Federal Reserve Bulletin, 1991-12

VOLUME 77 • NUMBER 12 • DECEMBER 1991 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. PUBLICATIONS COMMITTEE Joseph R. Coyne, Chairman • S. David Frost • Griffith L. Garwood • Donald L. Kohn • J. Virgil Mattingly, Jr. • Michael J. Prell • 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 S. Ellen Dykes, the Graphics Center 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 967 AN UPDATE ON THE FARM ECONOMY believes that more sweeping changes are premature at this time, before the Subcommit- The latter part of the 1980s was a relatively tee on Telecommunications and Finance of the prosperous time for farmers. In 1990, how- House Committee on Energy and Commerce, ever, prices fell sharply in some parts of the October 25,1991. farm economy, and in 1991, weakness in the sector has become more widespread. A softening of the farm economy perhaps rekindles 992 ANNOUNCEMENTS memories of the farm financial stresses of the Final modifications of risk-based capital first half of the 1980s. But overall, imbalances guidelines. in the sector are far less pronounced than those of the early 1980s, and its vulnerability to Fee schedules of the Federal Reserve Banks financial setback has been reduced. for 1992. Publication of the revised Lists of Marginable 980 INDUSTRIAL PRODUCTION AND CAPACITY OTC Stocks and of Foreign Margin Stocks. UTILIZATION Proposal to permit bank holding companies to The index of industrial production edged up raise additional tier one risk-based capital 0.1 percent in September; after revision, the through the sale of perpetual preferred stock; index was unchanged in August. Total induswithdrawal of proposed modification to the trial capacity utilization slipped 0.1 percentage price structure for the Interdistrict Transportapoint in September, to 79.7 percent. tion System. Extension of comment period for meetings 983 STATEMENTS TO THE CONGRESS held on the proposed acquisition of C&S/Sovran John P. La Ware, Member, Board of Governors, Corporation by NCNB Corporation. comments on the credit and charge card Changes in Board staff. legislation being considered in H.R.2440, as well as other issues concerning credit cards, and says that it is not apparent to the Board that 992 RECORD OF POLICY ACTIONS OF THE the current disclosure rules and public informa- FEDERAL OPEN MARKET COMMITTEE tion on credit card charges need to be supple- At its meeting on August 20, 1991, the mented by further legislation, before the Committee adopted a directive that called for Subcommittee on Consumer Affairs and Coinmaintaining the existing degree of pressure on age of the House Committee on Banking, reserve positions. The Committee also decided Finance and Urban Affairs, October 9,1991. that somewhat greater reserve restraint might 987 David W. Mullins, Jr., Vice Chairman, Board be acceptable or somewhat lesser reserve of Governors, presents the views of the Board restraint would be acceptable during the interon legislative proposals pertaining to the meeting period depending on progress toward regulation of the government securities market price stability, trends in economic activity, the and says that surveillance and enforcement behavior of the monetary aggregates, and activities in this market have been intensified developments in foreign exchange and domestic and that plans for automating the auction financial markets. The reserve conditions process have been accelerated; however, he contemplated at this meeting were expected to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

be consistent with a resumption in the growth A69 GUIDE TO TABULAR PRESENTATION, of M2 and M3 during the weeks ahead, but in STATISTICAL RELEASES, AND SPECIAL light of the declines in these aggregates since TABLES June, the Committee now anticipated that M2 would be little changed and M3 would be down A80 BOARD OF GOVERNORS AND STAFF at an annual rate of about 1 percent in the period from June through September. A82 FEDERAL OPEN MARKET COMMITTEE AND STAFF; ADVISORY COUNCILS 999 LEGAL DEVELOPMENTS A84 FEDERAL RESERVE BOARD Various bank holding company, bank service PUBLICATIONS corporation, and bank merger orders; and pending cases. A86 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES AI FINANCIAL AND BUSINESS STATISTICS These tables reflect data available as of A88 INDEX TO STATISTICAL TABLES October 29,1991. A90 INDEX TO VOLUME 77 A3 Domestic Financial Statistics A44 Domestic Nonfinancial Statistics A 102 FEDERAL RESERVE BANKS, BRANCHES, A53 International Statistics AND OFFICES A103 MAP OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Update on the Farm Economy John Rosine and Nicholas Walraven, of the the first, about 1981 to 1986, the farm economy Board's Division of Research and Statistics, was under severe pressure as the prices received prepared this article. Michael J. Ott provided by farmers for farm products fell 11 Vi percent research assistance. overall. Price declines extended to almost all livestock products and crops; they were espe- The latter part of the 1980s was a time of strong cially large for grains and oilseeds. Although recovery in the farm economy. Farm exports farmers offset part of that pressure by cutting rebounded from their lows of the mid-1980s, farm costs and improving productivity, their nominal prices rose more than prices in general, farm income was well short of the levels of the late income strengthened, and the farm balance sheet 1970s. With prices in general having risen constabilized. In 1990, however, prices fell sharply siderably over the period, farmers suffered a in some parts of the farm economy, and in 1991, sizable loss of real purchasing power.1 price weakness has become more widespread. In the second period, 1986 to 1990, the index of Agricultural exports have been sluggish this prices received by farmers rose 22 percent. Inyear, farm income has fallen, and the value of creases extended to virtually all commodity farm land appears to be edging down in real groups. The climb in the prices of meat animals terms. was especially large, amounting to more than 30 A softening of the farm economy may rekindle percent over the four-year period, with relatively memories of the early and middle 1980s, when steady gains throughout. The annual price the sector suffered a major decline and a wave of changes for crops were much more volatile. In farm failures. But as we will discuss below, the 1988, when severe drought cut deeply into procurrent situation in farming differs in several duction, the prices of feed grains, oilseeds, and ways from the conditions that existed then. In- food grains all surged. Later on, as concerns ventory overhangs, which were sizable in the about a persistence of drought diminished and first half of the 1980s, are virtually absent now; exports flagged, the prices of these crops fell, stocks of some key crops are in fact rather tight retracing part of the 1988 gains. The overall rise at the moment. Moreover, farmers have not been in prices received by farmers from 1986 to 1990 in a mood to boost output aggressively. Partly in was more than double the increase in prices of response to government incentives, many acres production inputs purchased by farmers from the are being held out of production, and farm capital nonfarm sector; it also exceeded, by about 6 investment has been restrained. On the financial percentage points, the cumulative rise in the side, farmers have been cautious in bidding up implicit price deflator for GNP over the period. land values, and they have cut back heavily on This year, overall farm prices likely will be the use of debt since the early 1980s. Overall, down for the first time since 1986. Through the imbalances in the sector are far less pronounced first ten months of 1991, the prices received by than those of the early 1980s, and financial vulnerability has been reduced. 1. We have followed the practice of the Department of Agriculture in using the implicit price deflator for gross national product to adjust nominal values for inflation. At the THE RECENT BEHAVIOR OF FARM PRICES time this article was being prepared, the GNP accounts still were being published on a 1982 base, and our inflation adjustments are thus in terms of 1982 dollars. New accounts Three fairly distinct periods can be identified in on a 1987 base were scheduled to be published in early the farm price data of the past decade (table 1). In December, after the article had gone to press. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 Federal Reserve Bulletin • December 1991 1. Changes in prices received and paid by farmers, selected periods, 1981-91 Percent FFiirrsstt SSeeccoonndd TThhiirrdd Second-period detail3 Third-period detail (1990-91)4 IItteemm ppeerriioodd ppeerriioodd ppeerriioodd MMEEMMOO:: ((11998811--8866))'' ((11998866--9900))11 ((11999900--9911))22 1987 1988 1989 1990 HI Q3 Oct. WWeeiigghhtt Prices received by farmers All farm products -11.5 22.0 -1.7 33..33 8.7 6.5 2.0 -1.6 -1.1 -3.4 100 Livestock products .... -3.5 23.2 -4.8 5.8 2.7 6.7 6.3 -2.6 -8.3 -7.6 55.8 Meat animals -3.3 33.1 -1.9 12.4 3.1 3.6 10.9 2.8 -8.3 -9.8 37.2 Dairy products -9.2 9.3 -14.8 " 0 -2.3 11.1 .7 -18.6 -12.0 .7 11.1 Poultry and eggs.... 10.3 2.3 -5.0 -16.4 10.3 16.1 -4.4 -6.2 -1.6 -7.5 7.5 Crops5 -20.1 19.6 2.6 -.9 18.9 6.3 -4.5 -.5 8.8 4.2 44.2 Feed grains and hay.. -30.5 25.5 -5.8 -13.3 41.2 6.7 -3.9 -5.5 -8.2 .9 12.1 Oil-bearing crops ... -30.0 19.5 -1.1 2.6 36.7 -5.6 -9.8 3.7 -6.4 -12.6 9.2 Food grains -34.3 12.8 -13.5 -5.5 34.0 13.0 -21.2 -24.4 2.4 25.7 7.2 Fruit 30.0 13.6 50.6 7.7 1.6 3.8 0 28.7 94.1 49.7 4.5 Commercial vegetables -4.4 18.5 -2.3 11.5 -3.4 8.6 1.3 4.8 -9.1 -27.8 4.1 Cotton -18.0 17.6 3.9 8.8 -4.0 3.2 9.2 6.8 2.2 -8.0 2.9 Prices paid by farmers Production inputs tl* I V, : purchased from the nonfarm sector 4.6 9.4 3.1 -.6 2.5 4.3 2.9 3.4 4.0 1.7 Implicit price deflator for gross national T'ATVSNL product 32.3 15.6 3.9 3.2 3.3 4.1 4.1 4.1 3.6 n.a. 1. Change from average for beginning year to that for ending year. 4. Change from average for period indicated in beginning year to average 2. For prices received by farmers and prices paid by farmers for produc- for same period in ending year. tion inputs, changes based on average for first ten months of each year; for 5. Some crops included in the total are not shown separately. implicit price deflator, change based on average for first three quarters of SOURCE. Prices received and prices paid for production inputs, based on each year. data from Department of Agriculture; implicit price deflator, Department of 3. Change from average for previous year to that for year indicated. Commerce. farmers were, on average, about PA percent THE DETERMINANTS OF FARM PRICES below the level of a year earlier. Over this ten-month period, the average prices of livestock The firmness of farm prices through the latter products and of feed grains and food grains were part of the 1980s appears to have been largely the all below the levels of a year earlier. A big rise result of a rebound in farm exports, continued this year in the prices received by growers of growth of domestic demand, widespread producfruit largely reflects a surge in the prices of tion restraint in the farm sector, and the effects of oranges and other citrus products since last win- the 1988 drought. Similarly, the weakness of ter's freeze in California. Prices of the inputs prices this year seems to have been caused by purchased by farmers from the nonfarm sector weak exports, soft domestic demand, and a have continued to rise this year, once again pickup in the rate of expansion of livestock adding to the pressures on farmers' terms of production. Excess supplies of farm crops do not trade. appear to have played a major role in the recent Very recently, some farm prices have firmed. price declines: Although crop production re- Wheat prices have moved up considerably since bounded after 1988, it no longer is on the strong late summer amid signs that the export market upward trajectory that was apparent before the might be improving. In addition, cattle prices 1980s, and inventories of crops are relatively lean have reversed a portion of their sharp decline of by the standards of the past decade. mid-summer. Dairy prices also have increased of late, aided by a small decline in the output of Farm Exports milk. Overall, however, farm prices in October were about 31/2 percent below the level of a year Just as the boom-bust cycle that took hold in earlier. farming two decades ago was heavily influenced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Update on the Farm Economy 969 by trends in the farm export markets, the more its low levels of the mid-1980s, and corn exports recent swing in farm prices also has ties to the also declined sharply. changing patterns of farm exports. From 1986 to The very recent news on farm export develop- 1989, real farm exports rose sharply, retracing ments has been a little more favorable, however. the previous decline (chart 1). The rise in grain In the third quarter of 1991, real exports of exports was especially large over this period: agricultural products rebounded to a level The volume of corn exports surged, and wheat slightly above that of a year earlier. In addition, exports were strong for a couple of years. the market for wheat has been buoyed since Economic growth in foreign economies was mid-August by the prospect of increased food aid relatively brisk over the 1986-89 period. In addi- or subsidized sales to the Soviet Union. Thus, tion, changes in U.S. farm policy in the mid- events currently do not seem to be moving in the 1980s permitted prices to move lower for a direction of a severe, protracted decline in farm number of crops and enhanced their competitive- exports such as that seen in the first half of the ness in world markets. Competitiveness also was 1980s, and a moderate advance in exports from boosted by the effects of a sustained depreciation the pace of recent quarters is not inconceivable. of the exchange value of the dollar, which extended from early 1985 to the end of 1987. Export Domestic Demand for Farm Products subsides for some commodities, notably wheat, also helped to lift export volume over this period. Farm prices also appear to have been influenced After the start of 1990, farm exports flattened by the domestic business cycle in recent years. out in real terms. Harvests in foreign countries More than three-fourths of the nation's output of have been relatively good in recent years, and farm products is used in the domestic economy, exporters have continued to compete aggres- most of it as food but some also as leather goods, sively. In addition, the impetus to U.S. exports tobacco products, textiles, house furnishings, from the big decline in exchange rates has long and apparel. The quantity of food purchased by since faded. After its plunge ended in late 1987, households is not as sensitive to the business the exchange value of the dollar took on more of cycle as are purchases of household durables a sideways trend, changing relatively little on net such as automobiles. Still, the potential for adfrom 1987 on. A slowing of economic growth justment of food outlays may be greater than is abroad has been still another depressant of ex- commonly thought. When consumers see their port growth. Under these influences, the uptrend real incomes growing less rapidly or even declinin total U.S. farm exports petered out after 1989, ing, they may eat away from home less often, and the exports of some farm products fell con- shift to a cheaper mix of foods for home considerably. In the grain markets, the volume of sumption, stretch out leftovers further than they wheat exports dropped most of the way back to normally would, or adjust their food budgets in still other ways. Whatever the actual adjustments, the growth of food purchases does tend to 1. Real agricultural exports, 1977-911 vary positively with the growth of real disposable Billions of 1982 dollars income, often accelerating during expansion phases of the business cycle and, more often than not, slowing or perhaps even turning negative in ——40 40 periods of slow growth or recession. That cyclical relationship seems to have held JJ 3355 in at least a rough way over the past decade (chart 2). Real purchases of food and beverages 3300 were weak from 1980 to 1982, when the U.S. economy was going through two recessions in 1 | 1 1 1 1 1 I 1 1 1 11 11 11 11 11 quick succession. Growth of food purchases then 1980 1985 1990 picked up as the economy moved into expansion 1. Four-quarter moving average. and as the growth of real disposable income SOURCE. Department of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 Federal Reserve Bulletin • December 1991 2. Change in real personal consumption expenditures 3. Livestock production, 1965-911 for food, 1981-911 Billions of pounds 120 1. Food purchased for off-premises consumption and food portion of purchased meals and beverages. Quarterly data, 1982 dollars; change measured from the same quarter of the previous year. SOURCE. Based on data from the Department of Commerce. strengthened; the average rate of growth in these 1. Quarterly data, annual rate, seasonally adjusted. purchases over the four-year period starting in SOURCE. Based on data from the Department of Agriculture. 1983 was more than 3 percent per year. Growth of real food purchases slowed in 1987 and 1988 but still averaged close to 13A percent per year. In average for 1990, and the real purchases of food have remained sluggish, according to the prelim- 1989, however, real consumer expenditures for inary data currently available. food flattened out; growth of real income had slowed by that time, and food price increases had accelerated to a rate faster than inflation in The Supply of Livestock Products general. In 1990, income growth was very sluggish—less than 1 percent in terms of annual The aggregate output of livestock products rose averages—and food prices again rose faster than about 6.5 percent from 1986 to 1990, but the prices in general; accordingly, real purchases of increases were uneven from year to year, and the food fell a bit. This year, the rate of increase in overall gains masked some big differences across food prices has slowed; but income through the the various products (table 2 and chart 3). During first three quarters of the year was below the 1991, production gains have become more wide- 2. Changes in output of livestock products, 1987-911 Percent Item 1987 1988 1989 1990 1991 Index of livestock production 2.7 2.7 0 .9 1.7 (J* Selected products Beef -3.3 .1 -1.9 -1.5 1.0 Pork 2.2 9.2 .9 -2.9 4.0 Poultry 10.2 4.1 7.0 7.2 5.5 Milk -.3 1.7 -.6 2.8 .2 MEMO Animals on farms, beginning inventory Cattle, January 1 -3.1 MBB -2.4 -1.6 .1 1.3 Hogs and pigs, 10 states, March 1 .7 •BBl 7.7 .4 -3.5 4.5 1. For index and products, changes from averages of previous year to from same date of previous year, those for year indicated; values for 1991 are based on projections of the SOURCE. Based on data from Department of Agriculture. Department of Agriculture. For inventories, changes to date indicated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Update on the Farm Economy 971 spread, and with demand weak, prices of live- train. Stocks began to accumulate once more, stock products have fallen. and prices, which had shot up temporarily, came The output of poultry has risen sharply again crashing back to government support levels. This this year, to a level about two-thirds above that year, producers have moved to curb production of ten years ago. This strong secular advance has gains, and in recent months, prices have inbeen spurred by changes in dietary habits that creased a little from their lows. have favored chicken and turkey. Even with a firming of the demand for live- In contrast, the output of beef fell fairly stock products, the outlook for livestock producsteadily over most of the period from 1986 to ers over the near term may be less favorable than 1990. Cattle producers, who had suffered large the situation of the past few years. The cattle financial losses in the mid-1970s, have been re- business now seems to be edging back into the luctant ever since to undertake major expansion. expansion phase of its production cycle. At the They did boost herds moderately in the first part same time, pork and poultry producers also are of the 1980s, but that increase was more than boosting output. Given the inertia that biological reversed in the latter part of the decade; at the constraints typically impart to livestock producstart of 1989, the total number of cattle and tion, gains in output may extend well into 1992. calves on farms and ranches was at its lowest However, producers are not likely to keep pushlevel in three decades. A little rebuilding of the ing their production ever higher in the face of herd has come about in the early 1990s in re- declining prices and profits, and sooner or later, sponse to the high cattle prices of recent years, renewed production restraint is sure to emerge in and output of beef appears to be headed for a one segment or another of the livestock industry, small advance this year. although neither its timing nor its magnitude can Output of the other major livestock products be predicted with much precision. has exhibited a more variable pattern from year to year. From 1986 to 1990, pork production Crop Production and Inventories traced out another of the three- or four-year cycles that has long been its hallmark: Output The aggregate output of farm crops has been on expanded rapidly in 1987 and 1988, but then a sideways trend since 1980 (chart 4). From 1980 leveled off in 1989 and turned down in 1990, to 1986, plantings were cut back drastically, and contributing, along with lowered beef output, to real investment in new equipment and structures the tightness in meat supplies in that year. This was curtailed. During this period, however, proyear, pork production has rebounded. Output for ductive potential in farming continued to exceed 1991 as a whole likely will be at the high end of the level of demand, leading to sizable inventory the range of the past decade but will fall short of accumulation, especially for some of the major the peak, which came in 1980. field crops. The stockpile of corn at the end of the Dairy production also has exhibited an uneven 1986 marketing year amounted to about an eightpattern of expansion in recent years. Like crop producers, dairy farmers entered the second half 4. Output of crops, 1965-91 of the 1980s burdened by surpluses, and a period Index, 1977=100 of production restraint was needed to work off the excess stocks; a government buyout of a portion of the dairy herd helped to facilitate the needed adjustment. By the fourth quarter of l/ \/ 100 1986, the output of milk was nearly 5 percent below the level of a year earlier. Before long, however, output started to turn up again, as rapid 75 productivity gains quickly made up for reductions in the size of the herd. Then, repercussions of the 1988 drought cut into milk production, but I NI 1 1 1 II IIIM M i ll II II II 1 II 1 1965 1970 1975 1980 1985 1990 by 1990, still another upswing in output was in SOURCE. Department of Agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 Federal Reserve Bulletin • December 1991 month supply, roughly triple the average carry- the production of some other crops has been over during the two previous decades. The stock- increasing in recent years (cotton output this pile of wheat was the equivalent of a ten-month year will apparently be the highest since 1937), supply; and the carryover of cotton amounted to but the gains for these other crops have not been more than a full year's supply, given the de- large enough to keep aggregate crop output on its pressed rates of usage seen at that time. In 1986 former uptrend. and 1987, many observers thought that these The efforts of farmers and the government to large stockpiles would continue to be a depres- restore a more favorable supply-demand balance sant of prices for some time to come, even as for crops was aided greatly by the severe drought current production and consumption were being of 1988, which helped to eliminate the overhang brought back into closer alignment. of farm inventories more quickly. The carryover The production restraint that emerged in the of corn after the drought amounted to 3.2 months first half of the 1980s persisted over the balance of usage, less than half of what it had been two of the decade and on into the 1990s. On average, years before, and a much tighter supply-demand almost 30 million fewer acres were planted in the balance emerged for other crops as well. With second half of the 1980s than in the first half production and usage remaining in reasonably (table 3); incentives provided by the govern- close balance, the supply overhangs have not ment's farm programs have helped keep acreage reappeared. Indeed, the nation's stockpile of low. Farmers' purchases of tractors and other grain appears likely to be lean at the end of the new machinery perked up a little as the farm current marketing year. Thus, in sharp contrast recovery progressed, but not enough to offset to the situation that prevailed earlier in the 1980s, depreciation, so that the real stock of farm cap- farm inventories are not themselves a major ital remained on a downward course. Labor input impediment to increases in the prices of farm also continued to fall after 1986, albeit not quite crops. as rapidly as in the first half of the 1980s. Although productivity in farming continued to advance at a brisk pace, the reductions in farm inputs were large enough to bring to a halt the FARM INCOME AND previous uptrend in the aggregate output of farm THE FARM BALANCE SHEET crops. The annual production of corn, which had exceeded 8 billion bushels four times from 1981 Farm income was strong from 1986 to 1990. But to 1986, has not reached that mark even once in another display of their caution of recent since 1986. Wheat production in the past six years, and in contrast to their behavior during the years has been, on average, about 18 percent 1970s boom, farmers did not start bidding up the below the harvests from 1981 to 1985. To be sure, value of land and investing heavily in other farm 3. Indicators of crop supplies, annual averages for selected periods, 1971-911 Indicator 1971-80 1981-86 1987-91 1990 1991 Acres planted (millions). 329.6 340.9 312.7 319.1 314.9 Output All crops, index, 1977 = 100 95.0 110.0 105.0 113.0 111.0 Selected crops (billions of bushels) Wheat 1.9 2.5 2.1 2.7 2.0 Corn 6.2 7.6 7.0 7.9 7.5 Soybeans 1.6 2.0 1.9 1.9 1.9 Inventories (months' supply at end of marketing year) Wheat 5.18 3.80 4.25 2.60 Corn 2.08 3.19 2.35 1.99 Soybeans 1.37 1.74 2.15 1.91 1. Values for 1991 output and inventory based on projections of Depart- SOURCE. Based on data from Department of Agriculture. ment of Agriculture as of mid-November. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Update on the Farm Economy 973 assets. Instead, they kept the value of farm 4. Real farm income and expenses, annual averages for assets fairly steady in real terms. selected periods, 1971-911 The relationship of farm income to farm asset Billions of 1982 dollars values reflects, of course, the interplay between Item 1971-80 1981-86 1987-90 1991 actual and expected farm earnings. In a given Net farm income 39 24 36 32 year, actual income may be high or low, depending on production, the state of domestic Gross farm income.... 171 155 146 139 demand, the parameters of government farm Production expenses... 132 131 110 108 programs, and economic conditions abroad. 1. Inflation adjustment made by dividing nominal income and expenses of The value of farm assets, on the other hand, can farmers by implicit price deflator for gross national product. Calculations for be read as an indicator of farmers' expectations 1991 assume that nominal income and expenses will be at midpoints of ranges forecasted by Department of Agriculture as of October 1991 and that the annual of income over the longer run. Farmers presumrise in the implicit price deflator will be 3.9 percent, the same as its year-toably are willing to invest in land and other year change over first three quarters of 1991. Components may not sum to totals because of rounding. assets only if they are convinced that future SOURCE. Based on data from Department of Agriculture and Department earnings from those assets will be sufficient to of Commerce. justify the purchase price and will be greater than if the investments had been directed else- partment of Agriculture is forcasting that nomiwhere. Lenders presumably are willing to ex- nal net farm income will be in the range of $41 tend credit only if the prospects for repayment billion to $46 billion. If the midpoint of this range from future earnings look favorable. is realized, and an adjustment is made for inflation, the resulting level of real net income would The 1970s surge in real farm income, while be about 10 percent below the average for the dramatic, had largely dissipated by 1976; yet 1987-90 period; it would remain far above the the value of assets and debt continued to spiral 1981-86 average, however. upward for a number of years. Farmers and lenders, it seemed, were wagering on a prosper- To understand why real farm income was ity of major proportions that seemed to recede strong after 1986, one must look back once again before them even as the size of the wager kept to the period before 1986, when farmers were growing. The divergence between current earn- cutting production costs with a vengeance (table ings and apparent expectations of future earn- 5). Total farm production expenses, in real ings became even more pronounced when en- terms, peaked around the start of the 1980s, at ergy prices and interest rates began to soar in about $155 billion. By 1986, they had plunged the late 1970s. Eventually, however, the expectations embodied in the balance sheet had to 5. Real farm income and expenses, total changes over come into better alignment with actual earnings selected periods, 1981-901 reported each year on the income statement. Billions of 1982 dollars That realignment was accomplished in the 1980s Item 1981-86 1986-90 through a steep markdown in the value of farm Net farm income 1-1.0 10.4 assets and, in the latter part of the decade, a strengthening of farm earnings. Gross farm income -39.5 10.3 Cash marketings -31.9 9.8 Government payments 8.3 -3.3 Other cash income 1.7 .7 Farm Income and Expenses Noncash income -17.6 3.0 Value of inventory change -9.0 4.4 Imputed rent and home The average level of net farm income, adjusted consumption |~8.6 -1.4 for inflation, was about $36 billion for the Production expenses .. -38.5 -.1 Intermediate inputs -19.5 3.3 1987-90 period (table 4); although this level of Inputs of farm origin. -8.7 3.0 Manufactured inputs . 1-9.4 -.2 income was moderately below the average for Other -1.4 .6 the 1970s, the decade of the boom, it was roughly Interest -6.6 -3.5 Taxes and rents -1.7 1.1 50 percent higher than the 1981-86 average. Labor expenses -1.2 1.3 Capital consumption ... -9.5 -2.3 Farm income data for 1991 still are subject to some uncertainty. As of mid-October, the De- 1. See note to table 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 Federal Reserve Bulletin • December 1991 nearly 30 percent, to $110 billion. The cuts, end of 1980 to the end of 1986, as the earlier which showed up in virtually all categories of expectations of agricultural prosperity gave expense, stemmed in part from a reduction in way to a more sober and probably more realistic actual physical input; but they also reflected a view of farming's future (table 6). Most of the rate of rise in farm input prices that lagged behind drop was reflected in the value of farmland, the inflation in general (which thus caused inflation- price of which plunged in the first half of the adjusted farm costs to fall). With regard to the 1980s. Land prices turned up in nominal terms farm inputs purchased from the industrial sector, after 1986, at first a bit faster than inflation in real outlays for petroleum products were halved general, and then a bit slower. In real terms, from 1981 to 1986, and those for fertilizer fell 40 however, the total change in land prices from percent. Farmers' interest expenses dropped 1986 to 1990 was relatively small, as was the steeply from 1981 to 1986, as interest rates de- change in the real value of farm assets. The real clined and as the volume of debt contracted. value of assets over this period was only mod- Charges for farm capital consumption dropped erately below that which had prevailed for a nearly $10 billion in inflation-adjusted terms from number of years before the boom of the 1970s; 1981 to 1986. Charges for hired labor also came the effect of the boom thus appears to have been down a little in real terms. fully reversed by the contraction of the 1980s. After 1986, farm production expenses essen- No major change in the balance sheet seems to tially stabilized in real terms. But with costs so have occurred in 1991; land prices appear to be much lower, farmers were well-positioned to up slightly from the levels of a year ago but not profit once farm prices began to improve. After as much as prices in general. plummeting in the period from 1980 to 1986, real The rate of return earned by investors in farm cash receipts from marketings turned up in 1987 assets (most of the investors being farmers themand made further small gains in each of the next selves) improved considerably in the latter part three years. The accumulated gain in these re- of the 1980s. The ratio of current earnings to the ceipts from 1986 to 1990 was about $10 billion. At value of assets averaged about 5 percent over the the same time, government assistance to farmers four-year period starting in 1987. This rate of jumped to more than $14 billion in real terms in return was about twice that seen in the seven- 1987, roughly twice the average over the previ- year period from 1980 to 1986 and was well ous five years and equal to about 40 percent of above the average rate of return during the total net farm income. After 1987, real payments 1970s. Of course, farmers in the 1970s also trended lower, but as of 1990 they still amounted benefitted, at least on paper, from real capital to about $7 billion and were equal to about 18 percent of net farm income. 6. Real farm assets, liabilities, and equity, total Although net farm income probably has de- changes over selected periods, 1970-911 clined this year, farmers' well-being ultimately Billions of 1982 dollars will be affected more by the trend in income over Item 1970-80 1980-86 1986-90 1990-91 time. In that regard, a pickup in economic growth here and abroad obviously would work to sup- 484 -511 -2 -13 Real estate 432 -437 -9 -8 port the demand for farm products. But it also is 52 -74 7 -5 Other assets essential that farmers maintain a focus on cost 79 -57 -34 -3 Liabilities control and productivity gain, the factors that 405 - 454 32 -10 have been so important in raising the level of Equity profitability in the sector in recent years. 1. Excludes farm dwellings and the debt related to those dwellings. Inflation adjustment made by dividing nominal assets and liabilities of farmers by implicit price deflator for gross national product. Calculations for 1991 The Farm Balance Sheet assume that nominal assets and liabilities will be at midpoints of ranges forecasted by Department of Agriculture as of September 1991 and that the annual rise in the implicit price deflator will be 3.9 percent, the same as its year-to- Reversing the 1970s surge, the real value of year change over first three quarters of 1991. Components may not sum to totals because of rounding. farm assets fell more than $500 billion from the SOURCE. Department of Agriculture and Department of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Update on the Farm Economy 975 gains on the value of their land; in fact, the size fail or be restructured, and those that survived of those capital gains dwarfed the current in- saw the size of their market shrink drastically as come generated by farm assets. By contrast, the volume of farm debt declined. In addition, cumulative real capital gains on farm assets like farmers, lenders shifted to more cautious have been slightly negative since 1986 and have business strategies in reaction to the period of offset a portion of the rise in current earnings. financial stress. The financial structure of agri- Underlying the balance-sheet data are some cultural lenders changed, as did the terms of major changes in the attitudes of farmers since lending that they offered. Bank lending to agrithe 1970s. In that decade, the rate of current culture became more profitable toward the end of return to farm assets fell back after a surge in the 1980s; and the farm loan volume of banks 1973 and 1974, but this reduced rate of return did began to expand, slowly at first and then a bit not deter farmers from continuing to bid up land more briskly. The operations of the Farm Credit prices at a rapid clip, thereby driving the rate of System also have been profitable of late, after big current return on assets still lower. In contrast, losses in the mid-1980s, and the farm loan volin the period since 1986, a much-improved rate of ume of the system appears to be edging up. In current return (on average, as high as that of the contrast, the loan volume of the Farmers Home first half of the 1970s) has not touched off another Administration, the government farm lender of boom in land prices. last resort, has been declining rapidly in the early Restraint also has been evident on the other 1990s as the agency has been cleaning up probside of the balance sheet. After soaring in the lem loans left from the 1980s. 1970s, real farm debt turned down in 1981 and had declined nearly 30 percent by the end of Commercial Banks 1986. It then went right on declining over the remainder of the decade, even as the farm sector The repercussions of the farm financial problems recovered; by the end of 1991, farm debt in real reverberated among commercial banks even as terms was little more than half the level of a farm incomes were beginning to improve late in decade earlier. The ongoing reduction of debt 1986. Failures of farm banks continued at a rapid stemmed, in part, from a low level of farm rate—peaking at almost seventy failures each investment in both fixed capital and inventories. year from 1985 through 1987.2 This rate of failure In addition, the much reduced level of land prices of agricultural banks was stunning given that cut into financing needs, and farmers tended, only a few agricultural banks had failed between more than before, to finance land acquisitions World War II and the start of the 1980s. Yet, the with internal funds rather than credit. The vol- vast majority of agricultural banks survived and ume of farm debt outstanding also continued to remained active in farm lending; in 1990, as in be reduced by charge-ofFs of loans that had gone 1985, farm banks constituted about 35 percent of bad earlier in the 1980s; some of these loans still all commercial banks (table 7). Furthermore, the were being written off in the 1990s. With total distribution of agricultural loans across degrees farm debt thus falling rapidly and farm asset of specialization in agricultural lending was about values fairly stable in real terms, real farm equi- unchanged in 1990 from that in 1985 despite the ty—the wealth that farmers have invested in their rapid change and consolidation seen in the comoperations—increased about $30 billion from the mercial banking sector. end of 1986 to the end of 1990. Only part of that Agricultural lending by commercial banks degain seems to have been reversed in 1991. clined for a couple of years in the 1980s but has THE RECENT EXPERIENCE OF FARM LENDERS 2. We define a farm bank or agricultural bank as a commercial bank whose ratio of farm loans to total loans is greater than the unweighted average of such ratios at all The financial problems of farmers during the banks. This unweighted average has been about 16 percent mid-1980s caused a good many farm lenders to since the mid-1980s. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 Federal Reserve Bulletin • December 1991 7. Distribution of commercial banks and agricultural loans, by farm loan ratio, 1985 and 1990 I Amount of farm loans Number of banks Percentage of banks Percentage of farm loans FFaarrmm llooaannss aass aa ppeerrcceenntt (billions of dollars) ooff ttoottaall llooaannss 1985 1990 1 1985 1990 1985 1990 1985 1990 Less than 15' 9,295 8,081 64.9 65.9 18.7 21.2 40.0 42.3 15-25 1,337 1,093 9.3 8.9 6.2 6.3 13.2 12.5 25-50 2,188 1,743 15.3 14.2 12.3 11.7 26.3 23.4 - More than 50 1,503 1,353 10.5 11.0 9.6 10.9 20.5 21.8 Total 14,323 12,270 , 100 100 46.8 50.1 100 100 1. Nonagricultural banks (see text note 2). since rebounded. At the end of 1990 the volume of 1989, generally following the direction of interest outstanding farm loans held by banks amounted to rates in the economy as a whole. Rates on farm about $50 billion, about 7 percent higher than at loans at commercial banks now are at their the end of 1985 (table 7); the share of all farm lowest level since the 1970s. Interest rates have loans that were held by banks grew substantially, been lower, on average, for larger loans than for from 25 percent in 1985 to 35 percent in 1990 (not smaller loans since interest rates peaked in the shown). Much of the share gained by banks came early 1980s because the rates on the larger loans at the expense of the Farm Credit System (FCS). have tended to adjust more quickly to the de- From 1982 to 1990, the FCS lost almost one-half clines in money market rates over that period. In of its farm loan volume as rates on its loans rose general, a growing proportion of new loans have relative to other sources of farm debt and as its been made with an interest rate that floats; an financial problems grew. The volume of bank estimated 75 percent of the volume of bank loans loans secured by farm real estate rose by about had adjustable rates in August 1991, in contrast half from 1985 through 1990, and the share of to about 17 percent in 1979. banks in that market roughly doubled, to nearly 22 Despite the rebound in overall bank lending to percent. In contrast, the volume of outstanding farmers since 1987, the ratio of loans to deposits debt that was not secured by farm real estate was at agricultural banks has remained fairly low. about 7 percent lower at the end of 1990 than at Agricultural banks in the Kansas City and Dallas the end of 1985, although the volume of such debt Federal Reserve Districts have had particularly has been growing since 1987. low ratios, with loans equal to only about one- The volume of non-real-estate loans made by half of deposits in both of these areas. Given the commercial banks for the purchase of farm ma- low reading on this commonly used indicator of chinery and equipment fell considerably during the availability of funds, banks appeared to be the 1980s—from about $6 billion in 1983 to about positioned to expand lending more rapidly than $2 billion by 1988—and has not recovered a great they actually did. And in fact, quarterly surveys deal since. Much of this shrinkage likely reflects by several Federal Reserve Banks show that the general reduction in capital spending in agri- agricultural bankers wished to make more farm culture in the past decade. In addition, the vol- loans in the period from the late 1980s on; ume of loans for current operating expenses however, bankers may have been more selective excluding those for livestock has only recently in their lending choices, and farmers were depicked up to the levels that were seen in the early manding less credit than they were before the 1980s. In contrast, loans for the purchase of crash in farm finances. feeder livestock have picked up appreciably, a Agricultural banks consistently had a higher development that likely reflects the strong re- return on assets than did other small banks during turns for that enterprise in recent years. the 1970s, but as the volume of problem agricul- Average interest rates for new agricultural tural loans mounted through 1987, the profitability loans have been trending downward since early of agricultural banks suffered (chart 5). Then, as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Update on the Farm Economy 977 5. Comparison of rates of return on assets, agricultural tural banks might arise from sources other than banks and other small banks, 1970-90 high risk, such as market power or special exper- Percent tise, but neither of these explanations would lead to the greater amount of capital that farm banks /\ Agricultural banks1 j 2 hold. The Farm Credit System > ' V~\ / A "0 8 Other small banks \ \ // \ 2 As the 1980s began, the Farm Credit System was fast consolidating its position as the dominant 0.4 farm lender. The agency, a lending cooperative that was created early in the twentieth century t i ll 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1970 1975 1980 1985 1990 to lower the cost of farm debt, acquires money 1. For definition, see text note 2. in national capital markets at rates of interest that are slightly above the rates on Treasury the recovery in the farm sector picked up steam, securities and below the rates paid by its comagricultural banks again started to earn profits at a mercial competitors. The access of the FCS to higher rate than other small banks. inexpensive capital has been rationalized by Perhaps the higher rate of return earned by policymakers as compensation for legal meabanks that specialize in agricultural lending re- sures that prevent it from building a broader flects a premium for the greater riskiness of portfolio outside the agricultural sector. In the agricultural lending. This rationale is consistent 1970s and early 1980s, when interest rates were with the broad theme of much of the academic rising, the cost advantage of the FCS over its literature on finance, in which investors must be commercial competitors was magnified by its compensated for taking greater risks by earning a policy of pricing new loans according to its higher average return. The riskier environment in average cost of funds rather than its marginal which agricultural banks seem to operate also cost. The agency's volume of lending grew might lead them to maintain a greater proportion rapidly over this period. of their assets as capital to cushion some of the Two things happened early in the 1980s that swings in returns that they might encounter. greatly reduced the profitability of the FCS. Indeed, generally the greater the proportion of First, the farm sector fell on extraordinarily bad farm loans in the portfolio of a bank, the greater times, and the quality of the FCS loan portfolio, that bank's ratio of capital to assets (chart 6). Of restricted by law to the agricultural sector, detecourse, the relatively high earnings for agriculriorated rapidly. Second, after a very sharp runup in 1981, interest rates began to fall, leaving 6. Ratio of total capital to total assets of commercial the average cost of FCS funds higher than new banks, by farm loan ratio, December 19901 jv ! capital from the national money markets. In Ratio of total capital to total assets (percent) addition, the FCS inadvertently boosted its cost of funds by issuing, near the time that interest rates peaked, a large amount of longer-term bonds (most with a maturity of ten to fifteen years) that had no call provisions—with hindsight, a mistake that put them at a competitive disadvantage for years to come. By 1985, as loan losses mounted and its most creditworthy customers refinanced their FCS loans with commercial lenders that were increasingly competitive, 10 20 30 40 50 60 70 80 the Farm Credit System was in financial crisis. Ratio of farm loans to total loans (percent) To address its financial problems, the FCS set 1. End-point of curve covers ratios of farm loans to total loans of 80 percent and above. aside large amounts of its shrinking income in a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 Federal Reserve Bulletin • December 1991 reserve for loan losses; in 1985 the $3 billion that advantaged groups, to rural communities for it reserved for loan losses amounted to about 228 development purposes, and to farmers who have percent of its net interest income for that year. At experienced a natural or economic disaster that roughly the same time as the FCS was reporting the government has deemed extraordinary. As the steep decline in income to fund the loan loss the lender of last resort, the FmHA in the midreserves, it was petitioning the Congress for 1980s picked up some problem loans when other financial assistance. After a great deal of debate, farm lenders refused to extend additional credit the Congress in 1987 gave the FCS a $4 billion to borrowers whose financial condition had beline of credit. The Congress allowed the FCS to come shaky. repay funds borrowed from this line over fifteen Thus, with loans generally made to less credyears at subsidized rates, but it also required the itworthy farm customers, the FmHA suffers a system to revise its organizational structure and rate of delinquency by its borrowers that is much submit to greater governmental oversight. As of higher than that among other lenders. Moreover, the end of 1990, the FCS had tapped only about a variety of court injunctions and congressional one-third of the $4 billion line of credit. directives have hindered the agency from fore- Ironically, the completion of the assistance closing on delinquent loans or attempting to bill, the Farm Credit Assistance Act of 1987, collect late payments. The volume of farm loans coincided with an upturn in farm income that outstanding at the FmHA peaked at $27.8 billion soon would help the Farm Credit System and in the fiscal year that ended in 1986, and roughly other farm lenders to return to profitability. The $12 billion of these were delinquent. By the end rejuvenation of the agricultural sector allowed of fiscal 1990 the agency had pared its volume to the FCS to reduce its reserve for loan losses in about $20 billion, but still roughly $8 billion was each year from 1987 to 1990, thereby adding to its delinquent, most of it for a number of years. current income in those years. Since 1988, the The delinquent loans at the FmHA are the last FCS has earned a return on assets of about 1 major holdover from the farm financial problems percent per year, a rate roughly comparable to of the 1980s; loan portfolios at other lenders have those at agricultural banks. regained more normal levels of quality and prof- Through the first half of 1991, the profitability itability. In recent years, the FmHA has gained of the Farm Credit System continued to improve. some ability to deal with its delinquent loans, Net interest income during this period amounted although still with many legal restrictions and at to 0.7 percent of total assets (not at an annual a high cost to taxpayers. The restructuring or rate), compared with 0.6 percent during the first foreclosure of these delinquent loans will finally half of 1990. According to the FCS, almost all of bring the farm financial crisis of the 1980s to a this improvement came from a larger interest close. margin rather than an increased volume of lending. The FCS has been retaining its profits either as surplus or as a restricted fund for capital that SUMMARY was mandated by the 1987 assistance bill. Total capital stock and surplus amounted to 200 per- The softness of the farm economy this year cent of nonperforming loans at midyear, com- follows several years in which income was relapared with 156 percent in mid-1990. tively strong. Farmers took advantage of the high returns in those years to pay off debt and to Farmers Home Administration consolidate their operations, leaving themselves in a good position to weather transitory periods By legislative design, the Farmers Home Admin- of falling income. Similarly, farm lenders have istration (FmHA) is the agricultural sector's strengthened their financial positions. This year's lender of last resort. Created in the 1930s, the downturn in the farm economy may cause finanagency grants loans to farmers only when they cial hardship among some farmers and lenders, have been refused credit at other lenders. The especially those in areas hurt by drought or other FmHA is a conduit for subsidized loans to dis- natural disasters. But a recurrence of the wide- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Update on the Farm Economy 979 spread problems of the mid-1980s probably ventories, the cautious production strategies in would require an extended period of weak in- the farm sector, and the continued efforts of come; the risk of such a period transpiring is farmers to keep tight control over their producbeing moderated by the present leanness of in- tion costs. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 Industrial Production and Capacity Utilization Released for publication on October 17 utilities fell sharply from the high levels evident since May. Output in other categories of production The index of industrial production edged up 0.1 per- changed little, on balance. At 108.1 percent of its cent in September; after revision, the index was 1987 annual average, industrial production in unchanged in August. The output of motor vehicles September was 2.2 percent below its year-ago level. and parts rose 8 percent in September, more than Despite little change in September and August, total reversing the decline in August. However, output at output for the third quarter as a whole advanced Industrial production indexes Twelve-month percent change Twelve-month percent change Products Nondurable manufacturing 1986 1987 1988 1989 1990 1991 1986 1987 1988 1989 1990 1991 Capacity and industrial production Ratio scale, 1987 production = 100 Ratio scale, 1987 production = 100 — Total industry — 140 — Manufacturing 140 Capacity -— 120 Capacity __ 120 - - - - 100 100 ,r' Production 80 / Production 80 1 1 1 I 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Percent of capacity Percent of capacity Total industry Manufacturing J I I I I L I I I J I I I I I I 1979 1981 1983 1985 1987 1989 1991 1979 1981 1983 1985 1987 1989 1991 All series are seasonally adjusted. Latest series, September. Capacity is an index of potential industrial production. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

981 Industrial production and capacity utilization1 Industrial production, index, 1987 = 100 Percentage change Category 1991 1991: Sept. 1990 to Juner Julyr Aug.' Sept.' Juner Julyr Aug.' Sept. t Sept. 1991 Total 107.3 108.0 108.0 108.1 -2.2 Previous estimate 107.3 108.0 108.2 .8 .6 .3 Major market groups Products, total 108.6 108.8 108.6 109.0 .9 .2 -.1 .3 -2.1 Consumer goods 108.0 108.3 108.4 109.1 1.3 .3 .1 .7 .4 Business equipment . 121.9 122.6 121.8 122.9 .2 .6 -.6 .9 -2.8 Construction supplies 97.4 97.1 97.7 98.2 1.7 -.3 .6 .5 -5.4 Materials 105.4 106.9 107.0 106.8 .8 1.4 .1 -.2 -2.4 Major industry groups Manufacturing 107.5 108.3 108.3 108.8 .8 .8 .0 .5 -2.2 Durable 107.3 108.1 108.0 108.9 .6 .8 -.1 .8 -4.3 Nondurable 107.6 108.5 108.7 108.7 1.1 .8 .2 .0 .6 Mining 102.1 102.7 101.5 100.5 2.0 .6 -1.2 -.9 -3.2 Utilities 111.5 110.9 111.3 108.5 .1 -.5 .4 -2.5 -1.7 Capacity utilization, percent MMMEEEMMMOOO CCCaaapppaaaccciiitttyyy,,, pppeeerrr--ccceeennntttaaagggeee 1990 1991 ccchhhaaannngggeee,,, AAvveerraaggee,, LLooww,, HHiigghh,, SSSeeepppttt... 111999999000 11996677--9900 11998822 11998888--8899 Sept. Juner Julyr Aug.r Sept. P tttooo SSSeeepppttt... 111999999111 Total 82.2 71.8 85.0 83.6 79.6 80.0 79.8 79.7 2.6 Manufacturing 81.5 70.0 85.1 82.8 78.3 78.7 78.5 78.7 2.9 Advanced processing 81.1 71.4 83.6 81.8 77.6 77.8 77.5 77.7 3.2 Primary processing . 82.4 66.8 89.0 85.1 79.9 81.0 81.1 81.2 2.1 Mining 87.4 80.6 87.2 90.9 89.2 89.7 88.6 87.7 .2 Utilities 86.8 76.2 92.3 86.7 86.7 86.2 86.4 84.1 1.3 1. Seasonally adjusted. r Revised, 2. Change from preceding month to month indicated. p Preliminary. 6 percent at an annual rate. Total industrial capacity the motor vehicle industry has been flat since July; utilization slipped 0.1 percentage point in Septem- the output of basic metals was unchanged last month. ber, to 79.7 percent. In August and September, production of nondurable Analyzing the production data by market group, materials, such as textiles, paper, and chemicals, output of consumer goods excluding autos and trucks was somewhat below the recent high level posted in was unchanged in September. A drop in electricity July. Production of energy materials plunged in generation for residential use offset gains in produc- September because electricity generation, which tion of appliances and paper products; most other was maintained at high levels over most of the spring consumer sectors posted small changes. Production and summer, returned to a more normal level. of business equipment other than motor vehicles was Analyzing the production data by industry group, flat in September and has not shown much improve- manufacturing output increased 0.5 percent in ment since it reached its cyclical low in March. September, with the rise in motor vehicles account- Output of construction supplies, which declined a bit ing for most of the gain. Factory utilization edged up in July, rose about 0.5 percent in each of the past two 0.2 percentage point, to 78.7 percent, in September, months; despite the overall recovery evident since retracing the decline in August. Operating rates for the spring, production in September remained well primary- and advanced-processing industries rose below its year-ago level. Output of materials, which slightly, but still remain well below their 1967-90 had grown rapidly over the spring and early summer averages. Operating rates in most primarymonths, has changed little recently. Among durable processing industries changed little except in petromaterials, production of parts and materials used by leum products, which advanced noticeably. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 Federal Reserve Bulletin • December 1991 advanced-processing category, the utilization rate The operating rate at utilities fell very sharply in for motor vehicles and parts rose sharply, but factory response to the step-down in demand for electricity. operating rates for foods, printing, and machinery The utilization rate in mining was down for a second declined. month but remained a bit above its historical average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

983 Statements to the Congress Statement by John P. LaWare, Member, Board rate below 16 percent.1 Seventeen issuers impose of Governors of the Federal Reserve System, no annual membership fee. Lists of rates and before the Subcommittee on Consumer Affairs other fees offered by card issuers also are availand Coinage of the Committee on Banking, able from groups such as Bankcard Holders of Finance and Urban Affairs, U.S. House of America and from commercial sources. In addi- Representatives, Washington, D.C., October 9, tion, the media report on credit card rates. In 1991 short, it is not apparent to the Board that the current disclosure rules and public information on credit card charges need to be supplemented I appreciate the opportunity to appear before this by further legislation. subcommittee on behalf of the Board of Governors of the Federal Reserve System to comment Disclosures on Card Applications on the credit and charge card legislation being and Solicitations considered in H.R.2440 as well as other issues concerning credit cards. In March 1989, the Fair Credit and Charge Card Disclosure Act amendments to the Truth in Lending law went into effect. Before these amendments were enacted, consumers some- H.R.2440 times did not receive full disclosure of the credit terms on their card accounts until after they had H.R.2440 would amend the Truth in Lending Act received a credit card accessing the account. to provide for additional disclosures to accom- The Fair Credit and Charge Card Disclosure pany credit and charge card applications and Act requires that card issuers provide early dispreapproved solicitations mailed to consumers. closure of rate and other cost information to The bill would also expand the disclosure re- potential cardholders. The disclosures generally quirements of the Truth in Lending Act for credit must be provided in direct mail or telephone and charge card advertisements. Finally, the bill applications and preapproved solicitations and in would require additional disclosures and provide applications made available to the general public. substantive rights to consumers in connection Most of the required disclosures must be prowith certain changes in the terms of card ac- vided in the form of a table (attached to this counts. statement) that the Board prescribes to allow The Board believes that existing law generally easy comparison of the terms offered by different provides adequate disclosure to consumers of the card issuers. key costs associated with credit and charge card H.R.2440 would require that the prescribed accounts. Furthermore, a wealth of public infor- disclosure table appear on envelopes containing mation is available to consumers about credit card applications or preapproved solicitations card rates and nonrate terms. For example, the mailed to consumers. For card issuers that oper- Federal Reserve Board collects information and ate in several states, providing their disclosure then publishes a semiannual report of the terms of credit card plans offered by the largest card issuers in the United States. The Board's September 1991 report (attached to this statement) 1. The attachments to this statement are available on request from Publications Services, Board of Governors of includes twenty-eight card issuers that offer a the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 Federal Reserve Bulletin • December 1991 tables on the outside of envelopes could be those in which the advertiser triggers the need for difficult given the length of the disclosures. further detail. Although the Board recognizes the value of H.R.2440 would expand the advertising proviearly disclosure of essential credit information to sions of the Truth in Lending Act to specifically consumers to facilitate credit shopping, it be- mandate detailed disclosure in any advertisement lieves that this proposed requirement would not that promotes credit and charge card accounts. offer any meaningful benefit to consumers. The The bill would require that the prescribed Fair consumer who is intrigued by a card issuer's Credit and Charge Card Disclosure Act table as offer to open an account will of necessity have to well as information about cash advance fees be open the envelope to act on the offer and there- included, or referred to, in all advertisements of fore will encounter the current disclosure table. card accounts no matter how brief or general. The consumer who fails to open the envelope Disclosure requirements would vary according to (and thereby does not see the disclosure table) the medium (such as television, radio, or print) in obviously is not taking the offer, has not been which the card advertisement appears. misled by the card issuer's marketing, and can- The Board understands the apparent concern not be deemed to have been harmed just because behind this provision of the proposed legislathe table is not on the outside of the envelope. tion—that consumers may not be getting full Accordingly, the Board believes that this addi- disclosure of credit terms in general advertisetional disclosure requirement is unnecessary. ments. Nevertheless, the Board believes that the Congress should not require cost information in all advertisements. Mandated disclosures in ad- Credit Card Advertising vertisements could lead to a decrease in advertising as opposed to an increase in disclosure. Under the current Truth in Lending Act, credi- The costs of compliance as well as the possible tors that mention specific costs in advertisements length and complexity of the proposed disclosure for any type of open-end credit product must also requirements—inclusion of a disclosure table in disclose other relevant cost information. Under any form of advertising—could cause some card this "trigger term" approach, a card issuer that issuers to cut back on advertising. advertises its annual percentage rate, for exam- The Board believes that the current disclosure ple, must also disclose any minimum finance scheme under the Truth in Lending Act gives charge, transaction fee, or similar charge. The consumers ample opportunity to ascertain and Board by regulation also requires that any fee for review account terms before being obligated on a membership or participation be disclosed. card account. The advertising rules provide for In general credit card advertisements, when no the uniform disclosure of credit terms when specific costs are stated, the law does not man- specific costs are mentioned. The Fair Credit and date that any other cost information be provided. Charge Card Disclosure Act requires disclosure In addition, if creditors advertise that certain fees of key terms in those situations in which card are not charged on an account, no additional issuers are aggressively marketing their card disclosures are required. For example, a card accounts—for example, in direct mail or teleissuer may advertise that no annual fee is im- phone campaigns. In addition, the Truth in Lendposed on a card account, without disclosing the ing Act has always required that consumers rate. Or a card issuer may represent in an adver- receive full disclosure before they become oblitisement that the annual percentage rate on its gated on open-end plans. Moreover, the Board accounts is "low," without providing additional by regulation has provided that, if full disclosure disclosure. Consequently, although the Truth in is not given beforehand, a consumer may reject Lending Act and the Board's implementing reg- the plan once disclosures are received and the ulation generally require uniform disclosure of creditor must refund any membership fee that cost information in credit advertisements, they has already been paid. do not require full cost information about credit If the Congress nonetheless decides to go and charge cards in all advertisements—only in forward with legislation to amend the open-end Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to the Congress 985 advertising rules, the Board urges the Congress law, two different time periods would apply to to retain the trigger concept of advertising, per- notifications of a change in terms—fifteen days haps adopting the approach used in the Home and thirty days—depending on whether or not Equity Loan Consumer Protection Act of 1988. the open-end plan had a card associated with it. That law provides that both affirmative and neg- This feature seems to be unnecessarily compliative references to "trigger" terms in advertise- cated. ments would require additional Truth in Lending H.R.2440 would also provide a substantive disclosure. Under such a rule, advertising "no right to cardholders, permitting them to cancel an annual fee" or "no transaction charge" would account and pay off any outstanding balance call for further disclosure. The Board believes under existing terms when certain changes in that this more limited approach would effectively terms occur (for example, an increase in the address most of the congressional concerns annual percentage rate). Although the Truth in about credit card advertising. In general, how- Lending Act includes some substantive proviever, we do not believe that a compelling need to sions, it remains primarily a disclosure statute. amend the law exists at this time. The Board continues to believe that substantive laws should generally be left to the realm of state Changes in the Terms of a Card Account law. Some states have, in fact, legislated in this area, although it should be noted that only about Currently, creditors are required to provide con- a half-dozen states have seen the need to give sumers with advance notice of changes in rates cardholders the right to pay off existing balances and other key cost terms initially required to be on the terms in effect at the time of change. If the disclosed under the Truth in Lending Act. The Congress nonetheless decides to adopt this optnotice must be provided at least fifteen days out provision, it should at least limit the time before a change takes effect. The act itself does period in which consumers can pay back the not require this notification. The change in terms outstanding amounts owed. requirement, which the Board established by Although the proposed legislation seeks to regulation, has been in effect since 1969. protect consumers, adverse consequences for H.R.2440 would provide a statutory require- consumers themselves may arise. Faced with a ment of notice for a change in terms. The pro- federal law that essentially restricts their ability posed legislation would require a thirty-day ad- to change the terms on accounts, card issuers vance notice of any adverse change in the items may tighten the availability of credit or they may that appear in the disclosure table required under adjust the pricing on card accounts, making the the Fair Credit and Charge Card Disclosure Act use of credit cards more expensive. Issuers as well as of any increase in a cash advance fee. might, for example, stiffen the penalty for late The proposed legislation would also require that, payments or for exceeding a credit limit. Some before the change, the notice along with the issuers might charge fees that typically have not entire disclosure table be provided on one or been imposed, such as application processing more periodic statements of account activity sent fees or transaction fees for purchases. Other to consumers. issuers might eliminate or shorten grace periods. The Board does not believe that this additional These actions could have a negative effect on disclosure requirement is needed. The Board has consumers in general and on less affluent borrowlittle evidence that additional disclosure is re- ers in particular. Furthermore, restricting the quired to adequately inform consumers about ability of card issuers to change terms would not changes in the terms of their accounts. Rather, give them much of an incentive to reduce credit consumer concern is likely based on the fact that card interest rates when conditions might permit a change takes place, not the lack of advance reductions; if rates were lowered, it would then knowledge of the change. This conclusion is be more difficult for card issuers to increase these borne out somewhat by the consumer complaints rates when necessary. received by the Board in this area, although they In summary, the Board does not believe that are few. Furthermore, if the legislation became new disclosure or substantive requirements are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 Federal Reserve Bulletin • December 1991 needed in connection with credit and charge card tially. In 1990, more than 717,000 nonbusiness accounts. bankruptcies were filed, compared with 616,000 in 1989 and just over 284,000 in 1984. For bank credit cards in 1984, 3.3 percent of outstanding THE CREDIT CARD INDUSTRY debt was thirty or more days delinquent. That figure has increased, and by the end of 1990, 4.46 The Fair Credit and Charge Card Disclosure Act percent of outstanding bank credit card debt was directs the Federal Reserve to report to the delinquent. In spite of this rising delinquency, Congress annually about the profitability of credit card operations continue to be a strongcredit card operations of depository institutions. performing segment of the banking industry. The Board has issued two reports, one in 1990 and another in September 1991. The 1990 report Lack of Change in Credit Card showed that in recent years, credit card profit- Interest Rates ability generally was higher than returns on other major bank product lines. The 1991 report found A notable phenomenon in the card market is that that net earnings of credit card banks were higher interest rates on credit card debt have remained in 1990 than they were in both 1989 and 1988. quite stable in recent years. The Board, of Competition among card issuers is intense and course, is aware of the long-standing concerns of has taken several forms. For example, some card some consumers about the sustained high level issuers are lowering or waiving fees such as and rigidity of credit card interest rates. annual membership fees, raising credit limits As with other types of credit, the cost of funds available to customers, offering enhancements for credit card operations is an important comsuch as purchase protection plans and travel ponent of average and marginal costs, although it insurance, or offering rebate programs for pur- is substantially less important for credit card chases or discounts on various services. These operations than it is for other major types of bank changes have effectively reduced the costs that lending. On average, credit card rates have not many consumers incur, or increased the benefits responded significantly to changes in funding that many consumers enjoy, in holding and using costs. In analyzing the reasons for this response, their credit cards. it is important to bear in mind that the interest Although some industry consolidation has oc- rate is only one element of credit card pricing. curred recently, new firms continue to enter the Other features, such as annual fees, grace perimarket, and existing firms continue to expand ods, late payment fees, and enhancements, are operations. Over the past few years, the avail- also important components of overall pricing. ability of credit cards to consumers has in- Card issuers may choose to modify these elecreased. Several major new card issuers have ments, rather than lending rates, when costs of entered the market. One issuer, Greenwood funds change. Issuers may also choose to relax Trust, which issues the Discover Card, is now credit requirements or raise credit limits to the largest card issuer in the country. A second broaden and maintain their customer base. Or, of issuer, Universal Bank, which issues the AT&T course, they may simply benefit from the public's Universal card, has attracted about 8 million willingness to continue to borrow on their credit cardholders in less than one year. Further entry cards even when the interest rates charged do not into the market by large businesses is antici- respond to a decline in card issuers' costs of pated, as evidenced by the announced intention funds. of major U.S. automobile companies and at least There is a debate about why credit card one large regional telephone company to offer interest rates seem to be so stable. One possible credit cards. explanation of price "stickiness" relates to the At the same time, problem loans have in- differences in consumer behavior or the type of creased recently. Credit card delinquency rates consumer that card issuers encounter as a result and consumer bankruptcies, which directly re- of rate increases or decreases. A presumption late to credit card losses, have risen substan- under this theory is that card issuers face at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to the Congress 987 least two classes of consumers whose behavior potential savings in interest costs from switching makes rate reductions unattractive even when from a high-rate issuer to a low-rate issuer may funding costs decline. The first class of consum- not be substantial. Because the average balance ers do not intend to borrow on their accounts, outstanding for those consumers who regularly but instead, maintain credit card accounts pri- borrow is approximately $1,500, a reduction in marily for convenience. Although these conve- credit card rates from, for example, 20 percent to nience users may unexpectedly borrow at high 16 percent is likely to save the consumer about rates, their use of credit is not responsive to $60 per year. I suspect that for many consumers changes in interest rates. They are valuable this potential savings is not sufficiently great to customers for the bank because they may be overcome the convenience of retaining their curbetter credit risks and are unlikely to respond to rent accounts and the costs of changing acinterest rate changes. The second class of con- counts. sumers fully intend to borrow on their credit If credit card issuers perceive that the demand card accounts and are therefore more respon- for their credit cards is not very sensitive to sive to rate changes. These consumers may, interest rates, they may have little incentive to however, be less attractive credit risks. adjust their rates rapidly to changing financial Because a reduction in rates will attract few conditions. This is particularly true if, in addiof the more creditworthy consumers but per- tion, they must incur some costs to change credit haps will attract many consumers that could card rates (such as costs to advertise, change cause losses from delinquency or default, this solicitation literature, and generally inform custheory proposes that issuers faced with these tomers of changes). The gain from changing results will be reluctant to reduce rates in prices simply may not justify the cost of doing so response to reductions in funding costs. This for those card issuers. theory is somewhat controversial because it Although these explanations and others have assumes persistent irrational behavior on the been offered for the marked stickiness in credit part of a class of consumers. card interest rates, little consensus exists as to An alternative explanation offered for the which explanation has the most merit. stickiness in rates assumes that established credit In closing, I would like to emphasize that the card issuers have a solid customer base that does Board believes it is important that consumers not change its use of credit cards in response to have adequate information to shop for credit. But changes in interest rates because of the costs of more disclosure is not necessarily better disclosearching for, and switching to, another card sure. The federal law requiring early disclosure provider. These costs include the following: (1) of credit card terms has been in effect for only the time and effort to identify a more attractive about two and one-half years. The full effect of credit card and to complete a new credit card this law should be realized before additional application, (2) the potential effect of having a federal legislation in the credit card area is credit rejection added to a credit bureau report, adopted. Moreover, compliance with ever- (3) the possibility of a reduced credit limit with changing laws and regulations imposes substanthe new issuer, (4) uncertainty about the quality tial costs on creditors. We believe that these of service with a new card issuer, and (5) uncer- costs will ultimately be borne by consumers tainty about future rates and fees. Also, the through increased prices or reduced services. • Statement by David W. Mullins, Jr., Vice Chair- Thank you for this opportunity to present the man, Board of Governors of the Federal Reserve Federal Reserve Board's views on legislative System, before the Subcommittee on Telecom- proposals pertaining to the regulation of the munications and Finance of the Committee on government securities market. Energy and Commerce, U.S. House of Repre- As I noted in testimony before you in Septemsentatives, October 25, 1991 ber, the Board considers the U.S. government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 Federal Reserve Bulletin • December 1991 securities market to be the most important secu- And plans for automating the auction process rities market in the world. It is important for at have been accelerated. The objective is to build a least three reasons. First, market conditions fully computerized bidding procedure. This inithere determine the cost to the taxpayer of tiative should not only broaden access to the financing U.S. government operations. Second, primary market and enhance enforcement efforts this market serves as the foundation for other but also should facilitate other potential improvemoney and capital markets here and abroad and ments in the auction process. Broader-based as a prime source of liquidity for financial insti- participation in auctions should reduce the vultutions. Finally, and for us perhaps most impor- nerability to abuses and result in a deeper, more tant, it is the market in which the Federal Re- efficient market. serve implements monetary policy; in this role, it More sweeping changes are, I believe, premust be an efficient and reliable transmitter of mature at this time; for the reasons I noted policy actions. earlier, I feel that it is too early to move forward The U.S. government securities market is a with specific legislative initiatives prompted by valuable national resource and has performed the Salomon Brothers episode. A comprehenvery well throughout the years. Nevertheless, it sive review of the market and the abuses has is not immutable, and it is certainly not per- not yet been completed. Rigorous study is fect—as the admissions of wrongdoing by Sa- required to determine the need for change, to lomon Brothers have quite clearly pointed out. weigh the costs and benefits of alternatives, and But, changes—especially government-mandated to craft any requisite legislation that would changes—in market practices, structure, and reg- improve the market without significant adverse ulation must be rigorously derived from thought- consequences. ful study of this marketplace so that the chance Of course, I do welcome the opportunity to of inadvertent damage to the market is mini- discuss the proposals before us today. These mized. These hearings contribute to that process proposals fall into two broad categories—those of careful consideration. Without such a process, designed to address the Salomon Brothers regulatory changes—however well-intentioned— abuses and those associated more generally with risk producing costly mistakes. the debate on the reauthorization of the Govern- The unparalleled depth and liquidity of the ment Securities Act. With respect to the latter market must be preserved in any reforms that are proposals, several of them involve issues that instituted. Useful changes can likely be made, were analyzed in 1990 by the General Accounting but the bulk of them should await the results of a Office in its report on the Government Securities thorough, full-scale investigation of the market. Act and by the Treasury, the Board, and the SEC Such a study is under way by the Treasury in their joint report. Progress on these proposals Department, the Federal Reserve, and the Secu- can certainly be made now. In particular, as the rities and Exchange Commission (SEC). This October 1990 joint report and earlier Board tesinteragency study encompasses both the primary timony stated, the Board supports extending—or and secondary markets in government securities, more correctly, now reinstating—the rulemaking and the proposals emerging from it will likely authority of the Treasury Department that exinteract in complex ways. A piecemeal approach pired at the beginning of October. And it would cannot capture these interactions; a coordinated want this authority to be made permanent. approach is needed. With regard to mandated dissemination of While the interagency study is in process, trading information and sales practice rules, the some actions are being taken in response to the Board still believes that a decisive case has not abuses that Salomon Brothers committed. In yet been presented for adding statutory requireparticular, surveillance and enforcement activi- ments. Nevertheless, the Board would not opties have been intensified. A permanent, intera- pose a modest broadening of current law, with gency surveillance group has been created to adequate safeguards. formalize and expand information sharing among Specifically, in the case of information on the Treasury, the Federal Reserve, and the SEC. securities trading, the Board would urge that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements to the Congress 989 current private-sector initiative in this area be But imposing this burden with respect to all large given adequate opportunity to satisfy congres- traders may not be necessary and could well sional concerns, with backstop authority to man- involve significant costs. date dissemination if necessary. The Board has Although a system for large-trader reporting some reservations, however, about whether the may be appropriate for the stock market, the current proposal on dissemination of information market for government securities is very differincludes enough leeway to allow for a more ent. The need for large-trader reporting must be efficient, more flexible, market-based solution to rigorously determined, based upon the findings the problem before the government steps in with of the Board's study of this episode, because of regulation. For example, adding language that the possibly considerable costs associated with requires the government to make specific find- this reporting burden. These costs include the ings before invoking its backstop authority to direct cost incurred by market participants in mandate information disclosure would help pro- producing and maintaining reports. More imporvide some additional safeguards against unneces- tant, such a reporting system could cause some sary regulation. investors to withdraw from a Treasury market in If the Congress feels that a provision for sales which their finances and trading strategies may practice rules, too, is necessary, perhaps the be revealed. Because reduced investor demand least costly and most responsive added measure could translate into higher interest rates required would be a simple removal of the prohibition that to finance Treasury debt, the Board must careblocks the National Association of Securities fully assess this potential increase in taxpayer Dealers (NASD) from applying its sales practice cost. Indeed, equally efficacious but much less rules to government securities transactions. That costly alternatives to a large-trader reporting change would bring NASD firms into line with system may exist. The stakes are high; the conwhat is already the case for member firms of the sequences of mistakes are severe; and the Board New York Stock Exchange, extending rules for believes that careful study is required before sales practices to all nonbank brokers and deal- proceeding with proposals in this area. ers. In this process, which would, in essence, Concerning the proposals for requiring internal take place with oversight by the SEC, the Board controls and extending SEC authority to prevent would favor substantive consultation and coop- fraudulent and manipulative acts and practices, I eration with the Treasury Department as the expect that the Board's review of the market and primary regulator of this market. In general, the its regulation will shed light on the need for such Board favors consultation and cooperation and legislation. Certainly, securities firms must have opposes the granting of veto powers over other adequate internal procedures to prevent wrongagencies' regulations in this market. The Board is doing by their employees, and adequate provipleased that the committee's legislative propos- sions to prevent fraud in this market are needed. als include extensive consultation provisions. However, a determination on whether these two The other four proposals on which you re- provisions would represent significant, costquested the Board's views appear to represent effective, additions that are appropriate in this responses to the Salomon Brothers episode and regard should, in the Board's view, await the thus fall into the category of proposals that, in results of further study. the Board's view, are better considered as part of The Salomon Brothers episode highlighted a comprehensive review of the market. Although some vulnerabilities in the government securities the Board is not prepared to express a definitive market; it also presented the Board with an view, I would like to share some preliminary opportunity not only to solve the specific probreactions to these proposals. lems but also to initiate a comprehensive study Perhaps the strongest potential concerns are for designing and implementing fundamental imassociated with the proposed system of reporting provements in market practices, structure, and by large traders in the government securities regulation. I fully expect that the Board will be market. Additional recordkeeping and reporting able to use this opportunity to enhance the integby brokers and dealers may well be worthwhile. rity and efficiency of this important market. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 Announcements FINAL MODIFICATIONS OF RISK-BASED The PSAF is an allowance for the taxes that would CAPITAL GUIDELINES have been paid and the return on capital that would have been provided had the Federal Reserve's priced The Federal Reserve Board on October 4, 1991, services been furnished by a private business firm. issued final modifications, clarifications, and technical changes to the Board's risk-based capital PUBLICATION OF THE REVISED LIST OF guidelines. MARGIN ABLE OTC STOCKS AND THE REVISED The new guidelines, which are effective Novem- LIST OF FOREIGN MARGIN STOCKS ber 8, relate to the following: The Federal Reserve Board published on October • Treatment of residential mortgages that are 31, 1991, a revised List of Marginable OTC Stocks sold with recourse for over-the-counter (OTC) stocks that are subject to • Redemption of perpetual preferred stock its margin regulations and also a revised List of • Treatment of supervisory goodwill in the Foreign Margin Stocks for foreign equity securities definition of capital that are subject to Regulation T (Credit by Brokers • Treatment of claims on non-OECD central and Dealers). The lists are effective November 12, banks. 1991, and supersede the previous lists that were effective August 12, 1991. FEE SCHEDULES OF THE FEDERAL RESERVE The Foreign List indicates those foreign equity BANKS FOR 1992 securities that are eligible for margin treatment at broker-dealers. A1990 amendment to Regulation T The Federal Reserve Board announced on October made possible the eligibility of foreign securities for 31, 1991, the 1992 fee schedules for services margin treatment. Since publication of the last Forprovided by the Reserve Banks. The fees will eign List one company was deleted, and no combecome effective January 1, 1992. panies were added; the total number of foreign The fee schedules apply to check collection, equity securities on the list is now 294. automated clearinghouse transactions, funds transfer The changes that have been made to the revised and net settlement, book- entry securities, definitive OTC list, which now contains 2,766 OTC stocks, safekeeping, noncash collection, and special cash are as follows: services, and for electronic connections to the Federal Reserve. The 1992 fee schedules are available • One hundred thirty stocks have been included from the Reserve Banks. for the first time, 108 under National Market System In 1992, total costs for priced services, including (NMS) designation. float and the private sector adjustment factor • Forty-eight stocks previously on the list have (PSAF), are projected to be $781.3 million. Total been removed for substantially failing to meet the revenue is projected to be $785.6 million, resulting requirements for continued listing. in a 100.6 percent recovery rate. The fees for 1992 • Twenty-nine stocks have been removed for are based on total costs, including the PSAF but reasons such as listing on a national securities excluding costs for special projects. exchange or involvement in an acquisition. At the same time, the Board approved the 1992 PSAF for Reserve Bank priced services of $79.9 The Board publishes the OTC List for the million, a decrease of $5.9 million or 6.8 percent information of lenders and the general public. The from the $85.8 million targeted for 1991. list includes all OTC securities designated by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

991 Board pursuant to its established criteria as well as EXTENSION OF COMMENT PERIOD FOR all OTC stocks designated as NMS securities for MEETINGS HELD ON PROPOSED ACQUISITION which transaction reports are required pursuant to OF C&S/SOVRAN CORPORATION an effective transaction reporting plan. Additional BYNCNB CORPORATION OTC securities may be designated as NMS securities in the interim between the Board's quarterly publi- The Federal Reserve Board announced on October cations and will be immediately marginable. The 4,1991, that it had provided an additional thirty-day next publication of the Board's list is scheduled for period, until November 8,1991, to submit comments February 1992. regarding matters raised at four public meetings that Besides NMS-designated securities, the Board the Board held on the application by NCNB Corpowill continue to monitor the market activity of other ration to acquire C&S/Sovran Corporation. The OTC stocks to determine which stocks meet the meetings on this application were held during the requirements for inclusion and continued inclusion week of October 7, 1991, in Richmond, Charlotte, on the OTC List. Atlanta, and Dallas. PROPOSED ACTIONS CHANGES INBOARD STAFF The Federal Reserve Board on October 31, 1991, The Board of Governors has announced the followrequested public comment on a proposal to permit ing changes to the official staff in the Division of bank holding companies to raise additional tier one Banking Supervision and Regulation. risk-based capital through the sale of perpetual preferred stock. Comments were requested by William Taylor, Staff Director, resigned, effective November 22. October 25, 1991, to become Chairman of the The Federal Reserve Board withdrew on October Federal Deposit Insurance Corporation. The Board 31, 1991, a proposed modification to the price announced the promotion of Richard Spillenkothen structure for the Interdistrict Transportation System from Deputy Associate Director to Director to (ITS) component of the Federal Reserve's check replace Mr. Taylor. Stephen C. Schemering was collection service. This modification had been issued promoted from Deputy Associate Director to for public comment in August 1990. Deputy Director, and William A. Ryback was promoted from Deputy Associate Director to Associate Director. The Board also announced the resignation of Joe M. Cleaver, Assistant Director, effective October 31, 1991. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON AUGUST20,1991 sales at general merchandise, apparel, and furniture outlets in July more than retraced a sharp June The information reviewed at this meeting was mixed, decline. Housing starts continued to trend higher in but it suggested on balance that economic activity July. As had been the case thus far in the upturn, was expanding at a moderate pace. Some strength- most of the July increase occurred in single-family ening in consumption expenditures, notably for units; multifamily starts edged up but remained near motor vehicles, and in single-family residential the thirty-year low recorded in May. Sales of both investment was providing much of the impetus for new and existing homes strengthened further in the recovery. On the other hand, business fixed June. investment was still weak, and the runoff of business Business fixed investment declined again in the inventories was showing few signs of abating. On second quarter as outlays for producers durable the supply side, production had strengthened, equipment fell modestly, and forward-looking particularly in manufacturing and housing, but labor indicators pointed to sluggishness in spending for demand remained soft overall. Increases in con- equipment over the near term. Reflecting in part the sumer prices had been small in recent months, while damping effect on office construction of high vacancy the pace of labor cost increases did not appear to rates and falling property values for existing have slowed further. buildings, the decline in nonresidential construction Total nonfarm payroll employment edged down continued in the second quarter, and data on in July, but substantial upward revisions to data for construction permits and contracts suggested that May and June left the July level above that for April. this sector likely would remain weak for an extended Job gains were recorded in manufacturing, retail period. Inventory liquidation by manufacturers and trade, and health services in July, but employment in non-auto trade establishments continued through the construction and various financial service industries second quarter, although the pace slowed in June continued to contract. Despite the lower employment from the sharp declines of April and May. The ratio level and a sharp decline in the average workweek, of stocks to sales at these establishments was about the unemployment rate fell slightly to 6.8 percent in unchanged. July apparently owing to a net exit of jobless workers The nominal U.S. merchandise trade deficit from the labor force. narrowed somewhat in June from the downward Led by another rise in the production of motor revised May value and was somewhat below its rate vehicles, industrial production rose appreciably for the first quarter. For the second quarter, there further in July, although the rate of increase was a was substantial growth in the value of exports, little less than the average pace in the second quarter. primarily resulting from strength in machinery, Over the period from April through July, production commercial aircraft, and automotive products. The retraced nearly half of the decline that had occurred value of imports edged up as increases in foods and between September of last year and March. Total selected capital goods were not quite offset by industrial capacity utilization rose for a fourth declines in oil and automotive products. Economic consecutive month in July, but the overall operating activity in the major foreign industrial countries rate was still well below its longer-run average. continued to present a mixed picture. Tentative signs of more rapid growth emerged in the second Retail sales rose in July, and previously reported quarter in some European countries, but the pace of increases for May and June were revised upward. economic activity appeared to have eased in Japan Gains at automotive dealers remained strong, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

993 and Germany from robust rates in the first quarter. aged around 5 3A percent in the early part of the Declines in the prices of food and energy in June intermeeting period, but following the action to and July damped the rise in consumer prices and ease reserve conditions, the rate averaged about lowered producer prices of finished goods. Exclud- 5VT percent. ing food and energy items, consumer prices rose Other market interest rates declined appreciably over the twelve months ended in July at a slightly over the intermeeting period in response to downslower rate than in the preceding twelve months. At ward revisions in market expectations about the the producer level, prices of nonfood, non-energy pace of the recovery and price pressures, the easing items continued to increase in July at the very slow of reserve conditions, and especially for short-term second-quarter pace. Total compensation per hour Treasury securities, the uncertain outcome of the for private industry workers accelerated a bit in the coup attempt in the Soviet Union that had begun a second quarter, reflecting the effects of a sharp few days before the meeting. Despite the uncertainty increase in the cost of benefits and the upward surrounding the status of the recovery, interest rates adjustment of the minimum wage in April. on private instruments fell as much as Treasury At its meeting on July 2-3, 1991, the Committee yields, and most major indexes of stock market adopted a directive that called for maintaining the prices advanced considerably. Expectations of a existing degree of pressure on reserve positions and slower recovery and an easier monetary policy in the that did not include a presumption about the likely United States contributed to a decline on balance in direction of any intermeeting adjustments to policy. the trade-weighted value of the dollar in terms of the Accordingly, the Committee decided that somewhat other G-10 currencies over the intermeeting period. greater or somewhat lesser reserve restraint might Late in the period, the coup attempt in the Soviet be acceptable during the intermeeting period ahead Union triggered a sharp rise in the dollar against depending on progress toward price stability, trends many European currencies. in economic activity, the behavior of the monetary The broad monetary aggregates were quite weak aggregates, and developments in foreign exchange in July. After several months of sluggish growth, and domestic financial markets. The reserve condi- M2 contracted as expansion in transaction deposits tions contemplated at this meeting were expected slowed and retail time deposits continued to run off to be consistent with some increase in the growth at a rapid rate. M3 fell further in July as declines in of M2 and M3 to annual rates of around 5LA and M2 were augmented by further runoffs of large time 3 percent respectively over the three-month period deposits. The reasons for the weaker-than-expected from June through September. growth of the broader aggregates were not entirely Open market operations during the intermeeting understood; however, it appeared that the underlying period initially were directed toward maintaining weakness in credit growth at depository institutions the existing degree of pressure on reserve positions. combined with shifts of funds out of the broader Subsequently, in early August, reserve pressures aggregates by depositors reaching for higher yields were eased slightly; this action was taken against a were contributing to the reduced growth. For the backdrop of indications that price pressures were year through July, M2 and M3 had expanded at rates abating and the recovery was proving to be sluggish near the lower ends of the Committee's ranges. at a time of persisting weakness in the broad The staff projection prepared for this meeting monetary aggregates. Over the course of the period, indicated that the economy was continuing to recover two technical increases were made to expected from the recent recession, although somewhat levels of adjustment plus seasonal borrowing to slower growth than previously anticipated was now reflect the run-up in seasonal borrowing that usually projected for the second half of the year. The occurs at this time of the year. In the three reserve projection still pointed to moderate expansion in maintenance periods completed since the July final demand over the next several quarters, with meeting, adjustment plus seasonal borrowing tended economic activity later this year and in the first part to run at appreciably higher levels than expected, of 1992 given added impetus by a cyclical swing owing in part to difficulties in estimating nonbor- from substantial liquidation to modest accumulation rowed reserve needs near the ends of reserve in business inventories. The stimulus from the swing maintenance periods. The federal funds rate aver- in inventories was expected to diminish during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 Federal Reserve Bulletin • December 1991 first part of next year, but business capital expendi- reactions suggested the possibility of some adverse tures were projected to pick up as the recovery consequences for the U.S. economy stemming in continued. Real purchases of goods and services by part from a further deterioration in business and the federal government were projected to trend consumer confidence, an increase in the price of oil downward, and budgetary problems were expected and the value of the dollar, and perhaps higher to restrain spending by state and local governments. long-term interest rates. On balance, the expansion in economic activity was The financial sector of the domestic economy projected to be relatively moderate in comparison continued to be seen as a potential source of with past cyclical experience. Persisting though developments that could hold the expansion below diminishing slack in the economy was expected to the forecast. Financing from a number of instituinduce a further moderation in cost pressures and an tional lenders had been curtailed for some time and appreciable decline in the core rate of inflation over did not yet show signs of becoming more readily the period through 1992. available; indeed, mounting difficulties for some In the Committee's discussion of current and life insurance companies could reduce further prospective economic and financial conditions, the the willingness of these lenders to extend credit. members generally agreed that the recovery was Members also commented that the continuing continuing, although recent economic data and the publicity given to the weakened condition of many general tenor of the anecdotal information suggested financial institutions along with widespread reports an uneven performance in different sectors of the of financial scandals tended to erode confidence. economy and parts of the country. While sustained Several observed that the weakness of the monetary expansion at a moderate pace was still viewed as a aggregates, while not closely correlated with shortreasonable expectation, many members now be- run economic performance, was nonetheless a matter lieved that the risks were tilted toward the downside. of increasing concern to the extent that it implied These risks stemmed to an important extent from the unusual constraints on the availability of credit and financial side of the economy: life insurance com- possibly a faltering economic expansion. On the panies as well as banks had become quite cautious positive side, the financial condition of banking lenders, and the very weak recent data on both institutions appeared to be continuing to stabilize or money and credit added to concerns about financial improve. Indeed, while banks had raised their credit developments. In addition, consumer surveys and standards, bank financing was widely reported to be business contacts suggested some erosion in the readily available to creditworthy borrowers, at least confidence that had built up amid the initial signs of outside the real estate sector, though bank lending an economic turnaround after the end of the Persian continued to lag because of weak credit demand Gulf war. Some members commented, however, associated in part with inventory liquidation and that the prospective sources and potential strength of because many business firms were taking advantage the expansion were always difficult to discern at this of their direct access to financial markets. In the stage of the recovery, and a stronger-than-projected absence of further deterioration in lender confiexpansion could not be ruled out. With regard to the dence, the availability of loans from financial outlook for inflation, members continued to antici- intermediaries could be expected to increase over pate a reduction in its core rate over coming quarters, time and appeared likely to be adequate to finance a especially following an extended period of restrained moderate recovery. Nonetheless, the risks seemed monetary growth. However, several expressed to be skewed toward the possibility of further disappointment regarding the recent behavior of difficulties damping credit supplies and impeding labor costs and commented that progress toward economic growth. lower inflation might be more limited, at least in the In the course of their discussion, members quarters immediately ahead, than they had expected commented on continuing indications of mixed earlier. business conditions in different parts of the country. Recent events in the Soviet Union had introduced They noted that economic activity appeared to have a new element of uncertainty in the economic deteriorated at least marginally in several regions, outlook. The outcome of the coup attempt was though the available evidence pointed on the whole uncertain but, should it succeed, early market to growth in the overall economy. Members referred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee 995 to the contrast between gloomier business attitudes activity, reflecting the persistence of high vacancy and the improvement that was occurring in some rates in many parts of the country that were likely to sectors of the economy, notably industrial production hold back new building for an extended period. and housing. Business executives seemed disap- Nonetheless, overall nonresidential construction pointed by a much less vigorous rebound in demand appeared to have bottomed out in some areas and than they had anticipated with the end of the Persian indeed to have edged up in others, buttressed by Gulf war. In the circumstances, they remained very expenditures on public works projects by a number cautious in managing their inventories and reluctant of state and local governments. Current spending to undertake major investment projects. for business equipment was less depressed though Available information suggested that inventories also indicative of considerable caution on the part of had declined somewhat further in recent months. As businessmen in the context of disappointing profits at previous meetings, members anticipated that with and uncertain demand for their products. While a inventories at much reduced levels, the pickup in pickup in equipment spending could be expected to final demand would at some point stimulate a occur with some lag during the course of the cyclical turnaround in inventory investment that would in upswing, overall capital spending was likely to grow turn provide an important fillip to the expansion. at a relatively subdued pace unless final demand Thus far, however, the evidence did not indicate turned out to be much stronger than the members a cumulative expansionary process involving currently expected and induced a major turnaround stepped-up inventory demand that generated growth in business sentiment. in production, incomes, and spending and in turn The outlook for residential construction remained stimulated further demand for inventories. Some more promising. Spurred by reduced mortgage members commented that the relative weakness in rates, sales of homes continued on a moderate commodity prices was further evidence that a self- uptrend in most areas and, indeed, represented a reinforcing process of that kind had not yet emerged bright spot in some otherwise depressed regions in the current cyclical recovery. There was little such as New England. While the construction of reason to conclude, however, that a dynamic process new housing was still being damped by relatively of that sort, which in the early stages of past cyclical high vacancy rates and the difficulties encountered recoveries had tended to provide the major thrust by some builders in obtaining financing, modest to the expansion, would fail to materialize in the strengthening in homebuilding was occurring in quarters ahead. many parts of the country. The recent decline in During their discussion, members commented long-term interest rates was cited as a further that retail sales appeared to be improving at least a favorable factor for housing construction activity. little in many parts of the country but remained quite Turning to the outlook for the nation's trade sluggish elsewhere. An important but geographically balance, members commented that export demand uneven source of strength was the sale of motor had continued to grow and several expressed vehicles, though contacts in the auto industry optimism regarding the prospects for further growth, suggested some disappointment over the sales including the outlook for expanding markets in Latin performance of many new models. In general, America. The trade balance would be influenced to consumers remained concerned about financial an important extent by the value of the dollar in developments, relatively heavy debt burdens, and foreign exchange markets; the latter was subject to uncertainty about employment prospects. While considerable uncertainty, especially in connection further growth in consumer spending was a likely with the events that were under way in the Soviet development, various factors tending to inhibit Union. Those events had raised questions about consumer confidence and an already low saving rate trade developments, notably the potential for repointed to relatively limited expansion in such duced world oil supplies and lower foreign demand spending over the quarters ahead. for U.S. goods, especially agricultural products. Members did not see business capital spending as The members also recognized that the domestic an important source of stimulus to the economy over economic expansion would have a damping effect on the next few quarters. There were continuing reports the trade balance by stimulating growth in imports. of marked weakness in commercial construction The members anticipated that federal government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 Federal Reserve Bulletin • December 1991 purchases of goods and services would be curtailed would be premature because the most recent ecoin line with last year's budget agreement. They noted nomic information, although mixed, still suggested that the recent developments in the Soviet Union had a moderate rate of economic expansion and also raised new uncertainties about the size of cutbacks in because of the questions that were raised about how defense spending, which had been projected to to interpret the behavior of the monetary aggregates. account for all the reduction in real federal expendi- Some members marginally favored an immediate tures . With regard to the state and local governments, move toward ease because of the weakness in the there continued to be widespread reports of current broader monetary aggregates and a sense that such a or expected spending cuts and higher taxes to counter move might bolster confidence and better ensure a budgetary shortfalls. On balance, overall govern- satisfactory recovery in the months ahead. Nonethement spending and tax policies appeared likely to less, they found acceptable an initially unchanged exert a somewhat negative influence on the eco- policy that was coupled with an instruction calling nomic expansion. for policy implementation to be especially alert to Given a projection of some persisting slack in developments that might require some easing during labor and product markets and following an ex- the intermeeting period. Other members viewed the tended period of relatively restrained monetary risks to the expansion as more evenly balanced or growth, the members continued to anticipate appre- questioned the extent to which further easing in the ciable progress toward lower inflation over the near term might stimulate monetary growth or result period through 1992. Competitive pressures, includ- in lower long-term interest rates. Accordingly, they ing competition from foreign producers, remained felt that retaining the current symmetric directive strong in markets for many products, and the decline was a preferable option. They were concerned about in consumer inflation over the course of recent the risk of responding to what might prove to be months was likely to have a favorable effect on short-lived fluctuations in the economic data and inflationary expectations. On the negative side, the anecdotal information bearing on the performance recent lack of progress in bringing down the rate of of the economy. In particular, the persistence of increase in labor costs was a worrisome develop- inflationary cost pressures made it advisable to ment. While some of the upward pressures on such pause in order to assess the implications of the costs appeared to reflect special factors such as the information that would become available over the second-quarter rise in the minimum wage, a major next few weeks, including data on the behavior of underlying cause was the continuing surge in the the monetary aggregates. Nonetheless, given precost of benefits, especially medical insurance. In this vailing uncertainties, these members could accept a situation, several members observed that they now directive that was biased toward possible easing in anticipated less progress toward a lower core rate of the weeks ahead. inflation over the next several quarters. In the course of the Committee's discussion, Against the background of a broad consensus that members devoted considerable attention to the a moderately paced recovery with ebbing inflation behavior of the monetary aggregates. While the probably was under way, all of the members cumulative growth of M2 and M3 for the year to date indicated that they preferred or could accept a was still within the Committee's ranges—though proposal to maintain an unchanged degree of near the bottom of those ranges—the weakness in pressure on reserve positions. In addition, a majority recent months, including declines in both aggregates expressed a preference for an asymmetric directive in July, was seen by many members as a disturbing that was tilted toward possible easing during the development. The members acknowledged that it weeks ahead. Those favoring such asymmetry felt was difficult to disentangle the various reasons for that the risks to the expansion were largely on the the unexpected shortfall in monetary growth and side of a weaker-than-projected economy, and they thus the implications for the thrust of monetary believed that the Federal Reserve should react policy. In the context of essentially unchanged or promptly to any signs that the expansion was less even declining interest rates, there appeared to be robust than desired or that monetary conditions little import for the economy and monetary policy to might be inconsistent with sustained growth. How- the extent that the shortfall reflected shifts of funds ever, they believed that an immediate easing move out of the broader aggregates and into nonmonetary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee 997 investment instruments that provided higher interest fluctuations, thereby misconstruing the views of returns, thereby bypassing depository institutions many members. but tending to have little effect on the overall At the conclusion of the Committee's discussion, availability of credit. Of potentially greater concern all of the members indicated that they could vote for and significance for policy was the evidence that a directive that called for maintaining the existing some of the weakness of the monetary aggregates degree of pressure on reserve positions. All also stemmed from unusual constraints on the amount of indicated that they preferred or could accept a credit provided by depository institutions and directive that included a bias toward possible easing implied restraint on the overall supply of credit. The during the intermeeting period. Accordingly, the weak growth in credit extended by depository Committee decided that somewhat greater reserve institutions reflected, of course, an uncertain com- restraint might be acceptable or somewhat lesser bination of anemic demand by creditworthy bor- reserve restraint would be acceptable during the rowers and supply constraints by lending institu- period ahead depending on progress toward price tions. The behavior of M2 and M3 also might be stability, trends in economic activity, the behavior of indicative of even weaker nominal spending than the monetary aggregates, and developments in forwas currently recognized and hence a monetary eign exchange and domestic financial markets. The policy stance that was too tight under such circum- reserve conditions contemplated at this meeting stances. According to a staff analysis prepared for were expected to be consistent with a resumption in this meeting, growth in both measures could be the growth of M2 and M3 during the weeks ahead, expected to pick up a little over the months ahead, but in light of the declines in these aggregates since assuming steady reserve conditions. The persistence June, the Committee now anticipated that M2 would in some degree of recent relationships between be little changed and M3 would be down at an annual movements in short-term interest rates, income, and rate of about 1 percent in the period from June monetary growth would imply slower monetary through September. expansion than might otherwise be expected. At the conclusion of the meeting, the following In these circumstances, many members indicated domestic policy directive was issued to the Federal that continued weakness in M2 and M3 would be a Reserve Bank of New York: matter of increasing concern, especially given The information reviewed at this meeting has been questions about the strength of the economic mixed, but it suggests on balance that economic activity is recovery. Some favored a proposal to give greater expanding at a moderate pace. The unemployment rate emphasis in the directive to the behavior of the fell slightly to 6.8 percent in July, but total nonfarm monetary aggregates in guiding possible intermeet- payroll employment edged down and the average working adjustments in policy, at least for the period week posted a sharp decline. Industrial production rose ahead. However, a majority preferred to retain the appreciably further in July. Consumer spending has increased considerably in recent months, led by sizable current directive wording. In support of this view, gains in expenditures for motor vehicles. New orders for some commented that in recent years the broader nondefense capital goods point to little change in spending aggregates have been unreliable indicators of the for business equipment over the near term, and nonresipath of the economy over the quarters immediately dential construction remains weak. Housing starts rose ahead and thus imperfect guides for short-run policy further in June and July. The nominal U.S. merchandise adjustments. Some observed that growth in Ml and trade deficit declined in June, and its average for the total reserves had held up fairly well on balance over second quarter was somewhat below the rate in the first quarter. Increases in consumer prices have been small in the past several months and that the behavior of recent months. those measures might be more indicative of the Over the intermeeting period prior to August 19, underlying thrust of monetary policy than that of the market interest rates declined appreciably and the tradebroader aggregates on which the Committee had weighted value of the dollar in terms of the other G-10 tended to focus. Giving the monetary aggregates currencies depreciated somewhat. Subsequently, in the more prominence in the directive could provide a wake of events in the Soviet Union, Treasury bill rates fell somewhat further and the dollar rebounded sharply against misleading indication of the adjustments that would many European currencies. be made to reserve conditions in response to the M2 contracted in July after several months of slow behavior of the aggregates, including aberrant growth and M3 fell further. For the year through July, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 Federal Reserve Bulletin • December 1991 expansion of M2 and M3 has been near the lower ends of velocities, and developments in the economy and financial the Committee's ranges. markets. The Federal Open Market Committee seeks monetary In the implementation of policy for the immediate and financial conditions that will foster price stability and future, the Committee seeks to maintain the existing promote sustainable growth in output. In furtherance of degree of pressure on reserve positions. Depending upon these objectives, the Committee at its meeting in July progress toward price stability, trends in economic reaffirmed the ranges it had established in February for activity, the behavior of the monetary aggregates, and growth of M2 and M3 of 2Vi to 6V2 percent and 1 to developments in foreign exchange and domestic financial 5 percent, respectively, measured from the fourth quarter markets, somewhat greater reserve restraint might or of 1990 to the fourth quarter of 1991. The monitoring somewhat lesser reserve restraint would be acceptable in range for growth of total domestic nonfinancial debt also the intermeeting period. The contemplated reserve was maintained at \xh to 8V2 percent for the year. For conditions are expected to be consistent with a resumption 1992, onatentative basis, the Committee agreed in July to of growth of M2 and M3 in the weeks ahead; but in view of use the same ranges as in 1991 for growth in each of the the declines already posted since June, the Committee monetary aggregates and debt, measured from the fourth anticipates that M2 would be little changed and M3 would quarter of 1991 to the fourth quarter of 1992. With regard be down at an annual rate of about 1 percent over the to M3, the Committee anticipated that the ongoing period from June through September. restructuring of thrift depository institutions would continue to depress the growth of this aggregate relative to Votes for this action: Messrs. Greenspan, Corrigan, spending and total credit. The behavior of the monetary Angell, Black, Forrestal, Keehn, Kelley, LaWare, aggregates will continue to be evaluated in the light of Mullins, and Parry. Votes against this action: None. progress toward price level stability, movements in their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

999 Legal Developments FINAL RULE—AMENDMENTS TO REGULATIONS Communications Transmission, Inc.: $.01 par com- G, T, U, AND X mon Concurrent Computer Corporation: $.01 par common The Board of Governors is amending 12 C.F.R. Parts CPC-Rexcel, Inc.: $.01 par common 207, 220, 221, and 224, its Regulations G, T, U, and X Cutco Industries, Inc.: $.10 par common (Securities Credit Transactions; List of Marginable OTC Stocks; and List of Foreign Margin Stocks). The Damon Group Inc.: $.01 par common List of Marginable OTC Stocks (OTC List) is comprised of stocks traded over-the-counter (OTC) in the Elcotel, Inc.: $.01 par common United States that have been determined by the Board of Governors of the Federal Reserve System to be Farm & Home Financial Corporation: 13% Series A, subject to the margin requirements under certain Fed- cumulative exchangeable preferred eral Reserve regulations. The List of Foreign Margin First Financial Management Corp.: 1% convertible Stocks (Foreign List) represents foreign equity secusubordinated debentures rities that have met the Board's eligibility criteria under Regulation T. The OTC List and the Foreign GTE California Inc.: 5% cumulative preferred List are published four times a year by the Board. This Guaranty Bancshares Corporation: No par common document sets forth additions to or deletions from the previous OTC List and deletions from the previous Homestead Holding Corporation: $1.00 par common Foreign List. Both Lists were published on July 29, 1991 and effective on August 12, 1991. Instituform Group Limited: Warrants (expire 09-28- Effective November 12, 1991, accordingly, pursuant 91) to the authority of sections 7 and 23 of the Securities INVG Mortgage Securities Corp.: $.01 par common Exchange Act of 1934, as amended (15 U.S.C. 78g and Invitron Corporation: $.02 par common 78w), and in accordance with 12 C.F.R. 207.2(k) and 207.6(c) (Regulation G), 12 C.F.R. 220.2(u) and Jetborne International, Inc.: $.01 par common 220.17(e) (Regulation T), and 12 C.F.R. 221.2(j) and 221.7(c) (Regulation U), there is set forth below a Kinder-Care Learning Centers, Inc.: $.01 par common listing of deletions from and additions to the OTC List, and the one deletion from the Foreign List. Landmark Bank for Savings (Massachusetts): $.10 par common Deletions from the List of Marginable OTC Laser Corporation: $.01 par common Stocks Laurel Savings Association (Pennsylvania): $1.00 par common Stocks Removed for Failing Continued Listing LDB Corporation: $5.00 par common Requirements Margo Nursery Farms, Inc.: $.001 par common Artel Communications Corporation: Rights (expire MLX Corp.: $.01 par common 07-25-91) North American Savings Bank (Missouri): $1.00 par Bankeast Corporation: $1.00 par common common Numerica Financial Corporation: $.10 par common Cenvest, Inc.: $.01 par common Checkrobot, Inc.: $.01 par common Old Fashion Foods, Inc., $.20 par common Cherne Medical, Inc.: No par common Child World, Inc.: $.10 par common Perpetual Financial Corporation: $.01 par common, City Resources (Canada) Ltd.: No par common Series A, cumulative convertible preferred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 Federal Reserve Bulletin • December 1991 Personal Diagnostics, Inc.: $.01 par common Readicare, Inc.: $.01 par common PSH Master L.P.I: Units of limited partnership interest Shirt Shed, Inc., The: $.01 par common Response Technologies, Inc.: Series A, $1.00 par Southern National Corporation: $5.00 par common convertible preferred Robotic Vision Systems, Inc.: $.01 par common U.S. Precious Metals, Inc.: No par common Ross Industries, Inc.: $1.00 par common United Healthcare Corporation: $.01 par common Royal Gold, Inc.: $.01 par common Vanfed Bancorp: $1.00 par common SSMC, Inc. N.V.: 15% Series B cumulative preferred Vanguard Real Estate Fund I, A Sales Commission- Stake Technology Ltd.: No par common Free Income Properties Fund: Shares of beneficial Suffield Financial Corporation: $1.00 par common interest Vanguard Real Estate Fund II: No par shares of Tinsley Laboratories, Inc.: No par common beneficial interest Ventrex Laboratories, Inc.: $.01 par common Unity Healthcare Holding Co., Inc.: $.01 par common Weigh-Tronix, Inc.: $.01 par common Victoria Creations, Inc.: No par common Viejo Bancorporation: No par common Ziegler Company, Inc., The: $1.00 par common Williams, A.L., Corporation: 7.25% convertible subordinated debentures Additions to the List of Marginable OTC Stocks Stocks Removed For Listing On A National Securities Exchange Or Being Involved In An AG Services of America, Inc.: No par common Acquisition Alexander Energy Corporation: $.03 par common Alkermes, Inc.: $.01 par common 20th Century Industries: No par common American Healthcorp, Inc.: $.001 par common Amerifed Financial Corporation: $.01 par common ADT Limited: American Depositary Receipts Anergen, Inc.: No par common Aphton Corp.: No par common Black Industries, Inc.: $1.00 par common Artisoft, Inc.: $.01 par common Carrington Laboratories, Inc.: $.01 par common Biomatrix, Inc.: $.001 par common Cellular Communications, Inc.: $.01 par common BMC West Corporation: $.001 par common Centurion Gold Ltd.: No par common Body Drama, Inc.: No par common Courier Dispatch Group, Inc.: $.001 par common Bon-Ton Stores, Inc., The: $.01 par common Del Taco Restaurants, Inc.: $.01 par common Cap RX Ltd.: $.002 par common, Class A, Warrants (expire 07-17-95) Fabricland, Inc.: No par common Capital Bancorporation, Inc. (Missouri): $.10 par com- FNW Bancorp, Inc.: No par common mon Catherines Stores Corporation: $.01 par common Graphic Scanning Corp.: $.01 par common CCC Franchising Corp.: $.01 par common CE Software Holdings, Inc.: $.02 par common Hi-Lo Automotive, Inc.: $.01 par common Cellpro, Incorporated: $.001 par common Home and City Savings Bank (New York): $1.00 par Cellular Communications, Inc.: $.01 par redeemable common participating convertible preferred Centigram Communications Corporation: $.001 par Imco Recycling Inc.: $.10 par common common Inacomp Computer Centers, Inc.: $.05 par common Charter Golf, Inc.: $.001 par common Infotron Systems Corporation: $.01 par common Circle Financial Corporation: $1.00 par common Intermec Corporation: $.60 par common Community Bancorp, Inc. (New York): $.80 par common Nutmeg Industries, Inc.: $.01 par common Community Financial Corporation: $.01 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1001 Community First Bankshares, Inc. (North Dakota): Magic Software Enterprises Ltd.: Ordinary shares, $.01 par common NIS . 1 par value Computer Network Technology Corporation: $.01 par Medaphis Corporation: $.01 par common common Medical Dynamics, Inc.: $.001 par common Computer Telephone Corp.: Class I, $.01 par common Medicus Systems Corporation: $.01 par common Cybernetics Products, Inc.: $.01 par common Mediplex Group, Inc., The: $.10 par common Megacards, Inc.: $.01 par common Dianon Systems, Inc.: $.01 par common Meris Laboratories, Inc.: No par common DNA Plant Technology Corporation: $.01 par convert- Michaels Stores, Inc.: $.10 par common ible exchangeable preferred Micronics Computers, Inc.: No par common Microprose, Inc.: $.001 par common Electro medics, Inc.: $.05 par common Mobley Environmental Services, Inc.: Class A, $.01 Environmental Services of America, Inc.: $.02 par par common common Moleculon Biotech, Inc.: $.01 par common Executive Telecard, Ltd. $.001 par common Monro Muffler Brake, Inc.: $.01 par common Ezcorp, Inc.: Class A, non-voting, $.01 par common Mutual Assurance, Inc.: $1.00 par common Financial Industries Corporation: $1.00 par common NAB Asset Corporation: $.01 par common Fisher Imaging Corporation: $.01 par common Nam Tai Electronics, Inc.: $.02 par common National Beverage Corporation: $.01 par common Genetic Therapy, Inc.: $.01 par common National Pizza Company: Class B, $.01 par common Genetics Institute, Inc.: Warrants (expire 05-31-96) Newpark Resources, Inc.: $.01 par common GMIS Inc.: $.01 par common NMR of America, Inc.: $.01 par common Government Technology Services, Inc.: $.005 par Nutramax Products, Inc.: $.001 par common common Nview Corporation: No par common Grand Casinos, Inc.: $.01 par common Grant Tensor Geophysical Corporation: $.01 par con- Ocom Corporation: $.01 par common vertible preferred Omni Films International, Inc.: $.01 par common Great Lakes Bancorp, A Federal Savings Bank (Mich- Osteotech, Inc.: $.01 par common igan): No par convertible preferred Oxford Health Plans, Inc.: $.01 par common Hauser Chemical Research, Inc.: $.001 par common Paging Network, Inc.: $.01 par common Holopak Technologies, Inc.: $.01 par common Pharmchem Laboratories, Inc.: No par common Hycor Biomedical, Inc.: Warrants (expire 08-08-98) Photographic Sciences Corporation: $.01 par common Progress Software Corporation: $.01 par common Idee Pharmaceuticals Corporation: No par common Infrasonics, Inc.: No par common R-Tek Corporation: No par common Intergroup Healthcare Corporation: $.001 par com- Relift, Inc.: Class A, $.01 par common mon Right Start, Inc., The: No par common Interneuron Pharmaceuticals, Inc.: $.001 par com- Ringer Corporation: $.01 par common mon, Class A, Warrants (expire 03-08-95) Rogers Cantel Mobile Communications Inc.: Class B, Interstate Bakeries Corporation: $.01 par common no par subordinated voting shares Irwin Financial Corporation: $5.00 par common Royal Appliance Mfg, Co.: No par common Jean Philippe Fragrances, Inc.: $.001 par common, Salton/Maxim Housewares, Inc.: $.01 par common Warrants (expire 01-15-93) Scigenics, Inc.: $.01 par callable common Secom General Corporation: $.10 par common Koll Management Services, Inc.: $.01 par common Sepracor, Inc.: $.10 par common Kushner-Locke Company, The: No par common, Siskon Gold Corporation: Class A, $.001 par common Warrants (expire 03-20-96) Somatogen, Inc.: $.001 par common Southwest Securities Group, Inc.: $.10 par common Laser-Pacific Media Corporation: $.0001 par common Special Devices, Incorporated: $.01 par common Lawyers Title Corporation: No par common State Bancorp, Inc.: $5.00 par common Little Switzerland, Inc.: $.01 par common Stewart Enterprises, Inc.: Class A, no par common Liuski International, Inc.: $.01 par common Sun Television & Appliances, Inc.: $.01 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 Federal Reserve Bulletin • December 1991 Super Rite Corporation: No par common closer conformity with the risks associated with cer- Sybase, Inc.: $.001 par common tain transactions and with current Federal Reserve Systemix, Inc.: $.01 par common supervisory practices. Effective November 8, 1991, 12 C.F.R. Parts 208 Techne Corporation: $.01 par common and 225 is amended as follows: Technology Solutions Company: $.01 par common Tecnol Medical Products, Inc.: $.001 par common Part 208—Membership of State Banking Teknekron Communications Systems, Inc.: $.0067 Institutions in the Federal Reserve System par common Treadco, Inc.: $.01 par common 1. The authority citation for Part 208 continues to read as follows: U.S. Robotics, Inc.: $.01 par common Authority: Sections 9, 11(a), 11(c), 19, 21, 25, and Vans, Inc.: $.001 par common 25(a) of the Federal Reserve Act, as amended Vertex Pharmaceuticals Incorporated: $.01 par com- (12 U.S.C. 321-338, 248(a), 248(c), 461, 481-486, 601, mon and 611, respectively); sections 4 and 13(j) of the Video Lottery Technologies, Inc.: $.01 par common Federal Deposit Insurance Act, as amended (12 U.S.C. 1814 and 18230), respectively); section 7(a) Wellfleet Communications, Inc.: $.01 par common of the International Banking Act of 1978 (12 U.S.C. Whitney Holding Corporation: No par common 3105); sections 907-910 of the International Lending With Design in Mind: $.0001 par common Supervision Act of 1983 (12 U.S.C. 3906-3909); sec- Work Recovery, Inc.: $.004 par common tions 2, 12(b), 12(g), 120), 15B(c)(5), 17, 17A, and 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78b, Zebra Technologies Corporation: Class A, $.01 781(b), 781(g), 781(i), 78o-4(c)(5), 78q, 78q-l, and 78w, par common respectively); section 5155 of the Revised Statutes Zoom Telephonies, Inc.: No par common (12 U.S.C. 36) as amended by the McFadden Act of 1927; and sections 1101-1122 of the Financial Institu- Deletion from the List of Foreign Margin tions Reform, Recovery and Enforcement Act of 1989 Stocks (12 U.S.C. 3310 and 3331-3351). STC PLC: 25 pence par common 2. A new sentence is added immediately following the first sentence of the first paragraph under "II. A. 1. b. Perpetual preferred stock" of Appendix A to read as FINAL GUIDELINES—AMENDMENT TO follows: REGULATIONS H AND Y * * * Consistent with these provisions, any perpetual The Board of Governors is amending 12 C.F.R. Parts preferred stock with a feature permitted redemption at 208 and 225, its Regulations H and Y (Capital and the option of the issuer may qualify as capital only if Capital Adequacy Guidelines). The modifications and the redemption is subject to prior approval of the technical changes to the Board's risk-based capital Federal Reserve. * * * guidelines relate to the: (1) treatment of certain assets sold with recourse; 3. In Appendix A, the footnote designator in the text is (2) redemption of perpetual preferred stock; removed and footnote 14 is removed and reserved. (3) treatment of supervisory goodwill in the definition of capital; and 4. The last two sentences of footnote 30 under "III. C. (4) treatment of claims on non-OECD central banks. 2. Category 2: 20 percent" of Appendix A are re- The purpose of these modifications, clarifications, moved. and technical changes is to make the Board's riskbased capital framework consistent with recent inter- 5. Two new sentences are added immediately follownational interpretations of the risk-based capital ac- ing the second sentence of the seventh paragraph cord (Basle Accord) and with the current or proposed under "III. D. 1. Items with a 100 percent conversion treatment of certain items by the other federal banking factor" of Appendix A to read as follows: agencies. In addition, some of the proposed modifications to the language of the Board's risk-based capital * * * Accordingly, the entire amount of any assets guidelines are intended to bring the guidelines into transferred with recourse that are not already included Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1003 on the balance sheet, including pools of one-to-four Orders Issued Under Section 3 of the Bank family residential mortgages, are to be converted at Holding Company Act 100 percent and assigned to the risk weight appropriate to the obligor, or if relevant, the nature of any collat- Appleton City Bancshares, Inc. eral or guarantees. The only exception involves trans- Appleton City, Missouri fers of pools of residential mortgages that have been made with insignificant recourse for which a liability or Order Denying Acquisition of a Bank specific non-capital reserve has been established and is maintained for the maximum amount of possible loss Appleton City Bancshares, Inc., Appleton City, Misunder the recourse provision. * * * souri ("Applicant"), has applied for the Board's approval under section 3(a)(3) of the Bank Holding Part 225—Bank Holding Companies and Company Act ("BHC Act") (12 U.S.C. §§ 1842(a)(1)) Change in Bank Control to acquire approximately 96 percent of the voting shares of Deepwater State Bank, Deepwater, Missouri 1. The authority citation for Part 225 continues to read ("Deepwater Bank"). as follows: Notice of the application, affording interested persons an opportunity to submit comments, has been Authority: 12 U.S.C. 1817(j)(13), 1818, 1831i, published (56 Federal Register 42,058 (1991)). The 1843(c)(8), 1844(b), 3106, 3106, 3907, 3909, 3310, and time for filing comments has expired, and the Board 3331-3351. has considered the application and all comments received in light of the factors set forth in section 3(c) of 2.A new sentence is added immediately following the the BHC Act. first sentence of the first paragraph under "II. A. 1. b. Applicant is a one-bank holding company that con- Perpetual preferred stock" of Appendix A to read as trols Citizens Bank of Appleton City, Appleton City, follows: Missouri ("Citizens Bank"). Citizens Bank is the 544th largest banking organization in Missouri, con- * * * Consistent with these provisions, any perpetual trolling deposits of $18 million, representing less than preferred stock with a feature permitted redemption at 1 percent of the total deposits in commercial banks in the option of the issuer may qualify as capital only if the state. Deepwater Bank controls deposits of $1.5 the redemption is subject to prior approval of the million, representing less than 1 percent of the total Federal Reserve. * * * deposits in commercial banking organizations in the state.1 Deepwater Bank does not compete in the same 3. In Appendix A, the footnote designator in the text is market with Citizens Bank or any affiliate bank of removed and footnote 15 is removed and reserved. Applicant. In reviewing applications under section 3(c) of the 4. The last two sentences of footnote 33 under "III. C. BHC Act, the Board must consider several factors, 2. Category 2: 20 percent" of Appendix A are re- including the "financial and managerial resources and moved. future prospects of the company or companies and the banks concerned."2 The Board's regulations provide 5. Two new sentences are added to the end of footnote that the Board will consider the competence and 48 under "III. D. 1. Items with a 100 percent conver- character of the principals of the applicant and its sion factor" of Appendix A to read as follows: subsidiary banks, including their record of compliance with laws and regulations,3 and a bank holding com- 48. * * * Accordingly, the entire amount of any assets pany's ability to serve as a source of financial and transferred with recourse that are not already included managerial strength to its subsidiary banks.4 In addion the balance sheet, including pools of one-to-four tion, when a principal of an applicant controls another family residential mortgages, are to be converted at 100 percent and assigned to the risk weight appropriate 1. State deposit data are as of June 30, 1991. to the obligor, or if relevant, the nature of any collat- 2. In interpreting the Board's authority under section 3 of the BHC eral or guarantees. The only exception involves trans- Act, the Supreme Court has stated that the Board is authorized to fers of pools of residential mortgages that have been disapprove a formation of a bank holding company solely on the grounds of financial or managerial unsoundness, regardless of whether made with insignificant recourse for which a liability or that unsoundness would be caused or exacerbated by the proposed specific non-capital reserve has been established and is transaction. Board of Governors v. First Lincolnwood Corp., maintained for the maximum amount of possible loss 439 U.S. 234 (1978). 3. 12 C.F.R. 225.13(b)(2). under the recourse provision. 4. 12 C.F.R. 225.4(a). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 Federal Reserve Bulletin • December 1991 banking organization, the Board also considers and substantial demands on its subsidiary banks to meet analyzes these factors with respect to that banking the parent's debt servicing requirements.6 organization.5 Applicant is already significantly leveraged and pro- In this case, a principal of Applicant ("Principal") poses to assume more debt in connection with the has controlled and served as chairman of Applicant proposed acquisition. Applicant would be dependent since 1990 and its subsidiary bank, Citizens Bank of on the earnings of its subsidiary banks to service such Appleton City, Appleton City, Missouri ("Citizens debt over its term. Applicant projects that it will be Bank") since 1987. Principal has also controlled and able to reduce the debt in a manner consistent with served as chairman of First Bank of Butler, Butler, Board policy. The recent performance of its subsidiary Missouri ("Butler Bank") since 1990. bank, however, indicates that these projections are overly optimistic and contain inadequate debt-servic- Managerial Considerations ing flexibility. Although Citizens Bank's capital is above the min- Principal has an active role in the lending decisions of imum levels set in the Board's guidelines, its capital both Citizens Bank and Butler Bank (collectively, ratios have declined in the past year, in part due to "Banks"). In particular, he seeks and recommends to dividend payments in excess of earnings. Thus, Citi- Banks loans and participations originated in New York zens Bank's capital has been used to service Appliand other areas distant from the Banks' immediate cant's debt. The Board's analysis of Citizens Bank's service area. Banks lack lending experience in these earnings performance during the current year and its markets, and collection and administration of these overall financial condition indicates that Citizens Bank loans has proven difficult. These lending decisions, may be unable to provide dividends sufficient to suplargely instigated by Principal, have resulted in an port Applicant's debt-servicing requirements while increase in the level or severity of criticized and maintaining capital levels consistent with the Board's classified loans at Banks. guidelines. Several other lending transactions between Princi- Moreover, the Board notes that Butler Bank is in a pal and Banks have warranted criticism in bank exam- weakened financial condition and that its loan portfolio ination reports and raise concern about Principal's may require additional provisions for loan losses. management practices. Principal has taken some steps Accordingly, a risk exists that Principal's resources to address these operating and compliance concerns might be diverted or adversely affected by the financial but these changes have been in place only for a short demands of Butler Bank. time and their effectiveness has not been demon- Upon careful evaluation of more conservative prostrated. jections than those of Applicant, and based on the Based on the facts of record, including examination Board's analysis of the performance and overall finanreports and comments received from the Federal De- cial condition of Applicant and the chain banking posit Insurance Corporation and the Missouri Division organization, it is the Board's judgment that, at this of Finance, who are the primary supervisory agencies time, Applicant would not have sufficient financial for Banks, the Board believes that managerial factors flexibility to service its debt without unduly straining in this case weigh against approval of this proposal. the financial resources of Citizens Bank and Deepwater Bank. Moreover, based on the record, it does not Financial and Future Prospects appear that Applicant would have the financial resources to meet any unexpected problems that might The Board has also cautioned against the assumption arise at Citizens Bank, Butler Bank and Deepwater of additional debt by a bank holding company in Bank. The Board's concerns regarding Applicant's situations in which a holding company already has a financial resources and future prospects are heightsubstantial level of debt, because of concerns that the ened by the adverse managerial considerations disbank holding company would not have the financial cussed above. flexibility necessary to meet unexpected problems in Accordingly, based on a review of all the facts of its subsidiary banks and could be forced to place record, including relevant examination materials and comments from federal and state regulators, the Board concludes that considerations relating to financial and managerial resources and future prospects are not 6. See Cherokee Bancorp, 77 Federal Reserve Bulletin 324 (1991); 5. 12 C.F.R. 225.13(b)(2); See Midwest Bancshares, Inc., 71 St. Croix Valley Bancshares, Inc., 75 Federal Reserve Bulletin 575 Federal Reserve Bulletin 103 (1985). (1989). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1005 consistent with approval. Considerations relating to representing less than 1 percent of the total deposits in competitive factors and the convenience and needs of commercial banking organizations in the state. Upon the community do not lend sufficient weight to warrant consummation of the proposal, Firstar would remain approval of this application. the largest banking organization in Wisconsin, control- Accordingly, it is the Board's judgment that ap- ling approximately $5.5 billion in deposits in Wisconproval of this application is not warranted and that the sin, representing 14.7 percent of the total deposits in application should be, and hereby is, denied. commercial banking organizations in the state. Con- By order of the Board of Governors, effective summation of the proposal would not result in signif- October 31, 1991. icantly adverse effects on the concentration of banking resources in Wisconsin. Voting for this action: Chairman Greenspan and Governors Firstar and Cumberland compete directly in the Rice Angell, Kelley, La Ware, and Mullins. Lake banking market.2 Firstar is the fourth largest banking organization in the Rice Lake banking market, JENNIFER J. JOHNSON controlling approximately $63.7 million in deposits in Associate Secretary of the Board the market, representing 12.2 percent of the total deposits in commercial banking organizations in the Firstar Corporation market. Cumberland is the sixth largest banking orga- Milwaukee, Wisconsin nization in the Rice Lake banking market, controlling approximately $45.5 million in deposits in the market, F.W.S.F. Corporation representing 8.7 percent of the total deposits in com- Milwaukee, Wisconsin mercial banking organizations in the market. Upon consummation of the proposal, Firstar would become Order Approving the Acquisition of a Bank Holding the largest banking organization in the market, con- Company and Subsidiary Bank trolling approximately $109.2 million in deposits in the market, representing 20.9 percent of the total deposits Firstar Corporation, Milwaukee, Wisconsin in commercial banking organizations in the market, ("Firstar"), a bank holding company within the mean- and the Herfindahl-Hirschman Index ("HHI") would ing of the Bank Holding Company Act ("BHC Act"), increase by 212 points to a level of 1290.3 Based on all and F.W.S.F. Corporation, Milwaukee, Wisconsin, a the facts of record, the Board concludes that consumwholly owned subsidiary bank holding company of mation of this proposal would not result in a signifi- Firstar, have applied under section 3 of the BHC Act cantly adverse effect on competition in the Rice Lake (12 U.S.C. § 1842) to acquire all of the voting shares banking market. of Cumberland Financial Services, Inc., Edina, Min- In considering the convenience and needs of the nesota ("Cumberland"), and thereby indirectly accommunities to be served under the BHC Act, the quire Cumberland's sole subsidiary bank, Northwest- Board has taken into account the record of the subsidern State Bank, Cumberland, Wisconsin. iary banks of Firstar and Cumberland under the Com- Notice of the applications, affording interested per- munity Reinvestment Act (12 U.S.C. § 2901 et seq.) sons an opportunity to submit comments, has been ("CRA"). The CRA requires the federal financial published (56 Federal Register 33,034 (1991)). The supervisory agencies to encourage financial institutime for filing comments has expired, and the Board tions to help meet the credit needs of the local comhas considered the applications and all comments munities in which they operate consistent with the safe received in light of the factors set forth in section 3(c) and sound operation of such institutions. To accomof the BHC Act. plish this end, the CRA requires the appropriate fed- Firstar, with total deposits of $9.5 billion, operates subsidiary banks in Wisconsin, Illinois, Minnesota, Arizona, and Iowa.1 Firstar is the largest banking 2. The Rice Lake banking market is approximated by Barron County, Washburn County, and Edgewater, Sand Lake, Bass Lake, organization in Wisconsin, controlling approximately Hayward, and Lenroot townships in Sawyer County, all in Wisconsin. $5.5 billion in deposits in Wisconsin, representing 14.5 3. Under the revised Department of Justice Merger Guidelines, 49 percent of the total deposits in commercial banking Federal Register 26,823 (1984), a market in which the post-merger HHI is between 1000 and 1800 is considered moderately concentrated. organizations in the state. Cumberland is the 127th The Department of Justice has informed the Board that, as a general largest banking organization in Wisconsin, controlling matter, a bank merger or acquisition will not be challenged, in the approximately $45.5 million in deposits in Wisconsin, absence of other factors indicating anticompetitive effects, unless the post-merger HHI is at least 1800 and the merger increases the HHI by 200 points. The Justice Department has stated that the higher-thannormal HHI thresholds for screening bank mergers for anticompeti- 1. Total deposits are as of June 30, 1991. Other data are as of tive effects implicitly recognize the competitive effect of limited- June 30, 1990. purpose lenders and other non-depository financial entities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 Federal Reserve Bulletin • December 1991 eral supervisory authority to "assess an institution's loans and packaged 16 loans for correspondent banks record of meeting the credit needs of its entire com- in northwestern Wisconsin, primarily in rural areas. munity, including low- and moderate-income neigh- Eau Claire Bank also became one of the 9 banks in borhoods, consistent with the safe and sound opera- Wisconsin to obtain the SBA's designated Preferred tion of the institution." 12 U.S.C. § 2901. Lender status, and one of its officers was selected by In this regard, the Board has considered comments the SBA as Financial Services Advocate of the Year filed by Impact Seven, Inc., Turtle Lake, Wisconsin for the State of Wisconsin. Eau Claire Bank has ("Protestant"), a community development corpora- participated in local community development protion. Protestant alleges that Firstar, and particularly grams sponsored by organizations including the Eau two of Firstar's subsidiary banks, First Wisconsin Claire County Industrial Development Corporation, National Bank of Eau Claire, Eau Claire, Wisconsin the Chippewa Valley Incubation Center, and the ("Eau Claire Bank"), and First Wisconsin National Downtown Reinvestment Program. It also has partic- Bank of Rice Lake, Rice Lake, Wisconsin ("Rice ipated in the Wisconsin Housing Economic Develop- Lake Bank"), do not adequately participate in local ment Authority's loan programs for first-time homecommunity development and redevelopment programs buyers and for home improvement. In addition, Eau and in government insured, guaranteed, or subsidized Claire Bank provides financial and technical assistance loan programs.4 to groups representing minority, handicapped and The Board has carefully reviewed the performance elderly persons. record of Firstar, Cumberland, and their bank subsid- Rice Lake Bank also participates in governmentallyiaries, as well as Protestant's comments and Firstar's guaranteed loan programs in the small, predominately response to those comments, in light of the CRA, the rural community where it does business. It currently Board's regulations, and the Statement of the Federal has $1 million in SBA loans outstanding, and approx- Financial Supervisory Agencies Regarding the Com- imately $1.8 million in loans originated under the munity Reinvestment Act ("Agency CRA State- Stafford Student Loan Program, which targets stument").5 Cumberland's and Firstar's subsidiary dents from low- and moderate-income families. During banks, including Eau Claire Bank and Rice Lake 1990, Rice Lake Bank extended 511 commercial loans Bank, have all received outstanding or satisfactory in its delineated community, including a number of ratings from their primary regulators in the most loans to small farms, community service organizations recent examinations of their CRA performance. The and churches. Over 90 percent of these commercial Agency CRA Statement provides that the CRA record loans were for amounts less than $100,000, indicating of an institution, as reflected in its examination re- the extent of Rice Lake Bank's lending support to the ports, will be accorded great weight in the applications small business community. In addition, Rice Lake process. Bank is a participant in programs sponsored by the In addition, Eau Claire Bank and Rice Lake Bank Wisconsin Housing Economic Development Authority have in place the types of programs outlined in the ("WHEDA") to make housing credit more widely Agency CRA Statement as essential to an effective available. In 1990, it originated 20 WHEDA-guaran- CRA program. For example, in 1990, Eau Claire Bank teed loans.6 originated 12 Small Business Administration ("SBA") For the foregoing reasons, and based upon the overall CRA records of Firstar, Cumberland, and their subsidiary banks and other facts of record, the Board 4. Protestant has described several situations that it believes supports its allegations. In the first case, the Small Business Administra- concludes that convenience and needs considerations, tion rejected a proposal put forth by the Eau Claire Bank and including the record of performance under the CRA of Protestant. However, the record includes evidence that, in this case, Firstar, Eau Claire Bank and Rice Lake Bank, are Protestant was replaced by another community development corporation at the request of the borrower and the loan was subsequently consistent with approval of these applications. The approved. Two other instances cited by Protestant involved financial Board also concludes that the financial and managerial requirements for a loan and the rejection of a loan for insufficient resources and future prospects of Firstar, F.W.S.F. collateral. Firstar maintains that in both transactions the loan decisions were motivated by financial considerations. Corporation and Cumberland are consistent with ap- 5. 54 Federal Register 13,742 (1989). The Agency CRA Statement proval of these applications. provides guidance regarding the types of policies and procedures that Based on the foregoing and other facts of record, the the supervisory agencies believe financial institutions should have in place in order to fulfill their responsibilities under the CRA on an Board has determined that the applications should be, ongoing basis and the procedures that the supervisory agencies will and hereby are, approved. The transaction shall not be use during the application process to review an institution's CRA compliance and performance. The Agency CRA Statement also suggests that decisions by agencies to allow financial institutions to expand will be made pursuant to an analysis of the institution's overall 6. In addition, an assistant vice-president of Rice Lake Bank has CRA performance and will be based on the actual record of perfor- been designated regional coordinator of the Governor's Conference mance of the institution. on Small Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1007 consummated before the thirtieth calendar day follow- million, representing 8.8 percent of the total deposits ing the effective date of this Order, or later than three in commercial banking organizations in the state.2 months after the effective date of this Order, unless CBS is the fourth largest commercial banking organisuch period is extended for good cause by the Board or zation in Wyoming, controlling deposits of $256.0 by the Federal Reserve Bank of Chicago, acting pur- million, representing 6.2 percent of the total deposits suant to delegated authority. in commercial banking organizations in the state. By order of the Board of Governors, effective October 8, 1991. Comments under the Community Reinvestment Act Voting for this action: Chairman Greenspan and Governors In considering the convenience and needs of the Angell, Kelley, and La Ware. Absent and not voting: Gover- community to be served, the Board has taken into nor Mullins. account the record of the subsidiary banks of FIBM and CBS under the Community Reinvestment Act JENNIFER J. JOHNSON (12 U.S.C. § 2901 et seq.) ("CRA"). The CRA re- Associate Secretary of the Board quires the federal financial supervisory agencies to encourage financial institutions to help meet the credit First Interstate BancSystem of Montana, Inc. needs of the local communities in which they operate Billings, Montana consistent with the safe and sound operation of such institutions. To accomplish this end, the CRA requires Order Denying Merger of Bank Holding Companies the appropriate federal supervisory authority to "assess the institution's record of meeting the credit First Interstate BancSystem of Montana, Inc., Billneeds of its entire community, including low- and ings, Montana ("FIBM"), a bank holding company moderate-income neighborhoods, consistent with the within the meaning of the Bank Holding Company Act safe and sound operation of such institution," and to ("BHC Act"), has applied for the Board's approval take this record into account in its evaluation of bank under section 3 of the BHC Act (12 U.S.C. § 1842), to holding company applications.3 merge with Commerce BancShares of Wyoming, Inc., In this regard, the Board has considered comments Sheridan, Wyoming ("CBS"), and thereby indirectly from Native Action, a community organization located acquire First Interstate Bank of Commerce, Sheridan, on the Northern Cheyenne Indian Reservation ("Prot- Wyoming. The proposed merger represents a corpoestant"), critical of the CRA performance of First rate reorganization of two bank holding companies Interstate Bank of Colstrip, Colstrip, Montana ("Colthat are under common ownership and control by a strip").4 Protestant alleges generally that, with respect single family. to the Northern Cheyenne Indian Reservation ("Res- Notice of the application, affording interested perervation"), Colstrip: sons an opportunity to submit comments, has been (1) has made no effort to ascertain the credit and published (54 Federal Register 51,325 (1989) and 55 banking needs of this community; Federal Register 6048 (1990)). The time for filing (2) has failed to offer and market credit-related comments has expired, and the Board has considered services to this community ; and the application and all comments received in light of (3) has unreasonably delineated its service area to the factors set forth in section 3(c) of the BHC Act.1 exclude this community.5 The Reservation is an FIBM is the third largest commercial banking organization in Montana, controlling deposits of $536.3 2. All banking data are as of June 30, 1991. 3. 12 U.S.C. § 2903. 1. The Board has received comments from several insurance trade 4. The Board has also considered comments submitted by the associations alleging that the leasing arrangements between the na- Northern Cheyenne Tribe and the Northern Cheyenne Livestock tional and state banking subsidiaries of FIBM and CBS and a company Association raising the same issues that were filed after the close of that markets fixed-rate annuities violate the insurance prohibitions in the comment period. Under the Board's rules, the Board may in its section 4(c)(8) of the BHC Act. National banks are authorized to discretion take into consideration the substance of such comments. engage in this activity and the Board has determined that the insurance 12 C.F.R. 262.3(e). prohibitions of the BHC Act do not apply to activities conducted 5. Protestant also alleges that First Interstate Bank of Billings, directly by a holding company's subsidiary bank pursuant to state law N.A., Billings, Montana ("Billings") has discriminated against lowunless the record demonstrates evasion of the BHC Act. Merchants and moderate-income neighborhoods in providing credit services to its National Corporation, 75 Federal Reserve Bulletin 388 (1989); ajfd service community. In connection with this application, the primary sub. nom., Independent Insurance Agents of America, Inc. v. Board regulator of Billings, the Office of the Comptroller of the Currency of Governors, 890 F.2d 1275 (2d Cir. 1989); cert, denied, 111 S. Ct. 44 ("OCC"), conducted an examination of Billings's record of perfor- (1990). On the basis of all the facts of record, including no evidence of mance under the CRA. The OCC found no evidence of discriminatory evasion and the permissibility of this activity under state law, the lending practices and concluded that Billings's overall CRA perfor- Board concludes that these comments do not warrant denial of this mance record was satisfactory. In addition, while the data collected application. under the Home Mortgage Disclosure Act indicated some discrepan- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 Federal Reserve Bulletin • December 1991 identified low- and moderate-income community. onstrated increased contacts with community groups The Board has carefully reviewed the CRA perfor- including meetings attended by Colstrip's management mance record of Colstrip, as well as Protestant's and board of directors with Protestant and governing comments and the responses of FIBM to those com- officials of the Reservation. Colstrip also has adopted ments, in light of the CRA, the Board's regulations, formal CRA policies and has undertaken surveys of and the jointly issued Statement of the Federal Finan- Reservation residents to determine credit needs in the cial Supervisory Agencies Regarding the Community community. Reinvestment Act ("Agency CRA Statement").6 The Board notes that Colstrip's improvements in Colstrip has received a less than satisfactory CRA credit ascertainment were not initiated until recently, rating from its primary regulator, the Federal Deposit after the application was filed and protested.9 In addi- Insurance Corporation ("FDIC"), in the two most tion, Colstrip has been unable to document an overall recent examinations of its CRA performance.7 The process whereby it uses the information received from Board believes that a CRA examination is an impor- its community contacts to improve its strategy of tant and often controlling factor in considering meeting community credit needs. Colstrip has also whether to approve applications, particularly where, been unable to show the effectiveness of its recent as in this case, the specific issues raised by Protestant outreach efforts in developing products and services were reviewed in the examination. Moreover, in this that meet the credit needs of its entire community, case, the FDIC determined in the October examina- including the credit needs of the Reservation.10 tion of Colstrip that Colstrip had not addressed the Prior to 1990, involvement by members of Colstrip's deficiencies in its CRA performance regarding the board of directors in evaluating the bank's CRA per- Reservation that had been identified by the FDIC in its formance was extremely limited. Board of director previous CRA examination. involvement in Colstrip's CRA process has improved recently, but only to a limited degree. For example, Reasonableness of Delineated Community Colstrip's CRA director committee was formed only after the application was filed. That committee has met After Protestant's comments were filed in this appli- infrequently. In addition, there is little documentation cation, Colstrip revised its delineation of its commu- of board of director review and evaluation of CRA nity service area to exclude the Reservation. The performance indicators such as loan data. revised delineation, and several subsequent revisions to that delineation, were determined in the examina- Marketing and Types of Credit Offered and tion process to be inconsistent with FDIC regulations Extended implementing the CRA.8 Colstrip has recently corrected this significant defi- The October examination for CRA performance evalciency in its CRA record by adopting as its community uated as minimal Colstrip's record of marketing its delineation an area that includes all of the Reservation. credit-related services to all segments of its delineated community. Colstrip's principal means of marketing Ascertainment of Community Credit Needs has been to advertise general financial services through local newspapers and radio stations. These Colstrip has had only limited contact with the Reser- efforts, however, had not been directed toward lowvation community. More recently, Colstrip has dem- and moderate-income areas like the Reservation.11 Colstrip's record of making both housing-related and small business loans to residents of the Reservation was also criticized in the October examination.12 cies in loans to low- and moderate-income neighborhoods in 1987-89, Billings agreed in 1990 to a goal of $15 million in home, consumer, and business loans over the next five years in three targeted low-income neighborhoods. Billings also makes home improvement and mortgage 9. Colstrip's formal CRA program, efforts to meet with Reservation loans under government-sponsored programs such as FHA and VA. residents and groups, and participation in workshops and seminars On the basis of all the facts of record, the Board concludes that the were initiated subsequent to the filing of this application. allegations against Billings do not warrant denial of this application 10. The Board notes that Colstrip entered into an agreement with under the convenience and needs factor. Protestant in July 1990 regarding the development of a Community 6. 54 Federal Register 13,742 (1989). Reinvestment Program to be implemented by January 1, 1991. Under 7. The FDIC conducted its most recent CRA examination as of this agreement, a liaison committee was established and Colstrip October 1990 (the "October examination") rating Colstrip's record of provided technical assistance to loan applicants on the Reservation. CRA performance overall, and in three out of five performance The record does not indicate, however, that credit products or categories, "needs to improve." The CRA provides the following improved lending activity have resulted from these efforts. four-tiered system for rating an institution's record of meeting com- 11. Colstrip has taken steps recently to increase its marketing efforts munity credit needs: "outstanding," "satisfactory," "needs to im- through expanded newspaper advertising and direct mail advertising. prove," and "substantial noncompliance." 12 U.S.C. § 2906(b)(2). 12. Protestant criticizes Colstrip for failing to make agricultural 8. 12 C.F.R. Part 345.3. loans to residents of the Reservation. The October examination Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1009 Although Colstrip has been active in providing resi- The Board has carefully reviewed Colstrip's CRA dential and home improvement loans in the immediate performance in light of all the facts of record in this Colstrip area, the October examination revealed that it application. The CRA requires the agencies to assess has made only nominal amounts of housing-related an institution's record of meeting the credit needs of loans of any type within the area of the Reservation. its entire community, including low- and moderate- In considering Colstrip's record of housing-related income areas, and to take that record of performance lending to residents of the Reservation, the Board into account in reviewing applications such as this. In believes that restrictions under federal law on placing this case, the deficiencies in Colstrip's CRA perforliens on real property located in the Reservation13 and mance have continued through consecutive CRA excompeting government-sponsored home finance pro- aminations, and the steps taken so far over a signifigrams are mitigating factors. However, some of the cant period of time have not been sufficient to address Reservation's real property is held by individuals and the deficiencies identified in the examinations. For could support lending secured by real property.14 these reasons, and based on all of the facts of record in Moreover, the restrictions do not appear to prohibit or this case, including reports of examination, the Board significantly affect other forms of collateralized lend- believes that the CRA performance of Colstrip is not ing that would help address the need of residents in the consistent with approval of this application. The Board notes that, during the application process, Colfull community for housing-related loans. strip has made certain commitments to address defi- Colstrip also lends to businesses in the Colstrip area ciencies with its CRA performance. The Board has under guaranteed loan programs offered by the Small previously stated that applicants should address their Business Administration ("SBA"). The October ex- CRA responsibilities and have the necessary policies amination noted, however, that no SBA loans were in place and working well before they file an applicamade to businesses located on the Reservation. In tion.17 The Board has found commitments for future addition, a program administered by the Bureau of action to address CRA concerns to be appropriate Indian Affairs ("BIA") provides for government guarconsiderations only where the applicant otherwise has antees of loans to finance Indian-owned commercial, a satisfactory CRA record, where the problems idenindustrial, agricultural, or other business activity ortified at the bank do not indicate chronic institutional ganized for profit.15 Colstrip recently received authodeficiencies or a pattern of CRA deficiencies, and rization as an eligible lender for the BIA Loan Guarwhere the applicant takes immediate and effective anty Fund, but no loans have been made utilizing the action to address identified deficiencies in the CRA guaranty program.16 performance of its banks. For the reasons discussed above, the Board does not believe that reliance on commitments for future action is appropriate in this concluded that Colstrip's small farm and agricultural lending appeared case without a stronger showing of CRA performance. reasonable in light of Colstrip's financial resources and limited expertise in this type of lending. In addition, the record shows that Colstrip The record does not indicate that the proposal, made several small agriculture loans during 1989 and 1990 including some to the Reservation. Colstrip also has recently appointed an which represents a reorganization of existing interests, agricultural loan officer and has committed to provide agricultural would result in any other benefits to the convenience loans after its staff has received training in this area. and needs of the communities served by the compa- 13. Federal law prohibits a lender from obtaining a mortgage on real property held in trust by the United States government for a Native nies involved that would outweigh the adverse CRA American tribe. 25 U.S.C. § 464. performance record of Colstrip. For these reasons, the 14. Real property held in trust by the United States government for Board concludes that the convenience and needs facindividual tribal members may be mortgaged with the approval of the Secretary of the Interior. 25 U.S.C. § 483a. According to the Bureau tor is not consistent with approval of this application at of Indian Affairs ("BIA"), substantially all land on the Reservation is this time.18 held in trust by the federal government for either the tribe or individual tribal members. Approximately 31 percent of the real property on the Reservation is held in trust for individuals, and therefore would be statutorily eligible to be mortgaged. Colstrip asserts that other factors, several commercial loans to the Reservation since the filing of this including lack of qualified appraisers and title insurance, restrict its application. ability to make housing-related loans to the Reservation. The BIA has 17. Continental Bank Corporation, 75 Federal Reserve Bulletin 304 procedures for perfecting and recording liens, employs appraisers, (1989); Agency CRA Statement, 54 Federal Register 13,743 (1989). and issues title reports indicating recorded security interests. 18. Protestant also has requested that the Board hold a public 15. This program provides for guarantees and, under certain cir- hearing or meeting to further assess the facts surrounding Colstrip's cumstances, interest subsidies for loans made by private lenders to CRA performance. Generally under the Board's rules, the Board may, Indian tribes, individual tribal members, and Indian-owned corpora- in its discretion, hold a public hearing or meeting on an application to tions. The program provides for guarantees of up to 90 percent of the clarify factual issues related to the application and to provide an unpaid principal and interest on the loan. 25 C.F.R. Part 103 contains opportunity for testimony, if appropriate. 12 U.S.C. §§ 262.3(e) and regulations regarding the loan guaranty fund. 262.25(d). 16. Colstrip has approved one new loan utilizing a guarantee from The Board has carefully considered Protestant's request for a public the Northern Cheyenne Tribe and is processing a loan requesting a meeting or hearing in this case. In the Board's view, the parties have guarantee from the SBA. Colstrip also indicates that it has made had ample opportunity to present submissions, and have submitted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 Federal Reserve Bulletin • December 1991 Based on the foregoing and other facts of record, the Bank's existing ownership into corporate form.2 Bank Board believes that adverse considerations relating to is the 89th largest banking organization in Mississippi, the convenience and needs factor and other facts of controlling approximately $30.7 million in deposits, record warrant a decision that the proposed merger representing less than one percent of total deposits in should not be approved at this time. Considerations commercial banks in the state.3 Based on all the facts relating to competitive, financial, managerial, and fu- of record, the Board believes that consummation of ture prospects factors do not lend sufficient weight to the proposal would not have any significantly adverse warrant approval of this application. Accordingly, the effects on the concentration of banking resources in Board has determined that this application should be, the state of Mississippi. and hereby is, denied. The Board notes that this denial Bank is the third largest banking organization in the is without prejudice to future applications at such time Holly Springs banking market with approximately 17 as Colstrip's CRA record of performance is in place and percent of the total deposits in commercial banking working well. organizations in the market.4 Based on the facts of By order of the Board of Governors, effective record, the Board believes that consummation of this October 7, 1991. proposal would not result in any significantly adverse effects upon existing or potential competition or in- Voting for this action: Chairman Greenspan and Governors crease the concentration of commercial banking re- Mullins and LaWare. Voting against this action: Governors sources in any relevant banking market. Accordingly, Angell and Kelley. the Board concludes that competitive considerations under the BHC Act are consistent with approval. JENNIFER J. JOHNSON In connection with the proposal, the Board has Associate Secretary of the Board received comments from a shareholder of Bank ("Protestant") requesting denial of this application on several M&F Bancorp, Inc. grounds, including the impact of forming a holding Holly Springs, Mississippi company on Bank's financial condition.5 The Board has carefully considered the proposal in light of Protestant's Order Approving Formation of a Bank Holding comments. Bank is currently in satisfactory financial Company condition. Applicant proposes to assume debt of $461,000 and issue debentures in the amount of M&F Bancorp, Inc., Holly Springs, Mississippi ("Ap- $446,000. Debt service projections appear reasonable plicant"), has applied for the Board's approval, purand indicate that the debt-to-equity ratio would decline suant to section 3(a)(1) of the Bank Holding Company in a manner consistent with the Board's guidelines.6 In Act ("BHC Act") (12 U.S.C. § 1841 et seq.), to beaddition, the Board does not believe that the record come a bank holding company by acquiring all of the establishes that Bank's mutual fund investments are voting shares of Merchants & Farmers Bank, Holly inappropriately large or that the growth in Bank's loan Springs, Mississippi ("Bank").1 portfolio has been unusually rapid.7 In light of the Notice of the application, affording interested persons an opportunity to submit comments, has been published (56 Federal Register 10,903 (1991)). The time 2. This proposal represents primarily a restructuring of existing for filing comments has expired, and the Board has ownership interests. considered the application and all comments received 3. All state and market banking data are as of June 30, 1990. in light of the factors set forth in section 3(c) of the BHC 4. The Holly Springs banking market includes Benton and Marshall counties in Mississippi. Act. 5. Protestant states that the additional debt and state franchise taxes Applicant is a non-operating company formed for that would be incurred as a result of the proposal are not in the best the purpose of acquiring Bank in order to restructure interest of the shareholders or depositors in light of Bank's inability to pay a dividend to shareholders in 1988. Protestant also has questioned Bank's investment in mutual funds and the growth in its loan portfolio in 1990. 6. There is adequate flexibility in the debt service projections to allow for the potential holding company franchise tax, which is substantial written comments that have been considered by the Board. estimated by Applicant to be $2,000 annually. In light of these facts, the Board has determined that a public meeting 7. The mutual funds are marked to market on a quarterly basis and or hearing is not necessary to clarify the factual record in this a special reserve has been established to reflect any difference application, or is otherwise warranted in this case. Accordingly, between the book value and the market value of the funds in Protestant's request for a public meeting or hearing on this application accordance with Federal Deposit Insurance Corporation guidelines. is hereby denied. For the period 1988 to 1990, Bank's loan portfolio has increased 8.8 percent and its loan to deposit ratio has increased from 54 percent to 1. Bank will be merged with the Merchants & Farmers Interim 61 percent. Bank's loan-to-deposit ratio is consistent with its peer Bank, a newly chartered Mississippi state bank and a wholly owned group. Furthermore, the Board believes that Bank's financial condisubsidiary of Applicant. tion supports this growth. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1011 record of this application, the Board concludes that the convenience and needs of the community to be served financial and managerial resources and future prospects are consistent with approval. of Applicant and Bank are consistent with approval.8 Based on the foregoing and other facts of record, the The Board also has carefully considered the Bank's Board has determined that the application should be, record of performance under the Community Reinvest- and hereby is, approved. The proposal shall not be ment Act (12 U.S.C. § 2901 et seq.) ("CRA") in light of consummated before the thirtieth calendar day followthe CRA, the Board's regulations and the jointly issued ing the effective date of this Order, or later than three Statement of the Federal Financial Supervisory Agen- months after the effective date of this Order unless cies Regarding the Community Reinvestment Act such period is extended for good cause by the Board or ("Agency CRA Statement").9 Initially, the Board notes by the Federal Reserve Bank of St. Louis, acting that Bank has received a satisfactory rating from its pursuant to delegated authority. primary regulator in the most recent examination of its By order of the Board of Governors, effective CRA performance.10 In addition, Bank has in place the October 28, 1991. types of programs outlined in the Agency CRA Statement as essential to an effective CRA program. Bank Voting for this action: Vice Chairman Mullins and Goverhas a CRA and Compliance Officer who monitors nors Angell, Kelley, and LaWare. Absent and not voting: Bank's compliance with CRA and other consumer Chairman Greenspan. laws. The record indicates that Bank's officers, direc- JENNIFER J. JOHNSON tors and employees are involved in various community Associate Secretary of the Board service groups in an effort to remain in contact with a broad spectrum of the community. Information gath- Orders Issued Under Sections 3 and 4 of the ered through these contacts, as well as survey informa- Bank Holding Company Act tion gathered through contact with government agencies and community leaders, is discussed at directors' Wachovia Corporation and employees' meetings. Bank participates in commu- Winston-Salem, North Carolina nity development and redevelopment activities by investing in various local and rural development bonds Order Approving Acquisition of a Bank Holding and has provided funding for various local municipali- Company ties and industries, churches and minority businesses. In addition, Bank extends smaller consumer loans Wachovia Corporation, Winston-Salem, North Carototalling $500 and less on a regular basis as an accomlina ("Wachovia"), a bank holding company within the modating service to its low-income customers. Bank meaning of the Bank Holding Company Act ("BHC also advertises its products and services in local news- Act"), has applied for the Board's approval under papers on a monthly basis and on a local radio station section 3(a)(3) of the BHC Act (12 U.S.C. § 1842(a)(3)) on a daily basis. On the basis of this record of perforto acquire South Carolina National Corporation, Comance under the CRA and other facts of record, the lumbia, South Carolina ("SCNC"), and thereby indi- Board concludes that considerations relating to the rectly acquire SCNC's subsidiary bank, South Carolina National Bank, Charleston, South Carolina.1 Wachovia also has applied for the Board's approval under section 8. The Board also has considered Protestant's comments concern- 4(c)(8) of the BHC Act to acquire the nonbanking ing the fairness of the proposal to Bank's shareholders. Protestant has subsidiaries of SCNC listed in the Appendix. Each of questioned the selectiveness and the price of the purchase offer, the these activities has been previously approved by the notice requirements associated with the proposal, and the rights of shareholders to dissent from the proposal. Protestant does not allege Board. that the purchase offer violates applicable law, and Applicant has Notice of the applications, affording interested perstated its intent to comply with all applicable state law, including sons an opportunity to submit comments, has been notification to Bank's shareholders in order to obtain shareholder approval of the proposal as required under Mississippi law. Under duly published (56 Federal Register 37,100 (1991)). these circumstances and all the facts of the case, the Board concludes The time for filing comments has expired, and the that Protestant's comments on this matter do not reflect adversely on the factors that the Board is required to consider under section 3 of the Board has considered the applications and all com- BHC Act. See Western Bancshares, Inc., v. Board of Governors, 480 F. 2d 749 (10th Cir. 1973). 9. 54 Federal Register 13,742 (1989). 10. The Agency CRA Statement provides that, although CRA examination reports do not provide conclusive evidence of an institu- 1. Wachovia proposes to effect the acquisition by forming a wholly tion's CRA record, these reports will be given great weight in the owned subsidiary which will merge with and into SCNC. In connecapplications process. 54 Federal Register 13,745 (1989). The Federal tion with the proposed merger, Wachovia also has applied to acquire Deposit Insurance Corporation conducted an examination of Bank's an option to purchase, under certain circumstances, up to 16.7 percent performance under the CRA as of June 14, 1991. of the shares of SCNC common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 Federal Reserve Bulletin • December 1991 ments received in light of the factors set forth in organizations, controlling deposits of $87.8 million, sections 3(c) and 4(c)(8) of the BHC Act. representing approximately 5 percent of the total de- Section 3(d) of the BHC Act, the Douglas Amend- posits in commercial banking organizations in the ment, prohibits the Board from approving an applica- market. SCNC is the sixth largest commercial banking tion by a bank holding company to acquire control of organization in the market, controlling deposits of any bank located outside of the bank holding com- $57.3 million, representing approximately 3.3 percent pany's home state, unless such acquisition is "specif- of the total deposits in commercial banking organizaically authorized by the statute laws of the State in tions in the market. Upon consummation of this prowhich [the] bank is located, by language to that effect posal, Wachovia would remain the fifth largest comand not merely by implication."2 Wachovia's home mercial banking organization in the market, state is North Carolina, and SCNC's home state is controlling deposits of $145.1 million, representing South Carolina.3 approximately 8.3 percent of the total deposits in Based on its review of the relevant South Carolina commercial banking organizations in the market. The and North Carolina statutes, the Board previously has Augusta banking market is considered to be concendetermined that South Carolina has expressly autho- trated. The Herfindahl-Hirschman Index ("HHI") rized, by statute, a North Carolina bank holding com- would increase by 33 points to 1962 upon consummapany to acquire a South Carolina bank.4 Accordingly, tion of the proposal.7 In light of the small increase in the Board concludes that approval of Wachovia's concentration and other facts of record, the Board proposal to acquire SCNC is not barred by the Dou- concludes that consummation of the proposal is not glas Amendment. likely to result in a significantly adverse effect on Wachovia, with deposits of $16.9 billion, controls competition in the Augusta banking market.8 two banking institutions in North Carolina and Geor- In evaluating these applications, the Board has congia. Wachovia is the second largest commercial bank- sidered the financial and managerial resources of ing organization in North Carolina, controlling depos- Wachovia, SCNC and their bank subsidiaries, and the its of $10.9 billion, representing approximately 20.6 effect of the proposed acquisition on the resources and percent of the total deposits in commercial banking future prospects of these companies. Wachovia proorganizations in the state. SCNC is the largest com- poses to accomplish the proposed acquisition through mercial banking organization in South Carolina, con- an exchange of shares. Wachovia will remain welltrolling deposits of $5.3 billion, representing approxi- capitalized following consummation of the proposal, mately 28.2 percent of the total deposits in commercial with capital ratios above the minimum levels specified banking organizations in the state. Wachovia's and in the Board's Risk-Based Capital Guidelines.9 Based SCNC's banking subsidiaries are not located in any of on these and all of the other facts of record, the Board the same banking markets in either North Carolina or concludes that financial and managerial considerations South Carolina.5 Consequently, consummation of the are consistent with approval of this application. Conproposal would not result in significantly adverse siderations relating to the convenience and needs of the effects on the concentration of banking resources in communities to be served are also consistent with North Carolina or South Carolina. approval. Wachovia and SCNC compete in the Augusta, Wachovia also has applied, pursuant to section Georgia banking market.6 In the Augusta market, 4(c)(8) of the BHC Act, to acquire certain nonbanking Wachovia is the fifth largest of 13 commercial banking subsidiaries of SCNC.10 Wachovia and SCNC operate 7. Under the revised Department of Justice Merger Guidelines, 49 2. 12 U.S.C. § 1842(d). Federal Register 26,823 (1984), a market in which the post-merger 3. A bank holding company's home state is that state in which the HHI is above 1800 is considered highly concentrated. In such maroperations of the bank holding company's banking subsidiaries were kets, the Department of Justice is likely to challenge a merger that principally conducted, that is, the state in which the deposits con- increases the HHI by more than 50 points. The Department of Justice trolled by the bank subsidiaries of the holding company were largest, has informed the Board that a bank merger or acquisition generally on July 1, 1966, or the date on which the company became a bank 8. The Board previously has indicated that thrift institutions have holding company, whichever is later. become or have the potential to become important competitors of 4. See First Union Corporation, 72 Federal Reserve Bulletin 263 banks. If 50 percent of the deposits held by thrift institutions were (1986); NCNB Corporation, 72 Federal Reserve Bulletin 57 (1986). included in the calculation of market concentration, Wachovia's See also S.C. Code Ann. § 34-24-30 (Law. Co-op. Supp. 1990). pro forma market share would be 6.3 percent, and the HHI would 5. SCNC's thrift affiliate, Atlantic Savings Bank, Hilton Head increase by 19 points to 1288. Island, South Carolina, does not compete in any local banking market 9. Risk-Based Capital Guidelines, 54 Federal Register 4186 (1989). where Wachovia is represented. SCNC's thrift affiliate, Old Republic 10. Wachovia has applied to engage in the sale of credit-related Savings Bank, Raleigh, North Carolina, is nonoperating. property and casualty insurance through its acquisition of Provident 6. The Augusta, Georgia banking market is approximated by Financial Corporation, Columbia, South Carolina. Provident Finan- Richmond and Columbia Counties, Georgia, and Aiken County, South cial Corporation currently engages in these activities through offices in Carolina. North Carolina, South Carolina, and Georgia. Under Title VI of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1013 subsidiaries that engage in permissible mortgage and unless such period is extended for good cause by the consumer finance activities in numerous markets in Board or the Federal Reserve Bank of Richmond, North Carolina and South Carolina.11 SCNC also acting pursuant to delegated authority. The determinaoperates subsidiaries that compete with Wachovia in tions as to the nonbanking activities are subject to all of providing securities brokerage and data processing the conditions contained in the Board's Regulation Y, and transmission services. The market share con- including those in sections 225.4(d) and 225.23(b)(3) trolled by each of these subsidiaries is small, and there (12 C.F.R. 225.4(d) and 225.23(b)(3)), and to the are numerous competitors for these services. Conse- Board's authority to require such modification or terquently, consummation of this proposal would have no mination of the activities of a holding company or any significantly adverse effect on competition in the mar- of its subsidiaries as the Board finds necessary to assure kets for these activities. Accordingly, the Board con- compliance with, or prevent evasions of, the provisions cludes that consummation of this proposal would not and purposes of the BHC Act and the Board's regulahave any significantly adverse effect on competition in tions and orders issued thereunder. the provision of these services in any relevant market. By order of the Board of Governors, effective Consummation of the proposal would provide added October 30, 1991. convenience to SCNC's customers in the form of expanded and improved consumer and corporate ser- Voting for this action: Chairman Greenspan and Governors vices. Furthermore, the record does not indicate that Mullins, Angell, Kelley, and La Ware. consummation of this proposal is likely to result in any significant undue concentration of resources, de- JENNIFER J. JOHNSON creased or unfair competition, conflicts of interest, Associate Secretary of the Board unsound banking practices, or other adverse effects. Accordingly, the Board has determined that the bal- Appendix ance of public interest factors it must consider under section 4(c)(8) of the BHC Act is favorable and con- Nonbanking Subsidiaries to be Acquired sistent with approval of Wachovia's application to acquire the nonbanking subsidiaries of SCNC. 1. Provident Financial Corporation, Columbia, South Based on the foregoing and other facts of record, the Carolina, and thereby engage in making, acquiring, or Board has determined that consummation of the pro- servicing loans or other extensions of credit for its own posed transaction would be consistent with the public account or the account of others pursuant to section interest. Accordingly, the Board has determined that 225.25(b)(1); acting as agent for the sale of credit life, the applications under sections 3 and 4 of the BHC Act credit accident and health insurance, and property and should be, and hereby are, approved. The acquisition of casualty insurance, directly related to extensions of South Carolina National Bank shall not be consum- credit by it or its affiliate pursuant to section mated before the thirtieth calendar day following the 225.25(b)(8)(i), (ii), and (iv); and reinsuring credit life effective date of this Order, and the proposed bank and and credit accident and health insurance sold as agent nonbank acquisitions shall not be consummated later by itself or affiliates pursuant to section 225.25(b)(8)(i); than three months after the effective date of this Order, 2. South Carolina National Mortgage Corporation, Columbia, South Carolina, and thereby engage in making, acquiring, or servicing loans or other exten- Garn-St Germain Depository Institutions Act of 1982 (now codified as section 4(c)(8) of the BHC Act), Provident Financial Corporation may sions of credit for its loans or other extensions of continue to engage in its credit-related property and casualty insur- credit for its own account or the account of others ance agency activities in those states in which it is now located pursuant to section 225.25(b)(1); because SCNC obtained the Board's approval for such activities under the BHC Act before May 1, 1982. Wachovia does not seek 3. Southern Provident Life Insurance Company, approval for Provident Financial Corporation or its present subsidiar- Phoenix, Arizona, and thereby engage in reinsuring ies to expand in any manner or merge the existing previouslycredit life and credit accident and health insurance approved insurance activities of Wachovia or SCNC. The Board concludes that, under section 4(c)(8)(D) of the BHC Act sold by subsidiaries of South Carolina National Cor- (12 U.S.C. § 1843(c)(8)(D)), Provident Financial Corporation may poration pursuant to section 225.25(b)(8)(i); continue to engage in its existing credit-related property and casualty insurance activities after consummation of this proposal. 4. SCN Capital Management Corporation, Columbia, 11. The Board has determined previously that the markets for South Carolina, and thereby engage in serving as one-to-four family residential mortgage loan originations and con- investment adviser; providing portfolio investment sumer lending are local markets. See, e.g., Mellon National Corporation, 69 Federal Reserve Bulletin 2%, (1983); F & M National advice to any other persons, including South Carolina Corporation, 59 Federal Reserve Bulletin 905, 906 (1973). The other National Bank; furnishing general economic informanonbanking activities in which Wachovia and SCNC compete are tion and advice, general economic statistical forecastconducted in geographic markets that are regional or national in scope. ing services and industry studies; and providing finan- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 Federal Reserve Bulletin • December 1991 cial advice to state and local governments, such as nies pursuant to section 225.25(b)(9); and making first with respect to the issuance of their securities, pursu- mortgage loans, selling such loans in the secondary ant to section 225.25(b)(4); market, and such other mortgage banking activities 5. SCN Discount Brokerage Services, Inc., Columbia, pursuant to section 225.25(b)(1); South Carolina, and thereby engage in securities bro- 8. South Carolina Low and Moderate Income Rural kerage services pursuant to section 225.25(b)(15); Housing Partners Limited Partnership, Boston, Mas- 6. Southeast Switch, Inc., Maitland, Florida, and sachusetts, and thereby engage in making equity and thereby engage in providing data processing and trans- debt investments in corporations or projects designed mission services to federally insured depository insti- primarily to promote community welfare pursuant to tutions who participate in Southeast Switch's neutral section 225.25(b)(6); shared electronic funds transfer ("EFT") network, 9. Bay Side, A Limited Partnership, Columbia, South providing related services, including the administra- Carolina, and thereby engage in making equity and tion and promotion of the network, providing data debt investments in corporations or projects designed processing, transmission and related services to other primarily to promote community welfare pursuant to EFT networks pursuant to section 225.25(b)(7); and section 225.25(b)(6); providing bank management consulting advice to de- 10. Old Republic Bancorp, Inc. and Old Republic pository institutions pursuant to section 225.25(b)(ll); Savings Bank, both of Raleigh, North Carolina, and 7. Atlantic Savings Bank, Hilton Head Island, South thereby engage in owning, controlling, and operating a Carolina, and thereby engage in owning, controlling savings association that engages only in deposit-taking and operating a savings association that engages only activities and lending and other activities that are in deposit-taking activities and lending and other ac- permissible for bank holding companies pursuant to tivities that are permissible for bank holding compa- section 225.25(b)(9) of the Board's Regulation Y. ORDERS ISSUED UNDER THE FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND ENFORCEMENT ACT CTIRREA ORDERS ") Recent orders have been issued by the Staff Director of the Division of Banking Supervision and Regulation and the General Counsel of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Acquired Surviving Approval Bank Holding Company Thrift Bank(s) Date National Penn Bancshares, Inc. Sellersville Savings and National Bank of October 8, 1991 Boyertown, Pennsylvania Loan Association, Boyertown, Perkasie, Pennsylvania Boyertown, Pennsylvania Southern National Preferred Savings Bank, Southern National September 27, 1991 Corporation, F.S.B., High Point, Bank of North Lumberton, North Carolina Carolina, North Carolina Lumberton, North Carolina U.S. Bancorp, Heart Federal Savings U.S. Bank of October 29, 1991 Portland, Oregon Association, California, Auburn, California Eureka, California Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1015 APPLICATIONS 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 the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Section 4 Effective Applicant(s) Bank(s) Date Provident Bancorp, Inc., Merit Savings Association, October 4, 1991 Cincinnati, Ohio Cincinnati, Ohio Peoples Federal Savings and Loan Association of Bellevue, Bellevue, Kentucky Thrift Savings and Loan Company, Cincinnati, Ohio APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT 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(s) Bank(s) Bank Date 1st Premier Bancorp, Denver West Bank and Kansas City October 10, 1991 Golden, Colorado Trust, Golden, Colorado Associated Banc-Corp, Farmers State Bank, Chicago September 23, 1991 Green Bay, Wisconsin Pound, Wisconsin Beulah Bancorporation, Inc., D & B Holding Company, Minneapolis October 4, 1991 Beulah, Minnesota Inc., Beulah, North Dakota Central Bancompany, Inc., Nixa Bank, St. Louis September 19, 1991 Jefferson City, Missouri Nixa, Missouri Commercial Bancorp, Farmers and Merchants San Francisco September 27, 1991 Salem, Oregon Bank, Forest Grove, Oregon First Laurel Security Company, First Osmond Kansas City September 25, 1991 Laurel, Nebraska Corporation, Osmond, Nebraska Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 Federal Reserve Bulletin • December 1991 Section 3—Continued Reserve Effective Applicant(s) Bank(s) Bank Date First National of Nebraska, Inc., Pathfinder Bancshares, Kansas City September 20, 1991 Omaha, Nebraska Inc., Fremont, Nebraska Fremont Bank Corporation, The First National Bank Kansas City September 30, 1991 Canon City, Colorado of Arvada, Arvada, Colorado Great River Banshares Burlington Bank and Chicago October 9, 1991 Corporation, Trust, Burlington, Iowa Burlington, Iowa Lake Elmo Bank Profit Sharing Lake Elmo Bancorp, Inc., Minneapolis October 9, 1991 Plan and the Lake Elmo Bank Lake Elmo, Minnesota Profit Sharing Trust, Lake Elmo, Minnesota Midland Financial Corporation, Midland National Bank, Kansas City October 11, 1991 Newton, Kansas Newton, Kansas Monroe Agency, Inc., Nebraskaland Insurance Kansas City September 25, 1991 Monroe, Nebraska Agency, Genoa, Nebraska Parkway Bancorp, Inc., Parkway Bank, Atlanta September 23, 1991 Fort Myers, Florida Fort Myers, Florida Peoples Independent Peoples Independent Atlanta October 1, 1991 Bancshares, Inc., Bank of Boaz, Boaz, Alabama Boaz, Alabama Senath Bancshares, Inc., Senath State Bank, St. Louis October 7, 1991 Senath, Missouri Senath, Missouri Tri-County Bancorp, Inc., Tri-County Bank, Chicago October 8, 1991 Brown City, Michigan Brown City, Michigan United Missouri Bancshares, National Bank of the Kansas City October 11, 1991 Inc., West, Kansas City, Missouri Colorado Springs, Colorado Western Bancorporation, Inc., Western National Bank of Minneapolis September 20, 1991 Duluth, Minnesota Duluth, Duluth, Minnesota Section 4 Nonbanking Reserve Effective Applicant(s) Activity/Company Bank Date Carolina First BancShares, Inc., Cabarrus Savings Bank, Richmond October 17, 1991 Lincolnton, North Carolina Inc., Concord, North Carolina Carolina First Corporation, The First Savings Bank, Richmond October 16, 1991 Greenville, South Carolina F.S.B., Greenville, South Carolina Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1017 Section 4—Continued Nonbanking Reserve Effective Applicant(s) Activity/Company Bank Date Evergreen Bancshares, Inc., Evergreen Interim Atlanta October 16, 1991 Tallahassee, Florida Savings Bank, Tallahassee, Florida Fidelity BancShares (N.C.), Inc., Fidelity Interim Savings Richmond October 11, 1991 Fuquay-Varina, North Carolina and Loan Association, Inc., Fuquay-Varina, North Carolina First State Corporation, Randolph County Savings Atlanta October 15, 1991 Albany, Georgia and Loan Association of Cuthbert, Cuthbert, Georgia Honor Bancorp, Inc., Honor Consultive Chicago September 20, 1991 Honor, Michigan Services, Inc., Lake Orion, Michigan Montana Bancsystem, Inc., Tillit Insurance Agency, Minneapolis October 16, 1991 Billings, Montana Inc., Forsyth, Montana Signet Banking Corporation, Credit Systems Richmond September 26, 1991 Richmond, Virginia Incorporated, St. Louis, Missouri Sections 3 and 4 .. . Nonbanking Reserve Effective ( pp Activity/Company Bank Date Banc One Corporation, Marine Corporation, Cleveland September 26, 1991 Columbus, Ohio Springfield, Illinois APPLICATIONS APPROVED UNDER BANK MERGER ACT Reserve Effective Applicant(s) Bank(s) Bank Date The C & D Bank Company, The Dime Bank, Marietta, Cleveland September 19, 1991 Marietta, Ohio Ohio First of America Bank-West First of America Chicago September 30, 1991 Michigan, Bank-Muskegon, Grand Rapids, Michigan Muskegon, Michigan Ireland Bank, Security State Bank, San Francisco October 4, 1991 Malad City, Idaho Soda Springs, Idaho Old Kent Bank of Kalamazoo, Old Kent Bank - Chicago September 30, 1991 Kalamazoo, Michigan Southwest, Niles, Michigan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 Federal Reserve Bulletin • December 1991 * i • x ,, , Reserve Effective D Applicant(s) Bank(s) Bank Date Signet Bank/Maryland, Signet Bank, National Richmond October 3, 1991 Baltimore, Maryland Association, Washington, D.C. PENDING CASES INVOLVING THE BOARD OF Kaimowitz v. Board of Governors, No. 90-3067 (11th GOVERNORS Circuit, filed January 23, 1990). Petition for review of Board order dated December 22, 1989, approving This list of pending cases does not include suits application by First Union Corporation to acquire against the Federal Reserve Banks in which the Board Florida National Banks. On August 27, 1991, the of Governors is not named a party. court of appeals ruled that the petitioner lacked standing to bring the action. Board of Governors v. Kemal Shoaib, No. CV 91-5152 Consumers Union of U.S., Inc. v. Board of Gover- (C.D. California, filed September 24, 1991). Action nors, No. 90-5186 (D.C. Circuit, filed June 29, 1990). Appeal of District Court decision upholding to freeze assets of individual pending administrative amendments to Regulation Z implementing the adjudication of civil money penalty assessment by Home Equity Loan Consumer Protection Act. On the Board. On October 15, the court issued a pre- July 12, 1991, the court of appeals affirmed the liminary injunction restraining the transfer or dispomajority of district court decision upholding the sition of the individual's assets. Board's regulations, but remanded two issues to the Board of Governors v. Ghaith R. Pharaon, No. 91- Board for further action. CIV-6250 (S.D. New York, filed September 17, 1991. Action to freeze assets of individual pending Synovus Financial Corp. v. Board of Governors, No. administrative adjudication of civil money penalty 89-1394 (D.C. Circuit, filed June 21, 1989). Petition assessment by the Board. On September 17, the for review of Board order permitting relocation of a court issued an order temporarily restraining the bank holding company's national bank subsidiary transfer or disposition of the individual's assets. from Alabama to Georgia. Awaiting decision. In re Smouha, No. 91-B-13569 (Bkr. S.D. New York, MCorp v. Board of Governors, No. 89-2816 (5th filed August 2, 1991). Ancillary proceeding under Circuit, filed May 2, 1989). Appeal of preliminary the U.S. Bankruptcy Code brought by provisional injunction against the Board enjoining pending and liquidators of BCCI Holdings (Luxembourg) S.A. future enforcement actions against a bank holding and affiliated companies. On August 15, 1991, the company now in bankruptcy. On May 15, 1990, the bankruptcy court issued a temporary restraining Fifth Circuit vacated the district court's order enorder staying certain judicial and administrative joining the Board from proceeding with enforcement actions, which has been continued by consent. actions based on section 23A of the Federal Reserve Hanson v. Greenspan, No. 91-1599 (D.D.C., filed Act, but upheld the district court's order enjoining June 28, 1991). Suit for return of funds and financial such actions based on the Board's source-ofinstruments allegedly owned by plaintiffs. strength doctrine. 900 F.2d 852 (5th Cir. 1990). On Fields v. Board of Governors, No. 3:91CV069 (N.D. March 4, 1991, the Supreme Court granted the Ohio, filed February 5, 1991). Appeal of denial of parties' cross-petitions for certiorari, Nos. 90-913, request for information under the Freedom of Infor- 90-914. On October 2, 1991, the Supreme Court mation Act. heard argument in the case. Citicorp v. Board of Governors, No. 90-4124 (2d MCorp v. Board of Governors, No. CA3-88-2693 Circuit, filed October 4, 1990). Petition for review of (N.D. Texas, filed October 10, 1988). Application Board order requiring Citicorp to terminate certain for injunction to set aside temporary cease and insurance activities conducted pursuant to Delaware desist orders. Stayed pending outcome of MCorp v. law by an indirect nonbank subsidiary. On June 10, Board of Governors, 900 F.2d 852 (5th Cir. 1990). 1991, the court of appeals granted the petition and White v. Board of Governors, No. CU-S-88-623-RDF vacated the Board's order. The Independent Insur- (D. Nevada, filed July 29, 1988). Age discrimination ance Agents of America and others filed a petition complaint. The case was dismissed on August 30, for certiorari on October 8, 1991. 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 1019 FINAL ENFORCEMENT ORDERS ISSUED BY THE Rudell Oppegard, principal shareholder, Chairman BOARD OF GOVERNORS and former President of the Oppegard Agency Inc., Dilworth, Minnesota. Donald J. Coleman Washington, D.C. WRITTEN AGREEMENTS APPROVED BY FEDERAL The Federal Reserve Board announced on October 9, RESERVE BANKS 1991, the issuance of Cease and Desist Orders against Donald J. Coleman, the former Executive Vice Presi- FWB Bancorporation dent and Chief Financial Officer of Washington Ban- Rockville, Maryland corporation, Washington, D.C., the parent bank holding company of the now defunct National Bank of The Federal Reserve Board announced on October 18, Washington, Washington, D.C. The Board's enforce- 1991, the execution of a Written Agreement among the ment action against Coleman was coordinated with the Federal Reserve Bank of Richmond, the Bank Com- Securities and Exchange Commission, which today missioner of the State of Maryland, and FWB Bancorfiled a consent action against Coleman in the U.S. poration, Rockville, Maryland. District Court for the District of Columbia. Pioneer Bank Rudell Oppegard Fullerton, California Dilworth, Minnesota The Federal Reserve Board announced on October 16, The Federal Reserve Board announced on October 22, 1991, the execution of a Written Agreement between 1991, the issuance of Orders of Assessment of a Civil the Federal Reserve Bank of San Francisco and the Money Penalty and Removal and Prohibition against Pioneer Bank, Fullerton, California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

57 Financial and Business Statistics CONTENTS WEEKLY REPORTING COMMERCIAL BANKS Domestic Financial Statistics Assets and liabilities A19 All reporting banks A21 Branches and agencies of foreign banks MONEY STOCK AND BANK CREDIT FINANCIAL MARKETS A3 Reserves, money stock, liquid assets, and debt measures ALL Commercial paper and bankers dollar A4 Reserves of depository institutions, Reserve Bank acceptances outstanding credit A22 Prime rate charged by banks on short-term A5 Reserves and borrowings — Depository business loans institutions A23 Interest rates—money and capital markets A6 Selected borrowings in immediately available A24 Stock market—Selected statistics funds - Large member banks A25 Selected financial institutions—Selected assets and liabilities POLICY INSTRUMENTS FEDERAL FINANCE A7 Federal Reserve Bank interest rates A8 Reserve requirements of depository institutions A26 Federal fiscal and financing operations A9 Federal Reserve open market transactions A27 U.S. budget receipts and outlays A28 Federal debt subject to statutory limitation A28 Gross public debt of U. S. Treasury—Types FEDERAL RESERVE BANKS and ownership A29 U.S. government securities A10 Condition and Federal Reserve note statements dealers—Transactions All Maturity distribution of loan and security A30 U.S. government securities dealers —Positions holdings and financing A31 Federal and federally sponsored credit agencies — Debt outstanding MONETARY AND CREDIT AGGREGATES A12 Aggregate reserves of depository institutions SECURITIES MARKETS AND and monetary base CORPORATE FINANCE A13 Money stock, liquid assets, and debt measures A15 Bank debits and deposit turnover A32 New security issues—State and local A16 Loans and securities-All commercial banks governments and corporations A3 3 Open-end investment companies - Net sales and asset position COMMERCIAL BANKING INSTITUTIONS A33 Corporate profits and their distribution A33 Total nonfarm business expenditures on new A17 Major nondeposit funds plant and equipment A18 Assets and liabilities, last-Wednesday-of-month A34 Domestic finance companies—Assets and series liabilities and business credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 Federal Reserve Bulletin • December 1991 Domestic Financial Statistics—Continued A57 Selected U.S. liabilities to foreign official institutions REAL ESTATE A35 Mortgage markets REPORTED BY BANKS A36 Mortgage debt outstanding IN THE UNITED STATES A57 Liabilities to and claims on foreigners CONSUMER INSTALLMENT CREDIT A58 Liabilities to foreigners A60 Banks' own claims on foreigners A37 Total outstanding and net change A61 Banks' own and domestic customers' claims on A3 8 Terms foreigners A61 Banks' own claims on unaffiliated foreigners A62 Claims on foreign countries—Combined domestic offices and foreign branches FLOW OF FUNDS A39 Funds raised in U.S. credit markets A41 Direct and indirect sources of funds to credit REPORTED BY NONBANKING BUSINESS markets ENTERPRISES IN THE UNITED STATES A42 Summary of credit market debt outstanding A43 Summary of credit market claims, by holder A63 Liabilities to unaffiliated foreigners A64 Claims on unaffiliated foreigners Domestic Nonfinancial Statistics SECURITIES HOLDINGS AND TRANSACTIONS SELECTED MEASURES A65 Foreign transactions in securities A44 Nonfinancial business activity-Selected A66 Marketable U.S. Treasury bonds and measures notes-Foreign transactions A45 Labor force, employment, and unemployment A46 Output, capacity, and capacity utilization A47 Industrial production—Indexes and gross value INTEREST AND EXCHANGE RATES A49 Housing and construction A67 Discount rates of foreign central banks A50 Consumer and producer prices A67 Foreign short-term interest rates A51 Gross national product and income A68 Foreign exchange rates 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 A54 U.S. foreign trade A70 Terms of lending at commercial banks, A54 U.S. reserve assets August 1991 A54 Foreign official assets held at Federal Reserve A74 Assets and liabilities of U.S. branches and agencies Banks of foreign banks, June 30, 1991 A55 Foreign branches of U. S. banks - Balance A79 Assets and liabilities of credit unions and life sheet data insurance companies, June 30, 1991 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 Percent annual rate of change, seasonally adjusted1 1990 1991 1991 MMoonneettaarryy aanndd ccrreeddiitt aaggggrreeggaattee Q4 Ql Q2 Q3 May June July Aug. Sept. Reserves of depository institutions2 1 Total 3.9 9.2 3.4 7.7 16.4 8.6 1.9 11.7 6.6 2 Required 1.7 4.7 9.3 8.3 16.7 9.4 4.5 7.5 10.5 3 Nonborrowed 7.8 9.1 3.8 4.7 14.7 7.8 -4.4 8.0 9.5 4 Monetary base3 9.9 14.5 3.9 5.9 3.4 3.8 5.5 9.2 6.5 Concepts of money, liquid assets, and debt4 5 Ml 3.4 5.9 7.3 6.9 13.5 9.6 1.7 9.4 5.5 6 M2 2.0 3.4 4.8 -.3 4.6 1.7 -3.6 .2 -.1 7 M3 .9 4.0 1.9 -2.5 .7 -2.0 -5.0 -.8 -2.2 8 L 1.8 3.2 -2.4 n.a. -5.1 5.8 1.0 -1.7 n.a. 9 Debt 5.7 4.5 3.7 5.3 4.9 5.1 4.7 6.0 n.a. Nontransaction components in In M25 1.6 2.7 3.9 -2.7 1.6 -.8 -5.4 -2.8 -2.0 11 In M3 only6 -3.6 6.5 -10.5 -12.0 -15.7 -18.4 -11.5 -5.4 -11.6 Time and savings deposits Commercial banks 12 Savings, including MMDAs 4.1 7.5 16.7 12.9 17.3 16.3 11.6 10.4 9.3 13 Small time7 11.5 8.8 -1.7 .8 -5.8 1.0 -1.6 7.8 .0 14 Large time • -8.5 12.0 .2 -8.8 2.4 -4.2 -13.6 -8.5 -15.7 Thrift institutions 15 Savings, including MMDAs -7.3 -.7 18.4 9.7 22.9 11.7 10.0 2.6 5.3 16 Small time -8.6 -9.8 -13.7 -22.8 -14.9 -26.5 -22.1 -28.3 -19.0 17 Large time '9 -26.3 -31.9 -35.1 -41.4 -46.3 -42.4 -38.1 -47.9 -44.8 Money market mutual funds 18 General purpose and broker-dealer 9.8 1188..22 6.7 -11.8 3.0 -2.6 --1166..11 --2222..00 --1122..22 19 Institution-only 30.4 49.9 23.0 .7 4.9 -23.8 -12.6 25.4 37.3 Debt components4 70 1111..66 1122..00 5.7 13.8 1100..55 14.9 11.8 16.1 n.a. 21 Nonfederal 3.8 2.1 3.0 2.5 3.1 2.0 2.3 2.6 n.a. 1. Unless otherwise noted, rates of change are calculated from average offices in the United Kingdom and Canada, and (3) balances in both taxable and amounts outstanding during preceding month or quarter. tax-exempt, institution-only money market funds. Excludes amounts held by 2. Figures incorporate adjustments for discontinuities associated with regula- depository institutions, the U.S. government, money market funds, and foreign tory changes in reserve requirements. (See also table 1.20.) banks and official institutions. Also excluded is the estimated amount of overnight 3. Seasonally adjusted, break-adjusted monetary base consists of (1) season- RPs and Eurodollars held by institution-only money market funds. Seasonally ally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted M3 is computed by adjusting its non-M2 component as a whole and then adjusted currency component of the money stock, plus (3) (for all quarterly adding this result to seasonally adjusted M2. reporters on the "Report of Transaction Accounts, Other Deposits and Vault L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term Cash" and for all weekly reporters whose vault cash exceeds their required Treasury securities, commercial paper, and bankers acceptances, net of money reserves) the seasonally adjusted, break-adjusted difference between current vault market fund holdings of these assets. Seasonally adjusted L is computed by cash and the amount applied to satisfy current reserve requirements. summing U.S. savings bonds, short-term Treasury securities, commercial paper, 4. Composition of the money stock measures and debt is as follows: and bankers acceptances, each seasonally adjusted separately, and then adding Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults this result to M3. of depository institutions; (2) travelers checks of nonbank issuers; (3) demand Debt: Debt of domestic nonfinancial sectors consists of outstanding creditdeposits at all commercial banks other than those due to depository institutions, market debt of the U.S. government, state and local governments, and private the U.S. government, and foreign banks and official institutions, less cash items in nonfinancial sectors. Private debt consists of corporate bonds, mortgages, conthe process of collection and Federal Reserve float; and (4) other checkable sumer credit (including bank loans), other bank loans, commercial paper, bankers deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and acceptances, and other debt instruments. Data are derived from the Federal automatic transfer service (ATS) accounts at depository institutions, credit union Reserve Board's flow of funds accounts. Data on debt of domestic nonfinancial share draft accounts, and demand deposits at thrift institutions. Seasonally sectors are monthly averages, derived by averaging adjacent month-end levels. adjusted Ml is computed by summing currency, travelers checks, demand Growth rates for debt reflect adjustments for discontinuities over time in the levels deposits, and OCDs, each seasonally adjusted separately. of debt presented in other tables. M2: Ml plus (1) overnight (and continuing-contract) repurchase agreements 5. Sum of (1) overnight RPs and Eurodollars, (2) money market fund balances (RPs) issued by all depository institutions and overnight Eurodollars issued to (general purpose and broker-dealer), (3) MMDAs, and (4) savings and small time U.S. residents by foreign branches of U.S. banks worldwide, (2) savings and small deposits. time deposits (time deposits—including retail repurchase agreements (RPs)—in 6. Sum of (1) large time deposits, (2) term RPs, (3) term Eurodollars of U.S. amounts of less than $100,000), and (3) balances in both taxable and tax-exempt residents, and (4) money market fund balances (institution-only), less (5) a general-purpose and broker-dealer money market funds. Excludes individual consolidation adjustment that represents the estimated amount of overnight RPs retirement accounts (IRAs) and Keogh balances at depository institutions and and Eurodollars held by institution-only money market funds. This sum is money market funds. Also excludes all balances held by U.S. commercial banks, seasonally adjusted as a whole. money market funds (general purpose and broker-dealer), foreign governments 7. Small time deposits—including retail RPs—are those issued in amounts of and commercial banks, and the U.S. government. Seasonally adjusted M2 is less than $100,000. All IRA and Keogh account balances at commercial banks and computed by adjusting its non-Mi component as a whole and then adding this thrift institutions are subtracted from small time deposits. result to seasonally adjusted Ml. 8. Large time deposits are those issued in amounts of $100,000 or more, M3: M2 plus (1) large time deposits and term RP liabilities (in amounts of excluding those booked at international banking facilities. $100,000 or more) issued by all depository institutions, (2) term Eurodollars held 9. Large time deposits at commercial banks less those held by money market by U.S. residents at foreign branches of U.S. banks worldwide and at all banking funds, depository institutions, and foreign banks and official institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 Domestic Financial Statistics • December 1991 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT 1 Millions of dollars Monthly averages of Weekly averages of daily figures for week ending daily figures 1991 1991 July Aug. Sept. Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 294,061 292,833 297,531 293,465 292,201 291,775 296,317 296,828 299,868 296,018 U.S. government securities2 2 Bought outright-system account 249,075 251,794 256,689 251,684 251,495 252,922 255,055 255,689 257,119 256,812 3 Held under repurchase agreements ... 2,766 543 2,099 0 628 577 2,610 1,953 3,561 873 Federal agency obligations 4 Bought outright 6,1% 6,159 6,155 6,159 6,159 6,159 6,159 6,157 6,154 6,154 5 Held under repurchase agreements ... 241 17 203 0 29 28 132 427 216 95 6 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 7 Adjustment credit 88 205 57 11 127 53 84 84 42 39 8 Seasonal credit 320 332 285 322 337 337 303 268 270 301 9 Extended credit 45 297 309 269 293 369 442 441 550 81 10 Float 474 335 523 425 579 278 178 726 605 544 11 Other Federal Reserve assets 34,856 33,151 31,212 34,595 32,555 31,051 31,355 31,083 31,351 31,119 12 Gold stock 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 13 Special drawing rights certificate account . 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 14 Treasury currency outstanding 20,769 20,810 20,866 20,803 20,813 20,823 20,841 20,853 20,865 20,877 ABSORBING RESERVE FUNDS 15 Currency in circulation 293,560 293,864 294,675 294,248 294,004 293,428 295,147 295,863 294,984 293,697 16 Treasury cash holdings 615 610 607 611 612 608 605 606 611 607 Deposits, other than reserve balances, with Federal Reserve Banks 17 Treasury 6614 5,644 7,855 6,028 5,138 5,196 6,260 5,809 8,321 9,908 18 Foreign 242 233 254 218 265 245 283 244 268 217 19 Service-related balances and adjustments 3,239 3,307 3,328 3,301 3,278 3,294 3,412 3,280 3,249 3,372 20 Other 219 202 245 185 212 221 222 231 249 245 21 Other Federal Reserve liabilities and capital 7,812 8,282 8,656 8,230 8,100 8,154 8,685 8,681 8,637 8,534 22 Reserve balances with Federal Reserve Banks3 23,609 22,580 23,855 22,527 22,487 22,533 23,625 24,047 25,495 21,395 End-of-month figures Wednesday figures 1991 1991 July Aug. Sept. Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 SUPPLYING RESERVE FUNDS Reserve Bank credit outstanding 293,653 293,306 296,876 292,206 295,215 291,775 307,145 294,745 311,757 294,757 U.S. government securities Bought outright-system account ... 250,978 254,959 258,554 249,630 254,317 252,922 255,447 254,881 256,149 256,361 Held under repurchase agreements 0 0 0 0 0 577 11,383 1,013 15,116 0 Federal agency obligations Bought outright 6,159 6,159 6,154 6,159 6,159 6,159 6,159 6,154 6,154 6,154 Held under repurchase agreements 0 0 0 0 0 28 608 242 816 0 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions Adjustment credit 85 97 38 7 797 53 51 124 177 52 Seasonal credit 359 305 276 328 348 337 287 253 292 302 Extended credit 130 443 0 236 226 369 349 405 548 0 Float 900 48 232 1,230 849 278 1,072 536 1,021 745 Other Federal Reserve assets 35,043 31,296 31,621 34,617 32,520 31,051 31,789 31,136 31,484 31,142 12 Gold stock 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 13 Special drawing rights certificate account 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 14 Treasury currency outstanding 20,783 20,833 20,889 20,803 20,813 20,823 20,841 20,853 20,865 20,877 ABSORBING RESERVE FUNDS 15 Currency in circulation 292,596 294,884 293,512 294,305 293,864 293,428 295,990 295,504 294,516 293,422 16 Treasury cash holdings 605 605 607 612 608 608 605 611 607 607 Deposits, other than reserve balances, with Federal Reserve Banks 17 Treasury 5,831 6,745 7,928 4,964 5,164 5,196 6,390 5,056 12,774 5,324 18 Foreign 314 256 385 282 266 245 207 231 229 243 19 Service-related balances and adjustments 3,260 3,412 3,380 3,301 3,278 3,294 3,412 3,280 3,249 3,372 20 Other 212 219 283 190 199 221 239 224 259 285 21 Other Federal Reserve liabilities and capital 8165 8,729 9,522 8,072 7,900 8,154 8,588 8,439 8,379 8,289 22 Reserve balances with Federal Reserve Banks3 24,533 20,370 23,229 22,363 25,829 22,533 33,636 23,332 33,689 25,172 1. For amounts of cash held as reserves, see table 1.12. Components may not scheduled to be bought back under matched sale-purchase transactions. sum to totals because of rounding. 3. Excludes required clearing balances and adjustments to compensate for 2. Includes securities loaned—fully guaranteed by U.S. government securities float. pledged with Federal Reserve Banks—and excludes any securities sold and 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 Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RReesseerrvvee ccllaassssiiffiiccaattiioonn 1988 1989 1990 1991 Dec. Dec. Dec. Mar. Apr. May June July Aug. Sept. 1 Reserve balances with Reserve Banks 37,837 35,436 30,237 21,734 23,508 22,287 23,685 23,271 22,810" 23,447 2 Total vault cash 28,204 29,822 31,777 30,895 30,556 30,720 30,524 31,322 31,779 31,549 3 Applied vault cash4 25,909 27,374 28,884 26,853 26,793 26,776 26,722 27,389 27,798 27,680 4 Surplus vault cash 2,295 2,448 2,893 4,043 3,764 3,944 3,801 3,933 3,981 3,869 5 Total reserves 63,746 62,810 59,120 48,586 50,301 49,063 50,407 50,660 50,607 51,127 6 Required reserves 62,699 61,887 57,456 47,407 49,270 48,033 49,399 49,754 49,521r 50,198 7 Excess reserve balances at Reserve Banks ... 1,047 923 1,664 1,179 1,031 1,030 1,008 906 1,086r 929 8 Total borrowings at Reserve Banks 1,716 265 326 241 231 303 340 607 764 645 9 Seasonal borrowings 130 84 76 55 79 151 222 317 331 287 10 Extended credit 1,244 20 23 53 86 88 8 46 300 302 Biweekly averages of daily figures for weeks ending 1991 May 29 June 12 June 26 July 10 July 24 Aug 7 Aug. 21 Sept. 4 Sept. 18 Oct. 2 1 Reserve balances with Reserve Banks2 21,363 24,027 23,344 23,853 22,977 23,029 22,508 23,077r 24,771 22,025 2 Total vault cash* 31,234 29,787 30,926 31,327 31,351 31,257 32,499 31,137 31,015 32,310 3 Applied vault cash 27,114 26,115 27,048 27,404 27,456 27,234 28,469 27,254 27,408 28,140 4 Surplus vault cash 4,120 3,672 3,878 3,923 3,895 4,023 4,030 3,883 3,608 4,170 5 Total reserves 48,477 50,142 50,392 51,256 50,433 50,262 50,977 50,33lr 52,179 50,165 6 Required reserves 47,357 49,411 49,110 50,375 49,492 49,393 49,917 49,058r 51,447 49,121 7 Excess reserve balances at Reserve Banks 1,121 731 1,282 882 941 870 1,061 l,273r 732 1,045 8 Total borrowings at Reserve Banks 299 283 314 601 469 892 679 795 828 383 9 Seasonal borrowings 165 176 242 290 320 351 330 320 269 296 10 Extended credit9 59 9 8 5 4 188 281 406 4% 41 1. Data in this table also appear in the Board's H.3 (502) weekly statistical institutions (that is, those whose vault cash exceeds their required reserves) to release. For ordering address, see inside front cover. Components may not sum to satisfy current reserve requirements. totals because of rounding. 5. Total vault cash (line 2) less applied vault cash (line 3). 2. Excludes required clearing balances and adjustments to compensate for float 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash and includes other off-balance-sheet "as -of' adjustments. (line 3). 3. Total "lagged" vault cash held by depository institutions subject to reserve 7. Total reserves (line 5) less required reserves (line 6). requirements. Dates refer to the maintenance periods during which the vault cash 8. Also includes adjustment credit. can be used to satisfy reserve requirements. Under contemporaneous reserve 9. Extended credit consists of borrowing at the discount window under the requirements, maintenance periods end thirty days after the lagged computation terms and conditions established for the extended credit program to help periods during which the balances are held. depository institutions deal with sustained liquidity pressures. Because there is 4. All vault cash held during the lagged computation period by "bound" not the same need to repay such borrowing promptly as there is with traditional institutions (that is, those whose required reserves exceed their vault cash) plus short-term adjustment credit, the money market impact of extended credit is the amount of vault cash applied during the maintenance period by "nonbound" similar to that of nonborrowed reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 Domestic Financial Statistics • December 1991 1.13 SELECTED BORROWINGS IN IMMEDIATELY AVAILABLE FUNDS Large Banks1 Millions of dollars, averages of daily figures 1991, week ending Monday SSoouurrccee aanndd mmaattuurriittyy Mar. 25 Apr. 1 Apr. 8 Apr. 15 Apr. 22 Apr. 29 May 6 May 13 May 20 Federal funds purchased, repurchase agreements, and other selected borrowings From commercial banks in the United States 1 For one day or under continuing contract 68,931 71,048 81,372 80,513 73,405 67,102 75,412 74,532 74,706 2 For all other maturities 17,530 17,436 16,378 15,935 15,363 15,092 15,405 15,510 15,345 From other depository institutions, foreign banks and official institutions, and U.S. government agencies 3 For one day or under continuing contract 31,312 29,035 31,718 28,875 28,319 30,267 30,603 31,584 33,895 4 For all other maturities 21,386 20,783 20,730 21,869 20,716 20,308 19,680 20,518 22,243 Repurchase agreements on U.S. government and federal agency securities Brokers and nonbank dealers in securities 5 For one day or under continuing contract 11,007 8,015 12,995 10,730 10,097 9,754 10,683 10,530 12,709 6 For all other maturities 17,847 18,183 18,620 19,320 18,400 18,149 17,824 17,484 16,970 All other customers 7 For one day or under continuing contract 24,147 22,908 25,150 24,029 23,555 23,289 23,560 22,794 24,457 8 For all other maturities 11,983 12,587 10,903 11,167 10,924 11,846 11,698 11,481 10,868 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 39,240 41,515 44,681 43,902 40,273 36,352 44,445 39,324 40,629 10 To all other specified customers2 17,401 15,289 17,841 20,559 17,148 15,832 16,094 14,803 15,617 1. Banks with assets of $4 billion or more as of Dec. 31, 1988. 2. Brokers and nonbank dealers in securities, other depository institutions, Data in this table also appear in the Board's H.5 (507) weekly statistical release. foreign banks and official institutions, and U.S. government agencies. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Extended credit2 AAddjjuussttmmeenntt ccrreeddiitt aanndd FFFeeedddeeerrraaalll RRReeessseeerrrvvveee sseeaassoonnaall ccrreeddiitt11 First 30 days of borrowing After 30 days of borrowing3 BBBaaannnkkk 11 O /1 n /9 1 Ef d fe a c te ti ve Pre ra v t i e o us 11 O /1 n /9 1 Ef d fe a c te ti ve Pre ra v t i e o us 11 O /1 n /9 1 Ef d fe a c te ti ve Pre ra v t i e o us Effective date Boston 5 9/13/91 5.5 5 9/13/91 5.5 5.75 10/31/91 5.80 10/17/91 New York 9/13/91 9/13/91 10/31/91 10/17/91 Philadelphia 9/13/91 9/13/91 10/31/91 10/17/91 Cleveland 9/13/91 9/13/91 10/31/91 10/17/91 Richmond 9/13/91 9/13/91 10/31/91 10/17/91 Atlanta 9/13/91 9/13/91 10/31/91 10/17/91 Chicago 9/13/91 9/13/91 10/31/91 10/17/91 St. Louis 9/17/91 9/17/91 10/31/91 10/17/91 Minneapolis 9/13/91 9/13/91 10/31/91 10/17/91 Kansas City 9/13/91 9/13/91 10/31/91 10/17/91 Dallas 9/13/91 9/13/91 10/31/91 10/17/91 San Francisco ... 5 9/13/91 5.5 5 9/13/91 5.5 5.75 10/31/91 5.80 10/17/91 Range of rates for adjustment credit in recent years4 Range (or F.R. Range (or F.R. Range (or F.R. Effective date A le l v l e F l) . — R. Ba o n f k Effective A le l v l e F l) . — R. Ba o n f k Effective date A le l v l e F l) . — R. Ba o n f k Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1977 6 6 1981-—May 5 13-14 14 1985—May 20 7.5-8 7.5 1978—Jan. 9 6-6.5 6.5 8 14 14 24 7.5 7.5 20 6.5 6.5 Nov. 7 13-14 13 May 11 6.5-7 7 6 13 13 1986—Mar. 7 7-7.5 7 12 7 7 Dec. 4 12 12 10 7 7 July 3 7-7.25 7.25 Apr. 21 6.5-7 6.5 10 7.25 7.25 1982---JJuullyy ?n 11.5-12 11.5 July 11 6 6 Aug. 21 7.75 7.75 ?3 11.5 11.5 Aug. 21 5.5-6 5.5 Sept. 22 8 8 Aug. ? 11-11.5 11 22 5.5 5.5 Oct. 16 8-8.5 8.5 3 , 11 11 20 8.5 8.5 16 10.5 10.5 1987—Sept. 4 5.5-6 6 Nov. 1 8.5-9.5 9.5 77 10-10.5 10 11 6 6 3 9.5 9.5 30 10 10 Oct. 1? 9.5-10 9.5 11998888——AAuugg.. 99 6-6.5 6.5 1979—July 20 10 10 H 9.5 9.5 1111 6.5 6.5 Aug. 17 10-10.5 10.5 Nov. ?? 9-9.5 9 20 10.5 10.5 ?6 9 9 1989—Feb. 24 6.5-7 7 Sept. 19 10.5-11 11 Dec. 14 8.5-9 9 27 7 7 21 11 11 15 8.5-9 8.5 Oct. 8 11-12 12 17 8.5 8.5 1990—Dec. 19 6.5 6.5 10 12 12 1984-—Apr. 9 8.5-9 9 1991—Feb. 1 6-6.5 6 1980—Feb. 15 12-13 13 H 9 9 4 6 6 19 13 13 Nov. 71 8.5-9 8.5 Apr. 30 5.5-6 5.5 May 29 12-13 13 26 .. 8.5 8.5 May 2 5.5 5.5 30 12 12 Dec. 24 8 8 Sept. 13 5-5.5 5 June 13 11-12 11 Sept. 17 5 5 16 11 11 July 28 10-11 10 In effect Nov. 1, 1991 5 5 29 10 10 Sept. 26 11 11 Nov. 17 12 ' 12 Dec. 5 12-13 13 1. Adjustment credit is available on a short-term basis to help depository flexible rate is reestablished on the first business day of each two-week reserve institutions meet temporary needs for funds that cannot be met through reason- maintenance period. At the discretion of the Federal Reserve Bank, the time able alternative sources., The highest rate established for loans to depository period for which the basic discount rate is applied may be shortened. institutions may be charged on adjustment-credit loans of unusual size that result 4. For earlier data, see the following publications of the Board of Governors: from a major operating problem at the borrower's facility. Banking and Monetary Statistics, 1914-1941, and 1941-1970; and the Annual Seasonal credit is available to help smaller depository institutions meet regular, Statistical Digest, 1970-1979. seasonal needs for funds that cannot be met through special industry lenders and In 1980 and 1981, the Federal Reserve applied a surcharge to short-term that arise from a combination of expected patterns of movement in their deposits adjustment-credit borrowings by institutions with deposits of $500 million or more and loans. that had borrowed in successive weeks or in more than four weeks in a calendar 2. Extended credit is available to depository institutions when similar assist- quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, ance is not reasonably available from other sources, when exceptional circum- 1980. There was no surcharge until Nov. 17,1980, when a 2 percent surcharge was stances or practices involve only a particular institution, or when an institution is adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and experiencing difficulties adjusting to changing market conditions over a longer to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective period of time. Sept. 22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the 3. For extended-credit loans outstanding more than thirty days, a flexible rate formula for applying the surcharge was changed from a calendar quarter to a somewhat above rates on market sources of funds ordinarily is charged, but in no moving thirteen week period. The surcharge was eliminated on Nov. 17, 1981. case is the rate charged less than the basic discount rate plus 50 basis points. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 Domestic Nonfinancial Statistics • December 1991 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Type of deposit2 Net transaction accounts 1 $0 million-$41.1 million... 12/18/90 2 More than $41.1 million .. 12/18/90 3 Nonpersonal time deposits' 12/27/90 4 Eurocurrency liabilities5 .. 12/27/90 1. Required reserves must be held in the form of deposits with Federal Reserve three per month for the purpose of making payments to third persons or others. Banks or vault cash. Nonmember institutions may maintain reserve balances with However, money market deposit accounts jMMDAs) and similar accounts subject a Federal Reserve Bank indirectly on a pass-through basis with certain approved to the rules that permit no more than six preauthorized, automatic, or other institutions. For previous reserve requirements, see earlier editions of the Annual transfers per month, of which no more than three can be checks, are not Report or the Federal Reserve Bulletin. Under provisions of the Monetary transaction accounts (such accounts are savings deposits). Control Act, depository institutions include commercial banks, mutual savings The Monetary Control Act of 1980 requires that the amount of transaction banks, savings and loan associations, credit unions, agencies and branches of accounts against which the 3 percent reserve requirement applies be modified foreign banks, and Edge corporations. annually by 80 percent of the percentage change in transaction accounts held by 2. The Garn-St Germain Depository Institutions Act of 1982 (Public Law all depository institutions, determined as of June 30 each year. Effective Dec. 18, 97-320) requires that $2 million of reservable liabilities of each depository 1990, for institutions reporting quarterly, and Dec. 25, 1990, for institutions institution be subject to a zero percent reserve requirement. The Board is to adjust reporting weekly, the amount was increased from $40.4 million to $41.1 million. the amount of reservable liabilities subject to this zero percent reserve require- 4. For institutions that report weekly, the reserve requirement on nonpersonal ment each year for the succeeding calendar year by 80 percent of the percentage time deposits with an original maturity of less than 1 Vi years was reduced from 3 increase in the total reservable liabilities of all depository institutions, measured percent to IVi percent for the maintenance period that began Dec. 13, 1990, and on an annual basis as of June 30. No corresponding adjustment is to be made in to zero for the maintenance period that began Dec. 27, 1990. The reserve the event of a decrease. On Dec. 20, 1988, the exemption was raised from $3.2 requirement on nonpersonal time deposits with an original maturity of 1 Vi years million to $3.4 million. In determining the reserve requirements of depository or more has been zero since Oct. 6, 1983. institutions, the exemption applies in the following order: (1) net negotiable order For institutions that report quarterly, the reserve requirement on nonpersonal of withdrawal (NOW) accounts (NOW accounts less allowable deductions); and time deposits with an original maturity of less than 1 Vi years was reduced from 3 (2) net other transaction accounts. The exemption applies only to accounts that percent to zero on Jan. 17, 1991. would be subject to a 3 percent reserve requirement. 5. The reserve requirement on Eurocurrency liabilities was reduced from 3 3. Transaction accounts include all deposits against which the account holder is percent to zero in the same manner and on the same dates as were the reserve permitted to make withdrawals by negotiable or transferable instruments, pay- requirement on nonpersonal time deposits with an original maturity of less than ment orders of withdrawal, and telephone and preauthorized transfers in excess of 1 Yi years (see note 4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction 1989 Feb. Mar. Apr. May June July Aug U.S. TREASURY SECURITIES Outright transactions (excluding matched transactions) Treasury bills 2 1 G G r ro os s s s s p a u l r e c s h ases 8,2 5 2 8 3 7 1 1 4 2 , , 2 8 8 1 4 8 2 7 4 , , 2 73 9 9 1 1,967 0 313 0 0 3,411 0 3 0 7 1,35 0 9 4 3 R Ex ed ch em an p g t e io s ns 241 2 , , 8 20 7 0 6 23 1 1 2 , , 2 7 1 3 1 0 24 4 1 , ,0 4 8 0 6 0 21,381 0 18,8008 21,981 0 27,548 0 19,680 0 22,280 0 Others within one year 5 6 G G r r o o s s s s p sa u l r e c s h ases 2,176 0 327 0 425 0 10 0 0 700 0 700 0 20 0 0 625 0 7 Maturity shifts 23,854 28,848 25,638 2,292 413 4,324 5,175 1,478 8 9 R Ex ed c e h m an p g t e io s ns -24,588 0 -25,7 5 8 0 3 0 -27,424 0 -3,045 0 -1,877 0 -993 0 -4,887 0 -3,136 0 1 1 0 1 On G G e r r t o o o s s s s f i p v sa e u l r e y c s h e a a r s s e s 5,4 8 8 0 5 0 1, 4 4 9 3 0 6 2 20 50 0 0 0 2,950 0 550 0 0 0 0 0 12 Maturity shifts -17,720 -25,534 -21,770 -1,909 -213 -4,214 -3,410 -1,192 13 Exchanges 22,515 23,250 25,410 2,545 1,877 777 4,287 2,601 1 1 4 5 Fiv G G e r r o o to s s s s t e p s n a u l r e y c s e h a a r s s e s 1,5 1 7 7 9 5 28 2 7 9 10 0 0 350 0 50 0 0 0 0 0 0 0 1 1 6 7 M Ex a c tu h r a i n ty g e s s h ifts -5 1 , , 9 7 4 9 6 7 -2 1 , , 2 9 3 3 1 4 -2,1 7 8 8 6 9 - 4 2 0 3 0 -2000 -1 2 1 1 0 6 -1,6 4 0 0 5 0 -2 5 8 3 6 4 1 1 8 9 Mo G G re r r o o t s s h s s a p n sa u l t r e e c s n h a y s e e a s rs 1,398 0 284 0 0 0 0 0 0 0 20 Maturity shifts -188 -1,0 86 -1,681 -361 -160 21 Exchanges 275 600 1,226 100 200 All maturities 2 2 2 4 3 2 G R G e r r o o d s s e s s m s p p a u t l i r e o c s n h s a ses 1 2 1 8 , , , 2 5 8 0 6 6 0 2 3 1 1 1 3 3 6 , , , 2 3 6 3 3 1 0 7 7 2 4 5 7 , , , 4 5 4 0 9 1 0 1 4 2,417 0 0 4,013 0 0 2,15 0 8 0 3,611 0 0 1,984 0 0 Matched transactions 25 Gross sales 1,168,484 1,323,480 1,369,052 127,589 151,096 185,662 147,796 118,903 120,292 26 Gross purchases 1,168,142 1,326,542 1,363,434 127,502 151,412 187,032 147,803 118,239 121,803 Repurchase agreements2 27 Gross purchases 152,613 129,518 219,632 44,688 23,821 16,173 9,241 9,440 35,149 28 Gross sales 151,497 132,688 202,551 44,809 38,589 16,173 9,241 8,478 36,111 29 Net change in U.S. government securities 15,872 -10,055 2,209 -10,439 3,528 3,618 2,532 FEDERAL AGENCY OBLIGATIONS Outright transactions 0 0 0 30 Gross purchases 0 0 0 31 Gross sales 32 Redemptions 587 442 183 Repurchase agreements2 33 Gross purchases 57,259 38,835 41,836 3,546 2,518 640 885 1,225 3,245 34 Gross sales 56,471 40,411 40,461 4,466 3,784 640 885 748 3,722 35 Net change in federal agency obligations . 198 -2,018 1,192 -920 -1,266 -532 36 Total net change in System Open Market Account 16,070 -12,073 26,078 1,290 -11,705 3,437 3,618 812 2,000 1. Sales, redemptions, and negative figures reduce holdings of the System Open 2. In July 1984 the Open Market Trading Desk discontinued accepting bankers Market Account; all other figures increase such holdings. Details may not sum to acceptances in repurchase agreements. totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 DomesticN onfinancial Statistics • December 1991 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 1991 1991 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 July 31 Aug. 30 Sept. 30 Consolidated condition statement ASSETS 1 Gold certificate account 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 2 Special drawing rights certificate account 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 3 Coin 559 544 552 564 573 575 544 579 Loans 4 To depository institutions 727 688 782 1,017 355 1,479 574 315 5 Other 0 0 0 0 0 0 0 0 6 Acceptances held under repurchase agreements 0 0 0 0 0 0 0 0 Federal agency obligations 7 Bought outright 6,159 6,159 6,154 6,154 66,,115544 66,,221133 66,,115599 66,,115544 8 Held under repurchase agreements 0 608 242 816 0 477 0 0 9 Total U.S. Treasury securities 253,044 266,830 255,894 271,265 256,361 248,446 250,978 258,554 10 Bought outright2 253,044 255,447 254,881 256,149 256,361 247,484 250,978 258,554 11 Bills 123,909 126,312 125,572 126,189 126,377 119,314 122,183 128,569 12 Notes 97,522 97,522 97,697 98,347 98,372 96,707 97,332 98,372 13 Bonds 31,613 31,613 31,613 31,613 31,613 31,463 31,463 31,613 14 Held under repurchase agreements 0 11,383 1,013 15,116 0 962 0 0 15 Total loans and securities 259,930 274,285 263,072 279,252 262,870 256,615 257,710 265,022 16 Items in process of collection 4,723 8,594 5,178 6,225 4,993 4,859 5,547 2,591 17 Bank premises 950 950 951 954 954 931 940 953 18 Denominated in foreign currencies3 25,376 25,665 25,695 25,301 25,387 28,682 28,497 25,939 19 All other 4,636 5,249 5,026 5,778 5,357 5,379 5,577 5,473 20 Total assets 317,255 336,367 321,555 339,155 321,214 318,121 319,896 321,636 LIABILITIES 21 Federal Reserve notes 274,237 276,297 275,815 274,823 273,726 272,000 272,962 273,809 22 Total deposits 30,686 44,374 32,614 51,029 34,851 34,460 34,228 36,000 23 Depository institutions 25,394 37,537 27,103 37,766 28,999 22,202 27,871 27,404 24 U.S. Treasury—General account 4,758 6,390 5,056 12,774 5,324 11,822 5,831 7,928 25 Foreign—Official accounts 302 207 231 229 243 224 314 385 26 Other 233 239 224 259 285 213 212 283 27 Deferred credit items 4,325 7,108 4,687 4,924 4,348 4,579 4,541 2,306 28 Other liabilities and accrued dividends5 2,468 3,008 2,886 2,764 2,740 2,392 2,370 2,902 29 Total liabilities 311,716 330,786 316,001 333,539 315,665 313,431 314,102 315,016 CAPITAL ACCOUNTS 30 Capital paid in 2,569 2,570 2,574 2,580 2,565 2,546 2,556 2,565 2,423 2,423 2,423 2,423 2,423 2,114 2,423 2,423 32 Other capital accounts 547 587 557 612 561 31 815 1,632 33 Total liabilities and capital accounts 317,255 336,367 321,555 339,155 321,214 318,121 319,896 321,636 34 MEMO: Marketable U.S. Treasury securities held in custody for foreign and international accounts 247,031 246,414 247,949 249,835 247,273 243,233 224444,,668822 225500,,223322 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to Bank) 342,614 354,331 357,440 361,158 364,214 342,614 353,213 366,144 36 LESS: Held by Federal Reserve Bank 69,652 78,034 81,625 86,336 90,488 69,652 78,003 92,335 37 Federal Reserve notes, net 272,962 276,297 275,815 274,823 273,726 272,962 275,210 273,809 Collateral held against notes, net: 38 Gold certificate account 11,062 11,062 11,062 11,062 11,062 11,062 11,062 11,062 4 3 0 9 O Sp th ec er ia e l l d ig r i a b w le i n a g s s r e ig ts h ts certificate account 10,0108 10,01 0 8 10,01 0 8 10,01 0 8 10,018 0 10,01 0 8 10,01 0 8 10,01 0 8 41 U.S. Treasury and agency securities 255,217 254,734 253,743 252,645 251,882 254,130 252,729 251,882 42 Total collateral 276,297 275,815 274,823 273,726 272,962 275,210 273,809 272,962 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly 3. Valued monthly at market exchange rates. statistical release. For ordering address, see inside front cover. Components may 4. Includes special investment account at the Federal Reserve Bank of Chicago not sum to totals because of rounding. in Treasury bills maturing within ninety days. 2. Includes securities loaned—fully guaranteed by U.S. Treasury securities 5. Includes exchange-translation account reflecting the monthly revaluation at pledged with Federal Reserve Banks—and excludes securities sold and scheduled market exchange rates of foreign-exchange commitments. to be bought back under matched sale-purchase transactions. 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 Holding 1 Millions of dollars Wednesday End of month TTTyyypppeee aaannnddd mmmaaatttuuurrriiitttyyy gggrrrooouuupppiiinnnggg 1991 1991 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 July 31 Aug. 30 Sept. 30 1 Total loans 727 688 782 1,017 355 574 844 315 2 4 3 W N Si i x i n t t h e e i t e n y n - f o d i n f a t e e y e s d n a to y d s a n y t i o s n e o ty n e d y ay ea s r 64 8 5 0 2 4 2 7 1 5 0 3 6 1 2 6 0 0 2 97 4 5 0 2 28 6 8 0 7 3 1 9 8 3 0 1 6 1 5 8 9 0 5 1 1 6 5 0 3 2 5 Total acceptances 0 0 0 0 0 0 0 0 6 7 8 S W N i i x i n t t h e e i t e n y n - f o d i n f a t e y e s e d n a t o y d s a n y t i o s n e o ty n e d y ay e s a r 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 Total U.S. Treasury securities 253,044 266,830 255,894 271,265 256,361 250,978 254,959 258,554 1 1 1 1 1 1 0 1 2 3 4 5 W O M F S N i i n i v x o i n t e e t r h e e e i y t e y n y e t n e h - a f a o a r i d r f n n s a t t e e o y t e t s e o d n f n a i t t v o y d e y e s a n e n y y a t i y s o n e r 2 e s a e o a r ty s r n s e d y ay e s a r 5 8 6 2 1 1 0 9 1 4 3 3 , , , , , , 8 1 8 1 2 8 4 2 4 3 7 2 8 1 6 0 8 0 6 8 6 2 1 1 2 7 0 4 8 3 , , , , , , 1 6 6 1 4 8 1 2 0 9 7 2 2 1 9 1 8 0 6 6 2 8 1 1 8 0 4 7 3 , , , , , , 7 0 7 1 3 8 6 1 8 3 7 2 7 1 4 5 8 0 2 5 8 6 2 1 9 1 4 7 4 3 , , , , , , 7 2 6 5 1 8 9 3 9 3 7 2 7 4 9 7 8 0 6 6 8 2 1 9 2 1 4 4 3 , , , , , , 8 5 2 1 7 8 5 3 7 5 2 2 0 1 8 9 5 0 5 8 6 2 1 1 4 2 1 4 5 2 , , , , , , 2 0 4 7 7 8 3 4 2 1 2 3 8 0 6 6 6 2 9 6 2 5 1 2 0 4 3 9 3 , , , , , , 7 8 1 3 9 8 6 4 7 5 9 2 2 8 8 7 3 0 6 8 6 2 1 5 5 4 0 8 3 , , , , , , 8 2 1 6 7 8 5 5 7 6 7 2 7 7 8 4 8 0 16 Total Federal agency obligations 6,159 6,767 6,154 6,970 6,154 6,159 6,159 6,154 2 2 2 1 1 1 0 1 2 7 8 9 O F W N M S i i n i v x o i n e t e t r h e e e y i t e y n y e t n e h - a a f o a r d i r n f n s a t t e e o y t t e s e o d n f n i a t v t o y d e y e s n a e n y y a t i y o e s n r e 2 s a e o a r t s y r n s e d y ay ea s r 2 1 1 , , , 5 4 0 3 6 1 5 0 2 2 6 8 3 1 9 8 0 8 2 1 1 , , , 5 6 0 4 9 1 2 5 2 2 3 8 8 6 9 8 8 8 2 1 1 , , , 4 0 4 9 1 6 6 5 7 0 8 8 1 2 8 7 8 2 1 1 1 , , , , 4 0 0 7 4 1 6 5 5 2 7 8 8 2 7 7 8 8 2 1 1 , , , 4 2 6 5 0 1 8 8 2 5 2 8 5 3 4 0 4 8 2 1 , , 4 9 9 3 1 1 8 7 8 5 7 8 7 4 4 6 0 8 2 1 1 , , , 5 4 3 6 0 1 5 0 2 2 6 8 3 1 8 9 0 8 2 1 1 , , , 4 2 6 0 4 1 8 8 5 6 7 8 5 3 0 9 9 8 1. Components may not sum to totals because of rounding. . fifteen days in accordance with the maximum possible maturity of the agreements. 2. Holdings under repurchase agreements are classified as maturing within Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 Domestic Nonfinancial Statistics • December 1991 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 1991 IItteemm DD 1199 ee 88 cc 77 .. DD 1199 ee 88 cc 88 .. DD 1199 ee 88 cc 99 .. DD 1199 ee 99 cc 00 .. Feb. Mar. Apr. May June July Aug. Sept. Seasonally adjusted AADDJJUUSSTTEEDD FFOORR CCHHAANNGGEESS IINN RREESSEERRVVEE RREEQQUUIIRREEMMEENNTTSS22 11 TToottaall rreesseerrvveess33 45.81 47.60 47.73 49.10 49.61 49.57 49.39 50.07 50.43 50.51 51.00 51.28 22 NNoonnbboorrrroowweedd rreesseerrvveess44 45.03 45.88 47.46 48.78 49.36 49.32 49.16 49.77 50.09 49.90 50.24 50.64 33 NNoonnbboorrrroowweedd rreesseerrvveess pplluuss eexxtteennddeedd ccrreeddiitt 45.52 47.12 47.48 48.80 49.39 49.38 49.25 49.85 50.10 49.95 50.54 50.94 44 RReeqquuiirreedd rreesseerrvveess 44.77 46.55 46.81 47.44 47.80 48.39 48.36 49.04 49.42 49.60 49.92 50.35 55 MMoonneettaarryy bbaassee66 246.28 263.46 274.17 299.78 309.44 310.98 310.60 311.48 312.47 313.91 316.3 LR 318.02 Not seasonally adjusted 6 Total reserves 47.04 49.00 49.18 50.58 48.55 48.59 50.30 49.06 50.41 50.66 50.61 51.13 7 Nonborrowed reserves >. 46.26 47.29 48.91 50.25 48.30 48.34 50.07 48.76 50.07 50.05 49.84 50.48 8 Nonborrowed reserves plus extended credit5. 46.75 48.53 48.93 50.28 48.33 48.40 50.16 48.85 50.07 50.10 50.14 50.78 9 Required reserves 46.00 47.96 48.26 48.91 46.74 47.41 49.27 48.03 49.40 49.75 49.52 50.20 10 Monetary base 249.93 267.46 278.30 304.04 305.74 308.19 310.86 311.02 314.06 316.21 316.76r 317.37 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS" 11 Total reserves" 62.14 63.75 62.81 59.12 48.55 48.59 50.30 49.06 50.41 50.66 50.61 51.13 12 Nonborrowed reserves 61.36 62.03 62.54 58.79 48.30 48.35 50.07 48.76 50.07 50.05 49.84 50.48 13 Nonborrowed reserves plus extended credit5. 61.85 63.27 62.56 58.82 48.33 48.40 50.16 48.85 50.08 50.10 50.14 50.78 14 Required reserves 61.09 62.70 61.89 57.46 46.74 47.41 49.27 48.03 49.40 49.75 49.52 50.20 15 Monetary base12 266.06 283.00 292.55 313.70 308.53 311.04 313.95 314.25 317.25 319.46 320.07r 320.69 16 Excess reserves 1.05 1.05 .92 1.66 1.81 1.18 1.03 1.03 1.01 .91 1.09r .93 17 Borrowings from the Federal Reserve .78 1.72 .27 .33 .25 .24 .23 .30 .34 .61 .76 .65 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) changes in reserve requirements, a multiplicative procedure is used to estimate weekly statistical release. Historical data and estimates of the impact on required what required reserves would have been in past periods had current reserve reserves of changes in reserve requirements are available from the Monetary and requirements been in effect. Break-adjusted required reserves include required Reserves Projections Section, Division of Monetary Affairs, Board of Governors reserves against transactions deposits and nonpersonal time and savings deposits of the Federal Reserve System, Washington, D.C. 20551. (but not reservable nondeposit liabilities). 2. Figures reflect adjustments for discontinuities, or "breaks," associated with 9. The break-adjusted monetary base equals (1) break-adjusted total reserves regulatory changes in reserve requirements. (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally (for all quarterly reporters on the "Report of Transaction Accounts, Other adjusted, break-adjusted required reserves (line 4) plus excess reserves (line 16). Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally their required reserves) the break-adjusted difference between current vault cash adjusted, break-adjusted total reserves (line 1) less total borrowings of depository and the amount applied to satisfy current reserve requirements. institutions from the Federal Reserve (line 17). 10. Reflects actual reserve requirements, including those on nondeposit liabil- 5. Extended credit consists of borrowing at the discount window under ities, with no adjustments to eliminate the effects of discontinuities associated the terms and conditions established for the extended credit program to help with changes in reserve requirements. depository institutions deal with sustained liquidity pressures. Because there is 11. Reserve balances with Federal Reserve Banks plus vault cash used to not the same need to repay such borrowing promptly as there is with traditional satisfy reserve requirements. short-term adjustment credit, the money market impact of extended credit is 12. The monetary base, not break-adjusted and not seasonally adjusted, similar to that of nonborrowed reserves. consists of (1) total reserves (line 11), plus (2) required clearing balances and 6. The seasonally adjusted, break-adjusted monetary base consists of (1) adjustments to compensate for float at Federal Reserve Banks, plus (3) the seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally currency component of the money stock, plus (4) (for all quarterly reporters on adjusted currency component of the money stock, plus (3) (for all quarterly the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all reporters on the "Report of Transaction Accounts, Other Deposits and Vault those weekly reporters whose vault cash exceeds their required reserves) the Cash" and for all those weekly reporters whose vault cash exceeds their required difference between current vault cash and the amount applied to satisfy current reserves) the seasonally adjusted, break-adjusted difference between current vault reserve requirements. Since the introduction of changes in reserve requirements cash and the amount applied to satisfy current reserve requirements. (CRR), currency and vault cash figures have been measured over the computation 7. Break-adjusted total reserves equal break-adjusted required reserves (line 9) periods ending on Mondays. plus excess reserves (line 16). 13. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). 8. To adjust required reserves for discontinuities that are due to regulatory 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 MEASURES1 Billions of dollars, averages of daily figures 1991 11998877 1988 1989 1990 DDeecc.. Dec. Dec. Dec. June July Aug. Sept. Seasonally adjusted Measures 1 Ml 749.7 786.4 793.6 825.4 858.4 859.6 866.3 870.3 2 M2 2,910.1 3,069.9 3.223.1 3,328.2 3,402.1 3,391.8 3.392.5 3,392.3 3 M3 3,677.4 3,919.1 4.055.2 4,111.8 4,166.8 4,149.4 4.146.6 4,139.1 4 L 4.337.0 4,676.0 4,889.9 4,967.2 4,980.3 4,984.4 4,977.2 n.a. 5 Debt 8.345.1 9,107.6 9,790.4 10,434.0 10,648.6 10,690.2 10,743.5 n.a. MI components 6 Currency . 196.8 212.0 222.2 246.4 257.6 258.9 260.8 262.4 7 Travelers checks4 7.0 7.5 7.4 8.4 7.8 7.7 7.7 7.8 8 Demand deposits 286.5 286.3 278.7 276.9 281.0 278.9 279.9 279.4 9 Other checkable deposits6 259.3 280.7 285.2 293.8 311.9 314.1 318.0 320.8 Nontrqnsaction components 10 In M2 2,160.4 2,283.5 2,429.5 2,502.8 2,543.7 2,532.2 2,526.2 2,522.0 11 In M3 767.3 849.3 832.1 783.5 764.8 757.5 754.1 746.8 Commercial banks 12 Savings deposits, iiKluding MMDAs 534.8 542.2 540.7 577.7 619.6 625.6 631.0 635.9 13 Small time deposits9 .. 388.0 447.5 531.4 598.1 601.7 600.9 604.8 604.8 14 Large time deposits10, 326.6 368.0 401.9 386.1 397.9 393.4 390.6 385.5 Thrift institutions 15 Savings deposits, including MMDAs 402.3 383.5 349.5 339.0 361.4 364.4 365.2 366.8 16 Small time deposits' 529.7 584.3 614.5 566.1 527.4 517.7 505.5 497.5 17 Large time deposits10 162.6 174.3 161.6 121.0 100.9 97.7 93.8 90.3 Money market mutual funds 18 General purpose and broker-dealer.. 221.7 241.1 313.6 345.4 364.3 359.4 352.8 349.2 19 Institution-only 88.9 86.9 101.9 125.7 143.3 141.8 144.8 149.3 Debt components 20 Federal debt 1,957.9 2,114.2 2,268.1 2,534.3 2,646.1 2,672.1 2,707.9 n.a. 21 Nonfederal debt 6,387.2 6,993.4 7,522.3 7,899.7 8,002.6 8,018.1 8,035.6 n.a. Not seasonally adjusted Measures 22 Ml 766.2 804.2 811.9 844.3 857.6 861.9 864.2 867.2 23 M2 2.923.0 3,083.3 3,236.6 3,342.3 3,395.0 3.395.1 3,393.3 3,387.3 24 M3 3,690.3 3,931.5 4,067.0 4,123.8 4,161.4 4.152.2 4,151.8 4,136.8 25 L 4,352.8 4,691.8 4,907.4 4,985.8 4,970.7 4.977.3 4,975.7 n.a. 26 Debt 8.329.1 9,093.2 9,775.9 10,421.2 10,605.1 10,648.8 10,696.1 n.a. Ml components 27 Currency3 199.3 214.8 225.3 249.6 259.1 260.8 262.0 261.8 28 Travelers checks4 6.5 6.9 6.9 7.8 8.1 8.5 8.6 8.3 29 Demand deposits5 298.6 298.9 291.5 289.9 279.6 280.6 278.7 278.5 30 Other checkable deposits6 261.8 283.5 288.2 297.0 310.8 311.9 314.9 318.6 Nontrqnsaction components 31 In M2; 2,156.8 2,279.1 2,424.7 2,498.0 2,537.4 2,533.3 2,529.1 2,520.1 32 InM38 767.3 848.2 830.4 781.6 766.3 757.1 758.5 749.5 Commercial banks 33 Savings deposits, including MMDAs 535.8 543.8 542.9 579.3 618.3 624.5 630.2 634.3 34 Small time deposits^. 387.2 446.0 529.2 596.1 602.1 602.8 606.0 604.6 35 Large time deposits10, 325.8 366.8 400.4 386.1 397.4 392.2 391.6 387.3 Thrift institutions 36 Savings deposits, including MMDAs 399.9 381.5 347.9 338.3 362.0 365.5 365.3 366.0 37 Small time deposits9. 529.5 583.8 613.8 564.1 527.7 519.3 506.4 497.4 38 Large time deposits10 163.3 175.2 162.6 121.1 100.8 97.4 94.1 90.7 Money market mutual funds 39 General purpose and broker-dealer 221.1 240.7 313.5 345.5 358.0 354.5 351.6 349.3 40 Institution-only 89.6 87.6 102.8 127.0 141.0 139.7 143.9 145.9 Repurchase agreements and eurodollars 41 Overnight 83.2 83.4 77.3 74.7 69.3 66.6 69.6 68.5 42 Term 197.1 227.7 179.8 160.9 142.1 143.5 143.9 140.7 Debt components 43 Federal debt 1,955.6 2,111.8 2,265.9 2,532.1 2,635.3 2,657.9 2,691.4 n.a. 44 Nonfederal debt 6,373.5 6,981.4 7,509.9 7,889.1 7,969.8 7,990.9 8,004.7 n.a. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • December 1991 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) Treasury securities, commercial paper, and bankers acceptances, net of money weekly statistical release. Historical data are available from the Money and market fund holdings of these assets. Seasonally adjusted L is computed by Reserves Projection Section, Division of Monetary Affairs, Board of Governors of summing U.S. savings bonds, short-term Treasury securities, commercial paper, the Federal Reserve System, Washington, D.C. 20551. and bankers acceptances, each seasonally adjusted separately, and then adding 2. Composition of the money stock measures and debt is as follows: this result to M3. Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults Debt: Debt of domestic nonfinancial sectors consists of outstanding credit of depository institutions; (2) travelers checks of nonbank issuers; (3) demand market debt of the U.S. government, state and local governments, and private deposits at all commercial banks other than those due to depository institutions, nonfinancial sectors. Private debt consists of corporate bonds, mortgages, conthe U.S. government, and foreign banks and official institutions, less cash items in sumer credit (including bank loans), other bank loans, commercial paper, bankers the process of collection and Federal Reserve float; and (4), other checkable acceptances, and other debt instruments. Data are derived from the Federal deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and Reserve Board's flow of funds accounts. Debt data are based on monthly automatic transfer service (ATS) accounts at depository institutions, credit union averages. This sum is seasonally adjusted as a whole. share draft accounts, and demand deposits at thrift institutions. Seasonally 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of adjusted Ml is computed by summing currency, travelers checks, demand depository institutions. deposits, and OCDs, each seasonally adjusted separately. 4. Outstanding amount of U.S. dollar-denominated travelers checks of non- M2: Ml plus (1) overnight (and continuing-contract) repurchase agreements bank issuers. Travelers checks issued by depository institutions are included in (RPs) issued by all depository institutions and overnight Eurodollars issued to demand deposits. U.S. residents by foreign branches of U.S. banks worldwide, (2) money market 5. Demand deposits at commercial banks and foreign-related institutions other deposit accounts (MMDAs), (3) savings and small time deposits (time deposits— than those due to depository institutions, the U.S. government, and foreign banks including retail RPs—in amounts of less than $100,000), and (4) balances in both and official institutions, less cash items in the process of collection and Federal taxable and tax-exempt general purpose and broker-dealer money market funds. Reserve float. Excludes individual retirement accounts (IRAs) and Keogh balances at depository 6. Consists of NOW and ATS account balances at all depository institutions, institutions and money market funds. Also excludes all balances held by U.S. credit union share draft account balances, and demand deposits at thrift institucommercial banks, money market funds (general purpose and broker-dealer), tions. foreign governments and commercial banks, and the U.S. government. Season- 7. Sum of (1) overnight RPs and overnight Eurodollars, (2) money market fund ally adjusted M2 is computed by adjusting its non-Mi component as a whole and balances (general purpose and broker-dealer), (3) MMDAs, and (4) savings and then adding this result to seasonally adjusted Ml. small time deposits. M3: M2 plus (1) large time deposits and term RP liabilities (in amounts of 8. Sum of (1) large time deposits, (2) term RPs, (3) term Eurodollars of U.S. $100,000 or more) issued by all depository institutions, (2) term Eurodollars held residents, and (4) money market fund balances (institution-only), less a consoliby U.S. residents at foreign branches of U.S. banks worldwide and at all banking dation adjustment that represents the estimated amount of overnight RPs and offices in the United Kingdom and Canada, and (3) balances in both taxable and Eurodollars held by institution-only money market funds. tax-exempt, institution-only money market funds. Excludes amounts held by 9. Small time deposits—including retail RPs—are those issued in amounts of depository institutions, the U.S. government, money market funds, and foreign less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift banks and official institutions. Also excluded is the estimated amount of overnight institutions are subtracted from small time deposits. RPs and Eurodollars held by institution-only money market funds. Seasonally 10. Large time deposits are those issued in amounts of $100,000 or more, adjusted M3 is computed by adjusting its non-M2 component as a whole and then excluding those booked at international banking facilities. adding this result to seasonally adjusted M2. 11. Large time deposits at commercial banks less those held by money market L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term funds, depository institutions, and foreign banks and official institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates A15 1.22 BANK DEBITS AND DEPOSIT TURNOVER1 Debits are in billions of dollars; turnover is ratio of debits to deposits; monthly data are at annual rates 1991 Bank group, or type of customer 1988 2 1199889922 1199990022 Feb. Mar. Apr. May Juner July DEBITS TO Seasonally adjusted Demand deposits3 1 All insured banks 219,795.7 256.150.4 277,916.3 280,494.1 269,834.9 294,433.5 295.559.0 266,704.2 284,872.2 2 Major New York City banks.. 115,475.6 129,319.9 131,784.0 138,037.7 133,302.7 146,499.3 148,074.9 133,761.4 139,089.0 3 Other banks 104,320.2 126.830.5 146,132.3 142,456.4 136,532.2 147,934.2 147.484.1 132,942.8 145,783.2 4 ATS-NOW accounts4 2,478.1 2,910.5 3,349.6 3,533.7 3,240.3 3,820.3 3,620.2 3,460.1 3,822.8 537.0 547.5 558.8 551.4 523.7 577.1 548.6 519.9 552.6 5 Savings deposits DEPOSIT TURNOVER Demand deposits3 622.9 735.1 800.6 817.8 792.0 870.3 867.0 768.4 833.4 6 All insured banks 2,897.2 3,421.5 3,804.1 4,125.7 4,101.4 4,533.4 4,702.8 4,141.9 4,413.3 7 Major New York City banks.. 333.3 408.3 467.7 460.2 443.0 483.4 476.6 422.3 469.8 8 Other banks 9 ATS-NOW accounts4 13.2 15.2 16.5 16.7 15.1 17.8 16.4 15.5 16.9 10 Savings deposits5 2.9 3.0 2.9 2.7 2.6 2.8 2.6 2.4 2.5 DEBITS TO Not seasonally adjusted Demand deposits 11 All insured banks 219,790.4 256,133.2 277,400.0 259,372.9 275,015.8 294,492.4 292.012.3 270,144.7 286,068.7 12 Major New York City banks.. 115,460.7 129,400.1 131,784.7 127,287.3 134,974.7 145,700.2 145,073.9 133,851.7 139,527.4 13 Other banks 104,329.7 126,733.0 145,615.3 132,085.5 140,041.0 148,792.2 146.938.4 136,293.0 146,541.3 14 ATS-NOW accounts4 2,477.3 2,910.7 3,342.2 3,237.8 3,317.4 3,967.1 3,549.9 3,446.1 3,729.0 15 MMDAs6 2,342.7 2,677.1 2,923.8 2,512.7 2,767.2 2,994.5 2,978.6 2,714.5 2,868.0 16 Savings deposits 536.3 546.9 557.9 494.9 520.4 623.9 545.5 516.4 558.2 DEPOSIT TURNOVER Demand deposits3 17 All insured banks 622.8 735.4 799.6 778.7 831.9 864.8 875.5 781.7 831.4 18 Major New York City banks.. 2,896.7 3,426.2 3,810.0 3,899.0 4,378.4 4,565.4 4,742.5 4,154.4 4,334.6 19 Other banks 333.2 408.0 466.3 439.7 467.2 482.1 485.0 434.9 469.8 20 ATS-NOW accounts4 13.2 15.2 16.4 15.3 15.4 17.8 16.3 15.5 16.7 21 MMDAs6 6.6 7.9 8.0 6.6 7.1 7.7 7.6 6.8 7.2 22 Savings deposits5 2.9 2.9 2.9 2.5 2.5 3.0 2.6 2.4 2.5 1. Historical tables containing revised data for earlier periods can be obtained 3. Represents accounts of individuals, partnerships, and corporations and of from the Banking and Money Market Statistics Section, Division of Monetary states and political subdivisions. Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 4. Accounts authorized for negotiable orders of withdrawal (NOWs) and 20551. accounts authorized for automatic transfer to demand deposits (ATSs). Data in this table also appear on the Board's G.6 (406) monthly statistical 5. Excludes MMDA, ATS, and NOW accounts. release. For ordering address, see inside front cover. 6. Money market deposit accounts. 2. Annual averages of monthly figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Nonfinancial Statistics • December 1991 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars, averages of Wednesday figures 1990 1991 r Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Seasonally adjusted 1 Total loans and securities2 2,713.6 2,716.6 2,723.6 2,721.2 2,735.1 2,751.0 2,751.8 2,750.5 2,763.2 2,763.3 2,761.6 2,768.9 2 U.S. government securities 453.1 454.0 454.2 454.1 458.0 471.4 479.2 485.1 495.2 505.3 512.6 522.1 3 Other securities 177.8 175.9 175.6 177.7 177.6 177.6 175.7 173.9 173.1 172.0 169.9 170.8 4 Total loans and leases 2,082.7 2,086.7 2,093.8 2,089.4 2,099.5 2,102.0 2,0%.9 2,091.5 2,094.8 2,086.0 2,079.1 2,076.0 5 Commercial and industrial ..... 643.7 646.5 648.1 644.3 643.9 646.0 640.0 633.2 630.4 626.7 620.5 623.8 6 Bankers acceptances held ... 7.3 7.4 7.5 7.7 6.9 6.7 6.8 6.9 6.6 6.6 7.1 7.0 7 Other commercial and industrial 636.4 639.1 640.5 636.6 637.0 639.3 633.2 626.4 623.8 620.0 613.4 616.8 8 U.S. addressees4 631.7 634.0 635.3 631.1 631.5 633.6 627.7 620.6 617.9 614.3 607.7 611.0 9 Non-U.S. addressees 4.7 5.1 5.3 5.5 5.5 5.7 5.5 5.8 5.9 5.7 5.7 5.8 10 Real estate 827.7 832.0 836.5 837.3 842.6 846.3 850.9 855.1 859.5 857.0 853.9 853.4 11 Individual 379.7 378.7 378.9 375.9 377.7 375.5 374.1 373.5 372.0 369.6 368.9 365.3 12 Security 40.5 39.6 40.6 43.1 43.2 38.9 39.8 39.8 38.3 41.6 42.6 43.9 13 Nonbank financial institutions 34.8 34.6 34.8 34.8 35.9 36.7 35.9 36.9 37.1 37.1r 36.3r 36.0 14 Agricultural 32.2 32.5 33.0 33.5 33.5 34.0 33.9 33.6 33.0 32.5 32.3 32.2 15 State and political subdivisions 35.1 34.8 34.3 33.3 33.2 32.8 32.2 31.8 31.1 30.6 30.1 29.5 16 Foreign banks 9.0 8.1 7.2 6.0 6.1 7.2 6.8 6.4 6.0 6.2 6.2 6.5 17 Foreign official institutions 3.2 3.2 3.2 3.0 3.1 3.2 3.0 3.0 3.0 3.1 3.1 3.2 18 Lease-financing receivables 33.3 32.9 32.7 32.4 32.8 33.0 32.7 32.7 32.8 32.0 31.4 31.2 19 All other loans 43.6 43.7 44.6 45.8 47.5 48.5 47.6 45.6 51.7 49.6r 53.8r 50.9 Not seasonally adjusted 20 Total loans and securities2 2,715.5 2,720.1 2,730.5 2,721.0 2,737.3 2,748.4 2,751.5 2,749.7 2,763.8 2,757.2 2,756.6 2,767.3 21 U.S. government securities 450.8 454.1 451.5 455.8 463.9 475.8 480.5 485.2 493.7 501.8 510.4 519.6 22 Other securities 178.0 176.6 176.3 177.9 177.3 176.9 175.1 173.8 173.2 171.3 170.1 171.0 23 Total loans and leases2 2,086.7 2,089.3 2,102.7 2,087.3 2,0%. 1 2,095.7 2,095.9 2,090.6 2,0%.9 2,084.1 2,076.0 2,076.7 24 Commercial and industrial ..... 641.2 644.5 648.0 641.1 643.0 648.3 644.7 637.1 632.7 627.0 619.2 620.3 25 Bankers acceptances held3... 7.4 7.6 7.7 7.6 7.0 6.7 6.7 6.8 6.7 6.4 6.9 6.9 26 Other commercial and industrial 633.8 636.9 640.3 633.4 636.0 641.6 638.1 630.3 626.0 620.6 612.3 613.4 27 U.S. addressees4 629.1 631.9 635.1 628.2 630.5 636.1 632.2 624.5 620.0 614.8 606.4 607.4 28 Non-U.S. addressees4 4.7 5.0 5.2 5.3 5.5 5.4 5.9 5.9 6.0 5.8 5.9 6.0 29 Real estate 830.3 834.0 837.9 837.1 839.5 842.6 848.3 854.2 859.6 857.5 855.9 855.2 30 Individual 380.6 379.8 383.8 380.1 377.1 372.8 371.5 371.8 369.9 367.4 368.1 367.0 31 Security 39.5 38.5 40.0 41.0 44.7 40.2 41.3 39.0 40.5 41.3 42.0 42.9 32 Nonbank financial institutions 34.7 35.0 36.2 35.3 35.5 36.0"^ 35.5 36.5r 37.2 36.91 36.2r 35.7 33 Agricultural 33.1 32.9 32.9 32.8 32.6 32.6 32.8 33.1 33.3 33.4 33.3 33.3 34 State and political subdivisions 35.1 34.7 34.0 33.9 33.3 32.8 32.1 31.8 31.0 30.4 30.0 29.5 35 Foreign banks 9.3 8.3 7.4 6.0 6.0 6.8 6.7 6.3 6.1 6.2 6.2 6.5 36 Foreign official institutions 3.2 3.2 3.2 3.0 3.1 3.2 3.0 3.0 3.0 3.1 3.1 3.2 37 Lease-financing receivables .... 33.3 33.1 32.8 32.8 32.9 32.9 32.7 32.6 32.6 31.8 31.3 31.2 38 All other loans 46.3 45.4 46.5r 44.0 48.3 47.7 47.3 45.3 51.0 49.2 50.9" 51.9 1. Components may not sum to totals because of rounding. 3. Includes nonfinancial commercial paper held. 2. Adjusted to exclude loans to commercial banks in the United States. 4. United States includes the fifty states and the District of Columbia. 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 Billions of dollars, monthly averages Source of funds Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 1 S T e o a t s a o l n n a o ll n y dep a o d s ju it s t f e u d nds2 — 292.7 293.4 289.2 278.9r 267.01 266.4r 266.51 264.4r 255.5r 255.7r 250.6r 256.3 2 Net balances due to related foreign offices3 29.9 30.1 34.6 33.5 24.9 30.2 30.8 26.1 19.2 19.2 16.6 19.8 3 Borr i o n w U in n g i s te f d r o S m ta o te t s h 4 e r than commercial banks 262.8 263.3 254.6 245.4r 242.lr 236.3r 235.7r 238.3r 236.4r 236.5r 233.9r 236.6 4 5 D Fo o r m ei e g s n ti - c r a e l l l a y t e c d h b ar a t n e k re s d banks 1 6 9 5 7 . . 0 7 1 6 9 7 6 . . 3 0 1 6 8 6 8 . . 2 4 1 6 8 1 3 . . 7 7 r 1 6 7 3 8 . . 3 8 r 1 6 7 2 3 . . 9 4 r 1 6 7 2 3 . . 2 4 r 1 6 7 5 2 . . 5 9 r 1 6 7 4 1 . . 6 8 r 1 6 7 5 1 . . 4 1 r 1 6 6 8 5 . . 2 8 r 1 6 6 9 7 . . 0 6 6 N T o o t t al s e n a o s n on d a e l p ly o sit a f d u ju n s d te s d 2 289.5 294.6 283.6 274.2r 270.0r 271.7r 267.2r 272.4r 258.6r 252.4r 249.0r 252.3 7 Net balances due to related foreign offices3 — 29.6 30.8 37.2 33.2 24.8 29.6 28.9 28.6 19.5 16.8 16.0 19.9 8 Domestically chartered banks -1.0 .6 -4.1 -15.2 -15.2 -6.0 -3.5 -.7 -3.5 -7.2 -7.4 -9.0 9 Foreign-related banks 30.6 30.2 41.3 48.4 40.0 35.6 32.5 29.2 23.0 24.0 23.4 28.9 10 Borr i o n w U in n g i s t e f d r o S m ta o te t s h 4 e r than commercial banks 260.0 263.8 246.4 241. lr 245.2r 242. r 238.3r 243.9r 239. lr 235.6r 233.0r 232.4 11 Domestically chartered banks 195.8 198.6 184.1 179.2 181.1 177.8 174.2 177.7 172.7 169.0 165.3 164.7 12 Federal funds and security RP borrowings 192.5 195.7 181.3 175.9 178.3 174.5 171.3 174.9 169.9 165.8 161.6 161.3 1 1 3 4 Fo O re t i h g e n r - 6 r elated banks6 6 3 4. . 2 2 65 2 . . 1 9 6 2 2. . 3 8 6 3 1 . . 2 9 6 2 4 . . 8 1 r 6 3 4 . . 2 3 r 6 2 4 . . 9 lr 6 2 6 . . 8 2 r 6 2 6 . . 8 4 r 66 3. . 2 6 r 6 3 7 . . 7 7 r 67 3 . . 6 5 MEMO Gross large time deposits 15 Seasonally adjusted 438.0 435.2 431.8 441.0 450.6 451.0 451.3 453.0 451.9 447.5 447.0 443.6 16 Not seasonally adjusted 440.4 437.8 431.8 439.3 449.2 450.5 449.0 452.6 451.4 446.3 448.0 445.4 U.S. Treasury demand balances at commercial banks 17 Seasonally adjusted 22.3 25.2 24.4 25.7 33.4 33.8 21.7 15.1 23.2 20.5 23.8 21.9 18 Not seasonally adjusted 20.9 19.2 23.0 29.4 39.3 28.4 20.4 19.8 23.6 20.7 17.2 26.9 1. Commercial banks are nationally and state-chartered banks in the fifty states given for the purpose of borrowing money for the banking business. This includes and the District of Columbia, agencies and branches of foreign banks, New York borrowings from Federal Reserve Banks and from foreign banks, term federal investment companies majority owned by foreign banks, and Edge Act corpora- funds, loan RPs, and sales of participations in pooled loans. tions owned by domestically chartered and foreign banks. 5. Figures are based on averages of daily data reported weekly by approxi- Data in this table also appear in the Board's G.10 (411) release. For ordering mately 120 large banks and quarterly or annual data reported by other banks. address, see inside front cover. 6. Figures are partly averages of daily data and partly averages of Wednesday 2. Includes federal funds, repurchase agreements (RPs), and other borrowing data. from nonbanks and net balances due to related foreign offices. 7. Time deposits in denominations of $100,000 or more. Estimated averages of 3. Reflects net positions of U.S. chartered banks, Edge act corporations, and daily data. U.S. branches and agencies of foreign banks with related foreign offices plus net 8. U.S. Treasury demand deposits and Treasury tax-and-loan notes at compositions with own International Banking Facilities (IBFs). mercial banks. Averages of daily data. 4. Borrowings through any instrument, such as a promissory note or due bill, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • December 1991 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKS Last-Wednesday-of-Month Series1 Billions of dollars 1990 1991 AAccccoouunntt Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ALL COMMERCIAL BANKING INSTITUTIONS2 Assets 1 Loans and securities 2,925.1 2,936.9 2,908.7 2,924.9 2,910.9 2,907.3 2,921.8 2,936.3 2,937.7 2,921.0 2,939.3 2 Investment securities 603.3 605.6 612.8 614.0 628.3 628.5 634.1 640.8 648.7 650.9 657.6 3 U.S. government securities 437.6 439.6 447.6 449.5 463.3 465.1 471.8 480.1 489.9 492.8 498.8 4 Other 165.7 166.0 165.2 164.5 165.1 163.4 162.2 160.7 158.8 158.1 158.8 5 Trading account assets 25.0 22.0 24.1 26.9 23.5 24.9 24.3 27.5 30.2 28.5 29.9 6 Total loans 2,2%.9 2,309.3 2,271.8 2,283.9 2,259.1 2,253.8 2,263.4 2,268.0 2,258.8 2,241.5 2,251.8 7 Interbank loans 207.0 204.0 193.3 185.0 171.8 160.7 172.5 166.8 175.9 167.5 172.4 8 Loans excluding interbank 2,089.8 2,105.3 2,078.6 2,099.0 2,087.3 2,093.1 2,090.9 2,101.3 2,082.9 2,074.1 2,079.4 9 Commercial and industrial 644.4 650.8 637.2 645.1 648.5 643.6 635.1 632.4 624.2 617.8 620.0 10 Real estate 833.7 838.3 836.9 840.1 842.5 849.2 855.4 859.3 856.0 854.8 854.7 11 Individual 380.5 384.7 378.6 376.4 371.5 372.0 370.7 369.8 368.3 368.2 366.7 12 All other 231.2 231.5 225.9 237.4 224.8 228.3 229.6 239.8 234.3 233.3 238.0 13 Total cash assets 216.7 217.9 199.2 204.5 206.1 201.0 224.3 212.3 214.1 200.1 207.1 14 Reserves with Federal Reserve Banks .. 33.0 23.4 16.5 18.1 25.0 23.1 26.2 29.1 24.8 23.0 25.7 15 Cash in vault 32.8 32.0 30.4 29.8 28.9 29.1 31.1 29.8 29.7 31.1 30.1 16 Cash items in process of collection ... 78.4 86.0 74.7 79.9 76.9 74.3 87.2 78.3 87.8 71.7 75.3 17 Demand balances at U.S. depository institutions 28.4 29.6 28.1 27.7 27.6 26.4 30.8 28.3 26.9 27.7 26.9 18 Other cash assets 44.2 46.8 49.6 49.0 47.7 48.1 49.0 46.8 45.0 46.5 49.2 19 Other assets 226.6 245.1 249.9 259.6 263.1 260.1 264.2 260.6 286.7 276.2 276.5 20 Total assets 3,368.5 3,399.9 3,357.8 3,388.9 3,380.1 3,368.5 3,410.3 3,409.2 3,438.5 3,397.3 3,423.0 Liabilities 21 Total deposits 2,319.9 2,363.4 2,334.6 2,365.0 2,382.5 2,381.9 2,413.3 2,406.1 2,448.8 2,430.9 2,430.3 22 Transaction accounts 598.1 637.1 587.9 594.1 602.8 601.3 617.6 611.2 639.4 612.0 613.7 23 Savings deposits (excluding checkable) 573.1 573.3 573.9 583.5 594.1 595.4 606.2 610.7 619.9 624.1 628.2 24 Time deposits 1,148.8 1,152.9 1,172.8 1,187.3 1,185.6 1,185.3 1,189.5 1,184.2 1,189.5 1,194.7 1,188.4 25 Borrowings 570.6 548.7 529.8 515.4 492.3 494.6 499.8 510.4 503.5 480.9 498.5 26 Other liabilities 255.3 264.4 268.8 282.3 278.2 263.9 267.6 263.8 258.4 257.1 265.2 27 Residual (assets less liabilities)3 222.7 223.5 224.6 226.2 227.0 228.1 229.6 228.9 227.9 228.4 229.0 DOMESTICALLY CHARTERED COMMERCIAL BANKS4 Assets 28 Loans and securities 2,645.1 2,654.2 2,628.0 2,642.3 2,635.6 2,629.1 2,638.0 2,645.8 2,653.4 2,637.8 2,645.4 29 Investment securities 569.8 570.5 575.3 577.4 588.6 592.3 595.7 602.7 611.0 612.1 618.1 30 U.S. government securities 420.8 421.7 426.5 429.3 440.2 445.5 449.2 457.8 467.9 470.2 475.6 31 Other 149.1 148.8 148.7 148.2 148.5 146.8 146.5 144.9 143.0 141.9 142.5 32 Trading account assets 25.0 22.0 24.1 26.9 23.5 24.9 24.3 27.5 30.2 28.5 29.9 33 Total loans 2,050.3 2,061.7 2,028.6 2,038.0 2,023.5 2,011.9 2,018.0 2,015.6 2,012.3 1,997.1 1,997.4 34 Interbank loans 157.4 160.0 151.7 150.9 148.3 134.2 144.5 139.0 150.4 146.4 148.0 35 Loans excluding interbank 1,892.9 1,901.7 1,876.9 1,887.0 1,875.2 1,877.7 1,873.5 1,876.6 1,861.8 1,850.7 1,849.3 36 Commercial and industrial 513.4 512.7 504.2 508.4 506.3 502.4 495.0 491.2 482.6 475.3 472.6 37 Real estate 791.6 796.4 794.0 797.1 799.7 804.9 808.9 812.1 808.2 806.9 806.9 38 Revolving home equity 61.1 61.7 62.9 63.3 63.6 64.4 65.7 66.6 67.0 67.6 68.7 39 Other real estate 730.5 734.7 731.1 733.8 736.1 740.3 743.0 743.7 741.2 739.4 738.2 40 Individual 187.7 188.3 166.6 172.7 177.0 171.6 193.6 184.3 187.6 172.3 177.0 41 All other 31.5 23.0 15.3 17.0 24.0 21.9 25.8 28.3 23.9 22.1 24.9 42 Total cash assets 32.8 32.0 30.3 29.8 28.8 29.1 31.1 29.8 29.7 31.0 30.1 43 Reserves with Federal Reserve Banks. 76.4 83.9 72.9 78.2 74.9 72.6 85.5 76.2 86.1 70.1 73.8 44 Cash in vault 26.2 27.6 26.2 25.8 25.8 24.8 28.8 26.5 25.2 25.9 24.9 45 Cash items in process of collection ... 20.9 21.8 22.0 21.9 23.4 23.2 22.4 23.6 22.8 23.2 23.4 46 Demand balances at U.S. depository institutions 155.0 167.8 166.9 171.3 167.9 161.6 162.1 159.3 168.9 163.4 162.9 47 Other cash assets 2,987.8 3,010.3 2,961.4 2,986.3 2,980.4 2,962.4 2,993.7 2,989.4 3,009.9 2,973.4 2,985.2 48 Other assets 2,243.3 2,283.5 2,236.2 2,255.2 2,266.2 2,258.8 2,280.8 2,271.3 2,308.6 2,284.9 2,282.0 49 Total assets 587.7 626.1 577.4 583.8 592.2 591.4 607.5 600.9 629.3 602.1 604.0 Liabilities 50 Deposits 569.8 570.0 570.6 580.2 590.6 591.9 602.5 607.1 616.2 620.4 624.5 51 Transaction accounts 1,085.8 1,087.4 1,088.1 1,091.2 1,083.4 1,075.6 11,,007700..88 11,,006633..44 11,,006633..11 11,,006622..55 11,,005533..55 52 Savings deposits (excluding checkable) 394.1 375.6 380.1 371.8 354.9 346.5 355.1 364.4 352.2 338.8 355.6 53 Time deposits 131.5 131.4 124.2 136.8 136.0 132.6 131.9 128.4 124.9 125.0 122.3 54 Borrowings 219.0 219.8 220.9 222.6 223.4 224.5 226.0 225.3 224.2 224.8 225.4 55 Other liabilities 56 Residual (assets less liabilities)3 1. Back data are available from the Banking and Monetary Statistics Section, State foreign investment corporations. Data are estimates for the last Wednesday Board of Governors of the Federal Reserve System, Washington, D.C., 20551. of the month based on a sample of weekly-reporting foreign-related institutions Data in this table also appear in the Board's H.8 (510) weekly statistical release. and quarter-end condition reports. Data are partly estimated. They include all bank-premises subsidiaries and 3. This balancing item is not intended as a measure of equity capital for use in other significant majority-owned domestic subsidiaries. Components may not sum capital adequacy analysis. to totals because of rounding. 4. Includes all member banks and insured nonmember banks. Loans and 2. Includes insured domestically chartered commercial banks, agencies and securities data are estimates for the last Wednesday of the month based on a branches of foreign banks, Edge act and agreement corporations, and New York sample of weekly-reporting banks 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 ASSETS AND LIABILITIES OF LARGE WEEKLY-REPORTING COMMERCIAL BANKS1 Millions of dollars, Wednesday figures 1991 Account July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28r Sept. 4 Sept. 11 Sept. 18 Sept. 25 ASSETS 1 Cash and balances due from depository institutions 106,079 101,762 98,373 99,885 96,709 125,484 97,077 110,526 2 U.S. Treasury and government securities 202,843r 201,411" 202,427" 204,942" 203,627 210,166 211,063 210,837 3 Trading account 18,231r 16,698" 18,101" 19,303" 16,675 19,724 20,717 20,920 4 Investment account 184,611 184,713 184,325 185,639 186,951 190,442 190,347 189,917 5 Mortgage-backed securities 78,568r 78,395" 78,412" 77,554" 78,409 78,318 78,165 77,978 All others, by maturity 6 One year or less 22,790r 23,903" 23,246" 23,592" 23,628 25,245 25,154 25,615 7 One year through five years 44,806r 43,999" 44,210" 46,178" 46,309 46,602 46,447 46,790 8 More than five years 38,446r 38,416" 38,457" 38,314" 38,605 40,277 40,580 39,533 9 Other securities 56,160" 55,982" 55,650" 55,682" 56,121 56,694 56,776 56,845 10 Trading account l,456r 1,415" 1,371" 1,454" 1,453 1,439 1,528 1,586 11 Investment account 54,704 54,567 54,278 54,228 54,669 55,255 55,248 55,258 12 State and political subdivisions, by maturity . 25,179 25,033 25,000 24,797 24,940 24,808 24,781 24,769 13 One year or less 3,109 3,091 3,099 3,048 3,052 3,040 3,045 3,025 14 More than one year 22,070 21,942 21,901 21,749 21,887 21,768 21,736 21,744 15 Other bonds, corporate stocks, and securities 29,525 29,535 29,278 29,431 29,729 30,447 30,468 30,489 16 Other trading account assets 10,531 10,763 10,187 10,021 10,418 11,082 9,951 10,222 17 Federal funds sold3 83,262 82,073 81,525 80,673 76,323 83,194 81,164 84,646 18 To commercial banks in the United States 57,748 56,463 56,380 54,776 51,512 59,642 55,127 57,729 19 To nonbank brokers and dealers 21,799 20,843 19,863 20,597 20,013 18,832 20,354 21,612 20 To others4 3,715 4,766 5,282 5,300 4,798 4,720 5,683 5,305 21 Other loans and leases, gross ,020,791 1,017,077 1,015,653 1,016,181 1,011,789 1,013,642 1,008,703 1,011,150 22 Commercial and industrial 303,444r 301,822" 299,734" 299,576" 298,808 299,848 298,267 300,254 23 Bankers acceptances and commercial paper .. 1,884 2,014 1,977 1,950 1,813 1,850 1,854 1,760 24 All other 301,560" 299,808" 297,757" 297,626" 296,995 297,998 296,413 298,494 25 U.S. addressees 299,936r 298,260" 296,283" 296,128" 295,535 296,406 294,906 296,858 26 Non-U.S. addressees 1,623 1,548 1,474 1,499" 1,460 1,592 1,507 1,636 27 Real estate loans 399., 371" 400,033" 400,708" 399,285" 398,005 398,315 398,874 397,571 28 Revolving, home equity 38,, 236" 38,282" 38,394" 38,516" 38,638 38,726 38,911 39,024 29 All other 361. 135" 361,751" 362,314" 360,768" 359,367 359,589 359,964 358,547 30 To individuals for personal expenditures 185, 004" 184,106" 184,790" 185,365" 183,824 183,935 184,034 183,123 31 To financial institutions 46. 07 lr 45,165" 44,998" 44,606" 44,421 44,583 44,225 44,006 32 Commercial banks in the United States 20,5 63 19,917 20,217 20,489 20,684 19,928 20,380 20,283 33 Banks in foreign countries 2, ,109 1,800 1,836 1,973 1,739 2,220 1,612 1,712 34 Nonbank financial institutions 23., 400" 23,448" 22,944" 22,145" 21,997 22,434 22,233 22,011 35 For purchasing and carrying securities 13,, 700" 12,929" 12,762" 13,958" 14,325 13,262 11,768 13,263 3 3 6 7 T T o o s fi t n a a te n s c e a n a d g r p ic o u li l t t i u c r a a l l s p u r b o d d i u v c is ti i o o n n s 16.8 , 8 2 4 6 8 7 " 1 6 8 , , 2 6 5 9 5 7 " 1 6 8 , , 2 6 9 9 3 1 " 1 6 8 , , 2 6 3 3 4 9 " 1 6 8 , , 2 5 1 5 5 8 1 6 8 , , 1 4 7 2 6 9 1 6 8 , , 1 3 7 8 3 0 1 6 8 , , 1 3 9 5 5 2 38 To foreign governments and official institutions 988 1,004 1,000 990 1,019 1,036 969 1,070 39 All other loans5 21 ,359" 21,427" 21,098" 21,972" 21,053 22,514 20,526 21,836 40 Lease-financing receivables 25 ,740" 25,640" 25,578" 25,556" 25,561 25,544 25,486 25,480 41 LESS: Unearned income — 3 ,820 3,811 3,805 3,796 3,718 3,682 3,680 3,672 42 Loan and lease reserve6 37 079 37,254 37,223 37,203 37,184 37,705 37,768 37,676 43 Other loans and leases, net 979 891" 976,012 974,626 975,183 970,887 972,255 967,254 969,802 44 Other assets 155 309 154,557 152,302" 147,464" 151,598 152,146 150,607 150,236 45 Total assets 1,594,076 1,582,560 1,575,089" I^SSO" 1,565,682 1,611,022 1,573,893 1,593,114 Footnotes appear on the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 DomesticN onfinancial Statistics • December 1991 1.26 ASSETS AND LIABILITIES OF LARGE WEEKLY REPORTING COMMERCIAL BANKS—Continued Millions of dollars, Wednesday figures 1991 AAccccoouunntt July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28r Sept. 4 Sept. 11 Sept. 18 Sept. 25 LIABILITIES 46 Deposits 1,113,759 1,108,583 1,110,554 l,099,568r 1,097,309 1,130,680 1,105,823 1,102,444 1,092,612 47 Demand deposits 232,019 218,513 222,316 215,oor 215,903 240,578 218,338 222,648 218,222 48 Individuals, partnerships, and corporations 185,966 177,627 181,620 173,013r 174,684 191,159 178,160 177,613 173,949 49 Other holders 46,054 40,886 40,696 41,988 41,219 49,419 40,178 45,034 44,273 50 States and political subdivisions 7,384 6,633 6,270 6,774 6,597 7,103 6,066 7,592 7,304 51 U.S. government 3,189 1,331 1,657 1,091 1,253 1,788 2,134 3,524 1,611 52 Depository institutions in the United States 19,843 18,044 18,160 18,589 18,890 24,383 19,183 19,871 19,243 53 Banks in foreign countries 5,085 5,347 5,125 4,904 4,792 5,361 4,797 5,044 5,209 54 Foreign governments and official institutions 591 593 602 644 567 641 516 590 573 55 Certified and officers' checks 9,962 8,937 8,883 9,986 9,121 10,143 7,481 8,414 10,332 56 Transaction balances other than demand deposits3 90,489 92,740 91,048 90,661 89,985 96,723 94,425 93,067 89,739 57 Nontransaction balances 791,250 797,331 797,191 793,906 791,421 793,379 793,060 786,729 784,651 58 Individuals, partnerships, and corporations 755,663r 762,279" 762,387r 759,01 lr 756,725 759,149 758,782 752,979 751,091 59 Other holders 35,587r 35,052r 34,804r 34,895r 34,696 34,230 34,279 33,749 33,560 60 States and political subdivisions 29,187r 28,681r 28,485r 28,697r 28,425 27,974 27,946 27,412 27,238 61 U.S. government 1,112 1,094 1,114 1,095 1,089 1,079 1,123 1,156 1,153 62 Depository institutions in the United States 4,856r 4,854r 4,785r 4,687r 4,740 4,740 4,761 4,733 4,754 63 Foreign governments, official institutions, and banks 431 423 420 417 441 437 448 449 416 64 Liabilities for borrowed money6 269,687r 265,642r 255,360" 265,354r 258,761 272,893 258,565 283,002 275,404 65 Borrowings from Federal Reserve Banks 125 4,215 230 1,010 392 388 520 548 0 66 Treasury tax and loan notes 25,776r 9,792r 10,384r io,5or 10,972 8,069 8,713 26,492 29,097 67 Other liabilities for borrowed money7 243,786r 251,635r 224444,,774466rr 253,843r 247,397 264,436 224499,,333322 225555,,996622 224466,,330066 68 Other liabilities (including subordinated notes and debentures) 96,996r 94,380" 94,764r 94,499" 95,671 93,426 95,418 93,239 94,590 69 Total liabilities 1,480,442 1,468,605 1,460,678 1,459,422 1,451,741 1,496,999 1,459,806 1,478,685 1,462,605 70 Residual (total assets less total liabilities)8 113,634 113,955 114,41 r 114,428r 113,941 114,022 114,087 114,429 114,114 MEMO 71 Total loans and leases, gross, adjusted, plus securities9 .. 1,295,276 1,290,926 1,288,844 1,292,234 1,286,081 1,295,209 1,292,150 1,295,688 1,290,107 72 Time deposits in amounts of $100,000 or more 187,873r 188,435 187,072 186,509 185,230 184,186 183,043 180,724 178,725 73 Loans sold outright to affiliates10 1,296 1,286 1,271 1,254 1,263 1,271 1,237 1,233 1,232 74 Commercial and industrial 693 686 677 667 678 685 671 672 672 75 Other 603 600 594 587 585 586 567 561 561 76 Foreign branch credit extended to U.S. residents11 23,246 23,352 23,489 23,278 23,326 23,501 23,469 23,704 23,799 77 Net due to related institutions abroad -6,153 -7,840 -9,735 -4,952 -6,263 -8,762 -6,278 -7,973 -9,052 1. Components may not sum to totals because of rounding. the United States. 2. Includes certificates of participation, issued or guaranteed by agencies of the 10. Affiliates include a bank's own foreign branches, nonconsolidated nonbank U.S. government, in pools of residential mortgages. affiliates of the bank, the bank's holding company (if not a bank), and noncon- 3. Includes securities purchased under agreements to resell. solidated nonbank subsidiaries of the holding company. 4. Includes allocated transfer risk reserve. 11. Credit extended by foreign branches of domestically chartered weekly- 5. Includes negotiable order of withdrawal (NOW), automatic transfer service reporting banks to nonbank U.S. residents. Consists mainly of commercial and (ATS), and telephone and preauthorized transfer savings deposits. industrial loans, but includes an unknown amount of credit extended to other than 6. Includes borrowings only from other-than-directly-related institutions. nonfinancial businesses. 7. Includes federal funds purchased and securities sold under agreements to NOTE. Data that formerly appeared in table 1.28, Assets and Liabilities of Large repurchase. Weekly Reporting Commercial Banks in New York City, can be obtained from the 8. This balancing item is not intended as a measure of equity capital for use in Board's H.4.2 (504) weekly statistical release. For ordering address see inside capital-adequacy analysis. front cover. 9. Excludes loans to and federal funds transactions with commercial banks in 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 BANKS Assets and Liabilities1 Millions of dollars, Wednesday figures 1991 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 1 Cash and balances due from depository institutions 14,878 14,859 14,987 15,547 15,659 16,039 16,054 16,125 16,792 2 U.S. Treasury and government agency securities 14,327 15,252 15,895 15,349 14,702 15,108 15,099 14,720 14,959 3 Other securities. 7,304 7,348 7,371 7,442 7,517 7,526 7,545 7,445 7,544 4 Federal funds sold1 9,545 7,251 6,730 9,881 9,143 7,466 8,667 9,475 9,417 5 To commercial banks in the United States .. 4,797 3,546 1,690 5,188 3,405 3,051 3,840 5,274 3,638 6 7 8 Ot T C he o o r o m l t m o h a e e n r r s c s 2 i a a n l d a n le d a i s n e d s, u s g t r r o ia s l s 1 8 3 4 3 8 , , , 7 6 8 4 4 3 8 1 5 1 8 3 3 3 8 , , , 7 5 2 0 6 1 5 3 7 1 8 3 3 5 8 , , , 7 0 7 8 4 0 7 0 9 1 8 3 4 3 7 , , , 6 2 4 9 0 7 3 1 9 r 1 8 3 5 4 8 , , , 7 2 8 3 9 3 7 5 9 r 1 8 3 4 4 9 , , , 4 9 0 1 9 7 6 9 8 1 8 4 4 5 0 , , , 8 1 2 2 0 0 7 9 8 1 8 4 4 6 2 , , , 2 1 5 0 2 7 1 9 3 1 8 4 7 5 3 , , , 7 1 9 7 8 5 9 8 7 9 Bankers acceptances and commercial 1 1 0 1 All U o . p S t a h . p e a r e d r dressees 8 7 1 9 1 , , . 8 7 7 9 5 4 9 8 1 8 7 1 9 2 , , , 5 3 0 3 6 2 5 5 8 8 7 1 9 2 , , , 6 5 1 5 3 0 5 2 3 8 7 1 9 1 , , , 2 1 9 9 5 1 1 5 8 r r 8 80 2 1 , , , 1 3 9 4 2 7 0 5 0 " r 8 80 2 2 , , , 5 7 2 6 7 2 2 3 6 8 8 2 0 2 , , , 8 6 2 0 1 9 2 0 9 8 8 4 1 2 , , , 0 8 1 2 0 0 3 0 6 8 82 5 2 , , , 9 0 1 0 6 2 1 6 2 1 1 1 1 1 1 1 2 3 6 7 4 5 8 T L F o o o B N C r a f a n o o i p N n n s m n u a k o b r s m n s n c a e c h - e n c i i U n r a a k u c s l r . f i i S e f i o a n i d n . l n r g s e a a b b t i a n i d a g y t n c d n u n d i r r k t a e i c e s l o c a o s i a n l s i u n n r s e e n s r e s y t t t s i r h t i t i a n e u e t g s t e U i o s n n e i s c t u ed ri ti S e t s a te . s ., , 3 1 7 8 2 2 3 1 7 , , , , , . , 3 2 5 1 2 7 3 3 2 8 4 4 1 5 0 7 4 1 2 3 6 3 1 7 7 2 2 2 1 7 , , , , , , , 4 9 6 6 1 2 9 2 1 1 1 7 5 1 9 2 3 4 0 3 0 3 1 7 7 2 2 2 7 1 , , , , , , , 9 5 7 8 1 2 7 7 7 2 4 5 7 2 5 5 2 6 2 2 3 3 1 6 2 8 2 2 6 1 , , , , , , , 8 7 0 7 1 7 6 1 4 3 2 5 6 2 0 1 5 8 1 6 0 " 3 1 2 6 2 8 2 2 7 , , , , , , , 2 8 1 1 5 7 1 1 7 0 8 0 % 4 4 6 5 5 0 l r 3 1 2 6 2 7 2 2 6 , , , , , , , 6 0 7 7 2 6 4 0 5 6 2 1 7 3 6 9 6 7 1 5 1 3 1 7 2 2 8 2 2 7 , , , , , , , 1 0 7 7 2 2 3 2 2 5 4 1 0 6 0 7 6 2 9 8 6 3 1 6 7 2 4 2 2 7 , , , , , , , 8 9 3 3 7 2 1 9 9 2 0 7 9 2 7 0 9 3 9 0 3 3 1 9 7 2 3 2 2 8 , , , , , , , 0 0 6 0 8 1 0 3 1 8 0 5 6 0 5 6 8 0 1 5 9 19 To foreign governments and official institutions 325 330 343 343 354 357 356 370 395 20 All other 1,773 1,845 1,739 1,823 1,753 1,889 1,879 1,775 1,826 21 Other assets (claims on nonrelated parties) . 28,901 28,419 28,384 28,839 28,234 28,638 28,351 27,934 29,030 22 Total assets3 254,828 252,069 251,639 250,262 252,418 257,676 257,310 260,436 260,902 23 Deposits or credit balances due to other than directly related institutions 91,904 90,573 89,818 92,497 95,382 93,788 93,481 95,797 98,151 24 Demand deposits 4,001 3,508 3,573 3,438 3,546 3,756 3,681 3,992 3,714 25 Individuals, partnerships, and corporations 2,379 2,063 2,112 1,958 2,089 2,308 2,342 2,428 2,365 2 2 6 7 No O n t t h ra er n saction accounts 87 1 , , 9 6 0 2 3 2 87 1 , , 0 4 6 4 6 5 86 1 , , 2 4 4 6 5 1 89 1 , , 0 4 5 8 9 0 91 1 , , 8 4 3 5 6 6 90 1 , , 0 4 3 4 2 8 89 1 , , 7 3 9 3 9 9 91 1 , , 8 5 0 6 5 4 94 1 , , 4 3 3 4 7 9 28 Individuals, partnerships, and corporations 65,247 63,996 63,209 65,869 66,976 65,358 65,556 66,259 68,436 29 Other 22,656 23,070 23,036 23,190 24,860 24,675 24,243 25,546 26,001 30 Borrowings from other than directly related institutions 93,268 92,355 94,987 90,455 86,%9 93,590 95,538 89,843 87,664 31 Federal funds purchased5 47,707 46,688 49,236 48,029 42,183 50,832 51,030 47,680 42,081 32 From commercial banks in the United States 21,485 19,346 20,586 20,211 18,775 23,323 22,260 19,792 16,372 33 From others 26,222 27,342 28,650 27,818 23,408 27,509 28,770 27,888 25,709 34 Other liabilities for borrowed money 45,561 45,668 45,751 42,426 44,785 42,758 44,508 42,163 45,583 35 To commercial banks in the United States 14,824 14,355 14,693 14,134 14,368" 13,455 14,262 13,940 14,580 36 To others 30,737 31,312 31,058 28,291 30,417" 29,303 30,245 28,223 31,003 37 Other liabilities to nonrelated parties 27,023 26,358 26,874 26,523 26,569 27,191 26,623 26,575 27,791 38 Total liabilities6 254,828 252,069 251,639 250,262 252,418 257,676 257,310 260,436 260,902 4 3 0 9 T N M o e E t t M a d l O u l o e a t n o s r ( e g l r a o te s d s) i a n n s d ti t s u e ti c o u n r s i ti a e b s r , o a a d d j usted7, 15 1 6, , 9 5 3 9 1 5 15 2 6 , , 0 6 6 0 0 8 159,0 3 4 9 0 6 15 5 6 , , 0 9 5 2 5 7 15 5 8 , , 1 6 7 9 4 1 15 - 8 7 ,3 1 6 2 2 159, 2 65 8 1 3 16 6 0 , , 0 9 5 4 8 9 16 8 3 , , 0 2 9 2 2 2 1. Includes securities purchased under agreements to resell. 5. Includes securities sold under agreements to repurchase. 2. Includes transactions with nonbank brokers and dealers in securities. 6. Includes net to related institutions abroad for U.S. branches and agencies of 3. Includes net due from related institutions abroad for U.S. branches and foreign banks having a net "due to" position. agencies of foreign banks having a net "due from" position. 7. Excludes loans to and federal funds transactions with commercial banks in 4. Includes other transaction deposits. the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic Nonfinancial Statistics • December 1991 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING1 Millions of dollars, end of period 1991 11998866 11998877 11998888 11998899 11999900 IItteemm DDeecc.. DDeecc.. DDeecc.. DDeecc.. DDeecc.. Mar. Apr. May June July Aug. Commercial paper (seasonally adjusted unless noted otherwise) 11 AAllll iissssuueerrss 331,316 358,997 458,464 530,123 566,688 565,734 541,648 533,091 533,659 543,043 535,688 FFiinnaanncciiaall ccoommppaanniieess22 DDeeaalleerr--ppllaacceedd ppaappeerr 22 TToottaall 101,707 102,742 159,777 186,343 218,953 224,865 212,337 206,507 203,229 205,032 207,907 33 BBaannkk--rreellaatteedd ((nnoott sseeaassoonnaallllyy aaddjjuusstteedd)) 2,265 1,428 1,248 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. DDiirreeccttllyy ppllaacceedd ppaappeerr 44 TToottaall 151,897 174,332 194,931 212,640 201,862 190,285 184,703 183,383 189,512 193,699 190,659 55 BBaannkk--rreellaatteedd ((nnoott sseeaassoonnaallllyy aaddjjuusstteedd))33 40,860 43,173 43,155 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 66 NNoonnffiinnaanncciiaall ccoommppaanniieess66 77,712 81,923 103,756 131,140 145,873 150,584 144,608 143,201 140,918 144,312 137,122 Bankers dollar acceptances (not seasonally adjusted)7 7 Total 64,974 70,565 66,631 62,972 54,771 48,795 47,086 46,438 45,539 44,756r 44,228 Holder 8 Accepting banks 13,423 10,943 9,086 9,433 9,017 9,237 8,593 10,138 10,028 9,08 lr 9,622 9 Own bills 11,707 9,464 8,022 8,510 7,930 7,569 7,599 8,179 8,414 7,906r 7,826 10 Bills bought 1,716 1,479 1,064 924 1,087 1,668 994 1,959 1,613 1,175 1,795 Federal Reserve Banks 11 Own account 0 0 0 0 0 0 0 0 0 0 0 12 Foreign correspondents 1,317 965 1,493 1,066 918 872 934 1,053 1,203 1,274 1,665 13 Others 50,234 58,658 56,052 52,473 44,836 38,686 37,559 35,247 34,308 34,401r 32,941 Basis 14 Imports into United States 14,670 16,483 14,984 15,651 13,096 12,509 12,511 12,821 13,431 12,728r 12,968 15 Exports from United States 12,960 15,227 14,410 13,683 12,703 11,500 11,219 11,511 11,416 11,468r 11,044 16 All other 37,344 38,855 37,237 33,638 28,973 24,786 23,356 22,106 20,691 20,561r 20,215 1. Components may not sum to totals because of rounding. 6. Includes public utilities and firms engaged primarily in such activities as 2. Institutions engaged primarily in commercial, savings, and mortgage bank- communications, construction, manufacturing, mining, wholesale and retail trade, ing; sales, personal, and mortgage financing; factoring, finance leasing, and other transportation, and services. business lending; insurance underwriting; and other investment activities. 7. Data on bankers acceptances are gathered from institutions whose accep- 3. Includes all financial-company paper sold by dealers in the open market. tances total $100 million or more annually. The reporting group is revised every 4. Bank-related series were discontinued in January 1989. January. In January 1988, the group was reduced from 155 to 111 institutions. The 5. As reported by financial companies that place their paper directly with current group, totaling approximately 100 institutions, accounts for more than 90 investors. percent of total acceptances activity. 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per year Average Average Date of change Rate Period rate Period rate Period 1988— Jan. 1 8.75 1988 9.32 1989— Jan. ... 10.50 1990— May .. Feb. 2 8.50 1989 10.87 Feb. .. 10.93 May 11 9.00 1990 10.01 Mar. , 11.50 July .. July 14 9.50 11.50 Aug. . Aug. 11 10.00 1988—Jan. . 8.75 May ... 11.50 Sept. .. Nov. 28 10.50 Feb. 8.51 June .. 11.07 Oct. .. Mar. 8.50 July ... 10.98 Nov. . 1989—Feb. 10 11.00 Apr. 8.50 Aug. .. 10.50 Dec. . 24 11.50 May , 8.84 Sept. .. 10.50 June 5 11.00 June 9.00 Oct. ... 10.50 1991— Jan. ... July 31 10.50 July . 9.29 Nov. .. 10.50 Feb. . Aug. 9.84 Dec. .. 10.50 Mar. , 1990— Jan. 8 10.00 Sept. 10.00 Apr. .. Oct. . 10.00 1990— Jan. ... 10.11 May ... 1991— Jan. 2 9.50 Nov. 10.05 Feb. .. 10.00 June .. Feb. 4 9.00 Dec. 10.50 Mar. .. 10.00 July ... May 1 8.50 Apr. .. 10.00 Aug. .. Sept. 13 8.00 Sept. Nov. 6 7.50 Oct. 1. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A23 1.35 INTEREST RATES Money and Capital Markets Averages, percent per year; weekly, monthly and annual figures are averages of business day data unless otherwise noted. 1991 1991, week ending 11998888 11998899 11999900 June July Aug. Sept. Aug. 30 Sept. 6 Sept. 13 Sept. 20 MONEY MARKET INSTRUMENTS 1 Federal funds1,2,3 7.57 9.21 8.10 5.90 5.82 5.66 5.45 5.58 5.60 5.56 5.44 2 Discount window borrowing2, 6.20 6.93 6.98 5.50 5.50 5.50 5.20 5.50 5.50 5.50 5.07 Commercial paper3,5'6 3 1-month 7.58 9.11 8.15 6.06 5.98 5.72 5.57 5.72 5.72 • 5.58 5.50 4 3-month 7.66 8.99 8.06 6.11 6.05 5.72 5.57 5.72 5.72 5.58 5.51 5 6-month 7.68 8.80 7.95 6.16 6.14 5.76 5.59 5.76 5.74 5.58 5.53 Finance paper, directly placed3,5,7 6 1-month 7.44 8.99 8.00 5.93 5.86 5.58 5.43 5.56 5.58 5.44 5.37 7 3-month 7.38 8.72 7.87 5.96 5.89 5.56 5.33 5.54 5.47 5.37 5.26 8 6-month 7.14 8.16 7.53 5.75 5.81 5.50 5.34 5.44 5.45 5.41 5.28 Bankers acceptances3,5,8 9 3-month 7.56 8.87 7.93 5.94 5.89 5.54 5.38 5.54 5.49 5.40 5.34 10 6-month 7.60 8.67 7.80 6.00 5.97 5.55 5.42 5.54 5.51 5.42 5.39 Certificates of deposit, secondary market ^ 11 1-month 7.59 9.11 8.15 6.00 5.92 5.64 5.47 5.63 5.61 5.51 5.41 12 3-month 7.73 9.09 8.15 6.07 5.98 5.65 5.47 5.63 5.60 5.50 5.41 13 6-month 7.91 9.08 8.17 6.26 6.25 5.79 5.60 5.72 5.70 5.59 5.58 14 Eurodollar deposits, 3-month3,10 7.85 9.16 8.16 6.08 6.01 5.65 5.50 5.63 5.61 5.58 5.44 U.S. Treasury bills Secondary market3, 15 3-month 6.67 8.11 7.50 5.57 5.58 5.33 5.22 5.34 5.32 5.23 5.19 16 6-month 6.91 8.03 7.46 5.75 5.70 5.39 5.25 5.37 5.36 5.25 5.23 17 1-year 7.13 7.92 7.35 5.96 5.91 5.45 5.26 5.41 5.37 5.27 5.25 1 1 9 8 Au 6 3 c - - t m m io o o n n n t a t h h v erage^' ' ' 6 6 . . 6 9 8 2 8 8. . 0 1 4 2 7 7 . . 5 4 1 7 5 5 . . 6 7 0 6 5 5 . . 5 7 8 1 5 5 . . 3 4 9 7 5 5 . . 2 2 5 9 5 5 . . 4 4 0 7 5 5 . . 3 3 4 9 5 5 . . 2 3 9 0 5 5. . 2 1 2 9 20 1-year 7.17 7.91 7.36 5.73 6.00 5.62 5.26 5.36 n.a. n.a. n.a. U.S. TREASURY NOTES AND BONDS Constant maturities12 21 1-year 7.65 8.53 7.89 6.36 6.31 5.78 5.57 5.74 5.70 5.58 5.56 22 2-year 8.10 8.57 8.16 6.% 6.92 6.43 6.18 6.36 6.30 6.21 6.18 23 3-year 8.26 8.55 8.26 7.39 7.38 6.80 6.50 6.70 6.66 6.56 6.48 24 5-year 8.47 8.50 8.37 7.94 7.91 7.43 7.14 7.35 7.30 7.18 7.10 25 7-year 8.71 8.52 8.52 8.17 8.15 7.74 7.48 7.68 7.65 7.53 7.43 26 10-year 8.85 8.49 8.55 8.28 8.27 7.90 7.65 7.84 7.80 7.71 7.61 27 30-year 8.96 8.45 8.61 8.47 8.45 8.14 7.95 8.08 8.06 7.99 7.92 Composite13 8.98 8.58 8.74 8.54 8.50 8.17 7.96 8.11 8.08 8.00 7.93 28 Over 10 years (long-term) STATE AND LOCAL NOTES AND BONDS Moody's series14 7.36 7.00 6.96 6.83 6.82 6.62 6.51 6.63 6.63 6.47 6.49 29 Aaa 7.83 7.40 7.29 7.21 7.18 6.95r 6.87 6.97 6.97 6.97 6.83 30 Baa 7.68 7.23 7.27 7.13 7.05 6.90 6.80 6.85 6.86 6.81 6.78 31 Bond Buyer series' CORPORATE BONDS 10.18 9.66 9.77 9.45 9.42 9.16 9.03 9.11 9.09 9.05 9.01 32 Seasoned issues, all industries16 Rating group 9.71 9.26 9.32 9.01 9.00 8.75 8.61 8.70 8.67 8.63 8.60 33 Aaa 9.94 9.46 9.56 9.28 9.25 8.99 8.86 8.94 8.92 8.89 8.84 34 Aa • 10.24 9.74 9.82 9.55 9.51 9.26 9.11 9.20 9.18 9.13 9.09 35 A 10.83 10.18 10.36 9.96 9.89 9.65 9.51 9.60 9.58 9.54 9.50 36 Baa 37 A-rated, recently offered utility bonds17 . 10.20 9.79 10.01 9.53 9.55 9.25 9.05 9.17 9.11 9.04 9.01 MEMO: Dividend-price ratio18 38 Preferred stocks 9.23 9.04 8.96 8.26 8.21 8.04 7.88 8.03 8.02 7.91 7.81 39 Common stocks 3.64 3.45 3.61 3.23 3.20 3.10 3.15 3.05 3.12 3.16 3.14 1. The daily effective federal funds rate is a weighted average of rates on 12. Yields on actively traded issues adjusted to constant maturities. Source: trades through N.Y. brokers. U.S. Treasury. 2. Weekly figures are averages of seven calendar days ending on Wednesday 13. Unweighted average of rates on all outstanding bonds neither due nor of the current week; monthly figures include each calendar day in the month. callable in less than 10 years, including one very low yielding "flower"bond. 3. Annualized using a 360-day year or bank interest. 14. General obligations based on Thursday figures; Moody's Investors Service. 4. Rate for the Federal Reserve Bank of New York. 15. General obligations only, with twenty years to maturity, issued by twenty 5. Quoted on a discount basis. state and local governmental units of mixed quality. Based on figures for 6. An average of offering rates on commercial paper placed by several leading Thursday. dealers for firms whose bond rating is AA or the equivalent. 16. Daily figures from Moody's Investors Service. Based on yields to maturity 7. An average of offering rates on paper directly placed by finance companies. on selected long-term bonds. 8. Representative closing yields for acceptances of the highest rated money 17. Compilation of the Federal Reserve. This series is an estimate of the yield center banks. on recently-offered, A-rated utility bonds with a thirty-year maturity and five 9. An average of dealer offering rates on nationally traded certificates of years of call protection. Weekly data are based on Friday quotations. deposit. 18. Standard and Poor's corporate series. Preferred stock ratio based on a 10. Bid rates for Eurodollar deposits at 11 a.m. London time. Data are for sample of ten issues: four public utilities, four industrials, one financial, and one indication purposes only. transportation. Common stock ratios on the 500 stocks in the price index. 11. Auction date for daily data; weekly and monthly averages computed on an NOTE. These data also appear in the Board's H.15 (519) and G.13 (415) releases. issue-date basis. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Nonfinancial Statistics • December 1991 1.36 STOCK MARKET Selected Statistics 1991 IInnddiiccaattoorr 11998888 11998899 11999900 Jan. Feb.r Mar. Apr. May June Julyr Aug.r Sept. Prices and trading volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31, 1965 = 50) 149.96 180.13 183.58 177.95r 197.75 203.56 207.71 207.07 207.32 208.29 213.33 212.55 2 Industrial 180.83 228.04 225.89 220.69 246.74 255.36 260.16 260.13 261.16r 262.48 268.22 266.21 3 Transportation 134.07 174.90 158.88 145.89r 166.06 166.26r ^^ 170.77r 177.05r 177.15 178.42 177.99 4 Utility 72.22 94.33 90.71 88.59r 92.08 92.29r 92.92 90.73r 89.01 90.05 92.38 93.72 5 Finance 127.41 162.01 133.36 121.39 141.03 145.4T 152.64r 151.32r 152.30r 151.69 157.70 157.69 6 Standard & Poor's Corporation (1941-43 = 10)' 265.86 323.05 334.83 325.49r 362.26 372.28 379.68r 378.27r 378.29 380.23 389.40 387.20 7 American Stock Exchange (Aug. 31, 1973 = 50? 295.06 356.67 338.58 304.08 338.11 353.98r 365.02r 362.67r 366.06 364.33 367.38 369.55 Volume of trading (thousands of shares) 8 New York Stock Exchange 161,509 165,568 156,777 166,323 226,635 196,343 182,510 170,337 162,154 157,871 171,490 163,242 9 American Stock Exchange 9,955 13,124 13,155 10,870 16,649 15,326 13,140 10,995 11,477 10,883 12,667 n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers3 32,740 34,320 28,210 27,390 28,860 29,660 30,020 29,980 31,280 30,600 32,240 33,170 Free credit balances at brokers4 11 Margin accounts 5,660 7,040 8,050 7,435 7,190 7,320 6,975 7,200 6,690 6,545 7,040 6,950 12 Cash accounts 16,595 18,505 19,285 18,825 19,435 19,555 17,830 16,650 18,110 16,945 17,040 17,595 Margin requirements (percent of market value and effective date)6 Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 13 Margin stocks 70 80 65 55 65 50 14 Convertible bonds 50 60 50 50 50 50 15 Short sales 70 80 65 55 65 50 1. Effective July 1976, includes a new financial group, banks and insurance on securities other than options are the difference between the market value (100 companies. With this change the index includes 400 industrial stocks (formerly percent) and the maximum loan value of collateral as prescribed by the Board. 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, financial. 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 2. On July 5,1983, the American Stock Exchange rebased its index, effectively 1971. cutting previous readings in half. On Jan. 1, 1977, the Board of Governors for the first time established in 3. Since July 1983, under the revised Regulation T, margin credit at broker- Regulation T the initial margin required for writing options on securities, setting dealers has included credit extended against stocks, convertible bonds, stocks it at 30 percent of the current market value of the stock underlying the option. On acquired through exercise of subscription rights, corporate bonds, and govern- Sept. 30,1985, the Board changed the required initial margin, allowing it to be the ment securities. Separate reporting of data for margin stocks, convertible bonds, same as the option maintenance margin required by the appropriate exchange or and subscription issues was discontinued in April 1984. self-regulatory organization; such maintenance margin rules must be approved by 4. Free credit balances are amounts in accounts with no unfulfilled commit- the Securities and Exchange Commission. Effective Jan. 31, 1986, the SEC ments to brokers and are subject to withdrawal by customers on demand. approved new maintenance margin rules, permitting margins to be the price of the 5. New series since June 1984. option plus 15 percent of the market value of the stock underlying the option. 6. These requirements, stated in regulations adopted by the Board of Gover- Effective June 8, 1988, margins were set to be the price option plus 20 percent nors pursuant to the Securities Exchange Act of 1934, limit the amount of credit of the market value of the stock underlying the option (or 15 percent in the case that can be used to purchase and carry "margin securities" (as defined in the of stock-index options). regulations) when such credit is collateralized by securities. Margin requirements Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1990 1991 AAccccoouunntt 11998888 11998899 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SAIF-insured institutions 1 Assets 1,350,500 1,249,055 1,116,354 1,109,055 1,084,821 l,065,993r l,054,654r 1,041,977' l,027,570r 1,020,71C 1,001,62C 984,978 2 Mortgages 764,513 733,729 662,309 653,508 633,385 624,707r 619,720r 610,618' 608,863' 605,915' 595,795' 586,291 3 Mortgage-backed securities 214,587 170,532 153,469 155,616 155,228 151,422r 149,318r 147,431' 143,968' 141,582' 139,462' 137,082 4 Contra-assets to mortgage assets' 37,950 25,457 17,139 17,076 16,897 15,211r 14,872r 14,592' 14,33c 14,391' 14,592' 14,180 5 Commercial loans 33,889 32,150 26,051 25,261 24,125 23,669r 23,205r 22,294' 21,903' 21,724' 20,657' 20,307 6 Consumer loans 61,922 58,685 50,746 50,177 48,753 48,129" 47,729r 47,653' 46,702 45,827' 45,179' 44,351 7 Contra-assets to nonmortgage loans . 3,056 3,592 1,769 1,692 l,939r l,700r l,876r 1,827' 1,742' 1,739' 1,756 1,674 8 Cash and investment securities 186,986 166,053 145,286 145,998 146,644 140,502r 138,884r 138,976' 132,884' 134,029' 130,492' 130,246 9 Other5 129,610 116,955 97,579 97,262 95,522 94,474 92,546r 91,424' 89,322' 87,762' 86,383' 82,555 10 Liabilities and net worth . 1,350,500 1,249,055 1,116,354 1,109,055 1,084,821 1,065,993' 1,054,654' 1,041,977' 1,027,57c 1,020,71C 1,001,62C 984,978 11 Savings capital 971,700 945,656 851,810 846,822 835,496 823,515r 816,477r 816,991' 806,269' 801,681' 792,935' 775,448 12 Borrowed money 299,400 252,230 208,105 203,855 197,353 188,900r 183,66C 169,412' 164,274 159,636 151,473' 146,892 13 FHLBB 134,168 124,577 100,574 100,493 100,391 95,819 94,658 90,555 86,779 82,312 78,966' 76,104 14 Other 165,232 127,653 107,531 103,362 96,962 93,081r 89,002r 78,857' 77,495 77,324 72,507' 70,788 15 Other 24,216 27,556 25,654 26,152 21,332 22,178r 23,355' 20,35C 21,717' 23,633' 20,456' 21,624 16 Net worth n.a. 23,612 30,793 32,225 30,640 31,40c 31,162' 35,223' 35,311' 35,759' 36,755' 41,014 SAIF-insured federal savings banks 17 Assets 425,966 498,522 588,880 585,847 576,531 567,373 556,708 552,520 549,319 552,240 545,985 18 Mortgages 230,734 283,844 332,431 328,122 320,233 316,889 313,880 309,618 311,932 312,230 308,330 19 Mortgage-backed securities 6644,,995577 70,499 82,219 84,190 81,205 79,451 78,290 77,684 75,147 75,075 74,769 20 Contra-assets to mortgage assets' . 13,140 13,548 9,578 9,305 9,591 8,222 7,777 7,975 7,638 7,932 7,971 21 Commercial loans 16,731 18,143 18,458 18,197 17,674 17,299 17,008 16,556 16,215 16,340 15,985 22 Consumer loans 24,222 28,212 30,682 30,421 29,933 31,179 29,292 30,586 30,433 30,283 30,162 23 Contra-assets to nonmortgage loans . 889 1,193 572 809 990 770 895 966 951 1,031 1,096 24 Finance leases plus interest 880 1,101 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 Cash and investment securities 61,029 64,538 75,117 72,454 75,940 71,066 67,721 68,157 65,786 68,847 67,322 26 Other 35,412 39,981 45,287 45,319 45,008 44,768 44,210 43,714 43,292 43,377 43,887 27 Liabilities and net worth . 425,966 498,522 588,880 585,847 576,531 567,373 556,708 552,520 549,319 552,240 545,985 28 Savings capital 298,197 360,547 436,080 436,903 434,297 428,822 422,745 425,720 422,955 424,158 424,175 29 Borrowed money 99,286 108,448 115,472 111,270 107,270 102,313 97,089 90,692 89,310 90,089 85,307 30 FHLBB 46,265 57,032 60,256 60,265 59,949 57,703 56,078 53,134 51,736 50,726 49,559 31 Other 53,021 51,416 55,216 51,005 47,321 44,610 41,011 37,558 37,574 39,363 35,748 32 Other 8,075 9,041 9,063 9,824 8,193 8,356 8,721 7,700 8,211 9,098 7,667 33 Net worth 20,218 22,716 24,837 24,931 24,172 25,285 25,432 25,494 25,542 25,570 25,384 1. Contra-assets are credit-balance accounts that must be subtracted from the NOTE. Components do not sum to totals because of rounding. Data for credit corresponding gross asset categories to yield net asset levels. Contra-assets to unions and life insurance companies have been deleted from this table. They will mortgage loans, contracts, and pass-through securities include loans in process, be shown in a separate table which will appear quarterly, starting in the December unearned discounts and deferred loan fees, valuation allowances for mortgages issue. "held for sale," and specific reserves and other valuation allowances. SOURCE. Savings Association Insurance Fund (SAIF)-insured institutions: 2. Contra-assets are credit-balance accounts that must be subtracted from the Estimates by the Office of Thrift Supervision (OTS) for all institutions insured by corresponding gross asset categories to yield net asset levels. Contra-assets to the SAIF and based on the OTS thrift institution Financial Report. nonmortgage loans include loans in process, unearned discounts and deferred loan SAIF-insured federal savings banks: Estimates by the OTS for federal savings fees, and specific reserves and valuation allowances. banks insured by the SAIF and based on the OTS thrift institution Financial 3. Includes holding of stock in Federal Home Loan Bank and finance leases Report. plus interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic Financial Statistics • December 1991 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS1 Millions of dollars Calendar year FFFiiissscccaaalll FFFiiissscccaaalll FFFiiissscccaaalll TTTyyypppeee ooofff aaaccccccooouuunnnttt ooorrr ooopppeeerrraaatttiiiooonnn yyyeeeaaarrr yyyeeeaaarrr yyyeeeaaarrr 1991 111999888999 111999999000 111999999111 Apr. May June July Aug. Sept. U.S. budget2 1 Receipts, total 990,701 1,031,308 1,054,260 140,380 63,560 103,389 78,593 76,426 109,345 2 On-budget 727,035 749,652 760,375 108,746 41,958 76,322 56,327 54,651 83,131 3 Off-budget 263,666 281,656 293,885 31,634 21,602 27,067 22,266 21,775 26,214 4 Outlays, total 1,144,020 1,251,766 1,322,989 110,249 116,906 105,849 119,384 120,071 116,174 5 On-budget 933,107 1,026,711 1,081,302 90,362 95,903 90,901 99,532 96,255 91,517 6 Off-budget 210,911 225,065 241,687 19,887 21,003 14,948 19,852 22,824 24,657 7 Surplus or deficit (-), total -153,319 -220,469 -268,729 30,131 -53,346 -2,460 -40,791 -43,645 -6,829 8 On-budget -206,072 -277,059 -320,926 18,384 -53,945 -14,579 -43,205 -42,5% -8,386 9 Off-budget 52,753 56,590 52,198 11,747 599 12,119 2,414 -1,049 1,557 Source of financing (total) 10 Borrowing from the public 141,806 220,101 276,802 -9,399 41,742 10,715 34,434 32,574 27,970 11 Operating cash (decrease, or increase (-)) ... 3,425 818 -1,329 -16,214 20,362 -15,730 6,728 18,504 -23,133 12 Other1 8,088 -451 -6,744 -4,518 -8,758 7,475 -371 -8,425 1,992 MEMO 13 Treasury operating balance (level, end of period) 40,973 40,155 41,484 48,215 27,853 43,538 36,855 18,351 41,484 14 Federal Reserve Banks 13,452 7,638 7,928 13,682 6,619 11,822 5,831 6,745 7,928 15 Tax and loan accounts 27,521 32,517 33,556 34,533 21,234 31,761 31,024 11,606 33,556 1. Components may not sum to totals because of rounding. in the International Monetary Fund (IMF); loans to the IMF; other cash and 2. In accordance with the Balanced Budget and Emergency Deficit Control Act monetary assets; accrued interest payable to the public; allocations of SDRs; of 1985, all former off-budget entries are now presented on-budget. Federal deposit funds; miscellaneous liability (including checks outstanding) and asset Financing Bank (FFB) activities are now shown as separate accounts under the accounts; seigniorage; increment on gold; net gain or loss for U.S. currency agencies that use the FFB to finance their programs. The act also moved two valuation adjustment; net gain or loss for IMF loan-valuation adjustment; and social security trust funds (federal old-age survivors insurance and federal profit on sale of gold. disability insurance trust fund) off-budget. The Postal Service is included as an SOURCES. Monthly Treasury Statement of Receipts and Outlays of the U.S. off-budget item in the Monthly Treasury Statement beginning in 1990. Government (MTS) and the Budget of the U.S. Government. 3. Includes special drawing rights (SDRs); reserve position on the U.S. quota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance All 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS1 Millions of dollars Calendar year Fiscal Fiscal Source or type year year 1990 1991 1989 1990r H2 HI H2 HI July Aug. RECEIPTS 1 All sources 990,701 1,031,308 470,276 548,861 503,123 540,504 78,593 76,426 2 Individual income taxes, net 445,690 466,884 218,706 243,087 230,745 232,389 38,403 34,560 4 3 P W re it s h i h d e e l n d t ial Election Campaign Fund . 361,38 3 6 2 388,38 3 4 2 193,296 3 190,21 3 9 0 207,469 3 193,44 3 0 1 37,119 0 32,993 1 5 Nonwithheld 154,839 151,285 33,303 117,675 31,728 109,405 2,971 3.098 6 Refunds 70,567 72,817 7,898 64,838 8,455 70,487 1,687 1,532 Corporation income taxes 7 Gross receipts 117,015 110,017 52,269 58,830 54,044 58,903 3,039 2,893 8 Refunds 13,723 16,510 6,842 8,326 7,603 7,904 1,270 1,588 9 Social insurance taxes and contributions, net 359,416 380,047 162,574 210,476 178,468 214,303 30,360 31,504 10 Employment taxes and contributions2 332,859 353,891 152,407 195,269 167,224 199,727 28,424 27,664 11 Se c l o f- n e t m ri p b l u o t y io m n e s n 3 t taxes and 18,504 21,795 1,947 19,017 2,638 22,150 0 187 12 Unemployment insurance 22,011 21,635 7,909 12,929 8,996 12,296 1,578 3,417 13 Other net receipts4 4,546 4,522 2,260 2,278 2,249 2,279 358 422 14 Excise taxes 34,386 35,345 16,799 18,153 17,535 20,703 4,274 4,626 15 Customs deposits 16,334 16,707 8,667 8,096 8,568 7,488 1,464 1,484 16 Estate and gift taxes 8,745 11,500 4,451 6,442 5,333 5,631 1,065 853 17 Miscellaneous receipts' 22,839 27,316 13,651 12,106 16,032 8,991 1,258 2,093 OUTLAYS 18 AH types 1,144,020 1,251,776 587,394 640,867 647,218 631,737 119,384 120,071r 19 National defense 303,559 299,331 149,613 152,733 149,497 122,089 23,910 27,968 2 2 2 2 2 0 4 1 2 3 I A G N E n n g e a t e e n r tu i r r e c n g r r u a y a a l l l t t i u r o s e r c n e s i a o e l u n a c r f c e f e , a s i s r p a s a nd c e, e n a v n i d r o t n e m ch e n n o t logy . 1 1 1 9 3 6 2 6 , , , , , 5 7 8 9 1 7 0 3 4 8 4 2 2 8 8 1 1 1 1 2 4 3 7 1 , , , , , 3 4 7 0 9 7 4 6 6 5 2 4 2 7 8 4 5 7 9 1 , , , , , 1 9 0 1 4 3 7 9 8 4 2 1 1 3 9 6 6 7 7 1 , , , , , 9 7 3 4 2 7 7 4 5 1 4 0 3 0 6 8 6 8 9 , , , , 9 8 9 0 9 4 7 3 8 7 3 8 3 9 1 7 7 8 7 , , , , 5 3 6 8 4 9 2 8 1 % 2 4 4 6 1 1 , , 8 6 3 5 1 1 6 6 6 7 2 4 0 6 5 1 1 , , 8 3 4 4 1 3 6 4 7 2 5 7 0 0 9 25 Commerce and housing credit 29,091 67,160 22,295 38,672 37,491 17,992 15,199 5,805 26 Transportation 27,608 29,485 14,982 13,754 16,218 14,748 2,721 3,105 27 Community and regional development .. 5,361 8,498 4,879 3,987 3,939 3,552 542 614 28 Education, training, employment, and social services 36,694 18,663 19,537 18,988 21,234 2,967 3,550 29 Health 48,390 57,716 25,339 29,488 31,424 35,608 6,220 6,401 30 Social security and medicare 317,506 346,383 162,322 175,997 176,353 190,247 32,246 32,505 31 Income security 136,031 147,314 67,950 78,475 75,948 88,778 14,803 15,367 32 Veterans benefits and services 30,066 29,112 14,864 15,217 15,479 14,326 2,654 3,666 33 Administration of justice 9,422 10,004 4,909 4,868 5,265 6,187 1,072 1,153 34 General government 9,124 10,724 4,760 4,916 6,976 5,212 -64 1,032 35 Net interest6 169,317 184,221 87,927 91,155 94,650 98,556 15,994 17,605 36 Undistributed offsetting receipts' -37,212 -36,615 -18,935 -17,688 -19,829 -18,702 -3,454 -2,942 1. Functional details do not sum to total outlays for calendar year data because 5. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts. revisions to monthly totals have not been distributed among functions. Fiscal year 6. Net interest function includes interest received by trust funds. total for outlays does not correspond to calendar year data because revisions from 7. Consists of rents and royalties on the outer continental shelf, U.S. governthe Budget have not been fully distributed across months. ment contributions for employee retirement. 2. Old-age, disability, and hospital insurance, and railroad retirement accounts. SOURCES. U.S. Department of the Treasury, Monthly Treasury Statement of 3. Old-age, disability, and hospital insurance. Receipts and Outlays of the U.S. Government, and the U.S. Office of Manage- 4. Federal employee retirement contributions and civil service retirement and ment and Budget, Budget of the U.S. Government, Fiscal Year 1990. disability fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Financial Statistics • December 1991 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION1 Billions of dollars, end of month 1989 1990 1991 IItteemm Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 1 Federal debt outstanding 2,881.1 2,975.5 3,081.9 3,175.5 3,266.1 3,397.3 3,491.7 3,562.9 3,598.9 2 Public debt securities 2,857.4 2,953.0 3,052.0 3,143.8 3,233.3 3,364.8 3,465.2 3,538.0 3,665.3 3 Held by public 2,180.7 2,245.2 2,329.3 2,368.8 2,437.6 2,536.6 2,598.4 2,642.9 4 4 Held by agencies 676.7 707.8 722.7 775.0 795.8 828.3 866.8 895.1 I 5 Agency securities 23.7 22.5 29.9 31.7 32.8 32.5 26.5 25.0 n.a. 6 Held by public 23.5 22.4 29.8 31.6 32.6 32.4 26.4 24.8 1 7 Held by agencies .1 .1 .2 .2 .2 .1 .1 .1 T 8 Debt subject to statutory limit 2,829.8 2,921.7 2,988.9 3,077.0 3,161.2 3,281.7 3,377.1 3,450.3 3,569.3 9 Public debt securities 2,829.5 2,921.4 2,988.6 3,076.6 3,160.9 3,281.3 3,376.7 3,449.8 3,569.0 10 Other debt2 .3 .3 .3 .4 .4 .4 .4 .4 .3 11 MEMO; Statutory debt limit 2,870.0 3,122.7 3,122.7 3,122.7 3,195.0 4,145.0 4,145.0 4,145.0 4,145.0 1. Components may not sum to totals because of rounding. of Columbia stadium bonds. 2. Consists of guaranteed debt of Treasury and other federal agencies, specified SOURCES. Treasury Bulletin and Monthly Statement of the Public Debt of the participation certificates, notes to international lending organizations, and District United States. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership1 Billions of dollars, end of period 1990 1991 Type and holder 11998877 11998888 11998899 11999900 Q4 Q1 Q2 Q3 1 Total gross public debt 2,431.7 2,684.4 2,953.0 3,364.8 3,364.8 3,465.2 3,538.0 3,665.3 By type 2 Interest-bearing 2,428.9 2,663.1 2,931.8 3,362.0 3,362.0 3,441.4 3,516.1 3,662.8 3 Marketable 1,724.7 1,821.3 1,945.4 2,195.8 2,195.8 2,227.9 2,268.1 2,390.7 4 Bills 389.5 414.0 430.6 527.4 527.4 533.3 521.5 564.6 5 Notes 1,037.9 1,083.6 1,151.5 1,265.2 1,265.2 1,280.4 1,320.3 1,387.7 6 Bonds 282.5 308.9 348.2 388.2 388.2 399.3 411.2 423.4 7 Nonmarketable2 704.2 841.8 986.4 1,166.2 1,166.2 1,213.5 1,248.0 1,272.1 g State and local government series 139.3 151.5 163.3 160.8 160.8 159.4 161.0 158.1 9 Foreign issues3 4.0 6.6 6.8 43.5 43.5 42.8 42.1 41.6 10 Government 4.0 6.6 6.8 43.5 43.5 42.8 42.1 41.6 11 Public .0 .0 .0 .0 .0 .0 .0 .0 12 Savings bonds and notes. 99.2 107.6 115.7 124.1 124.1 127.7 131.3 133.5 13 Government account series 461.3 575.6 695.6 813.8 813.8 853.1 883.2 908.4 14 Non-interest-bearing 2.8 21.3 21.2 2.8 2.8 23.8 21.9 2.5 By holder 5 15 U.S. Treasury and other federal agencies and trust funds 477.6 589.2 707.8 828.3 828.3 866.8 895.1 16 Federal Reserve Banks 222.6 238.4 228.4 259.8 259.8 247.3 255.1 17 Private investors 1,731.4 1,858.5 2,015.8 2,288.3 2,288.3 2,360.6 2,397.9 18 Commercial banks 201.5 193.8 174.8 188.2 188.2 194.8r 200.0 19 Money market funds 14.6 11.8 14.9 45.4 45.4 65.T 55.5 20 Insurance companies 104.9 107.3 130.1 149.7 149.7 149.2r 152.0 21 Other companies 84.6 87.1 93.4r 108.9r IOS^ li4.9r 130.8 n.a. 22 State and local treasuries 284.6 313.6 338.7 329.6 329.6 329.3r 329.0 Individuals 23 Savings bonds 101.1 109.6 117.7 126.2 126.2 129.7 133.2 24 Other securities 71.3 79.2 98.7 107.6 107.6 108.6 110.3 25 Foreign and international6 299.7 362.2 392.9 425.1 425.1 430.3r 441.6 26 Other miscellaneous investors 569.1 593.4 654.6 807.6 807.6 838. lr 845.5 1. Components may not sum to totals because of rounding. funds are actual holdings; data for other groups are Treasury estimates. 2. Includes (not shown separately) securities issued to the Rural Electrification 6. Consists of investments of foreign balances and international accounts in the Administration, depository bonds, retirement plan bonds, and individual retire- United States. ment bonds. 7. Includes savings and loan associations, nonprofit institutions, credit unions, 3. Nonmarketable series denominated in dollars, and series denominated in mutual savings banks, corporate pension trust funds, dealers and brokers, certain foreign currency held by foreigners. U.S. Treasury deposit accounts, and federally-sponsored agencies. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust SOURCES. Data by type of security, U.S. Treasury Department, Monthly funds. Statement of the Public Debt of the United States; data by holder, the Treasury 5. Data for Federal Reserve Banks and U.S. government agencies and trust Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance All 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages, par value 1991 1991, week ending June July Aug July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 IMMEDIATE TRANSACTIONS2 By type of security U.S. Treasury securities 1 Bills 30,281 28,081 33,421 30,130 34,608 32,317 35,343 33,710 27,688 29,140 33,539 Coupon securities, by maturity 2 Less than 3.5 years 32,941 32,860 43,814 32,407 51,076 42,382 48,175 39,036 30,286 31,389 36,785 3 3.5 to 7.5 years 23,422 23,508 32,184 22,270 32,294 32,764 36,920 29,678 24,886 24,543 28,847 4 7.5 to 15 years 10,805 8,933 17,291 10,746 23,030 19,519 17,594 11,974 9,916 11,609 15,614 5 15 years or more 11,497 10,831 17,075 13,834 21,134 21,040 17,041 10,954 12,408 11,590 14,868 Federal agency securities Debt, maturing in 6 Less than 3.5 years 4,028 4,517 4,380 4,842 4,230 3,530 4,632 4,737 5,358 3,577 4,295 7 8 3 7 . . 5 5 t y o e a 7 r . s 5 o y r e a m rs o re 5 6 5 6 4 2 4 6 1 2 5 1 6 65 6 0 6 4 42 4 5 8 1 1 , ,0 0 0 2 6 0 7 7 7 6 7 8 5 46 0 3 6 5 49 1 2 9 2 3 8 10 6 6 8 2 7 8 3 6 73 6 2 9 Mortgage-backed securities 9 Pass-throughs 10,706 9,332 10,345 8,994 9,695 8,246 11,105 12,252 10,549 14,464 11,627 10 All others 1,867 1,806 2,022 1,972 2,470 1,631 2,225 2,146 1,064 1,564 2,638 By type of counterparty Pnmary dealers and brokers 11 U.S. Treasury securities 67,404 88,206 65,320 100,087 92,355 94,487 76,384 61,984 65,268 79,323 Federal agency securities 12 Debt 1,365 1,461 1,424 1,517 1,678 1,515 1,223 1,339 1,272 1,329 1,372 13 Mortgage-backed 6,053 4,991 5,505 4,372 5,494 4,153 5,435 6,741 6,003 8,121 5,887 Customers 14 U.S. Treasury securities 41,542 40,474 55,580 44,068 62,055 55,666 60,585 48,968 43,200 43,003 50,330 Federal agency securities 15 Debt 3,879 4,092 4,272 4,198 4,578 3,559 4,378 4,409 4,682 3,749 4,324 16 Mortgage-backed 6,520 6,147 6,862 6,594 6,671 5,724 7,895 7,658 5,609 7,906 8,378 FUTURE AND FORWARD TRANSACTIONS By type of deliverable security U.S. Treasury securities 17 Bills 5,531 3,490 5,004 2,721 5,647 4,403 6,868 3,980 2,794 3,606 4,980 Coupon securities, by maturity 18 Less than 3.5 years 1,285 951 1,426 760 2,186 1,459 1,229 937 1,161 1,057 954 19 3.5 to 7.5 years 607 493 529 416 577 528 468 642 282 391 696 20 7.5 to 15 years 847 559 1,145 658 1,052 941 1,344 1,277 1,055 798 944 21 15 years or more 7,783 6,220 9,267 6,904 10,233 9,861 10,347 7,677 6,647 7,507 8,797 Federal agency securities Debt, maturing in 22 Less than 3.5 years 68 83 33 4 7 6 52 79 5 95 23 3.5 to 7.5 years 47 38 51 104 12 14 189 5 13 7 24 7.5 years or more 20 20 12 30 10 14 12 15 73 24 Mortgage-backed 25 Pass-throughs and others3.. 275 280 378 432 446 526 261 257 434 536 589 OPTION TRANSACTIONS5 By type of underlying security U.S. Treasury, coupon securities, by maturity 26 Less than 3.5 years 2,104 4,311 4,977 6,586 6,940 4,183 3,111 5,463 5,503 1,244 1,472 27 3.5 to 7.5 years 243 194 161 222 209 113 150 180 147 226 315 28 7.5 to 15 years 284 256 487 291 631 511 424 460 290 374 437 29 15 years or more 2,048 1,991 2,792 2,412 3,509 2,638 2,437 2,829 2,175 1,591 2,588 Federal agency, mortgagebacked securities 30 Pass-throughs 378 432 526 261 257 536 589 1. Transactions are market purchases and sales of securities as reported to the 4. Futures transactions are standardized agreements arranged on an exchange. Federal Reserve Bank of New York by the U.S. government securities dealers on Forward transactions are agreements made in the over-the-counter market that its published list of primary dealers. Averages for transactions are based on the specify delayed delivery. All futures transactions are included regardless of time number of trading days in the period. Immediate, forward, and future transactions to delivery. Forward contracts for U.S. Treasury securities and federal agency are reported at principal value, which does not include accrued interest; option debt securities are included when the time to delivery is more than five days. transactions are reported at the face value of the underlying securities. Forward contracts for mortgage-backed securities are included when the time to Dealers report cumulative transactions for each week ending Wednesday. delivery is more than thirty days. 2. Transactions for immediate delivery include purchases or sales of securities 5. Options transactions are purchases or sales of put-and-call options, whether (other than mortgage-backed agency securities) for which delivery is scheduled in arranged on an organized exchange or in the over-the-counter market, and include five business days or less and "when-issued" securities that settle on the issue options on futures contracts on U.S. Treasury and federal agency securities. date of offering. Transactions for immediate delivery of mortgage-backed securities NOTE. In tables 1.42 and 1.43, the term "n.a." refers to data that are not include purchases and sales for which delivery is scheduled in thirty days or less. published because of insufficient activity. Stripped securities are reported at market value by maturity of coupon or corpus. Data formerly shown under option transactions for U.S. Treasury securities, 3. Includes such securities as collateralized mortgage obligations (CMOs), real bills; Federal agency securities, debt; and mortgage-backed securities, other than estate mortgage investment conduits (REMICs), interest only securities (IOs), pass-throughs are no longer available because of insufficient activity. and principal only securities (POs). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • December 1991 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 1991 1991, week ending item June July Aug. July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Positions2 NET IMMEDIATE TRANSACTIONS3 By type of security U.S. Treasury securities 1 Bills 10,919"^ 17,206 15,391 18,545 20,191 19,627 16,312 17,804 9,270 12,006 13,365 15,381 Coupon securities, by maturity 2 Less than 3.5 years -1,976 -3,067r 1,488 -3,238 1,827 3,493 118 -704 2,279 3,272 804 2,079 3 3.5 to 7.5 years l,678r 7,090r 2,988 9,515 5,755 5,016 2,691 130 4,249 2,675 2,027 117 4 7.5 to 15 years -4,972 -4,726r -4,055 -3,841 -3,885 -2,181 -2,402 -5,501 -5,552 -5,418 -5,015 -4,975 5 15 years or more -15,092 -17,183 -13,686 -18,307 -18,226 -16,982 -12,601 -12,518 -12,480 -14,067 -13,284 -12,165 Federal agency securities Debt, maturing in 6 Less than 3.5 years 6,230 5,673 5,726 5,286 5,095 4,615 6,132 6,663 6,020 4,503 4,834 5,227 7 3.5 to 7.5 years 2,192 1,823 1,853 1,621 1,667 1,988 1,807 1,736 1,877 1,861 1,904 2,017 8 7.5 years or more 4,636 4,707 5,036 4,734 4,693 5,057 5,117 5,040 4,889 5,132 5,144 4,943 Mortgage-backed securities 9 Pass-throughs 24,425 26,067 29,824 28,856 22,920 24,173 32,668 36,026 28,446 25,122 31,668 35,911 10 All others 10,940 12,096 11,274 11,432 11,479 11,789 11,461 11,339 10,397 11,531 11,281 12,312 Other money market instruments 11 Certificates of deposit 3,071 3,686 3,115 3,856 3,870 4,306 3,243 2,474 2,622 2,688 2,521 3,501 12 Commercial paper 5,008 5,546 6,300 5,534 7,432 6,105 6,3% 6,717 5,926 6,433 4,959 6,875 13 Bankers acceptances 1,400 1,228 1,319 1,315 1,189 1,154 1,398 1,349 1,244 1,626 1,519 1,858 FUTURE AND FORWARD TRANSACTIONS5 By type of deliverable security U.S. Treasury securities 14 Bills -13,03(y -12,116 -12,840 -8,782 -9,990 -12,061 -15,211 -15,240 -10,626 -8,695 -9,105 -6,810 Coupon securities, by maturity 15 Less than 3.5 years 530 1,329 984 2,059 1,094 1,307 995 747 986 752 1,721 1,892 16 3.5 to 7.5 years 1,000 1,511 -1,113 1,833 1,347 -986 -1,666 -748 -1,101 -1,001 -499 -727 17 7.5 to 15 years -383r -622r -2,316 - l,016r -908 -1,661 -3,043 -2,264 -2,373 -2,137 -1,907 -1,990 18 15 years or more -1,629" -2,81 lr -5,214 -3,817r -2,935 -3,728 -5,944 -4,738 -6,239 -5,695 -6,314 -5,146 Federal agency securities Debt, maturing in 19 Less than 3.5 years 312 15 -41 52 -1 -84 11 -30 -63 -33 -26 -116 20 3.5 to 7.5 years -138 -9 68 -57 201 130 74 84 19 -15 21 38 21 7.5 years or more -54 -15 29 1 16 3 51 61 11 10 1 -20 Mortgage-backed securities 22 Pass-throughs -15,368 -14,870 -18,722 -17,132 -10,318 -14,492 -21,361 -24,499 -17,268 -12,347 -21,685 -27,597 23 All others 1,309 17 1,934 -69 -227 1,392 903 2,375 3,119 1,813 1,052 2,668 24 Certificates of deposit -46,070 -42,864 -102,589 -41,109 -70,580 -90,639 -105,534 -102,471 -107,141 -113,252 -115,197 -125,149 Financing6 Reverse repurchase agreements 2255 Overnight and continuing 182,725 180,538 194,528 172,000 184,697 190,895 197,455 204,559 183,342 198,872 197,243 196,683 26 Term 243,720 226,217 244,421 234,743 213,722 244,619 239,078 245,071 253,841 232,928 254,206 251,979 Repurchase agreements 27 Overnight and continuing 279,426 285,305 306,936 287,693 287,457 299,083 302,631 323,099 305,444 301,070 295,256 309,757 28 Term 221,285 201,256 224,357 206,740 187,525 220,677 216,829 226,976 238,909 210,442 231,894 232,536 Securities borrowed 29 Overnight and continuing 64,626 64,442 62,248 63,933 65,786 60,396 60,756 64,588 63,351 62,012 62,052 65,148 30 Term 23,069 23,187 22,568 22,534 22,627 22,256 21,732 23,999 22,586 21,868 21,523 20,764 Securities loaned 31 Overnight and continuing 7,096 7,196 7,995 7,619 6,629 7,332 7,627 8,420 8,638 7,909 7,809 8,631 32 Term NAr 937 791 873 608 684 586 630 1,339 618 696 547 Collateralized loans 33 Overnight and continuing 5,962 6,770 7,091 6,344 7,668 7,319 7,872 6,810 6,214 7,441 0 0 MEMO: Matched book7 Reverse repurchases 34 Overnight and continuing 113,023 118,316 129,272 114,146 122,998 124,388 131,618 135,490 124,970 130,728 131,439 135,264 35 Term 203,627 186,782 198,749 190,618 175,051 200,977 192,688 195,922 208,056 192,571 193,614 200,523 Repurchases 36 Overnight and continuing 154,997 158,617 159,234 153,894 160,436 156,451 157,714 168,329 155,035 157,851 151,105 158,307 37 Term 164,351 150,534 166,164 157,906 145,160 164,021 163,4% 167,011 174,858 155,125 172,333 172,507 1. Data for positions and financing are obtained from reports submitted to the delivery. Forward contracts for U.S. Treasury securities and for federal agency Federal Reserve Bank of New York by the U.S. government securities dealers on debt securities are included when the time to delivery is more than five business its published list of primary dealers. Weekly figures are close-of-business Wednes- days. Forward contracts for mortgage-backed securities are included when the day data; monthly figures are averages of weekly data. Data for positions and time to delivery is more than thirty days. financing are averages of close-of-business Wednesday data. 6. Overnight financing refers to agreements made on one business day that 2. Securities positions are reported at market value. mature on the next business day; continuing contracts are agreements that remain 3. Net immediate positions include securities purchased or sold (other than in effect for more than one business day but have no specific maturity and can be mortgage-backed agency securities) that have been delivered or are scheduled to terminated without advance notice by either party; term agreements have a fixed be delivered in five business days or less and "when-issued" securities settle on maturity of more than one business day . the issue date of offering. Net immediate positions of mortgage-backed securities 7. Matched-book data reflect financial intermediation activity in which the include securities purchased or sold that have been delivered or are scheduled to borrowing and lending transactions are matched. Matched-book data are included be delivered in thirty days or less. in the financing breakdowns given above. The reverse repurchase and repurchase 4. Includes securities such as collateralized mortgage obligations (CMOs), real numbers are not always equal because of the "matching" of securities of different estate mortgage investment conduits (REMICs), interest only (IOs), and principal values or types of collateralization. only (POs). NOTE. Data for future and forward commercial paper and bankers' acceptances 5. Futures positions are standardized contracts arranged on an exchange. and term financing of collateralized loans are no longer available because of Forward positions reflect agreements made in the over-the-counter market that insufficient activity. Digitized for FsRpeAcSifyE dRel ayed delivery. All futures positions are included regardless of time to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance All 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency 1989 1990 Apr. May June July 1 Federal and federally sponsored agencies 341,386 381,498 411,805 434,668 437,847 432,348 432,306 429,179 432,587 2 Federal agencies 37,981 35,668 35,664 42,159 41,149 41,107 41,031 40,591 40,380 3 Defense Department 13 8 7 7 7 7 7 7 7 4 Export-Import Bank2,3 11,978 11,033 10,985 11,376 11,186 11,186 11,186 11,244 11,244 5 Federal Housing Administration 183 150 328 393 370 365 407 428 300 6 Gove c r e n rt m if e i n c t a t N es a tional Mortgage Association participation 1,615 0 0 0 0 0 0 0 0 7 Postal Service 6,103 6,142 6,445 6,948 6,948 6,948 6,651 6,651 6,621 8 Tennessee Valley Authority 18,089 0 18,335 0 17,899 0 23,435 0 22,638 0 22,60 0 1 22,780 0 22,261 0 22,208 0 9 United States Railway Association 10 Federally sponsored agencies7 303,405 345,830 375,407 392,509 396,698 391,241 391,275 388,588 392,207 11 Federal Home Loan Banks 115,727 135,836 136,108 117,895 113,311 110,691 108,981 105,775 106,397 12 Federal Home Loan Mortgage Corporation 17,645 22,797 26,148 30,941 31,425 29,768 29,016 28,836 29,559 13 Federal National Mortgage Association 97,057 105,459 116,064 123,403 124,885 124,189 126,806 126,606 128,764 14 Farm Credit Banks8 55,275 53,127 54,864 53,590 51,890 52,049 51,485 51,712 51,318 15 Student Loan Marketing Association9 16,503 22,073 28,705 34,194 35,761 35,117 35,560 36,232 36,742 1 1 1 7 8 6 F R F a i e n r s m a o n l c u C i t n i r o g e n d C it F o u F rp n in o d a r in n a g t c i i o a C n l o A rp s o s r is a t t a io n n c 1 e 2 Corporation11 1,200 0 0 5,8 6 5 9 0 0 0 4 8 , , 5 1 8 2 7 4 2 0 7 23 8 1 , , , 0 1 2 5 7 6 5 0 1 29 8 1 , , , 9 1 2 9 7 6 6 0 1 29 8 1 , , , 9 1 2 9 7 61 6 0 29 8 1 , , , 9 1 2 9 7 61 6 0 29 8 1 , , , 9 1 2 9 7 6 6 0 1 29 8 1 , , , 9 1 2 9 7 6 6 0 1 MEMO 19 Federal Financing Bank debt13 152,417 142,850 134,873 179,083 181,907 182,708 182,582 185,129 186,752 Lending to federal and federally sponsored agencies 20 Export-Import Bank3 11,972 11,027 10,979 11,370 11,180 11,180 11,180 11,238 11,238 21 Postal Service6 5,853 5,892 6,195 6,698 6,698 6,698 6,401 6,401 6,401 22 Student Loan Marketing Association 4,940 4,910 4,880 4,850 4,850 4,850 4,850 4,850 4,850 2 2 3 4 T U e n n it n e e d s s S e t e a t V es a l R le a y i lw A a u y th o A r s i s ty o ciation6 16,709 0 16,955 0 16,519 0 14,055 0 13,258 0 13,221 0 13,400 0 12,8801 12,8208 Other Lending14 25 Farmers Home Administration 59,674 58,496 53,311 52,324 52,669 52,669 52,669 52,254 51,334 26 Rural Electrification Administration 21,191 19,246 19,265 18,890 18,904 18,850 18,878 18,894 18,832 27 Other 32,078 26,324 23,724 70,896 74,348 75,240 75,204 78,611 81,269 1. Consists of mortgages assumed by the Defense Department between 1957 shown on line 22. and 1963 under family housing and homeowners assistance programs. 10. The Financing Corporation, established in August 1987 to recapitalize the 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. Federal Savings and Loan Insurance Corporation, undertook its first borrowing in 3. On-budget after Sept. 30, 1976. October 1987. 4. Consists of debentures issued in payment of Federal Housing Administration 11. The Farm Credit Financial Assistance Corporation, established in January insurance claims. Once issued, these securities may be sold privately on the 1988 to provide assistance to the Farm Credit System, undertook its first securities market. borrowing in July 1988. 5. Certificates of participation issued before fiscal 1969 by the Government 12. The Resolution Funding Corporation, established by the Financial Institu- National Mortgage Association acting as trustee for the Farmers Home Admin- tions Reform, Recovery, and Enforcement Act of 1989, undertook its first istration; Department of Health, Education, and Welfare; Department of Housing borrowing in October 1989. and Urban Development; Small Business Administration; and the Veterans 13. The FFB, which began operations in 1974, is authorized to purchase or sell Administration. obligations issued, sold, or guaranteed by other federal agencies. Since FFB 6. Off-budget. incurs debt solely for the purpose of lending to other agencies, its debt is not 7. Includes outstanding noncontingent liabilities: notes, bonds, and deben- included in the main portion of the table in order to avoid double counting. tures. Some data are estimated. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, contain loans guaranteed by numerous agencies with the guarantees of any shown in line 17. particular agency being generally small. The Farmers Home Administration item 9. Before late 1982, the Association obtained financing through the Federal consists exclusively of agency assets, while the Rural Electrification Administra- Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is tion entry contains both agency assets and guaranteed loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 Domestic Nonfinancial Statistics • December 1991 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars 1991 TTyyppee ooff ii oo ss rr ss uu uu ee ss ee oo rr iissssuueerr,, 11998888 11998899 11999900 Feb. Mar. Apr. May June Julyr Aug.r Sept. 1 All issues, new and refunding1 114,522 113,646 120,339 11,335 10,864 10,916 14,753 13,804 11,629 15,744 12,276 By type of issue 2 General obligation 30,312 35,774 39,610 4,838 4,219 3,771 4,946 4,442 3,900 5,919 5,253 3 Revenue 84,210 77,873 81,295 6,497 6,645 7,145 9,807 9,362 7,729 9,825 7,023 By Type of issuer 4 State 8,830 11,819 15,149 2,027 1,195 1,199 1,890 1,529 650 2,328 n.a. 5 Special district or statutory authority 74,409 71,022 72,661 4,903 6,599 6,604 9,549 5,057 7,320 8,890 n.a. 6 Municipality, county, or township 31,193 30,805 32,510 4,405 3,070 3,113 3,314 7,218 3,659 4,526 n.a. 7 Issues for new capital, total 79,665 84,062 103,235 10,403 9,675 10,156 13,924 13,347 11,414 15,177 11,802 By use of proceeds 8 Education 15,021 15,133 17,042 1,579 2,583 2,001 2,462 2,684 2,214 1,826 1,611 9 Transportation 6,825 6,870 11,650 146 421 1,305 1,642 1,829 621 1,498 1,485 10 Utilities and conservation 8,496 11,427 11,739 2,046 1,886 2,171 1,815 2,830 2,077 1,977 2,293 11 Social welfare 19,027 16,703 23,099 698 2,140 921 3,373 2,455 2,287 5,291 2,923 12 Industrial aid 5,624 5,036 6,117 768 554 319 743 1,040 425 565 1,130 13 Other purposes 24,672 28,894 34,607 4,775 2,091 3,439 3,889 2,509 3,790 4,019 2,360 1. Par amounts of long-term issues based on date of sale. SOURCES. Investment Dealer's Digest beginning April 1990. Securities Data/ 2. Since 1986, has included school districts. Bond Buyer Municipal Data Base beginning 1986. Public Securities Association for earlier data. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 1991 TTyyppee ooff oo ii rr ss ss iiss uu ss ee uu ,, ee oo rr ffffeerriinngg,, 11998888 11998899 11999900 Jan. Feb. Mar. Apr. May June July Aug. 1 All issues' 410,898 379,535 339,551 17,393 30,873 36,262r 33,933 37,454' 31,551' 22,218' 32,880 2 Bonds2 353,097 321,664 299,313 16,497 29,071 32,313' 28,620 30,036r 25,933' 19,536' 27,500 By type of offering 3 Public, domestic 202,215 181,393 189,271 15,938r 26,002r 29,934' 24,763 27,205 23,645' 18,80c 26,000 4 Private placement, domestic 127,704 117,420 86,988 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5 Sold abroad 23,178 22,851 23,054 659 3,169 2,379 3,857 2,830 2,421 1,555' 1,500 By industry group 6 Manufacturing 70,306 76,656 53,110 3,390 8,116 7,240 7,613 6,604 4,139' 33,,5522CC 7,361 7 Commercial and miscellaneous 62,794 49,744 40,019 1,408 1,921 1,739 2,936 1,190 1,743 1,40C 1,158 8 Transportation 10,275 10,032 12,706 711 563 992' 502 665 567 661 959 9 Public utility 20,834 18,688 17,521 689 1,399 506 2,115 2,682 1,706' l,309r 1,636 10 Communication 5,593 8,461 6,664 97 669 988 845 337 1,838 685' 618 11 Real estate and financial 183,294 158,083 169,287 10,203 16,404 20,849 14,610 18,558 15,94C 11,961' 15,768 12 Stocks2 57,802 57,870 n.a. 896 1,802 3,949 5,313 7,418 5,618 2,682 6,730 By type of offering 13 Public preferred 6,544 6,194 3,998 0 150 1,233 543 1,392 1,731 203 1,952 14 Common 35,911 26,030 19,443 896 1,652 2,716 4,771 6,027 3,887 2,479 4,778 15 Private placement 15,346 25,647 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. By industry group 16 Manufacturing 7,608 9,308 n.a. 60 183 564 1,7% 2,291 1,909 685 3,167 17 Commercial and miscellaneous 8,449 7,446 5,026 18 546 1,096 1,521 1,563 851 1,427 2,050 18 Transportation 1,535 1,929 126 242 0 249 416 277 0 18 56 19 Public utility 1,898 3,090 4,229 218 335 354 71 573 471 143 150 20 Communication 515 1,904 416 n.a. 0 0 0 0 295 46 8 21 Real estate and financial 37,798 34,028 11,055 359 737 1,686 1,510 2,714 2,091 350 1,298 1. Figures represent gross proceeds of issues maturing in more than one year; 2. Monthly data cover only public offerings. they are the principal amount or number of units calculated by multiplying by the 3. Monthly data are not available. offering price. Figures exclude secondary offerings, employee stock plans, SOURCES. IDD Information Services, Inc., the Board of Governors of the investment companies other than closed-end, intracorporate transactions, equi- Federal Reserve System, and, before 1989, the U.S. Securities and Exchange ties sold abroad, and Yankee bonds. Stock data include ownership securities Commission. issued by limited partnerships. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Market and Corporate Finance A33 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets Millions of dollars 1991 IItteemm11 11998899 11999900 Jan. Feb. Mar. Apr. May June Julyr Aug. 1 Sales of own shares2 306,445 345,780 38,012 30,605 31,597 40,356 36,719 33,922 39,329 38,223 272,165 289,573 27,648 23,390 25,372 32,895 26,972 27,629 28,767 28,158 3 Net sales3 34,280 56,207 10,364 7,215 6,226 7,461 9,747 6,293 10,562 10,065 4 Assets4 553,871 570,744 590,296 616,472 632,052 647,053 671,852 661,643 690,486 713,892 5 Cash5 44,780 48,638 53,549 53,899 52,895 52,982 55,450 55,057 55,293 53,346 6 Other 509,091 522,106 536,747 562,573 579,154 594,071 616,402 606,586 635,193 660,546 1. Data on sales and redemptions exclude money market mutual funds but 4. Market value at end of period, less current liabilities. include limited-maturity municipal bond funds. Data on asset positions exclude 5. Includes all U.S. Treasury securities and other short-term debt securities. both money market mutual funds and limited-maturity municipal bond funds. SOURCE. Investment Company Institute. Data based on reports of membership, 2. Includes reinvestment of dividends. Excludes reinvestment of capital gains which comprises substantially all open-end investment companies registered with distributions. the Securities and Exchange Commission. Data reflect underwritings of new 3. Does not includes sales or redemptions resulting from transfers of shares companies. into or out of money market mutual funds within the same fund family. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data at seasonally adjusted annual rates 1989 1990 1991 AAccccoouunntt 11998888 11998899 11999900 Q3 Q4 Q1 Q2 Q3 Q4 Ql Q2r 1 Profits with inventory valuation and capital consumption adjustment 337.6 311.6 298.3 306.7 290.9 296.8 306.6 300.7 288.9 286.2 284.4 2 Profits before tax 316.7 307.7 304.7 291.4 289.8 2%. 9 299.3 318.5 304.1 281.5 279.2 3 Profits-tax liability 136.2 135.1 132.1 127.8 123.5 129.9 133.1 139.1 126.5 115.1 118.6 4 Profits after tax 180.5 172.6 172.5 163.6 166.3 167.1 166.1 179.4 177.6 166.4 160.6 5 Dividends 110.0 123.5 133.9 125.0 127.7 130.3 133.0 135.1 137.2 137.5 136.4 6 Undistributed profits 70.5 49.1 38.7 38.6 38.6 36.8 33.2 44.3 40.4 29.0 24.2 7 Inventory valuation -27.0 -21.7 -11.4 -6.1 -14.5 -11.4 -.5 -19.8 -13.8 8.1 4.9 8 Capital consumption adjustment 47.8 25.5 4.9 21.4 15.6 11.3 7.7 2.0 -1.4 -3.5 .2 SOURCE. Survey of Current Business (U.S. Department of Commerce). 1.50 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment Billions of dollars; quarterly data at seasonally adjusted annual rates 1990 1991 IInndduussttrryy 11998899 11999900 11999911 QI Q2 Q3 Q4 Ql Q2 Q3 Q41 1 Total nonfarm business 507.40 532.61 535.13 532.50 534.55 534.11 530.13 535.50 524.57 539.53 540.91 Manufacturing 2 Durable goods industries 82.56 82.58 78.22 86.03 84.15 82.48 79.03 81.24 79.69 77.54 74.43 3 Nondurable goods industries 101.24 110.04 107.97 106.14 110.87 111.57 110.69 109.90 107.66 107.01 107.33 Nonmanufacturing 4 Mining 9.21 9.88 9.66 9.62 9.77 9.97 10.12 9.89 10.09 9.70 8.96 Transportation 5 Railroad 6.26 6.40 6.00 6.44 6.67 5.66 6.81 5.59 6.27 6.28 5.85 6 Air 6.73 8.87 9.90 9.27 9.37 9.55 7.54 11.18 10.10 9.53 8.78 7 Other 5.85 6.20 6.64 6.12 5.90 5.87 6.82 6.48 6.68 6.28 7.12 Public utilities 8 Electric 44.81 44.10 44.24 43.48 42.83 43.80 45.88 43.36 42.87 45.46 45.25 9 Gas and other 21.47 23.11 22.90 21.93 21.80 23.88 24.36 23.68 21.71 23.00 23.20 10 Commercial and other2 229.28 241.43 249.60 243.46 243.18 241.32 238.87 244.19 239.50 254.73 259.98 1. Figures are amounts anticipated by business. insurance, personal and business services, and communication. 2. "Other" consists of construction, wholesale and retail trade, finance and SOURCE. Survey of Current Business (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic Nonfinancial Statistics • December 1991 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities Billions of dollars, end of period; not seasonally adjusted 1989 1990 1991 AAccccoouunntt 11998877 11998888 11998899 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ASSETS 1 Accounts receivable, gross1 388.1 426.2 445.8 445.8 452.8 468.8 474.0 486.7 478.9 487.9 2 Consumer 141.1 146.2 140.8 140.8 137.9 138.6 140.9 136.0 131.6 133.9 3 Business 207.4 236.5 256.0 256.0 262.9 274.8 275.4 290.8 290.0 295.5 4 Real estate 39.5 43.5 48.9 48.9 52.1 55.4 57.7 59.9 57.3 58.5 5 LESS: Reserves for unearned income 45.3 50.0 52.0 52.0 51.9 54.3 55.1 56.6 57.0 58.7 6 Reserves for losses 6.8 7.3 7.7 7.7 7.9 8.2 8.6 9.2 10.3 10.8 7 Accounts receivable, net 336.0 368.9 386.1 386.1 393.0 406.3 410.3 420.9 411.6 418.4 8 All other 58.3 72.4 91.6 91.6 92.5 95.5 102.8 99.6 103.4 106.1 9 Total assets 394.2 441.3 477.6 477.6 485.5 501.9 513.1 520.6 515.0 524.5 LIABILITIES AND CAPITAL 10 Bank loans 16.4 15.4 14.5 14.5 13.9 15.8 15.6 19.4 22.0 22.7 11 Commercial paper 128.4 142.0 149.5 149.5 152.9 152.4 148.6 152.7 141.2 140.6 Debt 12 Other short-term 28.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Long-term 137.1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14 Due to parent n.a. 50.6 63.8 63.8 70.5 72.8 82.0 82.7 77.8 81.7 15 Not elsewhere classified n.a. 137.9 147.8 147.8 145.7 153.0 156.6 157.0 162.4 164.2 16 All other liabilities 52.8 59.8 62.6 62.6 61.7 66.1 68.7 66.0 68.0 72.2 17 Capital, surplus, and undivided profits 31.5 35.6 39.4 39.4 40.7 41.8 41.6 42.8 43.7 43.0 18 Total liabilities and capital 394.2 441.3 477.6 477.6 485.5 501.9 513.1 520.6 515.0 524.5 1. Excludes pools of securitized assets. 1.52 DOMESTIC FINANCE COMPANIES Business Credit Outstanding and Net Change1 Millions of dollars, end of period; seasonally adjusted, except as noted 1991 - .. T Mar. Apr. May June July Aug. 1 Total 234,891 258,957 292,638 294,225 294,569 297,171 298,228 300,161 305,024 Retail financing of installment sales 2 Automotive 37,210 39,479 38,110 36,649 36,652 36,005 35,390 35,491 34,665 3 Equipment 28,185 29,627 31,784 32,332 32,034 32,690 32,189 32,194 33,146 4 Pools of securitized assets n.a. 698 951 828 777 737 707 793 833 Wholesale 5 Automotive 32,953 33,814 32,283 30,329 30,066 30,055 29,305 29,454 30,637 6 Equipment 5,971 6,928 11,569 10,880 10,937 11,000 10,427 11,344 10,631 7 All other 9,357 9,985 9,126 8,868 8,666 8,620 8,851 8,807 8,712 8 Pools of securitized assets n.a. 0 2,950 3,354 2,905 2,855 2,805 2,843 3,508 Leasing 9 Automotive 24,693 26,804 39,129 39,279 39,707 40,738 41,603 43,024 44,628 10 Equipment 57,658 68,240 75,626 80,969 82,750 84,126 83,961 84,311 86,145 11 Pools of securitized assets2 n.a. 1,247 1,849 1,868 1,765 1,700 1,725 1,750 1,679 12 Loans on commercial accounts receivable and factored commercial accounts receivable 17,687 18,511 22,475 21,666 21,265 21,772 24,040 23,125 23,366 13 All other business credit 21,176 23,623 26,784 27,204 27,045 26,873 27,225 27,025 27,073 Net change (during period) 1 Total 28,900 24,065 33,681 -59 345 2,601 1,057 1,933 4,862 Retail financing of installment sales 2 Automotive 1,071 2,269 -1,369 -900 4 -647 -615 100 -825 3 Equipment 3,111 1,442 2,157 274 -298 656 -501 4 952 4 Pools of securitized assets2 n.a. -26 253 -51 -51 -40 -30 86 40 Wholesale 5 Automotive 2,883 861 -1,532 -1,100 -263 -11 -750 149 1,183 6 Equipment 393 957 4,641 -228 57 63 -573 917 -713 7 All other 1,028 628 -859 -275 -201 -47 231 -44 -95 8 Pools of securitized assets2 n.a. 0 2,950 1 -449 -50 -50 38 665 Leasing 9 Automotive 2,596 2,111 12,325 358 428 1,031 865 1,421 1,604 10 Equipment 14,166 10,581 7,386 1,917 1,781 1,377 -165 350 1,834 11 Pools of securitized assets2 n.a. 526 602 58 -103 -65 25 25 -71 12 Loans on commercial accounts receivable and factored commercial accounts receivable -483 825 3,964 -418 -401 506 2,268 -914 240 13 All other business credit 4,135 2,446 3,161 305 -158 -173 352 -199 47 Digitized for FRASER http://fraser.stlo1.u Disaftea din. othrigs /t able also appear in the Board's G.20 (422) monthly statistical 2. Data on pools of securitized assets are not seasonally adjusted, release. For ordering address, see inside front cover. Federal Reserve Bank of St. Louis

Real Estate A35 1.53 MORTGAGE MARKETS Conventional Mortgages on New Homes Millions of dollars, except as noted 1991 IItteemm 11998888 11998899 11999900 Mar. Apr. May June July Aug. Sept. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 150.0 159.6 153.2 136.7 151.4 146.8 166.7 165.1 159.0 157.8 2 Amount of loan (thousands of dollars) 110.5 117.0 112.4 100.4 114.5 109.2 121.9 121.6 115.7 114.3 3 Loan-price ratio (percen:) 75.5 74.5 74.8 74.6 76.4 75.2 74.2 75.0 74.6 73.3 4 Maturity (years) 28.0 28.1 27.3 25.7 26.8 26.1 26.8 27.0 27.1 25.9 5 Fees and charges (percent of loan amount)2 2.19 2.06 1.93 1.59 2.12 1.54 1.69 1.85 1.74 1.86 6 Contract rate (percent per year) 8.81 9.76 9.68 9.16 9.24 9.26 9.18 9.12 9.19 9.00 Yield (percent per year) 7 OTS series3 9.18 10.11 10.01 9.43 9.60 9.52 9.46 9.43 9.48 9.30 8 HUD series4 10.30 10.21 10.08 9.49 9.51 9.46 9.60 9.46 9.22 8.88 SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (HUD series)5 10.49 10.24 10.17 9.61 9.61 9.62 9.71 9.59 9.14 9.06 10 GNMA securities6 9.83 9.71 9.51 8.78 8.62 8.65 9.04 8.93 8.69 8.60 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 101,329 104,974 113,329 119,196 120,074 121,798 122,806 123,770 124,230 124,954 12 FHA/V A-insured 19,762 19,640 21,028 21,976 21,972 21,609 21,474 21,511 21,529 21,636 13 Conventional 81,567 85,335 92,302 97,220 98,102 100,189 101,332 102,259 102,701 103,318 Mortgage transactions (during period) 14 Purchases 23,110 22,518 23,959 1,987 2,942 4,450 3,145 3,183 3,069 3,032 Mortgage commitments (during periodf 15 Issued8 n.a. n.a. n.a. 3,087 3,880 3,506 3,032 2,975 3,453 3,196 16 To sell9 n.a. n.a. n.a. 109 839 1,066 841 1,374 1,051 762 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of periodf 17 Total 15,105 20,105 20,419 23,221 23,870 24,525 23,649 24,061 n.a. n.a. 18 FHA/VA-insured 620 590 547 499 504 491 486 481 n.a. n.a. 19 Conventional 14,485 19,516 19,871 22,722 21,188 21,843 23,164 23,581 n.a. n.a. Mortgage transactions (during period) 20 Purchases 44,077 78,588 75,517 4,549 7,045 8,562 10,052 8,649 n.a. n.a. 21 Sales 39,780 73,446 73,817 6,183 6,226 7,692 10,694 8,057 8,800 9,212 Mortgage commitments (during periodJ10 22 Contracted 66,026 88,519 102,401 5,936 10,036 11,334 9,008 8,890 n.a. n.a. 1. Weighted averages bused on sample surveys of mortgages originated by Association (GNMA), assuming prepayment in twelve years on pools of thirtymajor institutional lender groups; compiled by the Federal Housing Finance year mortgages insured by the Federal Housing Administration or guaranteed by Board in cooperation with the Federal Deposit Insurance Corporation. the Department of Veterans Affairs carrying the prevailing ceiling rate. Monthly 2. Includes all fees, commissions, discounts, and "points" paid (by the figures are averages of Friday figures from the Wall Street Journal. borrower or the seller) to obtain a loan. 7. Includes some multifamily and nonprofit hospital loan commitments in 3. Average effective interest rates on loans closed, assuming prepayment at addition to one- to four-family loan commitments accepted in the Federal National the end of ten years; from Office of Thrift Supervision (OTS). Mortgage Association's (FNMA's) free market auction system, and through the 4. Average contract rates on new commitments for conventional first mort- FNMA-GNMA tandem plans. gages; from U.S. Department of Housing and Urban Development (HUD). 8. Does not include standby commitments issued, but includes standby 5. Average gross yields on thirty-year, minimum-downpayment, first mort- commitments converted. gages insured by the Federal Housing Administration (FHA) for immediate 9. Includes participation as well as whole loans. delivery in the private secondary market. Based on transactions on first day of 10. Includes conventional and government-underwritten loans. The Federal subsequent month. Large monthly movements in average yields may reflect Home Loan Mortgage Corporation's mortgage commitments and mortgage transmarket adjustments to changes in maximum permissible contract rates. actions include activity under mortgage securities swap programs, while the 6. Average net yields to investors on fully modified pass-through securities corresponding data for FNMA exclude swap activity. backed by mortgages and guaranteed by the Qevernment National Mortgage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • December 1991 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 1990 1991 Type of holder and property 11998877 11998888 11998899 Q2 Q3 Q4 Qlr Q2P 1 AU holders 2,986,425 3,270,118 3,556,370 3,760,480 3,816,690r 3,857,665r 3,876,700 3,925,086 By type of property 2 One- to four-family residences 1,962,958 2,201,231 2,429,689 2,619,522 2,669,996r 2,709,998r 2,730,239 2,781,005 3 Multifamily residences 278,899 291,405 303,416 301,789 305,903r 307,378r 307,932 308,457 4 Commercial 657,036 692,236 739,240 755,212 756,507r 756,303r 754,879 751,751 5 Farm 87,532 85,247 84,025 83,957 84,284r 83,987r 83,650 83,873 By type of holder 6 Major financial institutions 1,665,291 1,831,472 1,931,537 1,940,366 l,933,303r l,913,322r 1,895,544 1,884,850 7 Commercial banks2 592,449 674,003 767,069 814,598 831,193r 844,359r 855,889 870,797 8 One- to four-family 275,613 334,367 389,632 431,115 445,882r 456,010r 463,796 476,744 9 Multifamily 32,756 33,912 38,876 38,420 37,9<W 37,092r 37,993 37,930 10 Commercial 269,648 290,254 321,906 327,930 330,086r 334,026r 336,606 338,057 11 Farm , 14,432 15,470 16,656 17,133 17,326 17,231r 17,493 18,066 12 Savings institutions3 860,467 924,606 910,254 860,903 836,047 801,628 776,551 754,834 13 One- to four-family 602,408 671,722 669,220 642,110 626,297 600,154 583,694 570,151 14 Multifamily 106,359 110,775 106,014 97,359 94,790 91,806 88,743 85,688 15 Commercial 150,943 141,433 134,370 120,866 114,430 109,168 103,647 98,557 16 Farm 757 676 650 568 530 500 468 439 17 Life insurance companies 212,375 232,863 254,214 264,865 266,063 267,335 263,105 259,218 18 One- to four-family 13,226 11,164 12,231 12,740 12,773 12,052 11,480 11,280 19 Multifamily 22,524 24,560 26,907 28,027 28,100 29,406 28,847 28,314 20 Commercial 166,722 187,549 205,472 214,024 214,585 215,121 212,018 208,838 21 Farm 9,903 9,590 9,604 10,075 10,605 10,756 10,760 10,787 22 Finance companies4 29,716 37,846 45,476 47,104 49,784 48,777 48,187 48,972 23 Federal and related agencies 192,721 200,570 209,498 227,818 242,695 250,761r 263,079 275,394 24 Government National Mortgage Association.. 444 26 23 21 21 20r 20 20 25 One- to four-family 25 26 23 21 21 20r 20 20 26 Multifamily 419 0 0 0 0 0 0 0 27 Farmers Home Administration5 43,051 42,018 41,176 41,175 41,269 41,439 41,307 41,430 28 One- to four-family 18,169 18,347 18,422 18,434 18,476 18,527 18,522 18,521 29 Multifamily 8,044 8,513 9,054 9,361 9,477 9,640 9,720 9,898 30 Commercial 6,603 5,343 4,443 4,545 4,608 4,690 4,715 4,750 31 Farm 10,235 9,815 9,257 8,835 8,708 8,582 8,350 8,261 32 Federal Housing and Veterans Administration 5,574 5,973 6,087 6,792 7,938 8,801 9,492 10,210 33 One- to four-family 2,557 2,672 2,875 3,054 3,248 3,593 3,600 3,729 34 Multifamily 3,017 3,301 3,212 3,738 4,690 5,208 5,891 6,480 35 Federal National Mortgage Association 96,649 103,013 110,721 112,855 113,718 116,628 119,196 122,806 36 One- to four-family 89,666 95,833 102,295 103,431 103,722 106,081 108,348 111,560 37 Multifamily 6,983 7,180 8,426 9,424 9,996 10,547 10,848 11,246 38 Federal Land Banks 34,131 32,115 29,640 29,595 29,441 29,416 29,253 29,086 39 One- to four-family 2,008 1,890 1,210 1,741 1,766 1,838 1,884 1,936 40 Farm 32,123 30,225 28,430 27,854 27,675 27,577 27,368 27,150 41 Federal Home Loan Mortgage Corporation .. 12,872 17,425 21,851 19,979 20,508 21,857 22,111 22,312 42 One- to four-family 11,430 15,077 18,248 17,316 17,810 19,185 19,460 19,655 43 Multifamily 1,442 2,348 3,603 2,663 2,697 2,672 2,651 2,658 44 Mortgage pools or trusts6 718,297 811,847 946,766 1,024,893 1,062,729" l,106,634r 1,139,730 1,182,594 45 Government National Mortgage Association.. 317,555 340,527 368,367 385,456 394,859 403,613 409,929 418,421 46 One- to four-family 309,806 331,257 358,142 374,960 384,474 391,505 397,631 405,877 47 Multifamily 7,749 9,270 10,225 10,496 10,385 12,108 12,298 12,544 48 Federal Home Loan Mortgage Corporation .. 212,634 226,406 272,870 295,340 301,797 316,359 328,305 341,132 49 One- to four-family 205,977 219,988 266,060 287,232 293,721 308,369 319,978 332,624 50 Multifamily 6,657 6,418 6,810 8,108 8,077 7,990 8,327 8,509 51 Federal National Mortgage Association 139,960 178,250 228,232 263,330 281,806 299,833 312,101 331,089 52 One- to four-family 137,988 172,331 219,577 254,811 273,335 291,194 303,554 322,444 53 Multifamily 1,972 5,919 8,655 8,519 8,471 8,639 8,547 8,645 54 Farmers Home Administration 245 104 80 72 70 66 62 13 55 One- to four-family 121 26 21 19 18 17 14 13 56 Multifamily 0 0 0 0 0 0 0 0 57 Commercial 63 38 26 24 24 24 23 0 58 Farm 61 40 33 30 29 26 24 0 59 Individuals and others7 410,116 426,229 468,569 567,403 577,964r 586,948r 578,347 582,248 60 One- to four-family 246,061 259,971 294,517 382,343 390,657r 398,889r 391,623 395,483 61 Multifamily 80,977 79,209 81,634 82,040 83,544r 84,205r 82,355 81,906 62 Commercial 63,057 67,618 73,023 83,557 84,350r 84,538r 85,182 85,690 63 Farm 20,021 19,431 19,395 19,463 19,412r 19,316r 19,187 19,170 1. Based on data from various institutional and governmental sources, with 4. Assumed to be entirely loans on one- to four-family residences. figures for some quarters estimated in part by the Federal Reserve. Multifamily 5. Securities guaranteed by the Farmers Home Administration (FmHA) sold to debt refers to loans on structures of five or more units. the Federal Financing Bank were reallocated from FmHA mortgage pools to 2. Includes loans held by nondeposit trust companies but not loans held by FmHA mortgage holdings in 1986:4 because of accounting changes by the FmHA. bank trust departments. 6. Outstanding principal balances of mortgage-backed securities insured or 3. Includes savings banks and savings and loan associations. Beginning 1987:1, guaranteed by the agency indicated. Includes private pools, which are not shown data reported by institutions insured by the Federal Savings and Loan Insurance as a separate line item. Corporation include loans in process and other contra-assets (credit balance 7. Other holders include mortgage companies, real estate investment trusts, accounts that must be subtracted from the corresponding gross asset categories to state and local credit agencies, state and local retirement funds, noninsured yield net asset levels). pension funds, credit unions, and other U.S. agencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Installment Credit A37 1.55 CONSUMER INSTALLMENT CREDIT Total Outstanding and Net Change1 Millions of dollars, amounts outstanding, end of period 1990 1991 HHoollddeerr aanndd ttyyppee ooff ccrreeddiitt 11998899 11999900 Dec. Jan. Feb. Mar. Apr. May June July1 Aug. Seasonally adjusted 1 Total 718,863 735,102 735,102 732,962 732,762 732,442 733,621 732,289 730,591 729,962 728,671 2 Automobile 290,676 284,585 284,585 283,746 282,626 280,689 279,746 276,494 274,496 273,565 271,594 3 Revolving 199,082 220,110 220,110 219,588 221,556 224,817 225,994 227,301 227,737 228,199 229,375 4 Mobile home 22,471 20,919 20,919 20,459 20,200 20,123 20,098 19,796 19,907 19,615 19,522 5 Other 206,633 209,487 209,487 209,170 208,379 206,813 207,782 208,697 208,451 208,582 208,179 Not seasonally adjusted 6 Total 730,901 748,300 748,300 736,399 729,264 725,462 727,907 727,717 728,023 727,754 731,091 By major holder 7 Commercial banks 342,770 347,466 347,466 341,426 339,282 335,754 336,425 334,746 333,442 334,273 335,782 8 Finance companies 140,832 137,450 137,450 134,965 133,021 131,552 133,462 134,045 133,903 134,120 135,509 9 Credit unions 93,114 92,911 92,911 91,991 91,131 90,772 91,413 91,549 91,924 92,017 92,020 10 Retailers 44,154 43,552 43,552 40,945 38,864 38,497 37,817 36,782 36,702 36,392 37,296 11 Savings institutions 57,253 45,616 45,616 44,939 43,875 42,491 41,707 40,764 39,827 39,012 38,156 12 Gasoline companies 3,935 4,822 4,822 4,766 4,404 4,2% 4,357 4,507 4,591 4,712 4,857 13 Pools of securitized assets 48,843 76,483 76,483 77,367 78,687 82,100 82,726 85,324 87,634 87,228 87,471 By major type of credit3 14 Automobile 290,705 284,813 284,813 282,214 279,913 277,798 277,508 275,582 275,018 274,222 273,875 15 Commercial banks 126,288 126,259 126,259 126,235 124,745 123,411 122,710 121,631 121,605 121,319 120,648 16 Finance companies 82,721 74,396 74,396 72,015 70,287 69,233 70,500 69,689 70,304 70,444 71,571 17 Pools of securitized assets 18,235 24,537 24,537 25,123 26,872 27,755 26,875 27,085 26,039 25,609 25,071 18 Revolving 210,310 232,370 232,370 223,606 220,714 221,400 222,627 224,301 225,5% 226,145 229,146 19 Commercial banks 130,811 132,433 132,433 125,814 125,673 124,619 126,009 126,047 124,106 124,645 125,712 20 Retailers 39,583 39,029 39,029 36,510 34,509 34,179 33,513 32,458 32,381 32,076 n.a. 21 Gasoline companies 3,935 4,822 4,822 4,766 4,404 4,2% 4,357 4,507 4,591 4,712 4,857 22 Pools of securitized assets 23,477 44,335 44,335 44,773 44,451 46,722 47,116 49,667 52,897 53,094 54,017 23 Mobile home 22,240 20,666 20,666 20,614 20,362 20,030 20,052 19,721 19,875 19,639 19,495 24 Commercial banks 9,112 9,763 9,763 9,748 9,730 9,632 9,565 9,386 9,652 9,552 9,532 25 Finance companies 4,716 5,252 5,252 5,367 5,330 5,328 5,573 5,595 5,652 5,669 5,700 26 Other 207,646 210,451 210,451 209,965 208,275 206,234 207,720 208,113 207,534 207,748 208,575 27 Commercial banks 76,559 79,011 79,011 79,629 79,134 78,092 78,141 77,682 78,079 78,757 79,890 28 Finance companies 53,395 57,801 57,801 57,583 57,404 56,991 57,388 58,761 57,947 58,007 58,238 29 Retailers 4,571 4,523 4,523 4,435 4,355 4,318 4,304 4,324 4,321 4,316 4,334 30 Pools of securitized assets 7,131 7,611 7,611 7,471 7,364 7,603 8,735 8,572 8,698 8,525 8,383 1. The Board's series on amounts of credit covers most short- and intermedi- 2. Outstanding balances of pools upon which securities have been issued; these ate-term credit extended to individuals that is scheduled to be repaid (or has the balances are no longer carried on the balance sheets of the loan originator. option of repayment) in two or more installments. 3. Totals include estimates for certain holders for which only consumer credit Data in this table also appear in the Board's G.19 (421) monthly statistical totals are available. release. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • December 1991 1.56 TERMS OF CONSUMER INSTALLMENT CREDIT1 Percent per year, except as noted 1991 IItteemm 11998888 11998899 11999900 Feb. Mar. Apr. May June July Aug. INTEREST RATES Commercial banks* 1 48-month new car 10.85 12.07 11.78 11.60 n.a. n.a. 11.28 n.a. n.a. 11.06 2 24-month personal 14.68 15.44 15.46 15.42 n.a. n.a. 15.16 n.a. n.a. 15.24 3 120-month mobile home3 13.54 14.11 14.02 13.88 n.a. n.a. 13.80 n.a. n.a. 13.73 4 Credit card 17.78 18.02 18.17 18.28 n.a. n.a. 18.22 n.a. n.a. 18.24 Auto finance companies 5 New car 12.60 12.62 12.54 13.16 13.14 1133..1144 12.95 12.77 1122..5555 1122..4400 6 Used car 15.11 16.18 15.99 15.90 15.82 15.82 15.85 15.74 15.66 15.63 OTHER TERMS4 Maturity (months) 7 New car 56.2 54.2 54.6 55.2 55.2 55.4 55.5 55.5 5555..55 5555..44 8 Used car 46.7 46.6 46.1 47.1 47.2 47.3 47.3 47.3 47.4 47.2 Loan-to-value ratio 9 New car 94 91 87 88 87 87 87 88 88 88 10 Used car 98 97 95 96 97 97 96 97 96 97 Amount financed (dollars) 11 New car 11,663 12,001 12,071 12,081 12,121 11,993 12,204 12,343 12,572 12,518 12 Used car 7,824 7,954 8,289 8,605 8,763 8,751 8,873 8,916 8,989 8,902 1. Data in this table also appear in the Board's G.19 (421) monthly statistical 3. Before 1983 the maturity for new car loans was 36 months, and for mobile release. For ordering address, see inside front cover. home loans was 84 months. 2. Data are available only for the second month of each quarter. 4. At auto finance companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A39 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; quarterly data at seasonally adjusted annual rates 1989 1990 1991 IInnssttrruummeenntt oorr sseeccttoorr 11998866 11998877 11998888 11998899 11999900 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors 836.9 687.0 678.2 639.3 620.2 803.4 596.9 657.7 499.3 By lending sector and instrument 2 U.S. government 215.0 144.9 157.5 151.6 272.5 185.0 247.3 228.2 286.1 328.4 3 Treasury securities 214.7 143.4 140.0 150.0 264.4 189.6 217.8 222.9 287.5 329.4 4 Agency issues and mortgages .4 1.5 17.4 1.6 8.2 -4.6 29.6 5.4 -1.3 -1.0 5 Private 621.9 542.1 603.3 366.8 435.2 556.1 368.7 371.6 170.9 By instrument 6 Debt capital instruments 465.8 453.2 459.2 379.8 298.2 347.0 391.0 309.3 275.5 216.8 7 Tax-exempt obligations 22.7 49.3 49.8 30.4 20.1 19.1 12.4 24.5 30.0 13.5 8 Corporate bonds 126.8 79.4 102.9 73.7 49.7 87.4 30.2 68.8 32.8 67.1 9 Mortgages 316.3 324.5 306.5 275.7 228.3 240.5 348.4 216.0 212.7 136.3 10 Home mortgages 218.7 234.9 231.0 218.0 212.6 214.3 298.7 220.0 184.7 147.1 11 Multifamily residential 33.5 24.4 16.7 16.4 6.5 9.5 22.7 -15.5 16.2 2.7 12 Commercial 73.6 71.6 60.8 42.7 9.3 19.9 26.5 13.4 9.9 -12.8 13 Farm -9.5 -6.4 -2.1 -1.5 .0 -3.2 .5 -1.9 2.0 -.7 14 Other debt instruments 156.1 88.9 144.1 146.8 68.7 88.2 165.1 59.4 96.0 -45.9 15 Consumer credit 58.0 33.5 50.2 39.1 14.3 44.1 30.4 2.8 21.3 2.5 16 Bank loans n.e.c 66.9 10.0 39.8 39.9 1.3 7.7 16.3 15.4 -2.5 -24.2 17 Open market paper -9.3 2.3 11.9 20.4 9.7 -6.9 69.6 -6.2 17.3 -41.7 18 Other 40.5 43.2 42.2 47.4 43.4 43.3 48.8 47.4 60.0 17.5 By borrowing sector 19 State and local government 36.2 48.8 45.6 29.6 17.2 16.5 16.0 17.2 28.1 7.6 20 Household 293.0 302.2 314.9 285.0 254.0 291.8 377.2 257.5 227.3 154.0 21 Nonfinancial business 292.7 191.0 242.8 211.9 95.6 126.9 162.9 94.0 116.2 9.4 22 Farm -16.3 -10.6 -7.5 1.6 2.6 8.9 6.2 -10.8 11.7 3.1 23 Nonfarm noncorporate 99.2 77.9 65.7 50.8 13.7 35.0 45.5 3.5 19.6 -14.0 24 Corporate 209.7 123.7 184.6 159.5 79.4 83.1 111.2 101.3 84.8 20.2 25 Foreign net borrowing in United States 9.7 4.5 6.3 10.9 23.5 16.9 2.0 41.2 29.7 21.1 26 Bonds 3.1 7.4 6.9 5.3 21.6 -1.0 32.7 25.8 1.2 26.5 27 Bank loans n.e.c -1.0 -3.6 -1.8 -.1 -2.9 -4.3 -6.9 -1.8 1.9 -4.7 28 Open market paper 11.5 2.1 8.7 13.3 12.3 22.2 -16.4 23.1 27.3 15.3 29 U.S. government loans -3.9 -1.4 -7.5 -7.5 -7.5 .1 -7.3 -5.9 -.8 -16.0 30 Total domestic plus foreign 846.6 691.5 767.1 689.1 662.8 637.1 805.5 638.1 687.3 520.4 Financial sectors 31 Total net borrowing by financial sectors 285.1 300.2 247.6 205.5 202.1 187.3 190.2 170.4 180.0 267.7 102.6 95.4 By instrument 32 U.S. government-related 154.1 171.8 119.8 151.0 167.4 156.4 171.7 184.0 139.2 174.6 155.8 150.6 33 Sponsored-credit-agency securities 15.2 30.2 44.9 25.2 17.1 -4.7 9.7 17.1 22.3 19.5 14.5 -22.4 34 Mortgage pool securities 139.2 142.3 74.9 125.8 150.3 161.1 162.0 166.8 116.9 155.5 141.3 173.0 35 Loans from U.S. government -.4 -.8 .0 .0 -.1 .0 .0 .0 .0 -.5 .0 .0 36 Private 131.0 128.4 127.8 54.5 34.7 30.9 18.5 -13.5 40.8 93.1 -53.2 -55.2 37 Corporate bonds 82.9 78.9 51.7 36.8 49.8 39.6 33.5 71.2 18.0 76.7 39.5 63.2 38 Mortgages .1 .4 .3 .0 .3 -.4 .1 .2 .3 .5 .1 -.1 39 Bank loans n.e.c 4.0 -3.2 1.4 1.8 .7 4.2 -2.3 -.6 2.0 3.8 1.0 -5.8 40 Open market paper 24.2 27.9 54.8 26.9 8.6 36.3 9.2 -53.4 51.0 27.6 -65.9 -59.7 41 Loans from Federal Home Loan Banks .. 19.8 24.4 19.7 -11.0 -24.7 -48.8 -22.0 -30.9 -30.5 -15.5 -27.9 -52.9 By borrowing sector 42 Sponsored credit agencies 14.9 29.5 44.9 25.2 17.0 -4.7 9.7 17.1 22.3 19.0 14.5 -22.4 43 Mortgage pools 139.2 142.3 74.9 125.8 150.3 161.1 162.0 166.8 116.9 155.5 141.3 173.0 44 Private 131.0 128.4 127.8 54.5 34.7 30.9 18.5 -13.5 40.8 93.1 -53.2 -55.2 45 Commercial banks -3.6 6.2 -3.0 -1.4 -1.1 -.7 -5.7 -13.9 -5.6 20.9 -22.0 -16.6 46 Bank affiliates 15.2 14.3 5.2 6.2 -27.7 -3.9 -8.0 -32.1 -40.4 -30.2 -18.5 -7.1 47 Savings and loan associations 20.9 19.6 19.9 -14.1 -31.2 -56.2 -15.8 -53.5 -31.9 -23.4 -29.5 -55.6 48 Mutual savings banks 4.2 8.1 1.9 -1.4 -.5 .7 -8.3 6.5 -4.2 4.0 -2.2 -1.4 49 Finance companies 54.7 40.8 67.7 46.3 57.1 52.6 28.2 27.0 97.3 75.7 -9.2 -11.7 50 Real estate investment trusts (REITs) .8 .3 3.5 -1.9 -1.9 .1 -3.8 -2.7 -1.8 .6 -.7 -.2 51 Securitized credit obligation (SCO) issuers 39.0 39.1 32.5 20.8 40.1 38.2 32.1 55.1 27.5 45.6 28.9 37.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • December 1991 1.57—Continued 1989 1990 1991 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11998866 11998877 11998888 11998899 11999900 Q4 Q1 Q2 Q3 Q4 Q1 Q2 All sectors 52 Total net borrowing, all sectors 1,131.7 991.7 1,014.7 894.5 864.9 824.4 995.7 808.5 867.3 788.1 564.7 505.1 53 U.S. government securities 369.5 317.5 277.2 302.6 440.0 341.4 419.0 412.2 425.4 503.4 360.5 392.4 54 State and local obligations 22.7 49.3 49.8 30.4 20.1 19.1 12.4 24.5 30.0 13.5 11.3 27.5 55 Corporate and foreign bonds 212.8 165.7 161.5 115.8 121.1 125.9 96.4 165.8 52.0 170.3 129.0 180.5 56 Mortgages 316.4 324.9 306.7 275.7 228.6 240.1 348.5 216.2 213.0 136.7 138.7 169.8 57 Consumer credit 58.0 33.5 50.2 39.1 14.3 44.1 30.4 2.8 21.3 2.5 -23.6 -20.4 58 Bank loans n.e.c 69.9 3.2 39.4 41.5 -.9 7.5 7.1 13.0 1.4 -25.1 25.6 -64.5 59 Open market paper 26.4 32.3 75.4 60.6 30.7 51.6 62.3 -36.6 95.7 1.2 -15.2 -134.3 60 Other loans 56.1 65.5 54.4 28.9 11.1 -5.4 19.5 10.6 28.6 -14.5 -61.6 -46.0 61 MEMO: U.S. government, cash balance .0 -7.9 10.4 -5.9 8.3 -7.3 22.9 -38.1 21.1 27.4 51.6 -64.3 Totals net of changes in U.S. government cash balances 62 Net borrowing by domestic nonfinancial sectors 836.9 694.9 750.4 684.1 631.0 627.6 780.5 635.0 636.6 471.9 359.8 526.9 63 Net borrowing by U.S. government 215.0 152.8 147.1 157.5 264.2 192.4 224.4 266.3 265.1 301.0 153.1 306.1 External corporate equity funds raised in United States 64 Total net share issues 86.8 10.9 -124.2 -63.7 9.6 14.9 -9.2 48.0 -24.1 23.6 108.0 173.9 65 Mutual funds 159.0 73.9 1.1 41.3 61.4 72.4 47.8 71.0 46.1 80.6 87.8 122.2 66 All other -72.2 -63.0 -125.3 -105.1 -51.7 -57.6 -57.0 -22.9 -70.2 -56.9 20.2 51.7 67 Nonfinancial corporations -85.0 -75.5 -129.5 -124.2 -63.0 -79.3 -69.0 -48.0 -74.0 -61.0 -12.0 11.0 68 Financial corporations 11.6 14.6 3.3 2.4 4.3 4.5 10.3 1.3 4.8 .9 3.4 4.3 69 Foreign shares purchased in United States 1.2 -2.1 .9 16.7 6.9 17.2 1.7 23.8 -1.0 3.2 28.8 36.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A41 1.58 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates 1989 1990 1991 Transaction category or sector 11998866 11998877 11998888 11998899 11999900 Q4 Ql Q2 Q3 Q4 Ql Q2 1 Total funds advanced in credit markets to domestic nonfinancial sectors 836.9 687.0 760.8 678.2 639.3 620.2 803.4 596.9 657.7 499.3 411.4 462.6 2 Total net advances by federal agencies and foreign sectors 280.2 248.8 210.7 187.6 261.7 203.8 221.8 299.4 325.6 200.0 274.7 251.0 By instrument 3 U.S. government securities 69.4 70.1 85.2 30.7 74.4 27.1 4.4 111.9 139.1 42.1 122.6 74.4 4 Residential mortgages 136.3 139.1 86.3 137.9 184.1 178.3 197.5 191.5 160.8 186.7 176.0 211.4 5 Federal Home Loan Bank advances to thrifts 19.8 24.4 19.7 -11.0 -24.7 -48.8 -22.0 -30.9 -30.5 -15.5 -27.9 -52.9 6 Other ioans and securities 54.7 15.1 19.4 30.0 27.8 47.1 41.8 26.8 56.1 -13.3 4.0 18.1 By lender 7 U.S. government 9.7 -7.9 -9.4 -2.4 33.6 5.7 37.7 36.2 63.3 -2.7 30.3 32.1 8 Sponsored credit agencies and mortgage pools 153.3 169.3 112.0 125.3 166.7 158.4 187.4 163.1 165.6 150.8 158.7 149.0 9 Monetary authority 19.4 24.7 10.5 -7.3 8.1 -4.6 -6.3 40.4 24.4 -25.9 53.3 12.2 10 Foreign 97.8 62.7 97.6 72.1 53.2 44.2 3.0 59.8 72.3 77.9 32.4 57.7 Agency and foreign borrowing not included in line 1 11 Sponsored credit agencies and mortgage pools 154.1 171.8 119.8 151.0 167.4 156.4 171.7 184.0 139.2 174.6 155.8 150.6 12 Foreign 9.7 4.5 6.3 10.9 23.5 16.9 2.0 41.2 29.7 21.1 50.6 -53.0 13 Total private domestic funds advanced 720.5 614.5 676.2 652.5 568.5 589.7 755.3 522.7 501.0 495.0 343.2 309.2 14 U.S. government securities 300.1 247.4 192.1 271.9 365.6 314.3 414.6 300.3 286.2 461.4 237.8 317.9 15 State and local obligations 22.7 49.3 49.8 30.4 20.1 19.1 12.4 24.5 30.0 13.5 11.3 27.5 16 Corporate and foreign bonds 89.7 66.9 91.3 66.1 65.4 70.6 53.4 82.6 31.8 93.8 66.0 94.1 17 Residential mortgages 115.9 120.2 161.3 96.5 35.0 45.5 123.8 13.0 40.0 -37.0 -34.5 -32.0 18 Other mortgages and loans 212.0 155.2 201.4 176.6 57.7 91.5 129.2 71.4 82.4 -52.2 34.6 -151.2 19 LESS: Federal Home Loan Bank advances 19.8 24.4 19.7 -11.0 -24.7 -48.8 -22.0 -30.9 -30.5 -15.5 -27.9 -52.9 20 Total credit market funds advanced by private financial institutions 730.0 528.4 562.3 511.1 394.6 561.9 444.8 266.4 366.7 500.4 185.8 91.6 By lending institution 21 Commercial banks 198.1 135.4 156.3 177.3 118.7 184.3 184.1 132.1 101.7 56.9 134.2 15.7 22 Savings institutions 107.6 136.8 120.4 -90.9 -153.4 -201.9 -56.6 -210.4 -168.6 -178.0 -154.8 -147.6 23 Insurance and pension funds 160.1 179.7 198.7 177.9 182.4 205.1 160.0 231.6 187.5 150.6 125.4 134.9 24 Other financial institutions 264.2 76.6 86.9 246.8 246.9 374.5 157.3 113.1 246.1 470.9 80.9 88.6 By source of funds 25 Private domestic deposits and repurchase agreements . 277.1 162.8 229.2 225.2 60.5 208.0 120.2 28.4 60.1 33.2 216.7 -74.0 26 Credit market borrowing 131.0 128.4 127.8 54.5 34.7 30.9 18.5 -13.5 40.8 93.1 -53.2 -55.2 27 Other sources 321.8 237.1 205.3 231.4 299.4 323.1 306.1 251.6 265.9 374.1 22.3 220.8 28 Foreign funds 12.9 43.7 9.3 -9.9 24.0 -20.6 39.9 7.8 103.5 -55.1 43.8 -124.7 29 Treasury balances 1.7 -5.8 7.3 -3.4 5.3 5.0 13.1 -13.4 18.2 3.4 30.1 -39.2 30 Insurance and pension reserves 119.9 135.4 177.6 140.5 159.9 193.9 137.9 211.9 144.2 145.6 60.1 118.8 31 Other.net 187.3 63.9 11.0 104.2 110.2 144.7 115.2 45.3 .0 280.2 -111.7 265.8 Private domestic nonfinancial investors 32 Direct lending in credit markets 121.5 214.6 241.7 195.9 208.6 58.7 329.0 242.8 175.0 87.7 104.2 162.4 33 U.S. government securities 27.0 86.0 129.0 134.3 148.1 65.8 198.0 154.0 165.2 75.3 85.2 156.4 34 State and local obligations -19.9 61.8 53.5 28.4 -1.0 12.8 -1.5 10.0 15.6 -27.9 1.8 13.2 35 Corporate and foreign bonds 52.9 23.3 -9.4 .7 17.5 14.6 38.9 19.7 -74.7 86.1 9.1 57.4 36 Open market paper 9.9 15.8 36.4 5.4 18.2 -64.6 60.6 33.8 16.8 -38.4 -7.7 -67.8 37 Other loans and mortgages 51.7 27.6 32.2 27.1 25.7 30.1 33.0 25.2 52.1 -7.4 15.9 3.3 38 Deposits and currency 297.5 179.3 232.8 241.3 90.1 230.6 137,3 64.3 95.9 62.9 236.2 -41.8 39 Currency 14.4 19.0 14.7 11.7 22.6 10.1 26.1 23.0 32.2 9.1 46.1 5.7 40 Checkable deposits 96.4 -.9 12.9 1.5 .6 65.8 1.4 -18.9 13.4 6.4 31.9 -7.3 41 Small time and savings accounts 120.6 76.0 122.4 100.5 59.4 109.1 107.7 21.5 59.6 48.9 101.0 16.7 4 4 4 4 3 4 5 2 L D S M e a e o c r p n g u o e e r s i y i t t y t i s m m r i e a e n r p d k f u e e o r t p r c e o f h i u s g a i n n s t d s e c s a o h g u a r n e r t e e r s m i es e nts - 4 2 3 5 0 3 . . . . 2 9 2 2 - 2 3 2 2 7 1 8 . . . . 5 2 6 9 -1 2 4 3 1 0 0 2 . . . . 2 8 2 9 8 2 1 4 3 5 4 . . . . 1 4 2 9 - -1 4 6 4 6 1 7 . . . . 5 8 8 0 - - 1 1 6 1 3 9 5 2 . . . . 4 2 6 4 - -3 2 - 7 8 4 6 2 . . . . 9 7 4 2 - 2 1 1 4 2 2 . . . . 8 7 8 8 - - 1 2 9 1 5 7 3 0 . . . . 8 9 6 9 - - 6 2 2 5 0 1 0 9 . . . . 1 2 6 3 - - 1 2 4 - 2 2 6 2 8 . . . . 3 6 4 5 - - 5 2 - 2 1 2 9 6 . . . . 1 5 8 5 46 Total of credit market instruments, deposits, and currency 419.0 393.9 474.5 437.2 298.7 289.3 466.3 307.0 270.9 150.6 340.4 120.6 MEMO 47 Public holdings as percent of total 33.1 36.0 27.5 27.2 39.5 32.0 27.5 46.9 47.4 38.4 59.4 61.3 48 Private financial intermediation (percent) 101.3 86.0 83.2 78.3 69.4 95.3 58.9 51.0 73.2 101.1 54.1 29.6 49 Total foreign funds 110.7 106.4 106.9 62.2 77.2 23.6 42.9 67.5 175.8 22.8 76.2 -66.9 Corporate equities not included above 50 Total net issues 86.8 10.9 -124.2 -63.7 9.6 14.9 -9.2 48.0 -24.1 23.6 108.0 173.9 51 Mutual fund shares 159.0 73.9 1.1 41.3 61.4 72.4 47.8 71.0 46.1 80.6 87.8 122.2 52 Other equities -72.2 -63.0 -125.3 -105.1 -51.7 -57.6 -57.0 -22.9 -70.2 -56.9 20.2 51.7 53 Acquisitions by financial institutions 50.9 32.0 -2.9 17.2 31.9 76.9 41.1 72.8 -48.2 61.9 44.0 73.4 54 Other net purchases 35.9 -21.2 -121.4 -80.9 -22.3 -62.1 -50.3 -24.8 24.1 -38.3 64.1 100.6 NOTES BY LINE NUMBER. 30. Excludes investment of these reserves in corporate equities. 1. Line 1 of table 1.57. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 13 less line 20 plus line 26. 6. Includes farm and commercial mortgages. 33-37. 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 37 includes mortgages. issues of federally related mortgage pool securities. 39. Mainly an offset to line 9. 13. Line 1 less line 2 plus lines 11 and 12. Also line 20 less line 26 plus line 32. 46. Sum of lines 32 and 38, or line 13 less line 27 plus lines 39 and 45. Also sum of lines 28 and 47 less lines 40 and 46. 47. Line 2 divided by line 1. 18. Includes farm and commercial mortgages. 48. Line 20 divided by line 13. 25. Line 38 less lines 39 and 45. 49. Sum of lines 10 and 28. 26. Excludes equity issues and investment company shares. Includes line 19. 50. 52. Includes issues by financial institutions. 28. Foreign deposits at commercial banks, plus bank borrowings from foreign NOTE. Full statements for sectors and transaction types in flows and in amounts Digitized for Fb cl Rr a a i nA m c s Sh e o Es n ,R f p o l r u e s i g l n i a a b f i f l i i l t i i a e t s e s o a f n f d o r d e e i p g o n s i b ts a n b k y i n b g a n a k g i e n n g c i i e n s s ti t t o u t f i o o r n e s i g in n f a o f r f e il i i g a n te b s, a n l k e s s . s o an u d ts t S a t n a d ti i s n t g ic m s, a B y o b a e r d o b o t f a G in o e v d e f r r n o o m rs F o l f o w th e o f F e F d u e n r d a s l R Se e c se ti r o v n e , S D y iv st i e si m on , W of a R sh e i s n e g a t r o c n h , http://fraser.stlo2u9.i sDfeemda.nodr gd/e posits and note balances at commercial banks. D.C. 20551. Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • December 1991 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING Billions of dollars, end of period 1989 1990 1991 Q4 Qi Q2 Q3 Q4 Ql Q2 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 7,646.3 8,343.9 9,096.0 9,805.2 9,805.2 10,073.3 10,226.8 10,386.9 10,557.3 10,615.5 10,735.3 By lending sector and instrument 2 U.S. government 1,815.4 1,960.3 2,117.8 2,269.4 2,269.4 2,360.9 2,401.7 2,470.2 2,568.9 2,624.7 2,667.7 3 Treasury securities 1,811.7 1,955.2 2,095.2 2,245.2 2,245.2 2,329.3 2,368.8 2,437.6 2,536.5 2,598.4 2,642.9 4 Agency issues and mortgages 3.6 5.2 22.6 24.2 24.2 31.6 32.9 32.6 32.4 26.4 24.8 5 Private 5,831.0 6,383.6 6,978.2 7,535.8 7,535.8 7,712.5 7,825.1 7,916.7 7,988.4 7,990.8 8,067.7 By instrument 6 Debt capital instruments 3,962.7 4,427.9 4,886.4 5,283.3 5,283.3 5,451.9 5,533.8 5,608.8 5,669.9 5,709.8 5,787.5 7 Tax-exempt obligations 679.1 728.4 790.8 821.2 821.2 822.2 827.2 837.9 841.3 842.2 847.6 8 Corporate bonds 669.4 748.8 851.7 925.4 925.4 933.0 950.2 958.4 975.1 995.3 1,019.1 9 Mortgages 2,614.2 2,950.7 3,243.8 3,536.6 3,536.6 3,696.7 3,756.4 3,812.6 3,853.4 3,872.3 3,920.9 10 Home mortgages 1,720.8 1,943.1 2,173.9 2,404.3 2,404.3 2,558.3 2,619.5 2,670.0 2,710.0 2,730.1 2,781.0 11 Multifamily residential 246.2 270.0 286.7 304.4 304.4 304.5 300.5 304.5 306.0 306.5 307.1 12 Commercial 551.4 648.7 696.4 742.6 742.6 750.0 752.5 753.8 753.5 752.0 748.9 13 Farm 95.8 88.9 86.8 85.3 85.3 83.9 84.0 84.3 84.0 83.6 83.9 14 Other debt instruments 1,868.2 1,955.7 2,091.9 2,252.6 2,252.6 2,260.6 2,291.3 2,307.9 2,318.5 2,281.0 2,280.1 15 Consumer credit 659.8 693.2 743.5 790.6 790.6 782.3 789.4 798.7 808.9 782.3 784.2 16 Bank loans n.e.c 666.0 673.3 713.1 763.0 763.0 748.5 756.1 753.6 757.4 749.0 740.3 17 Open market paper 62.9 73.8 85.7 107.1 107.1 126.0 128.7 131.8 116.9 119.9 118.4 18 Other 479.6 515.3 549.6 591.9 591.9 603.7 617.1 623.8 635.4 629.9 637.3 By borrowing sector 19 State and local government 510.1 558.9 604.5 634.1 634.1 633.8 636.9 647.1 649.1 650.2 652.8 20 Household 2,596.1 2,879.1 3,191.5 3,501.8 3,501.8 3,654.8 3,726.5 3,790.3 3,847.2 3,853.3 3,911.3 21 Nonfinancial business 2,724.8 2,945.6 3,182.2 3,400.0 3,400.0 3,423.9 3,461.7 3,479.4 3,492.2 3,487.3 3,503.6 22 Farm 156.6 145.5 137.6 139.2 139.2 137.3 138.7 141.6 140.5 139.3 143.0 23 Nonfarm noncorporate 997.6 1,075.4 1,145.1 1,195.9 1,195.9 1,208.3 1,208.7 1,209.0 1,209.6 1,205.9 1,204.6 24 Corporate 1,570.6 1,724.6 1,899.5 2,064.8 2,064.8 2,078.3 2,114.3 2,128.7 2,142.1 2,142.1 2,155.9 25 Foreign credit market debt held in United States 238.3 244.6 253.9 261.5 261.5 261.7 273.0 279.4 284.9 297.2 285.1 26 Bonds 74.9 82.3 89.2 94.5 94.5 103.3 108.4 108.9 116.1 118.9 123.0 27 Bank loans n.e.c 26.9 23.3 21.5 21.4 21.4 18.9 19.3 19.8 18.5 20.4 19.5 28 Open market paper 37.4 41.2 49.9 63.0 63.0 59.3 65.1 71.5 75.3 87.0 74.0 29 U.S. government loans 99.1 97.7 93.2 82.6 82.6 80.2 80.2 79.3 75.0 70.9 68.6 30 Total credit market debt owed by nonfinancial sectors, domestic and foreign 7,884.7 8,588.5 9,349.9 10,066.8 10,066.8 10,335.0 10,499.8 10,666.3 10,842.2 10,912.8 11,020.5 Financial sectors 31 Total credit market debt owed by financial sectors 1,529.8 1,836.8 2,084.4 2,322.4 2,322.4 2,359.0 2,405.5 2,448.8 2,527.7 2,540.1 2,567.3 By instrument 32 U.S. government-related 810.3 978.6 1,098.4 1,249.3 1,249.3 1,288.2 1,330.1 1,367.9 1,418.4 1,452.2 1,485.1 33 Sponsored credit-agency securities 273.0 303.2 348.1 373.3 373.3 378.1 381.0 384.4 393.7 397.0 389.6 34 Mortgage pool securities 531.6 670.4 745.3 871.0 871.0 905.2 944.2 978.5 1,019.9 1,050.4 1,090.7 35 Loans from U.S. government 5.7 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.9 4.9 4.9 36 Private 719.5 858.2 986.1 1,073.0 1,073.0 1,070.8 1,075.4 1,080.9 1,109.3 1,087.9 1,082.2 37 Corporate bonds 287.4 366.3 418.0 482.7 482.7 491.7 510.0 514.4 533.6 543.0 559.5 38 Mortgages 2.7 3.1 3.4 3.4 3.4 4.0 4.0 4.1 4.2 4.2 4.2 39 Bank loans n.e.c 36.1 32.8 34.2 36.0 36.0 33.2 34.8 34.9 36.7 34.8 35.2 40 Open market paper 284.6 322.9 377.7 409.1 409.1 409.1 400.3 409.6 417.7 398.8 388.6 41 Loans from Federal Home Loan Banks 108.6 133.1 152.8 141.8 141.8 132.9 126.3 117.9 117.1 107.0 94.7 By borrowing sector 42 Sponsored credit agencies 278.7 308.2 353.1 378.3 378.3 383.0 385.9 389.4 398.5 401.8 394.4 43 Mortgage pools 531.6 670.4 745.3 871.0 871.0 905.2 944.2 978.5 1,019.9 1,050.4 1,090.7 44 Private financial sectors 719.5 858.2 986.1 1,073.0 1,073.0 1,070.8 1,075.4 1,080.9 1,109.3 1,087.9 1,082.2 45 Commercial banks 75.6 81.8 78.8 77.4 77.4 73.2 71.6 70.7 76.3 68.1 65.9 46 Bank affiliates 116.8 131.1 136.2 142.5 142.5 142.0 134.3 122.9 114.8 111.7 110.3 47 Savings and loan associations 119.8 139.4 159.3 145.2 145.2 137.1 125.6 116.2 114.0 102.8 90.8 48 Mutual savings banks 8.6 16.7 18.6 17.2 17.2 15.4 16.7 16.2 16.7 16.4 15.8 49 Finance companies 328.1 378.8 446.1 496.2 496.2 499.2 509.7 530.9 551.8 545.9 547.0 50 Real estate investment trusts (REITs) 6.5 7.3 11.4 10.1 10.1 10.9 10.4 10.2 10.6 10.6 10.8 51 Securitized credit obligation (SCO) issuers... 64.0 103.1 135.7 184.4 184.4 193.1 206.9 213.8 225.2 232.4 241.7 All sectors 52 Total credit market debt, domestic and foreign.. 9,414.4 10,425.3 11,434.3 12,389.1 12,389.1 12,694.0 12,905.3 13,115.1 13,369.9 13,452.9 13,587.7 53 U.S. government securities 2,620.0 2,933.9 3,211.1 3,513.7 3,513.7 3,644.1 3,726.9 3,833.1 3,982.5 4,072.1 4,147.9 54 State and local obligations 679.1 728.4 790.8 821.2 821.2 822.2 827.2 837.9 841.3 842.2 847.6 55 Corporate and foreign bonds 1,031.7 1,197.4 1,358.9 1,502.6 1,502.6 1,527.9 1,568.6 1,581.6 1,624.8 1,657.3 1,701.6 56 Mortgages 2,617.0 2,953.8 3,247.2 3,540.1 3,540.1 3,700.7 3,760.5 3,816.7 3,857.7 3,876.5 3,925.1 57 Consumer credit 659.8 693.2 743.5 790.6 790.6 782.3 789.4 798.7 808.9 782.3 784.2 58 Bank loans n.e.c 729.0 729.5 768.9 820.3 820.3 800.7 810.2 808.3 812.6 804.1 794.9 59 Open market paper 384.9 437.9 513.4 579.2 579.2 594.4 594.0 612.9 609.9 605.7 581.1 60 Other loans 693.1 751.1 800.5 821.4 821.4 821.7 828.5 826.0 832.3 812.7 805.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A43 1.60 SUMMARY OF CREDIT MARKET CLAIMS, BY HOLDER Billions of dollars, except as noted, end of period 1989 1990 1991 Transaction category or sector 11998866 11998877 11998888 11998899 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1 Total funds advanced in credit markets to domestic nonfinancial sectors 7,646.3 8,343.9 9,096.0 9,805.2 9,805.2 10,073.3 10,226.8 10,386.9 10,557.3 10,615.5 10,735.3 2 Total held by federal agencies and foreign sector .. 1,779.4 2,006.6 2,199.7 2,379.3 2,379.3 2,423.3 2,502.6 2,584.1 2,645.8 2,698.2 2,765.3 By instrument 3 U.S. government securities 509.8 570.9 651.5 682.1 682.1 682.7 714.1 745.6 763.0 786.3 808.3 4 Residential mortgages 678.5 814.1 900.4 1,038.4 1,038.4 1,081.5 1,126.5 1,171.8 1,221.0 1,260.3 1,310.0 5 Federal Home Loan Bank advances to thrifts — 108.6 133.1 152.8 141.8 141.8 132.9 126.3 117.9 117.1 107.0 94.7 6 Other loans and securities 482.4 488.6 495.1 517.0 517.0 526.3 535.8 548.8 544.7 544.6 552.2 By type of lender 7 U.S. government 1,779.4 2,006.6 2,199.7 2,379.3 2,379.3 2,423.3 2,502.6 2,584.1 2,645.8 2,698.2 2,765.3 8 Sponsored credit agencies and mortgage pools ... 255.3 240.0 217.6 207.1 207.1 217.1 227.4 242.7 240.6 248.9 258.2 9 Monetary authority 835.9 1,001.0 1,113.0 1,238.2 1,238.2 1,274.8 1,315.0 1,360.5 1,403.4 1,434.8 1,471.0 10 Foreign 205.5 230.1 240.6 233.3 233.3 224.4 237.8 240.8 241.4 247.3 253.7 Agency and foreign debt not in line I 11 Sponsored credit agencies and mortgage pools ... 482.8 535.5 628.5 700.6 700.6 707.0 722.5 740.2 760.4 767.2 782.4 12 Foreign 810.3 978.6 1,098.4 1,249.3 1,249.3 1,288.2 1,330.1 1,367.9 1,418.4 1,452.2 1,485.1 13 Total private domestic holdings 238.3 244.6 253.9 261.5 261.5 261.7 273.0 279.4 284.9 297.2 285.1 14 U.S. government securities 6,915.6 7,560.4 8,248.5 8,936.8 8,936.8 9,199.9 9,327.3 9,450.1 9,614.8 9,666.8 9,740.3 15 State and local obligations 2,110.1 2,363.0 2,559.7 2,831.6 2,831.6 2,961.4 3,012.8 3,087.5 3,219.4 3,285.8 3,339.6 16 Corporate and foreign bonds 679.1 728.4 790.8 821.2 821.2 822.2 827.2 837.9 841.3 842.2 847.6 17 Residential mortgages 606.6 674.3 765.6 831.6 831.6 846.7 865.5 874.0 897.1 915.5 936.8 18 Other mortgages and loans 1,288.5 1,399.0 1,560.2 1,670.4 1,670.4 1,781.4 1,793.5 1,802.8 1.795.0 1,776.3 1,778.0 19 LESS: Federal Home Loan Bank advances 2,339.8 2,528.7 2,724.9 2,923.8 2,923.8 2,921.0 2,954.5 2,965.9 2.979.1 2,954.0 2,933.0 20 Total credit market claims held by private financial institutions 108.6 133.1 152.8 141.8 141.8 132.9 126.3 117.9 117.1 107.0 94.7 By holding institution 21 Commercial banks 6,018.0 6,564.5 7.128.6 7,662.7 7,662.7 7,852.1 7.913.4 7,987.2 8,127.7 8.173.1 8,199.4 22 Savings institutions 2,187.6 2.323.0 2,479.3 2.656.6 2.656.6 2,679.4 2,721.2 2,750.9 2,775.3 2,785.4 2,799.3 23 Insurance and pension funds 1,297.9 1,445.5 1.567.7 1.480.7 1.480.7 1,461.3 1.409.5 1,371.2 1,330.3 1.289.2 1,253.0 24 Other finance 1,525.4 1.705.1 1.903.8 2,081.6 2,081.6 2,150.3 2,194.4 2,227.6 2,264.1 2,308.1 2,335.6 By source of funds 25 Private domestic deposits and repurchase agreements 3,199.0 3,354.2 3,599.1 3,824.3 3,824.3 3,848.4 3,837.2 3,844.6 3.884.6 3.933.6 3,895.0 26 Credit market debt 719.5 858.2 986.1 1,073.0 1,073.0 1.070.8 1,075.4 1,080.9 1.109.3 1,087.9 1,082.2 27 Other sources 2,099.5 2,352.1 2,543.5 2,765.5 2,765.5 2.932.9 3,000.8 3.061.8 3.133.7 3.151.7 3,222.2 28 Foreign funds 18.6 62.3 71.5 61.6 61.6 61.7 63.1 86.2 85.6 85.2 54.4 29 U.S. Treasury balances 27.5 21.6 29.0 25.6 25.6 16.7 32.1 36.6 30.9 26.3 36.0 30 Insurance and pension reserves 1,398.5 1,527.8 1,692.5 1,826.0 1,826.0 1,859.8 1,903.6 1,921.1 1,950.7 1,968.6 2,003.2 31 Other, net 655.0 740.3 750.5 852.3 852.3 994.7 1,002.1 1.017.9 1.066.4 1,071.5 1,128.6 Private domestic nonfinancial investors 32 Credit market claims 1,617.0 1,854.1 2,106.0 2,347.1 2,347.1 2,418.6 2,489.2 2,543.8 2,596.5 2,581.6 2,623.0 33 U.S. government securities 848.7 936.7 1,072.2 1,206.4 1,206.4 1,254.9 1,280.1 1,322.8 1,360.8 1,370.1 1,395.4 34 State and local obligations 212.6 274.4 340.9 369.3 369.3 362.0 367.3 371.1 368.4 361.1 366.5 35 Corporate and foreign bonds 90.5 114.0 100.4 130.5 130.5 153.4 169.2 166.8 180.6 180.3 195.1 36 Open market paper 145.1 178.5 218.0 228.7 228.7 233.9 249.6 251.0 247.0 235.3 227.5 37 Other loans and mortgages 320.1 350.4 374.4 412.1 412.1 414.4 423.0 432.1 439.7 434.8 438.5 38 Deposits and currency 3,410.1 3,583.9 3,832.3 4.073.6 4.073.6 4,094.7 4,097.4 4,108.5 4,163.6 4,209.8 4,184.2 39 Currency 186.3 205.4 220.1 231.8 231.8 234.4 242.7 247.2 254.4 262.0 265.9 40 Checkable deposits 516.6 515.4 527.2 528.7 528.7 504.3 510.1 499.7 529.2 512.2 520.8 41 Small time and savings accounts 1,948.3 2,017.1 2,156.2 2.256.7 2.256.7 2,285.6 2,286.6 2,295.8 2,313.2 2,343.0 2,342.7 42 Money market fund shares 268.9 297.8 318.0 403.3 403.3 436.7 426.3 454.5 465.0 513.3 493.2 43 Large time deposits 336.7 373.9 414.7 437.8 437.8 433.4 421.6 408.1 393.8 393.2 367.8 44 Security repurchase agreements 128.5 150.1 182.9 197.9 197.9 188.4 192.7 186.6 183.4 171.9 170.4 45 Deposits in foreign countries 24.8 24.3 13.1 17.6 17.6 11.9 17.5 16.8 24.6 14.3 23.4 46 Total of credit market instruments, deposits, and currency 5,027.2 5,438.0 5,938.2 6,420.7 6,420.7 6,513.3 6,586.6 6,652.3 6,760.1 6,791.4 6,807.3 MEMO 47 Public holdings as percent of total 22.6 23.4 23.5 23.6 23.6 23.4 23.8 24.2 24.4 24.7 25.1 48 Private financial intermediation (percent) 87.0 86.8 86.4 85.7 85.7 85.3 84.8 84.5 84.5 84.5 84.2 49 Total foreign funds 501.3 597.8 700.1 762.3 762.3 768.7 785.6 826.4 846.0 852.4 836.8 Corporate equities not included above 50 Total market value 3,360.6 3,325.0 3,619.8 4,378.9 4,378.9 4,166.6 4.333.1 3,765.3 3.982.7 4,562.4 4,596.2 51 Mutual fund shares 413.5 460.1 478.3 555.1 555.1 550.3 587.9 547.3 579.9 643.0 681.3 52 Other equities 2,947.1 2,864.9 3.141.6 3,823.8 3,823.8 3,616.3 3.745.2 3,218.0 3.402.8 3,919.3 3,914.9 53 Holdings by financial institutions 974.6 1,039.5 1,176.1 1,492.3 1,492.3 1,434.8 1,542.1 1,301.6 1,417.4 1,663.8 1,677.1 54 Other holdings 2,385.9 2,285.5 2.443.7 2,886.6 2,886.6 2,731.8 2,791.0 2,463.6 2,565.3 2,898.6 2,919.1 NOTES BY LINE NUMBER. 30. Excludes net investment of these reserves in corporate equities. 1. Line 1 of table 1.59. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 13 less line 20 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 14-18 less amounts acquired by private finance plus amounts 11. Credit market debt of federally sponsored agencies, and net issues of borrowed by private finance. Line 37 includes mortgages. federally related mortgage pool securities. 39. Mainly an offset to line 9. 13. Line 1 less line 2 plus lines 11 and 12. Also line 20 less line 26 plus line 32. 46. Sum of lines 32 and 38, or line 13 less line 27 plus lines 39 and 45. Also sum of lines 27 and 46 less lines 39 and 45. 47. Line 2 divided by lines 1 plus 12. 18. Includes farm and commercial mortgages. 48. Line 20 divided by line 13. 25. Line 38 less lines 39 and 45. 49. Sum of lines 10 and 28. 26. Excludes equity issues and investment company shares. Includes line 19. 50-52. Includes issues by financial institutions. 28. Foreign deposits at commercial banks, plus bank borrowings from foreign NOTE. Full statements for sectors and transaction types in flows and in amounts affiliates, less claims on foreign affiliates and deposits by banking in foreign banks. outstanding can be obtained from Flow of Funds Section, Stop 95, Division of Digitized for FR29A. SDEemRan d deposits and note balances at commercial banks. Research and Statistics, Board of Governors of the Federal Reserve System, http://fraser.stlouisfed.org/ Washington, D.C. 20551. Federal Reserve Bank of St. Louis

A44 Domestic Nonfinancial Statistics • December 1991 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures Monthly data seasonally adjusted, except as noted 1991 MMeeaassuurree 11998888 11998899 11999900 Jan. Feb. Mar. Apr. May June July1" Aug.r Sept. 1 Industrial production1 (1987=100) 105.4 108.1 109.2 106.6 105.7 105.0 105.5 106.4 107.3 108.0 108.0 108.1 Market groupings (1987=100) 2 Products, total 105.3 108.6 110.1 107.8 106.9 106.5 106.9 107.7 108.6 108.8 108.6 109.0 3 Final, total 105.6 109.1 110.9 109.1 108.3 108.1 108.7 109.3 110.1 110.3 110.0 110.6 4 Consumer goods 104.0 106.7 107.3 105.6 104.7 104.7 105.5 106.6 lOS.fF 108.3 108.4 109.1 5 Equipment 107.6 112.3 115.5 113.6 112.9 112.5 112.8 112.7 112.8r 112.9 112.0 112.4 6 Intermediate 104.4 106.8 107.7 103.8 102.6 101.3 101.2 102.7 104.0r 104.0 104.5 104.1 7 Materials 105.6 107.4 107.8 104.8 103.9 102.6 103.4 104.5 105.4 106.9 107.0 106.8 Industry groupings (1987=100) 8 Manufacturing 105.8 108.9 109.9 107.0 106.1 105.2 105.9 106.6 110077..55"""" 108.3 108.3 108.8 9 Capacity utilization, manufacturing (percent)2 83.9 83.9 82.3 78.9 78.0 77.2 77.5 77.8 78.3 78.7 78.5 78.7 10 Construction contracts (1982= 100)3 166.7 172.9 154.8r 132.0 133.0 128.0 145.0 138.0 133.0 144.0 150.0 143.0 11 Nonagricultural employment, total4 128.0 131.5 133.8 132.7 132.4 132.1 131.9 132.0 132.0 132.0 132.1 132.1 12 Goods-producing, total 103.4 104.0 102.7 99.3 98.7 98.1 97.7 98.0 97.7 97.8 97.9 97.7 13 Manufacturing, total 98.3 98.7 96.8 94.8 94.1 93.7 93.4 93.6 93.4 93.5 93.6 93.5 14 Manufacturing, production worker.... 93.5 93.8 91.5 89.1 88.3 87.9 87.7 87.9 87.8 88.0 88.3 88.1 15 Service-producing 138.3 142.9 146.8 146.6 146.4 146.3 146.1 146.3 146.4 146.3 146.4 146.5 16 Personal income, total 253.2 272.7 289.0 293.9 294.5 295.5 295.9 297.8r 299.3r 298.8 300.1 n.a. 17 Wages and salary disbursements 244.6 258.9 272.2 275.8 275.9 276.2 276.7 279.0 281.7r 280.8 282.2 n.a. 18 Manufacturing 196.5 203.1 205.0 202.5 200.9 200.2 201.3 202.9 204.7r 205.3 207.3 n.a. 19 Disposable personal income 252.2 270.1 286.1 290.6 291.4 292.6 292.9r 295.lr 296.8r 296.5 298.0 n.a. 20 Retail sales6 228.2 241.7 250.8r 246.2 251.6 252.3 251.4 254.3 254.2 255.1 253.5 255.3 Prices7 21 Consumer (1982-84=100) 118.3 124.0 130.7 134.6 134.8 135.0 135.2 135.6 136.0 136.2 136.6 137.2 22 Producer finished goods (1982=100) 108.0 113.6 119.2 122.3 121.4 120.9 121.1 121.8r 121.9 121.6 121.7 121.3 1. A major revision of the industrial production index and the capacity 6. Based on U.S. Bureau of the Census data published in Survey of Current utilization rates was released in April 1990. See "Industrial Production: 1989 Business. Developments and Historical Revision," Federal Reserve Bulletin, vol. 76 (April 7. Based on data not seasonally adjusted, as published in Monthly Labor 1990), pp. 187-204. Review. Seasonally adjusted data for changes in the price indexes can be obtained 2. Ratio of index of production to index of capacity. Based on data from the from the Bureau of Labor Statistics, U.S. Department of Labor. Federal Reserve, DRI McGraw-Hill, U.S. Department of Commerce, and other sources. NOTE. Basic data (not indexes) for series mentioned in notes 4, 5,and 6, and 3. Index of dollar value of total construction contracts, including residential, indexes for series mentioned in notes 3 and 7 can also be found in the Survey of nonresidential, and heavy engineering, from McGraw-Hill Information Systems Current Business. Co., F.W. Dodge Division. Figures for industrial production for the latest month are preliminary, and many 4. Based on data in Employment and Earnings (U.S. Department of Labor). figures for the three months preceding the latest month have been revised. See Series covers employees only, excluding personnel in the armed forces. "Recent Developments in Industrial Capacity and Utilization," Federal Reserve 5. Based on data in Survey of Current Business (U.S. Department of Com- Bulletin, vol. 76 (June 1990), pp. 411-35. merce). 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 seasonally adjusted; exceptions noted 1991 CCaatteeggoorryy 11998888 11998899 11999900 Feb. Mar. Apr. May June Julyr Aug.r Sept. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 186,837 188,601 190,216 191,248 191,384 191,525 191,664 191,805 191,955 192,095 192,240 2 Labor force (including Armed Forces)1 123,893 126,077 126,954 127,209 127,467 127,817 127,374 127,766 127,330 127,026 127,725 3 Civilian labor force 121,669 123,869 124,787 125,076 125,326 125,672 125,232 125,629 125,214 124,904 125,607 4 Nonagricultural industries 111,800 114,142 114,728 113,696 113,656 114,243 113,319 113,576 113,474 113,150 113,859 5 Agriculture 3,169 3,199 3,186 3,222 3,098 3,156 3,272 3,308 3,239 3,266 3,306 Unemployment Number 6,701 6,528 6,874 8,158 8,572 8,274 8,640 8,745 8,501 8,488 8,442 7 Rate (percent of civilian labor force) 5.5 5.3 5.5 6.5 6.8 6.6 6.9 7.0 6.8 6.8 6.7 8 Not in labor force 62,944 62,524 63,262 64,039 63,917 63,708 64,290 64,039 64,625 65,069 64,515 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 105,536 108,413 110,330 109,160 108,902 108,736 108,887 108,885 108,859 108,936 108,960 10 Manufacturing 19,350 19,426 19,064 18,532 18,443 18,396 18,426 18,378 18,402 18,436 18,414 11 Mining 713 700 735 715 714 710 706 704 701 693 684 12 Contract construction 5,110 5,200 5,205 4,792 4,720 4,688 4,715 4,710 4,695 4,691 4,685 13 Transportation and public utilities 5,527 5,648 5,838 5,834 5,824 5,814 5,819 5,809 5,809 5,818 5,819 14 25,132 25,851 26,151 25,583 25,483 25,410 25,424 25,413 25,411 25,392 25,404 15 Finance 6,649 6,724 6,833 6,732 6,735 6,718 6,712 6,703 6,688 6,685 6,684 16 Service 25,669 27,096 28,209 28,583 28,576 28,576 28,645 28,712 28,733 28,812 28,888 17 Government 17,386 17,769 18,295 18,389 18,407 18,424 18,440 18,456 18,420 18,409 18,382 1. Persons sixteen years of age and older. Monthly figures are based on sample pay for, the pay period that includes the twelfth day of the month, and exclude data collected during the calendar week that contains the twelfth day; annual data proprietors, self-employed persons, household and unpaid family workers, and are averages of monthly figures. By definition, seasonality does not exist in members of the armed forces. Data are adjusted to the March 1984 benchmark, population figures. and only seasonally adjusted data are available at this time. 2. Includes self-employed, unpaid family, and domestic service workers. SOURCE. Based on data from Employment and Earnings (U.S. Department of 3. Includes all full- and part-time employees who worked during, or received Labor). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • December 1991 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 1990 1991 1991 1991 Series Q4 Q1 Q2r Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2r Q3 Output (1987=100) Capacity (percent of 1987 output) Capacity utilization rate (percent) 1 Total industry 108.5 106.4 108.1 132.8 134.5 81.7 79.2 79.8 2 Manufacturing 109.0 106.7 108.5 135.0 136.9 80.8 78.0 78.7 4 3 A Pr d im va a n r c y e d p r p oc ro e c ss e i s n s g in g 1 1 0 1 4 1 . . 7 0 1 10 0 8 0 . .6 6 1 1 0 0 0 9 . . 8 4 1 1 0 1 3 0 . . 9 6 1 1 2 3 6 9 . . 1 1 1 1 4 26 0 . .2 8 1 14 2 1 7 . . 3 5 1 1 2 4 8 2 . .4 1 7 8 9 3 . . 8 0 7 7 9 7 . . 4 5 7 7 9 7 . . 1 4 7 81 7 . . 1 7 5 Durable goods 110.0 106.1 106.7 108.3 139.0 139.9 140.9 141.8 79.1 75.8 75.7 76.4 6 Lumber and products 95.7 92.3 94.0 95.7 124.6 125.0 125.2 125.4 76.8 73.9 75.1 76.3 7 Primary metals 107.3 97.9 95.9 102.1 127.9 128.2 128.6 129.0 83.9 76.4 74.6 79.1 8 Iron and steel 110.0 96.3 92.8 100.1 132.7 133.0 133.5 134.0 82.9 72.4 69.5 74.7 9 Nonferrous 103.4 100.2 100.3 104.8 121.1 121.3 121.5 121.7 85.3 82.6 82.6 86.1 10 Nonelectrical machinery 126.4 124.4 123.5 124.0 156.3 157.9 159.5 161.2 80.8 78.8 77.4 77.0 11 Electrical machinery 109.9 108.1 110.6 111.5 141.4 142.7 144.0 145.3 77.8 75.8 76.8 76.7 12 Motor vehicles and parts 89.4 89.5 95.8 132.9 133.4 134.2 134.9 67.2 60.5 66.7 71.0 13 Aerospace and miscellaneous transportation equipment 113.3 109.9 106.4 105.4 136.1 137.0 137.9 138.7 83.3 80.2 77.2 76.0 14 Nondurable goods 107.8 106.1 106.7 108.6 129.9 130.9 131.9 132.9 83.0 81.0 80.9 81.8 15 Textile mill products 98.2 94.6 99.4 104.3 117.0 117.3 117.7 118.0 84.0 80.6 84.5 88.4 16 Paper and products 105.8 102.6 102.7 107.3 115.7 116.4 117.1 117.9 91.4 88.2 87.7 91.0 17 Chemicals and products 110.2 109.1 109.3 111.2 137.1 138.4 139.7 141.0 80.4 78.8 78.2 78.8 18 Plastics materials 118.1 113.2 115.6 132.9 135.7 139.2 88.9 83.4 83.0 19 Petroleum products 107.4 107.3 107.6 108.5" 121.4 121.4 121.4 121.4' 88.5 88.4 88.6 89.4 ' 20 Mining 103.1 102.0 101.1 101.6 114.0 113.8 114.3 114.6 90.4 89.6 88.4 88.7 21 Utilities 108.3 106.2 109.6 110.2 127.6 128.1 128.4 128.8 84.8 82.9 85.3 85.6 22 Electric 111.2 109.3 114.4 115.8 123.2 123.8 124.3 124.7 90.2 88.3 92.1 92.8 Previous cycle Recent cycle3 High High Low Sept. Apr. May Juner July r Aug.r Sept.[ Capacity utilization rate (percent) 1 Total industry 89.2 72.6 87.3 71.8 83.6 79.1 78.4 78.6 79.1 79.6 80.0 79.8 79.7 2 Manufacturing 88.9 70.8 87.3 70.0 82.8 78.0 77.2 77.5 77.8 78.3 78.7 78.5 78.7 3 Primary processing 92.2 68.9 89.7 66.8 85.1 79.5 77.9 78.2 79.0 79.9 81.0 81.1 81.2 4 Advanced processing 87.5 72.0 86.3 71.4 81.8 77.4 76.8 77.3 77.3 77.6 77.8 77.5 77.7 5 Durable goods 88.8 68.5 86.9 65.0 82.2 75.8 74.9 75.4 75.7 76.0 76.4 76.1 76.6 6 Lumber and products 90.1 62.2 87.6 60.9 80.7 73.2 72.9 74.1 73.9 77.2 75.5 76.6 76.9 7 Primary metals 100.6 66.2 102.4 46.8 87.4 77.6 73.8 73.6 75.3 74.9 78.5 79.5 79.4 8 Iron and steel 105.8 66.6 110.4 38.3 86.0 73.7 69.1 68.7 70.4 69.5 74.3 74.7 75.0 9 Nonferrous 92.9 61.3 90.5 62.2 89.6 83.7 81.1 81.1 83.1 83.5 85.1 86.8 86.4 10 Nonelectrical machinery 96.4 74.5 92.1 64.9 82.8 78.8 77.7 77.7 77.4 77.1 77.3 76.9 76.7 11 Electrical machinery 87.8 63.8 89.4 71.1 80.1 75.8 75.9 76.4 76.8 77.2 76.6 76.9 76.7 12 Motor vehicles and parts .... 93.4 51.1 93.0 44.5 81.0 59.5 59.7 64.3 66.9 68.9 71.8 67.9 73.3 13 Aerospace and miscellaneous transportation equipment. 77.0 66.6 81.1 66.9 84.3 80.3 79.3 78.0 76.7 76.8 76.3 76.1 75.6 14 Nondurable goods 87.9 71.8 87.0 76.9 83.6 81.0 80.3 80.5 80.7 81.4 81.9 81.8 81.6 15 Textile mill products 92.0 60.4 91.7 73.8 86.3 80.4 81.3 82.7 84.3 86.4 88.5 88.4 88.4 16 Paper and products 96.9 69.0 94.2 82.0 93.3 87.9 86.8 86.7 86.5 89.7 91.9 90.4 90.6 17 Chemicals and products 87.9 69.9 85.1 70.1 81.4 78.8 77.9 78.3 78.2 78.2 78.8 78.8 78.8 18 102 0 50 6 90.9 63.4 88.9 85.0 79.0 80.5 84.5 84.1 89.6 19 Petroleum products 96.7 81.1 89.5 68.2 90.1 89.6 89.4 87.1 88.6 90.2 89.2 89.0 90.0 70 Mining 94.4 88.4 96.6 80.6 90.9 90.4 89.0 88.3 87.6 89.2 89.7 88.6 87.7 7.1 Utilities 95.6 82.5 88.3 76.2 86.7 81.6 83.0 82.6 86.7 86.7 86.2 86.4 84.1 22 Electric 99.0 82.7 88.3 78.7 91.9 87.0 88.6 88.5 93.7 94.1 93.6 93.9 91.0 1. Data in this table also appear in the Board's G.17 (419) monthly statistical 2. Monthly high, 1973; monthly low, 1975. release. For ordering address, see inside front cover. For a detailed description of 3. Monthly highs, 1978 through 1980; monthly lows, 1982. the series, see "Recent Developments in Industrial Capacity and Utilization," Federal Reserve Bulletin, vol. 76 (June 1990), pp. 411-35. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A47 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted 1987 1990 1991 Group p p r o o r- - a 1 v 99 g 0 . tion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner Julyr Aug.r Sept.p Index (1987 = 100) MAJOR MARKETS 1 Total index 100.0 109.2 110.6 109.9 108.3 107.2 106.6 105.7 105.0 105.5 106.4 107.3 108.0 108.0 108.1 2 Products 60.8 110.1 111.4 111.0 109.3 108.4 107.8 106.9 106.5 106.9 107.7 108.6 108.8 108.6 109.0 1 4 5 6 7 3 8 9 0 Fin C a o l D n p u s A r u r o a m u A d A b t u e o l u u e T A r c m t t o t o r g c u s o u s o o t p t c o n i o a a k v s s d n r , s e u t s d , s c , m p c o t a t r e r o n o o n u r n t s d d c a s u g u k l u m a o s c m l o t e l s i d e r e s r d goods.. 4 2 5 2 6 6 1 11 . . . . .. . . .. 6 5 0 6 99 0 0 55 1 1 1 1 1 1 9 9 0 0 0 0 1 0 2 7 6 2 6 9 0 7 . . . . . . . . 2 4 2 3 1 6 9 3 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 0 5 1 1 0 8 3 2 . . . . . . . . 4 4 5 8 7 0 0 6 1 1 1 1 1 1 1 1 0 1 0 0 0 0 1 0 6 2 6 7 7 4 2 8 . . . . . . . . 2 9 4 1 5 6 3 6 1 1 1 9 9 8 9 8 1 0 0 9 0 4 0 3 0 6 7 . . . . . . . . 4 2 2 7 5 2 5 3 1 1 1 9 7 7 8 7 0 0 0 6 0 7 6 4 4 9 5 . . . . . . . . 0 2 2 7 6 8 2 7 1 1 1 9 7 8 9 7 0 0 0 7 3 3 0 9 7 9 5 . . . . . . . . 6 2 6 6 6 1 1 6 1 1 1 9 6 7 8 7 0 0 0 5 8 4 8 8 4 8 8 . . . . . . . . 2 1 7 1 6 7 3 3 1 1 1 9 7 7 8 7 0 0 0 5 7 6 6 8 8 4 7 . . . . . . . . 9 4 7 3 9 1 7 3 1 1 1 9 9 7 9 8 0 0 0 9 4 6 8 5 8 8 5 . . . . . . . . 3 2 3 3 0 7 0 5 1 1 1 1 1 8 9 8 0 0 0 0 0 7 9 1 1 9 6 9 1 . . . . . . . . 4 2 9 1 5 6 3 6 1 1 1 1 1 1 8 9 0 0 1 0 0 1 3 2 4 0 2 7 8 0 . . . . . . . . 8 5 2 4 2 1 0 1 1 1 1 1 1 1 9 9 0 0 1 0 0 1 2 8 6 3 0 6 8 0 . . . . . . . . 8 1 1 2 8 9 3 3 1 1 1 1 1 8 9 9 0 1 0 0 1 0 3 9 4 2 2 8 0 . . . . . . . . 2 0 0 2 1 2 4 0 1 H 1 1 1 1 9 0 0 0 0 1 2 4 8 9 3 6 0 ! . . . . . . 6 5 2 1 0 6 6 11 Other 33..11 109.4 109.3 106.8 104.1 103.4 103.2 100.7 101.4 103.4 104.1 107.3 108.3 108.3 109.4 12 Appliances, A/C, and TV ..88 102.0 101.0 94.6 90.8 89.9 92.8 94.5 96.2 97.3 96.8 104.8 100.6 100.2 104.7 13 Carpeting and furniture .9 104.9 106.0 103.8 99.2 100.9 100.3 92.0 93.9 97.0 96.9 99.2 103.1 102.8 102.9 14 Miscellaneous home goods .. 1.4 116.4 116.1 115.5 114.6 112.5 110.8 109.8 109.2 110.8 112.8 113.8 115.9 116.4 116.2 15 Nondurable consumer goods 20.4 107.6 108.2 109.1 108.5 108.4 107.8 107.3 107.1 107.2 108.1 109.0 108.9 109.6 109.4 16 Foods and tobacco 9.1 105.9 105.3 106.7 107.8 107.5 106.3 105.9 105.4 105.3 106.2 106.9 106.8 107.2 107.0 17 Clothing 2.6 95.7 95.3 94.2 91.7 92.1 90.6 90.8 90.4 90.6 92.0 93.9 94.5 95.4 95.8 18 Chemical products 3.5 113.3 115.1 115.9 113.5 113.5 114.7 114.8 114.2 115.0 113.9 114.3 114.8 115.7 116.0 19 Paper products 2.5 119.7 121.9 123.4 122.8 122.7 122.1 121.0 122.2 122.7 121.8 123.3 122.1 123.5 124.7 20 Energy 2.7 105.9 108.0 108.8 106.4 106.6 106.5 105.2 105.5 104.4 109.0 110.0 109.4 109.9 107.4 21 Fuels .7 102.9 105.6 104.0 101.1 98.1 99.8 103.4 104.3 101.4 103.6 104.9 105.2 104.7 105.4 22 Residential utilities 2.0 107.0 108.9 110.6 108.4 109.7 109.0 105.9 105.9 105.5 111.0 111.9 110.9 111.8 108.1 23 Equipment 20.0 115.5 117.8 117.0 115.1 113.6 113.6 112.9 112.5 112.8 112.7 112.8 112.9 112.0 112.4 24 Business equipment 13.9 123.1 126.4 125.4 122.9 121.2 121.6 120.6 120.3 121.3 121.7 121.9 122.6 121.8 122.9 25 Information processing and related . 5.6 127.2 129.5 130.1 128.8 127.5 130.1 131.6 131.2 131.5 131.8 130.9 131.1 130.8 131.2 26 (Mice and computing 1.9 149.8 153.6 155.3 149.8 148.9 155.0 157.3 155.1 155.6 155.6 154.0 156.0 154.1 155.0 27 Industrial 4.0 115.3 117.4 115.4 115.3 112.3 111.5 109.1 109.5 109.3 109.3 109.1 109.4 109.2 109.1 28 Transit 2.5 129.9 140.5 137.5 126.3 123.4 124.0 120.3 120.4 124.1 125.9 128.0 131.2 127.0 133.4 29 Autos and trucks 1.2 96.8 111.0 106.5 83.9 75.3 79.8 75.0 76.7 84.4 87.9 90.8 96.6 86.2 99.2 30 Other 1.9 118.5 118.5 117.0 117.6 118.5 115.0 112.5 110.8 112.7 113.0 114.8 114.5 115.5 114.3 31 Defense and space equipment 5.4 97.3 97.3 97.3 96.2 95.8 94.4 94.5 93.9 92.5 91.5 91.0 90.2 89.9 89.2 32 Oil and gas well drilling .6 109.0 107.4 107.1 109.7 107.3 106.4 108.2 107.7 105.1 101.3 103.0 97.8 86.7 33 Manufactured homes .2 90.8 91.8 89.0 87.3 83.4 83.1 77.3 79.3 83.1 86.6 90.8 86.5 90.3 34 Intermediate products, total 14.7 107.7 107.4 107.0 106.2 106.0 103.8 102.6 101.3 101.2 102.7 104.0 104.0 104.5 104.1 35 Construction supplies 6.0 105.2 103.8 103.1 101.8 101.0 97.7 96.4 94.0 94.9 95.8 97.4 97.1 97.7 98.2 36 Business supplies 8.7 109.4 109.9 109.7 109.2 109.4 108.1 106.8 106.4 105.6 107.5 108.5 108.8 109.2 108.3 37 Materials 39.2 107.8 109.4 108.3 106.8 105.3 104.8 103.9 102.6 103.4 104.5 105.4 106.9 107.0 106.8 38 Durable goods materials 19.4 111.8 114.1 112.5 110.4 107.5 106.8 105.5 103.3 104.9 106.2 106.7 108.1 108.9 109.3 39 Durable consumer parts 4.2 104.0 109.0 106.0 98.5 91.1 94.2 90.4 87.5 92.1 95.5 97.3 100.3 100.0 100.5 40 Equipment parts 7.3 118.1 119.8 118.6 117.4 116.9 115.9 116.2 114.8 114.6 114.8 113.6 113.4 114.3 114.7 41 Other 7.9 110.2 111.6 110.4 110.2 107.4 105.2 103.8 101.0 102.6 103.8 105.3 107.3 108.7 108.9 42 Basic metal materials 2.8 111.9 115.8 112.0 112.7 109.6 104.6 104.8 101.2 101.6 103.0 105.9 108.7 110.4 110.3 43 Nondurable goods materials 9.0 106.0 106.9 106.5 105.6 104.9 104.9 103.6 102.8 103.1 103.7 104.9 107.5 106.8 106.9 44 Textile materials 1.2 96.7 98.1 97.9 95.1 91.4 89.1 91.5 92.7 94.7 96.8 98.1 101.4 101.3 101.2 45 Pulp and paper materials 1.9 106.4 109.4 108.6 107.2 108.5 106.0 104.1 102.4 102.0 101.5 106.9 110.3 108.3 109.0 46 Chemical materials 3.8 106.8 106.6 105.6 105.8 105.7 106.7 104.1 102.7 102.9 103.9 103.9 106.5 106.4 106.2 47 Other 2.1 109.5 110.1 110.8 109.4 107.6 109.3 108.8 108.8 109.0 109.2 108.6 110.0 109.4 109.3 48 Energy materials 10.9 102.1 103.0 102.3 101.6 102.0 101.1 101.1 101.3 101.1 102.4 103.4 104.1 103.6 102.3 49 Primary energy 7.2 101.3 101.0 100.7 101.4 101.9 101.3 102.1 101.5 100.5 101.2 104.7 106.2 105.0 104.0 50 Converted fuel materials 3.7 103.5 107.0 105.3 102.0 102.1 100.9 99.2 100.8 102.4 104.7 101.0 100.1 100.8 99.1 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 109.5 110.6 110.0 109.0 108.1 107.4 106.6 105.7 106.1 106.9 107.8 108.3 108.5 108.3 52 Total excluding motor vehicles and parts .. 95.3 109.8 110.7 110.2 109.4 108.6 107.8 107.0 106.2 106.5 107.3 108.1 108.6 108.8 108.6 53 Total excluding office and computing machines 97.5 108.2 109.5 108.8 107.3 106.1 105.4 104.4 103.7 104.2 105.2 106.2 106.8 106.8 107.0 54 Consumer goods excluding autos and trucks 24.5 107.9 108.4 108.7 107.9 107.6 107.2 106.5 106.4 106.7 107.6 108.9 108.9 109.5 109.5 55 Consumer goods excluding energy 23.3 107.5 108.7 108.6 106.5 105.6 105.5 104.7 104.6 105.6 106.3 107.7 108.2 108.2 109.3 56 Business equipment excluding autos and trucks 12.7 125.6 128.0 127.2 126.8 125.6 125.7 125.0 124.5 124.9 125.0 125.0 125.2 125.3 125.3 57 Business equipment excluding office and computing equipment 12.0 118.7 122.0 120.6 118.6 116.7 116.2 114.6 114.6 115.7 116.3 116.7 117.2 116.6 117.8 58 Materials excluding energy 28.4 110.0 111.8 110.6 108.9 106.6 106.2 104.9 103.1 104.3 105.4 106.1 107.9 108.3 108.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 Domestic Nonfinancial Statistics • December 1991 2.13—Continued 1987 1990 1991 Group S co IC de 2 p p r o o r - - a 1 v 99 g 0 . tion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner Julyr Aug.r Index (1987 = 100) MAJOR INDUSTRIES 1 Total index . 100.0 109.2 110.6 109.9 108.3 107.2 106.6 105.7 , 105.0 105.5 106.4 107.3 108.0 108.0 2 Manufacturing 84.4 109.9 111.2 110.7 108.9 107.5 107.0 106.1 105.2 105.9 106.6 107.5 108.3 108.3 3 Primary processing .. 26.7 106.3 106.9 106.2 104.9 102.9 102.0 100.8 99.0 99.6 100.7 102.1 103.6 103.9 4 Advanced processing 57.7 111.6 113.2 112.8 110.8 109.5 109.3 108.5 108.0 108.9 109.3 109.9 110.5 110.4 Durable goods 47.3 111.6 113.8 112.5 109.9 107.5 107.2 106.1 105.0 106.0 106.7 107.3 108.1 108.0 Lumber and products ... 24 2.0 101.6 100.3 98.2 95.5 93.5 94.2 91.5 91.2 92.7 92.5 96.7 94.6 96.1 Furniture and fixtures ... 25 1.4 105.9 106.9 104.4 102.3 102.0 99.0 94.9 95.4 98.3 98.5 99.4 100.5 100.8 Clay, glass, and stone products 32 2.5 105.7 104.5 104.4 103.8 100.7 97.2 98.9 94.4 94.2 95.1 95.0 95.6 96.2 Primary metals 33 3.3 108.4 111.6 108.6 109.1 104.2 99.7 99.5 94.7 94.5 96.9 96.4 101.2 102.5 Iron and steel 331,2 1.9 109.9 113.9 110.3 112.6 107.3 99.0 98.0 92.0 91.6 94.0 92.9 99.5 100.2 Raw steel .1 109.6 111.6 112.8 109.5 100.6 104.7 97.9 89.8 91.0 88.9 94.0 102.6 102.4 Nonferrous 333-6,9 1.4 106.2 108.4 106.2 104.1 99.8 100.6 101.6 98.4 98.5 101.0 101.5 103.5 105.7 Fabricated metal products 5.4 105.9 106.8 106.4 104.3 101.9 101.7 99.1 97.8 98.0 99.1 99.8 100.9 101.3 Nonelectrical machinery. 8.6 126.5 128.5 128.1 126.3 124.7 125.5 124.5 123.1 123.5 123.6 123.4 124.1 124.0 Office and computing machines 357 2.5 149.8 153.6 155.3 149.8 148.9 155.0 157.3 155.1 155.6 155.6 154.0 156.0 154.0 Electrical machinery 36 8.6 111.4 112.5 110.8 110.4 108.7 107.6 108.2 108.6 109.7 110.6 111.5 111.0 111.7 Transportation equipment 9.8 105.5 111.1 109.2 100.1 96.6 97.6 95.5 95.0 97.2 98.2 99.7 101.4 98.9 Motor vehicles and parts 4.7 96.8 107.5 103.8 85.8 78.5 83.0 79.4 79.8 86.2 89.8 92.5 96.7 91.6 Autos and light trucks 2.3 96.6 112.8 107.1 83.7 74.9 80.1 75.3 76.6 84.0 88.2 91.2 97.3 89.1 Aerospace and miscellaneous transportation equipment.. 372-6,9 5.1 113.3 114.2 114.0 113.1 112.9 110.8 110.0 108.8 107.2 105.8 106.1 105.6 105.6 Instruments 38 3.3 116.8 118.4 118.1 118.1 117.3 119.0 119.3 118.4 118.6 118.2 117.3 116.5 117.0 Miscellaneous 39 1.2 120.0 121.3 121.5 122.5 119.1 116.1 114.6 115.3 117.5 118.7 119.8 122.1 122.8 23 Nondurable goods 37.2 107.8 108.0 108.4 107.7 107.4 106.8 106.0 105.4 105.9 106.5 107.6 108.5 108.7 24 Foods 8.8 107.6 107.6 108.8 109.6 109.1 108.3 107.6 107.4 107.6 107.8 108.6 108.4 109.1 25 Tobacco products 1.0 98.6 96.4 97.8 99.0 101.1 100.0 100.1 98.2 97.6 98.7 99.4 100.4 98.6 26 Textile mill products 1.8 100.8 100.7 101.2 97.4 96.1 94.0 94.3 95.4 97.2 99.2 101.7 104.3 104.3 27 Apparel products 2.4 98.8 98.4 97.2 95.5 94.9 92.9 93.1 92.5 93.2 95.2 96.2 97.8 98.8 28 Paper and products 3.6 105.3 107.5 106.8 105.1 105.4 104.2 102.2 101.3 101.3 101.3 105.3 108.1 106.6 29 Printing and publishing .. 6.4 111.9 111.6 112.9 112.4 112.8 112.1 110.9 110.4 110.7 110.6 111.2 111.6 111.9 30 Chemicals and products . 8.6 110.3 110.9 110.7 110.0 109.9 110.1 109.1 108.2 109.0 109.2 109.6 110.8 111.2 31 Petroleum products 1.3 108.2 109.3 108.6 107.8 105.6 104.7 108.8 108.5 105.7 107.5 109.6 108.3 108.1 32 Rubber and plastic products 3.0 110.2 110.3 110.6 109.6 106.9 108.8 106.1 104.4 106.6 109.2 110.5 111.2 111.9 33 Leather and products ... .3 100.0 100.3 95.3 89.9 92.6 89.6 90.8 91.5 90.0 89.5 90.9 92.3 90.0 34 Mining 7.9 102.6 103.9 102.6 103.3 103.4 101.7 102.9 101.5 100.9 100.2 102.1 102.7 101.5 35 Metal 10 .3 153.1 163.6 146.8 153.4 162.0 143.1 148.0 147.6 145.7 148.0 157.0 154.5 157.5 36 Coal 11,12 1.2 113.2 116.8 114.7 112.9 110.6 108.4 112.8 109.9 105.9 103.4 110.2 116.0 112.3 37 Oil and gas extraction... 13 5.7 95.5 95.8 95.8 97.3 96.7 96.0 97.2 96.4 96.6 96.0 96.9 96.4 95.3 38 Stone and earth minerals 14 .7 119.5 121.7 118.0 113.5 118.9 119.2 112.0 108.0 107.0 107.5 106.4 107.8 108.0 39 Utilities... 7.6 108.0 110.3 109.2 106.9 108.8 107.6 104.6 106.4 105.9 111.4 111.5 110.9 111.3 40 Electric. 491,3PT 6.0 110.8 112.9 112.1 109.6 111.8 110.4 107.8 109.8 109.8 116.4 117.1 116.6 117.1 41 Gas .... 492,3PT 1.6 97.3 100.9 98.1 97.0 97.6 97.5 92.8 93.6 91.6 92.8 90.7 89.7 90.0 SPECIAL AGGREGATES 42 Manufacturing excluding motor vehicles and parts 79.8 110.7 111.4 111.1 110.3 109.1 108.4 107.6 106.7 107.1 107.6 108.3 109.0 109.3 43 Manufacturing excluding office and computing machines 82.0 108.7 110.0 109.4 107.7 106.2 105.6 104.5 103.7 104.4 105.1 106.1 106.9 106.9 Gross value (billions of 1982 dollars, annual rates) MAJOR MARKETS 44 Products, total 1,734.8 1,911.4 1,941.6 1,939.6 1,882.8 1,859.4 1,860.4 1,848.4 1,845.4 1,853.3 1,875.7 1,890.5 1,896.7 1,890.3 45 Final 1,350.9 1,497.7 1,529.1 1,523.7 1,470.8 1,450.8 1,459.6 1,452.8 1,455.6 1,464.6 1,478.1 1,490.5 1,497.3 1,488.9 46 Consumer goods , 833.4 882.9 895.2 892.7 865.2 857.6 857.9 852.7 857.4 862.9 874.4 884.2 888.8 884.8 47 Equipment 517.5 614.8 633.9 631.0 605.6 593.2 601.7 600.1 598.2 601.7 603.7 606.2 608.5 604.1 48 Intermediate 384.0 413.7 412.5 415.9 412.0 408.7 400.8 395.6 389.8 388.7 397.6 400.1 399.3 401.4 1. Data in this table also appear in the Board's G.17 (419) weekly statistical Developments and Historical Revision," Federal Reserve Bulletin, vol. 76 (April release. For ordering address see inside front cover. 1990), pp. 187-204. A major revision of the industrial production index and the capacity 2. Standard industrial classification. utilization rates was released in April 1990. See "Industrial Production: 1989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A49 2.14 HOUSING AND CONSTRUCTION Monthly figures at seasonally adjusted annual rates, except as noted 1990 1991 IItteemm 11998888 11998899 11999900 Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug. Private residential real estate activity (thousands of units, except as noted) NEW UNITS 1 Permits authorized 1,456 1,339 1,111 916 854 802 876 892 913 966 999 1,005 953 994 932 794 668 645 611 695 689 742 760 780 794 769 3 Two-or-more-family 462 407 317 248 209 191 181 203 171 206 219 211 184 4 Started 1,488 1,376 1,193 1,130 971 847 992 907 977 983 1,034 1,049 1,056 1,081 1,003 895 769 751 648 788 742 801 831 869 879 888866 6 Two-or-more-family 407 373 298 361 220 199 204 165 176 152 165 170 117700 7 Under construction at end of period .. 919 850 711 756 744 717 709 680 674 665 655 654 654 570 535 449 486 478 461 457 442 443 443 446 453 458 9 Two-or-more-family 350 315 262 270 266 256 252 238 231 222 209 201 196 10 Completed 1,530 1,423 1,308 1,246 1,155 1,125 1,0% 1,190 1,089 1,070 1,105 1,061 1,018 1,085 1,026 966 922 878 841 838 881 821 800 815 800 805 12 Two-or-more-family 445 396 342 324 277 284 258 309 268 270 290 261 213 13 Mobile homes shipped 218 198 188 181 167 168 157 157 175 174 173 175 178 Merchant builder activity in one-family units 675 650 535 480 464 414 488 495 506 550077rr 552200 550066 554400 15 Number for sale at end of period1 ... 368 363 318 327 318 315 313 308 303 299r 295 295 290 Price of units sold (thousands of dollars)2 113.3 120.4 122.3 118.9 127.0 117.9 119.9 122.5 121.0 119.5 119.9 122.0 17 Average 139.0 148.3 149.0 143.3 153.4 148.6 147.8 156.4 150.8 145,4r 145.8 148.4 141.8 EXISTING UNITS (one-family) 18 Number sold 3,594 3,439 3,316 3,150 3,130 2,900 3,160 3,220 3,310 3,540 3,590 3,320 3,250 Price of units sold (thousands of dollars) 89.2 92.9 95.2 92.0 91.7 95.6 94.0 98.2 100.3 101.1 102.0 103.6 102.2 20 Average 112.5 118.0 118.3 115.6 114.1 123.0 119.7 125.2 128.9 130.6 130.5 132.2 131.0 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 432,222 443,720 446,433 431,407 421,346 406,502 410,072 401,883 407,050r 399,030r 398,189 404,889 406,186 ?? 337,440 345,416 337,776 317,190 311,349 303,932 300,495 293,262 299,044R 291,048R 290,871 293,329 295,891 ?3 198,101 196,551 182,856 168,031 165,014 161,793 155,622 152,447 151,836R 154,567R 158,282 161,633 167,304 ?4 139,339 148,865 154,920 149,159 146,335 142,139 144,873 140,815 147,208R 136,481R 132,589 131,696 128,587 25 Industrial buildings 16,451 20,412 23,849 22,481 22,999 22,433 23,249 23,089 24,301R 20,683R 20,868 20,990 20,481 76 Commercial buildings 64,025 65,496 62,866 57,764 56,913 53,848 54,023 51,766 54,824R 50,22<Y 47,596 46,830 44,698 71 Other buildings 19,038 19,683 21,591 22,121 20,953 20,621 20,850 20,628 21,928R 20,858R 20,429 20,590 19,490 78 Public utilities and other 39,825 43,274 46,614 46,793 45,470 45,237 46,751 45,332 46,155R 44,720R 43,696 43,286 43,918 29 Public 94,783 98,303 108,655 114,218 109,997 102,570 109,577 108,621 108,007R 107,982R 107,318 111,560 110,295 30 3,579 3,520 2,734 2,960 1,868 1,868 1,723 1,866 1,828 1,918 1,864 1,766 1,829 31 29,227 28,171 30,595 34,304 33,185 25,560 30,699 29,996 28,591R 29,246R 28,776 28,898 30,048 37 Conservation and development... 4,739 4,989 4,718 4,901 5,374 6,434 5,529 4,586 5,833R 5,123R 5,807 8,098 5,143 33 Other 57,238 61,623 70,608 72,053 69,570 68,708 71,626 72,173 71,755R 71,695R 70,871 72,798 73,275 1. Not at annual rates. SOURCE. Bureau of the Census estimates for all series except (1) mobile homes, 2. Not seasonally adjusted. which are private, domestic shipments as reported by the Manufactured Housing 3. Recent data on value of new construction may not be strictly comparable Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices with data for previous periods because of changes by the Bureau of the Census in of existing units, which are published by the National Association of Realtors. All its estimating techniques. For a description of these changes, see Construction back and current figures are available from the originating agency. Permit Reports (C-30-76-5), issued by the Bureau in July 1976. authorizations are those reported to the Census Bureau from 17,000 jurisdictions beginning in 1984. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A50 Domestic Nonfinancial Statistics • December 1991 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data, except as noted Change from 12 Change from 3 months earlier Change from 1 month earlier months earlier (annual rate) IIInnndddeeexxx llleeevvveeelll,,, IIIttteeemmm 1990 1991 1991 SSSeeepppttt... 11999900 11999911 111999999111 SSeepptt.. SSeepptt.. Dec. Mar. June Sept. May1 Juner July Aug. Sept. CONSUMER PRICES2 (1982-84=100) 1 All items 6.2 3.4 4.9 2.4 3.0 3.3 .3 .2 .2 .2 .4 137.2 2 Food 5.6 2.1 3.9 2.4 5.1 -3.2 .0 .5 -.6 -.3 .1 136.0 3 Energy items 13.5 -4.8 18.0 -30.7 -1.2 1.6 1.4 -1.0 -.4 -.2 1.0 103.6 4 All items less food and energy 5.5 4.5 3.8 6.8 3.2 4.6 .2 .4 .4 .4 .4 143.4 5 Commodities 3.7 4.3 2.3 7.9 3.2 4.1 .3 .2 .4 .5 .2 129.8 6 Services 6.4 4.7 4.8 6.4 3.0 4.6 .2 .4 .3 .3 .5 151.3 PRODUCER PRICES (1982=100) 7 Finished goods 6.0 .7 5.1 -3.5 .7 .3 .5 -.4 -.2 .2 .1 121.3 8 Consumer foods 4.8 -1.2 1.3 1.0 -.3 -6.6 .0 -.4 -.8 -.4 -.5 122.7 9 Consumer energy 24.4 -3.5 21.1 -35.5 .0 5.3 1.7 -1.5 -1.3 1.8 .8 79.1 10 Other consumer goods 3.9 3.3 3.4 5.9 .9 2.7 .4 -.4 .4 .3 .0 133.2 11 Capital equipment 3.4 2.6 3.3 4.6 1.3 1.3 .3 .1 .1 .1 .2 126.1 Intermediate materials 12 Excluding foods and feeds 3.7 -1.5 4.2 -9.8 -1.0 .7 .1 .1 -.3 .4 .1 114.7 13 Excluding energy 1.1 -.3 2.3 -2.3 -1.0 -.3 -.2 .1 -.1 .0 .0 121.0 Crude materials 14 Foods 1.7 -7.1 -7.3 .0 -12.5 -8.1 -3.3 .8 -1.7 -1.8 1.5 102.9 15 Energy 29.4 -21.7 -18.8 -54.0 -1.5 2.1 3.3 -3.2 2.0 1.3 -2.7 77.1 16 Other 1.7 -10.2 -18.1 -4.7 -13.0 -4.3 -.6 -2.9 -.7 .5 -.9 125.8 1. Not seasonally adjusted. rental-equivalence measure of homeownership. 2. Figures for consumer prices are for all urban consumers and reflect a 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 at seasonally adjusted annual rates 1991 Account 1990 Q2 Q3 Q4 Q1 GROSS NATIONAL PRODUCT 1 Total 4,873.7 5,200.8 5,465.1 5,443.3 5,514.6 5,527.3 5,557.7 By source 2 Personal consumption expenditures 3,238.2 3,450.1 3,657.3 3,622.7 3,693.4 3,724.9 3,742.8 3 Durable goods 457.5 474.6 480.3 478.4 482.3 468.5 455.3 4 Nondurable goods 1,060.0 1,130.0 1,193.7 1,179.0 1,205.0 1,216.0 1.212.7 5 Services 1,720.7 1.845.5 1,983.3 1.965.3 2,006.2 2,040.4 2.074.8 6 Gross private domestic investment 747.1 771.2 741.0 759.0 759.7 698.3 660.0 7 Fixed investment 720.8 742.9 746.1 745.6 750.7 729.2 694.1 8 Nonresidential 488.4 511.9 524.1 516.5 532.8 524.0 503.6 9 Structures 139.9 146.2 147.0 147.2 149.8 142.1 139.5 10 Producers' durable equipment 348.4 365.7 377.1 369.3 383.0 381.9 364.1 11 Residential structures 232.5 231.0 222.0 229.1 217.9 205.2 190.5 12 Change in business inventories 26.2 28.3 -5.0 13.4 9.0 -30.8 -34.2 13 Nonfarm 29.8 23.3 -7.4 13.0 6.8 -32.4 -37.1 14 Net exports of goods and services -74.1 -46.1 -31.2 -24.9 -41.3 -28.8 13.5 15 Exports 552.0 626.2 672.8 659.7 672.7 697.4 694.5 16 Imports 626.1 672.3 704.0 684.6 714.1 726.2 681.0 17 Government purchases of goods and services .. 962.5 1.025.6 1,098.1 1.086.4 1,102.8 1,132.9 1,141.5 18 Federal 380.3 400.0 424.0 421.9 425.8 437.6 443.8 19 State and local 582.3 625.6 674.1 664.6 677.0 695.3 697.7 By major type of product 20 Final sales, total 4.847.5 5,172.5 5.470.2 5,429.9 5,505.6 5,558.2 5,591.9 21 Goods 1,908.9 2,044.4 2.148.3 2.133.1 2,161.4 2,175.9 2,170.2 22 Durable 840.3 894.7 939.0 930.1 943.4 941.2 918.5 23 Nondurable 1.068.6 1,149.7 1,209.3 1,203.0 1,218.0 1,234.7 1,251.7 24 Services 2,488.6 2,671.2 2,864.5 2.834.2 2,889.6 2,943.0 3,004.0 25 Structures 450.0 456.9 457.4 462.5 454.6 439.3 417.7 26 Change in business inventories 26.2 28.3 -5.0 13.4 9.0 -30.8 -34.2 27 Durable goods 19.9 11.9 -11.1 .0 9.8 -32.5 -42.2 28 Nondurable goods 6.4 16.4 6.0 13.4 1.7 8.0 MEMO 4,016.9 4,117.7 4,157.3 4,155.1 4,170.0 4,153.4 4,124.1 29 Total GNP in 1982 dollars NATIONAL INCOME 3,984.9 4,223.3 4,418.4 4,411.3 4,452.4 4.459.7 4,456.4 30 Total 2,905.1 3,079.0 3.244.2 3.232.5 3,276.9 3,286.9 3,299.3 31 Compensation of employees 2,431.1 2,573.2 2.705.3 2,696.3 2,734.2 2,738.9 2,742.8 32 Wages and salaries 446.6 476.6 508.0 505.7 511.3 518.1 529.8 33 Government and government enterprises .. 1,984.5 2,096.6 2,197.2 2.190.6 2,222.9 2.220.8 2,213.0 34 Other 474.0 505.8 538.9 536.1 542.7 548.0 556.5 35 Supplement to wages and salaries 248.5 263.9 280.8 279.7 282.7 284.8 290.3 36 Employer contributions for social insurance 225.5 241.9 258.1 256.4 260.0 263.2 266.2 37 Other labor income 38 Proprietors'income1 354.2 379.3 402.5 401.7 397.9 406.2 404.4 39 Business and professional 310.5 330.7 352.6 350.8 355.6 357.4 355.8 40 Farm1 43.7 48.6 49.9 51.0 42.4 48.8 48.5 41 Rental income of persons2 16.3 8.2 6.9 4.3 8.4 9.3 5.6 42 Corporate profits1 337.6 311.6 298.3 306.6 300.7 288.9 286.2 43 Profits before tax3 316.7 307.7 304.7 299.3 318.5 304.1 281.5 44 Inventory valuation adjustment -27.0 -21.7 -11.4 -.5 -19.8 -13.8 8.1 45 Capital consumption adjustment 47.8 25.5 4.9 7.7 2.0 -1.4 -3.5 46 Net interest 371.8 445.1 466.7 466.2 468.3 468.4 460.9 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 (U.S. Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 Domestic Nonfinancial Statistics • December 1991 2.17 PERSONAL INCOME AND SAVING Billions of current dollars, except as noted; quarterly data at seasonally adjusted annual rates 1990 1991 AAccccoouunntt 11998888 11998899 11999900 Q2 Q3 Q4 QL Q2 PERSONAL INCOME AND SAVING 1 Total personal income 4,070.8 4,384.3 4,645.5 4,622.2 4,678.5 4,718.5 4,735.8 4,784.7 2 Wage and salary disbursements 2,431.1 2,573.2 2,705.3 2,696.3 2,734.2 2,738.9 2,742.8 2,774.0 3 Commodity-producing industries 696.4 720.6 729.3 731.1 735.3 726.0 713.0 715.9 4 Manufacturing 524.0 541.8 546.8 548.1 551.8 546.1 536.7 541.3 5 Distributive industries 572.0 604.7 637.2 637.3 642.7 641.9 639.7 645.6 6 Service industries 716.2 771.4 830.8 822.2 844.9 853.0 860.3 877.7 7 Government and government enterprises 446.6 476.6 508.0 505.7 511.3 518.1 529.8 534.9 8 Other labor income 225.5 241.9 258.1 256.4 260.0 263.2 266.2 269.2 9 Proprietors' income1 354.2 379.3 402.5 401.7 397.9 406.2 404.4 417.0 10 Business and professional1 310.5 330.7 352.6 350.8 355.6 357.4 355.8 365.2 11 Farm1 43.7 48.6 49.9 51.0 42.4 48.8 48.5 51.8 12 Rental income of persons 16.3 8.2 6.9 4.3 8.4 9.3 5.6 5.4 102.2 114.4 123.8 122.9 124.9 126.7 126.7 125.5 14 Personal interest income 547.9 643.2 680.4 678.0 685.3 687.9 682.0 674.3 15 Transfer payments 587.7 636.9 694.8 686.7 696.4 715.1 745.4 758.8 16 Old-age survivors, disability, and health insurance benefits ... 300.5 325.3 350.7 347.6 351.1 356.8 372.1 376.9 17 LESS: Personal contributions for social insurance 194.1 212.8 226.2 224.1 228.6 228.9 237.3 239.4 18 EQUALS: Personal income 4,070.8 4,384.3 4,645.5 4,622.2 4,678.5 4,718.5 4,735.8 4,784.7 19 LESS: Personal tax and nontax payments 591.6 658.8 699.4 696.5 709.5 716.6 714.6 716.6 20 EQUALS: Disposable personal income 3,479.2 3,725.5 3,946.1 3,925.7 3,969.1 4,001.9 4,021.3 4,068.1 21 LESS: Personal outlays 3,333.6 3,553.7 3,766.0 3,730.6 3,802.6 3,834.4 3,852.5 3,898.0 22 EQUALS: Personal saving 145.6 171.8 180.1 195.1 166.5 167.5 168.7 170.2 MEMO Per capita (1982 dollars) 23 Gross national product 16,302.4 16,549.6 16,535.3 1166,,555522..55 1166,,556622..99 1166,,444499..44 1166,,229933..44 1166,,223344..88 24 Personal consumption expenditures 10,578.3 10,678.0 10,665.8 10,671.4 10,711.5 10,588.7 10,523.7 10,565.3 25 Disposable personal income 11,368.0 11,531.0 11,509.0 11,564.0 11,511.0 11,376.0 11,307.0 11,343.0 26 Saving rate (percent) 4.2 4.6 4.6 5.0 4.2 4.2 4.2 4.2 GROSS SAVING 27 Gross saving 656.1 691.5 657.3 679.3 665.9 619.2 697.1 649.1 28 Gross private saving 751.3 779.3 787.9 806.7 772.2 777.8 793.9 795.1 29 Personal saving 145.6 171.8 180.1 195.1 166.5 167.5 168.7 170.2 30 Undistributed corporate profits1 91.4 53.0 32.2 40.5 26.5 25.2 33.6 29.3 31 Corporate inventory valuation adjustment -27.0 -21.7 -11.4 -.5 -19.8 -13.8 8.1 4.9 Capital consumption allowances 32 Corporate 322.1 346.4 363.0 359.7 365.5 337700..33 337755..66 337788..00 33 Noncorporate 192.2 208.0 212.6 211.4 213.8 214.8 216.0 217.6 34 Government surplus, or deficit (-), national income and -95.3 -87.8 -130.6 -127.3 -106.4 -158.6 -96.8 -146.0 -141.7 -134.3 -166.0 -166.0 -145.7 -184.3 -126.9 -184.6 36 State and local 46.5 46.4 35.4 38.6 39.3 25.7 30.0 38.6 37 Gross investment 627.8 674.4 655.6 676.1 661.0 619.6 705.3 664.6 38 Gross private domestic 747.1 771.2 741.0 759.0 759.7 698.3 660.0 654.0 39 Net foreign -119.2 -96.8 -85.5 -82.9 -98.7 -78.7 45.3 10.6 40 Statistical discrepancy -28.2 -17.0 -1.7 -3.2 -4.9 .4 8.2 15.4 1. With inventory valuation and capital consumption adjustments. SOURCE. Survey of Current Business (U.S. 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 seasonally adjusted, except as noted1 1990 1991 Item credits or debits 1989 Q2 Q3 Q4 Q1 Q2r -126,236 -106,305 -92,123 -22,178 -23,881 -23,402 10,501 2,965 N M o e t r c s h e a a n so d n is a e l ly tr a a d d e j u b s a te la d n ce2 -126,986 -II5,917 -i 08,115 - - 2 2 0 4 , , 6 0 5 9 3 0 - - 2 2 9 8 , , 1 7 1 6 2 0 - -2 2 7 5 , , 7 1 2 3 8 6 -1 1 8 5 , , 3 5 9 0 4 7 -15 4 , , 6 5 2 0 4 8 Merchandise exports 320,337 361,451 389,550 97,088 96,638 100,580 100,900 104,108 Merchandise imports -447,323 -477,368 -497,665 -121,178 -125,398 -128,308 -119,294 -119,732 Military transactions, net -5,743 -6,203 -7,219 -1,558 -1,683 -2,243 -2,329 -1,675 Investment income, net 5,353 2,688 11,945 7 2,802 6,133 4,883 2,464 Other service transactions, net 16,082 28,618 33,595 8,156 8,086 9,716 9,402 9,640 Remittances, pensions, and other transfers . -4,437 -4,420 -4,843 -1,123 -1,302 -1,201 -1,316 -1,300 U.S. government grants (excluding military) -10,506 -11,071 -17,486 -3,570 -3,024 -8,079 18,255 9,460 11 Change in U.S. government assets other than official reserve assets, net (increase, -) 2,966 1,320 2,976 -314 4,759 1,422 -560 12 Change in U.S. official reserve assets (increase, -). -3,912 0 -25,293 0 -2,158 0 371 0 1,73 0 9 -1,091 0 -353 0 1,0140 13 Gold 14 Special drawing rights (SDRs) 127 -535 -192 -216 363 -93 31 -190 15 Reserve position in International Monetary Fund. 1,025 471 731 493 8 -4 -341 72 16 Foreign currencies -5,064 -25,229 -2,697 94 1,368 -995 -43 1,132 17 Change in U.S. private assets abroad (increase, -). -85,111 -104,637 -58,524 -33,033 -28,114 -38,370 -1,992 -27,125 18 Bank-reported claims3 -56,322 -51,255 5,333 -17,255 -9,984 -24,513 20,598 -11,248 19 Nonbank-reported claims -3,064 2,581 -1,944 -1,760 676 -2,509 -1,308 20 U.S. purchases of foreign securities, net -7,846 -22,575 -28,476 -11,160 -1,014 -7,546 -9,430 -I 3,235 21 U.S. direct investments abroad, net -17,879 -33,388 -33,437 -2,858 -17,792 -3,802 -11,852 -2,642 22 Change in foreign official assets in United States (increase, +) 39,657 8,624 32,425 5,805 13,341 20,301 6,631 -3,650 23 U.S. Treasury securities 41,741 149 28,643 2,461 11,849 20,119 2,381 -1,888 24 Other U.S. government obligations 1,309 1,383 667 346 134 708 -29 -219 25 Other U.S. government liabilities -568 281 1,703 1,141 -248 1,102 1,012 196 26 Other U.S. liabilities reported by U.S. banks3 -319 4,976 2,998 2,131 1,871 -707 2,501 -1,881 27 Other foreign official assets -2,506 1,835 -1,586 -274 -265 -921 766 142 28 Change in foreign private assets in United States (increase, +). 181,877 207,925 53,879 25,452 35,754 18,732 -7,360 5,806 29 U.S. bank-reported liabilities3 70,235 63,382 9,975 8,980 26,968 17,261 -18,795 -26,687 U.S. nonbank-reported liabilities 5,626 5,454 3,779 699 4,260 -1,840 -1,616 Foreign private purchases of U.S. Treasury securities, net 20,239 29,618 1,131 4,287 24 -2,029 3,409 'II,905 Foreign purchases of other U.S. securities, net 26,353 38,920 1,781 2,140 -2,558 802 5,306 15,312 Foreign direct investments in United States, net 59,424 70,551 37,213 9,346 7,060 4,538 4,336 3,276 0 0 0 0 0 0 0 0 34 Allocation of special drawing rights 35 Discrepancy -9,240 18,366 63,526 24,383 1,475 19,072 -8,849 21,550 36 Due to seasonal adjustments 105 -6,473 2,007 3,995 193 37 Statistical discrepancy in recorded data before seasonal adjustment -9,240 18,366 63,526 24,278 7,948 17,066 -12,844 21,357 MEMO Changes in official assets 38 U.S. official reserve assets (increase, -) -3,912 -25,293 -2,158 371 1,739 -1,091 -353 1,014 39 Foreign official assets in United States excluding line 25 (increase, +) 40,225 8,343 30,722 4,664 13,589 19,199 5,619 -3,846 40 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) -2,996 10,738 193 -1,699 -2,680 1. Seasonal factors not calculated for lines 6, 10, 12-16, 18-20, 22-34, and cial banks, as well as some brokers and dealers. 38-40. 4. Associated primarily with military sales contracts and other transactions 2. Data are on an international accounts (IA) basis. The data differ from the arranged with or through foreign official agencies. Census basis data, shown in table 3.11, for reasons of coverage and timing. 5. Consists of investments in U.S. corporate stocks and in debt securities of Military exports are excluded from merchandise trade data and are included in private corporations and state and local governments. line 6. SOURCE. Survey of Current Business (U.S. Department of Commerce). 3. Reporting banks include all kinds of depository institutions besides commer- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • December 1991 3.11 U.S. FOREIGN TRADE1 Millions of dollars; exports, F.A.S. value; imports, Customs value; monthly data seasonally adjusted 1991 IItteemm 11998888 11998899 11999900 Feb. Mar. Apr. May June Julyr Aug.? 1 Exports of domestic and foreign merchandise, excluding grant-aid shipments 322,426 363,812 393,592 33,599 34,031 35,632 35,271 34,975 35,227 34,165 2 General imports, including merchandise for immediate consumption plus entries into bonded warehouses 440,952 473,211 495,311 39,103 38,100 40,139 40,062 38,764 41,176 40,923 3 Trade balance -118,526 -109,399 -101,718 -5,504 -4,070 -4,507 -4,790 -3,789 -5,949 -6,757 1. The Census basis data differ from merchandise trade data shown in table as indicated above. Since Jan. 1, 1987 census data have been released forty-five 3.10, U.S. International Transactions Summary, because of coverage and timing. days after the end of the month; the previous month is revised to reflect late On the export side, the largest difference is the exclusion of military sales (which documents. Total exports and the trade balance reflect adjustments for undocuare combined with other military transactions and reported separately in the mented exports to Canada. Components may not sum to totals because of "service account" in table 3.10, line 6). On the import side, this table includes rounding. imports of gold, ship purchases, imports of electricity from Canada, and other SOURCE. FT900, Summary of U.S. Export and Import Merchandise Trade transactions; military payments are excluded and shown separately in table 3.10, (U.S. Department of Commerce, Bureau of the Census). 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 1991 TTyyppee 11998888 11998899 11999900 Mar. Apr. May June July Aug. Sept.p 1 Total 47,802 74,609 83,316 78,297 78,297 78,263 74,940 74,816 73,514 74,731 2 Gold stock, including Exchange Stabilization Fund1 11,057 11,059 11,058 11,058 11,058 11,057 11,062 11,062 11,062 11,062 3 Special drawing rights 9,637 9,951 10,989 10,368 10,325 10,515 10,309 10,360 10,479 1100,,772222 4 Reserve position in International Monetary Fund2 9,745 9,048 9,076 8,910 8,806 8,854 8,629 8,730 8,726 9,094 5 Foreign currencies4 17,363 44,551 52,193 47,666 48,108 47,837 44,940 44,664 43,247 43,853 1. Gold held "under earmark" at Federal Reserve Banks for foreign and cies have been used. U.S. SDR holdings and reserve positions in the IMF also international accounts is not included in the gold stock of the United States; see have been valued on this basis since July 1974. table 3.13. Gold stock is valued at $42.22 per fine troy ounce. 3. Includes allocations by the International Monetary Fund of SDRs as follows: 2. Special drawing rights are valued according to a techique adopted by the $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1, International Monetary Fund (IMF) in July 1974. Values are based on a weighted 1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093 average of exchange rates for the currencies of member countries. From July 1974 million on Jan. 1, 1981; plus net transactions in SDRs. through December 1980, 16 currencies were used; since January 1981, 5 curren- 4. Valued at current market exchange rates. 3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1 Millions of dollars, end of period 1991 AAsssseettss 11998888 11998899 11999900 Mar. Apr. May June July Aug. Sept.p 1 Deposits 347 589 369 228 292 196 223 314 256 384 Assets held in custody 2 U.S. Treasury securities 232,547 224,911 278,499 272,505 271,779 279,695 273,893 274,514 279,394 279,013 3 Earmarked gold3 13,636 13,456 13,387 13,374 13,363 13,358 13,354 13,330 13,330 13,330 1. Excludes deposits and U.S. Treasury securities held for international and 3. Earmarked gold and the gold stock are valued at $42.22 per fine troy ounce, regional organizations. Earmarked gold is gold held for foreign and international accounts; it is not 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. included in the gold stock of the United States. Treasury securities payable in dollars and in foreign currencies at face value. 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 1991 Assets 11998888 11998899 11999900 Feb. Mar. Apr. May June July Aug. All foreign countries 1 Total, all currencies 505,595 545,366 556,925 561,564r 548,032r 538,467r 530,314r 532,075r 528,444r 527,025 ? 169,111 198,835 188,496 188,174r 184,394r 180,89 r 172,772r 180,676r 174,333r 168,451 3 129,856 157,092 148,837 145,667 143,795 141,580 135,484 141,903r 136,790r 129,780 4 Other banks in United States 14,918 17,042 13,296 13,187r 12,672r 12,318r 10,529" 11,871 11,000 12,226 5 24,337 24,701 26,363 29,320 27,927 26,993 26,759 26,902 26,543 26,445 6 299,728 300,575 312,449 314,215r 307,899r 301,022r 298,470r 293,942r 294,430" 296,578 7 Other branches of parent bank 107,179 113,810 135,003 124,719 129,732 122,151 118,465 115,555r 112,332r 113,017 8 96,932 90,703 72,602 80,515r 73,35 lr 72,925r 74,857r 74,766 77,323 75,973 9 17,163 16,456 17,555 17,893 17,915 17,825 18,208 17,420 18,608 19,389 10 Nonbank foreigners 78,454 79,606 87,289 91,088 86,901 88,121 86,940 86,201r 86,167r 88,199 11 Other assets 36,756 45,956 55,980 59,175r 55,739r 56,554r 59,072r 57,457 59,681 61,996 12 Total payable in U.S. dollars 357,573 382,498 379,479 380,776r 383,330r 372,524r 363,232r 372,632r 364,231r 358,264 n Claims on United States 163,456 191,184 180,174 180,601r 177,307r 174,197r 166,68c 174,316r 167,884r 162,983 14 126,929 152,294 142,962 140,489 138,850 137,343 131,293 137,943r 132,514r 126,357 IS Other banks in United States 14,167 16,386 12,513 12,566r 12,161r 11,857r 10,137r 11,362 10,505 11,752 16 22,360 22,504 24,699 27,546 26,296 24,997 25,250 25,011 24,865 24,874 17 177,685 169,690 174,451 174,147r 181,009r 173,420r 172,465r 171,406r 169,1901 166,602 18 Other branches of parent bank 80,736 82,949 95,298 87,529 95,106 87,895 85,365 84,231 79,001 79,204 19 54,884 48,396 36,440 41,270r 41,045r 40,783r 42,907r 43,370 45,439 41,554 70 12,131 10,961 12,298 12,944 13,206 12,996 13,137 12,485 13,569 14,083 71 Nonbank foreigners 29,934 27,384 30,415 32,404 31,652 31,746 31,056 31,320r 31,181r 31,761 22 Other assets 16,432 21,624 24,854 26,028r 25,014r 24,907r 24,087r 26,910 27,157 28,679 United Kingdom 23 Total, all currencies 156,835 161,947 184,818 180,018 175,565 168,880 169,032 165,397 161,773 162,879 74 40,089 39,212 45,560 40,978 42,529 38,136 38,338 37,574 32,475 31,315 ?5 Parent bank 34,243 35,847 42,413 37,362 39,372 34,930 34,830 34,534 29,241 28,189 ?6 Other banks in United States 1,123 1,058 792 924 848 1,179 1,104 711 860 816 ?7 4,723 2,307 2,355 2,692 2,309 2,027 2,404 2,329 2,374 2,310 78 106,388 107,657 115,536 115,496 110,329 107,031 105,893 103,471 102,971 103,935 ?9 Other branches of parent bank 35,625 37,728 46,367 41,788 44,341 40,730 39,060 38,333 36,588 38,382 30 36,765 36,159 31,604 34,518 30,660 30,608 32,048 31,019 31,866 30,168 31 4,019 3,293 3,860 4,029 3,943 3,711 3,657 3,584 3,676 3,717 3? Nonbank foreigners 29,979 30,477 33,705 35,161 31,385 31,982 31,128 30,535 30,841 31,668 33 Other assets 10,358 15,078 23,722 23,544 22,707 23,713 24,801 24,352 26,327 27,629 34 Total payable in U.S. dollars 103,503 103,208 116,762 113,480 114,887 108,563 105,585 106,532 101,036 100,966 35 38,012 36,404 41,259 37,344 39,052 35,058 35,274 34,726 29,352 28,870 36 33,252 34,329 39,609 35,045 37,149 32,973 32,771 32,790 27,085 26,608 37 Other banks in United States 964 843 334 615 562 976 970 555 759 680 38 3,796 1,232 1,316 1,684 1,341 1,109 1,533 1,381 1,508 1,582 39 60,472 59,062 63,701 64,817 65,034 62,183 60,122 58,561 57,857 56,127 40 Other branches of parent bank 28,474 29,872 37,142 33,271 36,150 32,842 31,297 30,108 29,111 30,279 41 18,494 16,579 13,135 15,840 15,097 15,460 16,118 14,983 15,723 12,534 4? 2,840 2,371 3,143 3,290 3,220 3,193 3,152 3,082 3,032 3,083 4T 10,664 10,240 10,281 12,416 10,567 10,688 9,555 10,388 9,991 10,231 44 Other assets 5,019 7,742 11,802 11,319 10,801 11,322 10,691 13,245 13,827 15,969 Bahamas and Caymans 45 Total, all currencies 170,639 176,006 162,316 168,998r 164,316r 165,178r 159,196r 168,389 169,271 165,281 46 105,320 124,205 112,989 119,083r lll,212r 113,796r 107,867r 114,669 114,401 111,177 47 73,409 87,882 77,873 81,888 75,516 79,818 75,472 80,644 81,605 77,177 48 Other banks in United States 13,145 15,071 11,869 11,680"^ ll,157r 10,296r 8,865r 10,578 9,583 10,898 49 18,766 21,252 23,247 25,515 24,539 23,682 23,530 23,447 23,213 23,102 so Claims on foreigners 58,393 44,168 41,356 40,848r 44,462r 42,443r 42,606r 45,004 46,396 45,881 51 Other branches of parent bank 17,954 11,309 13,416 11,477 13,861 12,554 12,393 12,801 10,767 10,660 5? 28,268 22,611 16,310 17,348r 18,165r 17,834r 17,85lr 20,707 21,688 20,909 51 5,830 5,217 5,807 6,484 6,846 6,556 6,520 5,883 7,103 7,281 54 Nonbank foreigners 6,341 5,031 5,823 5,539 5,590 5,499 5,842 5,613 6,838 7,031 55 Other assets 6,926 7,633 7,971 9,067r 8,642r 8,939r 8,723r 8,716 8,474 8,223 56 Total payable in U.S. dollars 163,518 170,780 158,390 164,322r 160,168r 161,139r 155,410r 164,485 165,342 161,208 1. Since June 1984, reported claims held by foreign branches have been million to $150 million equivalent in total assets, the threshold now applicable to reduced by an increase in the reporting threshold for "shell" branches from $50 all reporting branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • December 1991 3.14—Continued 1991 11998888 11998899 11999900 Feb. Mar. Apr. May June July Aug. All foreign countries 57 Total, all currencies 505,595 545,366 556,925 561,564" 548,032r 538,467" 530,314" 532,075" 528,444" 527,025 58 Negotiable certificates of deposit (CDs) .. 28,511 23,500 18,060 18,595 19,920 19,484 17,753 16,503 19,692 18,796 59 To United States 185,577 197,239 189,412 188,268r 186,998r 180,890" 172,936" 187,200 181,497 176,931 60 Parent bank 114,720 138,412 138,748 132,796r 129,645r 124,459" 118,186" 127,568 126,538 120,917 61 Other banks in United States 14,737 11,704 7,463 10,586r 10,975r 9,932" 8,998" 11,758 10,079 10,078 62 Nonbanks 56,120 47,123 43,201 44,886r 46,378r 46,499" 45,752" 47,874 44,880 45,936 63 To foreigners 270,923 296,850 311,668 316,523 306,047 300,907 301,366 290,297" 287,887" 290,257 64 Other branches of parent bank 111,267 119,591 139,113 124,437 129,201 122,789 119,765 116,253" 112,521" 112,845 65 Banks 72,842 76,452 58,986 73,773 63,262 63,908 66,140 57,256 59,975 62,329 66 Official institutions 15,183 16,750 14,791 16,665 15,864 18,398 19,803 20,394 17,245 18,030 67 Nonbank foreigners 71,631 84,057 98,778 101,648 97,720 95,812 95,658 96,394" 98,146" 97,053 68 Other liabilities 20,584 27,777 37,785 38,178 35,067r 37,186" 38,259 38,075" 39,368" 41,041 69 Total payable in U.S. dollars 367,483 396,613 383,522 381,165r 382,366r 373,223" 360,127" 372,062 363,092 359,080 70 Negotiable CDs 24,045 19,619 14,094 14,446 15,335 14,882 13,258 12,620 14,538 14,183 71 To United States 173,190 187,286 175,654 175,225r 174,619r 169,419" 160,612" 175,057 169,837 165,890 72 Parent bank 107,150 132,563 130,510 125,532r 122,460" 117,873" 110,952" 120,334 119,812 114,738 73 Other banks in United States 13,468 10,519 6,052 8,721r 9,429r 8,514" 7,668" 10,616 8,804 8,442 74 Nonbanks 52,572 44,204 39,092 40,972r 42,730" 43,032" 41,992" 44,107 41,221 42,710 75 To foreigners 160,766 176,460 179,002 175,761 177,902 173,589 171,160 170,354 163,451 164,188 76 Other branches of parent bank 84,021 87,636 98,128 87,288 93,910 88,299 85,857 84,952 79,909 79,277 77 Banks 28,493 30,537 20,251 25,536 23,769 22,892 21,639 21,162 21,470 23,330 78 Official institutions 8,224 9,873 7,921 10,021 9,205 11,568 12,339 13,972 11,563 11,496 79 Nonbank foreigners 40,028 48,414 52,702 52,916 51,018 50,830 51,325 50,268 50,509 50,085 80 Other liabilities 9,482 13,248 14,772 15,733 14,510" 15,333" 15,097 14,031 15,266 14,819 United Kingdom 81 Total, all currencies 156,835 161,947 184,818 180,018 175,565 168,880 169,032 165,397 161,773 162,879 82 Negotiable CDs 24,528 20,056 14,256 14,363 15,820 15,162 13,486 12,196 14,889 14,148 83 To United States 36,784 36,036 39,928 33,904 35,066 28,450 28,618 31,084 26,599 27,915 84 Parent bank 27,849 29,726 31,806 25,504 26,826 21,676 19,951 23,238 19,545 20,367 85 Other banks in United States 2,037 1,256 1,505 1,401 1,230 1,175 1,413 1,092 1,490 1,662 86 Nonbanks 6,898 5,054 6,617 6,999 7,010 5,599 7,254 6,754 5,564 5,886 87 To foreigners 86,026 92,307 108,531 110,455 105,090 103,976 104,322 99,756 97,263 96,773 88 Other branches of parent bank 26,812 27,397 36,709 30,978 33,084 31,860 30,155 29,371 28,591 27,457 89 Banks 30,609 29,780 25,126 32,784 26,609 27,001 28,459 22,994 24,310 25,131 90 Official institutions 7,873 8,551 8,361 9,745 8,969 11,300 12,342 13,062 10,010 10,722 91 Nonbank foreigners 20,732 26,579 38,335 36,948 36,428 33,815 33,366 34,329 34,352 33,463 92 Other liabilities 9,497 13,548 22,103 21,296 19,589 21,292 22,606 22,361 23,022 24,043 93 Total payable in U.S. dollars 105,907 108,178 116,094 112,118 112,981 106,568 104,074 104,519 99,752 100,131 94 Negotiable CDs 22,063 18,143 12,710 12,790 13,816 13,291 11,610 10,833 12,758 12,337 95 To United States 32,588 33,056 34,697 29,480 30,779 24,690 24,245 27,106 22,355 23,788 96 Parent bank 26,404 28,812 29,955 24,164 25,450 20,391 18,457 21,848 17,924 18,949 97 Other banks in United States 1,752 1,065 1,156 926 800 848 1,002 892 1,233 1,216 98 Nonbanks 4,432 3,179 3,586 4,390 4,529 3,451 4,786 4,366 3,198 3,623 99 To foreigners 47,083 50,517 60,014 60,977 59,985 59,440 58,849 58,068 55,433 54,848 100 Other branches of parent bank 18,561 18,384 25,957 21,339 24,049 22,452 21,671 20,452 19,509 18,480 101 Banks 13,407 12,244 9,488 12,976 10,112 9,931 9,654 8,758 9,678 9,731 102 Official institutions 4,348 5,454 4,692 6,587 6,188 8,239 8,914 10,032 7,519 7,929 103 Nonbank foreigners 10,767 14,435 19,877 20,075 19,636 18,818 18,610 18,826 18,727 18,708 104 Other liabilities 4,173 6,462 8,673 8,871 8,401 9,147 9,370 8,512 9,206 9,158 Bahamas and Caymans 105 Total, all currencies 170,639 176,006 162,316 168,998r 164,316" 165,178" 159,196" 168,389 169,271 165,281 106 Negotiable CDs 953 678 646 629 729 674 694 696 904 963 107 To United States 122,332 124,859 114,738 123,020r 119,719" 121,608" 115,576" 125,377 126,310 121,799 108 Parent bank 62,894 75,188 74,941 78,908r 73,337" 74,377" 71,888" 76,196 80,795 75,897 109 Other banks in United States 11,494 8,883 4,526 7,624r 8,223" 7,548" 6,410" 9,438 7,473 7,029 110 Nonbanks 47,944 40,788 35,271 36,488r 38,159" 39,683" 37,278" 39,743 38,042 38,873 111 To foreigners 45,161 47,382 44,444 42,472 41,660 40,289 40,629 40,180 39,624 39,994 112 Other branches of parent bank 23,686 23,414 24,715 22,923 22,303 21,645 22,017 21,701 21,765 21,846 113 Banks 8,336 8,823 5,588 6,105 6,232 5,837 5,765 5,734 4,877 5,558 114 Official institutions 1,074 1,097 622 728 674 676 736 931 661 655 115 Nonbank foreigners 12,065 14,048 13,519 12,716 12,451 12,131 12,111 11,814 12,321 11,935 116 Other liabilities 2,193 3,087 2,488 2,877 2,208" 2,607" 2,297 2,136 2,433 2,525 117 Total payable in U.S. dollars 162,950 171,250 157,132 163,639" 159,173" 160,897" 154,971" 164,101 164,935 160,723 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 1991 Feb. Apr.r Mayr Juner Julyr 1 Total1 312,477 344,504 363,540 349,9% 344,605 351,017 346,511 349,770 By type 2 Liabilities reported by banks in the United States 36,496 39,855 44,562 42,240 39,057 41,891 41,156 43,242 3 U.S. Treasury bills and certificates 76,985 79,424 83,939 83,990 81,087 82,421 84,526 86,071 U.S. Treasury bonds and notes 4 Marketable 179,269 202,487 212,203 200,203 201,089 203,109 197,277 196,573 5 Nonmarketable 568 4,491 4,550 4,580 4,610 4,642 4,672 4,704 6 U.S. securities other than U.S. Treasury securities- 19,159 18,247 18,286 18,983 18,762 18,954 18,880 19,180 By area 7 Western Europe1 132,849 167,191 175,420 166,516 163,012 167,009 163,994 166,267 8 Canada 9,482 8,671 7,899 8,466 8,453 9,507 9,229 9,260 9 Latin America and Caribbean 9,313 21,159 23,708 24,639 25,355 27,732 29,415 30,032 10 Asia 153,338 138,096 146,176 139,759 137,662 136,510 133,764 134,260 11 Africa 1,030 1,434 1,439 1,802 1,171 1,184 1,254 1,178 12 Other countries 6,469 7,955 8,897 8,814 8,953 9,073 8,851 8,771 1. Includes the Bank for International Settlements. bonds and notes payable in foreign currencies; zero coupon bonds are included at 2. Principally demand deposits, time deposits, bankers acceptances, commer- current value. cial paper, negotiable time certificates of deposit, and borrowings under repur- 5. Debt securities of U.S. government corporations and federally sponsored chase agreements. agencies, and U.S. corporate stocks and bonds. 3. Includes nonmarketable certificates of indebtedness (including those payable 6. Includes countries in Oceania and Eastern Europe. in foreign currencies through 1974) and Treasury bills issued to official institutions SOURCE. Based on Treasury Department data and on data reported to the of foreign countries. Treasury Department by banks (including Federal Reserve Banks) and securities 4. Excludes notes issued to foreign official nonreserve agencies. Includes dealers in the United States and on the 1984 benchmark survey of foreign portfolio investment in the United States. 3.16 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in Foreign Currencies1 Millions of dollars, end of period 1990 1991 IItteemm 11998877 11998888 11998899 Sept. Dec.r Mar.r Juner 55,438 74,980 67,835 71,028 70,413 64,347 59,179 51,271 68,983 65,127 68,675 66,855 67,309 61,442 18,861 25,100 20,491 27,206 29,672 27,510 27,545 32,410 43,884 44,636 41,470 37,182 39,799 33,897 551 364 3,507 2,843 10,594 7,357 13,191 1. Data on claims exclude foreign currencies held by U.S. monetary author- 2. Assets owned by customers of the reporting bank located in the United ities. States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • December 1991 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 1991 HHoollddeerr aanndd ttyyppee ooff lliiaabbiilliittyy 11998888 11998899 11999900rr Feb.r Mar.r Apr.r Mayr Juner Julyr Aug.p 1 All foreigners 685,339 736,878 754,005 759,593 749,186 732,847 727,365 723,281 722,306 728,087 7 Banks' own liabilities 514,532 577,498 577,190 576,507 570,187 562,129 556,510 549,382 547,578 551,373 3 Demand deposits 21,863 22,032 21,723 20,144 20,217 19,751 18,863 18,796 17,918 18,403 4 Time deposits 152,164 168,780 168,003 162,349 163,986 157,148 151,772 148,452 148,443 148,226 Other 51,366 67,823 65,809 75,217 71,785 73,718 72,632 65,438 66,981 71,881 6 Own foreign offices4 289,138 318,864 321,655 318,797 314,199 311,512 313,244 316,696 314,236 312,863 7 Banks' custody liabilities5 170,807 159,380 176,815 183,087 178,999 170,718 170,855 173,899 174,728 176,714 8 U.S. Treasury bills and certificates 115,056 91,100 96,796 103,934 102,120 97,311 98,019 100,876 101,736 104,919 9 Other negotiable and readily transferable instruments7 16,426 19,526 17,578 18,288 17,633 16,475 16,959 17,944 17,287 16,381 10 Other 39,325 48,754 62,441 60,865 59,246 56,933 55,876 55,079 55,705 55,414 11 Nonmonetary international and regional organizations 3,224 4,894 5,918 6,555 6,669 6,237 6,057 55,,991177 66,,221188 66,,888844 1? Banks' own liabilities 2,527 3,279 4,540 4,092 4,806 5,061 4,675 3,863 4,109 4,910 13 Demand deposits 71 96 36 40 22 76 24 26 44 28 14 Time deposits2 1,183 927 1,050 1,684 2,034 1,980 2,151 2,010 1,732 1,540 15 Other3 1,272 2,255 3,455 2,368 2,750 3,006 2,501 1,827 2,333 3,342 16 Banks' custody liabilities5 698 1,616 1,378 2,462 1,863 1,176 1,381 2,054 2,109 1,974 17 U.S. Treasury bills and certificates 57 197 364 1,620 1,103 275 662 1,287 1,404 1,269 18 Other negotiable and readily transferable instruments7 641 1,417 1,014 842 760 901 719 767 705 705 19 Other 0 2 0 0 0 0 0 0 0 0 20 Official institutions9 135,241 113,481 119,278 128,501 126,230 120,144 124,311 125,682 129,313 135,923 71 Banks' own liabilities 27,109 31,108 34,885 40,134 38,570 36,096 38,545 36,788 38,711 42,973 2.2 Demand deposits 1,917 2,196 1,924 1,579 1,643 1,633 1,448 1,542 1,398 1,684 73 Time deposits2 9,767 10,495 14,334 13,406 13,926 13,546 14,346 14,638 14,912 14,765 24 Other3 15,425 18,417 18,628 25,150 23,000 20,917 22,751 20,608 22,401 26,524 75 Banks' custody liabilities5 108,132 82,373 84,393 88,366 87,661 84,048 85,766 88,894 90,602 92,950 26 U.S. Treasury bills and certificates6 103,722 76,985 79,424 83,939 83,990 81,087 82,421 84,526 86,071 88,603 27 Other negotiable and readily transferable instruments7 4,130 5,028 4,766 4,054 3,578 2,831 3,194 4,101 4,324 4,172 28 Other 280 361 203 374 92 130 152 267 207 175 29 Banks10 459,523 515,275 535,202 528,235 521,431 510,795 500,983 499,494 494,397 495,040 30 Banks' own liabilities 409,501 454,273 458,457 451,394 446,766 440,068 432,311 431,592 427,307 427,766 M Unaffiliated foreign banks 120,362 135,409 136,802 132,598 132,567 128,555 119,068 114,896 113,071 114,903 3? Demand deposits 9,948 10,279 10,053 9,521 10,052 9,073 8,674 8,584 8,423 8,248 33 Time deposits 80,189 90,557 88,558 82,509 84,205 79,232 72,355 69,826 70,085 71,467 34 Other3 30,226 34,573 38,192 40,567 38,310 40,250 38,038 36,486 34,563 35,188 35 Own foreign offices4 289,138 318,864 321,655 318,797 314,199 311,512 313,244 316,696 314,236 312,863 36 Banks' custody liabilities5 50,022 61,002 76,745 76,841 74,666 70,728 68,672 67,903 67,090 67,274 37 U.S. Treasury bills and certificates6 7,602 9,367 10,669 11,169 10,674 10,030 8,712 8,666 7,970 8,242 38 Other negotiable and readily transferable instruments7 5,725 5,124 5,341 6,450 6,449 6,116 5,877 5,833 5,408 55,,118844 39 Other 36,694 46,510 60,735 59,222 57,543 54,582 54,083 53,404 53,712 53,848 40 Other foreigners 87,351 103,228 93,606 96,303 94,856 95,671 96,014 92,188 92,378 90,240 41 Banks' own liabilities 75,396 88,839 79,307 80,886 80,046 80,905 80,978 77,139 77,451 75,724 4? Demand deposits 9,928 9,460 9,711 9,004 8,500 8,969 8,717 8,644 8,053 8,443 43 Time deposits 61,025 66,801 64,062 64,749 63,820 62,391 62,920 61,977 61,714 60,454 44 Other 4,443 12,577 5,534 7,132 7,725 9,545 9,341 6,518 7,684 6,827 45 Banks' custody liabilities5 11,956 14,389 14,299 15,417 14,810 14,766 15,035 15,049 14,927 14,516 46 U.S. Treasury bills and certificates6 3,675 4,551 6,339 7,206 6,354 5,919 6,224 6,397 6,291 6,805 47 Other negotiable and readily transferable instruments7 5,929 7,958 6,457 6,943 6,845 6,626 7,170 7,244 6,850 6,320 48 Other 2,351 1,880 1,503 1,269 1,611 2,221 1,642 1,408 1,786 1,391 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 6,425 7,203 7,073 6,770 7,209 7,321 7,563 7,934 6,813 6,569 1. Reporting banks include all kinds of depository institutions besides commer- 5. Financial claims on residents of the United States, other than long-term cial banks, as well as some brokers and dealers. securities, held by or through reporting banks. 2. Excludes negotiable time certificates of deposit, which are included in 6. Includes nonmarketable certificates of indebtedness and Treasury bills "Other negotiable and readily transferable instruments." issued to official institutions of foreign countries. 3. Includes borrowing under repurchase agreements. 7. Principally bankers acceptances, commercial paper, and negotiable time 4. For 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 8. Principally the International Bank for Reconstruction and Development and regulatory agencies. For agencies, branches, and majority-owned subsidiaries of the Inter-American and Asian Development Banks. Data exclude "holdings of foreign banks, consists principally of amounts due to head office or parent foreign dollars" of the International Monetary Fund. bank, and foreign branches, agencies, or wholly owned subsidiaries of head office 9. Foreign central banks, foreign central governments, and the Bank for or parent foreign bank. International Settlements. 10. Excludes central banks, which are included in "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A59 3.17—Continued 1991 Area and country 11998888 11998899 11999900 Feb. Mar. Apr. May June Julyr 1 Total 685,339 736,878 754,005R 759,593R 749,186R 732,847R 727,365R 723,281R 722,306 2 Foreign countries 682,115 731,984 748,087R 753,039R 742,517R 726,610"" 721,308R 717,364R 716,088 3 Europe 231,912 237,501 254,452r 251,531r 250,208r 241,708r 238,174r 236,448r 228,711 4 5 A B u el s g tr i i u a m -Luxembourg 10 1 , , 0 1 2 5 2 5 1 1 0 , , 2 6 3 4 3 8 12 1 , , 3 22 8 9 2 r 12 1 , ,5 5 2 4 2 2 r 11 1 22 , ,, 4 22 9 22 3 11 r rr 1 1 2 , , 1 3 4 9 7 3 r ll 1 , , 5 1 9 0 3 0 r 11 1 , , 8 06 5 7 4 r 1 1 2 , , 2 2 3 9 5 0 6 Denmark 2,200 1,415 1,399 1,013 998833 945 988 1,370 1,197 7 9 8 G F F i r e n a r l n m a c n a e d n y 2 6 4 , , 7 7 2 7 7 8 2 7 5 2 7 6 , , 5 9 5 7 0 7 8 3 0 3 7 0, , 6 9 4 0 4 8 2 6 5 r 2 9 7 , , 4 7 8 8 4 9 9 2 1 r r 28 9 , , 6 2 1 6 1 3 2 0 3 r r 2 8 6, , 9 4 7 6 3 2 9 4 6 " r 2 8 6 , , 4 4 2 5 7 8 3 0 8 r 26 7 , , 3 7 8 3 8 2 2 2 2 r r 2 7 6 1 , , , 0 7 2 4 4 2 3 6 3 1 1 0 1 G Ita re ly e ce 14, 6 5 7 9 2 9 1 1 6 , , 0 1 2 6 8 9 17, 9 7 3 3 4 5 r 17, 7 5 9 0 7 4 r 17, 7 3 4 6 7 6 r 15, 8 0 0 4 9 3 r 14, 7 7 8 2 5 3 r 14, 7 3 9 4 1 5 r 13,8 8 8 3 2 0 1 1 2 3 N N e o t r h w e a r y la nds 5 1 , , 3 5 1 5 6 9 6 2 , , 6 40 1 1 3 2 5 , , 3 3 5 5 7 0 r r 6 2 , , 3 0 9 7 7 7 r 6 2 , , 2 1 0 2 4 0 r 6 l, , 0 7 9 73 8 r 6 l, , 1 6 6 86 7 r 6 1 , , 1 9 0 2 0 6 r 6 1 , , 0 6 6 5 9 3 14 Portugal 903 2,418 2,958 2,684 2,778 2,628 2,410 2,392 2,279 15 Spain 5,494 4,364 7,544 8,073 9,784 10,006 10,095 9,392 10,496 1 1 6 7 S S w wi e t d z e e n r land 34 1 , , 1 2 9 8 9 4 34 1 , , 4 4 9 9 6 1 36 1 , , 6 8 9 3 0 7 " 37,2 7 1 59 6 r 38 1 ,2 ,1 0 5 0 9 "^ 36,7 7 1 20 6 r 34,8 5 8 25 4 r 36,1 7 2 45 4 r 34,8 8 1 5 8 8 18 Turkey 1,012 1,818 1,169 1,195 1,480 1,490 1,535 l,806r 1,720 19 United Kingdom 111,811 102,362 109,555r 103,919r 110033,,110011rr 101,567r 99,879" 98,199r 89,980 20 Yugoslavia 529 1,474 928 959 884488 1,034 953 925r 1,016 21 Other Western Europe11 8,598 13,563 11,689 1144,,005500"" 10,891r 10,335r 12,797r 11,371r 12,423 22 U.S.S.R ., 138 350 119 8888 106 138 129 178 75 23 Other Eastern Europe12 591 608 l,545r 2,613r 2,722 2,739r 2,713r 2,925r 2,878 24 Canada 21,062 18,865 20,349" 23,849r 23,447r 23,264r 22,740" 23,850r 22,522 25 Latin America and Caribbean 271,146 311,028 327,370" 335,841r 325,968r 325,444r 328,845r 328,380r 335,216 26 Argentina 7,804 7,304 7,365r 7,675r 7,868r 7,704r 7,591r 7,519r 7,110 27 Bahamas 86,863 99,341 107,386 102,264 96,313r %,307 97,485 %,855 97,976 28 Bermuda 2,621 2,884 2,822r 3,008 2,885r 2,753 3,054 2,919 3,110 29 Brazil 5,314 6,351 5,834r 6,291r 6,472r 5,806r 5,756r 5,749r 5,806 30 British West Indies 113,840 138,309 141,719r 154,518r 150,752r 150,993r 151,629r 150,939r 157,246 31 Chile 2,936 3,212 3,145 3,063 2,995 3,107 3,240 3,233 3,308 32 Colombia 4,374 4,653 4,492 4,307r 3,785r 4,347r 4,408r 4,448 4,422 33 Cuba 10 10 11 8 7 8 8 7 2 34 Ecuador 1,379 1,391 1,379 1,332 1,319 1,260 1,293 1,288 1,270 35 Guatemala 1,195 1,312 1,541 1,580 1,617 1,571 1,595 1,664 1,641 36 Jamaica 269 209 257 256 268 233 237 273 219 37 Mexico 15,185 15,423 16,625 17,156r 17,405 17,508 18,657 19,552 20,008 38 Netherlands Antilles 6,420 6,310 7,357r 6,934r 6,sir 6,874r 5,962r 5,935r 5,830 4 3 0 9 P P e a r n u a ma 4 1 , , 3 6 5 7 3 1 4 1 , , 3 9 6 8 2 4 4 l, , 2 5 9 7 4 4 r r 4 l, , 3 3 2 4 2 9 r r 4 l, , 3 4 6 5 2 0 r r 4 1 , , 2 4 9 2 0 7 r r 4 l, , 4 5 1 4 2 9 r r 4 l, , 3 6 4 7 1 2 r r 4 1 , , 4 3 3 3 8 4 41 Uruguay 1,898 2,284 2,520 2,639 2,509 2,463 2,488 2,573 2,452 42 Venezuela 9,147 9,482 12,271r 12,094r 12,266 11,833 12,665r 12,585r 12,176 43 Other 5,868 6,206 6,779 7,045r 7,117r 6,959r 6,815r 6,828r 6,868 44 Asia 147,838 156,201 136,842r 132,441r 133,878r 127,737r 122,893r 120,618r 121,770 China 45 Mainland 1,895 1,773 2,421 2,720 3,030 2,415 2,446 2,412 2,408 46 Taiwan 26,058 19,588 ll,246r ll,142r ll,296r 11,001 10,649 9,838 11,178 47 Hong Kong 12,248 12,416 12,754r 14,85LR 15,794r 16,141r 15,035r 14,582r 14,570 48 India 699 780 1,233 1,628 1,948r 1,895r 1,968 1,959 2,122 49 Indonesia 1,180 1,281 1,238 1,719 1,941 1,309 1,303 1,612 1,163 50 Israel 1,461 1,243 2,767 2,509 2,966r 2,849 2,564 2,355 2,376 51 Japan 74,015 81,184 67,074r 61,096r 56,83LR 53,172 52,031 51,482 50,009 52 Korea 2,541 3,215 2,287r 2,186 2,215r 2,887 2,193 2,102 2,326 53 Philippines 1,163 1,766 1,585 1,655 1,609 1,681 1,521 1,587 1,537 5 5 5 4 5 6 T O M h t i h a d i e d l r a l e n - d E ast oil-exporting countries13 1 1 1 2 3 , , , 2 0 2 3 8 6 6 3 0 1 1 2 3 7 , , , 0 4 3 9 9 7 3 1 0 1 1 1 6 5 , , , 4 9 8 4 6 2 3 5 9 1 1 2 3 7 , , , 1 6 0 4 9 9 8 3 4 r 1 1 2 5 8 , , , 4 6 2 0 4 0 3 2 4 r 1 1 2 4 7 , , , 5 6 1 7 5 6 1 5 2 1 1 2 6 4 , , , 5 5 1 0 6 2 2 0 2 r 1 1 2 3 6 , , , 3 3 9 8 5 4 6 5 9 r 1 1 2 5 5 , , , 3 7 9 6 3 7 7 8 6 57 Africa 3,991 3,824 4,630 5,153 4,908 4,495 4,695 4,188r 3,929 58 Egypt 911 686 1,425 1,416 1,449 927 1,364 1,017 999 59 Morocco 68 78 104 90 91 89 97 122 81 60 South Africa 437 206 228 317 312 220 202 241 221 61 Zaire 85 86 53 50 52 50 52 45 24 62 Oil-exporting countries14 1,017 1,121 1,110 1,528 1,370 1,434 1,140 1,105 960 63 Other 1,474 1,648 1,710 1,751 1,634 1,776 1,840 l,658r 1,644 64 Other countries 6,165 4,564 4,444r 4,224 4,109 3,962r 3,962 3,879 3,940 65 Australia 5,293 3,867 3,807 3,434 3,131 3,118 3,232 3,097 3,168 66 All other 872 697 637 789r 978 845 730 78 lr 772 67 Nonmonetary international and regional organizations 3,224 4,894 5,918 6,555 6,669 6,237 6,057 5,917 6,218 68 International15 2,503 3,947 4,390 4,880 5,108 4,895 4,641 4,025 4,338 69 Latin American regional 589 684 1,048 1,235 1,170 913 802 1,410 1,273 70 Other regional16 133 263 479 440 391 429 614 482 607 11. Includes the Bank for International Settlements and Eastern European 14. Comprises Algeria, Gabon, Libya, and Nigeria. countries not listed in line 23. 15. Excludes "holdings of dollars" of the International Monetary Fund. 12. Comprises Bulgaria, Czechoslovakia, Hungary, Poland, and Romania. 16. Asian, African, Middle Eastern, and European regional organizations, 13. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and except the Bank for International Settlements, which is included in "Other United Arab Emirates (Trucial States). Western Europe." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 International Statistics • December 1991 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. Dollars Millions of dollars, end of period 1991r AArreeaa aanndd ccoouunnttrryy 11998888 11998899 11999900 Feb. Mar. Apr. May June July Aug.p 1 Total 491,165 534,492 511,543r 511,492r 498,454 508,419 503,064 504,738 496,498 502,027 2 Foreign countries 489,094 530,630 506,750r 507,647r 495,953 505,558 500,134 500,656 494,770 499,605 3 Europe 116,928 119,025 113,093r 107,695r 104,309 100,367 99,221 99,001 97,746 98,605 4 Austria 483 415 362 3991 270 392 220 303 269 185 5 Belgium-Luxembourg 8,515 6,478 5,473r 5,920r 5,685 5,472 7,841 6,721 5,951 6,514 6 Denmark 483 582 497 472 598 765 909 896 898 945 7 Finland 1,065 1,027 1,047 l^ 1,152 1,168 862 668 642 766 8 France 13,243 16,146 14,468r 14,422r 14,961 13,934 13,578 14,302 14,327 13,826 9 Germany 2,329 2,865 3,343 3,618r 3,305 3,236 2,631 2,782 2,690 3,222 10 Greece 433 788 727 652 667 688 762 654 619 495 11 Italy 7,936 6,662 6,052r 5,672r 6,617 5,429 5,827 6,329 6,001 5,931 12 Netherlands 2,541 1,904 l,761r 2,123r 2,134 2,222 1,960 2,122 2,234 2,106 13 Norway 455 609 782 670 765 679 695 701 661 594 14 Portugal 261 376 292 292 384 293 322 378 260 308 15 Spain 1,823 1,930 2,668 2,526 3,334 3,344 3,082 2,056 2,582 1,995 16 Sweden 1,977 1,773 2,094r 2,336 2,314 1,944 1,937 1,968 1,848 1,633 17 Switzerland 3,895 6,141 4,202r 2,448r 3,167 3,240 3,487 2,969 3,627 3,596 18 Turkey 1,233 1,071 1,405 1,509 1,537 1,440 1,445 1,593 1,459 1,407 19 United Kingdom 65,706 65,527 65,I51r 60,403r 53,948 52,553 50,159 51,363 50,592 51,573 20 Yugoslavia 1,390 1,329 1,142 980 991 1,012 965 932 877 820 21 Other Western Europe2 1,152 1,302 597 851 1,141 1,118 999 734 841 1,032 22 U.S.S.R 1,255 1,179 530 501 781 904 956 911 782 1,015 23 Other Eastern Europe3 754 921 499 545 558 533 585 618 586 642 24 Canada 18,889 15,451 16,091r 19,374r 17,077 17,600 17,713 17,431 16,699 14,465 25 Latin America and Caribbean 214,264 230,438 231,506r 238,887r 235,487 240,899 244,314 248,511 245,773 248,936 26 Argentina 11,826 9,270 6,967r 6,694r 6,574 6,420 6,363 6,128 5,955 5,839 27 Bahamas 66,954 77,921 76,525' 81,098r 74,111 77,231 79,429 78,024 81,250 78,330 28 Bermuda 483 1,315 4,056r 3,702r 4,133 4,935 7,182 3,893 5,813 11,773 29 Brazil 25,735 23,749 17,995r 17,939r 18,324 16,524 15,594 15,249 12,351 12,336 30 British West Indies 55,888 68,749 88,565r 99,035r 102,240 105,220 105,686 114,954 110,379 109,957 31 Chile 5,217 4,353 3,271 3,237 3,169 3,050 3,032 2,917 2,823 3,425 32 Colombia 2,944 2,784 2,587r 2,528 2,443 2,334 2,281 2,349 2,202 2,369 33 Cuba 1 1 0 0 0 0 0 0 0 0 34 Ecuador 2,075 1,688 1,387 1,361 1,325 1,326 1,339 1,344 1,263 1,238 35 Guatemala 198 197 191 192r 212 222 220 203 190 182 36 Jamaica 212 297 238 171 224 197 181 187 144 150 37 Mexico 24,637 23,376 14,85lr 14,828r 15,091 15,609 15,177 15,411 15,450 15,354 38 Netherlands Antilles 1,306 1,921 7,998 1,599 1,298 1,496 1,589 1,639 1,563 1,540 39 Panama 2,521 1,740 1,471 1,502 1,479 1,475 1,410 1,423 1,501 1,490 40 Peru 1,013 771 663 691 697 670 722 726 712 728 41 Uruguay 910 929 786 626 588 620 615 590 577 571 42 Venezuela 10,733 9,652 2,571r 2,256r 2,170 2,211 2,223 2,222 2,405 2,397 43 Other 1,612 1,726 1,384r 1,429r 1,409 1,360 1,271 1,252 1,195 1,257 44 Asia 130,881 157,474 138,722r 134,21 lr 131,514 139,243 131,465 128,051 127,229 130,117 China 45 Mainland 762 634 620 497 723 641 567 992 659 575 46 Taiwan 4,184 2,776 1,952r 1,486r 1,277 1,685 1,390 2,019 1,696 1,522 47 Hong Kong 10,143 11,128 10,648r 8,798r 9,737 10,891 9,870 9,217 8,871 9,099 48 India 560 621 655 590 556 574 478 432 409 425 49 Indonesia 674 651 933 1,081 1,136 1,029 982 891 874 860 50 Israel 1,136 813 774 842 952 871 829 851 815 904 51 Japan 90,149 111,300 90,699"^ 90,040"^ 84,810 91,482 88,821 85,689 88,075 90,599 52 Korea 5,213 5,323 5,766r 6,042r 6,224 6,193 5,584 5,924 5,597 5,383 53 Philippines 1,876 1,344 1,247 1,261 1,445 1,478 1,452 1,506 1,647 1,682 54 Thailand 848 1,140 1,573 1,791 1,764 1,662 1,747 1,977 1,975 1,870 55 Middle East oil-exporting countries4 6,213 10,149 10,749 12,096 12,386 12,286 9,636 10,468 9,771 9,741 56 Other 9,122 11,594 13,106r 9,688 10,504 10,449 10,110 8,087 6,840 7,457 57 Africa 5,718 5,890 5,445 5,424 5,488 5,355 5,464 5,429 5,417 5,337 58 Egypt 507 502 380 314 304 304 305 315 324 315 59 Morocco 511 559 513 511 538 538 603 590 597 576 60 South Africa 1,681 1,628 1,525 1,518 1,628 1,627 1,641 1,626 1,627 1,610 61 Zaire 17 16 16 21 17 18 18 12 9 9 62 Oil-exporting countries 1,523 1,648 1,486 1,478 1,452 1,372 1,365 1,336 1,285 1,273 63 Other 1,479 1,537 1,525 1,582 1,547 1,497 1,533 1,550 1,575 1,554 64 Other countries 2,413 2,354 1,892r 2,056r 2,078 2,093 1,957 2,233 1,906 2,145 65 Australia 1,520 1,781 1,413 l,546r 1,467 1,569 1,470 1,621 1,384 1,464 66 All other 894 573 479 511/ 611 524 487 611 522 681 67 Nonmonetary international and regional organizations6 2,071 3,862 4,793 3,844 2,501 2,861 2,930 4,081 1,728 2,422 1. Reporting banks include all kinds of depository institutions besides commer- 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and cial banks, as well as some brokers and dealers. United Arab Emirates (Trucial States). 2. Includes the Bank for International Settlements and Eastern European 5. Comprises Algeria, Gabon, Libya, and Nigeria. countries not listed in line 23. 6. Excludes the Bank for International Settlements, which is included in 3. Comprises Bulgaria, Czechoslovakia, Hungary, Poland, and Romania. "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 States1 Payable in U.S. Dollars Millions of dollars, end of period 1991R TTyyppee ooff ccllaaiimm 11998888 11998899 11999900RR Feb. Mar. Apr. May June July Aug.P 1 Total 555555533333338888888,,,,,,,666666688888889999999 555555599999993333333,,,,,,,000000088888887777777 555555577777777777777,,,,,,,222222211111113333333 555555566666661111111,,,,,,,444444444444441111111 555555577777770000000,,,,,,,444444477777776666666 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 444444499999991111111,,,,,,,111111166666665555555 555555533333334444444,,,,,,,444444499999992222222 555555511111111111111,,,,,,,555555544444443333333 511,492 444444499999998888888,,,,,,,444444455555554444444 508,419 503,064 555555500000004444444,,,,,,,777777733333338888888 496,498 502,027 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 66666662222222,,,,,,,666666655555558888888 66666660000000,,,,,,,555555511111111111111 44444441111111,,,,,,,888888833333338888888 43,781 44444443333333,,,,,,,999999944444446666666 42,960 38,928 33333339999999,,,,,,,333333311111115555555 34,511 35,356 44 OOwwnn ffoorreeiiggnn ooffffiicceess 222222255555557777777,,,,,,,444444433333336666666 222222299999996666666,,,,,,,000000011111111111111 333333300000004444444,,,,,,,333333311111115555555 307,386 222222299999999999999,,,,,,,000000044444445555555 304,028 298,517 333333300000005555555,,,,,,,999999911111114444444 305,150 300,603 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 111111122222229999999,,,,,,,444444422222225555555 111111133333334444444,,,,,,,888888888888885555555 111111111111117777777,,,,,,,888888866666660000000 116,613 111111111111110000000,,,,,,,666666600000005555555 112,640 117,674 111111111111114444444,,,,,,,888888855555558888888 115,035 116,949 66 DDeeppoossiittss 66666665555555,,,,,,,888888899999998888888 77777778888888,,,,,,,111111188888885555555 66666665555555,,,,,,,222222255555552222222 69,105 66666663333333,,,,,,,111111100000000000000 64,748 68,822 66666668888888,,,,,,,666666699999995555555 68,596 70,695 77 OOtthheerr 66666663333333,,,,,,,555555522222227777777 55555556666666,,,,,,,777777700000000000000 55555552222222,,,,,,,666666600000008888888 47,508 44444447777777,,,,,,,555555500000005555555 47,892 48,852 44444446666666,,,,,,,111111166666662222222 46,439 46,254 88 AAllll ootthheerr ffoorreeiiggnneerrss 44444441111111,,,,,,,666666644444446666666 44444443333333,,,,,,,000000088888885555555 44444447777777,,,,,,,555555533333330000000 43,712 44444444444444,,,,,,,888888855555558888888 48,791 47,945 44444444444444,,,,,,,666666655555550000000 41,802 49,119 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss33...... 44444447777777,,,,,,,555555522222224444444 55555558888888,,,,,,,555555599999994444444 66666665555555,,,,,,,666666677777770000000 66666662222222,,,,,,,999999988888887777777 66666665555555,,,,,,,777777733333338888888 8888888,,,,,,,222222288888889999999 11111113333333,,,,,,,000000011111119999999 11111114444444,,,,,,,333333377777775555555 11111117777777,,,,,,,000000044444443333333 11111119999999,,,,,,,333333388888880000000 11 Negotiable and readily transferable 22222225555555,,,,,,,777777700000000000000 33333330000000,,,,,,,999999988888883333333 44444440000000,,,,,,,999999988888887777777 33333334444444,,,,,,,999999955555550000000 33333335555555,,,,,,,444444400000004444444 12 Outstanding collections and other 11111113333333,,,,,,,555555533333335555555 11111114444444,,,,,,,555555599999992222222 11111110000000,,,,,,,333333300000007777777 11111110000000,,,,,,,999999999999994444444 11111110000000,,,,,,,999999955555553333333 13 MEMO: Customer liability on 11111119999999,,,,,,,555555599999996666666 11111112222222,,,,,,,888888899999999999999 11111113333333,,,,,,,666666655555559999999 11111111111111,,,,,,,777777766666661111111 11111110000000,,,,,,,444444466666668888888 1144 DDoollllaarr ddeeppoossiittss iinn bbaannkkss aabbrrooaadd,, rreeppoorrtteedd bbyy nnoonnbbaannkkiinngg bbuussiinneessss eenntteerrpprriisseess iinn tthhee UUnniitteedd SSttaatteess55 45,360 45,744R 44,562 44,002 43,731 42,700 40,087 36,128 40,370 n.a. 1. Data for banks' own claims are given on a monthly basis, but the data for subsidiaries of head office or parent foreign bank. claims of banks' own domestic customers are available on a quarterly basis only. 3. Assets owned by customers of the reporting bank located in the United Reporting banks include all kinds of depository institutions besides commercial States that represent claims on foreigners held by reporting banks for the account banks, as well as some brokers and dealers. of their domestic customers. 2. For U.S. banks, includes amounts due from own foreign branches and 4. Principally negotiable time certificates of deposit and bankers acceptances. foreign subsidiaries consolidated in "Consolidated Report of Condition" filed 5. Includes demand and time deposits and negotiable and nonnegotiable with bank regulatory agencies. For agencies, branches, and majority-owned certificates of deposit denominated in U.S. dollars issued by banks abroad. For subsidiaries of foreign banks, consists principally of amounts due from head office description of changes in data reported by nonbanks, see July 1979 Bulletin, or parent foreign bank, and foreign branches, agencies, or wholly owned p. 550. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States1 Payable in U.S. Dollars Millions of dollars, end of period 1990 1991 MMaattuurriittyy,, bbyy bboorrrroowweerr aanndd aarreeaa 11998877 11998888 11998899 Sept. Dec.r Mar.r June 1 235,130 233,184 238,123 213,853r 207,035 199,171 198,319 By borrower ? Maturity of one year or less 163,997 172,634 178,346 166,634r 165,773 115588,,114466 115588,,000022 3 Foreign public borrowers 25,889 26,562 23,916 21,707r 19,310 21,205 18,442 4 All other foreigners 138,108 146,071 154,430 144,927r 146,463 136,941 139,560 5 Maturity of more than one year 71,133 60,550 59,776 47,218 41,262 41,025 40,317 6 Foreign public borrowers 38,625 35,291 36,014 26,354 22,406 22,435 20,613 7 All other foreigners 32,507 25,259 23,762 20,864 18,855 18,590 19,704 By area Maturity of one year or less2 8 Europe 59,027 55,909 53,913 51,202r 49,157 4499,,559933 4499,,550099 9 Canada 5,680 6,282 5,910 5,499 5,439 5,909 7,196 10 Latin America and Caribbean 56,535 57,991 53,003 44,512r 49,731 42,686 40,563 11 35,919 46,224 57,755 56,138r 53,134 54,032 52,921 1? Africa 2,833 3,337 3,225 2,954 3,040 3,008 2,945 13 All other3 4,003 2,891 4,541 6,330 5,272 2,918 4,868 Maturity of more than one year2 14 Europe 6,696 4,666 4,121 4,424 3,869 44,,332299 44,,330088 15 Canada 2,661 1,922 2,353 3,033 3,291 3,387 3,891 16 Latin America and Caribbean 53,817 47,547 45,816 31,284 25,977 24,962 23,758 17 3,830 3,613 4,172 5,664 5,189 5,404 5,709 18 1,747 2,301 2,630 2,546 2,374 2,426 2,456 19 All other3 2,381 501 684 266 561 517 195 1. Reporting banks include all kinds of depository institutions besides commer- 2. Remaining time to maturity, cial banks, as well as some brokers and dealers. 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • December 1991 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1 Billions of dollars, end of period 1989 1990 1991 198/ 1988 June Sept. Dec. Mar. June Sept. Dec. Mar. June 382.4 346.3 340.0 346.5 338.8 333.9r 321.7r 332. lr 317.8r 324.8r 319.8r 159.7 152.7 145.1 146.4 152.9 146.6r 139.3 144.3 132.1 129.6 129.7 10.0 9.0 7.8 6.9 6.3 6.7r 6.2 6.5 5.9 6.2 6.1 13.7 10.5 10.8 11.1 11.7 10.4 10.2 11.1 10.4 9.7 10.5 12.6 10.3 10.6 10.4 10.5 11.2 11.2 11.1 10.6 8.8 8.1 7.5 6.8 6.1 6.8 7.4 5.9 5.4 4.4 5.0 4.0 3.6 4.1 2.7 2.8 2.4 3.1 3.1 2.7 3.8 3.0 3.3 3.3 2.1 1.8 1.8 2.0 2.0 2.1 2.3 2.3 2.2 2.0r 2.4 5.6 5.4 5.4 6.1 7.1 6.2 6.3 5.6 4.4 3.7 3.3 68.8 66.2 64.5 63.7 67.2 64.0r 59^ 62.5 60.8 62.0 59.8 5.5 5.0 5.1 5.9 5.4 .t• oo Area or country 1 Total 2 G-10 countries and Switzerland 3 Belgium-Luxembourg 4 France 5 Germany 6 Italy 7 Netherlands 8 Sweden 9 Switzerland 10 United Kingdom 11 Canada 5.1 5.1 5.9 6.7 8.1r 12 Japan 29.8 34.9 30.2 31.0 32.2 32.2 30.1 32.0 23.9r 23.2 24.6 13 Other developed countries 26.4 21.0 21.2 21.0 20.7 23.0 22.4 23.1 22.6 23.1 21.2 14 Austria 1.9 1.5 1.7 1.5 1.5 1.5 1.5 1.6 1.4 1.4 1.1 15 Denmark 1.7 1.1 1.4 1.1 1.1 1.2 1.1 1.1 1.1 .9 1.2 16 Finland 1.2 1.1 1.0 1.1 1.0 1.1 .9 .8 .7 1.0 .8 17 Greece 2.0 1.8 2.3 2.4 2.5 2.6 2.7 2.8 2.7 2.5 2.4 18 Norway 2.2 1.8 1.8 1.4 1.4 1.7 1.4 1.6 1.6 1.5 1.5 19 Portugal .6 .4 .6 .4 .4 .4 .8 .6 .6 .6 .6 20 Spain 8.0 6.2 6.2 6.9 7.1 8.2 7.8 8.4 8.3 9.0 7.0 21 Turkey 2.0 1.5 1.1 1.2 1.2 1.3 1.4 1.6 1.7 1.7 1.9 22 Other Western Europe 1.6 1.3 1.1 1.0 .7 1.0 1.1 .7 .9 .8 1.0 23 South Africa 2.9 2.4 2.1 2.1 2.0 2.0 1.9 1.9 1.8 1.8 1.8 24 Australia 2.4 1.8 1.9 2.1 1.6 2.1 1.8 2.0 1.8 1.9 2.0 25 OPEC countries2 17.4 16.6 16.1 16.2 17.1 15.5 15.3 14.4 12.8 17.1 13^ 26 Ecuador 1.9 1.7 1.5 1.5 1.3 1.2 1.1 1.1 1.0 .9 .9 27 Venezuela 8.1 7.9 7.5 7.4 7.0 6.1 6.0 6.0 5.0 5.1 5.2r 28 Indonesia 1.9 1.7 1.9 2.0 2.0 2.1 2.0 2.3 2.7 2.8 2.6 29 Middle East countries 3.6 3.4 3.4 3.5 5.0 4.3 4.4 3.3 2.5 6.6 3.7 30 African countries 1.9 1.9 1.6 1.9 1.7 1.8 1.8 1.7 1.7 1.6 1.5 31 Non-OPEC developing countries 97.8 85.3 83.4 81.2 77.5 68.8 66.7 67.1 65.4r 66.3 64^ Latin America 32 Argentina 9.5 9.0 7.9 7.6 6.3 5.6 5.2 5.0 5.0r 4.7 4.6 33 Brazil 24.7 22.4 22.1 20.9 19.0 17.5 16.7 15.4 14.4 13.9 11.6 34 Chile 6.9 5.6 5.2 4.9 4.6 4.3 3.7 3.6 3.5 3.6 3.6 35 Colombia 2.0 2.1 1.7 1.6 1.8 1.8 1.7 1.8 1.8 1.7 1.6 36 Mexico 23.5 18.8 17.7 17.2 17.7 12.8 12.6 12.8 13.0 13.7 14.3 37 Peru 1.1 .8 .6 .6 .6 .5 .5 .5 .5 .5 .5 38 Other Latin America 2.8 2.6 2.6 2.9 2.8 2.8 2.3 2.4 2.3 2.2 2.0r Asia China 39 Mainland .3 .3 .3 .3 .3 .3 .2 .2 .2 .4 .6 40 Taiwan 8.2 3.7 5.2 5.0 4.5 3.8 3.6 4.0 3.5 3.6 4.1 41 India 1.9 2.1 2.4 2.7 3.1 3.5 3.6 3.6 3.3 3.5 3.0 42 Israel 1.0 1.2 .8 .7 .7 .6 .7 .6 .5 .5 .5 43 Korea (South) 5.0 6.1 6.6 6.5 5.9 5.3 5.6 6.2 6.2r 6.8r 6.9 44 Malaysia 1.5 1.6 1.6 1.7 1.7 1.8 1.8 1.8 1.9 2.0 2.1 45 Philippines 5.2 4.5 4.4 4.0 4.1 3.7 3.9 3.9 3.8 3.7 3.7r 46 Thailand .7 1.1 1.0 1.3 1.3 1.1 1.3 1.5 1.5 1.6 1.7 47 Other Asia3 .7 .9 .8 1.0 1.0 1.2 1.1 1.6 1.7 2.1 2.3 Africa 48 Egypt .6 .4 .6 .5 .4 .4 .5 .4 .4 .4 .4 49 Morocco .9 .9 .9 .8 .9 .9 .9 .9 .8 .8 .7 50 Zaire , .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 51 Other Africa3 1.3 1.1 1.1 1.0 1.0 .9 .8 .8 1.0 .8 .8 52 Eastern Europe 3.2 3.6 3.4 3.5 3.5 3.3 2.9 2.7 2.3 2.1 2.1 53 U.S.S.R .3 .7 .6 .8 .7 .8 .4 .4 .2 .3 .4 54 Yugoslavia 1.8 1.8 1.7 1.7 1.6 1.4 1.4 1.3 1.2 1.0 1.0 55 Other 1.1 1.1 1.1 1.1 1.3 1.2 1.1 1.1 .9 .8 .7 56 Offshore banking centers 54.5 44.2 43.2 49.2 36.6 43.1r 40.3r 42.2r 42.5r 49.8r 48.4r 57 Bahamas 17.3 11.0 11.0 11.4 5.5 9.2 8.5 8.9 2.8 8.3r 6.8 58 Bermuda .6 .9 .7 1.3 1.7 1.2r 2.5r 4.5r 4.4r 4.4r 4.2 59 Cayman Islands and other British West Indies 13.5 12.9 10.8 15.3 9.0 10.9 8.5 9.0 11.5r 13.9r 15.1 60 Netherlands Antilles 1.2 1.0 1.0 1.1 2.3 2.6 2.3 2.2 7.9 1.1 1.4r 6 62 1 L P e an b a a m no a n 3.7J 2.5| 1.9j 1.5J 1.4J 1.3 1.4 1. . 5 1 1 . .4 1 1.4 1.3 63 Hong Kong 11*2 9.6 lo!4 10J 9.7 9^8 io!o 8.7 7.7 1L5 123 64 Singapore 7.0 6.1 7.3 7.8 7.0 8.0 7.0 7.5 6.6 8.9 7.2 65 Others5 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 66 Miscellaneous and unallocated6 23.2 22.6 27.4 28.7 30.3 33.3 34.5 38.1 39.8 36.6 39.4 1. The banking offices covered by these data are the U.S. offices and foreign $150 million equivalent in total assets, the threshold now applicable to all branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. reporting branches. Offices not covered include (1) U.S. agencies and branches of foreign banks, and 2. This group comprises the Organization of Petroleum Exporting Countries (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are shown individually, other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, adjusted to exclude the claims on foreign branches held by a U.S. office or another Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates), and Bahrain and foreign branch of the same banking institution. The data in this table combine Oman (not formally members of OPEC). foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims 3. Excludes Liberia. of U.S. offices in table 3.18 (excluding those held by agencies and branches of 4. Includes Canal Zone beginning December 1979. foreign banks and those constituting claims on own foreign branches). 5. Foreign branch claims only. Since June 1984, reported claims held by foreign branches have been reduced 6. Includes New Zealand, Liberia, and international and regional organizaby an increase in the reporting threshold for "shell" branches from $50 million to 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 States1 Millions of dollars, end of period 1990 1991 Type and area or country 11998877 11998888 11998899rr Mar.r June Sept. Dec.r Mar. June" 1 Total 28,302 32,952 38,198 38,400 39,407r 44,156r 42,299 39,665r 38,319 2 Payable in dollars 22,785 27,335 33,393 34,030 34,91lr 39,015r 37,894 35,615r 34,557 3 Payable in foreign currencies 5,517 5,617 4,805 4,371 4,496 5,140 4,405 4,049r 3,762 By type 4 Financial liabilities 12,424 14,507 17,907 17,461 19,043r 19.9091 17,986 16,807r 16,486 5 6 P P a a y y a a b b l l e e i i n n f d o o r l e la ig rs n currencies 8 3 , , 6 7 4 8 3 1 1 3 0 , , 9 6 0 0 0 8 1 3 4 , , 8 0 6 4 0 7 1 3 4 , , 2 1 9 6 2 9 1 3 5 , , 3 6 8 6 0 3 r 1 3 6, , 0 8 5 5 9 0 "^ 1 3 4 , , 2 7 5 3 5 1 1 2 4 , , 7 0 2 8 5 2 r r 1 2 3 , , 7 7 1 7 5 2 7 Commercial liabilities 15,878 18,445 20,292 20,939 20,365r 24,247r 24,313 22,858r 21,833 8 Trade payables 7,305 6,505 7,590 7,443 6,935r 10,040r 9,945 8,224 7,880 1 9 0 A Pa d y v a a b n l c e e in re d c o ei l p la t r s s and other liabilities .. 1 8 4 , , 5 1 7 4 3 2 1 16 1 , , 7 9 2 4 7 0 1 1 2 9 , , 7 3 0 4 1 6 1 19 3 , , 8 4 6 9 1 6 1 1 3 9 , , 4 2 3 4 0 8 "^ r 2 1 2 4 , , 9 2 5 0 6 6 r r 2 1 3 4 , , 1 3 6 6 3 8 2 1 1 4 , , 5 6 3 3 3 4 r r 2 1 0 3 , , 7 9 8 5 6 3 11 Payable in foreign currencies 1,737 1,717 945 1,078 1,117 1,291 1,150 1,325 1,047 By area or country Financial liabilities 12 Europe 8,320 9,962 11,702 11,179 11,840"^ ll,294r 9,852 9,210r 9,242 1 1 3 4 B Fr e a lg n i c u e m -Luxembourg 2 3 1 8 3 2 2 35 8 9 9 2 3 5 4 8 0 2 3 7 1 1 8 3 1 3 7 2 1 4 3 7 5 0 0 7 3 0 4 3 4 6 2 4 85 4 r 5 2 3 9 5 7 15 Germany 551 699 475 442 557 615 630 570 664 16 Netherlands 866 880 944 900 932 945 993 948 917 1 1 8 7 S U w ni i t t e z d e rl K an in d g dom 5,5 5 5 5 7 8 6 1 , , 5 0 3 3 3 3 8,8 5 4 4 6 1 8,3 5 8 2 8 8 8,8 5 5 5 1 2 7,6 6 5 3 1 2 5,9 5 9 7 5 6 5,5 5 4 7 8 7 r 5,7 5 0 3 4 5 19 Canada 360 388 610 352 306r 309r 223 272 287 20 Latin America and Caribbean 1,189 839 1,342 2,003 2,753r 3,537r 3,380 3,509 3,175 21 Bahamas 318 184 157 354 312r 395r 371 456 375 22 Bermuda 0 0 17 2 0 0 0 0 12 23 Brazil 25 0 0 0 0 0 0 0 0 24 British West Indies 778 645 709 1,166 1,899r 2,524r 2,388 2,483 2,186 25 Mexico 13 1 6 5 4 4 5 6 6 26 Venezuela 0 0 0 0 0 0 4 4 4 2 2 7 8 As J i a a p an 22 2 ,, , 00 4 44 5 22 1 2 3 , , 5 3 6 1 3 2 4 3, , 2 1 9 5 9 1 2 3 , , 7 8 8 2 3 1 4 2 , , 0 8 8 8 5 3 r r 4 3 , , 2 1 8 5 8 2 r r 4 2 , , 1 9 2 1 0 9 3 2 , , 8 7 1 3 2 9 r r 2 3 , , 7 7 4 7 3 2 29 Middle East oil-exporting countries2 . 88 3 2 3 5 4 5 1 4 30 Africa . 4 2 2 3 3 2 2 2 9 1 0 0 0 1 0 0 0 7 31 Oil-exporting countries3 100 4 100 103 55 479 409 2 2 32 All other4 33 CoEmumroeprec ial liabilities 5,516 7,319 8,944 9,203 8,559r 9,831r 10,232 9,605 8,776 34 Belgium-Luxembourg 132 158 175 232 291r 245r 275 261 248 35 France 426 455 877 888 1,049 1,263 1,197 1,209 1,182 36 Germany 909 1,699 1,392 1,176 990 1,05lr 1,269 1,380 1,035 37 Netherlands 423 587 697 687 606r 6991 837 715 743 38 Switzerland 559 417 641 604 628 7291 761 656 477 39 United Kingdom 1,599 2,079 2,620 2,927 2,440r 2,778r 2,792 2,734 2,746 40 Canada 1,301 1,217 1,124 1,151 l,178r 1,263 1,250 1,230 1,185 41 Latin America and Caribbean 864 1,090 1,187 1,310 l,285r 1,559r 1,616 1,544 1,516 42 Bahamas 18 49 41 37 22 18 12 21 11 43 Bermuda 168 286 308 516 412 371 538 494 502 44 Brazil 46 95 100 121 109r 129* 145 214 176 45 British West Indies 19 34 27 18 29 42 30 35 42 46 Mexico 189 217 304 241 288r 506 429 304 307 47 Venezuela 162 114 154 86 119 120 122 109 90 48 Asia 6,565 6,915 7,166 7,000 7,065r 8,868r 8,977 8,235 8,385 4 5 9 0 J M ap id a d n l e East oil-exporting countries2'3 2 1 , , 5 9 7 6 8 4 3 1 , , 0 3 9 8 4 5 2 1 , , 9 4 1 0 4 1 2 1 , , 7 3 4 9 8 4 3 1 , , 1 1 8 2 9 5 2 3 , , 3 2 2 8 1 3 3 1 , , 6 7 1 3 7 0 3 l, , 2 4 6 6 8 7 r 3 1 , , 3 4 5 2 8 0 51 Africa 574 576 844 759 889" l,318r 841 650 535 52 Oil-exporting countries3 135 202 307 264 277 594r 422 225 176 53 All other4 1,057 1,328 1,027 1,517 1,390 1,408 1,398 l,594r 1,436 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 1991 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States1 Millions of dollars, end of period 1990 1991 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11998877 11998888 11998899rr Mar.r June Sept. Dec.r Mar. June? 1 Total 30,964 34,035 31,537 29,918r 31,736 31,114 33,434 34,317* 36,168 2 Payable in dollars 28,502 31,654 29,204 27,764r 29,407 28,719 31,013 32,093r 34,227 3 Payable in foreign currencies 2,462 2,381 2,334 2,154 2,329 2,395 2,421 2,223 1,941 By type 4 Financial claims 20,363 21,869 17,728 16,622 18,105 16,663 18,142 18,659r 20,222 5 Deposits 14,894 15,643 10,421 10,461 9,901 10,359 11,513 11,448r 11,170 6 Payable in dollars 13,765 14,544 9,495 9,583 8,820 9,165 10,501 10,533r 10,492 7 Payable in foreign currencies 1,128 1,099 927 878 1,082 1,193 1,012 915 678 8 Other financial claims 5,470 6,226 7,307 6,161 8,204 6,304 6,629 7,211r 9,052 9 Payable in dollars 4,656 5,450 6,553 5,471 7,470 5,652 5,762 6,495r 8,383 10 Payable in foreign currencies 814 777 754 690 733 652 866 716 669 11 Commercial claims 10,600 12,166 13,809 13,296r 13,631 14,450 15,292 15,658r 15,946 12 Trade receivables 9,535 11,091 12,191 1 l,691r 11,924 12,674 13,415 13,595r 13,762 13 Advance payments and other claims 1,065 1,075 1,618 l,605r 1,707 1,776 1,877 2,063 2,183 14 Payable in dollars 10,081 11,660 13,156 12,710r 13,117 13,901 14,749 15,066r 15,352 15 Payable in foreign currencies 519 505 653 586 514 549 543 593 594 By area or country Financial claims 16 Europe 9,531 10,279 7,046 6,982 9,634 8,004 7,994 9,587r 10,846 17 Belgium-Luxembourg 7 18 28 22 126 27 76 86 76 18 France 332 203 153 203 141 153 366 249 274 19 Germany 102 120 192 508 93 102 371 481 388 20 Netherlands 350 348 303 316 340 329 333 453r 507 21 Switzerland 65 218 95 122 137 176 325 405 434 22 United Kingdom 8,467 9,039 6,030 5,589 8,571 6,991 6,276 7,59c 8,917 23 Canada 2,844 2,325 1,904 1,758 2,036 1,989 2,887 1,833 2,029 24 Latin America and Caribbean 7,012 8,160 7,590 6,984 5,490 5,642 5,757 5,961r 5,765 25 Bahamas 1,994 1,846 1,461 1,662 992 977 1,261 l,714r 1,056 26 Bermuda 7 19 7 4 3 4 3 6 4 27 Brazil 63 47 224 79 84 70 68 68 67 28 British West Indies 4,433 5,763 5,486 4,824 4,003 4,191 4,021 3,743r 4,258 29 Mexico 172 151 94 152 164 158 177 179 161 30 Venezuela 19 21 20 21 20 23 25 28 29 31 Asia 879 844 852 806 843 800 1,240 934r 1,234 32 Japan 605 574 461 459 486 472 902 607r 874 33 Middle East oil-exporting countries2 8 5 8 7 6 9 8 11 9 34 Africa 65 106 140 67 62 49 37 62 64 35 Oil-exporting countries3 7 10 12 11 8 7 0 3 1 36 All other4 33 155 195 25 41 179 226 28 lr 285 Commercial claims 37 Europe 4,180 5,181 6,193 6,035r 6,072 6,490 7,046 7,005r 7,341 38 Belgium-Luxembourg 178 189 242 220 209 188 211 221 214 39 France 650 672 963 964 924 1,206 1,240 1,267 1,381 40 Germany 562 669 696 699 670 638 803 859 917 41 Netherlands 133 212 479 453 478 491 551 591r 710 42 Switzerland 185 344 305 270 234 300 298 323 297 43 United Kingdom 1,073 1,324 1,572 1,688r 1,582 1,673 1,7% l,645r 1,766 44 Canada 936 983 1,076 l,145r 1,145 1,144 1,049 1,194 1,242 45 Latin America and Caribbean 1,930 2,241 2,174 2,053r 2,198 2,393 2,305 2,305r 2,401 46 Bahamas 19 36 57 22 17 25 14 15 23 47 Bermuda 170 230 323 243 284 340 246 232 234 48 Brazil 226 299 293 228r 232 251 320 308 287 49 British West Indies 26 22 36 38 47 35 40 49 43 50 Mexico 368 461 507 521r 575 649 636 657r 705 51 Venezuela 283 227 147 188r 223 224 189 190 194 52 Asia 2,915 2,993 3,555 3,271r 3,463 3,621 4,044 4,292r 4,088 53 Japan 1,158 946 1,197 l,072r 1,096 1,221 1,3% 1,749r 1,572 54 Middle East oil-exporting countries 450 453 518 433r 418 407 459 548 500 55 Africa 401 435 419 AW 387 371 486 390 425 56 Oil-exporting countries3 144 122 108 89 97 72 67 68 59 57 All other4 238 333 392 372 365 432 362 472r 449 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 1991 1991r Transaction and area or country 1989 1990r J A a u n g .- . Feb. Mar. Apr. May June July Aug.p U.S. corporate securities STOCKS 1 Foreign purchases 214,071r 173,293 145,219 21,715 21,779 20,577 19,218 17,342 16,457 17,865 204,129r 188,419 132,035 20,629 19,447 17,440 15,886 16,107 15,296 16,161 2 Foreign sales 9,941r -15,126 13,184 1,085 2,332 3,137 3,332 1,234 1,161 1,704 3 Net purchases, or sales (-) 10,175r -15,197 12,790 1,029 2,332 3,059 3,278 1,191 1,138 1,568 4 Foreign countries 476r -8,479 3,264 -1,252 837 1,639 1,218 713 8 703 5 Europe -708 -1,234 309 27 100 -45 83 170 -41 39 6 France -830 -367 -222 -204 0 13 24 45 -8 21 7 Germany 79 -397 -176 -104 120 30 25 64 49 -217 8 Netherlands -3,277 -2,866 520 -943 356 552 290 346 43 98 9 Switzerland 3,683r -2,980 1,834 23 114 686 585 -149 -130 787 10 United Kingdom -881 886 2,599 470 288 111 712 383 159 450 11 Canada 3,042 -1,330 2,256 938 -30 120 240 285 160 316 12 Latin America and Caribbean . 3,531 -2,435 278 675 -30 -174 207 -460 272 67 13 Middle East' 3,577 -3,477 3,711 446 1,223 1,236 829 96 110 -33 14 Other Asia 3,330 -2,891 1,156 -366 -2 1,163 669 74 -15 -96 15 Japan 131 -63 119 31 16 0 21 9 6 4 16 Africa 299 -298 564 -279 28 128 51 165 423 61 17 Other countries 18 Nonmonetary international and regional organizations -234 71 393 56 1 78 55 44 23 136 BONDS2 19 Foreign purchases 120,550 118,764 93,297 8,468 14,764 10,291 14,323 12,242 9,768 14,582 20 Foreign sales 87,533r 102,027 76,500 9,345 10,630 9,083 11,645 8,637 7,673 10,762 21 Net purchases, or sales (-) 33,017r 16,737 16,797 -877 4,134 1,207 2,678 3,605 2,095 3,820 22 Foreign countries 32,664r 17,208 16,969 -799 4,066 1,307 2,736 3,666 2,122 3,917 23 Europe 18,907r 10,079 9,235 -1,141 3,271 1,189 1,667 2,113 786 1,631 24 France 372 373 581 68 392 34 86 2 -5 -26 25 Germany -238 -377 761 78 238 114 400 -120 -1 106 26 Netherlands 850 172 173 1 20 84 21 45 -28 -17 27 Switzerland -511 284 983 -217 318 -56 162 318 -7 105 28 United Kingdom 17,965r 10,383 5,993 -961 1,633 789 896 1,784 559 1,395 29 Canada 1,116 1,906 1,244 106 385 247 374 68 34 -40 30 Latin America and Caribbean . 3,686 4,291 1,654 439 351 188 -142 524 309 1 31 Middle East1 -182 76 1,087 -2 -13 -25 20 160 430 449 32 Other Asia 9,025 1,104 3,873 -209 54 -301 831 898 544 1,925 33 Japan 6,292 747 3,231 -214 135 -240 544 685 280 1,733 34 Africa 56 96 22 10 7 8 10 -1 -1 4 35 Other countries 57 -344 -147 -2 10 3 -23 -96 20 -53 36 Nonmonetary international and regional organizations 353 -471 -173 -78 68 -100 -58 -62 -27 -97 Foreign securities 37 Stocks, net purchases, or sales (-)3 -13,062r -9,205 -23,060 -3,180 -3,421 -2,540 -3,312 -3,592 -3,075 -3,535 38 Foreign purchases 109,850"^ 122,641 73,973 10,564 11,108 7,942 8,558 9,973 10,107 9,490 39 Foreign sales 122,912 131,846 97,033 13,745 14,528 10,482 11,871 13,565 13,182 13,025 40 Bonds, net purchases, or sales (-) -5,493r -22,487 -9,815 -1,977 -1,000 -254 -1,987 -1,547 -818 -1,963 41 Foreign purchases 234,770' 314,545 210,077 37,206 40,177 20,779 20,642 19,916 22,030 22,176 42 Foreign sales 240,263 337,032 219,891 39,182 41,176 21,033 22,629 21,462 22,848 24,139 43 Net purchases, or sales (—), of stocks and bonds .... -18,556r -31,692 -32,875 -5,157 -4,420 -2,793 -5,299 -5,138 -3,893 -5,498 44 Foreign countries —18,594r -29,019 -31,921 -5,201 -2,969 -2,917 -4,770 -5,418 -4,407 -5,603 45 -17,663r -8,418 -17,669 -3,171 -472 348 -1,918 -3,030 -4,969 -4,685 46 -3,730r -7,502 -6,263 -799 3 -2,290 -943 -1,011 278 -927 47 Latin America and Caribbean 426 -8,954 -618 313 123 8 -1,652 -26 133 133 48 2,532 -3,828 -7,582 -1,793 -2,495 -987 -159 -1,172 105 -304 49 Africa 93 -137 -129 30 2 10 4 -198 8 -7 50 Other countries -251 -180 339 218 -130 -4 -101 19 38 187 51 Nonmonetary international and regional organizations 38 -2,673 -953 44 -1,451 123 --552299 280 551144 110055 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. 3. As a result of the merger of a U.S. and U.K. company in July 1989, the government agencies and corporations. Also includes issues of new debt securi- former stockholders of the U.S. company received $5,453 million in shares of the new combined U.K. company. This transaction is not reflected in the data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 International Statistics • December 1991 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions Millions of dollars 1991 1991r Country or area 1989 1990 J A a u n g .- . Feb. Mar. Apr. May June July Aug.p Transactions, net purchases or sales (-) during period1 1 Estimated total2 54,203 19,439r 16,017 12,938 -14,958 2,826 15,421 -5,830 728 1,691 2 Foreign countries2 52,301 19,276r 16,264 11,460 -14,139 2,583 15,404 -5,337 410 1,051 3 Europe2 36,286 19,040r 1,942 2,934 -4,089 -1,358 4,519 -4,250 -1,079 1,906 4 Belgium-Luxembourg 1,048 10 538 149 115 37 121 -102 -109 67 5 Germany2 7,904 5,880r -5,824 -1,691 -3,340 -549 1,433 -1,458 684 -360 6 Netherlands -1,141 1,077 -2,538 -85 -607 -292 -61 -794 -994 -4 7 Sweden 693 1,152 -1,219 43 -244 -410 560 31 -299 -239 8 Switzerland2 1,098 112 660 139 470 -622 230 207 -218 285 9 United Kingdom 20,198 -l,414r 3,992 -53 513 260 1,699 -1,249 -398 388 10 Other Western Europe 6,508 12,202 6,325 4,432 -9% 214 540 -886 258 1,769 11 Eastern Europe -21 13 8 0 0 5 -3 3 -3 0 12 Canada 698 -4,617r 286 -171 182 566 342 -114 395 -118 13 Latin America and Caribbean 464 14,730r 17,469 2,799 292 5,561 10,481 161 1,669 1,435 14 Venezuela 311 33 -137 -1 6 2 2 20 7 -20 15 Other Latin America and Caribbean -322 3,939r 8,804 1,590 931 2,969 5,687 -233 242 -2,011 16 Netherlands Antilles 475 10,757 8,802 1,210 -645 2,590 4,793 374 1,420 3,466 17 13,297 -ll,031r -3,101 5,517 -9,985 -2,179 12 -879 -491 -2,115 18 Japan 1,681 — 14,864r -4,422 1,915 -7,016 -3,379 711 1,422 45 -364 19 116 313 321 110 0 16 1 104 7 5 20 All other 1,439 842 -654 269 -540 -22 48 -358 -91 -62 21 Nonmonetary international and regional organizations 1,902 163 -247 1,478 -819 243 17 -493 318 640 22 International 1,473 287 -432 1,122 -845 35 42 -21 168 638 23 Latin American regional 231 -2 -7 156 5 225 -186 -9 150 -146 MEMO 24 Foreign countries2 52,301 19,276r 16,264 11,460 -14,139 2,583 15,404 -5,337 410 1,051 25 Official institutions 26,840 23,218r -6,202 7,009 -12,000 886 2,020 -5,832 -704 -288 26 Other foreign2 25,461 -3,942r 22,465 4,451 -2,139 1,698 13,383 495 1,114 1,339 Oil-exporting countries 27 Middle East1 8,148 -387 -6,273 644 -1,486 -513 -562 -505 -643 -3,731 28 Africa4 -1 0 -2 21 -6 5 0 0 0 -22 1. Estimated official and private transactions in marketable U.S. Treasury 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and securities having an original maturity of more than one 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, denominated in foreign currencies, publicly issued to private foreign residents. 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 year Rate on Oct. 31, 1991 Rate on Oct. 31, 1991 Rate on Oct. 31, 1991 Country Country Country Month Month Month Percent effective effective effective Austria.. 7.5 Aug. 1991 Germany, Fed. Rep. of 7.5 Aug. 1991 Norway 10.50 July 1990 Belgium . 8.0 Aug. 1991 Italy 11.5 May 1991 Switzerland 7.0 Aug. 1991 Canada.. 8.04 Sept. 1991 Japan 5.5 July 1991 United Kingdom2 Denmark 9.0 May 1991 Netherlands 8.0 Aug. 1991 France1.. 8.75 Oct. 1991 1. Since Feb. 1981, the rate has been that at which the Bank of France or makes advances against eligible commercial paper or government securities for discounts Treasury bills for seven to ten days. commercial banks or brokers. For countries with more than one rate applicable to 2. Minimum lending rate suspended as of Aug. 20, 1981. such 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 Averages of daily figures, percent per year 1991 Type or country 1988 1989 1990 Apr. May July Aug. Sept. Oct. 4 2 5 3 1 G C S U E w a e u n n r r i i m t o t a e z d d d a e o a n r l l y K l a a n i r n d s g dom 1 9 7 4 2 0 . . . . . 6 8 2 9 28 3 5 8 4 1 1 9 7 6 3 2 . . . . . 0 1 8 8 2 4 6 3 7 0 1 1 8 8 8 4 3 . . . . . 4 7 1 7 0 1 6 1 3 0 1 9 6 9 8 1 . . . . . 6 0 1 2 9 1 7 8 6 0 1 9 5 8 8 1 . . . . . 1 9 1 9 4 2 4 0 8 8 1 6 8 8 7 1 . . . . . 0 8 9 8 2 8 3 5 9 1 1 6 8 9 7 1 . . . . . 0 7 7 0 0 1 4 8 6 4 1 5 8 9 7 0 . . . . . 6 8 7 2 8 5 0 3 3 5 1 5 8 9 7 0 . . . . . 5 9 1 5 2 0 0 6 9 4 1 5 8 9 8 0 . . . . . 3 2 2 0 3 4 9 8 9 8 1 6 9 7 8 0 B N J F It a r e a e p a l l t g y a n h n i c e u e r m la nds 1 4 6 4 7 1 . . . . . 7 6 4 8 0 2 9 3 0 4 1 7 9 8 5 2 . . . . . 2 3 2 6 4 8 9 7 5 4 1 1 8 9 7 0 2 . . . . . 5 7 7 1 2 1 7 0 5 0 1 9 9 9 7 1 . . . . . 1 2 9 2 9 1 0 6 1 0 1 9 9 9 7 1 . . . . . 0 0 8 1 4 5 0 2 3 6 1 9 9 9 7 1 . . . . . 0 0 5 7 4 8 8 9 9 8 1 9 9 9 7 1 . . . . . 0 4 5 1 7 9 6 6 2 4 1 9 9 9 7 1 . . . . . 2 3 4 2 8 7 1 6 5 6 1 9 6 9 9 1 . . . . . 2 7 3 0 6 1 0 0 1 3 r 1 9 9 9 6 1 . . . . . 2 4 2 2 4 7 1 2 0 4 NOTE. Rates are for three-month interbank loans, with the following exceptions: Canada, finance company paper; Belgium, three-month Treasury bills; and Japan, CD rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 International Statistics • December 1991 3.28 FOREIGN EXCHANGE RATES' Currency units per dollar 1991 CCoouunnttrryy//ccuurrrreennccyy 11998888 11998899 11999900 May June July Aug. Sept. Oct. 1 Australia/dollar^ 78.409 79.186 78.069 77.427 75.982 77.156 78.235 79.369 79.251 2 Austria/schilling 12.357 13.236 11.331 12.104 12.538 12.562 12.267 11.910 11.887 3 Belgium/franc 36.785 39.409 33.424 35.363 36.689 36.751 35.890 34.878 34.787 4 Canada/dollar 1.2306 1.1842 1.1668 1.1499 1.1439 1.1493 1.1452 1.1370 1.1279 5 China, P.R./yuan 3.7314 3.7673 4.7921 5.3257 5.3667 5.3693 5.3725 5.3869 5.3917 6 Denmark/krone 6.7412 7.3210 6.1899 6.5793 6.8634 6.9030 6.7396 6.5367 6.5246 7 Finland/markka 4.1933 4.2963 3.8300 4.0431 4.2189 4.3295 4.2325 4.1241 4.1155 8 France/franc 5.9595 6.3802 5.4467 5.8282 6.0483 6.0596 5.9244 5.7621 5.7583 9 Germany/deutsche mark 1.7570 1.8808 1.6166 1.7199 1.7828 1.7852 1.7435 1.6933 1.6893 10 Greece/drachma 142.00 162.60 158.59 188.14 195.03 195.46 192.69 188.07 188.50 11 Hong Kong/dollar 7.8072 7.8008 7.7899 7.7798 7.7341 7.7610 7.7646 7.7524 7.7542 12 India/rupee 13.900 16.213 17.492 20.519 21.062 25.613 25.846 25.834 25.797 13 Ireland/pound2 152.49 141.80 165.76 155.68 142.66 136.48 153.38 157.87 158.21 14 Italy/lira 1,302.39 1,372.28 1,198.27 1,275.67 1,325.09 1,329.55 1,303.31 1,266.25 1,263.20 15 Japan/yen 128.17 138.07 145.00 138.22 139.75 137.83 136.82 134.30 130.77 16 Malaysia/ringgit 2.6190 2.7079 2.7057 2.7573 2.7810 2.7868 2.7806 2.7577 2.7469 17 Netherlands/guilder 1.9778 2.1219 1.8215 1.9379 2.0085 2.0114 1.9650 1.9084 1.9039 18 New Zealand/dollar2 65.560 59.561 59.619 58.647 57.645 56.681 57.353 57.989 56.306 19 Norway /krone 6.5243 6.9131 6.2541 6.6953 6.9542 6.9627 6.8118 6.6266 6.6136 20 Portugal/escudo 144.27 157.53 142.70 149.59 156.37 154.20 149.72 145.64 145.41 71 Singapore/dollar 2.0133 1.9511 1.8134 1.7688 1.7782 1.7555 1.7269 1.7002 1.6940 77 South Africa/rand 2.2770 2.6214 2.5885 2.7975 2.8625 2.8819 2.8704 2.8316 2.8314 73 South Korea/won 734.52 674.29 710.64 727.99 727.97 731.76 733.90 744.18 753.54 24 Spain/peseta 116.53 118.44 101.96 106.45 111.18 111.81 108.92 106.28 106.54 25 Sri Lanka/rupee 31.820 35.947 40.078 40.988 41.211 41.213 41.723 41.935 42.179 76 Sweden/krona 6.1370 6.4559 5.9231 6.1578 6.4235 6.4609 6.3311 6.1652 6.1552 77 Switzerland/franc 1.4643 1.6369 1.3901 1.4574 1.5297 1.5481 1.5201 1.4803 1.4781 28 Taiwan/dollar 28.636 26.407 26.918 27.282 27.166 26.982 26.730 26.559 26.406 79 Thailand/baht 25.312 25.725 25.609 25.645 25.766 25.745 25.720 25.617 25.397 30 United Kingdom/pound 178.13 163.82 178.41 172.38 164.97 165.13 168.41 172.65 172.31 MEMO 31 United States/dollar3 92.72 98.60 89.09 92.29 95.18 95.19 93.47 91.18 90.69 1. Averages of certified noon buying rates in New York for cable transfers. currencies of ten industrial countries. The weight for each of the ten countries is Data in this table also appear in the Board's G.5 (405) monthly statistical the 1972-76 average world trade of that country divided by the average world release. For ordering address, see inside front cover. trade of all ten countries combined. Series revised as of August 1978 (see Federal 2. Value in U.S. cents. Reserve Bulletin, vol. 64 (August 1978), p. 700). 3. Index of weighted-average exchange value of U.S. dollar against the 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 about IPCs Individuals, partnerships, and corporations half of the figures in that column are changed.) REITs Real estate investment trusts * Amounts insignificant in terms of the last decimal place RPs Repurchase agreements shown in the table (for example, less than 500,000 when SMSAs Standard metropolitan statistical areas the smallest unit given is millions) Cell not applicable General Information Minus signs are used to indicate (1) a decrease, (2) a negative tions of the Treasury. "State and local government" also infigure, or (3) an outflow. cludes municipalities, special districts, and other political "U.S. government securities" may include guaranteed issues subdivisions. of U.S. government agencies (the flow of funds figures also In some of the tables, details do not add to totals because of include not fully guaranteed issues) as well as direct obliga- rounding. STATISTICAL RELEASES-List Published Semiannually, with Latest BULLETIN Reference Issue Page Anticipated schedule of release dates for periodic releases December 1991 A86 SPECIAL TABLES-Published Irregularly, with Latest BULLETIN Reference Title and Date Issue Page Assets and liabilities of commercial banks September 30, 1990 March 1991 A72 December 31, 1990 May 1991 A72 March 31,1991 August 1991 A72 June 30, 1991 November 1991 A70 Terms of lending at commercial banks November 1990 April 1991 A73 February 1991 August 1991 A78 May 1991 October 1991 A72 August 1991 December 1991 A70 Assets and liabilities ofU. S. branches and agencies of foreign banks September 30, 1990 February 1991 A78 December 31, 1990 June 1991 A72 March 31, 1991 November 1991 A76 June 30,1991 December 1991 A74 Pro forma balance sheet and income statements for priced service operations March 31, 1990 September 1990 A82 June 30, 1990 October 1990 A72 March 31, 1991 August 1991 A82 June 30,1991 November 1991 A80 Assets and liabilities of credit unions and life insurance companies June 30, 1991 December 1991 A79 Special tables follow. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • December 1991 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 5-9, 19911 A. Commercial and Industrial Loans Characteristic ( A o th f m o l d o o u o a u s l n n a l s a t n r d o s s ) f ( o t A f h o v d s u e o iz s r l a a e la g n r e d s s ) W m av a e t e i u g r r a h i g t t e y e d 2 W av L e e i o g r a a h n g t e e r d a te (p S e t r a c n en d t a ) r d c s o L e l c l o b a u a y t r n e e r s d a l co L u m m m n o a e d a m d n n e e t i r s t - ( P p p l e a o a r r t a c t i i n o e c s n n i - t) Days effective3 (percent) (percent) ALL BANKS 1 Overnight6 7,132,014 5,339 6.76 .20 13.0 59.2 2 One month and under (excluding overnight) 4,755,173 556 15 7.16 31.8 85.5 4.5 3 Fixed rate 3,345,085 708 14 6.94 26.2 86.9 4.1 4 Floating rate 1,410,088 369 17 7.68 45.3 82.4 5.2 5 Over one month and under a year . 9,564,387 148 130 8.28 52.7 75.9 11.0 6 Fixed rate 4,727,065 157 93 7.67 37.9 67.5 9.1 7 Floating rate 4,837,322 140 166 67.2 84.0 12.9 8 Demand7 12,900,098 246 8.29 60.2 77.2 13.0 9 Fixed rate 3,425,965 728 7.37 31.0 83.1 29.7 10 Floating rate 9,474,133 199 8.63 70.8 75.1 7.0 11 Total short term 34,351,673 271 7.82 44.4 74.3 8.9 12 Fixed rate (thousands of dollars) .. 18,629,152 455 32 7.13 25.0 70.7 9.0 13 1-99 423,305 12 124 11.20 73.0 32.2 .5 14 100-499 447,685 207 129 9.17 70.7 54.0 3.2 15 500-999 342,370 679 59 7.89 40.8 83.4 10.5 16 1,000-4,999 3,833,407 2,376 36 7.27 33.8 75.3 9.4 17 5,000-9,999 3,625,025 6,752 27 7.16 21.4 73.6 8.2 18 10,000 and over 9,957,370 19,379 25 6.78 18.3 69.8 9.8 19 Floating rate (thousands of dollars) 15,722,511 183 132 8.62 67.4 78.5 20 1-99 1,641,747 25 166 10.16 82.4 83.2 21 100-499 2,933,890 197 177 9.65 78.6 85.8 7.7 22 500-999 1,485,031 661 177 9.48 68.0 87.5 9.5 23 1,000-4,999 3,650,884 2,004 134 8.72 60.8 88.6 8.4 24 5,000-9,999 1,312,643 6,678 97 8.16 49.4 78.2 6.2 25 10,000 and over 4,698,315 20,918 7.22 65.1 61.7 12.2 Months 26 Total long term 3,687,750 178 9.13 67.5 27 Fixed rate (thousands of dollars) .. 1,329,657 125 8.53 51.2 58.3 5.7 28 1-99 123,590 13 11.26 83.4 18.9 .4 29 100-499 189,319 202 10.28 74.0 57.9 7.8 30 500-999 107,574 650 9.03 84.8 31.4 .0 31 1,000 and over 909,174 6,717 7.74 38.0 66.9 6.7 32 Floating rate (thousands of dollars) 2,358,093 233 9.47 71.6 72.8 10.8 33 1-99 195,638 29 10.37 84.7 43.9 3.4 34 100-499 504,873 204 9.88 78.6 65.9 12.5 35 500-999 279,885 668 9.86 80.0 66.9 13.2 36 1,000 and over 1,377,697 3,178 9.12 65.5 80.6 10.7 Loan rate (percent) Days Effective3 Nominal8 LOANS MADE BELOW PRIME10 37 Overnight6 6,897,561 6,586 12.2 59.0 38 One month and under (excluding overnight) 4,179,582 3,375 13 6.79 6.58 26.9 86.4 3.8 39 Over one month and under a year 5,780,243 570 101 7.19 6.98 39.1 77.2 13.5 40 Demand7 5,639,330 2,482 6.60 6.49 43.0 60.7 18.2 41 Total short term 22,496,716 1,530 29.6 69.2 9.0 42 Fixed rate 16,503,521 2,038 6.80 6.61 20.5 71.1 9.7 43 Floating rate 5,993,195 907 6.84 6.66 54.5 64.1 7.0 Months 44 Total long term 1,134,473 7.13 36.0 67.4 12.4 45 Fixed rate .... 783,127 573 7.35 7.21 27.2 59.1 6.1 46 Floating rate .. 351,346 459 7.18 6.97 55.6 85.8 26.4 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 Characteristic A ( o t f h m o l d o o u o a u s l n n a la s t n r d o s s ) f ( o t A f h o v d s u e o iz s r l a a e la 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 g s t t e y e d 2 W e a f v L f e e e i o g c r a a t h n i g t v e e e r d a 3 te (p S e t r a c n e d n a t) r d c ( s p o L e e l c l o r b a u c a y t r e e n e n r s d a t) l ( c p o L u m m e m n o r a e c d a m d n e e n e t n r i s t t - ) (p P p l e a o a r r t a c t i i n o e c s n n i - t ) LARGE BANKS 1 Overnight6 5,272,413 7,638 13.0 52.8 2 One month and under (excluding overnight) 3,706,097 3,747 14 6.93 31.8 85.4 4.3 4 3 F F l i o x a ed ti n r g a t r e a te 2 1 , , 6 0 4 5 9 6 , , 9 1 2 7 2 5 6 1 , , 0 9 9 0 9 4 1 1 5 3 6 7 . . 8 0 7 8 4 26 5 . .3 2 8 83 6 . . 5 2 4 4. . 4 2 5 Over one month and under a year . 5,660,339 1,069 109 7.68 52.7 80.5 11.9 6 Fixed rate 3,356,690 2,816 81 7.25 37.9 73.1 7.0 7 Floating rate 2,303,649 561 150 8.31 67.2 91.4 19.2 8 Demand7 8,410,643 483 7.95 60.2 68.2 17.8 9 Fixed rate 2,933,711 1,437 7.31 31.0 81.7 33.6 10 Floating rate 5,476,932 357 8.28 70.8 60.9 9.3 11 Total short term 23,049,493 946 7.45 44.4 70.5 10.4 12 Fixed rate (thousands of dollars) .. 14,211,768 3,263 28 7.03 25.0 69.8 9.9 13 1-99 40,303 29 146 9.53 73.0 61.6 1.2 14 100-499 168,664 230 76 8.56 70.7 77.2 4.7 15 500-999 225,659 674 59 8.03 40.8 86.6 7.0 16 1,000-4,999 2,374,528 2,286 35 7.38 33.8 78.2 10.3 17 5,000-9,999 2,817,956 6,848 25 7.12 21.4 71.0 9.4 18 10,000 and over 8,584,658 20,079 26 6.83 18.3 66.5 10.2 19 Floating rate (thousands of dollars) 8,837,725 442 108 8.15 67.4 71.6 11.3 20 1-99 387,553 30 175 9.87 82.4 88.0 1.6 21 100-499 1,011,075 203 167 9.48 78.6 89.2 5.2 22 500-999 562,390 664 162 9.24 68.0 90.7 9.7 23 1,000-4,999 1,876,541 2,134 116 8.60 60.8 83.4 12.4 24 5,000-9,999 965,049 6,860 79 7.89 49.4 77.5 8.4 25 10,000 and over 4,035,115 22,934 91 7.34 65.1 56.0 14.2 Months 26 Total long term 2,102,319 790 8.71 64.2 77.2 27 Fixed rate (thousands of dollars) .. 681,597 1,574 7.90 51.2 61.4 5.0 28 1-99 5,446 27 10.63 83.4 35.7 .0 29 100-499 26,904 253 9.17 74.0 73.0 2.9 30 500-999 33,637 631 7.80 84.8 86.9 .0 31 1,000 and over 615,610 8,729 7.83 38.0 59.7 5.4 32 Floating rate (thousands of dollars) 1,420,722 637 9.10 71.6 14.2 33 1-99 32,290 40 9.92 84.7 77.9 11.3 34 100-499 210,390 224 9.63 78.6 82.5 15.8 35 500-999 141,383 668 9.43 65.5 90.3 21.2 36 1,000 and over 1,036,660 3,723 8.92 62.1 84.7 13.0 Loan rate (percent) Days Effective3 Nominal8 LOANS MADE BELOW PRIME'" 37 Overnight6 5,146,852 7,954 6.51 38 One month and under (excluding overnight) 3,488,662 7,160 6.78 6.56 26.3 85.3 3.8 39 Over one month and under a year 4,419,866 4,182 7.13 6.92 37.2 77.7 11.6 40 Demand7 4,414,070 4,579 6.57 6.46 48.6 49.8 22.0 41 Total short term 17,469,450 5,537 29.2 42 Fixed rate 13,002,272 5,728 6.82 6.64 17.1 68.2 10.2 43 Floating rate 4,467,178 5,047 6.72 6.55 64.7 55.5 7.4 Months 44 Total long term 764,119 3,019 33 7.04 64.5 45 Fixed rate .... 486,420 3,908 7.37 7.31 25.4 48.8 7.0 46 Floating rate .. 277,700 2,159 6.78 6.58 46.9 92.1 25.1 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • December 1991 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 5-9, 1991'—Continued A. Commercial and Industrial Loans—Continued Amount of Average W av e e ig ra h g te e d Loan rate (percent) s L ec o u a r n e s d L m o a a d n e s Partici- Characteristic ( o t f h o l d o u o a s l n a la s n r d s s ) ( o t f h o d s u o iz s l a e la n r d s s ) maturity2 W av e e ig ra h g te e d Standard coll b a y te ral co u m m n e d m n e t i r t - (p p l e o a r t a c i n o e s n n t) Days effective3 (percent) (percent) OTHER BANKS 1 Overnight6 1,859,601 2 One month and under (excluding overnight) 1,049,076 139 18 7.97 46.0 85.9 5.1 3 Fixed rate 695,163 162 16 7.20 31.7 89.5 3.8 4 Floating rate 353,913 108 22 9.49 74.1 78.9 7.7 5 Over one month and under a year . 3,904,048 66 159 9.16 61.7 69.1 9.7 6 Fixed rate 1,370,375 47 120 8.70 62.2 54.0 14.3 7 Floating rate 2,533,673 83 181 9.41 61.4 77.3 7.2 8 Demand7 4,489,455 128 8.94 66.3 94.1 4.1 9 Fixed rate 492,254 185 7.67 50.6 91.2 6.7 10 Floating rate 3,997,201 124 9.10 68.2 94.5 3.8 11 Total short term 11,302,180 110 8.55 55.9 82.0 5.6 12 Fixed rate (thousands of dollars) .. 4,417,393 121 45 7.49 .29 40.3 73.6 6.3 13 1-99 383,001 11 123 11.37 .13 74.2 29.1 .4 14 100-499 279,021 196 145 9.55 .26 79.2 39.9 2.3 15 500-999 116,712 690 59 7.62 .31 34.6 77.4 17.1 16 1,000-4,999 1,458,879 2,540 37 7.09 .09 38.7 70.6 8.0 17 5,000-9,999 807,069 6,436 36 7.30 .38 36.7 82.8 3.8 18 10,000 and over 1,372,712 15,913 20 6.51 .13 27.1 90.2 7.3 19 Floating rate (thousands of dollars) 6,884,787 104 161 9.23 .20 66.0 87.4 5.3 20 1-99 1,254,194 23 165 10.25 .03 83.0 81.7 1.9 21 100-499 1,922,815 194 181 9.73 .06 80.9 84.1 9.1 22 500-999 922,641 660 184 9.63 .16 72.2 85.5 9.4 23 1,000-4,999 1,774,343 1,882 159 8.85 .34 61.9 94.0 4.3 24 5,000-9,999 347,594 6,220 127 8.91 .55 38.4 80.2 .0 25 10,000 and over 663,200 13,629 70 6.49 1.02 7.5 96.2 .0 Months 26 Total long term 1,585,431 9.70 71.9 54.7 27 Fixed rate (thousands of dollars) .. 648,060 63 9.20 57.2 55.0 6.5 28 1-99 118,144 13 11.29 83.4 18.1 .4 29 100-499 162,415 196 10.47 73.8 55.4 8.6 30 500-999 73,937 659 9.60 100.0 6.1 .0 31 1,000 and over 293,565 4,529 7.55 26.8 81.9 9.3 32 Floating rate (thousands of dollars) 937,370 119 10.04 82.0 54.6 5.6 33 1-99 163,347 27 10.45 86.1 37.2 1.9 34 100-499 294,483 191 10.06 82.8 54.1 10.2 35 500-999 138,502 668 10.29 91.3 42.9 5.1 36 1,000 and over 341,038 2,199 9.74 75.6 68.0 3.7 Loan rate (percent) Days Effective3 Nominal8 LOANS MADE BELOW PRIME1" 37 Overnight6 4,373 6.50 6.30 1.2 38 One month and under (excluding overnight) 690,921 920 15 6.85 6.63 29.4 92.1 3.8 39 Over one month and under a year 1,360,377 150 119 7.41 7.18 45.1 75.7 19.5 40 Demand7 1,225,260 937 6.74 6.61 23.0 99.9 4.5 41 Total short term 5,027,267 6.85 84.1 42 Fixed rate 3,501,250 601 27 6.72 6.51 33.1 81.8 7.9 43 Floating rate 1,526,017 267 135 7.17 7.00 24.9 6.0 Months 44 Total long term 370,353 7.58 73.3 9.9 45 Fixed rate 296,707 239 7.30 7.04 30.0 76.1 4.6 46 Floating rate .. 73,646 116 8.70 8.43 88.6 62.2 31.2 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A73 NOTES TO TABLE 4.23 1. As of Sept. 30, 1990, assets of most of the large banks were at least $7.0 rates other than the federal funds rate; foreign money market rates; and other base billion. For all insured banks, total assets averaged $275 million. rates not included in the foregoing classifications. 2. Average maturities are weighted by loan size and exclude demand loans. 6. Overnight loans mature on the following business day. 3. Effective (compounded) annual interest rates are calculated from the stated 7. Demand loans have no stated date of maturity. rate and other terms of the loans and weighted by loan size. 8. Nominal (not compounded) annual interest rates are calculated from the 4. The chances are about two out of three that the average rate shown would stated rate and other terms of the loans and weighted by loan size. differ by less than this amount from the average rate that would be found by a 9. The prime rate reported by each bank is weighted by the volume of loans complete survey of lending at all banks. extended and then averaged. 5. The most common base rate is that used to price the largest dollar volume of 10. The proportion of loans made at rates below the prime may vary substanloans. Base pricing rates include the prime rate (sometimes referred to as a bank's tially from the proportion of such loans outstanding in banks' portfolios. "basic" or "reference" rate); the federal funds rate; domestic money market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A74 Special Tables • December 1991 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 19911 Millions of dollars All states New York California Illinois IItteemm in I T c B l o u F t d a ' i s l n g I o B n F ly 's in I T c B l o u F t d a ' i s l n g I o B n F ly 's in I c T B l o u F t d a ' i s l n g I o B n F ly 's in I c T B l o u F t d a ' i s l n g I o B n F ly 's 1 Total assets4 641,789 283,473 473,576 220,398 86,340 35,839 46,814 16,822 2 Claims on nonrelated parties 3 Cash and balances due from depository institutions 553,088 209,615 400,852 171,338 79,445 18,435 46,468 14,263 4 Cash items in process of collection and unposted 153,650 130,513 128,599 107,529 10,798 10,064 12,050 11,606 debits 5 Currency and coin (U.S. and foreign) 1,742 1 1,676 0 35 1 3 0 6 Balances with depository institutions in United States .. 21 n.a. 15 n.a. 2 n.a. 1 n.a. 7 U.S. branches and agencies of other foreign banks 79,279 59,296 66,660 48,241 5,734 5,095 5,933 5,558 (including their IBFs) 8 Other depository institutions in United States 71,875 56,302 60,471 45,546 5,168 4,963 5,476 5,416 (including their IBFs) 9 Balances with banks in foreign countries and with 7,404 2,995 6,189 2,694 566 132 457 142 foreign central banks 10 Foreign branches of U.S. banks 72,301 71,215 60,095 59,288 5,010 4,967 6,049 6,048 11 Other banks in foreign countries and foreign central 3,344 3,299 3,223 3,184 46 46 65 65 banks 12 Balances with Federal Reserve Banks 68,957 67,916 56,872 56,104 4,964 4,921 5,984 5,983 306 n.a. 153 n.a. 16 n.a. 64 n.a. 13 Total securities and loans 329,037 70,117 215,765 56,240 60,786 7,414 29,700 2,297 14 Total securities, book value 15 U.S. Treasury 52,450 14,791 46,837 13,350 3,604 909 1,445 471 16 Obligations of U.S. government agencies and 11,968 n.a. 11,775 n.a. 61 n.a. 69 n.a. corporations 17 Other bonds, notes, debentures and corporate stock 8,378 n.a. 8,054 n.a. 221144 n.a. 2211 n.a. ((iinncclluuddiinngg ssttaattee aanndd llooccaall sseeccuurriittiieess)) 32,104 14,791 27,008 13,350 3,329 909 1,355 471 18 Federal funds sold and securities purchased under agreements to resell 19 U.S. branches and agencies of other foreign banks 21,554 2,407 20,234 2,234 525 161 466 0 20 Commercial banks in United States 11,300 1,407 10,293 1,283 362 111 388 0 21 Other 2,675 41 2,523 41 57 0 24 0 7,579 960 7,418 910 106 50 55 0 22 Total loans, gross 23 Less: Unearned income on loans 276,787 55,358 169,052 42,920 57,222 6,506 28,263 1,826 24 EEqquuaallss:: LLooaannss,, nneett 201 31 124 30 39 1 8 0 276,586 55,326 168,928 42,890 57,182 6,505 28,255 1,826 Total loans, gross, by category 25 Real estate loans 26 Loans to depository institutions 51,777 537 26,991 336 15,512 141 5,435 61 27 Commercial banks in United States (including IBFs) 43,202 27,933 33,003 20,731 5,667 4,162 2,434 1,233 28 U.S. branches and agencies of other foreign banks ... 22,186 10,222 16,441 7,041 3,792 2,325 1,774 765 29 Other commercial banks in United States 18,748 9,486 13,698 6,414 3,624 2,255 1,266 725 30 Other depository institutions in United States (including 3,438 737 2,743 627 168 70 507 40 IBFs) 31 Banks in foreign countries 17 0 10 0 7 0 0 0 32 Foreign branches of U.S. banks 20,999 17,710 16,553 13,691 1,868 1,837 660 468 33 Other banks in foreign countries 370 289 291 213 50 50 21 21 34 Other financial institutions 20,630 17,421 16,262 13,477 1,818 1,787 639 447 10,030 832 7,842 691 1,065 90 766 41 35 Commercial and industrial loans 36 U.S. addressees (domicile) 152,286 14,833 85,780 12,292 33,767 1,738 19,092 383 37 Non-U.S. addressees (domicile) 131,220 248 69,490 111 30,985 103 18,518 10 38 Acceptances of other banks 21,066 14,585 16,290 12,181 2,782 1,635 574 373 39 U.S. banks 1,057 18 562 9 256 10 165 0 40 FFoorreeiiggnn bbaannkkss 371 0 187 0 133 0 3 0 686 18 375 9 123 10 162 0 41 Loans to foreign governments and official institutions (including foreign central banks) 12,073 10,894 9,458 8,576 449 366 114 108 42 Loans for purchasing or carrying securities (secured and unsecured) 3,447 9 3,030 9 415 00 0 0 43 All other loans 2,915 300 2,385 275 93 0 258 0 44 All other assets 48,848 6,578 36,254 5,336 7,336 795 4,252 361 45 Customers' liability on acceptances outstanding 23,029 n.a. 16,449 n.a. 5,051 n.a. 1,095 n.a. 46 U.S. addressees (domicile) 16,625 n.a. 11,149 n.a. 4,248 n.a. 1,075 n.a. 47 Non-U.S. addressees (domicile) 6,404 n.a. 5,301 n.a. 803 n.a. 20 n.a. 48 Other assets including other claims on nonrelated parties 25,819 6,578 19,805 5,336 2,285 795 3,157 361 49 Net due from related depository institutions5 88,701 73,859 72,724 49,060 6,895 17,405 345 2,558 50 Net due from head office and other related depository institutions5 88,701 n.a. 72,724 n.a. 6,895 n.a. 345 n.a. 51 Net due from establishing entity, head offices, and other related depository institutions n.a. 73,859 n.a. 49,060 n.a. 17,405 n.a. 2,558 52 Total liabilities4 641,789 283,473 473,576 220,398 86,340 35,839 46,814 16,822 53 Liabilities to nonrelated parties 554,217 231,740 427,387 179,251 75,886 34,755 31,939 9,971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A75 4.30—Continued Millions of dollars All states New York Illinois ex I T c B l o u F t d a 's i l n g I o B n F ly 's ex I T c B l o u F t d a ' i s l n g I o B n F ly 's ex I T c B l o u F t d a 's i l n g I o B n F ly 's ex I T c B l o u F t d a ' i s l n g I o B n F ly 's 54 Total deposits and credit balances 55 Individuals, partnerships, and corporations 128,240 171,642 110,645 149,337 4,139 12,381 5,204 2,S 08 56 U.S. addressees (domicile) 91,361 16,379 76,532 9,101 3,330 1,383 4,561 28 57 Non-U.S. addressees (domicile) 75,639 360 67,021 360 1,328 0 3,481 0 58 Commercial banks in United States (including IBFs). 15,722 16,019 9,511 8,741 2,002 1,383 1,C8 0 28 59 U.S. branches and agencies of other foreign banks 26,274 58,864 24,219 52,277 548 4,637 605 1,439 60 Other commercial banks in United States 9,975 50,097 9,627 44,283 82 4,393 198 955 61 Banks in foreign countries 16,300 8,767 14,592 7,994 466 243 407 484 62 Foreign branches of U.S. banks 4,206 81,409 4,076 73,613 7 5,972 26 1,213 63 Other banks in foreign countries 1,107 6,428 1,107 5,336 0 851 0 221 64 Foreign governments and official institutions 3,099 74,981 2,969 68,276 7 5,121 26 992 (including foreign central banks) 65 All other deposits and credit balances 1,535 14,538 1,226 13,894 220 390 2 127 66 Certified and official checks 4,582 452 4,366 452 10 0 1 0 282 n.a. 226 n. a. 23 n.a. 9 n.a. 67 Transaction accounts and credit balances (excluding IBFs) 68 Individuals, partnerships, and corporations 7,307 6,144 267 272 69 U.S. addressees (domicile) 4,661 3,684 224 260 70 Non-U.S. addressees (domicile) 3,330 2,780 189 255 71 Commercial banks in United States (including IBFs). 1,330 904 35 5 72 U.S. branches and agencies of other foreign banks 185 180 1 0 73 Other commercial banks in United States 66 64 0 0 74 Banks in foreign countries 120 n a. 115 n. a. 1 n. a. 0 n. a. 75 Foreign branches of U.S. banks 1,138 1,061 7 1 76 Other banks in foreign countries 12 12 0 0 77 Foreign governments and official institutions 1,126 1,049 7 1 (including foreign central banks) 78 All other deposits and credit balances 365 340 2 1 79 Certified and official checks 676 653 10 1 282 226 23 9 80 Demand deposits (included in transaction accounts and credit balances) 81 Individuals, partnerships, and corporations 6,689 5,763 212 259 82 U.S. addressees (domicile) 4,316 3,561 173 247 83 Non-U.S. addressees (domicile) 3,197 2,733 151 242 84 Commercial banks in United States (including IBF)s. 1,119 828 22 5 85 U.S. branches and agencies of other foreign banks 159 154 1 0 86 Other commercial banks in United States 63 62 0 0 87 Banks in foreign countries 95 n.a. 91 n.a. 1 n a. 0 n a. 88 Foreign branches of U.S. banks 985 912 7 1 89 Other banks in foreign countries 12 12 0 0 90 Foreign governments and official institutions 973 900 7 1 (including foreign central banks) 91 All other deposits and credit balances 307 283 2 1 92 Certified and official checks 641 627 6 0 282 226 23 9 93 Non-transaction accounts (including MMDAs, excluding IBFs) 94 Individuals, partnerships, and corporations 120,933 104,501 3,872 4,932 95 U.S. addressees (domicile) 86,701 72,847 3,106 4,300 96 Non-U.S. addressees (domicile) 72,309 64,241 1,139 3,226 97 Commercial banks in United States (including IBFs). 14,392 8,607 1,967 1,075 98 U.S. branches and agencies of other foreign banks 26,089 24,040 547 605 9,909 9,563 82 198 99 Other commercial banks in United States 16,180 n a. 14,477 n a. 465 n.a. 407 n a. 100 Banks in foreign countries 3,068 3,015 0 25 101 Foreign branches of U.S. banks 1,095 1,095 0 0 102 Other banks in foreign countries 1,973 1,920 0 25 103 Foreign governments and official institutions (including foreign central banks) 1,170 886 218 1 104 All other deposits and credit balances 3,906 3,714 0 0 105 IBF deposit liabilities 171,642 149,337 12,381 2,£ 08 106 Individuals, partnerships, and corporations 16,379 9,101 1,383 28 107 U.S. addressees (domicile) 360 360 0 0 108 Non-U.S. addressees (domicile) 16,019 8,741 1,383 28 109 Commercial banks in United States (including IBFs). 58,864 52,277 4,637 1,439 110 U.S. branches and agencies of other foreign banks 50,097 44,283 4,393 955 111 Other commercial banks in United States n.a. 8 767 n.a. 7,994 n.a. 243 n.a. 484 112 Banks in foreign countries 81,409 73,613 5,972 1,213 113 Foreign branches of U.S. banks 6,428 5,336 851 221 114 Other banks in foreign countries 74,981 68,276 5,121 992 115 Foreign governments and official institutions (including foreign central banks) 14,538 13,894 390 127 116 All other deposits and credit balances 452 452 0 0 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A74 Special Tables • December 1991 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 1991'—Continued Millions of dollars All states New York California Illinois IItteemm in I T c B l o u F t d a ' i s l n g I o B n F ly 's in I c T B l o u F t d a ' i s l n g I o B n F ly 's in I c T B l o u F t d a ' i s l n g I o B n F ly 's in I c T B l o u F t d a ' i s l n g I o B n F ly 's 117 Federal funds purchased and securities sold under agreements to repurchase 85,768 6,300 61,455 3,509 14,085 2,365 9,180 393 118 U.S. branches and agencies of other foreign banks 15,839 1,607 10,721 241 3,606 1,217 1,414 140 119 Other commercial banks in United States 36,222 1, 308 21,452 501 7,902 463 6,052 44 170 Other 33,707 3,685 29,281 2,767 2,577 685 1,715 210 121 Other borrowed money 117,382 48,260 67,397 21,945 37,474 19,187 10,857 6,571 17? Owed to nonrelated commercial banks in United States (including IBFs) 47,616 18,880 22,523 5,130 19,866 11,233 4,042 2,154 m Owed to U.S. offices of nonrelated U.S. banks 16,774 2,166 9,714 664 5,353 1,254 1,403 209 174 Owed to U.S. branches and agencies of nonrelated foreign banks 30,842 16,714 12,808 4,466 14,513 9,979 2,639 1,945 125 Owed to nonrelated banks in foreign countries 27,589 26,794 14,911 14,344 8,042 7,870 4,440 4,387 176 Owed to foreign branches of nonrelated U.S. banks ... 2,882 2,867 615 605 1,738 1,733 516 516 127 Owed to foreign offices of nonrelated foreign banks.... 24,707 23,927 14,295 13,739 6,304 6,137 3,924 3,871 128 Owed to others 42,177 2,586 29,964 2,471 9,566 85 2,375 30 129 All other liabilities 51,184 5,538 38,553 4,459 7,807 821 3,889 198 130 Branch or agency liability on acceptances executed and outstanding 27,153 n.a. 1199,,774477 n. a. 55,,662266 n. a. 11,,009977 n.a. 131 Other liabilities to nonrelated parties 24,031 5,538 18,805 4,459 2,181 821 2,793 198 132 Net due to related depository institutions5 87,572 51,734 46,189 41,147 10,454 1,085 14,875 6,851 133 Net due to head office and other related depository institutions 87,572 n.a. 46,189 n. a. 10,454 n. a. 14,875 n.a. 134 Net due to establishing entity, head office, and other related depository institutions n.a. 51,734 n.a. 41,147 n.a. 1,085 n.a. 6,851 MEMO 135 Non-interest bearing balances with commercial banks in United States 1,532 0 1,259 0 116 0 80 0 136 Holding of commercial paper included in total loans 2,112 1,958 127 25 137 Holding of own acceptances included in commercial and industrial loans 2,114 1,299 661122 9900 138 Commercial and industrial loans with remaining maturity of one year or less 83,188 44,891 19,163 11,210 139 Predetermined interest rates 51,913 n. a. 26,618 n. a. 12,284 n a. 7,127 n. a. 140 Floating interest rates 31,275 18,274 6,880 4,083 141 Commercial and industrial loans with remaining maturity of more than one year 69,098 40,888 14,604 7,882 142 Predetermined interest rates 23,082 13,628 4,111 3,494 143 Floating interest rates 46,017 27,260 10,493 4,388 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 states New York California Illinois IItteemm ex T c IB l o u F t d a s i l n g I o B n F ly s ex T c IB l o u t F d a s i l n g I o B n F ly s ex T c IB l o u F t d a s i l n g I o B n F ly s ex T c IB l o u F t d a s i l n g I o B n F ly s 111144444444 CCCCoooommmmppppoooonnnneeeennnnttttssss ooooffff ttttoooottttaaaallll nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnn aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ttttoooottttaaaallll ddddeeeeppppoooossssiiiittttssss aaaannnndddd ccccrrrreeeeddddiiiitttt bbbbaaaallllaaaannnncccceeeessss ooooffff nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnnaaaallll aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddiiiinnnngggg IIIIBBBBFFFFssss 124,277 t 109,238 t 3,913 1 4,824 1 111144445555 TTTTiiiimmmmeeee CCCCDDDDssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 88,565 77,304 2,209 3,143 111144446666 OOOOtttthhhheeeerrrr ttttiiiimmmmeeee ddddeeeeppppoooossssiiiittttssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 111144447777 TTTTiiiimmmmeeee oooo rrrr CCCC mmmm DDDD oooo ssss rrrr iiii eeee nnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 23,161 n \ .a. 20,242 n.a. 1,268 n1.a. 1,501 n1.a. wwwwiiiitttthhhh rrrreeeemmmmaaaaiiiinnnniiiinnnngggg mmmmaaaattttuuuurrrriiiittttyyyy ooooffff mmmmoooorrrreeee tttthhhhaaaannnn 11112222 mmmmoooonnnntttthhhhssss ........ 12,551 11,692 437 179 All states2 New York California Illinois in T c I l B o u t F d a s i l n g I o B n F ly s in T c I l B o u t F d a s i l n g I o B n F ly s inc T I l B o u t F d a s i l n g I o B n F ly s inc T I l B o u t F d a s i l n g I o B n F ly s 111144448888 MMMMaaaarrrrkkkkeeeetttt vvvvaaaalllluuuueeee ooooffff sssseeeeccccuuuurrrriiiittttiiiieeeessss hhhheeeelllldddd 50,387 14,499 44,861 13,054 3,533 915 1,437 470 111144449999 IIIImmmmmmmmeeeeddddiiiiaaaatttteeeellllyyyy aaaavvvvaaaaiiiillllaaaabbbblllleeee ffffuuuunnnnddddssss wwwwiiiitttthhhh aaaa mmmmaaaattttuuuurrrriiiittttyyyy ggggrrrreeeeaaaatttteeeerrrr tttthhhhaaaannnn oooonnnneeee ddddaaaayyyy iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ooootttthhhheeeerrrr bbbboooorrrrrrrroooowwwweeeedddd mmmmoooonnnneeeeyyyy 68,693 n.a. 34,891 n.a. 24,759 n.a. 7,788 n.a. 111155550000 NNNNuuuummmmbbbbeeeerrrr ooooffff rrrreeeeppppoooorrrrttttssss ffffiiiilllleeeedddd6666 578 0 271 0 133 0 55 0 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, that no IBF data re reported for that item, either because the item is not an eligible "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign IBF asset or liability or because that level of detail is not reported for IBFs. From Banks." Details may not add to totals because of rounding. This form was first December 1981 through September 1985, IBF data were included in all applicable used for reporting data as of June 30, 1980, and was revised as of December 31, 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. 11, 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. 11 tables are not strictly comparable the G.ll 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. 11 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

Special Tables A79 4.33 ASSETS AND LIABILITIES Life Insurance Companies Millions of dollars 1989 1990 1991 AAccccoouunntt Q4 Ql Q2 Q3 Q4 Ql Q2 Life insurance companies2 1 Assets 1,299,756 1,328,139 1,374,827 1,384,712 1,408,208 1,505,318 Securities 2 Government 178,141 189,818 196,320 204,511 210,846 241,289 3 United States' 153,361 164,986 169,595 177,946 183,919 210,685 4 State and local 9,028 8,699 9,717 9,949 9,546 11,329 5 Foreign2 15,752 16,133 17,008 16,616 17,381 19,275 6 Business 663,677 669,561 698,310 699,330 711,081 771,650 7 Bonds 538,063 546,379 563,518 578,160 582,597 n.a. 627,396 8 Stocks 125,614 123,182 134,792 121,170 128,484 144,254 9 Mortgages 254,215 260,829 265,959 267,704 270,109 271,674 10 Real estate 39,908 41,049 43,513 43,531 43,367 45,934 11 Policy loans 57,439 61,368 63,665 61,422 62,603 65,391 12 Other assets 106,376 105,514 107,060 108,214 110,202 109,380 1. Data are no longer available on a monthly basis for life insurance companies. natural persons. 2. Direct and guaranteed obligations. Excludes federal agency issues not Life insurance companies: Estimates by the American Council of Life Insurguaranteed, which are included as "Business" securities. ance for all life insurance companies in the United States. Annual figures are 3. Issues of foreign governments and their subdivisions and bonds of the annual-statement asset values, with bonds carried on an amortized basis and International Bank for Reconstruction and Development. stocks at year-end market value. Adjustments for interest due and accrued and for Credit unions: Estimates by the National Credit Union Administration for differences between market and book values are not made on each item separately federally chartered and federally insured state-chartered credit unions serving but are included, in total, in "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A80 Federal Reserve Board of Governors and Official Staff ALAN GREENSPAN, Chairman WAYNE D. ANGELL DAVID W. MULLINS, JR., Vice Chairman EDWARD W. KELLEY, JR. OFFICE OF BOARD MEMBERS DIVISION OF INTERNATIONAL FINANCE JOSEPH R. COYNE, Assistant to the Board EDWIN M. TRUMAN, Staff Director DONALD J. WINN, Assistant to the Board LARRY J. PROMISEL, Senior Associate Director THEODORE E. ALLISON, Assistant to the Board for Federal CHARLES J. SIEGMAN, Senior Associate Director Reserve System Affairs DAVID H. HOWARD, Deputy Associate Director BOB STAHLY MOORE, Special Assistant to the Board DONALD B. ADAMS, Assistant Director DIANE E. WERNEKE, Special Assistant to the Board DALE W. HENDERSON, Assistant Director PETER HOOPER III, Assistant Director LEGAL DIVISION KAREN H. JOHNSON, Assistant Director RALPH W. SMITH, JR. , Assistant Director J. VIRGIL MATTINGLY, JR., General Counsel SCOTT G. ALVAREZ, Associate General Counsel RICHARD M. ASHTON, Associate General Counsel DIVISION OF RESEARCH AND STATISTICS OLIVER IRELAND, Associate General Counsel MICHAEL J. PRELL, Director RICKI R. TIGERT, Associate General Counsel EDWARD C. ETTIN, Deputy Director KATHLEEN M. O'DAY, Assistant General Counsel WILLIAM R. JONES, Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel THOMAS D. SIMPSON, Associate Director LAWRENCE SLIFMAN, Associate Director OFFICE OF THE SECRETARY DAVID J. STOCKTON, Associate Director WILLIAM W. WILES, Secretary MARTHA BETHEA, Deputy Associate Director JENNIFER J. JOHNSON, Associate Secretary PETER A. TINSLEY, Deputy Associate Director BARBARA R. LOWREY, Associate Secretary MYRON L. KWAST, Assistant Director RICHARD C. STEVENS, Assistant Secretary1 PATRICK M. PARKINSON, Assistant Director MARTHA S. SCANLON, Assistant Director JOYCE K. ZICKLER, Assistant Director DIVISION OF CONSUMER LEVON H. GARABEDIAN, Assistant Director AND COMMUNITY AFFAIRS (Administration) GRIFFITH L. GARWOOD, Director GLENN E. LONEY, Assistant Director DIVISION OF MONETARY AFFAIRS ELLEN MALAND, Assistant Director DOLORES S. SMITH, Assistant Director DONALD L. KOHN, Director DAVID E. LINDSEY, Deputy Director DIVISION OF BANKING BRIAN F. MADIGAN, Assistant Director RICHARD D. PORTER, Assistant Director SUPERVISION AND REGULATION NORMAND R.V. BERNARD, Special Assistant to the Board RICHARD SPILLENKOTHEN, Director STEPHEN C. SCHEMERING, Deputy Director OFFICE OF THE INSPECTOR GENERAL DON E. KLINE, Associate Director BRENT L. BOWEN, Inspector General WILLIAM A. RYBACK, Associate Director BARRY R. SNYDER, Assistant Inspector General FREDERICK M. STRUBLE, Associate Director HERBERT A. BIERN, Assistant Director ROGER T. COLE, 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 1. On loan from the Division of Information Resources Management. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A81 JOHN P. LAWARE OFFICE OF DIVISION OF RESERVE BANK OPERATIONS STAFF DIRECTOR FOR MANAGEMENT AND PAYMENT SYSTEMS S. DAVID FROST, Staff Director CLYDE H. FARNSWORTH, JR., Director WILLIAM SCHNEIDER, Special Assignment: DAVID L. ROBINSON, Deputy Director (Finance and Project Director, National Information Center Control) PORTIA W. THOMPSON, Equal Employment Opportunity BRUCE J. SUMMERS, Deputy Director (Payments and Programs Officer Automation) CHARLES W. BENNETT, Assistant Director DIVISION OF HUMAN RESOURCES JACK DENNIS, Ik., Assistant Director MANAGEMENT EARL G. HAMILTON, Assistant Director JEFFREY C. MARQUARDT, Assistant Director DAVID L. SHANNON, Director JOHN H. PARRISH, Assistant Director JOHN R. WEIS, Associate Director LOUISE L. ROSEMAN, Assistant Director ANTHONY V. DIGIOIA, Assistant Director FLORENCE M. YOUNG, Assistant Director JOSEPH H. HAYES, JR. , Assistant Director FRED HOROWITZ, Assistant Director OFFICE OF THE CONTROLLER GEORGE E. LIVINGSTON, Controller STEPHEN J. CLARK, Assistant Controller (Programs and Budgets) DARRELL R. PAULEY, Assistant Controller (Finance) DIVISION OF SUPPORT SERVICES ROBERT E. FRAZEER, Director GEORGE M. LOPEZ, Assistant Director DAVID L. WILLIAMS, Assistant Director DIVISION OF INFORMATION RESOURCES MANAGEMENT STEPHEN R. MALPHRUS, Director BRUCE M. BEARDSLEY, Deputy Director ROBERT J. ZEMEL, Senior Adviser MARIANNE M. EMERSON, Assistant Director Po KYUNG KIM, Assistant Director RAYMOND H. MASSEY, Assistant Director EDWARD T. MULRENIN, Assistant Director DAY W. RADEBAUGH, JR. , Assistant Director ELIZABETH B. RIGGS, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A82 Federal Reserve Bulletin • December 1991 Federal Open Market Committee and Advisory Councils FEDERAL OPEN MARKET COMMITTEE MEMBERS ALAN GREENSPAN, Chairman E. GERALD CORRIGAN, Vice Chairman WAYNE D. ANGELL SILAS KEEHN JOHN P. LAWARE ROBERT P. BLACK EDWARD W. KELLEY, JR. DAVID W. MULLINS, JR. ROBERT P. FORRESTAL ROBERT T. PARRY ALTERNATE MEMBERS THOMAS M. HOENIG JAMES H. OLTMAN RICHARD F. SYRON THOMAS C. MELZER STAFF DONALD L. KOHN, Secretary and Economist J. ALFRED BROADDUS, JR., Associate Economist NORMAND R. V. BERNARD, Deputy Secretary RICHARD G. DAVIS, Associate Economist JOSEPH R. COYNE, Assistant Secretary DAVID E. LINDSEY, Associate Economist GARY P. GILLUM, Assistant Secretary LARRY J. PROMISEL, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel KARL A. SCHELD, Associate Economist ERNEST T. PATRKIS, Deputy General Counsel CHARLES J. SIEGMAN, Associate Economist MICHAEL J. PRELL, Economist THOMAS D. SIMPSON, Associate Economist EDWIN M. TRUMAN, Economist LAWRENCE SLIFMAN, Associate Economist JACK H. BEEBE, Associate Economist SHEILA T. TSCHINKEL, 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 PAUL HAZEN, President LLOYD P. JOHNSON, Vice President IRA STEPANIAN, First District B. KENNETH WEST, Seventh District CHARLES S. SANFORD, JR., Second District DAN W. MITCHELL, Eighth District TERRENCE A. LARSEN, Third District LLOYD P. JOHNSON, Ninth District JOHN B. MCCOY, Fourth District JORDAN L. HAINES, Tenth District EDWARD E. CRUTCHFIELD, Fifth District RONALD G. STEINHART, Eleventh District E.B. ROBINSON, JR., Sixth District PAUL HAZEN, 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 CONSUMER ADVISORY COUNCIL JAMES W. HEAD, Berkeley, California, Chairman LINDA K. PAGE, Columbus, Ohio, Vice Chairman VERONICA E. BARELA, Denver, Colorado JULIA E. HILER, Marietta, Georgia GEORGE H. BRAASCH, Oakbrook, Illinois HENRY JARAMILLO, Belen, New Mexico TOYE L. BROWN, Boston, Massachusetts BARBARA KAUFMAN, San Francisco, California CLIFF E. COOK, Tacoma, Washington KATHLEEN E. KEEST, Boston, Massachusetts R.B. (JOE) DEAN, JR., Columbia, South Carolina COLLEEN D. HERNANDEZ, Kansas City, Missouri DENNY D. DUMLER, Denver, Colorado MICHELLE S. MEIER, Washington, D.C. WILLIAM C. DUNKELBERG, Philadelphia, Pennsylvania BERNARD F. PARKER, JR. , Detroit, Michigan JAMES FLETCHER, Chicago, Illinois OTIS PITTS, JR., Miami, Florida GEORGE C. GALSTER, Wooster, Ohio VINCENT P. QUAYLE, Baltimore, Maryland E. THOMAS GARMAN, Blacksburg, Virginia CLIFFORD N. ROSENTHAL, New York, New York DONALD A. GLAS, Hutchinson, Minnesota ALAN M. SILBERSTEIN, New York, New York DEBORAH B. GOLDBERG, Washington, D.C. NANCY HARVEY STEORTS, Dallas, Texas MICHAEL M. GREENFIELD, St. Louis, Missouri DAVID P. WARD, Chester, New Jersey JOYCE HARRIS, Madison, Wisconsin SANDRA L. WILLETT, Boston, Massachusetts THRIFT INSTITUTIONS ADVISORY COUNCIL MARION O. SANDLER, Oakland, California, President LYNN W. HODGE, Greenwood, South Carolina, Vice President DANIEL C. ARNOLD, Houston, Texas RICHARD A. LARSON, West Bend, Wisconsin JAMES L. BRYAN, Richardson, Texas PRESTON MARTIN, San Francisco, California DAVID L. HATFIELD, Kalamazoo, Michigan RICHARD D. PARSONS, New York, New York ELLIOT K. KNUTSON, Seattle, Washington EDMOND M. SHANAHAN, Chicago, Illinois JOHN WM. LAISLE, Oklahoma City, Oklahoma WOODBURY C. TITCOMB, Worcester, Massachusetts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A84 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS SERVICES, Monetary Policy and Reserve Requirements Handbook. MS-138, Board of Governors of the Federal Reserve System, $75.00 per year. Washington, D.C. 20551 or telephone (202) 452-3244 or FAX Securities Credit Transactions Handbook. $75.00 per year. (202) 728-5886. When a charge is indicated, payment should The Payment System Handbook. $75.00 per year. accompany request and be made payable to the Board of Federal Reserve Regulatory Service. 3 vols. (Contains all four Governors of the Federal Reserve System. Payment from foreign Handbooks plus substantial additional material.) $200.00 residents should be drawn on a U. S. bank. per year. Rates for subscribers outside the United States are as follows and include additional air mail costs: THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. Federal Reserve Regulatory Service, $250.00 per year. 1984. 120 pp. Each Handbook, $90.00 per year. ANNUAL REPORT. THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A ANNUAL REPORT: BUDGET REVIEW, 1990-91. MULTICOUNTRY MODEL, May 1984. 590 pp. $14.50 each. FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or WELCOME TO THE FEDERAL RESERVE. March 1989. 14 pp. $2.50 each in the United States, its possessions, Canada, INDUSTRIAL PRODUCTION—1986 EDITION. December 1986. and Mexico. Elsewhere, $35.00 per year or $3.00 each. 440 pp. $9.00 each. ANNUAL STATISTICAL DIGEST FINANCIAL FUTURES AND OPTIONS IN THE U.S. ECONOMY. 1974-78. 1980. 305 pp. $10.00 per copy. December 1986. 264 pp. $10.00 each. 1981. 1982. 239 pp. $ 6.50 per copy. FINANCIAL SECTORS IN OPEN ECONOMIES: EMPIRICAL ANALY- 1982. 1983. 266 pp. $ 7.50 per copy. SIS AND POLICY ISSUES. August 1990. 608 pp. $25.00 each. 1983. 1984. 264 pp. $11.50 per copy. 1984. 1985. 254 pp. $12.50 per copy. 1985. 1986. 231pp. $15.00 per copy. CONSUMER EDUCATION PAMPHLETS 1986. 1987. 288 pp. $15.00 per copy. 1987. 1988. 272 pp. $15.00 per copy. Short pamphlets suitable for classroom use. Multiple copies are 1988. 1989. 256 pp. $25.00 per copy. available without charge. 1980-89. 1991.712 pp. $25.00 per copy. SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES Consumer Handbook on Adjustable Rate Mortgages OF CHARTS. Weekly. $30.00 per year or $.70 each in the Consumer Handbook to Credit Protection Laws United States, its possessions, Canada, and Mexico. A Guide to Federal Reserve Regulations Elsewhere, $35.00 per year or $.80 each. A Guide to Business Credit for Women, Minorities, and Small THE FEDERAL RESERVE ACT and other statutory provisions Businesses affecting the Federal Reserve System, as amended through How to File A Consumer Credit Complaint August 1990. 646 pp. $10.00. Series on the Structure of the Federal Reserve System REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL The Board of Governors of the Federal Reserve System RESERVE SYSTEM. The Federal Open Market Committee ANNUAL PERCENTAGE RATE TABLES (Truth in Lending—Reg- Federal Reserve Bank Board of Directors ulation Z) Vol. / (RegularTransactions). 1969.100pp. Vol. Federal Reserve Banks II (Irregular Transactions). 1969. 116 pp. Each volume Organization and Advisory Committees $2.25; 10 or more of same volume to one address, $2.00 A Consumer's Guide to Mortgage Lock-Ins each. A Consumer's Guide to Mortgage Settlement Costs Introduction to Flow of Funds. 1980. 68 pp. $1.50 each; 10 or A Consumer's Guide to Mortgage Refinancing more to one address, $1.25 each. Home Mortgages: Understanding the Process and Your Right Federal Reserve Regulatory Service. Looseleaf; updated at least to Fair Lending monthly. (Requests must be prepaid.) Making Deposits: When Will Your Money Be Available? Consumer and Community Affairs Handbook. $75.00 per When Your Home is on the Line: What You Should Know About year. Home Equity Lines of Credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A85 STAFF STUDIES: Summaries Only Printed in the 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUB- Bulletin SIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. Studies and papers on economic andfinancial subjects that are of general interest. Requests to obtain single copies of the full text 160. BANKING MARKETS AND THE USE OF FINANCIAL SERor to be added to the mailing list for the series may be sent to VICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September Publications Services. 1990. 35 pp. Staff Studies 1-145 are out of print. 161. A REVIEW OF CORPORATE RESTRUCTURING ACTIVITY, 1980-90, by Margaret Hastings Pickering. May 1991. 21pp. 146. THE ROLE OF THE PRIME RATE IN THE PRICING OF BUSINESS LOANS BY COMMERCIAL BANKS, 1977-84, by Thomas F. Brady. November 1985. 25 pp. 147. REVISIONS IN THE MONETARY SERVICES (DIVISLA.) IN- REPRINTS OF SELECTED Bulletin ARTICLES DEXES OF THE MONETARY AGGREGATES, by Helen T. Farr Some Bulletin articles are reprinted. The articles listed below and Deborah Johnson. December 1985. 42 pp. are those for which reprints are available. Most of the articles 148. THE MACROECONOMIC AND SECTORAL EFFECTS OF THE reprinted do not exceed twelve pages. ECONOMIC RECOVERY TAX ACT: SOME SIMULATION RESULTS, by Flint Brayton and Peter B. Clark. December Limit of ten copies 1985. 17 pp. 149. THE OPERATING PERFORMANCE OF ACQUIRED FIRMS IN Recent Developments in the Bankers Acceptance Market. 1/86. BANKING BEFORE AND AFTER ACQUISITION, by Stephen The Use of Cash and Transaction Accounts by American A. Rhoades. April 1986. 32 pp. Families. 2/86. 150. STATISTICAL COST ACCOUNTING MODELS IN BANKING: Financial Characteristics of High-Income Families. 3/86. A REEXAMINATION AND AN APPLICATION, by John T. Prices, Profit Margins, and Exchange Rates. 6/86. Rose and John D. Wolken. May 1986. 13 pp. Agricultural Banks under Stress. 7/86. 151. RESPONSES TO DEREGULATION : RETAIL DEPOSIT PRICING Foreign Lending by Banks: A Guide to International and U.S. FROM 1983 THROUGH 1985, by Patrick I. Mahoney, Alice Statistics. 10/86. P. White, Paul F. O'Brien, and Mary M. McLaughlin. Recent Developments in Corporate Finance. 11/86. January 1987. 30 pp. Measuring the Foreign-Exchange Value of the Dollar. 6/87. 152. DETERMINANTS OF CORPORATE MERGER ACTIVITY: A Changes in Consumer Installment Debt: Evidence from the 1983 REVIEW OF THE LITERATURE, by Mark J. Warshawsky. and 1986 Surveys of Consumer Finances. 10/87. April 1987. 18 pp. Home Equity Lines of Credit. 6/88. 153. STOCK MARKET VOLATILITY, by Carolyn D. Davis and Mutual Recognition: Integration of the Financial Sector in the Alice P. White. September 1987. 14 pp. European Community. 9/89. 154. THE EFFECTS ON CONSUMERS AND CREDITORS OF The Activities of Japanese Banks in the United Kingdom and in PROPOSED CEILINGS ON CREDIT CARD INTEREST RATES, the United States, 1980-88. 2/90. by Glenn B. Canner and James T. Fergus. October 1987. Industrial Production: 1989 Developments and Historical 26 pp. Revision. 4/90. 155. THE FUNDING OF PRIVATE PENSION PLANS, by Mark J. Recent Developments in Industrial Capacity and Utilization. Warshawsky. November 1987. 25 pp. 6/90. 156. INTERNATIONAL TRENDS FOR U.S. BANKS AND BANKING Developments Affecting the Profitability of Commercial Banks. MARKETS, by James V. Houpt. May 1988. 47 pp. 7/90. 157. M2 PER UNIT OF POTENTIAL GNP AS AN ANCHOR FOR Recent Developments in Corporate Finance. 8/90. THE PRICE LEVEL, by Jeffrey J. Hallman, Richard D. U.S. Exchange Rate Policy: Bretton Woods to Present. 11/90. Porter, and David H. Small. April 1989. 28 pp. The Transmission Channels of Monetary Policy: How Have 158. THE ADEQUACY AND CONSISTENCY OF MARGIN REQUIRE- They Changed? 12/90. MENTS IN THE MARKETS FOR STOCKS AND DERIVATIVE U.S. International Transactions in 1990. 5/91. PRODUCTS, by Mark J. Warshawsky with the assistance of Dietrich Earnhart. September 1989. 23 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A86 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES - -BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 (PAYMENT MUST ACCOMPANY REQUESTS) Annual Approximate Date of period to which data Weekly Releases rate release days refer • Aggregate Reserves of Depository Institutions and $15.00 Thursday Week ended previous the Monetary Base. H.3 (502) [1.20] Wednesday • Actions of the Board: Applications and Reports $35.00 Friday Received. H.2 (501) Week ended previous Saturday • Assets and Liabilities of Insured Domestically $15.00 Monday Chartered and Foreign Related Banking Wednesday, 3 weeks earlier Institutions. H.8(510) [1.25] • Factors Affecting Reserves of Depository $15.00 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] $15.00 Monday Week ended previous Friday • Money Stock, Liquid Assets, and Debt Measures. $35.00 Thursday Week ended Monday of H.6 (508) [1.21] previous week • Selected Borrowings in Immediately Available $15.00 Wednesday Week ended Thursday of Funds of Large Commercial Banks. H.5 (507) previous week [1.13] • Selected Interest Rates. H. 15 (519) [1.35] $15.00 Monday Week ended previous Saturday • Weekly Consolidated Condition Report of Large $15.00 Friday Wednesday, 1 week earlier Commercial Banks, and Domestic Subsidiaries. H.4.2 (504)[1.26, 1.30] Monthly Releases • Consumer Installment Credit. G. 19 (421) [1.55, $ 5.00 5th working day of 2nd month previous 1.56] month • Debits and Deposit Turnover at Commercial Banks. $ 5.00 12th of month Previous month G.6 (406) [1.22] • Finance Companies. G.20 (422) [1.51, 1.52] $ 5.00 5th working day of 2nd month previous month • Foreign Exchange Rates. G.5 (405) [3.28] $5.00 1st of month Previous month • Industrial Production and Capacity Utilization. G. 17 Previous month $15.00 Midmonth (419) [2.12,2.13] • Loans and Securities at all Commercial Banks. G.7 Previous month $ 5.00 3rd week of month (407) [1.23] • Major Nondeposit Funds of Commercial Banks. Previous month $ 5.00 3rd week of month G. 10 (411) [1.24] • Research Library—Recent Acquisitions. G. 15 (417) Free of 1 st of month Previous month charge • Selected Interest Rates. G.13 (415) [1.35] $5.00 1st Tuesday of Previous month month 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 respective Bulletin tables that report the data are designated in brackets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A87 Annual Approximate Date of period to which data Quarterly Releases rate release days refer • Agricultural Finance Databook. E. 15 (125) $ 5.00 End of March, January, April, July, and June, September, October and December • Country Exposure Lending Survey. E. 16 (126) $ 5.00 January, April, Previous quarter July, and October • Flow of Funds Accounts: Seasonally Adjusted $15.00 23rd of February, Previous quarter and Unadjusted. Z.l (780) [1.57, 1.58] May, August, and November • Flow of Funds Summary Statistics. Z.l (788) $ 5.00 15th of February, Previous quarter [1.59, 1.60] May, August, and November • Geographical Distribution of Assets and Liabilities $ 5.00 15th of March, Previous quarter of Major Foreign Branches of U.S. Banks. E. 11 June, September, (121) and December • Survey of Terms of Bank Lending to Business. E. 2 $ 5.00 Midmonth of February, May, August, and (111)[4.23] March, June, November September, and December • List of OTC Margin Stocks. E.7 (117) $ 5.00 January, April, February, May, August, and July, and November October Semiannual Releases • Balance Sheets for the U.S. Economy. C.9 (108) $ 5.00 October and April Previous year • Report on the Terms of Credit Card Plans. E.5 $ 5.00 March and August January and June (115) Annual Releases • Aggregate Summaries of Annual Surveys of $ 5.00 February End of previous June Securities Credit Extension. C.2 (101) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A88 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 Ownership by individuals, partnerships, and corporations, 21 Assets and liabilities (See also Foreigners) Turnover, 15 Banks, by classes, 18-20 Depository institutions Domestic finance companies, 34 Reserve requirements, 8 Federal Reserve Banks, 10 Reserves and related items, 3, 4, 5, 12 Financial institutions, 25, 79 Deposits (See also specific types) Foreign banks, U.S. branches and agencies, 21, 74-77 Banks, by classes, 3, 18-20, 21 Automobiles Federal Reserve Banks, 4, 10 Consumer installment credit, 37, 38 Turnover, 15 Production, 47, 48 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) BANKERS acceptances, 9, 22, 23 Dividends, corporate, 33 Bankers balances, 18-20. {See also Foreigners) Bonds (See also U.S. government securities) New issues, 33 EMPLOYMENT, 45 Rates, 23 Eurodollars, 23 Branch banks, 21, 55, 74-77 Business activity, nonfinancial, 44 Business expenditures on new plant and equipment, 33 FARM mortgage loans, 36 Business loans (See Commercial and industrial loans) Federal agency obligations, 4, 9, 10, 11, 29, 30 Federal credit agencies, 31 Federal finance CAPACITY utilization, 46 Debt subject to statutory limitation, and types and ownership Capital accounts of gross debt, 28 Banks, by classes, 18 Receipts and outlays, 26, 27 Federal Reserve Banks, 10 Treasury financing of surplus, or deficit, 26 Central banks, discount rates, 67 Treasury operating balance, 26 Certificates of deposit, 23 Federal Financing Bank, 26, 31 Commercial and industrial loans Federal funds, 6, 17, 19, 20, 21, 23, 26 Commercial banks, 16, 19, 70-73 Federal Home Loan Banks, 31 Weekly reporting banks, 19-21 Federal Home Loan Mortgage Corporation, 31, 35, 36 Commercial banks Federal Housing Administration, 31, 35, 36 Assets and liabilities, 18-20, 70-73, 74-77 Commercial and industrial loans, 16, 18,19,20, 21,74-77 Federal Land Banks, 36 Consumer loans held, by type and terms, 37, 38, 73 Federal National Mortgage Association, 31, 35, 36 Loans sold outright, 19 Federal Reserve Banks Nondeposit funds, 17 Condition statement, 10 Discount rates (See Interest rates) Real estate mortgages held, by holder and property, 36 U.S. government securities held, 4, 10, 11, 28 Terms of lending, 70-73 Federal Reserve credit, 4, 5, 10, 11 Time and savings deposits, 3 Federal Reserve notes, 10 Commercial paper, 22, 23, 34 Federal Reserve System Condition statements (See Assets and liabilities) Balance sheet for priced services, 80 Construction, 44, 49 Condition statement for priced services, 81 Consumer installment credit, 37, 38 Federally sponsored credit agencies, 31 Consumer prices, 44, 46 Finance companies Consumption expenditures, 52, 53 Assets and liabilities, 34 Corporations Business credit, 34 Nonfinancial, assets and liabilities, 33 Loans, 37, 38 Profits and their distribution, 33 Paper, 22,23 Security issues, 32, 65 Financial institutions Cost of living (See Consumer prices) Loans to, 19,20,21 Credit unions, 37 Selected assets and liabilities, 25 Currency and coin, 18 Float, 4, 81 Currency in circulation, 4,13 Flow of funds, 39,41,42,43 Customer credit, stock market, 24 Foreign banks, assets and liabilities of U.S. branches and agencies, 21, 74-77 DEBITS to deposit accounts, 14 Foreign currency operations, 10 Debt (See specific types of debt or securities) Foreign deposits in U.S. banks, 4, 10, 19, 20 Demand deposits Foreign exchange rates, 68 Banks, by classes, 18-21 Foreign trade, 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A89 Foreigners REAL estate loans Claims on, 55, 57, 60, 61, 62, 64 Banks, by classes, 16, 19, 20, 36, 72 Liabilities to, 20, 54, 55, 57, 58, 63, 65, 66 Financial institutions, 25 Terms, yields, and activity, 35 GOLD Type of holder and property mortgaged, 36 Certificate account, 10 Repurchase agreements, 6, 17, 19, 20, 21 Stock, 4, 54 Reserve requirements, 8 Government National Mortgage Association, 31, 35, 36 Reserves Gross national product, 51 Commercial banks, 18 Depository institutions, 3, 4, 5, 12 HOUSING, new and existing units, 49 Federal Reserve Banks, 10 U.S. reserve assets, 54 INCOME, personal and national, 44, 51, 52 Residential mortgage loans, 35 Industrial production, 44, 47 Retail credit and retail sales, 37, 38, 44 Installment loans, 37, 38 Insurance companies, 25, 28, 36, 79 SAVING Interest rates Flow of funds, 39,41,42,43 Bonds, 23 National income accounts, 51 Commercial banks, 70-73 Savings and loan associations, 36, 37, 39. (See also SAIF-insured Consumer installment credit, 38 institutions) Federal Reserve Banks, 7 Savings Association Insurance Funds (SAIF) insured institutions, 25 Foreign central banks and foreign countries, 67 Savings banks, 25, 36, 37 Money and capital markets, 23 Savings deposits (See Time and savings deposits) Mortgages, 35 Securities (See also specific types) Prime rate, 22 Federal and federally sponsored credit agencies, 31 International capital transactions of United States, 53-67 Foreign transactions, 65 International organizations, 57, 58, 60, 63, 64 Life insurance companies, 79 Inventories, 51 New issues, 32 Investment companies, issues and assets, 33 Prices, 24 Investments (See also specific types) Special drawing rights, 4, 10, 53, 54 Banks, by classes, 18, 19, 20, 21, 25 State and local governments Commercial banks, 3, 16, 18-20, 36 Deposits, 19, 20 Federal Reserve Banks, 10, 11 Holdings of U.S. government securities, 28 Financial institutions, 25, 36 New security issues, 32 Ownership of securities issued by, 19, 20,25 LABOR force, 45 Rates on securities, 23 Life insurance companies {See Insurance companies) Stock market, selected statistics, 24 Loans (See also specific types) Stocks (See also Securities) Banks, by classes, 18-20 New issues, 32 Commercial banks, 3, 16, 18-20 Prices, 24 Federal Reserve Banks, 4, 5, 7, 10, 11 Federal Reserve System, 80-81 Student Loan Marketing Association, 31 Financial institutions, 25, 36 Insured or guaranteed by United States, 35, 36, 78 TAX receipts, federal, 27 Thrift institutions, 3. (See also Credit unions and Savings and MANUFACTURING loan associations) Capacity utilization, 46 Time and savings deposits, 3, 13, 17, 18, 19, 20, 21 Production, 46, 48 Trade, foreign, 54 Margin requirements, 24 Treasury cash, Treasury currency, 4 Member banks (See also Depository institutions) Treasury deposits, 4, 10, 26 Federal funds and repurchase agreements, 6 Treasury operating balance, 26 Reserve requirements, 8 UNEMPLOYMENT, 45 Mining production, 48 U.S. government balances Mobile homes shipped, 49 Commercial bank holdings, 18, 19, 20 Monetary and credit aggregates, 3, 12 Treasury deposits at Reserve Banks, 4, 10, 26 Money and capital market rates, 23 Money stock measures and components, 3,13 U.S. government securities Mortgages (See Real estate loans) Bank holdings, 18-20, 21, 28 Mutual funds, 33 Dealer transactions, positions, and financing, 30 Federal Reserve Bank holdings, 4, 10, 11, 28 Mutual savings banks (See Thrift institutions) Foreign and international holdings and transactions, 10, 28, 66 NATIONAL defense outlays, 27 Open market transactions, 9 National income, 51 Outstanding, by type and holder, 25, 28 Rates, 23 OPEN market transactions, 9 U.S. international transactions, 53-67 Utilities, production, 48 PERSONAL income, 52 Prices VETERANS Administration, 35, 36 Consumer and producer, 44, 50 Stock market, 24 Prime rate, 22 WEEKLY reporting banks, 19-21 Producer prices, 44, 50 Wholesale (producer) prices, 44, 50 Production, 44, 47 Profits, corporate, 33 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASK) Index to Volume 77 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Text "A" Pages Issue Text "A"p ages Index to Index to tables tables January 1-80 1-77 84-85 July 505--624 1-69 78-79 February 81-146 1-81 88-89 August 625--684 1-83 90-91 March 147-202 1-77 84-85 September .... 685--768 1-69 78-79 April 203-286 1-77 84-85 October 769--846 1-75 82-83 May 287-374 1-77 84-85 November .... 847--966 1-79 88-89 June 375-504 1-75 84-85 December .... 967--1020 1-85 94-95 The "A" pages consist of statistical tables and reference information. Statistical tables are indexed separately (see p. A88 of this issue). Pages Pages AGRICULTURE, article on economy 967 BANCA Nazionale del Lavoro 572 Agriculture, U.S. Department of 203 Bank Commissioner of Maryland 575 Allison, Theodore E., appointed Assistant to the Board Bank for International Settlements, Basle 445, 532, 626, 724 for Federal Reserve System Affairs 734 Bank Holding Company Act of 1956 Altman, Robert A., in statement 574 Orders issued under Alvarez, Scott G., promoted to Associate General Counsel ... 312 1st Premier Bancorp 1015 American Bankers Association 221 1st Source Corporation 281 Americans with Disabilities Act of 1990 212 A.N.B. Holding Company, Ltd 764 Angell, Wayne D. ABN AMRO Holding N. V., Amsterdam, Federal Reserve System expenses and budget, statement ... 715 The Netherlands 189, 356, 621 Annual Report, 1990 312 ABN AMRO North America, Inc 356 Annual Statistical Digest, 1980-89 312 Absarokee Bancorporation, Inc 678 Articles AdairsvilleBancshares, Inc 197 An update on the farm economy 967 Adamsville Bancshares, Inc 678 Bank holding company investments for community Agri Bancorporation 679 development 388 Albemene Bank Nederland, N. V., Amsterdam, Clearing and payment systems: The role of the The Netherlands 356 central bank 81 Allied Irish Banks, pic, Dublin, Ireland 843 Diffusion indexes of industrial production 534 Alpha Financial Group, Inc 841 Electronic transfer of government benefits 203 AMCORE Financial, Inc 502 Home Mortgage Disclosure Act: Expanded data American Community Bank, Inc 618 on residential lending 859 AmFirst Bancorporation 962 Household spending and saving: Measurement, trends, Amsterdam-Rotterdam Bank N. V., Amsterdam, and analysis 1 The Netherlands 189,621 Issues in labor supply 375 ANB Corporation 199 Method for evaluating interest rate risk in U.S. Anchor Bancorp, Inc 279 commercial banks 625 Apple Merger Corp 492 Monetary policy report to the Congress 147, 685 Appleton City Bancshares, Inc 1003 Payment of household debts 218 Area Bancshares Corporation 843 Primer on the settlement of payments in the United States .. 847 Arneson Bancshares, Inc 197 Progress toward a European Monetary Union 769 Arvada Bank Holding Company 140 Recent developments affecting the profitability Arvest Bank Group, Inc 618 and practices of commercial banks 505 Ashby Bancshares, Inc 620 Errata, announcement 733 Associated Banc-Corp 1015 Treasury and Federal Reserve Foreign Exchange B & G Investment Company 140 Operations 18,230, 528, 784 Banc One Corporation 61, 197, 331, 502, 742,1017 U.S. international transactions in 1990 287 Banc One Ohio Corporation 742 Association of Community Organizations for Reform Now ... 205 Banco Europeo de Finanzas, S.A., Madrid, Spain 108 Automated clearinghouses Bancorp Hawaii, Inc 843 New fees postponed 250 Bancorp III, Inc 267 Role in payment system, article 848 Bancshares of Jackson Hole Incorporated 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A91 Pages Pages Bank Holding Company Act of 1956-Continued Bank Holding Company Act of 1956-Continued Orders issued under-Continued Orders issued under—Continued BancWest Bancorp, Inc 500 Commercial Bancorporation, Inc 679 Bank Management Group, Ltd 841 Commercial BancShares, Incorporated 962 Bank of North America Bancorp, Inc 197 Commercial Banshares, Inc 765 BankAmericaCorporation . 75,140,196,278,613,763, 841 Community Bancshares, Inc 354, 356,962 Bankers Corp 78 Community Bankshares of Wyoming 75 Bankers Trust New York Corporation 182,765 Community Financial Holding Company 354 Community First Bankshares, Inc 679, 962 BanPonce Corporation, Hato Rey, Puerto Rico 43, 765 Community Group, Inc 354 Banque Nationale de Paris, Paris, France 143 Community Independent Bancorp, Inc 197 Barclays Bank PLC, London, England 487 Community Trust Financial Services Corporation 140 Barclays PLC, London, England 487 Crawford Bancorp, Inc 620 Barnett Banks, Inc 140 Credit Lyonnais, Paris, France 502 BB&T Financial Corporation 199,620 Creditanstalt-Bankverein, Vienna, Austria 183 Beaman Bancshares, Inc 354 Crowell Bancshares, Inc 841 Bethany Bankshares, Inc 279 CTB Financial Corporation 500 Beulah Bancorporation, Inc 1015 Dai-Ichi Kangyo Bank, Limited, Big Bend Bancshares Corp 962 Tokyo, Japan 184,281,670 Big Sandy Holding Company 679 Dakota Company, Inc 679 Blackshear Bancshares, Inc 197 Dauphin Deposit Corporation 672 Blue Waters Bancshares, Inc 500 Dawson Corporation 328 Boatmen's Bancshares, Inc 78, 666 Decatur Corporation 679 BOK Financial Corporation 614 Decatur Investment, Inc 75 Bon, Inc 962 Denali Bancorporation, Inc 500 Bourbon Bancshares, Inc 618 Desert Southwest Community Bancorp 679 Breckenridge Bancshares Company 279 DNB Financial Corporation 679 Britt Bancshares 198 East Ridge Bancshares, Inc 356 Brooke Holdings, Inc 197,620, 765 Eastern Iowa Bancshares 843 Button Gwinnett Bancorp, Inc 279 Ellsworth Bancshares, Inc 197 Caisse Nationale de Credit Agricole, S. A., Empire Banc Corporation 680 Paris, France 78, 143, 765 Enfin, Inc 500 Caldwell County Bancshares, Inc 500 Eufaula BancCorp, Inc 841 Caledonia Financial Corporation 279 Eurocapital, S.A., Madrid, Spain 108 Carolina First BancShares, Inc 1016 EuroHoldings, Inc 614 Carolina First Corporation 200,1016 Evergreen Bancshares, Inc 1017 Catherine Stuart Schmoker Family Partnership 141 Exchange Bankshares Corporation of Kansas 962 CB&T Financial Corp 618 Exeter Bancorporation, Inc 75 CBT Corporation, Inc 140 F & M Bank Services, Inc 76 CBW Bancorp 500 F.N.B. Corporation 843 Cedar Creek Bancshares, Inc 279 F.W.S.F. Corporation 1005 Cedar Valley Bankshares, Ltd 679 Farmers and Merchants Investment Co 841 Central Arkansas Bancshares, Inc 679 Farmers Savings Bank Employee Stock Ownership Central Bancompany, Inc 1015 Plan & Trust 354 Central Bancshares of the South, Inc 139 Fayette County Bancshares, Inc 681 Central BancShares, Inc 618 FCNBCorp 502 Central Banking Group, Inc 619 FEO Investments, Inc 619, 681 Central Illinois Bancorp, Inc 962 Fidelity Bancorporation, Inc 197 Central of Kansas, Inc 279 Fidelity BancShares (N.C.), Inc 1017 Chadwick Bancshares, Inc 679 Fidelity Company 75 Chambers Bancshares, Inc 200 Fifth Third Bancorp 744 Chandler Bancshares, Inc 140 Fifth Third Bank, Cincinnati, Ohio 744 Chase Manhattan Corporation 843 Fifth Third Bank, Columbus, Ohio 744 Chemical Banking Corporation 48 First Abilene Bankshares, Inc 75 Cherokee Bancorp 324 First American Financial Corporation 354 Chesapeake Bancorp 500 First Bancorp of Durango, Inc 140 Citicorp 325, 332 First Bancorp, Inc 962 Citizens Bancorp, Inc 354 First Bancshares of Stevenson, Inc 197 Citizens Financial Corporation Employee Stock First Bancshares of Valley City, Inc 501 Ownership Plan 679 First Bancshares, Inc 841 Citizens National Bancorp, Inc 500 First Bank Corp 354 Citizens National Bancshares of Hope, Inc 964 First Bank System, Inc 78,281, 681 Clear Lake Investors, Inc 140 First Belleville Bancshares, Inc 141 CNB Bancorp, Inc 197 First Bentonville Bancshares, Inc 962 CNB Bancorp, Inc. Employees Stock Ownership Plan ... 197 First Berlin Bancorp., Inc 354 CNB Bancshares, Inc 679 First Citizens BancShares, Inc 620 CNB Financial Corporation 197 First Colonial Bankshares Corporation 962 CNBC Bancorp, Inc 964 Coal well Bancorporation 841 First Commerce Bancshares, Inc 141 Colony Bankcorp, Inc 679 First Commercial Bancshares, Inc 197 Columbia Bancorp-Delaware, Inc 764 First Commercial Corporation 78,140, 763,961 Columbus Bancorp, Inc 764 First Commercial Holding Corporation 667 Comerica Incorporated 131 First Community Bancshares, Inc 50, 502 Commercial Bancorp 1015 First Decatur Bancshares, Inc 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A92 Federal Reserve Bulletin • December 1991 Pages Pages Bank Holding Company Act of 1956-Continued Bank Holding Company Act of 1956-Continued Orders issued under-Continued Orders issued under-Continued First Financial Bancorp 681 Grygla Financial Corporation 198 First Hawaiian, Inc 52 GSB Holding, Inc 76 First Heartland Bancorp 619 Guaranty Bancshares, Inc 76, 78 First Interstate Bancorp 334, 678 Guaranty Financial Corp 76, 78 First Interstate BancSystem of Montana, Inc 1007 Hansen Freeborn, Inc 842 First Iowa State Shares, Inc 841 Harleysville National Corporation 141 First Laurel Security Company 1015 Haviland Bancshares, Inc 198 First Lindsay Corporation 749 Hay ward Bancshares, Inc 180 First Marengo Financial Corporation 59 Heartland Bancorporation 355 First Maryland Bancorp 843 Henderson Citizens Bancshares, Inc 963 First McKinley Corporation 197 Henderson Citizens Delaware Bancshares, Inc 963 First Medicine Lodge Bancshares, Inc 842 Heron Lake Bancshares, Inc 621 First Michigan Bank Corporation 141,489, 501, 962 Hettinger Holding Company, Inc 198 First National Bancorp of Columbia, Inc 279 High Point Financial Services, Inc 501 First National Bancorp, Inc 76, 619 Honor Bancorp, Inc 1017 First National Bancorporation of Stoughton 354 HP Holding Company 619 First National BancShares, Inc 141 HSBC Holdings pic, Hong Kong 273 First National Corporation of West Point 621 HUBCO, Inc 501 First National Insurance Agency, Inc 619 Husker Bank Holding Company, Inc 355 First National of Nebraska, Inc 1016 Dlinois State Bancorp, Inc 501 Illiopolis Bancorporation, Incorporated 279 First National Security Company 764 INB Financial Corporation 76, 198 First Nebraska Bancs, Inc 764 Indiana United Bancorp 680 First Neighborhood Bancshares, Inc 198 InterWest National Bancorp 198 First North Financial Services, Inc 842 Jacob Schmidt Company and American First Norton Corporation 76 Bancorporation, Inc 198 First of America Bank Corporation 353, 621, 840, 961 James Stuart, Jr. Family Partnership 141 First of Fort Morgan, Inc 279 Jefferson County Bancorp., Inc 355 First of Huron Corporation 842 Johnson Heritage Bancorp, Ltd 141 First of Searcy, Inc 141 Johnson International Bancorp, Ltd 144 First Peoria Corp 76 Johnson International, Inc 619 First Pinellas Financial Group, Inc 501 Jones Holding Company, Ltd 142 First State Bancorp of Monticello, Inc 279 Key Centurion Bancshares, Inc 142, 326 First State Bancorp, Inc 501 Keystone Financial, Inc 142 First State Bancshares, Inc 141 Kirkwood Bancorporation Co 76 First State Corporation 1017 Kislak Financial Corporation 198 First State Management Corporation, Inc 76 Klossner Bancorporation, Inc 76 First Staunton Bancshares, Inc 501 Krause Financial, Inc 142 First Universal Bancorporation, Inc 962 KSB Financial, Inc 355 First Virginia Banks, Inc 621, 843 Kyowa Bank, Limited, Tokyo, Japan 281 First York Ban Corp 76 La Salle National Corporation 356 Firstar Corporation 135, 1005 Lake Elmo Bank Profit Sharing Plan and the Lake Firstbank of Illinois Co 500 Elmo Bank Profit Sharing Trust 1016 Fischer Corporation 962 Landmark Bancshares, Inc 279 Fleet/Norstar Financial Group, Inc 196, 483, 750 Larimer Bancorporation, Inc 501 Fleet/Norstar New York, Inc 196 Lewis Banshares, Inc 502 FNC Bancorp, Inc 354 Libanco, Inc 77 Ford Bank Group Holdings, Inc 279 Liberty Bancorporation 280 Ford Bank Group, Inc 279 Liberty National Bancorp, Inc 619, 964 Founders Financial Corporation 354 Lincolnland Bancorp, Inc 281 Four County Bancshares, Inc 679 Lisco State Company 764 Fourth Financial Corporation 141 Locust Grove Banshares, Inc 619 Fremont Bank Corporation 1016 LS Bancorp, Inc 764 FS Banco, Inc 76 Luxemburg Bancshares, Inc 63 FS Bancshares, Inc 842 M&F Bancorp, Inc 1011 FSB Bancorp 501 Main Street Banks Incorporated 115 FSB Bancorp, Inc 141 Mansfield Bancorp, Inc 679 Fuji Bank, Limited, Tokyo, Japan 490 Manufacturers Hanover Corporation 841 Fulton Financial Corporation 502, 962 Marshall & Ilsley Corporation 281 Geneva State Company 141 Mascouten Bancorp, Inc 142 GifFord Bancorp, Inc., Employee Stock Ownership Plan 963 Maybaco Company, Limited Partnership 181 Glasgow Bancshares Corporation 141 MBNA America Bank, N.A 181 Grand Valley Corporation 76 MBNA Corp 181 Great Lakes Financial Resources, Inc., Employee Mcintosh Bancshares, Inc 501 Stock Ownership Plan 356, 842 Meader Insurance Agency 280 Great River Banshares Corporation 1016 Mechanicsville Trust & Savings Bank Employee Stock Great Southern Capital Corporation Employee Stock Ownership Plan and Trust 77 Ownership Trust 679 Mercantile Bancorp, Inc 280 Greater Southwest Bancshares, Inc., Employee Stock Mercantile Bancorporation, Inc 78 Ownership Plan 354 Meridian Mutual Holding Company 680 Grenada Sunburst System Corporation 336 Metrobancorp 502 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 77 A93 Pages Pages Bank Holding Company Act of 1956-Continued Bank Holding Company Act of 1956-Continued Orders issued under—Continued Orders issued under—Continued Michigan National Corporation 961 Plains Bancorp Delaware, Inc 77 Mid-America National Bancorp, Inc 280, 842 Plains Bancorp, Inc 77 MidAmerica Bank Maple wood 619 Plainview Holding Company 198 MidAmerica Banshares Inc 619 Plato Bancshares, Inc 680 MidAmerican Corporation 842 Prairie Bancorp, Inc 501, 619 Midland Financial Corporation 1016 Prosperity Banking Company 501 Midlothian State Bank Employee Stock Provident Bancorp, Inc 140, 1015 Ownership Trust 501 Rawlins National Bancorporation, Inc 764 Midwest Banco Corporation 355 RCB Holding Co 198 RCN Holding Company 764 Miners National Bancorp, Inc 963 Readlyn Bancshares, Inc 198 Minnesota-Wisconsin Bancshares, Inc 619 Rebank Netherlands Antilles, N.V. 196,763 Minowa Banshares, Inc 198 Mitsubishi Bank, Limited, Tokyo, Japan 337 Republic Banking Corporation of Florida 196,763 Resource Bancshares Corporation 356 Mitsui Manufacturers Bank 109, 268 Rice Lake Bancorp, Inc 199 Mitsui Taiyo Kobe Bank, Limited, Tokyo, Japan 116 Rio Bancshares Corporation 963 MNC Financial, Inc 181 River Forest Bancorp, Inc 963 Monona Bankshares, Inc 680 RMB Bancshares, Inc 842 Monroe Agency, Inc 1016 Rock Rivers Bancorp 77 Montana Bancsystem, Inc 1017 Roscoe Financial Corporation 842 Moorcroft Corporation 328 Routt County National Bank Corporation 355 Moorcroft State Bank 328 Royal Bancshares, Inc 619 Morgan Community Bancorp, Inc 840 Royal Bank of Canada, Montreal, Quebec, Canada 272 Morton Financial Corporation 142 Rurban Financial Corp 77 Mountain Holding Corporation 355 Rushmore Financial Services, Inc 842 Mountain-Valley Bancshares, Inc 77 San Juan Bancshares, Inc 620 Mountaineer Bankshares of West Virginia, Inc 142 San Juan Delaware Financial Corporation 620 National Banc of Commerce Company 355, 963 Sandwich Banco, Inc 620 National City Corporation 681, 963 SanwaBank, Limited, Osaka, Japan 64, 187 National Penn Bancshares, Inc 78, 680 SB Holdings, Inc 355 NBD Bancorp, Inc 963, 964 SCB Financial Corporation 142 NBD Illinois, Inc 964 Scott County Bancorp, Inc 142 NCNB Corporation 119, 124, 143, 956, 957, 958, 959 Scott Stuart Family Partnership 141,842 Nebraska Bancorporation, Inc 143 Seafirst Corporation 841 Nebraska Bankshares, Inc 77 Seaway Bancshares, Inc 964 North Fork Bancorporation 615 Second Mid America Bancorp, Inc 680 North Milwaukee Bancshares, Inc 77 Security Corporation 199 North Park Bancshares, Inc 280 Security Pacific Bancorporation Northwest 842 North Platte Corporation 328 Security Pacific Corporation 842 Northern California Community Bancorporation, Inc. .. 680 Security State Bank Holding Company 199 Northern States Financial Corporation 681 Senath Bancshares, Inc 1016 Northern Trust Corporation 618 Shipman Bancorp, Inc 199 Northern Trust of California Corporation 618 Signet Banking Corporation 1017 Norwest Corporation 110, 114, 198, 281, 343, Simmons First National Corporation 140, 764, 961 356,502,681,765,844,964 Siouxland Bank Holding Company 842 Norwest Financial Services, Inc 281, 502, 844 Skandinaviska Enskilda Banken, Norwest Financial, Inc 281, 502, 844 Stockholm, Sweden 281, 844 Oakland Financial Services, Inc 680 SNB Financial Corporation 142 Old Second Bancorp, Inc 501 South Carolina National Corporation 278, 281 Orchard Bancorp 619 South Dakota Bancorp, Inc 679 Osterreichische Landerbank Aktiengesellschaft, South Dakota Financial Bancorporation, Inc 680 Vienna, Austria 200 South Florida Bank Holding Corporation 142 Otoe County Bancorporation, Inc 680 Southern National Corporation 961 Overton Financial Corporation 764 Southwest Company 680 Owatonna Bancshares, Inc 77 Southwest Florida Banks, Incorporated 77 Paloma Bancshares, Inc 77 Southwestern Wisconsin Bancshares, Inc 280 Park Cities Bancshares, Inc 280 Staples Financial Services, Inc 77 Park Cities Corporation 280 STAR Financial Group, Inc 199 Parkway Bancorp, Inc 1016 Star Banc Corporation 680 People's Bank of Brevard, Inc 355 Star Banc Corporation, Kentucky 501 Peoples Bancholding Company, Inc 963 Sterling Bancorp 143 Peoples Holding Company 355 Peoples Independent Bancshares, Inc 1016 STICHTING PRIORITEIT ABN AMRO Holding, Peoples Preferred Bancshares, Inc 355 Amsterdam, The Netherlands 189 Peotone Bancorp, Inc 142 Stichting Administratiekantoor ABN AMRO Holding, Phelps County Bank Employee Stock Ownership Plan ... 198 Amsterdam, The Netherlands 189, 356, 621 Philippine Commercial International Bank, Manila, Stichting Prioriteit ABN AMRO Holding, The Philippines 270 Amsterdam, The Netherlands 356, 621 Philippine National Bank, Manila, The Philippines 142 Stockmen's Management Co 77 Pikeville National Corporation 621 Stuart Family Partnership 141 Pinnacle Banc Group, Inc 142, 280 Sumitomo Bank, Limited, Osaka, Japan 339 Piper Bankshares, Inc 77 Summcorp 680 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A94 Federal Reserve Bulletin • December 1991 Pages Pages Bank Holding Company Act of 1956-Continued Bank Merger Act—Continued Orders issued under—Continued Orders issued under—Continued Summit Bancorp 77 Chemical Bank Bay Area 503 Summit Bancorp, Inc 952 Chemical Bank Michigan 681 Summit Bancorporation 681 Citizens Bank & Trust Company 356 Sun Financial Corporation 143,680 Comerica Bank - Detroit 503 Sunrise Bancorp, Inc 620 Commercial State Bank Interim of Orlando 766 Swatara Bancorp, Inc 765 Crestar Bank 79 Swiss Bank Corporation, Basle, Switzerland 126, 759 First Exchange Bank of Madison County 766 Synovus Financial Corp 199, 502, 765, 954 First of America Bank-Northern Michigan 200 TAG Bancshares, Inc 501 First of America Bank-West Michigan 1017 Taylor Bancshares, Inc 77 Fleet Bank of Maine 275, 278 TB&C Bancshares, Inc 199, 765, 954 Ireland Bank 1017 Terrapin Bancorp, Inc 142,964 Isabella Bank and Trust 194 Teutopolis Holding Co 963 Manufacturers and Traders Trust Company 616 Texas Commerce Bancshares 48 Manufacturers Hanover Trust Company 493 Texas Commerce Equity Holdings, Inc 48 Montana Bank of Billings 200 Texhoma Bancshares, Inc 355 Ohio Bank 144 TFBC Acquisition Corporation 280 Old Kent Bank of Kalamazoo 1017 Tifton Banks, Inc 355 Peoples Bank 356 Timberline Bancshares, Inc 963 Plaza Bank of Miami 136 TNB Bancorp, Inc 77 Plaza Merger Company 136 Towerbank Corporation 61 Signet Bank/Maryland 1018 Trans Financial Bancorp 841 State Bank of Croswell 79 Tri-County Bancorp, Inc 1016 Tioga State Bank 503 Tripoli Bancshares, Inc 198 Trust Company Bank 201 TSB Bancorp, Inc 143 Trustco Bank New York 964 U.S. Bancorp 140, 342 Union Bank/Streator 503 U.S.B. Holding Company, Inc 355 United Jersey Bank 356, 678 Union Bank of Switzerland, Zurich, Switzerland 681 United New Mexico Bank at Albuquerque 622 United Bancshares, Inc 356 Bank mergers, statement 932 United Community Bancorp, Inc 355, 844 Bank of Credit and Commerce International, United Missouri Bancshares, Inc 78, 502, 1016 statements 569,572,791,902, United Nebraska Financial Co 78 918,920,924, 928 United New Mexico Financial Corporation 484 Bank of England 414 Univest Corporation of Pennsylvania 620 Bank of New England 516 Valley Banc Services Corporation 620 Bankruptcy Act 222 Valley Bancorporation 78, 143, 200 Barnard, Doug, Jr., Congressman, in statement 406 Valley Bancshares, Inc 620 Basle Accord 625 Valley Financial Services, Inc 281 Beardsley, Bruce M., appointed Deputy Director, Valley National Bancorp 143 Information Resources Management 950 VB&T Bancshares Corp 199 Benefits, government, electronic transfer of funds 203 Vista Bancorp, Inc 617 Bentsen, Lloyd, Senator, in statement 567 Volunteer Bancshares, Inc 840 Beutel, Allen E., Executive Director for Information Wachovia Corporation 1011 Resources Management, retirement 175 Waterford Bancshares, Inc 143 Black, Robert P., statement on BCCI 920 Wells Fargo and Company 143 Board of Governors (See also Federal Reserve System) Wesbanco, Inc 842 Consumer Advisory Council (See Consumer West Bend Bancorp 842 Advisory Council) Western Bancorporation, Inc 1016 Division of Federal Reserve Bank Operations, Western Banshares, Inc 843 announcement of name change 97 Whitcorp Financial Company 191 Federal Open Market Committee (See Federal Open Market Widmer Oil Company, Inc 963 Committee) Wilmington Trust Corporation 199 Fees (See Fees for Federal Reserve services to depository Wiregrass Bancorporation, Inc 963 institutions) Wisconsin Financial Bancorporation, Inc 843 Litigation (See Litigation) Worthington Bancorporation 280 Members Young Americans Education Foundation 70 Greenspan, Alan, recess appointment 732 Yutan BanCorp, Inc 844 List A80 Bank holding companies List, 1913-91 284, 846 Investments in community development, article 388 Mullins, David W., Jr., appointment as Vice Chairman .. 732 Bank Insurance Fund 242, 435, 449, 450, 554, 556, 557 Seger, Martha R., resignation 172,250 Bank Merger Act Policy statement (See specific subject) Orders issued under Publications and releases (See Publications in 1991) Aliant National Corporation 964 Regulations (See Regulations) American Trust and Savings 144 Staff BankofLakeview 144 Changes Bank of Shawsville 964 Allison, Theodore E 734 Boatmen's Bank of Vandalia 844 Alvarez, Scott G 312 C&DBankCompany 1017 Beardsley, Bruce M 950 Central Banking Group, Inc 844 Beutel, Allen E 175 Central Fidelity Bank 675 Cleaver, Joe M 991 Centura Bank 622 Emerson, Marianne M 950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 77 A95 Pages Pages Board of Governors-Continued Community Reinvestment Act—Continued Staff-Continued Performance evaluations of banks, new procedures Changes—Continued regarding access to 663, 665 Farnsworth, Clyde H 734 Comprehensive Deposit Insurance Reform and Taxpayer Gemmill, Robert F. 733 Protection Act of 1991 (S.543), statement 430 Jones, William R 949 Comprehensive Environmental Response, Compensation, and Malphrus, Stephen R 175 Liability Act of 1980 (CERCLA), statements 641, 651, 706 Marquardt, Jeffrey C 663 Comptroller of the Currency, Office of .... 96, 311, 575, 585, 647 Mulrenin, Edward T 950 Congressional Budget Office 170 O'Day, Kathleen M 311 Consumer Advisory Council Robinson, David L 97 List A83 Ryback, William A 991 Meetings 250, 587, 949 Schemering, Stephen C 991 Members, new appointments 173 Spillenkothen, Richard 991 Nominations sought 587 Stevens, Richard C 799 Consumer Federation of America 205 Summers, Bruce J 97 Continental Illinois National Bank 550 Taylor, William 991 Corporate structuring activity, 1980-90, staff study 397 Zemel, Robert J 950 Corrigan, E. Gerald Division of Reserve Bank Operations BCCI, statements 902, 918 and Payment Systems 734 Government securities market, statements 887, 896 List A82 Statements 411, 555 Information Resources Management, reorganization .... 949 Cranston-Gonzales National Affordable Housing Act 264 Office of Staff Director for Federal Reserve Bank Credit Activities 734 Financial institutions evaluation of credit cardholders 401 Staff Studies (See Staff studies) Legislation, H.R.2440, statement 983 Statements to the Congress (See Statements to the Congress) Statements on availability 539, 543, 546 Thrift Institutions Advisory Council (See Thrift Institutions Credit and Commerce American Holdings, N.V 573, 920 Advisory Council) Credit Suisse, statement on banking and commerce 417 Bowen, Brent L., statement 722 Credit-Suisse First Boston, statement on banking Brady, Nicholas F., Treasury Secretary, in statement and commerce 417 on commercial bank affiliations 411 Crime Control Act of 1990 578 Braunstein, Sandra F., article 388 Cross, Sam Y., foreign exchange reports 18, 230, 528, 784 Brotman, Daniel H., reports 230 Brunner, AllanD., article 505 Budget Reconciliation Act 171 DELORS, Jacques, in article on European Monetary Union .. 769 Deposit Insurance and Regulatory Reform Act of 1991, statement 446 Depositor Protection Act of 1991, statement 446 C&S SOVRAN Corporation Depository institutions (See specific types) Application by NCNB to aquire, announcement 949 Reserve requirements (See Reserve requirements and Comment period extension, announcement 991 Regulations: D) Campeau retailers, corporate restructuring, article 397 Depository Institutions Deregulation Committee 560 Canner, Glenn B., articles 218, 859 Depository Trust Company 87 Capital, bank profitability article 514 DiPrete, Edward, Governor 427 Carr6, Hervg, article 769 Directors, Federal Reserve Banks and Branches, list 359 Cash Management Improvement Act of 1990 206 Discount rate (See Interest rates) Census Bureau 204 Dividends and retained earnings, bank profitability, article ... 513 Chase Manhattan Bank, in article on payment system 856 Dixon, Alan J., in statement on banking reform 563 Citizens Trust Company 428 Douglas Act 558 Clearing and payment systems: The role Douglas amendment, Bank Holding Company Act 406, 437 of the central bank, article 81 Dreyer, Franklin D, statement 726 Clearing House Interbank Payment System 849 Duca, John V., article 505 Cleaver, Joe M., resignation 991 Clifford, Clark M., Former Secretary of Defense, in statement 574 Commerce, U.S. Department of EARNINGS and expenses (See Income and expenses) Bureau of Economic Analysis 1 Economy (Monetary policy report to the Congress) Commerce, U.S. Department of 26 1990 Commercial banks Business 153 Affiliations with both securities firms External 154 and commercial entities 411 Government 154 Farm lending, article 975 Household 151 Profitability and practices, article 505 Labor markets 156 Errata, announcement 733 Price developments 157 Commodities Exchange Act 238, 423 Statement by Chairman Greenspan 168, 240 Commodity Futures Trading Commission 239, 423 1991 Common agricultural policy, European community 769 Business 691 Community Reinvestment Act External 693 Bank holding company investments, article 395 Government 692 Bank mergers, statement 936 Household 690 Bank reform, statement 559 Labor markets 695 Credit evaluations, statement 407 Price developments 696 Examinations, announcement 462 Statement by Chairman Greenspan 709 Home mortgage disclosure, article 876 Electronic Funds Transfer Act, government benefits, article .. 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A96 Federal Reserve Bulletin • December 1991 Pages Pages Electronic Funds Transfer Association 207 Federal Reserve Board (See Board of Governors) Electronic Payment File Transfer System 208 Federal Reserve System (See also Board of Governors) Embersit, James A., article 625 Expenses and budget, statement 715 Emerson, Marianne M., promoted to Assistant Director, Member banks, dividend payments, change 96, 106 Banking Statistics Systems 950 Membership, admission of state banks 175, 664 Environmental Protection Agency 641, 651, 706 Federal Trade Commission 648 Equal Credit Opportunity Act, statement Fedwire, in article on payment system 849 on creditworthiness 401 Fees for Federal Reserve services to depository institutions Ernst and Young, in article on European Monetary Union .... 771 Check clearing and collection European Monetary Cooperation Fund 770 Automated clearinghouses, new fees postponed 250 European Monetary System 770 Electonic access for automated clearinghouse services ... 663 European Monetary Union, article 769 Schedules for 1992 990 European System of Central Banks 564, 773 Settlement of payments, article 847 Exchange Stabilization Fund, U.S. Treasury .... 18,230, 532, 784 Tiered pricing structure, modifications 587 Expenses and budget (See also Income and expenses), Priced services Federal Reserve System, statement 715 Payments system, article 81 Proposal to enhance services 311 Financial General Bankshares 573 FAIN, Kenneth P., article 388 Financial Industry Reform and Capital Enforcement Act, Fair Credit and Charge Card Disclosure Act 983 statement 247 Fair Credit Reporting Act, statement on creditworthiness 404 Financial Institutions Reform, Recovery, and Enforcement Fair Lending Laws, home mortgage disclosure, article 877 Act of 1989 Fair Trade in Financial Services Act of 1991, statement.. 443, 724 Banking reform, statement 563 Families with Dependent Children 206 Federal Reserve System expenses and budget, statement ... 717 Family Savings Accounts 567 Orders issued under Family Support Administration, Department of Health American Bancshares of Arkansas, Inc 137 and Human Services 206 American Interstate Bancorporation, Inc 276 Farm Credit Assistance Act of 1987 978 American National Corporation 72, 137 Farm Credit System 978 Ankeny Investment Co 276 Farmers Home Administration 861, 978 Anmer Corporation 72 Farming (See Agriculture) Archer, Inc 72 Farnsworth, Clyde H., change in reporting responsibility .... 734 Arvest Bank Group, Inc 72, 73,137 Federal Advisory Committee, list A82 BancSecurity Corporation 276 Federal Deposit Insurance Act 643 Bank America Corporation 840 Federal Deposit Insurance Corporation Bank of North America Bancorp, Inc 352 Bank lending impediments, announcement 311 BankAmerica Corporation 73,137, 195,276,762, 839 Bank profitability, article 507 Bankers Corp 73 Banking reform bills, statements 431, 447 BankWorcester Corporation 73 CERCLA, statement 708 Barnett Banks, Inc 137 Commercial bank profitability, article 516 BB&T Financial Corporation 840,960 Credit availability, statement 547 Boatmen's Bancshares, Inc 138 Madison National Bank, statement 585 Brenton Banks, Inc 276 Monetary policy, statement 661 Bright Financial Services, Inc 138 Too-big-to-fail doctrine, statement 554 Business Bank of America, Inc 138 Federal Depository Institutions Regulatory Agency 582 Carolina First Corporation 138 Federal Depository Library System 863 CB&T Financial Corp 73 Federal Financial Institutions Examination Council 861 Federal Financing Bank 435 Centura Banks, Inc 617 Federal Home Loan Mortgage Corporation 727, 878 Citizens State Bankshares of Bald Knob, Inc 73 Federal Housing Administration 515, 861 Community Bancshares, Inc 353 Federal National Mortgage Association 727, 878 Community Grain Company 276 Federal Open Market Committee Continental Bancorporation, Inc 73 Policy actions, record 32,98, 256, 313, 589, 735, 800, 992 Emprise Financial Corp.-Hutchinson 138 Federal Reserve Act Farmers & Merchants Investment Company, Inc 73 Orders issued under FCB Corp 74 Fifth Third Bank, Cincinnati, Ohio 347 First Bancorp of Kansas 277 Fifth Third Bank, Columbus, Ohio 347 First Chicago Corporation 353 Morgan Guaranty International Finance Corporation .... 499 First Citizens BancShares, Inc 138 Federal Reserve and Treasury foreign exchange operations First Commercial Corporation 138,763,960 (See Foreign exchange operations) First Dodge City Bancshares, Inc 74 Federal Reserve Banks First Fidelity Bancorporation 195 Atlanta 924 First Interstate Bancorp 677 Atlanta, Miami branch, BCCI statement 570 First Liberty Bancorp 277 Boston, Rhode Island Share and Deposit Indemnity First Midwest Bancorp, Inc 74 Corporation, statement 425 First National Nebraska, Inc 74 Chicago, credit availability statement 544 First of America Bank Corporation 353, 960 Dallas, credit availability statement 547 Firstbank of Illinois, Co 73 Directors, list 359 Firstier Financial, Inc 74 Electronic access for ACH services, announcement 663 Flagler Bank Corporation 353 Income from operations, announcement 174 Fourth Financial Corporation 277 List A101 HNB Corporation 277 New York 559,561,888,897 Ida Grove Bancshares, Inc 277 Richmond 920 Lafayette Bancorporation 138 San Francisco 928 Metro Bancorporation 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 77 A97 Pages Pages Financial Institutions Reform, Recovery, and Enforcement Greenspan, Alan Act of 1989-Continued Banking reform bills, H. R. 6, H. R. 15, and H. R. 1505, Orders issued under—Continued statement 446 National City Corporation 277 Comprehensive Deposit Insurance Reform and Taxpayer National Penn Bancshares, Inc 1014 Protection Act of 1991, statement 430 Nebraska Bancorporation, Inc 138 Economic implications of developments in the Persian Gulf, Northwood Financial Services Corporation 277 statement 26 Old National Bancorp 74 Economic outlook and monetary policy, statement 300, 305 Osceloa Insurance, Inc 72 Economy, the state of, statement 168 Ozark Bancshares 138 Financial Institutions Safety and Consumer Choice PNC Financial Corp 138 Act of 1991, statements 430, 644 Rebank Netherlands Antilles 763 Foreign Bank Supervision Enhancement Act, statement 644 Republic Banking Corporation 196 Futures Trading Practices Act of 1991, statement 423 Republic Banking Corporation of Florida 763 Intermarket Coordination Act of 1991, statement 238 Resource Bancshares Corporation 353 Monetary policy report to the Congress, statement .... 240, 709 Seafirst Corporation 137, 840 Recess appointment, announcement 732 Simmons First National Corporation 139, 763, 960 Saving and investment, statement 565 South Carolina National Corporation 277 U.S. international competitiveness, statement 657 Southeast Texas Bancshares, Inc 74 Greenwood Trust, in statement 986 Southern National Corporation 960, 1014 SouthTrust Corporation 353 Southwest Georgia Financial Corporation 196 H.R.2440, statement 983 St. Mary Holding Corporation 139 Heritage Loan and Investment Company 427 Tescott Bancshares, Inc 139 Highly leveraged transactions, extension of comment Trans Financial Bancorp 840 period on definition 799 U.S. Bancorp 1014 Home Mortgage Disclosure Act, article 859 Union Bancshares, Inc 74, 277 Houpt, James V., article 625 Union Illinois Company 74 Household spending and saving: Measurement trends United Missouri Bancshares, Inc 74 and analysis, article 1 Valley Bancorporation 196 Housing and Urban Development, Department of 648 Valley Financial Services, Inc 278 Humphrey-Hawkins Act (See Monetary policy: Vista Bancorp, Inc 617 Reports to the Congress) Vista Bancorporation 139 West-Ark Bancshares, Inc 139 Western Bancorp, Inc 74 Financial Institutions Safety and Consumer Choice IMMIGRATION and Naturalization Service 376 Act of 1991 (S.713) statements 405, 430,446, 644 Immigration Reform and Control Act of 1986 376 Financial institutions evaluation of credit cardholders, Income and expenses statement 401 Bank profitability, article 512 Financial supervision and control, system procedures, Fanning, article 973 statement 722 Federal Reserve Banks, announcement 174 Financing (See Loans) Independence Bank 794, 929, 931 First American Banks 794 Independent Bankers Association of America 205 First American Bankshares, BCCI, statement 569, 572 Industrial production and capacity utilization Food and Nutrition Service, U.S. Department of Agriculture . 203 Diffusion indexes, publication 534 Food Marketing Institute 207 Releases 23, 92, 165, 235, 297, 398, Food, Agriculture, Conservation, and Trade Act of 1990 206 537, 638, 703, 789, 882, 980 Foreign Bank Supervision Enhancement Act (S. 1019), Inspector General Act 723 statements 572, 644 Inspector General's Office, budget 719 Foreign exchange operations of the Treasury Interest rates Discount rate change, amendment 263, 595 and Federal Reserve, reports 18, 230, 528, 784 Discount rate change, announcements 95, 172, 461, 949 Foreign stocks, list of marginable 174, 732, 990 Discount window borrowings for seasonal credit, Forrestal, Robert P., statement on BCCI 924 announcement 30 Freedom of Information Reform Act, amendment, Risk in commercial banks, article 625 announcement 609 Intermarket Coordination Act of 1991, title III S. 207 238 Full Employment and Balanced Growth Act of 1978 (See also Internal Revenue Service 570, 792 Monetary policy: reports to the Congress) 147, 685 International Banking Act of 1978 444, 570, 578, 646, 649 Futures Trading Practices Act of 1991, statement 423 International Monetary Fund 532 International transactions in 1990, article 287 Investment and savings, statement 565 Ireland, Oliver GEMMILL, Robert F., retirement 733 Article 895 General Accounting Office 204, 641, 651, 706 Statement 706 General Agreement on Tariffs and Trade 659 Glass-Steagall Act 453, 558 Gonzalez, Henry B., Chairman, House Committee on Banking, Finance and Urban Affairs 205 JEFFERSON Loan and Investment Company 427 Gorbachev, Soviet Union President, in foreign exchange Johnson Karen H., article 769 article 530 Jones, William R., transfer to Associate Director, Division of Government National Mortgage Association 515, 727, 878 Research and Statistics 949 Government Securities Act of 1986 885, 889 Juncker, George R., article 847 Government Securities Clearing Corporation 87 Justice, U.S. Department of 213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A98 Federal Reserve Bulletin • December 1991 Pages Pages Loans KEEHN, Silas, statement 543 Commercial and industrial, bank profitability, article 508 Kelley, Edward W., Jr. Consumer, bank profitability, article 509 Comprehensive Environmental Response, Compensation, Foreign addressees, bank profitability, article 509 and Liability Act of 1980 (CERCLA), statement 651 Home improvement 871 Federal Reserve System expenses and budget, statement ... 715 Policy to reduce impediments to lending 311 Kennedy, James E., publication 536 Real estate 507,867,868 Kuwait, invasion of, by Iraq 508, 528, 661, 685, 709 Luckett, Charles A., article 218 LABOR issues, article 375 LaWare, John P. MADISON National Bank of Virginia 585 Bank mergers, statement 932 Madison National Bank, discount window activities, Credit card legislation, H.R.2440 983 statement 585 Fair Trade in Financial Services Act of 1991, statement .... 443 Maland, Ellen, statement 401 Financial Industry Reform and Capital Enforcement Act, Malphrus, Steven R., promotion, Director, Information statement 246 Resources Management 175 Financial Institutions Safety and Consumer Choice Management and Budget, Office of 206 Act of 1991, statement 405 March Current Population Survey 382 Government Securities Act of 1986, statement 654 Margin requirements, over-the-counter stocks (See Too-big-to-fail doctrine, statement 549 Over-the-counter margin stocks, list) Legislation (See subject or specific name of act) Marquardt, Jeffrey C., appointed Assistant Director Lending Practices Survey 508 for Payment Systems Studies, Division of Reserve Litigation Bank Operations and Payment Systems 663 Final enforcement orders issued by Board of Governors Mattingly, J. Virgil, Jr., statements 572, 791, 902 Banca Nazionale Del Lavoro, Rome, Italy 358 McFadden Act 406, 437, 454, 558 BCCI Holdings (Luxembourg) S.A., Luxembourg, McLaughlin, Mary M., article 505 Luxembourg 358, 623 McTeer, Robert D. Jr., statement 546 Bonk, Michael J 283 Metzenbaum, Howard M., Senator 205 Coleman, Donald J 1019 Middendorf, J. William II, in statement 573 Community National Bancoip, Inc 767 Monetary policy Credit and Commerce American Holdings, N.V., Reports to the Congress 147, 685 Netherlands Antilles 283 Statements 168, 240, 709 First Exchange Corp 966 Statements 300, 305, 660 First Potomac Bancorp, Inc 966 Money stock, revisions 251 First State Bank of Maple Park 145 Morris, Frank, former president, Federal Reserve Independent Bankgroup, Inc 623 Bank of Boston 427 James Madison Limited 623 Mortgage Bankers Association 221 Midlantic Corporation 623 Mortgage debt payments, article 218 Oppegard, Rudell 1019 Mulford, David C., Treasury Under Secretary Provident Bancorp of Texas, Inc 80 for International Affairs, in foreign exchange article 530 Romero, Celestino Torres 80 Mullins, David W., Jr. Singleton, Nathaniel L 145 Appointment as Vice Chairman, announcement 732 Sun City Bank 283 Government securities market, statements .. 885, 891, 941, 987 Valle, Jose M 767 Monetary policy and financial regulation, confirmation Pending cases involving statement 660 the Board of Governors 79, 144, 202, 282, 356, 503, Mulrenin, Edward T., Assistant Director 622,682,766,844,965, 1018 for Special Projects 950 Written agreements approved by Federal Reserve Banks Bank Bumiputra Malaysia Berhad, Kuala Lumpur, Malaysia 504 Bank of Boston Corporation 966 NATIONAL Association of Securities Bank of the West 358 Dealers, Inc 655, 887, 989 Boca Bank 767 National Bank of Georgia 578,924 Buffalo Bank 283 National Banking Act of 1864 414 Citizens First Bancorp, Inc 146 National Check Cashers Association 205 Collinsville Bancorp, Inc 966 National Commission of Electronic Fund Transfers 213 Community Bank & Trust Company 683 National Credit Union Association 427 Community Bankers, Inc 504 National Federation of Independent Businessmen 542 Cosmopolitan Bancorp, Inc 283 National Information Center 717 Equimark Corporation 283 National Institute of Justice 210 Fairfield County Bancorp, Inc 202 National Priority List 651 First American Corporation 966 National Survey of Small Business Finances, 1988 551 First City Bancorporation of Texas, Inc 504 First Cumberland Bank 966 National Treatment Study 445, 724 First Lehigh Corporation 283 NBG Financial Corporation 924 FWB Bancorporation 1019 NCNB Corporation Pioneer Bank 1019 Application to aquire C&S Sovran Corporation, Smyrna Bank & Trust Co 146 announcement 949 South Texas Bancshares, Inc 683 Comment period extension, announcement 991 Southeast Banking Corporation 767 Net interest margins, bank profitability, article 513 Sterling Bancorp, Inc 358 New York County District Attorneys Office 791,904,905 UBAF Arab American Bank 146 New York Stock Exchange 655, 887 United American Bank of Central Florida 358 North American Free Trade Agreement 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 77 A99 Pages Pages O'DAY, Kathleen M., appointed Assistant General Counsel .. 311 Regulations (Board of Governors)-Continued Office of Management and Budget 171 Amendments and revisions—Continued Office of Thrift Supervision 311 CC, Availability of Funds and Collection of Checks Omnibus Trade and Competitiveness Act of 1988 445 To conform to amendment to Expedited Operation Desert Storm Funds Availability Act 250, 264 Monetary policy and defense spending 171 D, Reserve Requirements of Depository Institutions Organisation for Economic Co-operation Increase in the reserve requirement and Development 445, 724 ratio of 3 percent 41 Over-the-counter stocks, list of marginable Reserve requirement change for nonpersonal time Revision, announcements 174, 732, 990 deposits and Eurocurrency liabilities 105 Revisions to the term "savings account" 463 E, Electronic Fund Transfers PAYMENTS mechanism and systems (See Fees for Federal Government benefits article 213 Reserve services to depository institutions) G, Securities Credit by Persons Other than Banks, Payment of household debts, article 218 Brokers, or Dealers Persian Gulf crisis Loan transfers between lenders 951 Economic implications 26, 147 Margin securities exclusion 951 Effect on monetary policy 168, 240 Marginable OTC stocks, list 178, 999 International transactions, article 287 H, Membership of State Banking Institutions Personal consumption expenditures, (PCE), article 1 Correction, redesignating sections Personal saving, article 1 of the regulation 180 Pickering, Margaret Hastings, article 397 Revision to calculation of dividend payments 96, 106 Poehl, Karl Otto, resignation, statement Risk-based capital guidelines, modifications 1002 by Chairman Greenspan 587 K, International Banking Operations Pricing of Federal Reserve services (See Fees for Federal Banking organizations to expand Reserve services to depository institutions) international activities 461, 465 Privacy Protection Study Commission 213 P, Minimum Security Devices and Procedures for Federal Production, industrial (See Industrial production Reserve Banks and State Member Banks and capacity utilization) Revision to update current rules 311, 323 Proposed actions T, Credit by Brokers and Dealers Appraisal regulation, interim common rule 174 Margin securities exclusion 951 Check collection services Marginable OTC stocks, list 178, 999 Improvements 174 U, Credit by Banks for the Purpose of Purchasing or Tiered pricing structure offered, Nov. 9, 1990 31 Carrying Margin Stocks Electronic access to Reserve Banks for depository Loan transfers between lenders 951 institutions, December 19, 1990 96 Marginable OTC stocks, list 178, 999 Federal Reserve Bank services, enhancements, X, Borrowers of Securities Credit March 6, 1991 311 Marginable OTC stocks, list 178, 999 Fedwire daylight overdrafts, modification of procedures, Y, Bank Holding Companies and Change in Bank Control January 23, 1991 174 Amendment prohibiting banks from offering reduced Highly leveraged transactions, July 3, 1991 733 consideration for credit 41 Regulation C, amendments to 1992 reporting form, Filing requirements, intent to reduce 31 September 19, 1991 949 Price reduction on credit cards issued by banks 30 Regulation CC, to conform to the Expedited Funds Regulatory clearance 42 Availability Act, December 5, 1990 97 Risk-based capital guidelines, modifications 1002 Regulation H, amendment regarding real estate appraisal Z, Truth in lending standards, Nov. 20, 1990 31 Official staff commentary, revisions 462 Regulation Y, amendment regarding real estate appraisal Staff commentaries, proposed revisions standards, Nov. 20, 1990 31 Regulation B, November 27, 1990 31 Risk-based capital, proposal to raise additional tier, Regulation Z, November 27, 1990 31 October 31, 1991 991 Reserve requirements Public Securities Association 655 Change in requirement on Eurocurrency liabilities 95 Publications in 1991 Change in requirement on nonpersonal time deposits 95 Annual Report: Budget Review, 1990-91 715,717 Net transaction accounts increase 30 Consumer Compliance Handbook 250 Resolution Trust Corporation CERCLA, statement 708 Monetary policy, article 148 QUESADA, Elwood R., Lieutenant General (ret.), Monetary policy, statement 243 in statement 574 Rhode Island Credit Union League 427 Rhode Island Division of Banking 428 Rhode Island Share and Deposit Indemnity Corporation, REAL estate, home mortgage disclosure, article 859 failure, statement 425 Regional Delivery System 719 Risk-based capital guidelines, modifications 990, 1002 Regulations (Board of Governors, See also Rules) Robinson, David L., promoted to Deputy Director Amendments and revisions of Finance and Control, Division of Reserve Bank A, Extensions of Credit by Federal Reserve Banks Operations and Payment Systems 97 Change in discount rate 177 Discount rate, reduction 263, 595 Rosine, John, article 967 B, Equal Credit Opportunity Staff commentary, Roth, William V., Jr., in statement 567 revision 461 Rules Regarding Availability of Information BB, Comunity Reinvestment Act Freedom of Information Reform Act, amendment 42, 609 Performance evaluations, new procedures Interim rule regarding costs to the Board for conducting regarding access to 663, 665 Freedom of Information Act requests 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A100 Federal Reserve Bulletin • December 1991 Pages Pages Rules Regarding Delegation of Authority Statements to the Congress (including reports and Amendment to make corrections to its regulations 596 letters) — Continued Capital notes, Federal Reserve authority to approve 266 Credit availability—Continued Delegating authority to Federal Reserve Banks to approve Silas Keehn, President, Federal Reserve certain transactions 267 Bank of Chicago 543 Rules Regarding Equal Opportunity, amendment 741 Credit card legislation, H.R.2440 (Governor LaWare) 983 Russell, Thaddeus D., reports 18 Economic implications of developments in the Persian Gulf Ryback, William A., promoted to Associate Director, (Chairman Greenspan) 26 Division of Banking Supervision and Regulation 991 Economic outlook and monetary policy (Chairman Greenspan) 300, 305 Economy, the state of the (Chairman Greenspan) 168 Fair Trade and Financial Services Act of 1991 SALOMON Brothers, Inc 885, 887, 891, 896, 942, 987 Board of Governers 724 Schemering, Stephen C. Governor LaWare 443 Promoted to Deputy Director, Division of Banking Federal Reserve System's expenses and budget (Governors Supervision and Regulation 991 Angell and Kelley) 715 Statement 585 Financial Industry Reform and Capital Enforcement Act Securities (Governor LaWare) 246 Bank profitability article 509 Financial institutions evaluation procedures, Government, statements 885, 887, 891, 896, 941, 944, 987 (Ellen Maland, Assistant Director, Consumer Securities and Exchange Commission 885 and Community Affairs) 401 Bank lending impediments, announcement 311 Financial Institutions Safety and Consumer Choice Bank of Credit and Commerce International, statement .... 573 Act of 1991 Banking reform bills, statement 437, 454 Chairman Greenspan 430, 644 Financial Institutions Safety and Consumer Choice Act, Governor LaWare 405 statement 406 Oliver Ireland, Associate General Counsel, Futures Trading Practices Act, statement 423 Legal Division 895 Government Securities Act, statement 654 Foreign Bank Supervision Enhancement Act Intermarket Coordination Act, statement 239 (Chairman Greenspan) 644 Securities Investor Protection Corporation 656 Futures Trading Practices Act of 1991 Securitization of assets, statement 726 (Chairman Greenspan) 423 Seger, Martha R. Government Securities Act of 1986 (Governor LaWare) ... 654 Member, Board of Governors, resignation 172, 250 Government securities market Shack-Marquez, Janice, article 375 E. Gerald Corrigan, President, Federal Reserve Single European Act 771 Bank of New York 887, 896 Smith, Dolores S., articles 203, 859 Peter D. Sternlight, Executive Vice President, Federal Social Security Act 212 Reserve Bank of New York 944 Social Security Administration 203, 210, 428 Vice Chairman Mullins, Jr 885, 891, 941, 987 Spillenkothen, Richard, promoted to Director, Intermarket Coordination Act of 1991 Division of Banking Supervision and Regulation 991 (Chairman Greenspan) 238 Staff studies Madison National Bank, discount window activities A review of corporate restructuring activity, 1980-90 397 (Stephen C. Schemering, Deputy Associate Director, Statements to the Congress (including reports and letters) Banking Supervision and Regulation) 585 Bank mergers (Governor La Ware) 932 Banking reform (E. Gerald Corrigan, President, Federal Monetary policy and financial regulation Reserve Bank of New York) 555 (Vice Chairman Mullins) 660 Banking reform bills, H.R.6, H.R.15, and H.R. 1505 Monetary policy reports to the Congress (Chairman Greenspan) 446 (Chairman Greenspan) 240, 709 BCCI Rhode Island Share and Deposit Indemnity Corporation E. Gerald Corrigan, President, Federal Reserve failures (Richard Syron, President, Federal Reserve Bank of New York 902, 918 Bank of Boston) 425 J. Virgil Mattingly, Jr., General Counsel 572, 791, 902 Saving and investment (Chairman Greenspan) 565 Robert P. Black, President, Federal Reserve Bank of Securitization of assets (Franklin D. Dreyer, Senior Vice Richmond 920 President, Federal Reserve Bank of Chicago) 726 Robert P. Forrestal, President, Federal Reserve Bank of System procedures for financial supervision and control Atlanta 924 (Brent L. Bowen, Inspector General) 722 Thomas D. Thomson, Executive Vice President, Too-big-to-fail doctrine (Governor LaWare) 549 Federal Reserve Bank of San Francisco 928 Truth in Savings, H.R.6 and H.R.447 William Taylor, Staff Director, Division of Banking (Board of Governors) 582 Supervision and Regulation 569, 791, 902 U.S. international competitiveness, CERCLA (Chairman Greenspan) 657 Board of Governors 641 Stekler, Lois, article 287 Governor Kelley 651 Sternlight, Peter D., statement on government securities 944 Oliver Ireland, Associate General Counsel 706 Stevens, Richard C., Visiting Assistant Secretary 799 Commercial bank affiliations with securities firms and Stock margins, statement 238 commercial entities (E. Gerald Corrigan, President, Stock market credit, over-the-counter stocks FRB of New York) 411 (See Over-the-counter stocks, list of marginable; and Comprehensive Deposit Insurance Reform and Taxpayer Regulations: G, T, U, and X) Protection Act (Chairman Greenspan) 430 Summers, Bruce J. Credit availability Articles 81, 847 Richard F. Syron, President, Federal Reserve Bank of Assignment as Deputy Director, Payments and Automation, Boston 539 Division of Reserve Bank Operations Robert D. McTeer, Jr., President, Federal Reserve and Payment Systems 97 Bank of Dallas 546 Sundlun, Bruce, Governor, in statement 427, 428 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 77 A101 Pages Pages Sweden's Riksbank, in foreign exchange report 784 Treasury, U.S. Department of 203, 428, 509, 715, 724, 885 Swiss Federal Supreme Court 417 Truth in Lending, Regulation Z (See Regulations: Z) Symington, Stuart, Senator, in statement 574 Truth in Lending Act Syron, Richard F., statement 425, 539 Statement on creditworthiness 401 Truth in savings, statement 582 TABLES (For index to tables published monthly, see guide at top of page A90; for special tables UNIFORM Rules of Practice and Procedures, amendment ... 809 published during the year, see list on page A69.) United Air Lines 397 Changes to statistical appendix, announcement 250 Universal Bank, in statement 986 Tax Reform Act of 1986 508 University of Michigan, Survey Research Center 218 Taylor, William Resignation 991 Statements 569,791,902 VETERANS Administration 515, 861 Testimony (See Statements to the Congress) Virginia Commissioner of Financial Institutions 575 Texas Bank merger, errata in Annual Report, announcement . 733 Thomson, Thomas D., statement on BCCI 928 Thrift Institutions Advisory Council WALRAVEN, Nicholas, article 967 List A83 Wilcox, David W., article 1 Members, new appointments 96 Wood, John C., article 203 Too-big-to-fail doctrine, statement 549, 560 Work Experience Survey 382 Transfers of funds Fees (See Fees for federal reserve services to depository institutions) YOUNG, Florence M., article 847 Government benefits, article 203 Regulation E (See Regulations: E) Treasury and Federal Reserve foreign exchange operations ZEMEL, Robert J., designated Senior Adviser, Information (See Foreign exchange operations) Resources Management 950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A102 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 Richard N. Cooper Richard F. Syron Jerome H. Grossman Cathy E. Minehan NEW YORK* 10045 Cyrus R. Vance E. Gerald Corrigan Ellen V. Futter James H. Oltman Buffalo 14240 Mary Ann Lambertsen James O. Aston PHILADELPHIA 19105 Peter A. Benoliel Edward G. Boehne Jane G. Pepper William H. Stone, Jr. CLEVELAND* 44101 John R. Miller Vacancy A. William Reynolds William H. Hendricks Cincinnati 45201 Kate Ireland Charles A. Cerino1 Pittsburgh 15230 Robert P. Bozzone Harold J. Swart1 RICHMOND* 23219 Anne Marie Whittemore Robert P. Black Henry J. Faison Jimmie R. Monhollon Baltimore 21203 John R. Hardesty, Jr. Ronald B. Duncan1 Charlotte 28230 Anne M. Allen Albert D. Tinkelenberg1 Culpeper Communications John G. Stoides1 and Records Center 22701 ATLANTA 30303 Larry L. Prince Robert P. Forrestal Edwin A. Huston JackGuynn Donald E. Nelson1 Birmingham 35283 Roy D.Terry FredR. Herr1 Jacksonville 32231 Hugh M.Brown James D. Hawkins1 Miami 33152 Dorothy C. Weaver James T. Curry III Nashville 37203 Shirley A. Zeitlin Melvyn K. Purcell New Orleans 70161 Jo Ann Slay don Robert J. Musso CHICAGO* 60690 Charles S. McNeer Silas Keehn Richard G. Cline Daniel M. Doyle Detroit 48231 Phyllis E. Peters Roby L.Sloan1 ST. LOUIS 63166 H. Edwin Trusheim Thomas C. Melzer Robert H. Quenon James R. Bowen Little Rock 72203 L. Dickson Flake Karl W. Ashman Louisville 40232 Lois H. Gray Howard Wells Memphis 38101 Katherine H. Smythe Ray Laurence MINNEAPOLIS 55480 Delbert W. Johnson Gary H. Stern Gerald A. Rauenhorst Thomas E. Gainor Helena 59601 James E. Jenks John D. Johnson KANSAS CITY 64198 Fred W. Lyons, Jr. Thomas M. Hoenig Burton A. Dole, Jr. Henry R. Czerwinski Denver 80217 Barbara B. Grogan KentM. Scott Oklahoma City 73125 Ernest L. Holloway David J. France Omaha 68102 Herman Cain Harold L. Shewmaker DALLAS 75222 Hugh G. Robinson Robert D. McTeer, Jr. Leo E. Linbeck, Jr. Tony J. Salvaggio El Paso 79999 W. Thomas Beard, III Sammie C. Clay Houston 77252 Gilbert D. Gaedcke, Jr. Robert Smith, III1 San Antonio 78295 Roger R. Hemminghaus Thomas H. Robertson SAN FRANCISCO 94120 Robert F. Erburu Robert T. Parry Carolyn S. Chambers Patrick K. Barron Los Angeles 90051 Yvonne B. Burke John F.Moore1 Portland 97208 William A. Hilliard Leslie R. Watters Salt Lake City 84125 D.N.Rose Andrea P. Wolcott Seattle 98124 Judith Runstad Gerald R. Kelly1 •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. 1. Senior Vice President. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A103 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

Federal Reserve Statistical Releases Available on the Commerce Department's Electronic Bulletin Board The Board of Governors of the Federal Reserve scription. For further information regarding a System makes some of its statistical releases avail- subscription to the electronic bulletin board, able to the public through the U.S. Department of please call (703) 487-4630. The releases transmit- Commerce's electronic bulletin board. Computer ted to the electronic bulletin board, on a regular access to the releases can be obtained by sub- basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered Weekly/Monday and Foreign Related Banking Institutions H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.7 Flow of Funds Quarterly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory ings, and staff opinions. Also included is the Board's functions, the Board publishes the Federal Reserve list of OTC margin stocks. Regulatory Service, a three-volume looseleaf service The Consumer and Community Affairs Handbook containing all Board regulations and related statutes, contains Regulations B, C, E, M, Z, AA, and BB, and interpretations, policy statements, rulings, and staff associated materials. opinions. For those with a more specialized interest in The Payment System Handbook deals with expethe Board's regulations, parts of this service are pub- dited funds availability, check collection, wire translished separately as handbooks pertaining to monetary fers, and risk-reduction policy. It includes Regulation policy, securities credit, consumer affairs, and the CC, Regulation J, the Expedited Funds Availability payment system. Act and related statutes, official Board commentary on These publications are designed to help those who Regulation CC, and policy statements on risk reducmust frequently refer to the Board's regulatory mate- tion in the payment system. rials. They are updated at least monthly, and each For domestic subscribers, the annual rate is $200 for contains citation indexes and a subject index. the Federal Reserve Regulatory Service and $75 for The Monetary Policy and Reserve Requirements each Handbook. For subscribers outside the United Handbook contains Regulations A, D, and Q, plus States, the price including additional air mail costs is related materials. For convenient reference, it also $250 for the Service and $90 for each Handbook. All contains the rules of the Depository Institutions De- subscription requests must be accompanied by a check regulation Committee. or money order payable to the Board of Governors of The Securities Credit Transactions Handbook con- the Federal Reserve System. Orders should be adtains Regulations G, T, U, and X, dealing with exten- dressed to Publications Services, mail stop 138, Board sions of credit for the purchase of securities, together of Governors of the Federal Reserve System, Washwith all related statutes, Board interpretations, rul- ington, D.C. 20551. U.S. MONETARY POLICY AND FINANCIAL MARKETS U.S. Monetary Policy and Financial Markets by Ann- context, examining first the evolution of Federal Re- Marie Meulendyke offers an in-depth description of serve monetary policy procedures from their beginthe way monetary policy is developed by the Federal nings in 1914 to the end of the 1980s. It indicates how Open Market Committee and the techniques employed policy operates most directly through the banking to implement policy at the Open Market Trading Desk. system and the financial markets and describes key Written from her perspective as a senior economist in features of both. Finally, the book turns its attention to the Open Market Function at the Federal Reserve the transmittal of monetary policy actions to the U.S. Bank of New York, Ann-Marie Meulendyke describes economy and throughout the world. the tools and the setting of policy, including many of The book is $5.00 a copy for U.S. purchasers and the complexities that differentiate the process from $10.00 for purchasers outside the United States. Copsimpler textbook models. Included is an account of a ies are available from the Public Information Departday at the Trading Desk, from morning information- ment, Federal Reserve Bank of New York, 33 Liberty gathering through daily decisionmaking and the exe- Street, New York, N.Y. 10045. Checks must accomcution of an open market operation. pany orders and should be payable to the Federal The book also places monetary policy in a broader Reserve Bank of New York in U.S. dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis