25 Time and savings deposits, 3, 8, 13, 17, 18, 19, 20, 21 Member banks (See also Depository institutions) Trade, foreign, 54 Federal funds and repurchase agreements, 5 Treasury cash, Treasury currency, 4 Reserve requirements, 7 Treasury deposits, 4, 10, 28 Mining production, 48 Treasury operating balance, 28 Mobile homes shipped, 49 UNEMPLOYMENT, 45 Monetary and credit aggregates, 3, 12 U.S. government balances Money and capital market rates, 24 Commercial bank holdings, 18, 19, 20 Money stock measures and components, 3, 13 Treasury deposits at Reserve Banks, 4, 10, 28 Mortgages (See Real estate loans) U.S. government securities Mutual funds, 35 Bank holdings, 18-20, 21, 30 Mutual savings banks, 8 (See also Thrift institutions) Dealer transactions, positions, and financing, 32 Federal Reserve Bank holdings, 4, 10, 11, 30 Foreign and international holdings and transactions, 10, NATIONAL defense outlays, 29 30, 66 National income, 51 Open market transactions, 9 Outstanding, by type and holder, 26, 30 OPEN market transactions, 9 Rates, 24 U.S. international transactions, 53-67 Utilities, production, 48 PERSONAL income, 52 Prices Consumer and producer, 44, 50 VETERANS Administration, 38, 39 Stock market, 25 Prime rate, 23 WEEKLY reporting banks, 19-21 Producer prices, 44, 50 Wholesale (producer) prices, 44, 50 Production, 44, 47 Profits, corporate, 35 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A91 Index to Volume 72 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Text Other ("A" pages) Issue Text Other ("A' " pages) Index to Index to Total tables Total tables January... 1-86 1-84 81-82 July 437-510 1-80 77-78 February . 87-162 1-80 77-78 August 511-602 1-86 83-84 March .... 163-212 1-86 83-84 September 603-682 1-84 81-82 April 213-286 1-80 77-78 October... 683-744 1-80 77-78 May 287-354 1-90 87-88 November 745-814 1-84 81-82 June 355-436 1-82 79-80 December 815-852 1-106 91-103 The "A" pages referred to in this index are in the Decem- For special tables published during 1986, see list on p. A69 ber issue. of this issue. Pages Pages AGRICULTURE Banking supervision and regulation (See Supervision by Banking problems experienced in agricultural com- Federal Reserve System) munities, statement 312, 389 Bankers acceptance market, article 1 Banks under stress, article 437 Bank Exports Services Act, statement 393 Discount window lending to the Farm Credit System Bank holding companies (For orders issued to individual and to agricultural banks, statement on technical companies under the Bank Holding Company Act, aspects of possible lending 18 see Bank Holding Company Act of 1956) Risk exposure on loans, statement 382 (See also Regulation Y) Angell, Wayne D., appointment as Member of Board of Nonbank subsidiaries, compliance with the Credit Governors 244 Practices Rule 26 Annual Statistical Digest, 1985, publication 831 Securities, perpetual debt, definition 28 Articles Supervision, Board policy statement on payment of Agricultural banks under stress 437 cash dividends 26 Bankers acceptance market 1 Bank holding company legislation and regulation, state- Borrowing and lending trends, 1981-85 511 ment 541 Cash and transaction accounts, use by American Bank Holding Company Act of 1956 families 87 Orders issued under Consumer Advisory Council, overview 757 ABC Holding Company 504 Corporate finance, recent developments 745 Acadiana Financial Services, Inc 205 Foreign lending by U.S. banks 683 Acme Holding Company, Inc 807 High-income families, financial characteristics 163 Adamsville Bancshares, Inc 735 Insured commercial banks, profitability in 1985 618 ADBANC, Inc 205 International transactions of the United States in 1985. 287 Advance Bancorp, Inc 834 Life insurance companies in a changing environment . 449 Alice Bancshares, Inc 79 Monetary policy reports to Congress (See Statements Alice Financial Corporation 205 to Congress) Allied Bancshares, Inc 279 Population, changing trends 815 AmBank Financial Services, Inc., Rock Island, Prices, profit margins, and exchange rates 366 Illinois 429 Recent developments in automobile finance 355 Ambank Financial Services, Inc., Beaver Dam, Althausen, Walter, Assistant Director, Division of Fed- Wisconsin 845 eral Reserve Operations, retirement 324 American Bancorp, Inc 279 Automated clearinghouse, proposed action 780 American Bancorporation, Inc 205 Automobile finance, article 355 American Bancshares, Inc 279 Avery, Robert B., articles 87, 163 American Banks of Florida 807 Axilrod, Stephen H. American Commerce Banshares, Inc 596 Staff Director, retirement 572 American Fletcher Corporation 206, 283, 675 Statements 15, 18 American National Financial Corporation 157 American Southwest Bancshares, Inc 349 BANK Export Services Act, statements 307, 393, 554 AmeriTrust Corporation 206, 279, 596, 600, 675, 735, Bank holding company legislation, statement 541 794, 845, 846 Bank Secrecy Act, statement 467 Ames Holding Company Ltd 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A92 Federal Reserve Bulletin • December 1986 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. AmSouth Bancorporation 807 B.P.C. Corporation 79 Amsterdam-Rotterdam Bank, N.V., Amsterdam, Bremer Financial Corporation 810 The Netherlands 495 Brighton Bancorp, Inc 735 Anchor Bancorp, Inc 79 Brownstown CSB Bancorp 504 Anderson Bancshares, Inc 79, 279 Brownsville Bancshares Corporation 42 Antrim Financial Corporation 807 Brush Country Holding Company, Inc 79 Apollo Bancorp, Inc 429 Bryant-Irvin Bancshares, Inc 429 Appalachian Financial Corporation 807 Bryn Mawr Bank Corporation 807 Applewood Bankcorp, Inc 79 BTB Corp 736 Archer, Inc 421 BT Financial Corporation 676 Area Bancshares Corporation 352 C&L Investment Company, Inc 79 Arthur State Bancshares, Inc 675 Cahaba Bancorp 157 ASB Bankcorp, Inc 349 Caldwell Capital Corporation 597 Associated Banc-Corp 157, 504 Calumet National Corporation 279 AT Indiana Corporation 279 Calvert Capital Corporation 807 Atrium Capital Corporation 675 Canton Bancshares, Inc 79 Attica Financial Corporation 79 Capital City Bank Group, Inc 157 Aylworth Proprietary Limited 332 Capital National Bancshares, Inc 846 Baker Financial Corporation 349 Cardinal Bancorp, Inc 846 Banc One Corporation .. 349, 422, 432, 596, 675, 735, Capital Reserves Group, Inc 676 807, 846 Carlson Bankshares, Inc 850 Banco Mercantile C.A., Caracas, Venezuela 837 Carlton County Bancorporation, Inc 206 Banco Nororiental De Venezuela, C.A 279 Carolina First Corporation 846 Banco Safra, S.A., Sao Paulo, Brazil 722 Carroll County Bancshares, Inc 736 Bancorp of Mississippi, Inc 257 Cartago Empreendimentos e Participacoes Ltda. . 722 Bancorp of Rantoul 349 Cattleman's Bancshares, Inc 158 Bancshares of Urbana, Inc 807 CB Financial Corp 206 Bancshares of Ysleta, Inc 206 CB&T Bancshares, Inc 349, 807 Bancwell Financial Corporation 279 CB&T Financial Corp 676 Bandera Bancshares, Inc 735 CBN Bancshares, Inc 279 Bank Corporation of Georgia 597 CCB Financial Corporation 807 BankEast Corporation 810 Central Banc System, Inc 504 Bankers' Bancorp of Illinois 653 Central Bancorporation, Inc 504, 846 Bankers Bancorp of Oklahoma, Inc 206 Central Bancshares of the South, Inc 807 Bank Maryland Corp 846 Central Financial Corporation 350 Bank of Boston Corporation 84 Central Lousiana Capital Corporation 280 Bank of New England Corporation 42, 138, 283, 713 Central National Corporation 846 Bank of New York 679 Central-State Bancorp 575 Bank of New York Company, Inc 279, 336 Central State Bancorp, Inc 429 Bank of Virginia Company 65,160,600 Central Texas Bancshares, Inc 206 Banks of Iowa, Inc 508 Central Virginia Bankshares, Inc 807 Bank Shares Incorporated 846 Central Wisconsin Bankshares, Inc 79, 429 Bank South Corporation 581, 807 Chambers Bancshares, Inc 846 BankVermont Corporation 337 Champlain Bank Corporation 429 Bankvest, Inc 429 Charter National Bancorp, Inc 736 Banque Indosuez, Paris, France 141 Charter 17 Bancorp, Inc 429 Banterra Corp 597 Chase Manhattan Corporation .... 201,203,350,432, BarclaysAmericanCorporation 675 739, 807 Barclays Bank PLC 675 Chase Manhattan National Corporation 739 Barclays USA Inc 675 Chase Manhattan National Holding Corporation ... 350, Barclays U.S. Holdings Inc 675 505, 739, 807 Bay Holdings Corporation 846 Chesnee State Bancshares, Inc 676 Belle Glade Bank Corporation 279 Chisholm Trail Financial Corporation 84 Bellwood Bancorporation, Inc 597, 676 Chrisman Bancorp, Inc 350 Benson Financial Corporation 676 Citicorp 280,339,497,583,714,724 Benton Capital Corporation 157 Citicorp Holdings, Inc 280 Bergen Bank A/S, Bergen, Norway 200 Citizens Bancshares of Waterville, Inc 505 Big Lake Financial Corporation 157 Citizens and Southern Corporation 676 Bismarck Bancshares, Inc 807 Citizens and Southern Georgia Corporation 260 BJS, Inc 349 Citizen's Bancorp Investment, Inc 736 BNB Bancorp, Inc 846 Citizens Bancorporation 280 BNE Holding Company 42 CITIZENS BANKING CORPORATION ... 508, 850 Bonifay Holding Company, Inc 676 Citizens Bankshares, Inc 79 Bonneville Bancorp Employee Stock Ownership Citizens Community Bankshares, Inc 158, 429 Trust 735 Citizens Development Company 736 Border Bancshares, Inc 807 Citizens Dimension Bancorp, Inc 206 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 72 A93 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. Citizens Fidelity Corporation . 280, 576, 597, 717, 846 Cullen/Frost Bankers, Inc 508 Citizens Financial Corporation 206 Cumberland Bancshares, Inc 597 Citizens Financial Group, Inc 508 CWB Holdings—Onalaska, Inc 79 Citizens Financial Holdings B.V 332 Dakota Bankshares, Inc 209, 676, 739 Citizens Group, Inc 736 Dakota Company, Inc. (Milbank, South Dakota) ... 209 Citizens Holdings 333 Dakota Company, Inc. (Minneapolis, Minnesota)... 846 Citizens Investments, Inc 505 Dallas Bancshares, Inc 79 City Bankshares, Inc 808 Darman Financial of Minnesota, Inc 206 Clin-Ark Bankshares, Inc 676 Dassel Investment Company 350 Cloverdale Bank Corporation 158 DBT Financial Corporation 430 CNB Acquisition Company 486 Decatur Investment, Inc 280 CNB Bancshares, Inc 486, 505 Delaware National Bankshares Corp 679, 739 CNB Corp, Inc 429 Delta Bancshares, Inc 79 CNB Financial Corporation 158 Den norske Creditbank, Oslo, Norway 811 CNB Holding Company 676 Denver City Bancshares, Inc 736 Coastal Bancorp 808 Depositors Bancorp 430 Coastal Commerce Bancshares, Inc 597 Dermott Bancshares, Inc 158 Cochranton Bancorp, Inc 158 DeSoto Bancshares, Inc 846 Cole Holding Company, Inc 655 DG Bancorp, Inc 597 Colonial BancGroup, Inc 736 Dickey County Bancorporation 847 Colson, Inc 67 Dominion Bankshares Corporation 430, 787, 847 Comerica Incorporated 508 Dover Bancshares, Inc 79 Comm. Bancorp, Inc 429 Downstate Bancshares, Inc 79 Commerce Exchange Corporation 206 Duco Bancshares, Inc 736 Commerce Financial Corporation (Alma, Arkan- Duncanville Bancshares, Inc 158 sas) 429 Early Financial Bancshares, Inc 79 Commerce Financial Corporation (Topeka, Kan- East Side Bancorporation 505 sas) 79 East Texas National, Inc 808 Commerce Union Corporation 736 Edgewood Bancshares, Inc 349 Commercial Bancshares, Inc 78, 206 Egyptian Bancshares, Inc 280 Commercial National Corporation 283 Eminence Bankshares, Inc 808 Commonwealth Bancshares Corporation 206, 676 Enterprise Bancshares, Inc 505 CommuniCorp, Inc 206 Escrow Corporation of America, Inc 600 Community Bancshares, Inc 597 Excel Bancorp, Inc 731 Community Bankers' Corporation 429 ExTraCo Bankshares, Inc 597 Community Banks, Inc 429, 808 Eudora Bancshares, Inc 158 Community Banks, Inc., Employee Stock Owner- F&M Bancorporation, Inc 350 ship Trust 429 F&M Bankshares of Reedsburg 847 Community Bankshares, Inc 79 F&M Financial Corp 206 COMMUNITY FINANCIAL CORP. (Avilla, Indi- F&M Financial Services Corporation ... 206, 676, 811, ana) 597 847 Community Financial Corporation (Harbor Beach, Fairlawn Plaza Investments, Inc 206 Michigan) 846 Fannin Bancorp, Inc 158 Community Financial Services, Inc 206 Farmers and Merchants Bancorp, Inc 280 Community Group, Inc 505 Farmers and Merchants Corporation 676 Compagnie Financiere de Suez, Paris, France 141 Farmers & Merchants Walterboro Bancshares Cor- Conifer Group Inc 597 poration 158 Conrad Bancorporation 808 Farmers Banc Corp 280 Consorcio Inversionista Mercantile y Agricola Farmers Capital Bank Corporation 350, 505 C.A., Caracas, Venezuela 837 Fidelcor, Inc 253, 283 CoreStates Financial Corporation 143, 796 Fidelity Bancorp, Inc 808 Cortland First Financial Corporation 736 Fidelity Holding Company 505 Cosmopolitan Bancorp Incorporated 846 Fidelity Resources Company 736 Costa Mesa Holdings N.V 332 Fifth Third Bancorp 47 Costa Mesa Limited 332 Financial Bancshares, Inc 80 Cotton Exchange Bancshares, Inc 808 Financial Management Bancshares of West Virgin- Crandall Bancshares, Inc 808 ia, Inc 80 Creditanstalt-Bankverein, Vienna, Austria ... 63, 432 Financial Services Bancorp, Inc 350 Croesus Partners I, Inc 45 First Alamogordo Bancorp, Inc 280 Crown Bancshares, Inc 429 First Alpine, Inc 430 Crown National Bancorp 578 First American Bancorp 280 Crown Park Bancshares, Inc 676 First American Bancshares, Inc 158 CS Bancshares, Inc 494 First American Bank Corporation 676 CSB Financial Corporation 350 First American Corporation 733 CSB, Inc 280 First Atlanta Corporation 506 CSB Investors 349 1st Bancorp Vienna 158 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A94 Federal Reserve Bulletin • December 1986 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. First Banc Securities, Inc 597 Monrovia, Liberia 342 First Bancshares of Durant, Inc 808 First Pennsylvania Corporation 677 First Bancshares of Muskogee, Inc 430 First Peoria Corp 207 FirstBank Holding Company of Colorado 662 First Perry Independent Bancorp, Inc 207 First Bank of Indiantown Holding Co 808 First Rainsville Bancshares, Inc 430 First Bank System, Inc 209, 353, 660 First Regional Bancorp, Inc 207 First Bankers Corporation of Florida 80 First St. Charles Bancshares, Inc 677 First Banking Company of Southeast Georgia 80 First Sandoval Bancorp, Inc 505 First Borger Bancshares, Inc 736 First Security Bankshares, Inc 80 First Breckinridge Bancshares, Inc 207, 736 First Security Corporation of Kentucky 80, 737 First Brundidge Bancshares, Inc 676 First Sidney Banc Corp 737 First Bryson Bancorporation, Inc 847 First Sierra Bancshares, Inc 350 First Burke Banking Company 158 First Springfield National Corp 283 First Canon Bancorp, Inc 676 First State Bancorp, Inc 737 First Capital National Bancshares, Inc 280 FIRST STATE BANCORP OF MONTICELLO .. 80 First Center Bancshares, Inc 78 First State Bancshares of Blakely, Inc 597 First Channahon Bancorp, Inc 80 First State Bank of Thornton, Iowa Employees' First Chico Bancshares, Inc 350 Stock Ownership Plan and Trust 808 First Citizens Bancorp of Indiana 736 FIRST SUBURBAN BANCORP CORPORATION . 677 First Coastal Banks, Inc 597 First Sunbelt Bankshares, Inc 808 First Colonial Bankshares Corporation ... 158, 207, 677 First Suncoast Trust Bancshares, Inc 808 First Commercial Bancshares, Inc 505 First TexCorp, Inc 677 First Commercial Financial Corporation 158 First Union Corporation 80, 263, 281, 350, 415, 737, First Commonwealth Financial Corporation 80 798, 808 1st Community Bancorp, Inc 505 First Union Corporation of North Carolina 505 First Community Bancshares, Inc 207 First United Bancorp 353 First Exchange Corp 280 First United Financial Services, Inc 350 First Fidelity Bancorp, Inc 80 First Vermont Financial Corporation 49 First Fidelity Bancorporation 487 First Vernon Bancshares, Inc 597 First Financial Bancorporation 80 First Virginia Banks, Inc 80, 81, 430 First Financial Corporation 158 First Wachovia Corporation 68, 506 First Florida Banks, Inc 736 First Waukegan Corporation 737 First FSB Bancshares, Inc 597 First Western Bancorp, Inc 159 First Glen Bancorp, Inc 280 First West Virginia Bancorp, Inc 598 First Golden Bancorporation 736 First White Oak Bancshares, Inc 351 First Hanover Bancorp, Inc 430 First Wilmington Corp 598 First Hawley Bancshares, Inc 280 First Wisconsin Corporation 50, 81, 677, 739 First Illini Bancorp, Inc 207 First Wyoming Bancorporation 81 First Indiana Bancorp 596, 677, 847 FirsTier, Inc 283 First Interstate BancSystem of Montana, Inc 197 Fleet Financial Group, Inc 265 First Interstate Corporation 654 Fleetwood Bank Corporation 351 First Interstate Corporation of Wisconsin 505 FMB of S.C. Bancshares, Incorporated 81 First Interstate Hawaii, Inc 158 FNB Shares, Inc 207 First Jersey National Corporation 808 FNBM Financial Corporation 737 First Kansas Bancshares, Inc 505 FNBT Bancshares Perry, OK, Inc 281 First Kentucky National Corporation 350 FNS Bancshares, Inc 207 First Keyes Bancshares, Inc 280 Forbes First Financial Corporation 207 First-Knox BancCorp 845 Foresight Financial Group, Inc 159 First La Grange Bancshares, Inc 505 Forest Lake Finance Company 84 First Lubbock Bancshares, Inc 80, 736 Fort Wayne National Corporation 417 First Mid-Illinois Bancshares, Inc 80 Fourth Financial Corporation 52 First Midwest Corporation of Delaware 808 Frankewing Bancshares, Inc 81 First Midwest Financial Corporation 159 FRANKLIN BANCORP, INC 81 First National Bancorp 207, 847 Franklin Bancorp, Inc 506 First National Bancorp, Inc 280 Fredonia Bancshares, Inc 598 First National Bancorporation of Ennis, Inc 350 Freedom Bancorporation, Inc 81 First National Bancshares of Wetumpka, Inc 597 Friendship Bancshares, Inc 677 First National Cincinnati Corporation .. 350, 509, 736 Fulton Financial Corporation 207, 506 First National Corporation 280 FWNB Bancshares, Inc 207 First National Corporation of Alexander City, Inc. . 737 F.W.S.F. Corporation 50 First National Corporation of Sparta 430 Gainer Corporation 418 First National Financial Corporation 80 Garden Plain Bancshares, Inc 598 First NH Banks, Inc 80 Gassaway Bancshares, Inc 159 First North Louisiana Bancshares, Inc 207 Gateway Bancorp, Inc 430 First of America Bank Corporation 80,159, 353, 508, Gateway Bancshares, Inc 677 790 Genala Banc, Inc 598 First of Long Island Corporation 508 General Bancshares Corporation (St. Louis, Mis- First Pacific Investments Limited, souri) 268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 72 A95 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. General Bancshares Corporation (Caldwell, Texas) 351 Independent Community Banc Corp 598 General Bancshares, Inc 598 Independent Community Bancshares, Inc 430 Geneva Bancshares, Inc 81 Independent Community Financial Corporation .. 677 Gibsland Bancshares, Inc 159 Indiana National Corporation 740 Gideon Bancshares Company 281 Industrial Bank of Japan, Ltd., Tokyo, Japan 71 GNB Financial Services, Inc 737 Interchange Financial Services Corporation 430 Goodhue County Financial Corporation 352 InterFirst Corporation 659 Graham Shares of Waverly, Inc 598 International Bancorp of Miami, Inc 506 Granger Bancshares, Inc 81 International Bancorp of Miami, N.V., Curacao, Granite State Bankshares, Inc 677 Netherlands Antilles 506 Granvalor Holdings, S.A 506 International Bancshares Corporation 208 Great Northern Bancshares, Inc 281 Intra West Financial Corporation 739 Great Texas Bancshares, Inc 596 Investors Trust Financial Corporation 737 GREATER MILWAUKEE FINANCIAL CORP. 739 Iowa State Bank Holding Company 680 Green Mountain Financial Services Corporation .. 207 Irwin Union Corporation 81 Grenada Sunburst System Corporation 430 IUC Holding, Inc 81 Grupo Financiero Popular, S.A., Santo Domingo, IV Topeka Acquisition, Inc 52 Dominican Republic 140 Jackson County Bankshares, Inc 809 G.S. Bancshares, Inc 737 J.E. Coonley Company 283 G S B Corporation 808 Jansen Bancshares, Inc 281 G.S.B. Investments, Inc 847 JDOB, Inc 281 Guaranty Bancshares Corporation 207, 598 Jefferson Bancorp, Inc 848 Guaranty Development Company 255 Jennings Union Bankcorp 81 Gulf & Southern Corporation 81 Johnston County Bancshares, Inc 680 Gulfbanks, Inc 84 J.R. Montgomery Bancorporation 351 Gulf Coast Holding Corporation 739 JSB Bancorp, Inc 848 Gulf Harbor Banks, Inc 847 Kanbanc, Inc 430 Hamel Bancorp, Inc 598 Katahdin Bankshares Corp 678 Hampton Park Corporation 737 Kaufman Bancshares, Inc 351 Hamptons Bancshares Inc 508 K.B.J. Enterprises, Inc 281 Harco Bankshares, Inc 655 Kaw Valley Bancorp, Inc 81 Harlem Corporation 808 Kellett, N.V., Curacao, Netherlands 210, 345 Harrisburg Bancshares, Inc 81 Kentucky Bancorporation, Inc 281 Harry A. Lowe Agency, Inc 598 Key Centurion Bancshares, Inc 719 Hartford National Corporation 274, 677, 847 Keystone Bancshares, Inc 283 Heartland Bancorp, Inc 579 King Financial Corporation 506 Hebron Bancshares, Inc 808 KNISELY FINANCIAL CORP 81 Herington Bancshares, Inc 281 Kootenai Bancorp, Inc 208 Heritage Financial Services, Inc 737 Kosman, Inc 678 Hibernia Bancshares Corporation 342 LaFarge Bancorp, Inc 737 Hibernia Corporation 53, 656, 677 Lafayette Bancshares, Inc 430 HomeBanc Corporation 847 Lake Elmo Bancorp., Inc 430 Home Interstate Bancorp, Inc 204 Lake Granbury Financial Corporation 737 Hong Kong and Shanghai Banking Corporation, Lakes Capital Corp 598 Hong Kong 210, 345, 809 Lake Shore Bancorp, Inc 281 Hooker National Bancshares, Inc 677 Lamar Bancorporation, Inc 208 Hospers Agency Company 739 Lamar Capital Corporation 848 Houston State Holding, Inc 506 Landmark Bancshares Corporation 197 Howland Bancshares, Inc 737 Landmark Financial Corporation 737 HPK Financial Corporation 208 Lawson Financial Corporation 848 HSBC Holdings B.V., Amsterdam, The Nether- LBT Bancshares, Inc 848 lands 210, 345 Leeds Bancgroup, Inc 678 Hub Financial Corporation 281 LEIGHTON INVESTMENT COMPANY 208 Hudson Financial Associates 151 Leland National Bancorp, Inc 81 Hull State Bancshares, Inc 81 Lewis & Clark Bancshares, Inc 281 Huntington Bancshares Incorporated ... 210, 506, 847 Lexington State Bank & Trust Company Employee Huntington Bancshares Indiana, Inc 506 Stock Ownership Plan 81 Huntington Bancshares Kentucky Inc 210 Liberty Bancorp, Inc 281 Huntington Bancshares Michigan, Inc 847 Liberty BanCorporation (Durant, Iowa) 432 Hutchinson Bancorp, Inc 351 Liberty BanCorporation (Longwood, Florida) 678 IBT Bancorp, Inc 847 Liberty Bancshares Inc 430 IBT Bancshares, Inc 598 Liberty County Bancshares, Inc 678 Illini Community Bancorp, Inc 847 Limestone Bancshares, Inc 848 Independence Bancorp, Inc 506 Limestone National Bank 848 Independence Bancshares, Inc 81 Lincoln County Bancorp, Inc 351 Independent Bank Corp 159 Lincoln Financial Corporation .. 82,281,506,737,848 Independent Bankers Financial Corporation 664 Lincolnland Bancorp, Inc 848 Independent Bankshares, Inc 283 Lincolnshire Bancshares, Inc 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A96 Federal Reserve Bulletin • December 1986 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. LJT, Inc 82 Montecito Bancorp 507 Ljubljanska Banka-Associated Bank, Ljubljana, Monticello Corporation 208 Yugoslavia 489 Mounds Bancorp, Inc 738 Lloyds Bank, Pic, London, England 841 Mountaineer Bankshares of W. Va., Inc 281, 809 Lone Wolf Bancshares, Inc 349 Mount Sterling National Holding Corporation 507 Louise Bancshares, Inc 848 Mount Vernon Bancorp 848 Louisiana Bancshares, Inc 154, 490 Moxham Bank Corporation 351, 809 Lowden Bancshares, Inc 848 Naperville Financial Corporation 82 Lynxx Banking Corporation 159 National Bancorp of Arizona, Inc 351 M&F Bancshares, Inc 506 National Bancshares Corporation 208 M&I Marytown Corporation 419 National Bancshares Corporation of Texas ... 431, 738 M&M Financial Corporation 82 National Bank of Canada 283 M&M Holding Company 678 National Bank of Western Pennsylvania Employee Mabrey Insurance Agency, Inc 809 Stock Ownership Trust 82 Macon Capital Corporation 159 National Bankshares, Inc 598 Madison Bancshares, Inc 506 National City Bancshares, Inc 678, 849 Magna Group, Inc 506, 580 National City Financial Group, Inc 351 Mahaska Investment Company 508 National Industrial Bancorp, Inc 431 Manhattan Banking Corporation 596 National Penn Bancshares, Inc 431 Manufacturers Hanover Corporation 144, 209 National Westminster Bank PLC 584 Manufacturers National Corporation 508 Nat West Holdings, Inc 584 Mapleton Bancshares, Inc 159 NBC Bancshares, Inc 678 MarBanc Financial Corporation 506 NBC Company 431 Marble Financial Corporation 598 NBD Bancorp, Inc 503, 739 Marine Bank of Mt. Pleasant National Association . 848 NBD Indiana, Inc 503 Marine Corporation 208, 848 NBD Western Corporation 600 Marine Midland Banks, Inc 210, 345 NBT Bancorp Inc 507 Marisub, Inc 208, 740, 848 N.B.W.P., Inc 82 Marquette County Financial Corporation 598 NCNB Corporation 57,59,61,849 Marshall & Ilsley Corporation .. 82,419,491,506,720 Neffs Bancorp, Inc 678 Marshfield Investment Company 848 Nerstrand Bancshares, Inc 82 Martha's Vineyard Bancorp. Inc 809 New Braunfels Bancshares, Inc 599 Martinco Financial Corp 738 New Danville Bancorp, Inc 82 Maryland National Corporation 84 Newell Bancshares, Inc 678 MBT BANCORP 848 New Hampshire Savings Bank Corporation .. 283, 811 McLaughlin Holding Company 432 New Superior Financial Corporation 82 MCorp 600, 811, 850 New Tripoli Bancorp, Inc 208 MCorp Financial, Inc 811, 850 Nicholas, Inc 82 Medina Bancshares, Inc 430 Nichols Hills Bancorporation, Inc 598 Mega Bancshares, Inc 506 NKB, Inc 331 Mellon Bank Corporation 492, 806 Norban Financial Group, Inc 281 Mellon Financial Corporation (MD) 492 Norstar Bancorp Inc 353, 729 Mercantile Bancshares, Inc 430 Norstar Bank of Upstate NY 431 Mercedes Bancorp, Inc 351 North Arkansas Bancshares, Inc 809 Merchants Bancorporation 54 North Central Texas Bancshares, Inc 431 Merchants National Corporation 55, 838 Northeastern Oklahoma Banshares, Inc 849 Meridian Bancorp, Inc 809 North Georgia Bancshares, Inc 811 Met Financial Corporation 509 North Houston Bancshares, Inc 507 Metro Bancorp, Incorporated 210, 680 Northland Bancshares, Inc 809 Metropolitan Bancorporation, Inc 848 North Salem State Bancorporation 208 Metropolitan Bancshares, Inc 159 North Shore Bancorp, Inc 351 Miami Citizens Bancorp 809 North Shore Financial Corporation 82 Michigan National Corporation 508 North Vernon 1st Financial Corporation 208 Mid-America Bancorp 353 Northway Bancshares, Inc 809 Middletown Bancorp, Inc 809 Northwest Corporation 283 Midlands Bancorp, Inc 848 Norwest Corporation 600, 680 Mid-Texas Bancshares, Inc 351 Oaklawn Financial Corporation 431 Mid Town Bancorp, Inc 432 OCB Corporation 138 Midwest Financial Group, Inc 283 Ocean Bankshares, Inc 159 Mid-Wisconsin Financial Services, Inc 506 Ogle County Bancshares, Inc 599 Mifflinburg Bancorp, Inc 82 Ohio Bancorp 809 Michigan National Corporation 792 Old National Bancorp 82, 507, 678, 809 Minnesota Valley Financial Services, Inc 809 Old Second Bancorp, Inc 281 Mission-Valley Bancorp 82 Olde Windsor Bancorp, Inc 159 Mitsubishi Trust and Banking Corporation 256 OMNIBANCORP 281 Mobile National Corporation 208 Omni Bancorp, Inc 599 Money Management Corporation 422 Ormside Proprietary Limited 332 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 72 A97 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. Ossian Financial Services, Inc 507 Safra Holding S.A 722 Otto Bremer Foundation 810 Safra S.A. Administracao e Participacoes 722 Outagamie Bancorp, Inc 505 St. James Bancorp, Inc 199 Overseas Finance Holdings Proprietary Limited .. 332 St. Joseph Bancorp, Inc 678 Overton Financial Corporation 351 St. Joseph Bancorporation, Inc 599, 678 Oxford Bank Corporation 351 St. Paul Bancshares, Inc 209 Ozark Bankshares, Inc 678 St. Stephen Bancorporation 159 PAB Bancshares, Inc 82 Salin Bancshares of North Central Indiana, Inc. .. 599 Pandora Bancshares Incorporated 431 Sandhills Holding Company, Inc 209 Parker Bank Holding Corporation 678 Sanwa Bank, Limited, Osaka, Japan 160, 680 Patterson Bankshares, Inc 159 Saver's Bancorp, Inc 431, 507 Peconic Bancshares, Inc 83 S.B.T. Bancshares, Inc. (San Marcos, Texas) ... 849 Peninsula Financial Corporation 431 SBT Bancshares, Inc. (Selmer, Tennessee) 678 Penn Central Bancorp, Inc 507 Seaport Bancorp, Inc 281 Penn Laurel Financial Corp 738 Second Bancorp, Inc 810 Penn Rock Financial Services, Corporation 599 Security Bancorp, Inc. (Herron, Illinois) 83 Pennsylvania National Financial Corporation 208 Security Bancorp, Inc. (Southgate, Michigan) 810 Peoples Bancorporation 849 Security Bancshares, Inc 507 Peoples Bancshares Corporation 159 Security Bank Shares, Inc 160 Peoples Bancshares of Natchitoches, Inc 281 Security Dallas Bancshares, Inc 507 Peoples Bank Corporation of Indianapolis 809 Security National Corporation 679 Peoples Exchange Bancshares, Inc 678 Security Pacific Corporation 353, 509, 671, 800 Peoples Financial Corporation 738 Security State Bank Employee Stock Ownership Peoples Financial Services Corp 507 Plan and Trust 810 Peoples National Bancorp, Inc 849 7L Corporation 160, 736 Peoples National of LaFollette Financial Corpora- Sharon Bancshares, Inc 738 tion 159 Shawmut Corporation 78, 507 Peoples Tri-County Bancorporation 849 Shawnee Financial Services Corporation 352 Perry County Bancshares, Inc 351 Shelby County Bancorp, Inc 352 Pickett County Bancshares, Inc 809 Shell Lake Bancorp, Inc 507 Piedmont BankGroup Incorporated 431,738 Sidney Bancorporation, Inc 599 Pioneer Bancshares, Inc. of Horatio 507 Sierra Tahoe Bancorp 599 Pinnacle Financial Service, Inc 599 Signet Banking Corporation 679, 811 Pleasantville Bancorporation 281 Silex Bancshares, Inc 810 PNC Financial Corp 281 Silver Lake Bancorporation, Inc 83 Polk County Bancorporation, Inc 599 Simmer Development Company 494 Portland Bankshares, Inc 809 Slayton Bancshares, Inc 141 Premier Bancorporation, Inc 431 Sloan State Corporation 84 Premier Bankshares Corporation 738 SOLON FINANCIAL, INC 209 Princeton National Bancorp, Inc 281 Sooner Southwest Bancshares, Inc 849 Progressive Bancshares, Inc 507 South Alabama Bancorporation, Inc 160 Progressive Bank, Inc 738 South County Bancshares, Inc 83 Promenade Bancshares, Inc 351 Southeast Arkansas Bank Corporation 83 PSB Bancorp 351 Southeast Banking Corporation 849 Putnam Bancshares, Inc 599 Southern National Corporation 160, 432 Queensborough Company 810 South Kipling Bankshares, Ltd 281 Quitman Bancorporation, Inc 352 Southside Bancshares Corp 83, 723 R&C Bancorp, Inc 352 SouthTrust Corporation 83, 282, 352, 431, 849 Rainier Bancorporation 666 Southwest Bankers, Inc 599 Randall Bank Employee Stock Ownership Trust .. 282 Sovran Financial Corporation 146, 276, 282, Readlyn Bancshares, Inc 507 347, 432, 840 Reagan Bancshares, Inc 669 Spivey Bank Shares, Inc 738 Regency Bancorporation 83 Spring Valley Bancorp, Inc 599 Republic Bancorp, Inc 678 Spurgeon Financial Corporation 599 Ridgedale Financial Services, Inc 83 SSB, Inc 160 Rio Grande Financial Corporation 83 Standard Chartered PLC, London, England 680 Rising Star Bancshares, Inc 208 State Bancoip, Inc 431 Riverside Banking Company 83 State Financial Services Corporation 849 Roscoe Financial Services, Inc 431 Stone City Bancshares, Inc 679 Rosendale Bancshares, Inc 159 Stratford Bancshares, Inc., Stratford, Texas 352 Royal Bancshares, Inc 810 Stratford Bancshares, Inc., Stratford, Wisconsin . 352 Rurban Financial Corp 283 Stroud Bancorp, Inc 849 Rush County National Corporation 849 Suburban Bancorp, Inc 738 Russell State Bancshares, Inc 352 Success Financial Group/Indiana, Inc 352 Ruston Bancshares, Inc 352 Suffolk Bancorp 508 Saban S.A., Panama City, Republic of Panama ... 507, Summcorp 160, 282, 599, 849 849 Summit Bancorporation 83, 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A98 Federal Reserve Bulletin • December 1986 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. Summit Holding Corporation 83 Washington National Holdings N.V., Curacao, Sun Belt Bancshares Corporation 160 Netherlands Antilles 76 Sunbelt Bancshares, Inc 83 Washington-Wilkes Corporation 83 Susquehanna Bancshares Inc 599, 811 Wayne Bancorp, Inc 160 SWH Bancorp, Inc 282 Wells Fargo & Company 148, 424 TB&C Bancshares, Inc 740 Wesbanco, Inc 160 Tampa State Bankshares, Inc 209 WestBanc Bancshares, Inc 282 Tanglewood Bancshares, Inc 507 West Mass Bankshares, Inc 738 Tattnall Bancshares, Inc 209 West Suburban Bancorp, Inc 810 Tennessee National Bancshares, Inc 507 West Texas Bancorporation, Inc 738 Texstar Financial Corporation, Inc 333 Western Bancshares of Alamogordo, Inc 209 Texas American Bancshares, Inc 83, 160, 282, 501 WFNB Bankshares, Inc 679 Texas Commerce Bancshares, Inc 803 Wheatland Bankshares, Inc 62, 209 Thurman State Corporation 738 Whitley-Williamsburg Financial Corporation 508 TN Bancshares, Inc 431 Whittington Bancorp, Inc 739 Todd Bancshares, Inc 738 Wichita Falls Bancshares, Inc 160 TOWNER BANCORPORATION, LTD 282 Williamsburg Bancshares, Inc 432 Treasure Bancorp., Inc 679 Williamson County Bancorp, Inc 83 Tri-County Financial Group, Inc 508 Windsor BancShares, Inc 282 Trinity Bancorp, Inc 508 Winter Park Bancshares, Inc 739 Tripoli Bancshares, Inc 850 WM Bancorp 673 Trustcorp, Inc 810,811 Woodforest Bancshares, Inc 282 Trustcorp of Indiana, Inc 811 Woodruff State Bancshares, Inc 679 Trust Department of Lexington State Bank & Trust Wrightsville Bancshares, Inc 432 Company 82 WVB Bancorp 850 Turner Bancshares, Inc 83 Yardville National Bancorp 282 Tyronza Bancshares, Inc 599 Zapata Bancshares, Inc 352 Tysan Corporation 679 Zions Utah Bancorporation 600, 810 Union Bancorp, Inc 508 Bank Merger Act Union Bancshares of Campbell County, Inc 431 Orders issued under Union National Corporation 160 American Trust & Savings Bank 741 Union National Corporation, Mount Lebanon 432 Banco de Ponce, Ponce, Puerto Rico 85, 851 Union National Financial Corporation 810 Bank of New York 210 United Carolina Bancshares Corporation 738 Barbour County Bank 812 United Bancorp of Kentucky, Inc 282 Bayshore Bank of Florida 85 United Bancshares, Inc 353 Beaver Trust Company 161 United Bank Corporation of New York 508 Bel Air Bank 433 United Banks of Colorado, Inc 282, 679 Boca Bank 161 United Bankshares, Inc 432 Central Trust Company (Rochester, New York) .. 210 United Citizens Financial Corporation 83 Central Trust Company (Newark, Ohio) 601 United City Corporation 738 Citizens Interim Bank 85 United Community Corporation 738 City Bank and Trust Company 433 UNITEDCORP 850 Colonial Bank 210 United Jersey Banks 806 Community Bank of Powhatan 812 United Missouri Bancshares, Inc 282 Continental Bank and Trust Company 77 United Pinellas Corporation 349 First Community Bank, Inc 509 United Southeastern Bancshares, Inc 432 First Railroad & Banking Company of Georgia ... 161 United Vermont Bancorporation 679 1st Source Bank 741 United Virginia Bankshares Incorporated 74, 352 Georgia Railroad Bank & Trust Company 509 Unity Bancorp, Inc 352 Green Valley Bank, Inc 85 USA FIRSTRUST, INC 160 Hawkeye-Capital Bank & Trust 851 U.S. Trust Corporation 600 Imperial Bank 851 Valley Bancorp, Inc. Employees' Stock Ownership Manufacturers Hanover Trust Company 509 Plan and Trust 850 M.B. Bank 85 Valley Bancorporation 334 Merrill Trust Company 433 Valley Bancshares, Inc 850 Moore Financial of Utah 77 Valley-Hi Investment Company 599 New Waterford Interim Bank 433 Valley Holding Company 209 Norstar Bank (Rochester, New York) 851 Ventura County National Bancorp 509, 850 Norstar Bank of Upstate NY (Albany, New York).. 509 Vernon Bancshares, Inc 209 Ohio Citizens Bank 680 Versailles Bancorporation, Inc 850 ONB Merger Bank I 161 Villa Grove Bancshares, Inc 810 Putnam County Bank 601 Villa Park Trust & Savings Bank Employees' Stock Rocky Mountain State Bank 812 Ownership Plan 679 Seashore Bank Shares, Inc 812 Villa Rica Bancorp. Inc 679 Security Bank and Trust Company 601 Walsh County Bancorporation, Inc 850 State Bank of Carthage 601 Warren County Bancshares, Inc 352 State Bank of Lima 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 72 A99 Pages Pages Bank Merger Act—Continued Budgetary treatment and procedures of the Federal Orders issued—Cont. Reserve System, statement 184 Burch, Susan W., article 815 Suburban Bank 353 Toledo Trust Company 433 CASH and transaction accounts, article on use by Bank Secrecy Act, statement 467 American families 87 Bank Service Corporation Act Check clearing and collection (See also Fees, Float, and Orders issued under Transfers of funds) Northern Indiana Financial Service Corporation .. 851 Regulation J (See Regulations) Trust Company Bank 601 Cleaver, Joe M., appointment, Assistant Director, Divi- Beardsley, Bruce M., appointed Director, Hardware sion of Banking Supervision and Regulation 324 and Software Systems Division 405 Cole, Anthony F., Special Assistant to the Board, Board of Governors (See also Federal Reserve System) resignation 245 Consumer Advisory Council (See Consumer Adviso- Commercial banks, profitability of insured commercial ry Council) banks in 1985, article 618 Federal Advisory Council, list A82 Consumer Advisory Council Federal Open Market Committee (See Federal Open Appointment of new members 191 Market Committee) Article 757 Fees (See Fees for Federal Reserve services to depos- List A83 itory institutions) Meetings 244, 476, 780 Interpretations (See Interpretations) Nominations 569 Litigation (See Litigation) Consumer credit (See Credit) Members Corporate finance, article 745 Angell, Wayne D., appointment 244 Corrigan, E. Gerald, statement 117 Heller, H. Robert, appointment 701 Credit Johnson, Manuel H., appointments 244, 701 Automobile, article 355 List, 1913-86 285, 434, 742 Borrowing and lending trends, 1981-85, article 511 Martin, Preston, resignation 322 Seasonal credit program, renewal 245 Rice, Emmett J., resignation 829 Securities (See Securities credit) Official Staff, list A80 Stock market (See Over-the-counter margin stock list Policy statements (See specific subject) and Regulations: G, T, and U Publications and releases (See Publications in 1986) Trends, 1981-85, article 511 Regulations (See Regulations) Truth in Lending (See Truth in Lending) Rules (See Rules) Credit cards, statement on interest rates 180 Staff changes Credit Practices Rule, staff guidelines for compliance .. 26, Althausen, Walter 324 829 Axilrod, Stephen H 572 Cross, Sam Y., reports 109, 298, 525, 766 Beardsley, Bruce M 405 Curry, Timothy, article 449 Cleaver, Joe M 324 Cole, Anthony F 245 Farmer, Welford S 135 DAHL, Frederick R., statement 307,393 Fisher, Robert M 324 Danker, Deborah J., article 618 Garner, James 1 135 Debt (See also Credit) Goetzinger, James D 135 Growth in the United States, statement 398 Humphrey, David B 245 In developing countries, statement 560 Jones, William R 405 Depository institutions (See also specific types) Kluckman, Jerauld C 702 Examination Improvement Act, statement 531 Maland, Ellen 702 Nonmember, amendment of Regulation D regarding Malphrus, Stephen R 405 money market deposit accounts 134, 137 Martinson, Michael G 194 Reserve requirements (See Regulation D) Parrish, John H 135 Deposits Radebaugh, Day W 405 Reserve requirements (See Regulation D) Ryback, William A 194 Time deposits, proposed amendment of Regulations Salus, Naomi 476 D and Q 134 Schemering, Stephen C 135 Developing countries, risk exposure, statement 382 Schneider, William C 703 Discount rates at Reserve Banks (See Interest rates) Sigel, Stanley J 572 Disclosure requirements, statement 472 Spillenkothen, Richard 135 Discount window Stevens, Richard C 135 Lending to the Farm Credit System and to agricultural Welch, Patricia A 832 banks, statement on technical aspects of possible Wendel, Helmut F 324 lending 18 Zeisel, Joseph S 405 New policy on large borrowings 476 Staff studies (See Staff studies) Dividends, cash, policy statement on payment 26 Statements to Congress (See Statements to Congress) Dollar, statement on exchange markets for, and rela- Supervision (See Supervision by Federal Reserve tionship among exchange market conditions and do- System) mestic economic and credit developments, statement. 15 Thrift Institutions Advisory Council (See Thrift Insti- Domestic and international policies, statement 241 tutions Advisory Council) Boykin, Robert H., statement 316 ECONOMIC and financial developments (See Mone- Bray, Ann Marie, article 757 tary Policy) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A100 Federal Reserve Bulletin • December 1986 Pages Pages Elliehausen, Gregory E., article 87, 163 Financial Institutions Emergency Acquisition Amend- Employment, regional outlook, statement ... 315, 316, 318 ments of 1986, statement 463 Energy, risk exposure, statement 382 Financial Institutions Regulatory and Interest Rate Con- Equal Credit Opportunity, Regulation B (See also Regu- trol Act of 1978, statement 467 lations) Fisher, Robert M., Assistant Director, Division of Re- H.R. 1575, amendment, statement .. 697 search and Statistics, retirement 324 Exchange markets conditions and domestic economic Financing (See specific subject) and credit developments, statement 15 Float, proposals to reduce because of holiday schedules 28, Exchange rates, article 366 194 Expenses (See Income and expenses) Fogler, Elizabeth M., article 511 Export Trading Company Act of 1982, statement 554 Foreign exchange operations of Treasury and Federal Reserve, reports 109, 298, 525, 766 Foreign lending by U.S. banks, article 683 FARM Credit System, statement on technical aspects of Foreign subsidiaries of U.S. banking organizations, possible discount window lending 18 amendment to rules regarding 253 Farmer, Welford S., temporary assignment as Deputy Freund, James L., article 511 Director, Division of Banking Supervision and Regu- Full Employment and Balanced Growth Act of 1978 lation 135 (See Monetary policy: Reports to Congress) Federal Advisory Council, list A83 Federal agency securities GARN-ST GERMAIN Depository Institutions Act of Repurchase agreement transactions, Board policy 1982 134, 463 statement concerning 27 Garner, James I., appointment as Assistant Director for Federal Financial Institutions Examination Council ... 27 Supervision and Surveillance, Division of Banking Federal Home Loan Bank Board, compliance with the Supervision and Regulation 135 Credit Practices Rule 26 Goetzinger, James D., appointment as Assistant Direc- Federal Home Loan Bank System, compliance with the tor for Supervisory Information Services, Division of Credit Practices Rule 26 Banking Supervision and Regulation 135 Federal Open Market Committee Goldman Sachs & Company, proposed investment ... 780 Members and officers A82 Goodman, John L., Jr., article 815 Policy actions, record 20, 128, 246, 406, 478, 644, Gramm-Rudman-Hollings legislation 531, 535 704, 781 Guidelines for compliance with Credit Practices Rule, Federal Reserve Act issuance 26 Changes in reserve requirements required under 137 Orders issued under section 25 156 HELLER, H. Robert, appointment as Member of the Federal Reserve and Treasury foreign exchange opera- Board of Governors 701 tions (See Foreign exchange operations) High-income families, article on financial characteristics .. 163 Federal Reserve Banks Humphrey, David B., Assistant Director, Division of Branches (See Branch banks) Research and Statistics, resignation 245 Boston, statement by Frank E. Morris, President ... 315 Humphrey-Hawkins Act (See Monetary policy: Chairmen and Deputy Chairmen, list A105 Reports to Congress) Dallas, statement by Robert H. Boy kin, President .. 316 Delegation of authority to, amendment of rules 138 INCOME and expenses Directors (See Directors) Call and income reports, new source 644 Discount rates (See Interest rates) Federal Reserve Banks 193 Fees (See Fees for Federal Reserve services to depos- Industrial production, releases 13,113, 178, 230, 305, 381, itory institutions) 461, 529, 633, 695, 770, 827 Income and expenses 193 Insured commercial banks, article on profitability .... 618 New York, statement by E. Gerald Corrigan, Presi- Interest rates dent 117 Credit cards, statement 180 Presidents and Vice Presidents, list A105 Federal Reserve Banks, changes, 323, 404, 643, 701 San Francisco, statement by Robert T. Parry, Presi- International Lending and Supervision Act of 1983, dent 318 statement 565 Federal Reserve Board (See Board of Governors) International Monetary Fund 702 Federal Reserve Chart Book, quarterly, discontinuance 831 International transactions of the United States in 1985, Federal Reserve policy, statements 233, 241 article 287 Federal Reserve System (See also Board of Governors) Interpretations by the Board Budget, statement 534 Debt securities issued by shell corporation that is Budgetary treatment and procedures, statement 184 used as acquisition vehicle 134 Membership, admission of state banks ... 28, 135, 194, Margin requirements involving shell corporation used 245, 405, 476, 572, 644, 703, 780, 832 to finance acquisition of margin stock of target Supervision (See Supervision by Federal Reserve company 192, 195 System) Staff commentary on Regulation B, forthcoming 26 Federal Trade Commission, compliance with the Credit Practices Rule 26 JENSEN, Frederick H., articles 1, 745 Fedwire Johnson, Robert A., article 287 Changes to operating schedule for 28 Johnson, Manuel H., Jr. Proposal to provide third-party payment information . 569 Appointment as Member of Board of Governors ... 244 Fees for Federal Reserve services to depository institu- Appointment as Vice Chairman 701 tions Statement on Depository Institutions Examination Priced services Improvement Act and the Truth in Savings Act .. 531 New fee schedules 28 Statement on the Export Trading Company Act of Financial results of operations 28, 702 1982 554 Report 404, 476 Jones, William R., Appointed Director, Division of Finance, article on automobile 355 Applications Development and Statistical Services .. 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 72 A101 Pages Pages KENNICKELL, Arthur B., article 87 Annual Statistical Digest, 1985 831 Kluckman, Jerauld C., Associate Director, Division of Federal Reserve Chart Book, quarterly, discontinu- Consumer and Community Affairs, retirement 702 ance 831 List A84 LEGISLATION (See subject or specific name of act) Over-the-counter margin stock list, revisions .. 193, 831 Life insurance companies, article 449 Revised rates 831 Life Insurance Company Tax Act 458 Schedule of release dates A87 Litigation, cases pending involving Board of Governors . 85, Staff studies (See Staff studies) 161, 211, 284, 353, 433, 510, 601, 681, 741, 812, 851 Loans (See Credit) RADEBAUGH, Day W., appointed Assistant Director, Agricultural (See Agriculture) Administrative and Financial Systems, Division of Luckett, Charles A., article 355 Applications Development and Statistical Services .. 405 Real estate appraisals, faulty and fraudulent, statement MALAND, Ellen, appointed Assistant Director, on impact on federally insured depository institutions 125 Division of Consumer and Community Affairs 702 Regulations (Board of Governors, See also Rules) Malphrus, Stephen R., appointed Assistant Director, AA, Unfair or Deceptive Acts or Practices Applied Technology Branch, Office of Executive Adoption of Credit Practices Rule to conform with Director 405 similar rule by Federal Trade Commission 26 Mann, Catherine L., article 366 B, Equal Credit Opportunity Margin requirements Final revisions and forthcoming publication of staff Over-the-counter stocks (See Over-the-counter mar- commentary 26, 31-42 gin stocks, list) D, Reserve Requirements of Depository Institutions Debt securities issued to finance acquisition of margin Adjustments regarding net transaction accounts stock of target company in corporate takeover and reservable liabilities, amendments 134, 137 attempt, interpretation and amendment of Regula- Extension on proposal on tiered-pricing structure, tion G 192, 195 amendment 644 Martin, Preston Minimum penalties for early withdrawal, amend- Banking problems experienced in agricultural com- ment 323, 325 munities, statement 312 Proposal to amend the definition of the term Resignation as Vice Chairman, Board of Governors . 322 "deposit" 476 Risk exposure in the farm, energy, and developing Money market deposit accounts, amendment countries sectors, statement 382 Reserve requirements of depository institutions Martinson, Michael, G., appointed Assistant Director, E, Electronic Fund Transfers Division of Banking Supervision and Regulation 194 Adoption of final changes to the official staff com- McLaughlin, Mary M., article 618 mentaries 404 Melichar, Emanuel, article 437 Official staff commentary, proposed changes 134 Member banks (See State member banks and Deposi- Proposal to eliminate periodic statement requiretory institutions) ment and proposed amendment .. 134, 137, 702, 831 Menge formula 458 G, Securities Credit by Persons Other than Banks Mergers Brokers, or Dealers Staff study 229 Debt securities issued by shell corporation that is Bank Merger Act (See Bank Merger Act) used as acquisition vehicle, interpretation and Mexico, contingency support 702 amendment 134 Mills, Rodney H., article 683 J, Collection of Checks and Other Items and Wire Monetary Control Act 134 Transfer of Funds Monetary policy Amendment 573 Reports to Congress 187, 603 Amendment concerning the reduction and realloca- Statement 635 tion of check float 569 Money market deposit accounts, amendment and pro- K, International Banking Operations posed amendment of Regulation D 134,137 Foreign investment requirements, amendment .... 653 Money stock data, revision 569 Q, Interest on Deposits Morris, Frank E., statement 315 Advertising of interest on deposits by member banks, proposed revisions 193 NONMEMBER depository institutions, amendment of Authority to set interest rate ceilings, amendment .. 325 Regulation D regarding money market deposit ac- Minimum penalties for early withdrawal, amendcounts 134, 137 ment 323 Money market deposit accounts, proposed amend- OVER-THE-COUNTER margin stock list, revisions .. 193, ment 134 404, 644, 831 Y, Bank Holding Companies and Change in Bank Control Amendment for additional bank holding company PARKINSON, Patrick M., article 1 activities 833 Parrish, John H., apointment as Assistant Director, Revision, permissible insurance activities 829 Division of Federal Reserve Bank Operations 135 Parry, Robert T., statement 318 Z, Truth in Lending Payments mechanism and systems (See Fees and Trans- Adoption of final changes to the official staff comfers of funds) mentaries 404 Population, changing trends, article 815 Disclosure requirements of three bills dealing with Pricing of Federal Reserve services (See Fees for Feder- credit card applications 472 al Reserve services to depository institutions) Official staff commentary, proposed changes 134 Production, industrial (See Industrial production) Proposal to exclude refinancing by a creditor other Publications in 1986 than the original creditor 702 A Guide to Business Credit and the Equal Credit Regulatory Improvement Project, purpose 26 Opportunity Act 643 Repurchase agreement transactions, Board policy 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A102 Federal Reserve Bulletin • December 1986 Pages Pages Statements to Congress—Continued Savings deposits (See Deposits) sible lending (Stephen H. Axilrod, Staff Director for Reserve requirements of depository institutions (See Monetary and Financial Policy) 18 Regulation D) Domestic and international policies within context of Rhoades, Stephen A., staff study 229 recent developments (Chairman Volcker) 241 Rice, Emmett J. Employment-unemployment, regional outlook Credit card interest rates, statement 180 Robert H. Boykin, President, Federal Reserve Disclosure requirement of three bills dealing with Bank of Dallas 316 credit card applications, statement 472 Frank E. Morris, President, Federal Reserve Bank Resignation as Member of the Board of Governors ... 829 of Boston 315 Rose, John T., staff study 303 Robert T. Parry, President, Federal Reserve Bank Rules (See also Regulations) of San Francisco 318 Credit practices rule, update 829 Exchange markets for the dollar and relationship Delegation of authority, amendment 138, 253, 485 among exchange market conditions and domestic Ryback, William A., appointed Deputy Associate Director, economic and credit developments (Stephen H. Division of Banking Supervision and Regulation 194 Axilrod, Staff Director for Monetary and Financial Policy) 15 Export Trading Company Act of 1982 (Vice Chairman SALUS, Naomi, Special Assistant to the Board, resig- Johnson) 554 nation 476 Federal Reserve policy, approach to, within larger Schemering, Stephen C., appointment as Deputy Asso- economic setting at home and abroad (Chairman ciate Director for Supervision, Division of Banking Volcker) 233, 241 Supervision 135 Federal Reserve System budget (Chairman Volcker) . 534 Schneider, William C., Assistant Director, Division of Financial Institutions Emergency Acquisition Amend- Applications Development and Statistical Services, ments of 1986 (Chairman Volcker) 463 resignation 703 Financial Institutions Regulatory and Interest Rate Seasonal credit (See Credit) Control Act of 1978 (Governor Seger) 467 Securities (See specific types) H.R. 1575, amendment to the Equal Credit Opportu- Securities credit, Regulation G (See Regulations) nity Act relative to business credit transactions Seger, Martha R., statements 467, 697 (Governor Seger) 697 Sigel, Stanley J., Assistant to the Board, retirement .. 572 International indebtedness, U.S. trade position Smith, Dolores S., article 757 (Chairman Volcker) 773 Spillenkothen, Richard, appointment as Deputy Asso- International Lending and Supervision Act of 1983 ciate Director for Training and Policy Development, (William Taylor, Director, Division of Banking Su- Division of Banking Supervision and Regulation 135 pervision and Regulation) 565 Spindt, Paul A., article 87 Monetary policy Staff studies Reports 187, 603 Operating performance of acquired firms in banking Statements (Chairman Volcker) 213, 635 before and after acquisition 229 Operational problems resulting from malfunction in Statistical cost accounting models 303 government securities clearance mechanism (Chair- State member banks man Volcker and E. Gerald Corrigan, President, Membership in Federal Reserve System (See Federal Federal Reserve Bank of New York) 115,117 Reserve System) Real estate appraisals, faulty and fraudulent, impact Mergers (See Bank Merger Act) on federally insured depository institutions (Wil- Securities, perpetual debt, definition 28 liam Taylor, Director, Division of Banking Supervi- Supervision, Board policy statement on payment of sion and Regulation) 125 cash dividends 26 Risk exposure on loans in the farm, energy, and Statements to Congress (including reports and letters) developing countries sectors (Vice Chairman Mar- Bank Export Services Act (Frederick R. Dahl, Asso- tin) 382 ciate Director, Division of Banking Supervision and Role of the Federal Reserve in implementing the Bank Regulation) 393 Export Services Act (Frederick R. Dahl, Associate Bank holding company legislation and regulation Director, Division of Banking Supervision and Reg- (Chairman Volcker) 541 ulation) 307 Banking problems experienced in agricultural com- Stevens, Richard D., appointment as Assistant Director munities (Vice Chairman Martin) 313 for the Banking Statistics Branch, Division of Infor- Banking problems in our agricultural communities mation Services 135 (William Taylor, Director, Division of Banking Stock market credit Supervision and Regulation) 389 Over-the-counter stocks (See Over-the-counter mar- Bank Secrecy Act (Governor Seger) 467 gin stock, list) Budgetary treatment and procedures of Federal Regulations G, T, and U (See Regulations) Reserve System (Chairman Volcker) 184 Stocks (See specific types) Credit card interest rates (Governor Rice) 180 Supervision by Federal Reserve System, Board poli- Debt growth in the United States (Chairman Volcker) .. 398 cies 26, 27 Depository Institutions Examination Improvement Supplemental adjusted capital, proposal 405 Act/Truth in Savings Act (Governor Johnson) ... 531 Survey of Currency and Transaction Account Usage, Developing countries, debt situation (Chairman article 87 Volcker) 560 Disclosure requirements of three bills dealing with credit card applications (Governor Rice) 472 TABLES (For index to tables published monthly, see Discount window lending to the Farm Credit System guide at top of p. A89; for special tables published and to agricultural banks, technical aspects of pos- during the year, see list on p. A69) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 72 A103 Pages Pages Taylor, William, statements 125, 565 Volcker, Paul A. Testimony (See Statements to Congress) Bank holding company legislation and regulation, Thrift Institutions Advisory Council statement 541 Appointment of new members 244 Budgetary treatment and procedures of Federal Re- List A83 serve System, statement 184 Time deposits {See Time deposits) Debt growth in the United States, statement 398 Transaction and cash accounts, article on use by Ameri- Developing countries, debt situation, statement .... 560 can families 87 Domestic and international policies within context of Transfers of funds recent developments 241 Automated clearinghouses (See Automated clearing- Federal Reserve policy, approach to, within larger house) economic setting at home and abroad 233, 241 Fees (See Fees for Federal Reserve services to depos- Federal Reserve System budget, statement 534 itory institutions) Financial Institutions Emergency Acquisition Regulation E (See Regulations) Amendments of 1986, statement 463 Regulation J (See Regulations) International indebtedness, U.S. trade position, state- Treasury and Federal Reserve foreign exchange opera- ment 773 tions (See Foreign exchange operations) Monetary policy, statements 213, 635 Truth in Lending, Regulation Z (See Regulations) Operational problems resulting from malfunction in Truth in Savings Act, statement 531 government securities clearance mechanism, statement 115 UNEMPLOYMENT, regional outlook, statements ... 315, 316, 318 WARSHAWSKY, Mark, article 449 U.S. government securities Wascher, William L., article 815 Operational problems resulting from malfunction in Welch, Patricia A., appointed Assistant Director, Divigovernment securities clearance mechanism, statesion of Applications Development and Statistical ments 115, 117 Services 832 U.S. international debt, statement 773 Wendel, Helmut F., Deputy Associate Director, Divi- U.S. international transactions in 1985, article 287 sion of Research and Statistics, retirement 324 U.S. Treasury 702 Wilson, John F., article 511 U.S. Treasury securities Wolken, John D., staff study 303 Repurchase agreement transactions, Board policy World Bank 702 statement concerning 27-28 Change in reporting of yields 643 ZEISEL, Joseph S., Deputy Director, Division of Re- VAN DER VEN, Guido E., article 511 search and Statistics, retirement 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A105 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 Joseph A. Baute Frank E. Morris George N. Hatsopoulos Robert W. Eisenmenger NEW YORK* 10045 John Brademas E. Gerald Corrigan Clifton R. Wharton, Jr. Thomas M. Timlen Buffalo 14240 Mary Ann Lambertsen John T. Keane PHILADELPHIA 19105 Robert M. Landis Edward G. Boehne Nevius M. Curtis Richard L. Smoot CLEVELAND* 44101 William H. Knoell Karen N. Horn E. Mandell de Windt William H. Hendricks Cincinnati 45201 Owen B. Butler Charles A. Cerino Pittsburgh 15230 James E. Haas Harold J. Swart RICHMOND* 23219 Leroy T. Canoles, Jr. Robert P. Black Robert A. Georgine Jimmie R. Monhollon Baltimore 21203 Robert L. Tate Robert D. McTeer, Jr. Charlotte 28230 Wallace J. Jorgenson Albert D. Tinkelenberg Culpeper Communications John G. Stoides and Records Center 22701 ATLANTA 30303 John H. Weitnauer, Jr. Robert P. Forrestal Bradley Currey, Jr. Jack Guynn Telmar Harrison Birmingham 35283 A. G. Trammell Fred R. Hen- Jacksonville 32231 E. William Nash, Jr. James D. Hawkins Miami 33152 Sue McCourt Cobb Patrick K. Barron Nashville 37203 Patsy R. Williams Jeffrey J. Wells New Orleans 70161 Sharon A. Perlis Henry H. Bourgaux CHICAGO* 60690 Robert J. Day Silas Keehn Marcus Alexis Daniel M. Doyle Detroit 48231 Robert E. Brewer Roby L. Sloan ST. LOUIS 63166 W.L. Hadley Griffin Thomas C. Melzer Mary P. Holt Joseph P. Garbarini Little Rock 72203 Sheffield Nelson John F. Breen Louisville 40232 William C. Ballard, Jr. James E. Conrad Memphis 38101 G. Rives Neblett Paul I. Black, Jr. MINNEAPOLIS 55480 John B. Davis, Jr. Gary H. Stern Michael W. Wright Thomas E. Gainor Helena 59601 Marcia S. Anderson Robert F. McNellis KANSAS CITY 64198 Irvine O. Hockaday, Jr. Roger Guffey Robert G. Lueder Henry R. Czerwinski Denver 80217 James E. Nielson Wayne W. Martin Oklahoma City 73125 Patience S. Latting William G. Evans Omaha 68102 Kenneth L. Morrison Robert D. Hamilton DALLAS 75222 Robert D. Rogers Robert H. Boykin Bobby R. Inman William H. Wallace James L. Stull El Paso 79999 Peyton Yates Joel L. Koonce, Jr. Houston 77252 Walter M. Mischer, Jr. J.Z. Rowe San Antonio 78295 Ruben M. Garcia Thomas H. Robertson SAN FRANCISCO 94120 Alan C. Furth Robert T. Parry Fred W. Andrew Carl E. Powell Los Angeles 90051 Richard C. Seaver Robert M. McGill Portland 97208 Paul E. Bragdon Angelo S. Carella Salt Lake City 84125 Don M. Wheeler E. Ronald Liggett 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

A106 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories April 1984 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

Publications of Interest FEDERAL RESERVE CONSUMER CREDIT sumer credit protections. This 44-page booklet ex- PUBLICATIONS plains how to use the credit laws to shop for credit, apply for it, keep up credit ratings, and complain about an unfair deal. The Federal Reserve Board publishes a series of Protections offered by the Electronic Fund Transfer pamphlets covering individual credit laws and topics, Act are explained in Alice in Debitland. This booklet as pictured below. The series includes such subjects as offers tips for those using the new "paperless" syshow the Equal Credit Opportunity Act protects wom- tems for transferring money. en against discrimination in their credit dealings, how Copies of consumer publications are available free to use a credit card, and how to use Truth in Lending of charge from Publications Services, Mail Stop 138, information to compare credit costs. Board of Governors of the Federal Reserve System, The Board also publishes the Consumer Handbook Washington, D.C. 20551. Multiple copies for classto Credit Protection Laws, a complete guide to con- room use are also available free of charge. Flair - | i| Alice Credit Billing Debitland What Truth In Lending Means To You Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis