Federal Reserve Bulletin, 1992-03
VOLUME 78 • NUMBER 3 • MARCH 1992 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 169 BANKING MARKETS AND THE USE OF examination and supervision of institutions FINANCIAL SERVICES BY HOUSEHOLDS under the Federal Reserve's supervisory jurisdiction and says that the Federal Reserve, as Since the 1960s, markets for banking services well as other bank regulatory agencies, has have generally been defined as consisting of provided guidance to its examiners and has financial institutions offering the full range promoted awareness among bankers of its polof banking products in relatively small geoicies in an effort to reduce impediments to graphic areas. Recently, some analysts have lending to sound borrowers while holding true questioned whether this view has become outto the principles of sound supervision, before dated through the effects of deregulation, marthe House Committee on Banking, Finance and ket innovation, and advances in electronic Urban Affairs, January 3, 1992. technology. Addressing the issue with data from the 1989 Survey of Consumer Finances, 191 Alan Greenspan, Chairman, Board of Goverthe authors investigate the full range of finannors, analyzes the forces affecting the econcial services and institutions used by houseomy and says that the upturn in economic holds and the distances over which households activity that began last year clearly has falconduct their financial affairs. tered, although the containment of inflationary pressures and expectations, the enhancement 182 STAFF STUDY SUMMARY of productivity and efficiency in industry, and Disturbances in settlements of securities trans- the rebuilding of balance sheets by lenders and actions have the potential to adversely affect borrowers should promote the return to solid the stability of payment systems and the integ- economic expansion, before a joint meeting of rity of the financial system generally. The the Senate Committees on Banking, Housing, authors of "Clearance and Settlement in U.S. and Urban Affairs and on the Budget, Jan- Securities Markets" present an analysis of the uary 10, 1992. sources of risk in clearance and settlement arrangements and describe the arrangements in 193 Governor La Ware provides the Federal place in the United States, including the safe- Reserve's perspective on issues related to guards employed by U.S. clearing organiza- mortgage lending discrimination and focuses tions to limit risk. on data recently released under the Home Mortgage Disclosure Act (HMDA) and says 185 INDUSTRIAL PRODUCTION AND that the new HMDA information about the CAPACITY UTILIZATION race or national origin, sex, and annual income of mortgage applicants will make it easier for The index of industrial production decreased Federal Reserve examiners to look behind the 0.2 percent in December, after having defined statistical differences in denial rates that may 0.2 percent in November and 0.1 percent in exist among subsets of applicants at particular October. Total industrial capacity utilization institutions, before the Committee on Banks of decreased 0.3 percentage point in December to the New York State Assembly, Albany, New 79.0 percent. York, January 22, 1992. 188 STATEMENTS TO THE CONGRESS 195 David W. Mullins, Jr., Vice Chairman, Board John P. La Ware, member, Board of Gover- of Governors, presents the Federal Reserve nors, discusses the current policies governing Board's views on reforms to the regulation of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
the government securities market, including Adoption of amendments to Regulation CC as some of the main conclusions of a report on an interim rule and proposal of other changes an examination of that market conducted by to the regulation. the Federal Reserve, the Treasury Department, Release of preliminary figures on operating and the Securities and Exchange Commission, income of the Federal Reserve Banks. and says that the proposals contained in the joint report, along with other reforms Release of revised List of Marginable OTC announced earlier, constitute the comprehen- Stocks. sive modernization of the mechanisms and Public-access data tape of the National Surpractices in the government securities market, vey of Small Business Finances now available. before the Subcommittee on Securities of the Senate Committee on Banking, Housing, and 211 LEGAL DEVELOPMENTS Urban Affairs, January 23, 1992. Various bank holding company, bank service 199 E. Gerald Corrigan, President, Federal Reserve corporation, and bank merger orders; and Bank of New York, discusses the joint report pending cases. on improvements in the government securities market and the official oversight and regula- A1 FINANCIAL AND BUSINESS STATISTICS tion of that market, specifically with regard to the activities of the Federal Reserve Bank of These tables reflect data available as of New York, and says that the changes outlined January 29, 1992. in the joint report are fully in keeping with a philosophy of progressive but cautious change, A3 GUIDE TO TABULAR PRESENTATION before the Subcommittee on Securities of the A4 Domestic Financial Statistics Senate Committee on Banking, Housing, and A44 Domestic Nonfinancial Statistics Urban Affairs, January 23, 1992. A53 International Statistics 201 Chairman Greenspan, in a hearing to consider his nomination to a second term as Chairman A69 GUIDE TO STATISTICAL RELEASES AND of the Federal Reserve Board, discusses some SPECIAL TABLES general principles that he believes should guide decisions on the monetary policy and banking A74 INDEX TO STATISTICAL TABLES structure of this country and says that the fundamental task of monetary policy is the foster- A76 BOARD OF GOVERNORS AND STAFF ing of the financial conditions that are most conducive to the American economy perform- A78 FEDERAL OPEN MARKET COMMITTEE ing at its fullest potential, before the Senate AND STAFF; ADVISORY COUNCILS Committee on Banking, Housing, and Urban Affairs, January 29, 1992. A80 FEDERAL RESERVE BOARD PUBLICATIONS 204 ANNOUNCEMENTS A82 FEDERAL RESERVE BANKS, BRANCHES, Appointment of new members to the Con- AND OFFICES sumer Advisory Council. Increase in the limit on the amount of non- A83 MAP OF THE FEDERAL RESERVE cumulative perpetual preferred stock to be SYSTEM included in tier 1 capital. Issuance of a revised Supervisory Policy Statement on Securities Activities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banking Markets and the Use of Financial Services by Households Gregory E. Elliehausen and John D. Wolken, of the growth of large, nationwide issuers of credit cards. Board's Division of Research and Statistics, pre- To assess the importance of these changes for the pared this article. Ronnie McWilliams provided analysis of banking markets, the Board of Goverresearch assistance. nors of the Federal Reserve System surveyed small businesses and consumers to learn more about their When a bank proposes to absorb another bank use of financial services and financial institutions. through merger or acquisition, analysts must deter- The survey results regarding small businesses have mine whether the proposed transaction is likely to already been published.1 This article examines evireduce the competitiveness of banking services. dence on banking markets for households based on And whether competition would be diminished de- the 1989 Survey of Consumer Finances. These data pends crucially on the definition of the financial permit an investigation of the full range of financial services and geographic area that constitute the services and institutions used by households and the "banking market." The current definition assumes distances over which these households conduct their that competition occurs only in relatively small financial affairs. geographic areas among financial institutions offering the full range of banking products. Therefore, only local commercial banks (and, when their offer- DEFINING BANKING MARKETS ings warrant, local thrift institutions), with their broad range of services, are included in the current Analyzing proposed bank mergers for their effect definition of a banking market. on competition and hence for their potential viola- The vast majority of banking customers— tion of antitrust statutes requires a case-by-case households and small businesses—historically have examination of the relevant economic market. To relied heavily on local commercial banks for their perform the required review, one must identify all financial services; hence, the current definition of a firms that significantly affect the price, quantity, and banking market has worked well for assessing most quality of the services produced by the merging pardimensions of banking competition, such as de- ties. Typically this involves specifying both the posit taking and the provision of credit to small variety of products (product market) and the geobusinesses. Yet, although past evidence supports graphic extent (geographic market) over which the the current approach to defining banking markets, firms compete. This section briefly examines the little recent data has been available regarding the banking practices of small businesses and households. The lack of current data has been troublesome because changes in the financial markets in 1. Gregory E. Elliehausen and John D. Wolken, "Banking Marthe 1980s may have altered the banking practices kets and the Use of Financial Services by Small and Medium-Sized Businesses," Federal Reserve Bulletin, vol. 76 (October 1990), of these customers. Among the key market changes pp. 801-17; and, for more detail, Gregory E. Elliehausen and John are the authorization of interest-bearing checking D. Wolken, Banking Markets and the Use of Financial Services by accounts at all depository institutions; the intro- Small and Medium-Sized Businesses, Staff Studies 160 (Washington: Board of Governors of the Federal Reserve System, 1990). The duction of money market deposit accounts; the findings support the current approach to the definition of banking spread of automated teller machines; legislation markets for small and medium-sized businesses: Local commercial in most states permitting the interstate acquisi- banks, and sometimes local thrift institutions, provide the core bundle of banking services to these firms; and nondepository institution of banks by bank holding companies; and the tions usually provide only single, specialized services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 Federal Reserve Bulletin • March 1992 current approach to defining banking markets, Expanding the Product Market reviews arguments concerning changes in the product and geographic dimensions of banking markets, Among the reasons for expanding the product marand discusses the information needed to help ket is that the distinctions among different types of resolve the issues. financial institutions appear to have blurred during the 1980s. For example, commercial banks were the sole source of checking accounts when the Supreme The Current Definition Court made its determination. Today, savings institutions and credit unions also offer checking, and Until recently, markets for financial services have many nondepository institutions offer money margenerally been thought to be local and segmented ket accounts with a limited checking feature. along institutional lines. This view as applied to The erosion of traditional distinctions does not banking is based on the Supreme Court's 1963 deci- end with checking. During the 1980s, legislation sion in the Philadelphia National Bank case and has allowed savings institutions to enter the consumer been supported by numerous subsequent empirical credit market and allowed depository institutions to studies and several judicial decisions.2 In the Phil- compete with money market mutual funds by offeradelphia decision, the Court concluded that the ing money market deposit accounts. In addition, product market for antitrust purposes was the entire some depository institutions began offering discount bundle or "cluster" of financial services offered brokerage services, while many brokerage compaby commercial banks. The Court said that bank nies sought to broker customer funds into deposicustomers cluster their purchases because of a tory institutions. cost advantage or a "settled consumer preference" On the other hand, commercial banks and other for joint consumption, and therefore only institu- depository institutions still offer products for which tions offering the full cluster of bank services— there may be no close substitutes—namely insured including demand deposits and commercial loans— checking, savings, and time deposits.3 If households belonged in banking markets. In addition, the Court cluster their financial services at insured depository concluded that banking markets were local because institutions, or if insured checking, savings, and the vast majority of commercial bank custom- time deposits are distinct products and have no close ers obtained financial services from local banks. substitutes, then the current practice of limiting This product definition—the bundle of commercial banking markets to only commercial banks and bank services—and geographic market definition— comparable other depository institutions may be local—is still used today in antitrust analysis in appropriate. banking, although thrift institutions are now included in banking markets when they provide the same financial services as commercial banks. Expanding the Geographic Market More recently, some analysts have questioned whether this thirty-year-old view of banking mar- The theoretical basis for defining banking markets kets is outdated because of subsequent deregu- over small geographic areas is a consideration of lation, market innovation, and advances in elec- transaction costs. The theory holds that economic tronic technology. We now examine some of the markets are likely to be local whenever the transacfactors that may justify broadening the product and tion costs associated with purchasing or using sergeographic dimensions of banking markets. vices produced by distant producers are high in relation to the value of the service. These high transaction costs render the nonlocally produced services imperfect substitutes for locally produced ser- 2. United States v. Philadelphia National Bank, 374 U.S. 321 (1963). See John D. Wolken, Geographic Market Delineation: A Review of the Literature, Staff Studies 140 (Washington: Board of 3. Money market mutual funds often permit checking, but the Governors of the Federal Reserve System, 1984) for a review of the accounts are not insured, and typically both the number of checks theoretical, legal, and empirical evidence regarding market defini- that can be written per time period and the minimum check amount tion in banking. are restricted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banking Markets and the Use of Financial Services by Households 171 vices. Two groups of transaction costs important in Consumer Finances is particularly well suited to banking are those for transportation and those for analyzing the geographic and product dimensions information. Transportation costs vary directly with of banking markets for households because it prothe number of transactions a buyer has with a finan- vides comprehensive coverage of the sources, locacial institution, the need to conduct transactions tions, and types of services used by households.4 with the institution in person rather than by tele- This article uses the survey to examine several quesphone or mail, and the distance between the buyer tions on household use of financial services and and the financial institution. Information costs financial institutions: include the costs for the buyer to search for information about alternative suppliers and the costs for • What is the distance between the offices of the the supplier to evaluate and monitor the credit- firms from which households obtain financial serworthiness of customers. These costs tend to vary vices and the household? directly with the frequency of search, the distance • To what extent do financial institutions other between seller and consumer, and the degree to than commercial banks provide financial services to which the services supplied are heterogeneous. households and is their geographic distribution sim- Recent developments in financial markets and ilar to that of commercial banks? institutions have almost surely reduced the trans- • What is the geographic area for each of the difaction costs associated with doing business with dis- ferent types of financial services used by housetant financial institutions. For example, the expan- holds? For example, do services involving frequent sion of ATMs and ATM networks generally transactions tend to be more geographically concenincreased the number of locations and the hours at trated than others? which consumers can gain access to their accounts, • Do households tend to purchase their financial thereby allowing consumers to conduct some of services from one institution? Do some households their banking business away from a branch office purchase these services from separate institutions? and outside regular business hours. Advances in And are the bundled services obtained from the information technology have reduced creditors' same types of institutions as services purchased costs of credit evaluation, which may allow credi- separately? tors to serve larger geographic areas. This development has probably facilitated the growth of THE SURVEY OF CONSUMER FINANCES nationwide issuers of credit cards. The increased availability of credit cards and home equity lines of The 1989 Survey of Consumer Finances (SCF), credit has also reduced consumers' transaction costs which was sponsored by the Federal Reserve Board for some forms of credit by eliminating the need to and other government agencies, is the most recent apply each time an extension of credit is desired. in a series of consumer financial surveys conducted The question is whether the level of transaction since 1947 by the Survey Research Center of the costs has fallen sufficiently to make locally and non- University of Michigan. The 1989 SCF collected a locally produced financial services close substitutes. detailed inventory of assets and liabilities from a Despite the reduction in transaction costs through representative sample of the population of U.S. electronic technologies, distance-sensitive transachouseholds.5 As part of the inventory, the survey tion costs such as those for transportation, information, and search may remain a consideration in choosing financial institutions. If this is still the 4. In contrast, surveys of suppliers of financial services may fail to uncover all sources used by households, especially if these case, then the geographic extent of banking marsources have changed recently; and data on the location of customkets may still be limited for either the cluster or ers may not be readily available to suppliers. For reviews of other some specific products. approaches to market definition, see Wolken, Geographic Market Delineation and Elliehausen and Wolken, Banking Markets and the Use of Financial Services by Small and Medium-Sized Firms, Staff Resolving the Issue Studies 160. 5. See Arthur Kennickell and Janice Shack-Marquez, "Changes in Family Finances from 1983 to 1989: Evidence from the Survey Whether banking markets have changed is ultiof Consumer Finances," Federal Reserve Bulletin, vol. 78 (January mately an empirical question. The 1989 Survey of 1992), pp. 1-18. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
172 Federal Reserve Bulletin • March 1992 identified the source of each deposit account, money market deposit and money market mutual fund market mutual fund account, mortgage, credit line, accounts), certificates of deposit, IRAs and Keogh and loan. For those sources that are financial insti- accounts, brokerage accounts, trust services, bank tutions, the survey also collected information on the credit cards, mortgages, automobile loans, home proximity of the institution to home or work, the equity and other credit lines, and other loans (other household's usual methods of conducting business consumer installment credit, single-payment loans, with the institution, the length of relationship with and loans from individuals but not charge accounts the institution, and the different types of accounts or service credit).7 held at the institution. Because the types of accounts held at individual institutions are known, it is possible to identify the cluster of financial services LOCATION OF FINANCIAL INSTITUTIONS obtained from each supplier. Thus, the 1989 SCF USED BY HOUSEHOLDS allows, for the first time, an investigation of both the product dimension and the geographic dimen- We begin the analysis by assessing the importance sion of banking markets. to households of the location of financial institu- For this article, the financial institutions are tions, in general and by type of institution (tables 1, grouped as follows: commercial banks; savings 2, and 3). The importance of a type of financial institutions (savings and loan institutions and sav- institution is measured in a number of ways, includings banks); credit unions; finance companies; bro- ing the percentages of households that obtain finankerage and mutual fund companies; and other finan- cial services from local and nonlocal institutions, cial institutions (primarily mortgage banks and the average number of institutions used, and the insurance companies). The distinction between average number of accounts households have at difdepository institutions (commercial banks, savings ferent types of institutions. In addition, we show the institutions, and credit unions) and nondepository type and location of what households consider to financial institutions is important because deposi- be their primary financial institution and their main tory institutions are the only ones that directly offer checking institution—firms that are particularly federally insured savings and checking accounts. important for household financial relationships. For that reason, statistics are presented separately for depository and nondepository categories. An institution is considered to be local to a household Frequency of Use if the institution office that is used most often by the household is located thirty miles or less from Commercial banks are the most commonly used the home or from the work place of the persons type of financial institution, patronized by more than using the institution.6 The office used by the household could be a branch of a financial in- 7. The numbers in this article sometimes differ from those stitution whose headquarters are located some- reported in Kennickell and Shack-Marquez, "Changes in Family Finances," because of differences in definitions. In this article, where else, an ATM, or a mailing address to which credit cards include only bank cards (Visa, Mastercard, Discover, loan payments are sent. The office identified is and Optima, regardless of whether they were issued by a commerthe one associated with the "typical" way the cial bank or another type of institution); money market accounts household conducts its business affairs with that include checking money market accounts but not cash call accounts; other loans do not include miscellaneous debt; IRAs and Keogh institution. accounts as used here do not include employer accounts and 401(k) The financial services considered are checking accounts; mortgages in this study include loans on investments in real estate and second houses; and auto loans in this study do not accounts (regular, NOW, and share draft), savings include other money owed on cars that was not reported as a loan. accounts, money market accounts (both money Also, in the Kennickell and Shack-Marquez article, tabulations indicating household ownership of various assets and liabilities show the percentages of households whose assets or liabilities have 6. The choice of exactly thirty miles as a boundary is not criti- a positive dollar value. In this study, accounts are included even if cal. At a thirty-mile limit, 87.6 percent of the institutions identified they had zero balances at the time of the interview; accounts with are local. At a thirty-five-mile limit, the local percentage rises to a zero balance are most frequently revolving credit accounts such 88.2 percent. At a twenty-five-mile limit, the percentage falls to as bank credit cards and other lines of credit. The existence 85.8 percent. Consequently, conclusions regarding nonlocal usage of an account, even with a zero balance, indicates an ongoing are not sensitive to the thirty-mile boundary. relationship. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banking Markets and the Use of Financial Services by Households 173 1. Percentage of households using local and nonlocal 2. Mean number of local and nonlocal financial financial institutions, by type of institution1 institutions used per household, by type of institution1 Type of financial Local Nonlocal Total institution MEMO Percentage Type of Local Nonlocal total of all All 89.5 17.8 903 financial institution institutions used Depository 87.8 11.7 88.6 C Sa o v m in m g e s r cial bank 7 3 5 7 . . 4 4 6 3 . . 8 5 7 3 7 9. . 4 6 All 2.29 .43 2.72 100 Credit union 23.0 4.4 26.5 Depository 1.93 .16 2.09 76.8 Commercial bank . 1.17 .09 1.26 46.3 Nondepository 28.5 17.5 42.8 Savings .48 .04 .52 19.1 Finance company 13.3 9.0 21.3 Credit union . .28 .03 .31 11.4 Brokerage firm 10.1 4.6 14.0 Other financial 7.2 10.9 18.1 .36 .27 .63 23.2 Finance company . .15 .10 .25 9.2 1. Sum of local and nonlocal exceeds total because some households use Brokerage firm .... .13 .05 .18 6.6 both local and nonlocal institutions. Other financial .08 .12 .20 7.4 An institution is local if the office or branch used by the household is located thirty miles or less from the household or workplace of the primary 1. For definitions, see note to table 1. user. Use of a financial institution consists of use of one or more of the following types of accounts: checking (regular, NOW, and share draft), savings, money market deposit, money market mutual fund, certificate of deposit, indi- 84 percent (2.29 of 2.72) of all institutions used. vidual retirement (IRA), Keogh, brokerage, trust, bank credit card, mortgage, motor vehicle loan, home equity or other credit line, and other loan. Again, the preference for local over nonlocal insti- Savings institutions consist of savings and loan associations and savings tutions is far more pronounced for depository instibanks. Other nondepository financial institutions include mortgage banks and insurance companies. tutions than it is for nondepository institutions. The pattern is similar for the number of accounts three-fourths of all households (table 1). However, by type of institution (table 3). On average, deposother types of depository institutions are also impor- itory institutions provide 83 percent of the accounts tant. About two-fifths of households use savings used by households (3.92 of 4.73), and the overinstitutions, and about one-fourth use credit unions. whelming majority of these accounts are obtained The most frequently used type of nondepository locally. Commercial banks account for a little more institution is finance companies, used by one-fifth than half of household accounts, and savings instiof households. tutions and credit unions account for another third. Overall, nearly every household that uses any Only 17 percent of household accounts are at nonfinancial institution uses a local financial institu- depository institutions, and these accounts are distion, while only one in five uses a nonlocal institu- tributed more nearly equally between local and nontion. For depository institutions, households are local institutions. eight times more likely to use a local institution than In sum, the data on the number of institutions a nonlocal institution, but for nondepository insti- used, the number of accounts, and the frequency of tutions, the preference for local offices is only use lead to the conclusion that the financial relation- 50 percent greater than it is for nonlocal offices. ships of households are heavily dominated by local commercial banks. The finding that the importance Number of Institutions and Accounts of local institutions is less for nondepository institutions raises the question of whether nondeposi- Commercial banks account for nearly half of the tory institutions are used differently, perhaps for 2.72 financial institutions used on average by house- fewer or different services, than are depository holds (table 2). In contrast, only one in five finan- institutions. cial institutions used is a savings institution, and about one in ten financial institutions used is a credit union. Among the nondepository institutions, Primary Institution finance companies are the most commonly used, and Main Checking Institution accounting for about one in ten of all financial institutions used. Households were asked to designate a financial Local institutions are the dominant providers institution as their "main" or primary financial of household financial services, accounting for institution. Ninety-four percent of all institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
174 Federal Reserve Bulletin • March 1992 3. Mean number of accounts used per household at local 4. Distribution of institutions identified by households as and nonlocal financial institutions, by type of their primary financial institution, by type and locality institution1 of institution1 Percent Bllilllilis^ii MEMO Percentage Type of Nonlocal Total of all financial Local Nonlocal Total accounts institution used AU 95.9 4.1 100 Depository 93.7 2.7 96.4 Commercial bank . 63.3 1.4 64.7 Savings 21.5 .5 22.0 Credit union 8.9 .8 9.7 Nondepository 2.2 1.4 3.6 Finance company . 1.2 .8 2.0 Brokerage .9 .4 1.3 Other financial .2 .3 .4 1. For definitions, see note to table 1; 84.7 percent of households desig- 1. For definitions, see note to table 1. nated a primary financial institution. identified by households as primary were local depository institutions, and 63 percent of primary institutions are especially important suppliers of finaninstitutions were local commercial banks. About cial services for households. The high percentage 4 percent of institutions identified as primary are of local institutions for the main checking account nonlocal, and about 4 percent are nondepository suggests that transaction costs may indeed make institutions (table 4). nonlocal institutions imperfect substitutes for local Checking accounts are the financial service most institutions for at least some financial services. frequently used by households. Checking accounts are particularly important for defining banking markets because they are one of the unique products Multiple Product Usage provided by commercial banks and other depository institutions. A household's main checking The average number of accounts used per type of account is defined as the account on which most of financial institution provides further evidence on the the household's checks are written. If transaction relative importance of the various institutions to costs play a role in the selection of any financial households and indicates where households may be institution, it is most likely to be the one used for bundling or clustering their purchases of financial the main checking account. About 80 percent of services. Households on average have about 2.4 designated primary institutions are also the main accounts at their primary institution and about 2.5 checking institution, a fact underscoring the impor- at their main checking institutions, regardless of tance of the checking account in household finan- whether they are commercial banks, savings insticial relations. tutions, or credit unions (table 6). As shown earlier, Almost all main checking accounts are at local primary and main checking institutions are usually depository institutions (table 5), with 68 percent at local depository institutions. local commercial banks, 21 percent at local savings Multiple accounts are less frequent at noninstitutions, and 9 percent at local credit unions. depository institutions than at local depository insti- Only 2 percent of main checking institutions are tutions. Both finance companies and other financial nonlocal, and only 0.5 percent are at nondepository institutions appear to be single-product institutions, institutions.8 each having an average of 1.1 accounts. The only The data on the primary institution and the main type of nondepository institution that is associated checking institution suggest that local depository with multiple-account usage is the brokerage company, where the average number of accounts for households using these firms is about 1.7. 8. In a small number of cases, a checking account was a money In sum, local depository institutions are the prinmarket account obtained from a brokerage or other nondepository institution. cipal suppliers of financial services to households, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banking Markets and the Use of Financial Services by Households 175 5. Distribution of institutions identified by households as Mean number of accounts used by households per their main checking institution, by type and locality financial institution, by type and selected of institution1 characteristics of institution1 Percent All 98.0 a.. 110000 Depository 1.7 99.5 Commercial bank 1.2 69.2 Savings * 21.2 Credit union .5 9.1 Nondepository .5 Finance company .2 Brokerage .4 Other financial .. * 1. For definitions, see note to table 1; 81.3 percent of households designated a main checking institution. 1. For definitions, see note to table 1. Primary institutions and main check- *Less than 0.05 percent. ing institutions were chosen by respondents. •Too few observations to provide a reliable estimate. and a local commercial bank is the single most brokerage accounts—and credit services—such as important financial institution. Local savings instimortgages, credit lines, and installment loans. tutions and credit unions are also important to many households, and nonlocal and nondepository insti- Asset Services. For each of the asset services, tutions are also used somewhat. But unlike deposiwhether measured by frequency of use (table 7) or tory institutions, which are almost always local, average number of accounts (table 8), the use of nondepository institutions are more equally divided local offices of institutions is much greater than the between local and nonlocal. Also, nonlocal and nonuse of nonlocal offices. Ninety-three percent (2.65 depository institutions are almost never the houseof 2.84) of asset accounts, for example, are at local hold's primary institution nor its main checking offices. Checking accounts are almost always institution. obtained from local institutions. Nonlocal offices The data suggest the possibility of clustering— are used slightly more frequently for liquid asset purchasing multiple services—at primary financial accounts (savings, certificates of deposit, and money institutions; at checking institutions, which are genmarket accounts), but even so, local institutions are erally local depository institutions; and at brokerused about nine times more often than nonlocal age companies. In contrast, nonprimary institutions, institutions. About six times more households use finance companies, and other financial institutions local offices for IRAs and Keogh accounts than are more apt to be single-product institutions. use nonlocal offices, and about four times more households use local offices for brokerage accounts GEOGRAPHIC DISTRIBUTION OF SPECIFIC than use nonlocal offices. Trust accounts are ob- FINANCIAL SERVICES tained relatively most often from nonlocal institutions, but only 3.2 percent of households use trust In this section we investigate whether nondeposi- services. tory institutions are used by households for the same These product differences in the distribution of financial services they obtain from depository instilocal and nonlocal financial institutions are contutions and whether the geographic distributions of sistent with hypotheses about the incidence of transthe financial institutions supplying households varaction costs associated with particular products— ies by the type of service supplied. that is, products with more frequent transactions are more likely to be obtained from local institutions than are products with less frequent transactions. Local and Nonlocal Service Use These data also suggest that nonlocal suppliers are We divide household uses of financial institutions not particularly good substitutes for most of the asset services covered. This conclusion seems espeinto asset services—such as checking, savings, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
176 Federal Reserve Bulletin • March 1992 7. Percentage of households using financial institutions, Mean number of accounts per household, by type of by type of account and locality of institution account and locality of financial institution1 — —— Type of Type of Local Nonlocal Total account account All 89.5 17.8 90.3 All Asset 85.4 9.9 86.2 Asset Checking 74.3 2.9 75.6 Checking Other liquid asset 58.4 6.6 61.2 Other liquid asset .. Savings 41.1 3.8 43.4 Savings Money market 20.0 2.3 21.6 Money market Certificate of deposit 18.7 3.2 19.5 Certificate of deposit .. IRA or Keogh 20.6 3.2 23.0 IRA or Keogh Brokerage 6.9 1.9 8.4 Brokerage Trust 2.0 1.4 3.2 Trust Credit 68.6 15.0 Credit B M a o n r k tg c a r g e e d it card 5 3 1 0 . . 1 1 6 9. . 0 1 7 1 4.9 B M a o n r k tg c a r g e e d it card Motor vehicle 28.8 5.8 Motor vehicle Home equity or Home equity or other credit line ... 9.3 1.4 10.6 other credit line ... Other 12.3 1.7 13.8 Other 1. Checking accounts consist of regular checking, NOW, and share draft 1. See note to table 7. accounts and exclude money market accounts; savings accounts consist of passbook, share, and statement savings accounts; money market accounts consist of money market deposit accounts and mutual fund accounts. "Other" credit accounts include personal loans and home improvement loans. For def- These results show a surprisingly large perinition of local, see note to table 1. centage of local suppliers for credit considering the existence of national suppliers and secondary mardaily true for institutions supplying checking and kets for many of these credit products. Apparently, savings products. transaction costs are a significant factor for credit products as well as asset products.10 Credit Services. Overall, nearly three quarters of respondent households have some credit relationship with a financial institution, but households do Geographic Dispersion of Service Use not depend quite as much on local institutions for credit as they do for asset services. The average Data on the geographic dispersion of the financial number of credit accounts at financial institutions institutions supplying households with various serper household is about 1.9. Bank credit cards, used vices can provide further insights into how large by 56 percent of households, are the most widely geographic markets might be. Indirectly, these data used credit product. About two-fifths of households also suggest the relative importance of transaction have a mortgage, a little more than one-third have a costs for different financial services. vehicle loan, and one in ten have a home equity or The survey evidence indicates that geographic other credit line. areas for financial services used by households may Measured by number of accounts, credit lines are indeed be small. For all but one service, trust the most local credit product, and mortgages are the accounts, the median distance to offices of financial least local. Still, a little more than three-fourths of institutions is ten miles or less; and, again except mortgages are at local institutions.9 9. These statistics may understate the importance of local offices in mortgage lending. The survey question asked the respondent to 10. The finding that mortgages are the least local of the credit identify the institution at which the household had the mortgage. If products is consistent with transaction costs considerations. Mortthe household had only a mortgage from this institution, the loca- gages are one of the largest debts held by households. Although tion reported for the institution was probably the one at which pay- search costs increase with distance, expected benefits increase with ments were made. The institution servicing the mortgage may be a the size of the debt instrument, so households are likely to search nonlocal firm that purchased the mortgage from a local originator. over wider geographic areas for mortgages than for other types of Transaction and information costs are perhaps more important for debt. See also Stephen A. Rhoades, Evidence on the Size of Bankloan origination than for loan servicing. If these costs are higher for ing Markets from Mortgage Loan Rates in Twenty Cities, Staff Studnonlocal originators than local originators, then we would expect ies 162 (Washington: Board of Governors of the Federal Reserve loan originators to be more locally concentrated than loan servicers. System, 1992). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banking Markets and the Use of Financial Services by Households 12 Miles between respondents' home or workplace and 1. Distribution of financial institutions, by distance their financial institutions, by type of account and from the institution to the customer's residence or selected percentiles of institutions1 workplace, for checking, other liquid asset accounts, and credit1 Type of account Asset Checking Savings Money market Certificate of deposit . IRA or Keogh . Brokerage Trust Credit Bank credit card Mortgage Motor vehicle .. Home equity or other credit line 1. See note to table 9. Checking consists of regular checking, NOW, and Other share draft accounts; other liquid assets consists of savings, money market accounts, and certificates of deposit; credit consists of bank credit card 1. Respondents were asked to report the miles between the financial insti- accounts, mortgages, motor vehicle loans, home equity lines of credit, and tution's office and either their home or workplace, whichever was the lesser other credit such as personal loans and home improvement loans. distance. They were asked to designate miles as less than one mile, or as the actual number of miles between one and fifty, or as more than fifty miles (shown in table as >50). For definitions of accounts, see note to table 7. TYPES OF FINANCIAL INSTITUTION USED FOR SPECIFIC PRODUCTS for trust accounts, at least 75 percent of house- As shown above, the types and numbers of finanholds' financial institutions are thirty miles or less cial services purchased by households differ by from home or work (table 9). For nine of the location of financial service supplier and type of twelve financial services, the median distance product. The analysis in this section examines from the financial institution is five miles or less. which products are obtained from specific financial These findings suggest that transaction costs may institutions and explores how these products may be quite important to the selection of financial differ between multiple financial service suppliers institutions. and single financial service suppliers. The analysis As expected, the institutions at which housepermits an assessment of which financial services holds have checking accounts have the smallest belong in the same market and which ones belong geographic distribution: 50 percent of the instituin distinct markets. tions are two miles or less from home or work, 75 percent are five miles or less, and 90 percent are fifteen miles or less. Institutions used for other Use by Type of Supplier liquid asset accounts are only slightly more widely distributed, with 90 percent of institutions used for Tables 10 and 11 show the percentage of housethese accounts being thirty miles or less from home holds obtaining each financial service and the numor work. Institutions used for credit products are ber of accounts for each service obtained from the more widely dispersed than institutions used for various types of financial institutions. The tables checking or other liquid asset accounts, but even also include a column showing the use of nonfinanmost of these institutions are still not very far from cial sources for each financial service, an aspect not home or work—the median distance for most credit considered above.11 products is five or six miles (chart 1). Again, these findings underscore how tightly circumscribed is the geographic market for household financial 11. Nonfinancial sources include individuals, retailers, other nonfinancial businesses, government agencies, and nonprofit products. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
178 Federal Reserve Bulletin • March 1992 10. Percentage of households using financial accounts, by type of account and type of source' Financial institution Non- Type of Any Depository Nondepository financial account source AAllll source2 Commercial Credit Finance AA111] bank Savings union All company Brokerage Other 1 All 92.4 90.3 88.6 77.6 39.4 26.5 42.8 21.3 14.0 18.1 27.9 Asset 86.3 86.2 86.1 65.9 30.6 22.8 17.3 .3 13.9 4.6 3.8 Checking 75.6 75.6 75.4 55.5 18.3 9.6 .8 .1 .7 0 * Other liquid asset 61.3 61.2 59.4 34.9 21.4 18.2 6.3 .1 5.6 .7 .9 Savings 43.5 43.4 42.9 21.5 12.0 16.3 .9 .1 .7 .2 .4 Money market . 21.8 21.6 17.8 10.7 6.0 2.4 5.2 * 4.8 .5 .4 Certificate of deposit 19.5 19.5 19.0 n, 8.5 2.0 .9 * .8 .1 .1 IRA or Keogh .. 24.2 23.0 15.6 9.4 5.2 2.2 9.8 .1 7.0 3.0 1.9 Brokerage 8.4 8.4 .9 .8 .1 7.6 * 7.6 0 * Trust 4.3 3.2 1.1 .2 •1 2.2 .1 .9 1.4 1.2 • - Credit 80.0 74.9 68.0 56.6 20.9 13.7 32.8 21.1 1.1 14.8 25.0 Bank credit card 56.5 55.8 54.0 45.5 5.9 6.3 7.9 .2 .8 7.1 1.5 Mortgage 40.8 37.2 26.3 14.1 12.8 1.1 13.3 5.3 .1 8.2 5.8 Motor vehicle .. 34.9 33.8 21.8 13.7 3.1 6.0 13.7 13.5 * .1 1.3 Home equity or other credit line 10.8 10.6 8.8 1.5 1.9 2.1 1.8 .3 0 .3 Other 28.2 13.8 10.4 2.2 2.6 4.1 4.0 * .1 18.6 1. For definitions, see notes to tables 1 and 7. For variations between 2. Includes individuals, retailers, other nonfinancial businesses, governthese data and those in Kennickell and Shack-Marquez, "Changes in Family ment agencies, and nonprofit organizations. Finances," see text note 7. •Less than 0.05 percent. A little more than one-fourth of all households important is money market accounts; nearly oneobtain one or more financial services from a non- fourth (0.07 of 0.31) of the accounts are obtained financial source (table 10). This statistic, however, from nondepository sources, which are almost probably overstates the importance of nonfinancial always brokerage companies (table 11). sources because the financial service obtained from IRAs and Keogh accounts, brokerage accounts, them is almost always credit in the miscellaneous and trust accounts have relatively large shares of "other loans" category, and generally, the outstand- nondepository institution suppliers. Indeed, a noning balance on such loans is small.12 Besides "other depository source, brokerage companies, is the secloans," few accounts of any kind are obtained from ond most important source of IRAs and Keogh nonfinancial sources. accounts for households. For brokerage and trust accounts, nondepository sources are more impor- Asset Services. Checking and other liquid asset tant sources of supply than depository institutions. accounts may differ from the other financial services considered in that they are almost always Credit Services. Nondepository institutions are obtained from a depository institution; commercial significant suppliers of credit services to housebanks are the most frequently used depository holds: About two-fifths of households have credit source, but savings institutions and credit unions are relationships at nondepository institutions. Among also important suppliers. The only liquid asset all financial institutions, commercial banks are the account for which nondepository institutions are most frequently used institution for every credit product considered, although the relative importance of commercial banks varies by type of credit 12. As reported in Kennickell and Shack-Marquez, "Changes in product. Commercial banks are a source of supply Family Finances," p. 15, the median amount of all other loans for for mortgages about as frequently as savings instithose having such loans (the category that most closely corresponds to our "other loan" category) from both nonfinancial and financial tutions or nondepository institutions. For vehicle services is about $2,000. In comparison, they report, the median loans, commercial banks and finance companies are amount of household debt for those having any debt is about used with about the same frequency, and credit $15,200. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banking Markets and the Use of Financial Services by Households 179 11. Mean number of financial accounts per household, by type of account and type of source1 Financial institution NNNooonnn--- TTTyyypppeee ooofff AAAnnnyyy Depository Nondepository fffiiinnnaaannnccciiiaaalll aaaccccccooouuunnnttt sssooouuurrrccceee AAllll sssooouuurrrccceee Commercial Credit Finance All Savings All Brokerage Other bank union company AU 5.12 4.73 3.92 2.40 .91 .61 .81 .29 JO .22 39 Asset 2.89 2.84 2.49 1.44 .63 .41 .35 .01 .28 .06 .05 Checking 1.05 1.05 1.04 .72 .21 .11 .01 * .01 0 * Other liquid asset 1.29 1.27 1.19 .57 .35 .27 .09 • .08 .01 .01 Savings .71 .71 .70 .30 .17 .22 .01 * .01 * * Money market .. .31 .30 .24 .14 .07 .03 .07 * .06 * .01 Certificate of IRA d o e r p K os e i o t gh .. . . 2 4 7 0 . .3 2 8 7 . . 2 2 4 6 . . 1 1 4 4 . .0 1 7 0 . . 0 0 2 3 . . 0 1 1 4 *• . . 0 1 1 0 . * 0 4 .0 * 2 Brokerage .10 .10 .01 .01 * * .09 * .09 0 * Trust .05 .04 .01 .01 • * .02 * .01 .01 .01 Credit 2.23 1.89 1.43 .96 .28 .19 .46 .28 .01 .16 .34 Bank credit card .72 .71 .63 .50 .06 .06 .08 * .01 .07 .02 Mortgage .52 .46 .31 .15 .15 .01 .15 .06 * .09 .06 Motor vehicle ... .43 .42 .27 .16 .03 .07 .16 .15 * * .01 Home equity or other credit Other li ne . . 1 4 2 3 . . 1 1 8 2 . .1 1 0 3 . . 0 0 7 6 . . 0 0 3 2 . . 0 0 3 2 . . 0 0 2 5 . . 0 0 5 2 * * 0 • .2 # 5 1. See notes to table 10. "Less than 0.005. unions and savings institutions supply a smaller 12. Percentage of households using various accounts at but significant percentage of households with vehi- an institution, for households that have at least one account at the institution, by type of account and cle loans. Overall, depository institutions are a characteristic of institution1 source of more mortgages and vehicle loans than are nondepository institutions. Type of Main Check- Non- Nonaccount Primary checking ing2 primary checking AH 100 100 100 100 100 Multiple Product Usage Revisited 93.0 100.0 100.0 64.4 57.6 Checking3 75.4 91.3 92.9 20.7 .0 Earlier, we described data indicating that clustering Other liquid asset 50.1 48.8 53.4 45.9 45.4 or multiple product usage, if it occurs, does not Savings 31.9 30.1 32.4 29.6 31.6 Money occur equally across all institutions. A further anal- market .. 15.2 16.6 25.4 14.1 9.4 Certificate of ysis of the data, together with the findings above, deposit .. 14.8 14.9 16.9 12.9 12.3 indicate that multiple product use is concentrated at IRA or Keogh .. 9.8 9.7 12.0 22.3 21.4 Brokerage 1.8 .9 2.3 9.8 9.2 local depository institutions, particularly at house- Trust .4 .3 .4 3.9 4.0 holds' main checking and primary institutions; Credit 46.7 42.1 47.3 84.8 84.7 among nondepository institutions, multiple product Bank credit card 25.6 26.9 31.5 52.9 49.6 use is concentrated at brokerage firms. Mortgage 12.5 8.9 10.4 39.4 41.0 Motor vehicle ... 10.4 9.2 10.5 34.9 35.4 At the primary, main checking, and other check- Home equity or other credit ing institutions, households on average have two to line 5.9 5.5 6.6 8.1 7.6 three accounts (memo, table 12). At these institu- Other 4.7 3.6 4.4 13.9 14.3 tions, multiple account usage generally includes MEMO Mean number of checking; at least three-fourths of households havaccounts per ing accounts at these institutions have checking institution — 2.37 2.49 2.40 1.45 1.39 accounts there. The other product is most often 1. See note to table 7. Primary institutions and main checking institutions another liquid asset account or a bank credit card. It were chosen by respondents; 84.7 percent of households designated a primary institution, and 81.3 percent designated a main checking institution. is important to note again that primary and check- 2. Checking institutions are those at which the household had one or more checking accounts or money market accounts with checking. ing institutions are almost always local depository 3. Only 91.3 percent of households with a main checking institution had a institutions. checking account at that institution because the remaining 8.7 percent used a money market account at that institution for checking. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 Federal Reserve Bulletin • March 1992 Table 12 also shows that when an account is held Clustering, or multiple service usage, is most often at a nonprimary or nonchecking institution, it is associated with the checking account, and the instimost likely to be some form of credit. The occur- tution at which clustering occurs is typically a local rence of IRAs and Keogh accounts at these institu- depository institution. Credit products such as tions is also greater than at primary and checking mortgages and vehicle loans are often purchased institutions. separately. The institutions from which credit is These, together with earlier findings, indicate that obtained are mostly local, but somewhat less nonprimary financial institutions, especially finance locally concentrated than suppliers of asset services. companies and other nondepository financial insti- The institutions from which credit products are tutions, are likely to be single-product institutions, obtained are frequently nonbank and nondepository and credit products such as mortgages and vehicle institutions. loans appear to be associated with these single- These findings are directly relevant to the definiproduct financial institutions. The one nonprimary, tion of banking markets for households. They are nondepository institution that is an exception to this consistent with the view that the markets for many conclusion is brokerage companies. Clustering may of the financial services used by households are occur at brokerage companies, and the products local. This is particularly true of asset services. involved are IRAs and Keogh accounts, brokerage Somewhat surprisingly, credit products are also services, and, less frequently, a money market decidedly local as well. Moreover, the data indicate account. that there may be validity to the notion that commercial banks and other depository institutions offer a unique set of services and products that are often purchased as a bundle. This bundle tends to consist CONCLUSION of a checking account and another liquid asset Local depository institutions, especially local com- account or credit, although other liquid asset mercial banks, are still the main suppliers for most accounts and credit are also purchased separately. of the financial services used by households. The The findings also suggest that each credit service savings institutions and credit unions used by used by households may belong to a distinct ecohouseholds are, like their commercial banks, over- nomic market. The geographic dispersion of suppliwhelmingly local. Nondepository institutions used ers differs across products, and the institutions by households are also mostly local, but not to the important to each of the credit products vary. same extent as are depository institutions. At least for households, these results support the Commercial banks are the single largest supplier current definition of banking markets used in antifor most of the financial services. Even so, other trust analysis, which consists of local commercial depository and nondepository institutions are impor- banks and, when they provide services similar to tant for some of the financial services considered. those of commercial banks, other local depository Other depository institutions are important suppli- institutions. Limiting the product market to deposiers of checking and other liquid asset accounts (sav- tory institutions, does not, however, require accepings, certificates of deposit, and money market tance of the notion that all bank products belong to accounts), as well as some credit, particularly mort- the cluster. The survey results suggest that checkgages. Nondepository institutions are relatively ing and other liquid asset accounts (savings, certifmore important for credit products. icates of deposit and money market accounts) are Households certainly do not purchase all of probably a distinct product. These accounts clearly their services from a single institution. Rather, house- are different from the other financial services used holds seem to bundle some of their purchases at cer- by households both in terms of the location and tain institutions (for example, the household's pri- types of institutions supplying them. Moreover, mary institution, the main checking institution, and these accounts are important: They are used by brokerage companies), and purchase single prod- nearly every household. This market may not be the ucts from others (for example, nonprimary institu- "traditional" product market definition used in tions, finance companies, and other financial insti- banking, but it does indeed appear to be a relevant tutions such as mortgage and insurance firms). economic market for antitrust analysis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banking Markets and the Use of Financial Services by Households 181 APPENDIX: DEFINITIONS AND IMPUTATIONS As is true for any dataset with missing values, FOR MISSING DATA the imputation procedure could affect the final results. The institutions for which location is known The 1989 Survey of Consumer Finances collected are probably the most important financial institudata on specific financial institutions used by house- tions to the household, since they were reported holds and the households' business relationship with without the stimulus of other questions. There are these financial institutions. These data included the proportionately fewer missing values for location type of financial institution and the distance between for depository institutions than for nondepository the household's residence or a household member's institutions. Within nondepository institutions, place of employment and the most frequently used missing values were most prevalent for other finanoffice or branch of the financial institution. Dis- cial institutions. Among the products considered, tance was reported as less than one mile, or as the missing data were most prevalent for bank credit actual number of miles between one and fifty, or as cards. As mentioned, this latter result is partly due more than fifty miles. to the data collection procedure, since location was The identity and location of each financial insti- obtained only for those credit card suppliers which tution used by the household was not ascertained also supplied other financial products. Even for this for all financial institutions. By design, this infor- category, however, location is known for about half mation was collected for only the first six financial of the institutions identified. When credit cards are institutions identified by the household. This restric- omitted in calculating the aggregate credit statistion was necessary to prevent the interview from tics, about the same proportion of local and nonbecoming too burdensome for households with local suppliers are obtained as those reported in the complicated finances, but in practice few house- tables. holds exceeded this limit. Also by design, the The failure to ascertain the identity of all instituidentity of the institution was not collected if the tions also affected the computation of the number household only had a bank credit card from the of financial institutions per household in table 2 and institution. Finally, location information generally the number of accounts per financial institution in was not collected when respondents did not recall tables 6 and 12. If a financial service was not specific institutions until they were asked about obtained from one of the first six institutions, the specific financial products. For these institutions, SCF requested that the respondent identify the type however, institution type was collected. As a result of supplier (for example, commercial bank, credit of these considerations, location of the office of the union, automobile finance company). Fourteen of financial institution used by the household is missthe thirty-seven types of supplier categories were ing for about one-third of the household-institution financial institutions, and each of these fourteen pairs. institution types was assumed to be a different insti- When location was missing, it was imputed tution. This assumption may understate the number assuming that the locations of the unknown institu- of institutions per household and overstate the numtions are distributed identically to the locations of ber of accounts per institution. The error resulting the known institutions of the same class and for the from this assumption, however, is likely to be small. same product. The classes of institutions were com- When they were used, most of the institutions not mercial banks, savings institutions, credit unions, included in the first six, especially nondepository finance companies, brokerage companies, and other institutions, had only one financial service indicated. financial institutions. The products were checking, All statistics reported in this article were comsavings, money market accounts, certificates of puted using weights to produce estimates that deposit, IRAs and Keogh accounts, brokerage serrepresent the population of U.S. households. The vices, trust services, bank credit cards, mortgages, weights are the same as those used in Kenvehicle loans, home equity or other credit lines, and nickell and Shack-Marquez, "Changes in Family other loans. Aggregate product or institution cate- Finances." • gories are derived from the distribution of these values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
182 Staff Studies The staff members of the Board of Governors of the do not necessarily indicate concurrence by the Federal Reserve System and of the Federal Reserve Board of Governors, by the Federal Reserve Banks, Banks undertake studies that cover a wide range of or by members of their staffs. economic and financial subjects. From time to time Single copies of the full text of each study are the studies that are of general interest are pub- available without charge. The titles available are lished in the Staff Studies series and summarized in shown under "Staff Studies" in the list of Federal the FEDERAL RESERVE BULLETIN. The analyses and Reserve Board publications at the back of each conclusions set forth are those of the authors and BULLETIN. STUDY SUMMARY CLEARANCE AND SETTLEMENT IN U.S. SECURITIES MARKETS Patrick Parkinson and Jeff Stehm—Staff, Board of Governors Adam Gilbert, Emily Gollob, Lauren Hargraves, Richard Mead, and Mary Ann Taylor—Staff, Federal Reserve Bank of New York Prepared as a staff study in fall 1991 Interest in clearance and settlement arrangements in The paper presents an analytical framework for securities markets by the Federal Reserve and other evaluating credit and liquidity risks in securities central banks reflects an increasing awareness that clearance and settlement arrangements and disturbances in settlement processes in those mar- describes arrangements in place in the United kets can adversely affect the stability of payment States. (In this context, securities refers to a wide systems and the integrity of the financial system range of financial instruments, including securities, generally. Such interest had been growing through- securities options, money market instruments, out the 1980s and was heightened by the world- futures, and futures options.) The paper was first wide collapse of equity prices in October 1987. In prepared for a December 1990 meeting of the Comthe United States, for example, many observers, in- mittee on Payment and Settlement Systems of the cluding senior officials of the Federal Reserve, con- Central Banks of the Group of Ten Countries, and cluded that the potential for a default by a major the framework it presents builds on an analysis of participant in the settlement systems for equities and netting and settlement systems by the Committee equity derivatives had posed the greatest threat to on Interbank Netting Schemes of that group. the financial system during that turbulent period. A common analytical framework is applicable to Concerns intensified in early 1990, when orderly a wide range of markets and instruments for two liquidation of units of the Drexel Burnham Lam- reasons. First, credit risks in clearance and settlebert Group was threatened by difficulties in settling ment stem from common factors: (1) changes in transactions in certain mortgage-backed securities asset prices between the time a trade is initiated and and in foreign exchange that arose when partici- the time it is settled and (2) gaps between the timpants lost confidence that the units would fulfill ing of final transfers of securities (deliveries) and their settlement obligations. final transfers of money (payments) on the settle- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
183 ment date. Second, similar arrangements have been mortgage-backed securities. Within product groups, designed to reduce credit risks and liquidity risks: cash, futures, and options transactions typically are multilateral netting systems and delivery-against- cleared by separate clearinghouses. payment systems. The specific credit, liquidity, and operational These arrangements involve two types of special- safeguards employed by clearing organizations in ized financial intermediaries, collectively termed the United States vary considerably. The 1987 stock clearing organizations: (1) clearinghouses, which market crash revealed potential problems and areas perform multilateral netting of purchase and sales needing improvement in arrangements for clearcontracts and in many cases provide trade compar- ance and settlement of equities, futures, and options. ison services, and (2) depositories, which immobi- Since that time, clearing organizations for equities lize or dematerialize securities and in many cases and equity derivatives have significantly strengthintegrate a book-entry securities transfer system ened their risk-management systems. Also since with a money transfer system. By integrating securi- 1987, depositories designed to limit settlement risks ties and money transfer systems, a depository can have begun to immobilize certain mortgage-backed provide strong assurances to participants that final securities and commercial paper, and a clearingsecurities transfers (deliveries) will occur if, and house has begun multilateral netting of transactions only if, final money transfers (payments) occur, that in U.S. government securities. In addition, market is, it can achieve delivery against payment. participants have been working on recommenda- In general, the Committee on Interbank Netting tions by the Group of Thirty to shorten the interval Schemes' central conclusions about the effects of between trade and settlement of corporate securicross-border and multicurrency netting arrange- ties (equities and bonds) from five to three business ments also apply to securities clearing organiza- days and to use same-day rather than next-day funds tions (and to futures clearing organizations as well). for settlement payments. A clearing organization has the potential to substan- With these improvements in place, further efforts tially reduce counterparty credit and liquidity risks to strengthen U.S. clearance and settlement arrangeto its participants. However, actual risk reduction ments have been directed primarily at improving depends critically on the clearing organization's coordination among clearing organizations, espefinancial and operational integrity. Should partici- cially those that clear interrelated products (notably pant defaults impair—or merely create doubts equities and equity derivatives) for common particabout—the organization's financial condition, the ipants. Lack of coordination among clearing orgaconsequences for the organization's participants, the nizations can heighten credit and liquidity risks in participants' customers and banks, and the finan- at least three ways. First, lack of information about cial and payment system could be severe. their participants' positions with other clearing To preserve their financial integrity and to mini- organizations may hinder efforts by clearing orgamize the likelihood of systemic consequences, nizations and other creditors to assess risks accuclearing organizations have instituted risk- rately. Second, lack of a mechanism for netting management systems. The systems are designed so obligations across markets may expose individual as to (1) limit losses and liquidity pressures result- clearing organizations to substantial risks from posiing from participant defaults, (2) ensure that settle- tions that would present relatively little risk if all ment will be completed on schedule and any losses the positions were held with a single clearing orgacan be recovered from the surviving participants, nization; clearing organizations attempting to proand (3) provide reliable and secure operating sys- tect themselves may require participants to post tems to support the organization's critical functions. more collateral or cash than would otherwise be Securities clearance and settlement arrangements necessary. Third, liquidity pressures on participants in the United States are noteworthy for the large in many cases are exacerbated by differences in setand growing number of separate clearing organiza- tlement cycles or in the timing of daily settlements. tions serving different market segments. Across Participants tend to rely extensively on bank product groups, separate clearinghouses and depos- credit to fund their settlement obligations to the varitories have been created for corporate and munici- ious clearing organizations, especially when marpal securities, U.S. government securities, and kets are turbulent. Consequently, monitoring and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
184 Federal Reserve Bulletin • March 1992 control of credit risks by commercial banks may, to margining" agreements intended to reduce credit some degree, be a reasonable substitute for greater and liquidity risks on intermarket positions, in one consolidation of or coordination among U.S. clear- case through obligation netting and in other cases ing organizations. However, the heightened demand through shared control of positions and collateral. for bank credit resulting from the fragmented clear- In the securities markets, each clearinghouse for ing system increases the need to address two issues corporate and municipal securities has established that to date have received scant attention: (1) the a payment netting scheme with its associated deposadequacy of available credit to support participants' itory, and several organizations are discussing ways settlement obligations and (2) the adequacy of to share (and thereby reduce the need for) collateral. banks' measures to monitor and control the credit In light of the growing recognition that disturand liquidity risks, especially intraday risks, cre- bances in securities settlement systems can destabiated by the need to extend such credit. lize payment systems and financial markets, the The perception that fragmentation of the U.S. Federal Reserve has in recent years taken a more clearing system has exacerbated credit and liquid- active role in both the oversight of settlement ity risks led the Congress to pass legislation calling arrangements and the provision of payment services for establishment of "linked or coordinated facili- to clearing organizations. For example, in June 1989 ties" for settling securities and derivative products. the Federal Reserve issued a policy statement on Currently there appear to be significant obstacles to private delivery-against-payment systems that consolidation of existing U.S. clearing organiza- applies to all large-scale private book-entry systions. Instead, clearing organizations, with the sup- tems that settle directly or indirectly over Fedwire. port and encouragement of regulators, have focused The policy addresses the credit, liquidity, and operon incremental actions to improve coordination and ational safeguards such systems must implement to create linkages that may achieve many of the poten- ensure that settlement is timely and that particitial benefits of consolidation. Clearing organiza- pants do not face excessive intraday risks. All the tions have concluded several agreements to share clearing organizations that have been formed in information about common participants and have recent years settle over Fedwire, either directly, or made some progress on synchronizing daily indirectly through the accounts of their settlement settlements. Clearinghouses in the futures and banks. options markets have developed so-called "cross- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
185 Industrial Production and Capacity Utilization Released for publication January 17 about 1 percent further. Elsewhere, production rose a bit, led by gains in nonenergy materials and The index of industrial production decreased construction supplies. At 107.8 percent of its 1987 0.2 percent in December, after having declined annual average, total industrial production in 0.2 percent in November and 0.1 percent in October. December was 0.6 percent above its year-ago level. In December, the output of utilities fell sharply For the fourth quarter as a whole, the level of because of warmer-than-usual weather, while the total output was little changed from that of the production of motor vehicles and parts dropped third quarter. Total industrial capacity utilization Industrial production indexes Twelve-month percent change Twelve-month percent change Products J L 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 Capacity ________ - - 120 - - 120 100 - 100 Production 80 / Production 80 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 Percent of capacity Percent of capacity 1979 1981 1983 1985 1987 1989 1991 1979 1981 1983 1985 1987 1989 1991 All series are seasonally adjusted. Latest series, December. Capacity is an index of potential industrial production. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
186 Federal Reserve Bulletin • March 1992 Industrial production and capacity utilization Industrial production, index, 1987= 1001 Percentage change CCCCaaaatttteeeeggggoooorrrryyyy 11999911 19912 DDeecc.. 11999900 ttoo Sept.r Oct.r NOV.P Dec.p Sept.r Oct.1 NOV.P Dec.p DDeecc.. 11999911 TTTToooottttaaaallll 108.4 108.2 108.0 107.8 .4 -.1 -.2 -.2 .6 PPPPrrrreeeevvvviiiioooouuuussss eeeessssttttiiiimmmmaaaatttteeee 108.2 108.2 107.8 .2 .0 -.4 MMMMaaaajjjjoooorrrr mmmmaaaarrrrkkkkeeeetttt ggggrrrroooouuuuppppssss PPPPrrrroooodddduuuuccccttttssss,,,, ttttoooottttaaaallll 108.9 108.9 108.8 108.6 .4 -.1 .0 -.3 .2 CCCCoooonnnnssssuuuummmmeeeerrrr ggggooooooooddddssss 109.4 109.7 109.8 109.4 .9 .3 .1 -.4 3.5 BBBBuuuussssiiiinnnneeeessssssss eeeeqqqquuuuiiiippppmmmmeeeennnntttt 122.2 122.2 121.8 121.8 .7 .0 -.4 .0 .5 CCCCoooonnnnssssttttrrrruuuuccccttttiiiioooonnnn ssssuuuupppppppplllliiiieeeessss 96.5 94.9 95.4 95.8 -.2 -1.7 .5 .4 -5.1 MMMMaaaatttteeeerrrriiiiaaaallllssss 107.5 107.3 106.6 106.6 .3 -.2 -.6 .0 1.2 MMMMaaaajjjjoooorrrr iiiinnnndddduuuussssttttrrrryyyy ggggrrrroooouuuuppppssss MMMMaaaannnnuuuuffffaaaaccccttttuuuurrrriiiinnnngggg 108.9 108.9 108.6 108.7 .5 .0 -.3 .1 1.2 DDDDuuuurrrraaaabbbblllleeee 108.4 108.1 107.7 107.5 .5 -.3 -.4 -.2 .0 NNNNoooonnnndddduuuurrrraaaabbbblllleeee 109.6 110.0 109.8 110.3 .5 .4 -.2 .4 2.7 MMMMiiiinnnniiiinnnngggg 101.4 100.6 99.2 98.9 .0 -.7 -1.4 -.3 -4.3 UUUUttttiiiilllliiiittttiiiieeeessss 109.7 108.6 110.0 106.7 -.9 -1.0 1.3 -3.0 -1.9 Capacity utilization, percent MMMEEEMMMOOO CCCaaapppaaaccciiitttyyy,,, pppeeerrr--ccceeennntttaaagggeee 1990 1991 ccchhhaaannngggeee,,, AAvveerraaggee,, LLooww,, HHiigghh,, DDDeeeccc... 111999999000 11996677--9900 11998822 11998888--8899 Dec. Sept.' Oct.r Nov.r Dec.p tttooo DDDeeeccc... 111999999111 Total 82.2 71.8 85.0 80.6 79.9 79.6 79.3 79.0 2.6 Manufacturing 81.5 70.0 85.1 79.4 78.8 78.6 78.2 78.1 2.9 Advanced processing 81.1 71.4 83.6 78.5 77.7 77.6 77.2 77.0 3.2 Primary processing 82.4 66.8 89.0 81.5 81.3 81.2 80.7 80.9 2.1 Mining 87.4 80.6 87.2 90.8 88.5 87.8 86.5 86.2 .8 Utilities 86.8 76.2 92.3 85.1 85.1 84.1 85.2 82.5 1.1 1. Seasonally adjusted. r Revised, 2. Change from preceding month to month indicated. p Preliminary. decreased 0.3 percentage point in December to December after small declines in the previous 79.0 percent. month. The output of durable materials rose slightly When analyzed by market group, the data show as most major industries posted small increases. that the production of consumer goods fell The gains in the production of durable and 0.4 percent, reflecting sharp declines in utility output nondurable materials were nearly offset by the for residential use and motor vehicles. Among other sharp weather-related drop in electricity generation. consumer goods, the production of goods for the When analyzed by industry group, the data show home, such as appliances, fell last month, but the that manufacturing production edged up in output of many nondurables posted small increases. December, leaving capacity utilization at factories Despite the ongoing strike in the construction and nearly unchanged at 78.1 percent. Operating rates mining machinery industry that began in November, for primary-processing industries rose 0.2 perthe production of business equipment excluding centage point, but those for advanced-processing autos and trucks was about unchanged again in industries fell 0.2 percentage point. The utilization December, particularly because of increases in rate for advanced-processing industries has fallen computers and other information-processing equip- back in the past few months to a level only slightly ment. Among materials, the production of above its March low, mainly because of reduced nondurables, which fell more than 1 percent in output of motor vehicles and nonelectrical November, rebounded last month, mainly because machinery. The operating rate for primaryof swings in the output of paper; the production of processing industries, which increased a bit in both chemicals and textiles also moved up in August and September, has slipped back slightly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Industrial Production and Capacity Utilization 187 since then. Its dip in November and partial rebound Output at utilities fell sharply as warmer-thanin December mainly resulted from movements in usual weather reduced the demand for electricity paper output. Elsewhere in primary processing, the and gas. Mining output declined slightly as oil and utilization rate for steel edged down in December gas extraction activity slowed further. but remained well above its summer level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 Statements to the Congress Statement by John P. LaWare, Member, Board on overly optimistic assumptions about future of Governors of the Federal Reserve System, demands for real estate and the ability of propbefore the Committee on Banking, Finance and erties to generate sufficient cash flow to service Urban Affairs, U.S. House of Representatives, the debt obligations financing them. January 3, 1992 Depository institutions also played an important role in the process. Facing intense competi- I am pleased to be here today to discuss, as the tion in their operations, all too many institutions committee requested, the current policies gov- decided to lower their standards for real estate erning examination and supervision of institu- lending to earn attractive fees and high interest tions under the Federal Reserve's supervisory returns. jurisdiction. It is clear that the committee is most The results of this excessive optimism and concerned with initiatives that the Federal Re- failure to adhere to time-tested lending standards serve and other supervisory agencies have taken are plainly visible. There is a widespread overin response to ongoing concerns regarding credit capacity in our commercial real estate markets. availability, and that is where I will focus my And reflecting this condition, our financial instidiscussion. In the process, I intend to indicate tutions have suffered and, in some cases, conhow the National Examiners' Conference, held tinue to suffer heavy losses on their real estate in Baltimore on December 16 and 17, furthered loans. the objectives sought in introducing these initia- Asset quality problems, moreover, have not tives. been confined to the real estate sector. A large Chairman Greenspan, in his appearance before number of businesses, particularly those that the House Ways and Means Committee on De- chose to substitute debt for equity, have been cember 18, stated that the upturn in U.S. busi- encountering difficulties in meeting their debtness activity that began earlier in 1991 has fal- servicing obligations. And all too many housetered. On that occasion, as well as on earlier holds, encouraged by the availability of ready ones, he noted that the forces responsible for this credit during the 1980s, became overextended development appear, to a considerable extent, to and subsequently have proved unable to meet be working through the financial sector, in good their debt obligations. The net result of these part representing a reaction to excesses of the developments has been that some of our financial last decade. institutions have been under considerable strain. In the 1980s, a series of factors combined to Mounting losses in their loan portfolios have promote a boom in the real estate sector, partic- weakened their capital positions. ularly the commercial sector. The boom was Against this background, it is not surprising sparked by the combination of a shortage of that depository institutions—both those that are commercial space at the start of the decade, by experiencing problems and others that are intent changes in the tax laws that provided added upon avoiding such problems—decided to beincentives for investing in real estate, and by come more conservative in setting the terms on long-standing, widely held expectations that real which they are prepared to lend and in establishestate prices would continue to rise over the ing standards that borrowers must meet to obtain indefinite future as they generally had in the new credit or to renew outstanding loans. Given post-World War II period. Further impetus was the relatively easy practices and standards in the provided by appraisers who, influenced by the 1980s, a shift in the direction of more conservaspeculative atmosphere, based their assessments tive lending was unquestionably an appropriate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 189 development. Unfortunately, however, the pro- institution regulatory agencies on March 1 of last cess has, in some cases, gone too far and in the year was structured to provide clarification of course of correcting past mistakes produced a long-standing agency policies regarding general counterproductive result. What has happened is lending practices as well as the evaluation of real that some creditworthy borrowers have been estate collateral. The guidance reiterated the finding it difficult, if not impossible, to obtain principle that it is altogether appropriate for adequate credit accommodation. Consequently a banks, even those in the process of strengthening drag has been placed on the upturn in economic their financial profiles, to meet the legitimate activity. credit needs of creditworthy customers, pro- In the context of these developments, the vided that that is done on a prudent basis. To that Federal Reserve has over the past year and a half end, the guidance indicated that it was approprior so taken several steps to reduce interest rates ate for banks to work with troubled borrowers and encourage a general easing in credit markets. consistent with safe and sound lending practices. Last month's cut of a full percentage point in the It also made clear that even banks not meeting discount rate, to 3Vi percent, which was accom- the minimum capital standards need not stop panied by a further reduction of the federal funds making sound loans, provided that they have rate, is the latest and perhaps most dramatic of reasonable and effective plans in place to expethis series of actions. ditiously restore their capital to adequate levels. The Federal Reserve together with other su- The statement also directed that examiners, in pervisors of depository institutions has also been evaluating real estate loans, should base their working to ensure that our supervisory policies valuation of collateral supporting such loans not and examiner practices are not encouraging solely on the current liquidation value of the overly cautious lending policies at depository property but should also take into account its institutions. To that end, the Federal Reserve stabilized cash flow and income-producing caand other supervisory agencies have introduced pacity. a series of initiatives designed to clarify long- The March 1 policy statement also addressed standing policies and to make sure that examin- other topics involving loans to borrowers expeers and depository institutions are fully informed riencing financial difficulties, such as issues reof our policies. In starting a review of these lating to nonaccrual assets and restructured loans initiatives, it is important that I emphasize that and the disclosure of the cash flow provided by we have endeavored to make sure that the guid- nonaccrual assets. In addressing these topics, the ance issued and the policies adopted are fully agencies sought to set forth guidance that was consistent with prudent credit standards and do both prudent from a supervisory perspective and not represent a weakening of, or a departure consistent with generally accepted accounting from, past policies and practices. The objective principles. has been to see that these policies are articulated The Federal Reserve, as well as the other clearly and understood by examiners and the supervisory agencies, went to considerable management of institutions they supervise. It has lengths to ensure that these guidelines were been our hope and expectation that these efforts provided to, and understood by, all our examinwill work to ensure that examiners utilize pru- ers. Officials of each agency held meetings with dent and balanced practices and procedures in their examiners to discuss the guidance and their activities and that institutions are not de- answer questions. Officers and managers were terred in making new loans or renewing existing also instructed to use all other opportunities to loans to creditworthy borrowers because of un- communicate with examiners and ensure their warranted concerns about possible examiner full understanding of the policies. In early sumcriticism. mer, the Federal Reserve issued a supplemental A brief recounting of the major initiatives that statement that reemphasized the points made in have been taken will help to illustrate this most the March statement concerning the importance critical element that is common to all. The joint of banks refinancing and renewing loans to sound policy statement adopted by the four depository borrowers, provided that there was good reason Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 Federal Reserve Bulletin • March 1992 to believe that the borrower would be able to ance with our policies but also to reassure superservice his debt. vised institutions of that fact. Despite our efforts, which were paralleled by In yet another effort to promote banker awarethose of the other agencies, by early fall of this ness of our policies, officials of the regulatory year, reports were still coming to officials in the agencies have been holding meetings with senior administration, members of the Congress, and management of major institutions around the senior agency officials that some lenders were country. These meetings provide an opportunity apparently continuing to adhere to overly restric- to explain policy initiatives and to obtain ideas tive lending policies. These reports also contin- and suggestions from bankers as to what might ued to suggest that, in part, banks were following be prudently done to alleviate credit crunch these policies because of concerns that examin- conditions. Senior agency officials have also parers would judge their lending activities on a ticipated in several regional meetings, sometimes highly restrictive basis. Accordingly, it was de- referred to as "town meetings," involving bankcided that further initiatives should be taken to ers, businessmen, and members of the Congress. clarify policies and to inform both examiners and During these meetings, we have listened to the banks of these policies. views of bankers and borrowers regarding credit Guidance has subsequently been issued that availability issues and concerns and have exexpands on agency policies concerned with re- plained the rationale for and context of our viewing and classifying commercial real estate supervisory policies. loans. This guidance, once again, emphasized The National Examiners' Conference, rethat examiners should consider factors other cently held in Baltimore, also sought to foster than a property's current liquidation price when achievement of the same basic objectives just assessing its value as collateral. It was also described. In particular, the purpose of the stressed that real estate loans on which a bor- conference was to make sure that senior examrower has performed in accordance with contract iners and their supervisors fully understand the terms should not be criticized or charged off by substance and purpose of recent agency initiaexaminers simply because the current value of tives. The conference offered participants the the underlying real estate collateral has declined opportunity to raise questions about the various to an amount less than the current loan balance. provisions of guidance that have been issued Instead, the guidance instructed that a decision and provided a forum for identifying and reconto charge off a loan should be made only when ciling differences of views and interpretations repayment of the loan is in question because of a that may have existed between examiners and well-defined weakness in the borrower's ability their supervisors and among examiners from to continue to service the loan. the various agencies. The Federal Reserve has also issued guidance The conference was organized so that general for resolving differences between banks and ex- sessions were concluded on the first day and a aminers that can arise during an examination. portion of the second, which provided an over- This guidance, which builds on long-standing view of the policy statements and other guidance Federal Reserve practices, indicates that if bank- that has been issued by the agencies. The first ers believe that examiners have failed to adhere two hours of the general sessions for the first day to the letter or spirit of agency policies, they were open to the public. On the second day, the may, if they are unsuccessful in resolving the conference mainly consisted of breakout sesmatter with an examiner, ask for a review by sions that addressed detailed aspects of the guidsenior Federal Reserve Bank officials. As a fur- ance provided by the agencies and questions that ther step, we have also made special review examiners might have on the application of this procedures to assure that examiners understand guidance. our policies and that they have complied with Discussion at the breakout sessions proved to these policies in examining the bank. The pur- be free flowing, and I believe it accurate to say pose of this effort is not only to help ensure that that participants left the conference with a examiners carry out their duties in full conform- clearer and more uniform understanding of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 191 agency policies and of procedures and practices situation should not be overlooked, and the that are required to implement these policies. likelihood of future problems should not be In conclusion, I would simply stress that the downplayed. principal message that we have tried to convey On the other hand, examiners should not asto our examiners, in our various policy state- sume routinely that current adverse conditions ments and at our conference in Baltimore, is will continue to prevail forever or that weak or that they should exercise reasonable balance in illiquid markets will remain that way indefinitely. their decisions. The current environment is Proper balance—that is the message that we have rather hostile for certain bank customers, and tried to convey to both bank examiners and to obviously many banks and thrift institutions bankers in an effort to reduce impediments to have suffered and failed at great cost to their lending to sound borrowers while holding true to insurance funds and the public in general. That the principles of sound supervision. • Statement by Alan Greenspan, Chairman, Board impaired capital positions, with adverse effects of Governors of the Federal Reserve System, on their willingness to extend credit. The 1980s before a joint meeting of the Committee on were also characterized by a wave of mergers Banking, Housing, and Urban Affairs and the and buyouts—purchases of corporate assets, of- Committee on the Budget, U.S. Senate, January ten involving substitution of debt for equity while 10, 1992 anticipating the sale of assets at higher prices. I need not recount for you the subsequent disap- I am pleased to appear today at this special joint pointments and the fallout for holders of many session of the Banking and Budget committees. I below-investment-grade bonds and related loans. hope that I shall be able to contribute something In the household sector, purchases of motor to your effort to analyze the forces affecting the vehicles and other consumer durables ran at economy. This analytical process is critical to remarkably high levels for several years and formulation of sound public policy. were often paid for with installment or other debt The upturn in economic activity that began last that carried longer maturities than had been the year clearly has faltered. It is apparent that the norm. In some parts of the United States, the economy is struggling and that some strong household spending boom reached to the purforces have been working against cyclical re- chase of homes, not simply for essential shelter vival. Now that we are well past the period of but as speculative investments—often involving gyrations associated with the crisis in the Persian borrowing that constituted a heavy call on cur- Gulf, we can better gauge the strength of the rent and expected family incomes. The aftermath underlying disinflationary forces that were active of all this activity is a considerable degree of well before the economy tilted into recession in financial stress in the household sector. the autumn of 1990. The bottom line of this brief account is that the During the 1980s, large stocks of physical national balance sheet has been severely assets were amassed in several sectors, largely stretched. The buildup of debt was originally financed by huge increases in indebtedness. In largely collateralized or matched by rising asset the business sector, the most obvious example is values. But because of the recent weakness of that of commercial real estate, with the accumu- property values, the debts have become more lation of vast amounts of office and other com- troubling, depressing aggregate economic demercial space—space that is beyond the plausi- mand. ble needs in most locales well into the future. Our Although most analysts were, of course, aware financial intermediaries, not just depository insti- of the increasingly disturbing trends of rising tutions but other lenders as well, lavished credit household debt and elevated corporate leverage, upon developers, and those lenders are paying it was not clear that these burdens had as yet the price today in the form of loan losses and reached a magnitude that would restrain the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
192 Federal Reserve Bulletin • March 1992 American economy from a moderate cyclical dens. Households are not only repaying debt but recovery in 1991. are initiating heavy mortgage refinancings that are Indeed, as inventory liquidation abated at reducing their debt-service burdens as well. midyear, output moved up and closed the gap We have made much progress in the balance with the consumption of goods and services in sheet adjustment process in recent years, and the much the same manner that was evident in the payoff—in the form of an easing of unusual early stages of other recoveries in recent busi- restraint—should begin to become evident in the ness cycles. A range of leading indicators was reasonably near future. still flashing positive signals on the economy's Monetary policy has had an important role in prospects. addressing balance sheet stress, the core of the By late summer, however, with half the de- structural weakness currently confronting our cline in output during the recession recovered, it economy. became clear that the cumulative upward mo- For example, the Federal Reserve eased mentum that characterized previous recoveries money market conditions in July 1990 to address was spent. The continued, strong propensity of the balance sheet stress manifest in the emerging households to pare debt and of businesses to "credit crunch;" this action continued the patreduce leverage was a signal that the balance tern of gradual ease initiated more than a year sheet restraints, a concern of many for a long earlier when inflationary pressures exhibited time, had indeed taken hold, working against the signs of unwinding. Monetary easing was accelnormal forces of economic growth. erated as the economy moved into recession in Consumer spending, housing starts, industrial the autumn of 1990 but went on temporary hold production, and employment all flattened out, last spring as growth in the money supply and the and business and consumer sentiment began to recovery began to show signs of building some erode. Inventories backed up somewhat in the momentum. retail sector by early fall. This development We at the Federal Reserve have chosen to appears to have been particularly related to adjust policy during the past two and one-half goods ordered from abroad during the late spring years mostly in small increments, deciding to in anticipation of climbing retail sales. However, accelerate or decelerate the pace of easing it also suggests that domestic production had through the frequency rather than the magnitude gotten a little ahead of domestic demand. More- of our adjustments. When evidence of an unexover, although export activity has remained a pected slowing in monetary growth began to bright spot for us, recessions and slower-than- appear last summer, Federal Reserve easing reexpected economic growth in several major in- sumed; and as the shortfall in money growth dustrial countries over the second half of 1991 deepened and the strength of disinflationary preslimited the demand from abroad for our goods, sure became more evident, the frequency of holding down the growth of exports. All told, the those moves picked up. available data indicate that U.S. industrial output Most recently, as you know, the Federal was flat to slightly declining at the end of last Reserve lowered the discount rate a full peryear. Gross domestic product in the fourth quar- centage point. We were able to act more forceter appears to have changed little from third- fully because of the clear disinflationary trend quarter levels. established and emerging evidence in long-term Not unexpectedly, stretched balance sheets bond markets that inflation expectations, which are creating pressures on companies and house- had been stubbornly high for some time, were holds to hasten their repair. Record issuance moderating as well. Moderation in these expecrecently of corporate equity in our capital markets tations is crucial for sustaining the highest is contributing to deleveraging. And large bond possible economic growth over time. Policies issues are funding short-term debt and high inter- that did not take this into account would be less est rate long-term debt, thereby removing some of effective and ultimately potentially counterprothe balance sheet strain. In addition, lower inter- ductive. est rates are easing business debt-service bur- The markets have obviously responded posi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 193 tively to the December 20 initiative, with long- by focusing on longer-term issues related to term yields falling markedly and stock prices saving and investment. I, and others, have long rising sharply. The good response of long-term argued that the lack of saving and investment is securities markets is essential in current circum- the most fundamental shortcoming of our econstances. The recent rise in stock prices should omy. Bolstering the supply of saving available encourage continued elevated equity offerings, to support productive private investment must while lower corporate bond rates should spur be a priority for fiscal policy, and in that regard, additional funding of liabilities—both factors di- reducing the call of the federal government on rected at helping to repair stretched private bal- the nation's pool of saving is essential. Federal ance sheets. expenditure restraint is, in turn, essential to this As we noted in the press release that accom- goal. At a minimum, care should be taken to panied our most recent decrease in the discount ensure that any short-run budget initiatives do rate, we believe that that action, combined with not imply a widening of the deficit over the the effects of previous easing actions, should longer run. provide considerable impetus toward a sustained The increasing evidence that inflationary presrevival of economic expansion in 1992. How- sures and expectations have been contained auever, we also recognize that the unusual factors gurs well for a restoration of long-term economic retarding the economy may continue to operate growth. So, too, does the evidence that Ameriin ways that we, and the financial markets, can industry is striving to enhance efficiency and cannot now anticipate. We will continue to mon- competitiveness, as does the ongoing rebuilding itor the situation carefully and stand ready to of balance sheets by lenders and borrowers. take steps necessary to foster sustainable eco- Together, these trends will make a significant nomic expansion. contribution to promoting the return to solid Budget policy can also contribute to a resto- economic expansion that the American people ration of a more vigorous economy, primarily rightfully expect. • Statement by John P. LaWare, Member, Board tions that implement the Equal Credit and Home of Governors of the Federal Reserve System, Mortgage statutes. before the Committee on Banks of the New York As you know, HMDA is a disclosure law that State Assembly, Albany, New York, January 22, provides the public with information about the 1992 home lending activities of institutions that have offices in metropolitan areas. HMDA does not, I am pleased to have been asked to appear before however, require lenders to make any particular the New York State Assembly's Committee on type of home loan or to make loans in any Banks to provide the Federal Reserve's perspec- specific geographic area. tive on issues related to mortgage lending dis- Each year, information about the persons who crimination. My remarks today will focus primar- apply for and receive home loans is provided by ily on data recently released under the Home the institutions covered by HMDA to the Federal Mortgage Disclosure Act (HMDA). Financial Institutions Examination Council The Federal Reserve is one of several federal (FFIEC) in Washington, D.C., through their reagencies that monitor the compliance of financial spective supervisory agencies. The Federal Reinstitutions with the nation's fair lending laws, serve compiles the data, on behalf of the FFIEC, including the federal Fair Housing Act and Equal and prepares HMDA disclosure statements for Credit Opportunity Act (ECOA). In this context, each covered institution. In addition, aggregate we directly supervise and evaluate the perfor- reports are prepared to show the overall home mance of roughly 1,000 state member banks (34 lending picture for each of the nation's 341 of them in the State of New York). The Board metropolitan areas. also has the responsibility for issuing the regula- The collection and processing of the HMDA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 Federal Reserve Bulletin • March 1992 data is a massive task. For 1990, the data particular, the HMDA data do not include the processed consisted of about 6.6 million loan wide range of financial factors—about the apand application records. The FFIEC prepared plicants and the properties they seek to purdisclosure statements for nearly 9,300 reporting chase—that lenders consider in evaluating loan institutions for each metropolitan area in which applications. For example, the HMDA data do they had offices, totaling more than 24,000 not contain information about applicant debt individual reports. This disclosure effort resulted and asset levels, employment experience, or in the preparation of more than 1.2 million pages credit history. Thus, it simply is not possible to of data. determine, from the HMDA data alone, Historically, the HMDA reports have focused whether individual institutions or groups of on the geographic distribution of home loans, lenders are discriminating unlawfully against both home purchase and home improvement. minority applicants. The 1990 HMDA data continue to provide infor- At the Federal Reserve, we rely primarily on mation of this type and also disclose—for the first our on-site examination process to assess lendtime—information about the disposition of appli- ers' compliance with the fair lending laws and the cations that do not result in an origination; about CRA. During this process, our examiners look at the race, sex, and income of loan applicants; and actual loan files, review the factors that a particabout the secondary market purchasers of loans ular lender took into account in its credit evalusold by covered institutions. ations, and then try to determine whether the The 1990 HMDA information became avail- lender's loan standards were applied in an evenable to the public three months ago. The data handed and nondiscriminatory manner. caught immediate nationwide attention because In particular, examiners look for instances in of substantial differences in the outcomes for which loan applicants met established standards applicants when they were categorized by their but were denied credit and, conversely, for inrace and income and by neighborhood charac- stances in which applicants failed to meet the teristics. In particular, the data revealed that a guidelines but were nonetheless granted credit. much larger percentage of applications for When examiners find exceptions, they seek to home loans filed by blacks and Hispanics were determine whether similarly situated applicants turned down than for white and Asian appli- were accorded like treatment by the lender, cants. The data revealed that this pattern for focusing particularly on members of protected applicant groups held true even after income groups. To date, our bank examinations have not was taken into account. revealed evidence that individual state member I, like many others, find these statistics worri- banks discriminate on the basis of race when some. The data raise concerns about access to making credit decisions. home mortgage credit among minority appli- We also have a consumer complaint program, cants, as well as a perception of unlawful dis- with special guidance for dealing with complaints crimination in the lending process. They also that may involve illegal lending discrimination raise questions about the performance of lenders and for determining whether the allegations apin meeting their obligations under the Commu- pear well founded. But I must tell you that we nity Reinvestment Act (CRA). receive few complaints alleging illegal credit dis- I can assure you of the Federal Reserve's crimination against state member banks. Investilong-standing concern about these issues and gation of these complaints has not revealed any strong commitment to enforcing compliance with illegal activity on the part of the state member fair lending laws. Our efforts extend both to banks involved. The other federal agencies researching for answers to the questions raised by port similar experiences. the HMDA data and to seeking ways to promote A discrepancy clearly exists between the few community development and affordable housing complaints that we receive and the prevalence lending. of allegations of widespread discrimination In regard to HMDA, however, I do want to made by community organizations and others. note some important limitations in the data. In In May 1990, our concern over this discrepancy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 195 prompted us to write to 675 civil rights groups, review examination procedures—to see if there fair housing organizations, offices of state attor- are ways that we can better carry out our enforceneys general, and others—people who come in ment responsibilities. We are also participating contact with consumers who might have com- with the Department of Justice and the Departplaints about how they were treated in applying ment of Housing and Urban Development on a for a mortgage loan. We advised these organi- federal agency task force that is reviewing the zations about our complaint program and that mortgage lending discrimination issue. of the other federal agencies, asking them to As I have noted, one of our key concerns refer complaints that they may have received about the interpretation of the HMDA data rests about credit discrimination to the appropriate on the absence of full information about financial banking authority. In October 1990, we sent a factors that lenders consider in their credit evalfollow-up letter. This effort has, to date, had no uations. We are seeking to address this lack of identifiable impact on the number or the types information. For example, the Federal Reserve, of complaints that we have received. in cooperation with other supervisory agencies, We recognize, of course, that discrimination is developing a research effort that would supplecan take subtle forms and may be difficult to ment the HMDA data with information from detect. With the new HMDA information about application and credit files for a sample of loan applicant race or national origin, sex, and annual applicants. Evaluation of these data should help income, we believe that our examiners will be us better gauge the extent to which these other better able to look behind the statistical differ- factors may account for differences in the denial ences in denial rates that may exist among sub- rates observed across racial lines. Such informasets of applicants at particular institutions. To tion also can be used to help examiners identify a facilitate these statistical analyses, the supervi- specific sample of loan applications to review sory agencies are working to develop computer- during future examinations. based systems that will help examiners identify The banking and other federal agencies have specific groups of applicants for whom the a legal obligation to ensure fair lending compliapplication-disposition rates are significantly dif- ance. At the same time, the responsibility for ferent from those of other groups. Such systems fair lending rests with the financial institutions will provide agency examiners with lists of indi- themselves. We continue to encourage credividual application files that can be targeted for tors to review their lending practices for aspects in-depth review during on-site examinations. that may have a discriminatory effect. In this We will also be using the data to help us context, we believe that lenders should look measure lenders' compliance with the Commu- both at the types of products they offer and at nity Reinvestment Act. In this regard, the new the underwriting standards that they have in data provide a better basis for assessing the place—to see if they are flexible enough to demands for credit from a defined community accommodate the varied circumstances of poexperienced by individual lenders. The data also tential borrowers, without compromising safety provide an opportunity to gauge the success of and soundness concerns. lenders' community outreach and loan marketing I will conclude by complimenting this commitefforts. tee for the attention you are giving the issue of To further support our compliance efforts in possible discrimination in mortgage lending, and the fair lending area, the banking agencies once I will be glad to try to answer any questions that again have undertaken, among other things, to you may have. • Statement by David W. Mullins, Jr., Vice ing, and Urban Affairs, U.S. Senate, January Chairman, Board of Governors of the Federal 23, 1992 Reserve System, before the Subcommittee on Securities of the Committee on Banking, Hous- Thank you for this opportunity to present the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 Federal Reserve Bulletin • March 1992 Federal Reserve Board's views on reforms to the ket rates and a haven for ready liquidity. Further, regulation of the government securities market. this deep and liquid market gives the Federal Since September, when I last testified before this Reserve a powerful, reliable mechanism to imcommittee, the staff of the Federal Reserve, the plement monetary policy. Treasury Department, and the Securities and Nonetheless, the admission of wrongdoing by Exchange Commission (SEC) have conducted an Salomon Brothers, episodes of price distortions, exhaustive examination of this market, the re- and other evidence uncovered in our joint study sults of which were released yesterday. My pre- all suggest that this market has faults. It can be pared remarks will touch upon some of the main improved. The proposals contained in the joint conclusions of this report from the particular report, along with other reforms announced earperspective of the Board of Governors of the lier, constitute the comprehensive modernization Federal Reserve System. Our perspective differs of the mechanisms and practices in the governsomewhat from that of the other agencies con- ment securities market. Implementing these protributing to the report because of differences in posals represents a formidable, though feasible, legislative mandates. task in our view. The Board of Governors has little direct regu- Over the longer term, the most effective force latory authority for the U.S. government securi- in enhancing market efficiency and reducing the ties market. Although the Board has general potential for manipulative abuses is the force of oversight responsibility for all Federal Reserve competition. And the joint report provides a District Banks, the District Banks act as fiscal blueprint to open up the government securities agents of the Treasury, thus sharing with the market to broader-based participation. Automat- Treasury operating responsibility for the market. ing Treasury auctions; facilitating direct bidding The SEC's charge is to enforce the securities by customers, including nonprimary dealers; imlaws that seek to foster a high degree of fairness plementing a single-price, open auction techin the marketplace. With neither the direct re- nique; and reducing the barriers to primarysponsibilities of funding the government nor sub- dealer membership all will serve, in time, to stantial regulatory oversight, the Board of Gov- broaden participation in the primary market and ernors can view this market from a somewhat in the secondary market for newly issued secudifferent vantage point—a policy perspective that rities. More depth and breadth in this end of the allows us to examine these issues in an econo- market should increase efficiency, reduce Treamy wide context. sury financing costs, and lessen the potential for When we look to the government securities manipulative trading abuses. In addition, the market, we see a market that works as well as competitive force of broader participation will be any on earth. U.S. government debt is an ideal reinforced by proposals targeted at manipulative trading vehicle because it is all closely substitut- abuse: tightening up on the enforcement of aucable and has none of the default risk or idiosyn- tion rules, enhanced market surveillance by the cratic problems of private issues. As a result, Federal Reserve Bank of New York to identify market participants, in the aggregate, willingly potential manipulative episodes that could trigger commit substantial amounts of risk capital and SEC investigations, and Treasury supply manexchange a large volume of securities each day. agement to reopen securities to combat Positions are large, yet trading skills are so squeezes. sharply refined that bid-ask spreads are razor Taken together, these actions should serve to thin, a small fraction of the size of spreads in deter manipulative practices and quickly detect major equity markets. abuses should they occur. Moreover, they are This market generates widespread macroeco- relatively low-cost, market-based responses that nomic benefits. The government securities mar- should achieve these benefits without impairing ket efficiently absorbs the large quantity of new the efficiency and liquidity of this vital market. issues required to finance the deficit. With real- Of course, many other alternatives could be time quotes on a range of instruments, this considered to combat the potential for abuses in market serves as the foundation for private mar- this market. However, the government securities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 197 market is too important a national resource and market to all participants choosing a trading works too well to be put at risk by regulatory arena in the global market place. change for the sake of change. From the Board of The taint of manipulation in trading is suffi- Governors' perspective, a compelling case must ciently damaging to the market that the Board of be established that the benefits outweigh the Governors would accept large-position reportcosts. ing—despite the obvious costs—if there were no For example, there is an alternative way to other effective remedy. However, a surer and address manipulative trading strategies in the less costly way to fight manipulative practices in domestic market: Pass legislation that con- the market is to modify the way in which the structs a complex and burdensome apparatus of Treasury sells securities and to take a more reporting requirements. No doubt, the need to active role in how those securities trade thereafpost large trades and end-of-day positions with ter. And the interagency report provides such a a regulator might well cause a potential manip- market-based solution to the problem that targets ulator to think twice. Unfortunately, it also manipulative behavior without impairing the liwould lead other potential participants to think quidity of this important market. The three basic twice before entering the market. A reporting elements to this overall strategy are improved burden falls on the good and the bad, boosting auction mechanisms, enhanced market surveilthe cost of every trade. Although the direct lance, and active supply management. costs of additional recordkeeping might be kept Although many aspects of the Salomon Brothmanageable, an indirect cost looms larger. Mar- ers admission of wrongdoing and the results of ket participants might withdraw rather than risk the subsequent investigation cause concern, one divulging their finances and trading strategies. is particularly unsettling: Because of the falsifi- Indeed, they have ready alternatives because cation of bids at auctions, the Treasury was the U.S. government securities trade in an interna- direct counterparty in attempts to manipulate the tional market. Margins in this industry are thin, market. Immediate steps were taken to reduce and it does not take much to lead to sizable the risk of a reoccurrence, including tightening shifts in trading behavior. An elaborate web of up on enforcement of auction rules and implereporting requirements designed to snare ma- menting measures to encourage more direct bidnipulators might well reduce the number of ding. Looking forward, automation of the aucparticipants, thereby raising the cost of Trea- tion process, which is already under way and sury financing. And, of course, the stakes are expected to be completed by year-end, should high. A tiny increase in Treasury rates trans- efficiently snare any infraction of the rules. lates into a very substantial increase in cost to More important still, automation will facilitate U.S. taxpayers. consideration of alternative auction techniques. The agencies agreed that the Treasury market At a minimum, switching to single-price awards differs sufficiently from the stock market to make from the current multiple-price format should large-trade reporting unnecessary. On the other foster greater participation and likely reduce hand, there has been less agreement concerning gaming behavior at the auction. But more can be the need for large-position reporting. The Board done. Linking bidders directly by a computer of Governors believes that little incremental ben- network and conducting the auction in real time efit would accrue from requiring large holders to will expose any would-be manipulator to public report their positions and that the costs might be scrutiny in time to give the competition the quite large indeed. In view of the extensive opportunity to react. With the element of surnature of the other changes proposed in this prise gone, the potential return to manipulation report, one might question the capacity of this should disappear. Thus, the auction of the near market to absorb, at an acceptable cost, this future may well be played in the open, on a level additional change—the imposition of broad- field, with sharply defined and easily policed foul based reporting requirements for large market lines. participants. Even backup authority risks send- The report also finds that the benefits of ening the same chilling message about the U.S. hanced monitoring extend to when-issued and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 Federal Reserve Bulletin • March 1992 secondary-market trading. Manipulative behav- Treasury will act in the market to narrow those ior leaves its footprints in market quotes because price anomalies, thereby limiting the extent of the a shortage of an issue will be evidenced by a yield market disruption in general and reducing the trading below that of similar securities and by potential gain if manipulative behavior was the depressed financing rates. The agencies agreed root cause. The Treasury's actions will be efthat the Federal Reserve Bank of New York, fected either by holding a new auction of the with its substantial experience as the operating sought-after security—a reopening—or through arm of the Federal Open Market Committee and the sale of those securities into the market by the (along with the other Reserve Banks) as one of Trading Desk of the Federal Reserve Bank of the fiscal agents of the Treasury, should have New York on behalf of the Treasury—a tap issuprimary responsibility for market surveillance; ance. The resulting expansion of supply should the Bank, in turn, will provide information to the slash the manipulator's potential gain, making it Treasury, the SEC, and the Board of Governors. unlikely that any one would even try to manipu- It is the Board of Governors' view that rigorous late the market. Circumstance and experience monitoring of the behavior of market rates will over time will dictate when an increase in supply expose manipulative behavior without the need will be required and which means of augmenting to gather the positions of large traders routinely. the issue will be taken. Indeed, automation and enhanced market It is the Board of Governors' judgment that the monitoring also present the opportunity to cor- reforms that I have outlined—changes in auction rect a long-standing market misimpression. Al- mechanisms, active and rigorous monitoring of though the Federal Reserve Bank of New York market rates, and the clear willingness to use has no statutory authority to regulate the primary relative supplies to punish manipulative behavdealers, many people view the primary dealer ior—will prevent a replay of last year's events. system as evidence of some measure of respon- These reforms are fundamental changes in marsibility for, and oversight of, those firms by the ket mechanisms that promise to open up this Federal Reserve Bank of New York. Ongoing market to broader-based participation while, at automation and enhanced monitoring capabilities the same time, enhancing regulatory surveillance will let the Bank move to a more open set of and remedial capabilities. Nonetheless, these retrading relationships, thus disabusing market forms are cost-effective, market-based responses participants of the notion that the primary deal- to irregularities in a market that otherwise funcers have a special status. To further that end, the tions quite well. These responses are measured, Bank will eliminate its dealer surveillance unit, targeted, and commensurate to the problem at showing unambiguously that responsibility rests hand and, in our view, obviate the need to punish with the primary regulator. The Bank will also many with reporting burdens because of the lower the impediments to primary dealer mem- actions of a few. This strategy also offers flexibership, thereby encouraging a broadening of bility to deal with future problems as they arise. membership in the primary dealer system. It is perhaps ironic that the most serious abuses The careful monitoring of the market will be in the history of this market—the Salomon made more credible by action: Persistent and Brothers episode—have served as the catalyst large-scale price anomalies consistent with a ma- for changes that promise substantial long-term nipulative squeeze will call forth two sets of policy benefits. Taken together, these proposals and responses. First, if other evidence, including dis- those already implemented constitute a thorcussions with market participants, suggests ma- ough, thoughtful, and feasible renovation of the nipulation, then the SEC will begin an investiga- government securities market and will result in a tion to determine whether any security laws have healthier, more efficient market for U.S. governbeen broken. Second, and more immediately, the ment securities. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 199 Statement by E. Gerald Corrigan, President, With those general observations in mind, let Federal Reserve Bank of New York, before the me turn to the specific aspects of the report that Subcommittee on Securities of the Committee on relate directly to the responsibilities of the Fed- Banking, Housing, and Urban Affairs, U.S. Sen- eral Reserve Bank of New York. There are three ate, January 23, 1992 such major areas: first, the changes in the Bank's "Administration of Relationships with Primary I am pleased to have the opportunity to appear Dealers;" second, the Bank's role in the develbefore you this morning to discuss the joint opment, testing, and implementation of new aureport on improvements in the government secu- tomated systems for Treasury auctions and Fedrities market and the related subject of the official eral Reserve open market operations; and third, oversight and regulation of that most important the Bank's expanded role with regard to day-tomarket. Although my opening statement is brief day surveillance of the government securities and relates primarily to the specific activities of market. the Federal Reserve Bank of New York in regard to the overall effort, allow me at the outset to make a brief comment on the joint report as a ADMINISTRATION OF RELATIONSHIPS whole. WITH PRIMARY DEALERS As you know, in many appearances before this committee on the subject of banking reform, I Attached to this statement is a paper issued have made the call for what I have termed yesterday by the Federal Reserve Bank of New "progressive but cautious" reform of our bank- York outlining revised procedures for the admining system. Although the context is different, I istration of the Bank's relationships with primary believe the totality of the changes outlined in the dealers.1 Although that document itself reprejoint report are fully in keeping with the philos- sents a careful balancing of many considerations ophy of progressive but cautious change. Be- and viewpoints, it is based on several key and cause the report does reflect a careful blending of interrelated considerations including the followthese considerations, I strongly support its over- ing. all thrust. First, although change was needed, the com- Having said that, it is obviously true that there plete dismantling of the primary dealer system— are any number of specific areas in which rea- including the responsibility of dealers to make sonable men and women can debate about markets for Federal Reserve open market operwhether more or less could be done. From my ations and to participate meaningfully in Treaperspective, the balance reflected in the report is sury auctions—would not have been a prudent about as close to the optimal that we could step. reasonably hope or expect. Second, it was important to provide for a more The American public and the world at large "open" system of primary dealers, in part because have an enormous stake riding on the efficient the existing approach has been viewed as conferring workings of this crucial market. Therefore, as we on dealer firms special status that carries with it seek out opportunities to enhance the workings elements of "franchise" value, and in part because of the market we must be sure that we do not of fairness and equity considerations. This provision push for changes that might inadvertently impair has been accomplished by the elimination of the the efficiency of Treasury debt management pro- so-called 1 percent market share requirement and cedures, the conduct of monetary policy, or the the use of straightforward and objective capital secondary market for these securities. As we standards for eligibility as a primary dealer. Taken gain experience with the changes that are con- together, these changes will substantially increase templated in the report, still further enhancements may be warranted, but for now I believe that the menu of initiatives contained in the report is at the outer edge of what we can 1. The attachment to this statement is available on request from Publications Services, Board of Governors of the Fedprudently absorb in the period ahead. eral Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 Federal Reserve Bulletin • March 1992 the potential number of firms that can become full benefits of these changes will occur only as primary dealers. the automation of Treasury auctions and Federal Third, it was important that the Federal Re- Reserve open market operations take place and serve Bank of New York make absolutely clear as the other changes contemplated by the Joint to the marketplace that the Federal Reserve Report take hold. Over time, however, the auto- Bank of New York does not regulate the primary mation efforts may prove particularly important. dealer firms, in part because of "moral hazard" These initiatives are described below. considerations and in part because of legal and regulatory realities. For this reason we are disbanding the Bank's dealer surveillance unit. AUTOMATION EFFORTS BY THE Fourth, for obvious reasons, it was necessary FEDERAL RESERVE BANK OF NEW YORK to clarify the reasons and the conditions under which the Federal Reserve Bank of New York The design work for the automation of Treasury would alter its relationship with a primary dealer auctions based on existing auction techniques firm. Under the new administrative procedures, has been under way for some time and should be the three independent sets of circumstances un- completed late this year. The software for the der which that might occur are the following: automation of the auctions is not particularly • A dealer firm's status will be altered if the difficult to develop. The difficult aspects of this firm fails to meet its responsibilities to make task relate more to its communications system— reasonable markets for Federal Reserve open particularly as the number and nature of prospec market operations or if it fails to participate tive direct participants in the auctions change. meaningfully in Treasury auctions or if it fails to But, what makes this automation effort espemeet its responsibilities to provide the Federal cially difficult is the need to build into the com- Reserve with meaningful market intelligence puter systems and the communications systems a over time. To the extent that a firm's dealer very high level of operational integrity, as well as status is altered for any or all of the above multiple levels of backup for various contingenreasons, that action by the Federal Reserve will cies. reflect considerations relating to the business If the Treasury were to decide to move to a relationship alone and will carry no implication different auction technique, the strategy would about creditworthiness, financial strength, or be to enhance the system presently being develmanagerial competence of the firm. oped to accommodate both types of auctions. • A dealer firm's status will be altered if the Although important elements of the work being dealer falls below the relevant capital standards done for the current auction procedures can be and does not, in the eyes of its primary federal used with a new auction technique, the enhanceregulator, have a credible plan to restore such ment of the system being developed to accomcapital in a reasonable period of time. modate the new procedures will take some time • A dealer firm's status will be altered if the after the requirements have been defined. This firm is convicted of a felony under U.S. law or enhancement will not, however, delay the pleads guilty or nolo contendere to a felony planned implementation of automated proceunder U.S. law for activities directly or indirectly dures for the current auction by the end of this related to its business relationship with the Fed- year. eral Reserve. This provision should create pow- The full automation of Federal Reserve open erful incentives for a firm—when faced with market operations is even a more complex and wrongdoing by individual employees—to take time-consuming task, especially because it is immediate and strong actions to root out the impossible to prejudge with any precision the source of the problem to minimize the risk to that number, location, financial, and legal characterfirm. istics of potential counterparties for such opera- Although major elements of the changes in the tions. Moreover, the operating systems and comadministration of the relationships with primary munication systems associated with this effort dealers will begin to take place immediately, the must be integrated with several other highly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 201 complex automated systems, including the Fed- To put it briefly, I can assure this committee eral Reserve's existing money and securities that we will do everything possible to complete transfer systems. Because of this integration an these tasks as quickly as possible but will not, in extraordinarily high level of reliability and integ- the name of saving a few weeks or months, take rity will be needed. To illustrate the concerns I unacceptable risks that might impair the ultimate have in mind, just imagine, for a moment, what efficiency, flexibility, integrity, and reliability of might have occurred on the morning of October these systems. 20, 1987, had the Federal Reserve been unable— because of technical problems with such a system—to furnish substantial liquidity through THE ROLE OF THE FEDERAL RESERVE open market operations as a part of the effort to BANK OF NEW YORK IN THE MARKET stabilize financial markets in the wake of the SURVEILLANCE PROCESS stock market crash. I raise this point because I believe that it is Little needs to be added to what is contained in very important that the committee recognize that the Joint Report as it pertains to the expanded tasks of this nature must be approached with role of the Federal Reserve Bank of New care. Moreover, the front-end or design-develop- York—in cooperation with the other agencies— ment stages of such projects cannot easily be with regard to day-to-day surveillance of the expedited by simply throwing more people at the government securities market except (1) to emproblem. The analogy may be a bit overdone, but phasize that market surveillance is quite distinct I think it is fair to suggest that to believe that this from dealer surveillance, which we are disconkind of task can be significantly accelerated by tinuing; and (2) to emphasize that it will take throwing more people at the task is akin to some time to fully put in place some of the new or suggesting that open heart surgery can be accel- altered statistical reporting arrangements that erated by throwing more doctors into the oper- might be agreed upon by the interagency surveilating room. At the margin, it may help; but, if lance working group over the period immediately overdone, I pity the patient. ahead. • Statement by Alan Greenspan, Chairman, Board issues again here today. In my brief opening of Governors of the Federal Reserve System, statement, however, on the occasion of these before the Committee on Banking, Housing, and hearings on my confirmation, I thought it might Urban Affairs, U.S. Senate, January 29, 1992 be appropriate to step back a little from the application of policy in specific circumstances I want to thank you for scheduling this hearing to and discuss some general principles that I believe consider my nomination to a second term as should guide decisions on the monetary policy Chairman of the Federal Reserve Board and to a and banking structure of this country. full fourteen-year term as a member of that I see the fundamental task of monetary policy Board. I am especially grateful to President Bush as fostering the financial conditions most condufor the confidence he had in me to make these cive to the American economy performing at its nominations. fullest potential. As I have often noted before, I have testified before you frequently on the there is every reason to believe that the main state of the economy and the conduct of mone- contribution the central bank can make to the tary policy, as recently as two weeks ago. I also achievement of this national economic objective have given you my views and those of the over long periods is to promote reasonable price Federal Reserve Board on a wide range of spe- stability. Removing uncertainty about future cific regulatory and supervisory matters pertain- price levels and eliminating the costs and distoring to banks over the last several years. I would tions inevitably involved in coping with inflation expect to be addressing your questions on these will encourage productive investment and saving Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 Federal Reserve Bulletin • March 1992 to raise living standards. Monetary policy is to where they will be of most value to society in uniquely qualified to address this issue: Inflation promoting productive investment and supporting is ultimately determined by the provision of consumption. Banks and other depositories have liquidity to the economy by the central bank; a key role to play in this system. They are the and, except through its effect on inflation, mon- channels through which payments pass; they are etary policy has little long-term influence on the the chief repositories of households' liquid savgrowth of capital and the labor force or the ings; and they extend credit to many who have increase in productivity, which together deter- limited, if any, access to alternative sources of mine long-run economic growth. financing. Our nation's banking system must be But a central bank must also recognize that the strong—not only in the sense of safe and sound "long run" is made up of a series of "short but also in the sense of being efficient and innoruns." Our policies do affect output and employ- vative in delivering vital services to the econment in the short and intermediate terms, and we omy. That strength undoubtedly has eroded in must be mindful of these effects. The monetary recent years, in part through errors of judgment authority can, and should, lean against prevailing by depositories and their regulators but also trends, not only when inflation threatens but also through the combined effects of a stiffer competwhen the forces of disinflation seem to be gath- itive environment and continued legal restraints ering excessive momentum. That is, in fact, what on the ability of depositories to respond and has concerned us in recent months, and we have adapt. been taking actions designed to assist in return- Against that background I, and the Board of ing the economy to a solid growth path. Governors, have brought three interrelated prin- However, the Federal Reserve, or any other ciples to bear on our approach to banking struccentral bank, must also be conscious of the limits ture and regulation. First is the importance of a of its capabilities. We can try to provide a strong capital position. Capital brings market backdrop for stable, sustainable growth, but we discipline to bear on institutions that otherwise cannot iron out every fluctuation, and attempts might be tempted to take excessive risk by their to do so could be counterproductive. What we access to the federal safety net. It also insulates have learned about monetary policy since the the taxpayers holding up that safety net from the beginnings of the Federal Reserve System is that losses associated with unwise risktaking, should the longer-term effect of a policy action may be that occur nonetheless. Second is the need for quite different from its initial impact; what we do more certain and prompt supervisory actions not know with precision is the size and timing of when capital and other key indicators of the these effects, especially in the short run. Uncer- financial health of an institution decline. These tainty about the near-term twists and turns of the actions not only will protect the taxpayers, but economy, along with the awareness of the poten- they also give depositories planning their finantial differences between long- and short-term cial structures more certainty about governmeneffects, suggests both flexibility in the conduct of tal reactions and induce them to take early action monetary policy and close attention to the to strengthen those structures. longer-term context in conducting day-to-day The Congress and the regulators have gone a operations. long way in acting on these first two principles. Monetary policy actions are transmitted to the Unfortunately, progress on the third is more economy through the financial system, and the limited. That principle embraces the necessity influence of weakness in that system on how the for greater competitive scope for well-capitalized economy responds has been all too evident in banking organizations—across boundaries of gerecent years. A structurally sound and vigorous ography and product line. Both sets of bound-1 financial system not only facilitates monetary aries have been made increasingly arbitrary and policy implementation but is itself no less impor- artificial by innovation and internationalization tant to support an economy operating at its of financial services. An ability to deliver desirhighest potential. Such a system must effectively able services to the public is a prerequisite for and efficiently gather savings and distribute them generating the profits necessary to build capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to the Congress 203 and for keeping an innovative banking system vigor of the American economy and our banking capable of meeting the changing needs for credit system. To that end, I believe the Banking Comand deposit services of a dynamic economy. mittees' oversight and our continuing consulta- The last four years have seen no paucity of tions have been a most helpful and constructive challenges at the Federal Reserve. As much as factor. Should the Senate choose to confirm me we sometimes might wish otherwise, I suspect for a second term as Chairman of the Federal the years ahead will be no less challenging. Reserve Board, I would look forward to working Although much remains to be done, important with this committee to ensure the sound financial strides have been made—in private markets and system and vital economy the American people in government policies—to restore the normal rightfully expect. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 Announcements APPOINTMENT OF NEW MEMBERS TO THE John R. Adams Philadelphia, Pennsylvania CONSUMER ADVISORY COUNCIL Mr. Adams has been Corporate Vice President and Compliance Officer of CoreStates Financial Corporation The Federal Reserve Board on January 2, 1992, since 1980. He has been an instructor at the American named thirteen new members to its Consumer Bankers Association National Compliance School and Advisory Council to replace those members National Graduate Compliance School on various subjects, including the Community Reinvestment Act, the whose terms have expired and designated a new Home Mortgage Disclosure Act, and other consumer com- Chairman and Vice Chairman of the Council for pliance issues. Mr. Adams previously served as the chair- 1992. man of the ABA's Compliance Executive Committee. He The Consumer Advisory Council was established is a graduate of the University of Pennsylvania. by the Congress in 1976, at the suggestion of the John A. Baker Board, to advise the Board on the exercise of its Atlanta, Georgia duties under the Consumer Credit Protection Act and on other consumer-related matters. The thirty- Mr. Baker is Senior Vice President of Consumer and Government Affairs at Equifax, Inc. Equifax is among member Council, with staggered three-year terms the leading providers of information services for conof office, meets three times a year. sumer financial transactions in the United States, Can- Colleen D. Hernandez, Executive Director of the ada, and Europe. Mr. Baker began his career with Equi- Kansas City Neighborhood Alliance in Kansas City, fax in 1967; he was appointed senior vice president in January 1991 and is responsible for ensuring that a bal- Missouri, was designated Chairman. Her term on ance is maintained between consumer privacy concerns the Council runs through December 1992. Denny and the legitimate information needs of the banking, D. Dumler, Senior Vice President of the Colorado retail, and insurance industries. Mr. Baker's efforts have National Bank in Denver, Colorado, was designated involved extensive dealings with consumer advocacy Vice Chairman. His term on the Council expires in organizations and customer advisory groups, and he also has spearheaded internal corporate initiatives to ensure December 1993. fair information practices. Mr. Baker is a graduate of The thirteen new members are the following: Princeton University and the University of Santa Clara Law School. Mulgugetta Birru Barry A. Abbott Pittsburgh, Pennsylvania San Francisco, California Mr. Birru is Executive Director of the Homewood- Mr. Abbott is a partner in the law firm of Morrison Brushton Revitalization and Development Corporation. and Foerster. He represents numerous institutions The Corporation is funded by Pittsburgh Partnership for throughout the country on various consumer financial ser- Neighborhood Development, a public-private consorvices matters. Mr. Abbott is coauthor of the Prentice- tium, including the Howard Heinz Endowment, the Pitts- Hall text Truth in Lending: A Comprehensive Guide and burgh Foundation, the Ford Foundation, the city of is a frequent contributor to many national publications. Pittsburgh, and several banks, to carry out commercial He has served as chairperson of the Business Law Com- revitalization, real estate development, and economic mittee of the American Bar Association's Young Law- development. His responsibilities include developing new yers Division and as a member of the ABA's Ad Hoc housing; encouraging new businesses to relocate to the Committee on the McCarran-Ferguson Act. Mr. Abbott Pittsburgh area; implementing commercial real estate is currently the chairman of the Insurance Products Sub- development projects; publishing a weekly newspaper committee of the ABA's Committee on Consumer Finan- with a circulation of 40,000; and running a job placecial Services and is vice chairman of the State Bar of ment center and a radio station. He holds a B.A. in California's Financial Institutions Committee. Management-Accounting from Addis Ababa University, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
205 an M.A. in Economics and an M.B.A. in Business and Washington Independent Community Bankers Asso- International Finance from Syracuse University, and a ciation and on the Federal Legislation Committee of Ph.D. in Public and International Affairs from the Uni- the Independent Bankers Association of America in versity of Pittsburgh. Washington, D.C. Genevieve S. Brooks Gary S. Hattem Bronx, New York New York, New York Ms. Brooks has served as Deputy Borough President Mr. Hattem is Vice President for Community Develfor the Bronx since April 1990. Her duties include man- opment for Bankers Trust Company. His responsibilities aging the day-to-day operation of a staff of 150 people; include outreach to local communities to determine credit coordinating agency professionals and community- needs; defining, marketing, and extending products in based organizations in planning for and improving hous- response to needs; and evaluating loan and grant requests. ing and municipal services delivery including health and Since Mr. Hattem joined the bank, his Community Develhuman services; and supervising budget matters. Ms. opment Group has refined a credit niche in response to Brooks is the Bronx Borough President's appointee to the financing needs of not-for-profit organizations active the Bronx Overall Economic Development Corporation, in New York City's low- and moderate-income neighbora governmental adjunct that generates and coordinates hoods. Before 1990, Mr. Hattem served as executive economic development throughout the Bronx. Ms. director of St. Nicholas Neighborhood Preservation Cor- Brooks has received numerous awards and honors for her poration in Brooklyn for thirteen years. He holds a B.A. work. in Urban Studies from the SUNY College at Purchase, New York, and an M.S. in City and Regional Planning from the Pratt Institute in New York City. Cathy Cloud Washington, D.C. Ms. Cloud is the Enforcement Program Director for Edmund Mierzwinski the National Fair Housing Alliance. She is responsible Washington, D.C. for the implementation of a nationwide (eleven cities) Mr. Mierzwinski has been a consumer advocate with program of fair housing enforcement. Ms. Cloud pro- U.S. PIRG (Public Interest Research Group), the national vides training and technical assistance to public and prilobbying office for state PIRGs, since 1989. He has testivate fair housing agencies in housing and mortgage lendfied before the Congress on numerous banking matters, ing discrimination cases. Until October, she also served including bank reform, consumer protection issues as project director for the National Education Program. (including truth in savings, expedited funds availability, Her duties there included development of media prodand bank deregulation), and the Fair Credit Reporting Act ucts for use by private fair housing groups and other orgaand credit bureau practices. He is author of reports on nizations involved in fair housing education and enforcecredit bureaus and ATM fees. From 1981 until 1988, Mr. ment and helping groups implement media outreach Mierzwinski was executive director of the Connecticut programs. Ms. Cloud coordinated a two-year mortgage PIRG, where he was a principal consumer lobbyist for lending discrimination project in the Chicago metropolipassage of the nation's first new-car lemon law. He has a tan area, including development and implementation of a B.A. and an M.S. from the University of Connecticut. testing program for mortgage lending. She is currently on the board of the National Community Reinvestment Coalition. Ms. Cloud holds a B.A. in political science from the University of Illinois and an M.A. in public pol- Jean Pogge icy from the University of Chicago. Chicago, Illinois Ms. Pogge is the President of Woodstock Institute. The Institute designs programs to bridge the gap between the Michael Edwards needs of communities and the resources of financial insti- Yelm, Washington tutions, foundations, and others. Its services include Mr. Edwards is President of Prairie Security Bank, applied research, policy analysis, and program design which he organized as a new state-chartered bank in and evaluation. Ms. Pogge also is a board member of 1988. He also manages a bank consulting firm that spe- CANDO City Wide Development Corporation, an advicializes in new bank formations. From 1977 to 1983, Mr. sory committee member for the Chicago Capital Fund, a Edwards served as the Supervisor of Banking for the board member and past chair of the loan committee for State of Washington, and in 1982 and 1983 he was pres- the North Side Community Federal Credit Union, and a ident and chairman of the Conference of State Bank board member for the Women Employed Institute. Ms. Supervisors. He is currently a director of the Thurston Pogge has authored numerous articles on community County Economic Development Council and the Yelm development and lending patterns. She holds a Master of Chamber of Commerce; and serves on the board of the Urban Planning degree from the University of Illinois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 Federal Reserve Bulletin • March 1992 John V. Skinner The other members of the Council are the Irving, Texas following:1 Mr. Skinner is the President and CEO of Jewelers Financial Services, Inc., the credit operation of Zale Veronica E. Barela, Executive Director, NEWSED Corporation. Mr. Skinner joined Zale in 1984, having Community Development Corporation, Denver, Colopreviously served in key credit management positions for rado, December 1993 twenty-two years with Sears, Roebuck, and Co. Mr. Skinner was president of Consumer Credit Counseling Ser- Toye L. Brown, Director, Freedom House, Inc., Bosvice of Greater Washington from 1978 until 1984. He ton, Massachusetts, December 1993 has served on the board of trustees for the National Foundation for Consumer Credit since 1980. He is also the George C. Galster, Professor of Economics, College past chairman of the advisory board for the Credit of Wooster, Wooster, Ohio, December 1992 Research Center at Purdue University, presently serves as chairman of the National Retail Federation, and is E. Thomas Garman, Professor of Consumer Studies at a member of the Credit Grantor Advisory Group for the College of Human Resources, Virginia Polytechnic Associated Credit Bureaus, Inc. Mr. Skinner has been Institute and State University, Blacksburg, Virginia, on the board of directors for the International Credit December 1992 Association since 1980 and in 1989 served as chairman of the board. Mr. Skinner attended the University of Donald A. Glas, President, First State Federal Savings Houston. and Loan Association, Hutchinson, Minnesota, December 1993 Lowell N. Swanson Deborah B. Goldberg, Reinvestment Specialist, Neigh- Portland, Oregon borhood Revitalization Project, Center for Community Change, Washington, D.C., December 1992 Mr. Swanson is the President of the United Finance Company, the largest independent finance company in Michael M. Greenfield, Professor of Law, Washingthe Northwest. He has served on the board of directors ton University, St. Louis, Missouri, December 1992 of the Oregon Consumer Finance Association, the Retail Credit Association, the Portland Lenders Exchange, the Joyce Harris, President and Chief Executive Officer, Consumer Credit Counseling Service, and the Consumer Telco Community Credit Union, Madison, Wisconsin, Credit Association of Oregon; and he is a member of the December 1993 American Financial Services Association. Mr. Swanson has helped set up programs to educate the public on how Julia E. Hiler, Executive Vice President, Sunshine to use credit responsibly (especially young people in high Mortgage Corporation, Marietta, Georgia, December school). In the mid-seventies, he helped organize a 1993 required high school course in personal finance, an activity in which he continues to be involved. In 1991 he Henry Jaramillo, Jr., President, Ranchers State Bank, received the National Association's "Distinguished Ser- Belen, New Mexico, December 1993 vices Award." Mr. Swanson is a graduate of the University of Oregon. Kathleen E. Keest, Staff Attorney, National Consumer Law Center, Boston, Massachusetts, December 1992 Michael W. Tierney Bernard F. Parker, Jr., Executive Director, Commu- Philadelphia, Pennsylvania nity Resource Projects, Detroit, Michigan, December 1992 Mr. Tierney is the Director of the Philadelphia Local Initiatives Support Corporation (LISC). He is responsi- Otis Pitts, Jr., President, Tacolcy Economic Develble for the establishment and direction of the LISC office opment Corporation, Miami, Florida, December 1993 in Philadelphia. LISC has provided more than $14 million in financial and technical assistance to nonprofit Nancy Harvey Steorts, President, Nancy Harvey community development organizations engaged in hous- Steorts and Associates, Dallas, Texas, December 1992 ing production, economic development, and neighborhood revitalization activities in Philadelphia's low- Sandra Willett, Consultant on Quality Services, Bosincome neighborhoods. From 1985 to 1989, Mr. Tierney ton, Massachusetts, December 1993 was Assistant Secretary for Municipal Development in the Massachusetts Executive Office of Communities and Development in Boston. He holds a B.A. from The College of Wooster and a Master of Divinity Degree from Yale University. 1. Date indicates when a member's term expires. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements 207 INCREASE IN LIMIT ON AMOUNT OF of Funds and Collection of Checks) as an interim NONCUMULA TIVE PERPETUAL PREFERRED rule and requested comment on other proposed STOCK TO BE INCLUDED IN TIER 1 CAPITAL changes to the regulation. The amendments to Regulation CC implement provisions in the Federal The Federal Reserve Board approved on Jan- Deposit Insurance Corporation Improvement Act of uary 14, 1992, a proposal to lift the limit on the 1991 that amend several provisions of the Expeamount of noncumulative perpetual preferred stock dited Funds Availability Act. Comments are due by that bank holding companies may include in tier 1 March 27, 1992. capital for purposes of calculating their risk-based The interim rule implements those provisions that and leverage capital ratios. would have an immediate effect on banks. Specifi- At present, there is no limit on the amount of non- cally, the interim rule allows banks to extend holds, cumulative perpetual preferred stock that state on an exception basis, to "next-day" availability member banks may include in tier 1 capital. checks and to allow one-time notices of exception Cumulative perpetual preferred stock will con- holds in certain cases. The Board is requesting comtinue to be included in tier 1 capital for bank hold- ment pending adoption of a final rule. ing companies, up to the current limit of 25 percent of tier 1 capital. RELEASE OF PRELIMINARY FIGURES ISSUANCE OF REVISED SUPERVISORY POLICY ON OPERATING INCOME STATEMENT ON SECURITIES ACTIVITIES OF THE FEDERAL RESERVE BANKS The Federal Reserve Board issued on January 10, Preliminary figures indicate that operating income 1992, a revised Supervisory Policy Statement on of the Federal Reserve Banks amounted to Securities Activities to become effective on Febru- $22,551 billion during 1991. Net income before ary 10, 1992. This policy statement supersedes the payment of dividends, additions to surplus, and pay- Supervisory Policy Concerning Selection of Secu- ments to the Treasury totaled $21,158 billion. About rities Dealers and Unsuitable Investment Practices $20,778 billion was paid to the U.S. Treasury durissued on April 20, 1988. ing 1991. The new policy statement was developed under Federal Reserve System income is derived primathe auspices of the Federal Financial Institutions rily from interest earned on U.S. government secu- Examination Council (FFIEC) and was recently rities that the Federal Reserve has acquired through adopted by the Board. It addresses the selection of open market operations. Income from the provision securities dealers and requires depository institu- of financial services amounted to $737 million. tions to establish prudent policies and strategies for Operating expenses of the twelve Reserve Banks securities transactions. and branches totaled $1,268 billion. In addition, In addition, the policy defines securities trading $160 million for earnings credits were granted to or sales practices that are viewed by the agencies as depository institutions under the Monetary Control being unsuitable when conducted in an investment Act of 1980. Assessments to Reserve Banks for portfolio, indicates characteristics of loans held for Board expenditures totaled $110 million, and the sale or trading, and establishes a framework for cost of currency amounted to $261 million. identifying when certain mortgage derivative prod- Net additions to income amounted to $496 milucts are high-risk mortgage securities that must be lion, primarily resulting from realized and unrealreported as securities held for sale or for trading. ized gains on assets denominated in foreign currencies and gains on the sales of securities from the REGULATION CC: ADOPTION System Open Market Account portfolio. Statutory OF AMENDMENTS AS AN INTERIM RULE dividends to member banks were $153 million. AND OTHER PROPOSED CHANGES Under the policy established by the Board of Governors at the end of 1964, all net income after The Federal Reserve Board adopted on January 15, the statutory dividend to member banks and the 1992, amendments to Regulation CC (Availability amount necessary to equate surplus to paid-in cap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 Federal Reserve Bulletin • March 1992 ital is transferred to the U.S. Treasury as interest on OTC stocks to determine which stocks meet the Federal Reserve notes. requirements for inclusion and continued inclusion on the OTC List. RELEASE OF REVISED LIST OF MARGINABLE OTC STOCKS EXTENSION OF PUBLIC COMMENT PERIOD ON APPLICATION BY BANKAMERICA The Federal Reserve Board published on January CORPORATION TO ACQUIRE SECURITY 24, 1992, a revised List of Marginable OTC Stocks PACIFIC CORPORATION (OTC List) for over-the-counter (OTC) stocks that are subject to its margin regulations. It also pub- The Federal Reserve Board announced on Janlished the List of Foreign Margin Stocks (Foreign uary 28, 1992, that it would extend until February List) for foreign equity securities that are subject to 28 the public comment period on the application Regulation T (Credit by Brokers and Dealers). The by BankAmerica Corporation, located in San lists were effective February 10, 1992, and super- Francisco, to acquire Security Pacific Corporation, sede the previous lists that were effective Novem- located in Los Angeles. ber 12, 1991. This extension permitted interested parties ap- The Foreign List indicates those foreign equity proximately thirty additional days to submit comsecurities that are eligible for margin treatment at ments on the application. The Board had received broker-dealers. There were no additions, deletions, several requests for an extension of the public comor changes to the Foreign List, which contains ment period at the public meetings recently held in 294 securities. Los Angeles, Phoenix, San Francisco, and Seattle, The changes that have been made to the revised as well as several written requests. The original OTC List, which now contains 2,824 OTC stocks, comment period expired on January 30. are as follows: • One hundred forty stocks have been included PUBLIC-ACCESS DATA TAPE OF THE for the first time, 123 under National Market Sys- NATIONAL SURVEY OF SMALL BUSINESS tem (NMS) designation FINANCES NOW AVAILABLE • Forty-three stocks previously on the list have been removed for substantially failing to meet the A public-access data tape of the National Survey of requirements for continued listing Small Business Finances (NSSBF) is now avail- • Thirty-nine stocks have been removed for able. The NSSBF is a one-time survey of small reasons such as listing on a national securities business firms conducted in 1988-89 for the Board exchange or involvement in an acquisition. of Governors of the Federal Reserve System and the U.S. Small Business Administration (SBA). The The OTC List is published by the Board for the survey provides information on the use of financial information of lenders and the general public. It services and institutions for a nationally representaincludes all OTC securities designated by the Board tive sample of 3,404 firms and a separate sample of pursuant to its established criteria as well as all OTC 390 firms with SBA-guaranteed loans. Research stocks designated as NMS securities for which Triangle Institute conducted the interviewing for the transaction reports are required to be made pursu- survey. ant to an effective transaction reporting plan. Addi- The NSSBF covers a wide range of financial tional OTC securities may be designated as NMS characteristics of small (fewer than 500 employsecurities in the interim between the Board's quar- ees), privately owned, nonagricultural and nonfinanterly publications and will be immediately margin- cial firms. The survey collected general informaable. The next publication of the Board's list is tion on firms' business activities and ownership; an scheduled for May 1992. inventory of deposit and investment accounts, Besides NMS-designated securities, the Board financing, and other financial service use; informawill continue to monitor the market activity of other tion on the firms' business relationships with finan- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements 209 cial institutions; use of trade credit; experience with Businesses," Federal Reserve Bulletin, vol. 76 SBA loans and services; data on sales and expenses; (October 1990), pp. 801-17. and a complete balance sheet. The data are for cal- The data tape and documentation are available for endar or fiscal year 1987. a fee of $480.00 (order number PB92501246) from Additional information on NSSBF methods and the National Technical Information Service, Fedcontent can be found in Gregory E. Elliehausen and eral Computer Products Center, 5285 Port Royal John D. Wolken, ' 'Banking Markets and the Use of Road, Springfield, VA 22161. To order by phone, Financial Services by Small and Medium-Sized call (703) 487-4763. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
211 Legal Developments FINAL RULE—AMENDMENTS TO REGULATIONS Centuri, Inc.: $.05 par common G, T, U AND X Chancellor Corporation: $.01 par common Country Lake Foods, Inc.: $.01 par common The Board of Governors is amending 12 C.F.R. Parts Crownamerica, Inc.: No par common 207, 220, 221, and 224, its Regulations G, T, U, and X CSC Industries, Inc.: $.10 par common (Securities Credit Transactions; List of Marginable OTC Stocks; and List of Foreign Margin Stocks). The Dyansen Corporation: $.01 par common List of Marginable OTC Stocks (OTC List) is com- Dyncorp: Class A, 17% redeemable preferred prised of stocks traded over-the-counter (OTC) in the United States that have been determined by the Board Erie Lackawanna, Inc.: No par capital stock, $1.00 of Governors of the Federal Reserve System to be stated value subject to the margin requirements under certain Federal Reserve regulations. The List of Foreign Margin Fairfield County Bancorp, Inc.: $1.00 par common Stocks (Foreign List) represents foreign equity secu- Forest Oil Corporation: $2,125 par convertible prerities that have met the Board's eligibility criteria ferred under Regulation T. The OTC List and the Foreign Forum Group, Inc.: No par common List are published four times a year by the Board. This document sets forth additions to or deletions from the General Sciences Corporation: $.01 par common previous OTC List. There are no additions to or Gold Company of America: Depositary units of limited deletions from the previous Foreign List. Both Lists partnership interest were last published on October 28, 1991, and effective GTE California, Inc.: Series 1956, AVi% cumulative on November 12, 1991. preferred Effective February 10, 1992, accordingly, pursuant to the authority of sections 7 and 23 of the Securities Highland Superstores, Inc.: $.01 par common Exchange Act of 1934, as amended (15 U.S.C. 78g and Home Centers, Inc.: No par common 78w), and in accordance with 12 C.F.R. 207.2(k) and 207.6 (Regulation G), 12 C.F.R. 220.2(u) and 220.17 IEH Corporation: $.50 par common (Regulation T), and 12 C.F.R. 221.2(j) and 221.7 (Reg- Image Bank, Inc.: $.01 par common ulation U), there is set forth below a listing of deletions Information Science Incorporated: $.01 par common from and additions to the OTC List. Investors Financial Corporation: $1.25 par common Deletions from the List of Marginable OTC Jones Spacelink, Ltd.: Class A, $.01 par common Stocks National Micronetics, Inc.: $.10 par common Stocks Removed for Failing Continued Listing Nestor, Inc.: $.01 par common Requirements OHM Corporation: 8% convertible subordinated de- Affiliated Banc Corporation: $.10 par common bentures Alliant Computer Systems: $.01 par common, 1V<\% convertible subordinated debentures P.A.M. Transportation Services, Inc.: $.01 par com- Appian Technology Inc.: $.01 par common mon Autodie Corporation: $.05 par common Pacific Agricultural Holdings, Inc.: No par common Personal Computer Products, Inc.: $.005 par common Banker's Note, Inc., The: $.01 par common Pharmakinetics Laboratories, Inc.: $.001 par common Barry's Jewelers, Inc.,: No par common Pinnacle Bancorp, Inc.: $.01 par common Cascade International, Inc.: $.001 par common Selecterm, Inc.: $.05 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
212 Federal Reserve Bulletin • March 1992 Tele-Communications, Inc.: Rights (expire 01-31-95) Regional Federal Bancorp, Inc.: No par common Unitronix Corporation: No par common South Carolina National Corporation: $5.00 par common Spearhead Industries, Inc.: $.05 par common Ventura Entertainment Group Ltd.: Class A, Warrants St. Paul Companies, Inc., The: No par common (expire 05-31-93) Tyco Toys, Inc.: $.01 par common, Warrants (expire WTD Industries, Inc.: No par common 06-07-93) United Artists Entertainment: Class A, $.001 par Stocks Removed for Listing on a National common; Class B, $.001 par common Securities Exchange or Being Involved in an Acquisition Valid Logic Systems, Inc.: $.001 par common Velobind, Incorporated: $.50 par common Advanced Magnetics, Inc.: $.01 par common Aegon N.V.: American registered certificates repre- Washington Federal Savings Bank (Oregon): $1.00 par senting ordinary shares common Ashton-Tate Corporation: $.01 par common Avantek, Inc.: No par common XL/Datacomp, Inc.: $.01 par common Bangor Hydro-Electric Company: $5.00 par common Additions to the List of Marginable OTC Bohemia Inc.: No par common Stocks Carolina Financial Corporation: $1.00 par common Aames Financial Corporation: $.001 par common Cetus Corporation: $.01 par common Advanced Interventional System, Inc.: No par com- Cross & Trecker Corporation: $1.00 par common mon Affymax N.V.: Common stock (DFL. 06) Durham Corporation: $5.00 par common Alliance Imaging, Inc.: $.01 par common Duty Free International, Inc.: $.01 par common Allied Healthcare Products, Inc.: $.01 par common Alpha 1 Biomedicals, Inc.: Class B, Warrants (expire Employee Benefit Plans, Inc.: $.01 par common 06-30-95) Environmental Elements Corporation: $.01 par common Alpharel, Inc.: Warrants (expire 12-12-94) Alteon, Inc.: $.01 par common General Kinetics Incorporated: $.25 par common Ambar, Inc.: $.01 par common America Service Group, Inc.: $.01 par common Harold's Stores, Inc.: $.01 par common American International Petroleum Corporation: $.08 Heist, C.H., Corporation: $.05 par common par common Hickam, Dow B., Inc.: $.01 par common American Superconductor Corporation: $.01 par common International Shipholding Corp.: $1.00 par common Aortech, Inc.: $.01 par common Apple South, Inc.: $.01 par common Jiffy Lube International, Inc.: $.25 par common Aramed, Inc.: Units (expire 09-30-93) Ari Network Services, Inc.: $.001 par common Kamenstein, M., Inc.: $.01 par common Athena Neurosciences, Inc.: $.01 par common Kasler Corporation: No par common Atlantic Tele-Network, Inc.: $.01 par common Atrix Laboratories, Inc.: $.001 par common Marine Corporation: $.7812 par common Autocam Corporation: No par common Metcalf & Eddy Companies, Inc.: $.01 par common Bachman Information Systems, Inc.: $.01 par common Novacare: $.01 par common Bally Gaming International, Inc.: $.01 par common Barefoot Inc.: $.01 par common Oceaneering International, Inc.: $.25 par common Barra, Inc.: No par common Office Depot, Inc.: $.01 par common Bell Bancorp, Inc.: $.01 par common Biomagnetic Technologies, Inc.: No par common Petroleum Equipment Tools Company: $.50 par common Biomira Inc.: No par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 213 Broderbund Software, Inc.: $.01 par common Interactive Network, Inc.: No par common Interferon Sciences, Inc.: $.01 par common Cenfed Financial Corporation: $.01 par common International Airline Support Group, Inc.: $.001 par Century Cellular Corporation: Class A, $.01 par com- common mon International Cablecasting Technologies, Inc.: $.01 Checkers Drive-In Restaurants, Inc.: $.001 par com- par common mon Ipsco Inc.: No par common Choice Drug Systems, Inc.: $.01 par common, Warrants (expire 06-30-92) Jimbo's Jumbos, Incorporated: $.001 par common Clinical Technologies Associates, Inc.: $.01 par common Lannet Data Communications Ltd.: Ordinary shares Compusa Inc.: No par common (NIS .1 par value) Cryomedical Sciences, Inc.: $.001 par common Liberty Bancorp, Inc.: $.01 par common Custom Chrome, Inc.: $.001 par common Louisville Gas and Electric Company: 7.45% cumula- Cyberoptics Corporation: No par common tive preferred stock Cytel Corporation: $.01 par common Cytrx Corporation: $.001 par common; Class B, War- Magainin Pharmaceuticals, Inc.: $.002 par common rants (expire 11-09-92) Manhattan Life Insurance Company, The: $2.00 par common Digital Biometrics, Inc.: $.01 par common Marquette Electronics, Inc.: Class A, $.10 par com- Diversicare, Inc.: $.01 par common mon DNX Corporation: $.01 par common Matthews Studio Equipment Group: No par common Medisys, Inc.: $.01 par common Electric & Gas Technology, Inc.: $.01 par common Miami Subs Corporation: $.01 par common Embrex, Inc.: No par common, Warrants (expire Missimer & Associates, Inc.: $.01 par common 11-07-96) Mitek Surgical Products, Inc.: $.01 par common Enzon, Inc.: Warrants (expire 11-01-94) MTC Electronic Technologies Co., Ltd.: No par common F & C International, Inc.: No par common Fidelity Medical, Inc.: $.01 par common Namic U.S.A. Corporation: $.01 par common Forest Oil Corporation: $.75 par convertible preferred, National City Bancshares, Inc.: $3.33-1/3 par common Warrants (expire 10-01-96) National Medical Waste, Inc.: $.01 par common Frontier Adjusters of America, Inc.: $.01 par common National Rehabilitation Centers, Inc.: $.01 par common Future Communications, Inc.: $.001 par common Newcor, Inc.: $1.00 par common Noble Drilling Corporation: $1.00 par convertible ex- Gencare Health Systems, Inc.: $.02 par common changeable preferred Genta Incorporated: $.001 par common Goody's Family Clothing, Inc.: No par common Old Dominion Freight Line, Inc.: $1.00 par common Grancare, Inc.: No par common Granite Broadcasting, Inc.: $.01 par common Pacific Physician Services, Inc.: $.01 par common Peer Review Analysis, Inc.: $.10 par common Hamburger Hamlet Restaurants, Inc.: $.01 par com- Perfumania, Inc.: $.01 par common mon Perrigo Company: No par common Hechinger Company: Convertible subordinated de- Pharmaceutical Marketing Services, Inc.: $.01 par bentures due 2012 common Hoenig Group, Inc.: $.01 par common; Class A, Physician Computer Network, Inc.: $.01 par common Warrants (expire 10-29-93) Price Company, The: Convertible subordinated debentures due 2001 Imclone Systems Incorporated: $.001 par common Price Reit, The: $.01 par common IMRS Inc.: $.01 par common Provident American Corporation: $1.00 par common In Home Health, Inc.: $.01 par common Indiana United Bancorp: No par common Qualcomm Incorporated: $.0001 par common Information America, Inc.: $.01 par common Inforum, Inc.: $.01 par common Read-Rite Corporation: $.0001 par common Insurance Auto Auctions, Inc.: $.001 par common Retix: $.01 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
214 Federal Reserve Bulletin • March 1992 Rochester Medical Corporation: No par common to become a bank holding company through the acqui- Ropak Laboratories: No par common sition of Castle Hills National Bank, San Antonio, Texas ("Bank").1 Sam & Libby, Inc.: $.001 par common Notice of the application, affording interested per- Sanfilippo, John B., & Son, Inc.: $.01 par common sons an opportunity to submit comments, was pub- SGI International: No par common lished (56 Federal Register 27,753 (1991)). The time for Sheffield Industries, Inc.: $.01 par common filing comments has expired, and the Board has con- SLM International, Inc.: $.01 par common sidered the application and all comments received in Softkey Software Products Inc.: No par common light of the factors set forth in section 3(c) of the BHC Southern Electronics Corporation: $.01 par common Act. The Board also notified the Office of the Comp- Sports/Leisure, Inc.: $.01 par common troller of the Currency ("OCC") and the United States Star Multi Care Services, Inc.: $.001 par common Department of Justice regarding the application and Sterling Savings Association: $1.00 par common offered them an opportunity to express their views on Sulcus Computer Corporation: No par common; the application. Series A, no par redeemable convertible preferred; HMS is a nonoperating corporation organized for Class B, Warrants (expire 06-30-92) the purpose of becoming a bank holding company Sungard Data Systems, Inc.: SlA% convertible subor- through the acquisition of Bank. Bank is the 890th dinated debentures largest banking organization in Texas, controlling de- Supercuts, Inc.: $.01 par common posits of $17.2 million, representing less than 1 percent Synalloy Corporation: $1.00 par common of the total deposits in commercial banks in the state.2 Syquest Technology, Inc.: $.001 par common In reviewing applications under section 3(c) of the BHC Act, the Board must consider several factors, THQ, Inc.: $.001 par common including the "financial and managerial resources and Tetra Tech, Inc.: $.01 par common future prospects of the company or companies and the TRM Copy Centers Corporation: No par common banks concerned."3 Section 3(c)(5) of the BHC Act provides that, in considering the managerial resources UF Bancorp, Inc.: $.01 par common of a bank holding company, the Board shall consider Ultra Pac, Inc.: $2.00 par common the competence, experience, and integrity of the offic- United New Mexico Financial Corporation: Series A, ers, directors, and principal shareholders of a bank no par preferred holding company.4 The Board's regulations also pro- United Wisconsin Services, Inc.: No par common vide that the Board will consider a bank holding company's ability to serve as a source of financial and Vest, H.D., Inc.: $.05 par common; Class A, Warrants managerial strength to its subsidiary banks.5 (expire 06-15-93); Class B, Warrants (expire 11-26-94) Viewlogic Systems, Inc.: $.01 par common Managerial Considerations Vitesse Semiconductor Corporation: $.01 par common In this case, a proposed principal management official Warehouse Club, Inc.: Warrants (expire 11-13-94) of Bank with previous banking experience has been World Acceptance Corporation: No par common the subject of significantly adverse comments by the 1. HMS proposes to acquire Bank through the purchase of a note ORDERS ISSUED UNDER BANK HOLDING secured by the stock of Bank and held by the Federal Deposit COMPANY ACT Insurance Corporation ("FDIC"). 2. State deposit data are as of June 30, 1990. 3. 12 U.S.C. § 1842(c). In interpreting the Board's authority under Orders Issued Under Section 3 of the Bank section 3 of the BHC Act, the Supreme Court has stated that the Holding Company Act Board is authorized to disapprove a formation of a bank holding company solely on the grounds of financial or managerial unsoundness, and that the authority of the Board is not limited to instances in HMS Holdings, Inc. which the financial or managerial unsoundness would be caused or San Antonio, Texas exacerbated by the proposed transaction. Board of Governors v. First Lincolnwood Corp., 546 F.2d 718 (7th Cir. 1976), modified, 560 F.2d 258 (7th Cir. 1977), rev'd on other grounds, 439 U.S. 234 (1978). Order Denying Formation of a Bank Holding 4. See 12 U.S.C. § 1842(c)(5), amended by section 210 of the Company Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. No. 102-242, § 210, 105 Stat. 2236, 2298. The Board's regulations provide that the Board will consider the competence and HMS Holdings, Inc., San Antonio, Texas ("HMS"), character of the principals of the applicant and its subsidiary banks, including their record of compliance with laws and regulations. has applied under section 3(a)(1) of the Bank Holding 12 C.F.R. 225.13(b)(2). Company Act ("BHC Act") (12 U.S.C. § 1842(a)(1)) 5. 12 C.F.R. 225.4(a). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 215 FDIC with regard to said official's lending practices compliance with the BHC Act.7 HMS's failure to and managerial abilities in his previous banking oper- provide requested financial information that is material ations.6 Referring to criticisms by the FDIC, the OCC, and relevant to the financial factors in this case raises which is Bank's primary regulator, has also advised substantial concerns regarding whether HMS will supthe Board that said official's proposed position with ply requested information to the Board in the future and Bank raises supervisory concerns. whether the ability of the Board to supervise HMS Based on the all the facts of record, including relevant effectively would be impaired. information and comments received from the FDIC and Based on a review of all the facts of record, includthe OCC, the Board believes that managerial factors in ing relevant examination materials and comments this case weigh against approval of this proposal. from federal regulators, the Board concludes that considerations relating to financial and managerial Financial, Supervisory, and Future Prospects resources and future prospects and supervisory fac- Considerations tors are not consistent with approval.8 Considerations relating to competitive factors and the convenience HMS proposes to recapitalize Bank to a 5 percent and needs of the community do not lend sufficient leverage capital ratio through a cash injection upon weight to warrant approval of this application. consummation of this proposal. HMS's capital plan for Accordingly, it is the Board's judgment that aprestoring Bank to satisfactory condition relies on re- proval of this application is not warranted and that the turning Bank to profitability in the near future, princi- application should be, and hereby is, denied. pally through the reduction of Bank's overhead expenses. As part of this plan, HMS has projected a significant increase in Bank's annualized return on average assets for the first six months following the 7. See 12 U.S.C. § 1842(c)(3)(A), amended by section 202(d)(5) of the Federal Deposit Insurance Corporation Improvement Act of 1991, acquisition. Pub. L. No. 102-242, § 202(d)(5), 105 Stat. 2236, 2290. HMS's projections appear to be overly optimistic in 8. HMS contends that this application was approved by operation of law as of October 15, 1991, and that HMS, therefore, may consumlight of Bank's past experience, including Bank's rate mate the proposed transaction without Board approval. HMS bases of return on average assets since its establishment in this argument on its opinion that the 91-day period stipulated in the 1984. In addition, the record of this application raises BHC Act and the Board's regulations for Board action on an application began upon the acceptance of this application for processing and significant doubts regarding whether HMS would have thus has expired. sufficient financial flexibility to serve as a source of Contrary to HMS's contention, the BHC Act provides that the financial strength to meet any future financial needs of 91-day period does not begin until the submission to the Board of the completed record on the application. 12 U.S.C. §§ 1842(b)(1), Bank. HMS appears to be relying primarily on its 1843(c). The Board's regulations provide that the record on an expectation that it can reduce costs at Bank and application is not complete until the latest of several events, including the "date of receipt by the Board of the last relevant material thereby improve earnings and achieve profitability. regarding the application that is needed for the Board's decision, if the Based on all of the facts of record, it is the Board's material is received from a source outside the Federal Reserve judgment that, in light of all relevant circumstances, System." 12 C.F.R. 225.14(g); see also 12 C.F.R. 225.23(h); accord First Lincolnwood Corp. v. Board of Governors, supra note 3. In sum, these projections are overly optimistic. neither the BHC Act, the Board's regulations, nor the relevant court HMS has also repeatedly refused to provide relevant cases support HMS's contention. The Board has received relevant, material information needed for and material financial information regarding its operathe Board's evaluation of the financial and managerial factors in this tions, including projections for its operations after ac- case throughout the processing of this application from sources quisition of Bank, or plans to support Bank financially outside the Federal Reserve System. For example, on September 13, 1991, the Board received an FDIC examination report that is material in the event that its projections regarding Bank's earnand relevant to the evaluation of managerial factors in this case; on ings prove inaccurate. Section 3(c)(3)(A) of the BHC October 24, 1991, the Board received comments from the OCC Act provides that, in considering the supervisory fac- regarding the managerial factors in this case. In light of the relevant, material nature of this and other information received by the Board, tors, the Board shall disapprove any application to the Board believes that the 91-day period in this case has not expired acquire a bank if the acquiring company fails to provide and that HMS is not entitled as a matter of law to consummate this proposal. the Board with adequate assurances that the company In addition, the Board requested HMS to provide necessary and will make available to the Board such information on material financial information regarding its expenses, income, and the operations or activities of the company as the Board financial resources by letter dated September 13, 1991, and again by telephone in October and November. HMS failed to respond to these determines to be appropriate to determine and enforce requests. The Board does not believe that an applicant may use its own inaction or refusal to provide material relevant information as a basis for computing the 91-day period. HMS's practice and theory are not consistent with the terms of the 91-day rule, which begins to run when the record of the case is complete, as expressed in the BHC Act. Moreover, this practice, if permitted, would allow an applicant to 6. The facts of record suggest that methods proposed by HMS to frustrate the legislative requirements for approval by the Board, avoid the problems identified in the FDIC's examination report may including the requirement that the Board base its action on considernot be sufficient to address the problems. ation of a complete record of the financial aspects of its application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 Federal Reserve Bulletin • March 1992 By order of the Board of Governors, effective total deposits in depository institutions in the market.3 January 21, 1992. Baldwin is the eighth largest depository institution in the market, controlling deposits of $13.7 million, repre- Voting for this action: Chairman Greenspan and Governors senting 4.5 percent of total deposits in depository Mullins, Angell, Kelley, LaWare, Lindsey, and Phillips. institutions in the market. Upon consummation of this proposal, Ohnward would control $105.8 million in JENNIFER J. JOHNSON deposits, representing 34.8 percent of total deposits in Associate Secretary of the Board depository institutions in the market. The Maquoketa, Iowa banking market would become highly concen- Ohnward Bancshares, Inc. trated upon consummation of this proposal; the Herfin- Maquoketa, Iowa dahl-Hirschman Index ("HHI") for the market would increase by 273 points to 1968.4 Order Approving Acquisition of a Bank Although consummation of this proposal would result in an increase in market concentration, eight com- Ohnward Bancshares, Inc., Maquoketa, Iowa mercial banking organizations and one thrift institution, ("Ohnward"), a bank holding company within the including some of the largest depository institutions in meaning of the Bank Holding Company Act ("BHC Iowa, would remain as competitors in the market upon Act"), has applied under section 3(a)(3) of the BHC consummation of this proposal. Ohnward also will Act (12 U.S.C. § 1842(a)(3)) to acquire Baldwin Sav- provide Baldwin with the additional managerial reings Bank, Baldwin, Iowa ("Baldwin"). sources necessary to improve Baldwin's financial con- Notice of the application, affording interested per- dition. In addition, by letter dated October 23, 1991, the sons an opportunity to submit comments, has been State of Iowa Department of Banking strongly recompublished (56 Federal Register 50,122 (1991)). The mended approval of the proposal. The Iowa Departtime for filing comments has expired, and the Board ment of Banking believes that the proposed acquisition has considered the application and all comments re- would enhance Baldwin's ability to provide additional ceived, in light of the factors set forth in section 3(c) of credit to agricultural borrowers. On this basis, the Iowa the BHC Act. Banking Department has expressed its belief that the Ohnward is the 29th largest commercial banking anticompetitive effects of this proposal are outweighed organization in Iowa, controlling two subsidiary banks by the favorable effects of the proposal upon the with $129.2 million in deposits, representing less than convenience and needs of the community. The Board one percent of total deposits in commercial banking has considered the competitive effects of the proorganizations in Iowa.1 Baldwin is the 370th largest posal, including the number and size of competitors commercial banking organization in Iowa, controlling remaining following the acquisition, the recommendeposits of $13.7 million, representing less than one dation of the Iowa Banking Department, and the percent of total deposits in commercial banking organi- other facts of record, and has determined that conzations in Iowa. Upon consummation of this proposal, summation of the proposal is not likely to result in a Ohnward would become the 26th largest commercial significantly adverse effect on competition in the banking organization in Iowa, controlling deposits of Maquoketa banking market. $142.9 million, representing less than one percent of The financial and managerial resources and future total deposits in commercial banking organizations in prospects of Ohnward, its subsidiary banks and Bald- Iowa. Accordingly, consummation of this proposal would not result in a significantly adverse effect on the concentration of commercial banking resources in 3. Market share data are based on calculations in which the deposits Iowa. of thrift institutions are included at 50 percent. The Board previously Ohnward and Baldwin operate in the Maquoketa, has indicated that thrift institutions have become, or have the potential to become, major competitors of commercial banks. See Midwest Iowa banking market.2 Ohnward is the largest of the Financial Group, 75 Federal Reserve Bulletin 386 (1989); National commercial banking and thrift organizations (together City Corporation, 70 Federal Reserve Bulletin 743 (1984). "depository institutions") in the market, controlling 4. Under the revised Department of Justice Merger Guidelines, 49 Federal Register 26,823 (June 29, 1984), a market in which the deposits of $92.1 million, representing 30.3 percent of post-merger HHI is above 1800 is considered highly concentrated. In such markets, the Justice Department is likely to challenge a merger that increases the HHI by more than 50 points. The Department of Justice has informed the Board that a bank merger or acquisition 1. All state data are as of June 30, 1990. Market data are as of generally will not be challenged (in the absence of other factors June 30, 1990, and reflect acquisitions approved as of January 1, 1992, indicating anticompetitive effects) unless the post-merger HHI is at but not consummated as of that date. least 1800 and the merger increases the HHI by at least 200 points. The 2. The Maquoketa, Iowa banking market is approximated by Justice Department has stated that the higher than normal HHI Jackson County, Iowa; Bloomfield, Brookfield, and Sharon townships thresholds for screening bank mergers and acquisitions for anticomin Clinton County, Iowa; and Oxford and Wyoming townships in petitive effects implicitly recognizes the competitive effect of limited- Jones County, Iowa. purpose lenders and other non-depository financial entities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 217 win, and supervisory factors, are consistent with assume certain liabilities from Atlantic Trust Comapproval.5 The Board also finds that considerations pany, Newington, New Hampshire ("Atlantic"). relating to the convenience and needs of the commun- Public notice of the application before the Board is ities to be served are consistent with approval. not required by the Act, and in view of the emer- Based on the foregoing and other facts of record, the gency situation the Board has not followed its normal Board has determined that the application should be, practice of affording interested parties the opportuand hereby is, approved. The acquisition shall not be nity to submit comments and views. In view of the consummated before the thirtieth calendar day follow- emergency situation involving Atlantic, the State of ing the effective date of this Order, or later than three New Hampshire Banking Department has recommonths after the effective date of this Order, unless mended immediate action by the Board to prevent such period is extended for good cause by the Board or the probable failure of Atlantic. by the Federal Reserve Bank of Chicago, acting pur- In connection with the application, the Secretary suant to delegated authority. of the Board has taken into consideration the com- By order of the Board of Governors, effective petitive effects of the proposed transaction, the fi- January 21, 1992. nancial and managerial resources, future prospects of the institutions concerned, and the convenience Voting for this action: Chairman Greenspan and Governors and needs of the communities to be served. On the Mullins, Angell, Kelley, LaWare, Lindsey, and Phillips. basis of the information before the Board, the Secretary of the Board finds that an emergency situation JENNIFER J. JOHNSON exists so as to require that the Secretary of the Board Associate Secretary of the Board act immediately pursuant to the provisions of section 18(c)(3) of the Federal Deposit Insurance Act Orders Issued Under Bank Merger Act (12 U.S.C. § 1828(c)(3)) in order to safeguard depositors of Atlantic. Having considered the record of Fleet Bank-NH this application in light of the factors contained in the Nashua, New Hampshire Bank Merger Act, the Secretary of the Board has determined that consummation of the transaction Order Approving the Acquisition of Assets and would be in the public interest and that the applica- Assumption of Liabilities tion should be approved on a basis that would not preclude immediate consummation of the proposal. Fleet Bank-NH, Nashua, New Hampshire, has ap- On the basis of these considerations, the application plied for the Board's approval under the Bank Merger is approved. Act (12 U.S.C. § 1828(c)) to acquire certain assets and The transaction may be consummated immediately, but in no event later than three months after the effective date of this Order unless such period is 5. The Board has carefully considered comments filed by two extended for good cause by the Board or by the commenters who state that they have relationships with Baldwin. One Federal Reserve Bank of Boston acting pursuant to commenter states that he has not been paid for his services for delegated authority. Baldwin and requests that the Board defer approval of the application until the dispute over his fee has been resolved. An anonymous By order of the Secretary of the Board, acting commenter objected to the proposal, alleging improprieties in pursuant to delegated authority for the Board of Gov- Ohnward's acquisition of Baldwin and asserting that consummation of the proposal would result in the elimination of competition in the ernors, effective January 30, 1992. market. Ohnward has provided information responding to these comments. After careful consideration of the comments and other facts of record, the Board concludes that the comments do not warrant WILLIAM W. WILES denial of the application. Secretary of the Board 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 avaialble upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
218 Federal Reserve Bulletin • March 1992 Section 3 Applicant(s) Bank(s) ^Date^ Barnett Banks, Inc., Barnett Bank of Broward County, January 29, 1992 Jacksonville, Florida N.A., Fort Lauderdale, Florida 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 APM Bancorp, Inc., Buffalo Savings Bank, Chicago January 15, 1992 Buffalo, Iowa Buffalo, Iowa Bushton Investment Company, The Bank of Inman, Kansas City January 27, 1992 Inc., Hays, Kansas Inman, Kansas CB Financial Corporation, CCSB Corporation, Chicago January 13, 1992 Jackson, Michigan Charlevoix, Michigan Central Bancompany, Inc., Third Bancshares St. Louis January 10, 1992 Jefferson City, Missouri Corporation, Sedalia, Missouri Chadwick Bancshares, Inc., Miles Service Chicago December 26, 1991 Chadwick, Illinois Corporation, Miles, Iowa Community First Bankshares, First Breck Holding Minneapolis January 17, 1992 Inc., Company, Fargo, North Dakota Breckenridge, Minnesota Coweta Bancshares, Inc., Security Bank, Kansas City January 10, 1992 Coweta, Oklahoma Coweta, Oklahoma Crosswhite Bankshares, Inc., Cripple Creek Kansas City December 27, 1991 Denver, Colorado Bancorporation, Inc., Cripple Creek, Colorado Elkton Holding Company, Corn Exchange Bank, Minneapolis December 31, 1991 Elkton, South Dakota Elkton, South Dakota Farmers State Corporation, Jackson State Bank, Minneapolis January 17, 1992 Mountain Lake, Minnesota Jackson, Minnesota The F. Calvin Packard Family Central Bancorporation, San Francisco January 27, 1992 Limited Partnership, Springville, Utah Springville, Utah Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 219 Section 3—Continued Reserve Effective Applicant(s) Bank(s) Bank Date Financial Investors of the South, Bank of Alabama, Atlanta December 31, 1991 Inc., Fultondale, Alabama Birmingham, Alabama Firstar Corporation of Illinois, First Geneva Chicago January 17, 1992 Milwaukee, Wisconsin Banqueshares, Inc., Firstar Corporation, Geneva, Illinois Milwaukee, Wisconsin First Neighborhood Bancshares, Greenup National Corp., Chicago January 10, 1992 Inc., Belleville, Illinois Toledo, Illinois F.S.B. Bancorporation, Inc. of F.S.B. Bancorporation, Kansas City January 9, 1992 Fort Morgan ESOP, Inc., Fort Morgan, Colorado Fort Morgan, Colorado Independence Bancshares, Inc., First State Chicago January 28, 1992 Independence, Iowa Bancorporation, Fredricksburg, Iowa Leachville State Bancshares, Caraway Bancshares, St. Louis January 23, 1992 Inc., Inc., Leachville, Arkansas Caraway, Arkansas Mid-South Bancshares, Inc., Far-Mer Bankshares, St. Louis January 30, 1992 Paragould, Arkansas Inc., Reyno, Arkansas MSB Shares, Inc., MidSouth Bank, St. Louis January 15, 1992 Monette, Arkansas Monette, Arkansas Nichols Bancorp Inc., State Bank of Nichols, Chicago January 24, 1992 Nichols, Wisconsin Nichols, Wisconsin Old National Bancorp, U.S.B. Corporation St. Louis January 27, 1992 Evansville, Indiana Washington, Indiana Orangeville Bancorp, Inc., Orangeville Community Chicago January 6, 1992 Orangeville, Illinois Bank, Orangeville, Illinois Padgett Agency, Inc., Cloud County Kansas City January 17, 1992 Greenleaf, Kansas Bancshares, Inc., Concordia, Kansas Phenix-Girard Bancshares, Inc., Phenix-Girard Bank, Atlanta January 28, 1992 Phenix City, Alabama Phenix City, Alabama State Bancorp, Inc., State Bancorp Interim New York December 27, 1991 New Hyde Park, New York Savings Bank F.S.B., New Hyde Park, New York TCBankshares, Inc., The Twin City Bank, St. Louis December 30, 1991 North Little Rock, Arkansas North Little Rock, Arkansas Van Diest Investment Company, Altoona State Bank, Chicago December 27, 1991 Ankeny, Iowa Altoona, Iowa Tennessee Bancorp, Inc., Tennessee National Bank, Atlanta January 10, 1992 Columbia, Tennessee Columbia, Tennessee Vogel Bancshares, Inc., Iowa State Bank, Chicago January 13, 1992 Orange City, Iowa Hull, Iowa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
220 Federal Reserve Bulletin • March 1992 Section 4 Nonbanking Reserve Effective Applicant(s) Activity/Company Bank Date First Commercial Bancshares, Canterbury Trust Atlanta January 13, 1992 Inc., Company, Inc., Jasper, Alabama Birmingham, Alabama People's Savings Financial Corp., Federal Savings Bank, Boston December 31, 1991 New Britain, Connecticut F.S.B., New Britain, Connecticut APPLICATIONS APPROVED UNDER BANK MERGER 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. Reserve Effective Applicant(s) Bank(s) Bank Date Chemical Bank Chemcial Bank Delaware, New York January 30, 1992 New York, New York Wilmington, Delaware Old Kent Bank and Trust Old Kent Bank of Chicago January 29, 1992 Company, Lansing, Grand Rapids, Michigan) Lansing, Michigan Wesbanco Bank, Bank of Follansbee, Cleveland January 10, 1992 Wheeling, West Virginia Follansbee, West Virginia PENDING CASES INVOLVING THE BOARD OF First Interstate BancSystem of Montana, Inc. v. GOVERNORS Board of Governors, No. 91-1525 (D.C. Cir., filed November 1, 1991). Petition for review of Board's This list of pending cases does not include suits order denying on Community Reinvestment Act against the Federal Reserve Banks in which the Board grounds the petitioner's application under section of Governors is riot named a party. 3 of the Bank Holding Company Act to merge with Commerce BancShares of Wyoming, Inc. In re Subpoena Served on the Board of Governors, Board of Governors v. Kemal Shoaib, No. CV 91-5152 Nos. 91-5427, 91-5428 (D.C. Cir., filed December (C.D. California, filed September 24, 1991). Action 27, 1991). Appeal of order of district court, dated to freeze assets of individual pending administrative December 3, 1991, requiring the Board and the adjudication of civil money penalty assessment by Office of the Comptroller of the Currency to produce the Board. On October 15, the court issued a preconfidential examination material to a private liti- liminary injunction restraining the transfer or dispogant. The court of appeals stayed the district court sition of the individual's assets. order on January 7, 1992, and will hear oral argu- Board of Governors v. Ghaith R. Pharaon, No. ment on the case on March 17, 1992. 91-CIV-6250 (S.D. New York, filed September 17, Greenberg v. Board of Governors, No. 91-4200 (2d 1991). Action to freeze assets of individual pending Cir., filed December 4, 1991). Petition for review of administrative adjudication of civil money penalty orders of prohibition issued by the Board on Octo- assessment by the Board. On September 17, the ber 28, 1991. Oral argument is scheduled for the court issued an order temporarily restraining the week of March 30, 1992. transfer or disposition of the individual's assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 221 In re Smouha, No. 91-B-13569 (Bkr. S.D. New York, WRITTEN AGREEMENTS APPROVED BY FEDERAL filed August 2, 1991). Ancillary proceeding under the RESERVE BANKS U.S. Bankruptcy Code brought by provisional liquidators of BCCI Holdings (Luxembourg) S.A. and Bank of the Commonwealth affiliated companies. On August 15, 1991, the bank- Norfolk, Virginia ruptcy court issued a temporary restraining order staying certain judicial and administrative actions, The Federal Reserve Board announced on January 30, which has been continued by consent. 1992, the execution of a Written Agreement among the Hanson v. Greenspan, No. 91-1599 (D.D.C., filed June Federal Reserve Bank of Richmond, the Bank of the 28, 1991). Suit for return of funds and financial instru- Commonwealth, Norfolk, Virginia, and the Bureau of ments allegedly owned by plaintiffs. The Board's Financial Institutions of the Commonwealth of Virmotion to dismiss was filed on October 29; the ginia, Richmond, Virginia. plaintiffs filed an opposition on November 12, 1991. Fields v. Board of Governors, No. 3:91CV069 (N.D. B.M.J. Financial Corporation Ohio, filed February 5, 1991). Appeal of denial of Bordentown, New Jersey request for information under the Freedom of Information Act. The Federal Reserve Board announced on January 8, Citicorp v. Board of Governors, No. 90-4124 (2d Circuit, 1992, the execution of two Written Agreements involvfiled October 4, 1990). Petition for review of Board ing the Federal Reserve Bank of Philadelphia and order requiring Citicorp to terminate certain insurance B.M.J. Financial Corporation, Bordentown, New Jeractivities conducted pursuant to Delaware law by an sey, a bank holding company, and its subsidiary bank, indirect nonbank subsidiary. On June 10, 1991, the the Bank of Mid-Jersey, Bordentown, New Jersey. court of appeals granted the petition and vacated the Board's order. On January 13, 1992, the Supreme Hibernia Corporation Court denied the petition for certiorari filed by the New Orleans, Louisiana Independent Insurance Agents of America and others. Synovus Financial Corp. v. Board of Governors, No. The Federal Reserve Board announced on January 3, 89-1394 (D.C. Circuit, filed June 21, 1989). Petition for 1992, the execution of a Written Agreement between review of Board order permitting relocation of a bank the Federal Reserve Bank of Atlanta and Hibernia holding company's national bank subsidiary from Ala- Corporation, New Orleans, Louisiana. bama to Georgia. On December 20, 1991, the Court of Appeals vacated the Board's order, ruling that the Society for Savings Bancorp, Inc. Board has no authority over interstate relocations of Hartford, Connecticut national banks. MCorp v. Board of Governors, No. 89-2816 (5th The Federal Reserve Board announced on January 30, Circuit, filed May 2, 1989). Appeal of preliminary 1992, the execution of a Written Agreement between injunction against the Board enjoining pending and the Federal Reserve Bank of Boston and Society for future enforcement actions against a bank holding Savings Bancorp, Inc., Hartford, Connecticut. company now in bankruptcy. On May 15, 1990, the Fifth Circuit vacated the district court's order en- Val Cor Bancorporation, Inc. joining the Board from proceeding with enforcement Cortez, Colorado actions based on section 23A of the Federal Reserve Act, but upheld the district court's order enjoining The Federal Reserve Board announced on January 6, such actions based on the Board's source-of- 1992, the execution of a Written Agreement between strength doctrine. 900 F.2d 852 (5th Cir. 1990). On the Federal Reserve Bank of Kansas City and Val Cor cross-petitions for certiorari, Nos. 90-913, 90-914, Bancorporation, Inc., Cortez, Colorado. the Supreme Court, on December 3, 1991, reversed that part of the Court of Appeals decision enjoining West Coast Bank the Board's enforcement action, on the ground that Sarasota, Florida the courts have no jurisdiction to affect such proceedings until final orders are issued by the Board. The Federal Reserve Board announced on January 3, MCorp v. Board of Governors, No. CA3-88-2693 1992, the execution of a Written Agreement among (N.D. Texas, filed October 10, 1988). Application the Federal Reserve Bank of Atlanta, the State for injunction to set aside temporary cease and Comptroller and Banking Commissioner of the State desist orders. Stayed pending outcome of MCorp v. of Florida, Tallahassee, Florida, and the West Coast Board of Governors, 900 F.2d 852 (5th Cir. 1990). Bank, Sarasota, Florida. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
56 Financial and Business Statistics CONTENTS WEEKLY REPORTING COMMERCIAL BANKS Assets and liabilities Domestic Financial Statistics A20 All reporting banks A22 Branches and agencies of foreign banks MONEY STOCK AND BANK CREDIT FINANCIAL MARKETS A4 Reserves, money stock, liquid assets, and debt measures A23 Commercial paper and bankers dollar A5 Reserves of depository institutions, Reserve Bank acceptances outstanding credit A23 Prime rate charged by banks on short-term A6 Reserves and borrowings—Depository business loans institutions A24 Interest rates—money and capital markets A7 Selected borrowings in immediately available A25 Stock market—Selected statistics funds—Large member banks A26 Selected financial institutions—Selected assets and liabilities POLICY INSTRUMENTS FEDERAL FINANCE A8 Federal Reserve Bank interest rates A9 Reserve requirements of depository institutions A26 Federal fiscal and financing operations A10 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 All Condition and Federal Reserve note statements dealers—Transactions A12 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 A13 Aggregate reserves of depository institutions SECURITIES MARKETS AND and monetary base CORPORATE FINANCE A14 Money stock, liquid assets, and debt measures A16 Bank debits and deposit turnover A32 New security issues—State and local A17 Loans and securities—All commercial banks governments and corporations A33 Open-end investment companies—Net sales and asset position COMMERCIAL BANKING INSTITUTIONS A3 3 Corporate profits and their distribution A33 Total nonfarm business expenditures on new A18 Major nondeposit funds plant and equipment A19 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
57 Federal Reserve Bulletin • March 1992 Domestic Financial Statistics—Continued A55 Foreign branches of U.S. banks—Balance sheet data REAL ESTATE A57 Selected U.S. liabilities to foreign official institutions A3 5 Mortgage markets A36 Mortgage debt outstanding REPORTED BY BANKS IN THE UNITED STATES CONSUMER INSTALLMENT CREDIT A57 Liabilities to and claims on foreigners A37 Total outstanding and net change A58 Liabilities to foreigners A3 8 Terms A60 Banks' own claims on foreigners A61 Banks' own and domestic customers' claims on foreigners FLOW OF FUNDS A61 Banks' own claims on unaffiliated foreigners A62 Claims on foreign countries—Combined A39 Funds raised in U.S. credit markets domestic offices and foreign branches A41 Direct and indirect sources of funds to credit markets A42 Summary of credit market debt outstanding REPORTED BYNONBANKING BUSINESS A43 Summary of credit market claims, by holder ENTERPRISES IN THE UNITED STATES A63 Liabilities to unaffiliated foreigners Domestic Nonfinancial Statistics A64 Claims on unaffiliated foreigners SELECTED MEASURES SECURITIES HOLDINGS AND TRANSACTIONS A44 Nonfinancial business activity—Selected measures A65 Foreign transactions in securities A45 Labor force, employment, and unemployment A66 Marketable U.S. Treasury bonds and A46 Output, capacity, and capacity utilization notes—Foreign transactions A47 Industrial production—Indexes and gross value A49 Housing and construction A50 Consumer and producer prices INTEREST AND EXCHANGE RATES A51 Gross domestic product and income A52 Personal income and saving A67 Discount rates of foreign central banks A67 Foreign short-term interest rates A68 Foreign exchange rates International Statistics A69 Guide to Tabular Presentation, Statistical Releases, and Special SUMMARY STATISTICS Tables A53 U.S. international transactions—Summary A54 U.S. foreign trade SPECIAL TABLE A54 U.S. reserve assets A54 Foreign official assets held at Federal Reserve A70 Terms of lending at commmercial banks, Banks November 1991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS c Corrected GNP Gross national product e Estimated HUD Department of Housing and Urban p Preliminary Development r Revised (Notation appears on column heading IMF International Monetary Fund when about half of the figures in that column IO Interest only are changed.) IPCs Individuals, partnerships, and corporations * Amounts insignificant in terms of the last decimal IRA Individual retirement account place shown in the table (for example, less than MMDA Money market deposit account 500,000 when the smallest unit given is millions) n.a. Not available 0 Calculated to be zero n.e.c. Not elsewhere classified Cell not applicable NOW Negotiable order of withdrawal ATS Automatic transfer service OCD Other checkable deposit CD Certificate of deposit OPEC Organization of Petroleum Exporting Countries CMO Collateralized mortgage obligation OTS Office of Thrift Supervision FFB Federal Financing Bank PO Principal only FHA Federal Housing Administration REIT Real estate investment trust FHLBB Federal Home Loan Bank Board REMIC Real estate mortgage investment conduit FHLMC Federal Home Loan Mortgage Corporation RP Repurchase agreement FmHA Farmers Home Administration RTC Resolution Trust Corporation FNMA Federal National Mortgage Association SAIF Savings Association Insurance Fund FSLIC Federal Savings and Loan Insurance Corporation SCO Securitized credit obligation G-7 Group of Seven SDR Special drawing right G-10 Group of Ten SMSA Standard metropolitan statistical area GNMA Government National Mortgage Association VA Veterans Administration GENERAL INFORMATION In some of the tables, details do not add to totals because of include not fully guaranteed issues) as well as direct obligarounding. tions of the Treasury. "State and local government" also in- Minus signs are used to indicate (1) a decrease, (2) a negative cludes municipalities, special districts, and other political figure, or (3) an outflow. subdivisions. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A4 Domestic Financial Statistics • March 1992 1.10 RESERVES, MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted1 1991 1991 MMoonneettaarryy aanndd ccrreeddiitt aaggggrreeggaattee QL Q2 Q3 Q4 Aug. Sept. Oct.r Nov. Dec. Reserves of depository institutions2 1 Total 9.1 3.0 7.4 15.3 11.3 6.2 15.7 20.3 24.1 2 Required 4.5 8.9 7.9 15.5 7.1 10.1 12.3 25.3 22.5 3 Nonborrowed 8.9 3.4 4.3 19.3 7.7 9.1 25.0 24.0 22.2 4 Monetary base3 14.4 3.8 5.8 8.3 9.1 6.4 9.9 6.5 9.3 Concepts of money, liquid assets, and debt4 5 Ml 5.9 7.3 6.8 10.9 9.2 5.4 12.6 15.3r 8.6 6 M2 3.4 4.7 .If 2.6 ,6r .6r 3.0 5.1r 2.5 7 M3 4.0 1.8 -2.<y 1.4 -.2r — 1.3r 2.0 3.5r 2.4 8 L 3.3 -2.4 ,6r n.a. -1.6r -2.r 2.5 6.8 n.a. 9 Debt 4.8 3.9 5.2 5.6 5.8 6.0 6.1 5.1 n.a. Nontrqnsaction components 10 In M2y 2.6 3.8r -2.2r -.2 -2.4r -l.<Y -.2 1.6r .3 11 In M3 only6 6.4 - 10.6r -11.0r -4.1 -3.8r -10.3 -2.4 -3.9r 2.4 Time and savings deposits Commercial banks 12 Savings, including MMDAs 7.5 16.6 12.9 13.0 10.4 9.1 14.7 14.5 13.8 13 Small time 8.8 -1.7 .8 -6.7 7.8r -,6r -7.5 - 14.8r -14.6 14 Large time • ll^ .2 -8.4r -13.7 -7.9 -14.4r -18.6 -13.3r -5.1 Thrift institutions 15 Savings, including MMDAs -.7 18.4 9.7 9.2 2.6 5.6 8.8 13.6 14.1 16 Small time -9.9 -14.7 -23.2r -18.4 -27.3r -15.5r -20.3 -16.0r -17.2 17 Large time8, -31.9 -35.1 -40.6r -39.2 -47.9r -40.9r -46.3 -35.8 -24.1 Money market mutual funds 18 General purpose and broker-dealer 18.5 7.8r -7.5r -6.8 -18.8r -9.7r -3.7 -5.8r .0 19 Institution-only 49.9 23.0 .7 43.7 25.4 37.3 49.0 43.2 45.5 Debt components4 20 Federal 12.0 5.6 13.6 13.1 15.8 13.8 14.3 11.4 n.a. 21 Nonfederal 2.6 3.4 2.4 3.1 2.5 3.4 3.3 2.9 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
Money Stock and Bank Credit A5 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 Factor 1991 1991 Oct. Nov. Dec. Nov.13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 295,971 300,929 312,013 302,351 299,754 300,893 306,895 309,277 306,457 314,947 U.S. government securities 2 Bought outright-system account 256,524 261,764 266,743 260,562 262,465 262,310 265,579 268,379 266,780 266,439 3 Held under repurchase agreements ... 401 1,004 4,993 2,720 0 1,350 1,713 1,228 0 7,754 Federal agency obligations 4 Bought outright 6,148 6,130 6,081 6,140 6,140 6,118 6,090 6,090 6,090 6,090 5 Held under repurchase agreements ... 23 15 144 44 0 21 9 18 0 273 6 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 7 Adjustment credit 38 18 84 10 14 21 33 95 12 137 8 Seasonal credit 210 86 39 92 91 77 46 43 42 39 9 Extended credit 9 1 1 3 1 2 1 0 1 1 10 Float 691 635 845 490 620 633 1,215 797 765 730 11 Other Federal Reserve assets 31,926 31,276 33,084 32,290 30,423 30,362 32,210 32,629 32,767 33,483 12 Gold stock 11,061 11,059 11,058 11,059 11,059 11,059 11,058 11,058 11,058 11,058 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 20,914 20,965 21,001 20,954 20,968 20,982 20,982 20,991 21,000 21,008 ABSORBING RESERVE FUNDS 15 Currency in circulation 295,745 299,098 304,649 299,032 299,288 299,681 302,181 303,277 303,668 305,668 16 Treasury cash holdings 617 633 632 632 633 637 635 633 630 632 Deposits, other than reserve balances, with Federal Reserve Banks 17 Treasury 5,907 5,731 7,816 5,832 5,596 5,281 5,921 5,191 5,838 9,723 18 Foreign 222 209 284 178 189 205 302 204 217 295 19 Service-related balances and adjustments 3,456 3,456 4,140 3,762 3,760 3,665 4,031 3,926 4,372 4,249 20 Other 267 220 268 208 228 219 221 213 223 214 21 Other Federal Reserve liabilities and capital 8,692 8,580 9,204 8,433 8,432 8,635 9,927 9,960 8,709 8,849 22 Reserve balances with Federal Reserve Banks3 23,058 24,785 27,098 26,304 23,671 24,630 25,736 27,939 24,875 27,403 End-of-month figures Wednesday figures 1991 1991 Oct. Nov. Dec. Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 306,804 304,408 323,906 313,077 298,415 301,410 307,518 310,768 308,118 317,319 U.S. government securities 2 Bought outright-system account 258,961 265,212 266,486 263,015 261,324 262,928 266,988 269,684 268,084 265,932 3 Held under repurchase agreements ... 8,714 0 15,345 9,100 0 1,627 807 750 0 10,002 Federal agency obligations 4 Bought outright 6,140 6,090 6,045 6,140 6,140 6,090 6,090 6,090 6,090 6,090 5 Held under repurchase agreements ... 19 0 553 108 0 5 10 0 0 400 6 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 7 Adjustment credit 30 59 194 24 13 25 7 613 14 153 8 Seasonal credit 123 45 23 97 83 64 40 44 45 28 9 Extended credit 0 1 1 0 1 2 2 0 2 1 10 Float 604 660 731 1,721 659 453 1,083 841 1,144 975 11 Other Federal Reserve assets 32,212 32,341 34,529 32,872 30,195 30,217 32,491 32,747 32,740 33,738 12 Gold stock 11,059 11,058 11,059 11,059 11,058 11,058 11,058 11,058 11,058 11,058 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 20,940 20,996 21,017 20,954 20,968 20,982 20,982 20,991 21,000 21,008 ABSORBING RESERVE FUNDS 15 Currency in circulation 296,522 301,830 307,759 299,628 299,303 301,424 303,166 303,504 304,446 306,619 16 Treasury cash holdings 631 636 636 633 637 636 633 630 631 634 Deposits, other than reserve balances, with Federal Reserve Banks 17 Treasury 18,111 6,317 17,697 4,278 5,377 5,104 3,430 4,269 7,494 9,834 18 Foreign 223 346 968 191 185 301 203 180 235 268 19 Service-related balances and adjustments 3,504 4,033 4,118 3,762 3,760 3,665 4,031 3,926 4,372 4,249 20 Other 213 221 1,706 213 242 208 208 227 219 200 21 Other Federal Reserve liabilities and capital 8,354 10,156 8,113 8,439 8,237 8,519 9,949 8,577 8,391 8,961 22 Reserve balances with Federal Reserve Banks3 21,264 22,942 25,004 37,964 22,748 23,613 27,957 31,522 24,405 28,639 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
A6 Domestic Financial Statistics • March 1992 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RReesseerrvvee ccllaassssiiffiiccaattiioonn 1989 1990 1991 1991 Dec. Dec. Dec. June July Aug. Sept. Oct. Novr Dec. 1 Reserve balances with Reserve Banks2 35,436 30,237 26,660 23,685 23,271 22,810 23,447 23,197 25,004 26,660 2 Total vault cash 29,822 31,777 32,513 30,524 31,322 31,779 31,549 32,305 31,718 32,513 3 Applied vault cash4 27,374 28,884 28,872 26,722 27,389 27,798 27,680 28,386 28,053 28,872 4 Surplus vault cash 2,448 2,893 3,641 3,801 3,933 3,981 3,869 3,919 3,664 3,641 5 Total reserves6 62,810 59,120 .55,532 50,407 50,660 50,607 51,127 51,584 53,057 55,532 6 Required reserves 61,887 57,456 54,551 49,399 49,754 49,521 50,198 50,501 52,165 54,551 7 Excess reserve balances at Reserve Banks ... 923 1,664 981 1,008 906 1,086 929 1,083 892 981 8 Total borrowings at Reserve Banks 265 326 192 340 607 764 645 261 108 192 9 Seasonal borrowings 84 76 38 222 317 331 287 211 86 38 10 Extended credit9 20 23 1 8 46 300 302 12 1 1 Biweekly averages of daily figures for weeks ending 1991 1992 Sept. 4 Sept. 18 Oct. 2 Oct. 16 Oct. 30 Nov. 13 Nov. 27 Dec. llr Dec. 25 Jan. 8 1 Reserve balances with Reserve Banks2 23,077 24,771 22,024 23,418 22,980 25,494 24,155 26,839 26,133 27,561 2 Total vault cash3 31,137 31,015 32,310 32,333 32,382r 30,842r 32,665r 31,093 33,284 33,318 3 Applied vault cash4, 27,254 27,408 28,141 28,506 28,377 27,326 28,825 27,607 29,554 29,598 4 Surplus vault cash 3,883 3,608 4,169 3,827 4,005r 3,516r 3,841r 3,486 3,730 3,720 5 Total reserves6 50,331 52,179 50,165 51,924 51,357 52,820 52,979 54,446 55,687 57,159 6 Required reserves 49,058 51,447 49,122 50,908 50,191 51,907 52,045 53,842 54,484 56,008 7 Excess reserve balances at Reserve Banks7 ... 1,273 732 1,044 1,016 1,167 913 934 605 1,203 1,151 8 Total borrowings at Reserve Banks 795 828 383 290 225 114 103 110 116 521 9 Seasonal borrowings 320 269 296 228 191 98 84 45 41 22 10 Extended credit9 406 496 41 7 14 2 2 1 1 1 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
Money Stock and Bank Credit A7 1.13 SELECTED BORROWINGS IN IMMEDIATELY AVAILABLE FUNDS Large Banks1 Millions of dollars, averages of daily figures 1991, week ending Monday SSoouurrccee aanndd mmaattuurriittyy Aug. 5 Aug. 12 Aug. 19 Aug. 26 Sept. 2 Sept. 9 Sept. 16 Sept. 23 Sept. 30 Federal funds purchased, repurchase agreements, and other selected borrowings From commercial banks in the United States 1 For one day or under continuing contract 77,865 79,777 80,208 77,400 76,856 85,977 80,342 78,937 77,654 2 For all other maturities 15,555 15,725 15,409 15,120 15,422 14,848 14,662 14,629 15,258 From other depository institutions, foreign banks and official institutions, and U.S. government agencies 3 For one day or under continuing contract 21,671 21,330 20,696 21,831 22,235 23,394 20,678 23,348 22,030 4 For all other maturities 20,685 20,157 19,376 18,816 19,213 19,220 19,266 18,766 19,355 Repurchase agreements on U.S. government and federal agency securities Brokers and nonbank dealers in securities 5 For one day or under continuing contract 8,490 9,922 11,054 11,188 9,722 10,979 10,912 10,261 9,336 6 For all other maturities 17,572 17,469 16,684 17,696 17,880 16.118 16,614 16,735 16,165 All other customers 7 For one day or under continuing contract 25,495 24,809 26,902 26,461 24,245 24,922 25,170 24,200 25,473 8 For all other maturities 11,076 11,485 11,663 11,681 11,778 11,396 11,181 11,583 12,004 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 45,167 42,903 44,888 40,709 40,900 44,240 43,633 46,932 47,819 10 To all other specified customers2 21,966 19,141 19,620 18,969 19,566 19,649 20,070 21,298 18,349 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
A8 DomesticN onfinancial Statistics • March 1992 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Adjustment credit' Seasonal credit2 Extended credit Federal Reserve Bank 1/2 O 9 n /9 2 Effective date Previous rate 1/2 O 9 n /9 2 Effective date Previous rate 1/2 O 9 n /9 2 Effective date Previous rate Boston 12/20/91 1/23/92 4.50 1/23/92 4.65 New York ... 12/20/91 1/23/92 1/23/92 Philadelphia.. 12/20/91 1/23/92 1/23/92 Cleveland 12/20/91 1/23/92 1/23/92 Richmond 12/20/91 1/23/92 1/23/92 Atlanta 12/20/91 1/23/92 1/23/92 Chicago 12/20/91 1/23/92 1/23/92 St. Louis 12/24/91 1/23/92 1/23/92 Minneapolis.. 12/23/91 1/23/92 1/23/92 Kansas City.. 12/20/91 1/23/92 1/23/92 Dallas 12/20/91 1/23/92 1/23/92 San Francisco 12/20/91 4.5 1/23/92 4.15 4.50 1/23/92 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. B o an 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 1986—Mar. 7 7-7.5 7 14 14 10 7 7 1978-—Jan. 9 6-6.5 6.5 Nov. 7 13-14 13 Apr. 21 6.5-7 6.5 20 6.5 6.5 6 13 13 July 11 6 6 May 11 6.5-7 7 Dec. 4 12 12 Aug. 21 5.5-6 5.5 17 7 7 22 5.5 5.5 July 3 7-7.25 7.25 1982---JJuullyy 70 11.5-12 11.5 10 7.25 7.25 73 11.5 11.5 1987—Sept. 4 5.5-6 6 Aug. 71 7.75 7.75 Aug. 7 11-11.5 11 11 6 6 Sept. 7? 8 8 3 11 11 Oct. 16 8-8.5 8.5 16 10.5 10.5 1988—Aug. 9 6-6.5 6.5 70 8.5 8.5 27 10-10.5 10 11 6.5 6.5 Nov. 1 8.5-9.5 9.5 30 10 10 3 9.5 9.5 Oct. 1? 9.5-10 9.5 1989—Feb. 24 6.5-7 7 13 9.5 9.5 7 7 1979--July 70 10 10 Nov. 7? 9-9.5 9 27 Aug. 17 10-10.5 10.5 26 9 9 6.5 6.5 70 10.5 10.5 Dec. 14 8.5-9 9 1990—Dec. 19 Sept. 19 10.5-11 11 IS 8.5-9 8.5 6-6.5 6 71 11 11 17 8.5 8.5 1991—Feb. 1 6 6 Oct. 8 . 11-12 12 4 5.5-6 5.5 10 12 12 1984-—Apr. 9 8.5-9 9 Apr. 30 5.5 5.5 n 9 9 May 2 5-5.5 5 1980--Feb. 15 12-13 13 Nov. 71 8.5-9 8.5 Sept. 13 5 5 19 13 13 26 8.5 8.5 Sept. 17 4.5-5 4.5 May 79 . . 12-13 13 Dec. 74 Nov. 6 4.5 4.5 30 . . 12 12 7 3.5-4.5 3.5 June 13 . . 11-12 11 1985-——MMaayy 70 7.5-8 7.5 Dec. 20 3.5 3.5 16 . . 11 11 74 7.5 7.5 24 79 . . 10 10 In effect Jan. 29, 1992 3.5 3.5 July 78 .. 10-11 10 Sept. 76 11 11 Nov. 17 .. 12 12 Dec. 5 .. 12-13 13 1. Adjustment credit is available on a short-term basis to help depository ordinarily is charged on extended-credit loans outstanding less than thirty days; institutions meet temporary needs for funds that cannot be met through reason- however, at the discretion of the Federal Reserve Bank, this time period may be able alternative sources. The highest rate established for loans to depository shortened. Beyond this initial period, a flexible rate somewhat above rates on institutions may be charged on adjustment-credit loans of unusual size that result market sources of funds is charged. The rate ordinarily is reestablished on the first from a major operating problem at the borrower's facility. business day of each two-week reserve maintenance period, but it is never less 2. Seasonal credit is available to help relatively small depository institutions than the discount rate applicable to adjustment credit plus 50 basis points. meet regular seasonal needs for funds that arise from a clear pattern of intra- 4. For earlier data, see the following publications of the Board of Governors: yearly movements in their deposits and loans and that cannot be met through Banking and Monetary Statistics, 1914-1941, and 1941-1970; and the Annual special industry lenders. The discount rate on seasonal credit takes into account Statistical Digest, 1970-1979. rates on market sources of funds and ordinarily is reestablished on the first In 1980 and 1981, the Federal Reserve applied a surcharge to short-term business day of each two-week reserve maintenance period; however, it is never adjustment-credit borrowings by institutions with deposits of $500 million or more less than the discount rate applicable to adjustment credit. that had borrowed in successive weeks or in more than four weeks in a calendar 3. Extended credit may be made available to depository institutions when quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, similar assistance is not reasonably available from other sources, including special 1980. A surcharge of 2 percent was reimposed on Nov. 17, 1980; the surcharge industry lenders. Such credit may be provided when exceptional circumstances was subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, (including sustained deposit drains, impaired access to money market funds, or 1981. The surcharge was reduced to 3 percent effective Sept. 22, 1981, and to 2 sudden deterioration in loan repayment performance) or practices involve only a percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula for applying the particular institution, or to meet the needs of institutions experiencing difficulties surcharge was changed from a calendar quarter to a moving thirteen week period. adjusting to changing market conditions over a longer period (particularly at times The surcharge was eliminated on Nov. 17, 1981. of deposit disintermediation). The discount rate applicable to adjustment credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Policy Instruments A9 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirements TTyyppee ooff ddeeppoossiitt22 Percent of Effective date deposits Net transaction accounts3 33333 1111122222/////1111177777/////9999911111 1111122222 1111122222/////1111177777/////9999911111 00000 1111122222/////2222277777/////9999900000 00000 1111122222/////2222277777/////9999900000 1. Required reserves must be held in the form of deposits with Federal Reserve However, money market deposit accounts (MMDAs) and similar accounts subject Banks or vault cash. Nonmember institutions may maintain reserve balances with to the rules that permit no more than six preauthorized, automatic, or other a Federal Reserve Bank indirectly on a pass-through basis with certain approved transfers per month, of which no more than three may be checks, are not institutions. For previous reserve requirements, see earlier editions of the AnnuaI transaction accounts (such accounts are savings deposits). Report or the Federal Reserve Bulletin. Under provisions of the Monetary The Monetary Control Act of 1980 requires that the amount of transaction Control Act, depository institutions include commercial banks, mutual savings accounts against which the 3 percent reserve requirement applies be modified banks, savings and loan associations, credit unions, agencies and branches of annually by 80 percent of the percentage change in transaction accounts held by foreign banks, and Edge corporations. all depository institutions, determined as of June 30 each year. Effective Dec. 17, 2. The Garn-St Germain Depository Institutions Act of 1982 (Public Law 1991, for institutions reporting quarterly, and Dec. 24, 1991, for institutions 97-320) requires that $2 million of reservable liabilities of each depository reporting weekly, the amount was increased from $41.1 million to $42.2 million. institution be subject to a zero percent reserve requirement. The Board is to adjust 4. For institutions that report weekly, the reserve requirement on nonpersonal the amount of reservable liabilities subject to this zero percent reserve require- time deposits with an original maturity of less than 1 Vi years was reduced from 3 ment each year for the succeeding calendar year by 80 percent of the percentage percent to 1 Vi percent for the maintenance period that began Dec. 13, 1990, and increase in the total reservable liabilities of all depository institutions, measured to zero for the maintenance period that began Dec. 27, 1990. The reserve on an annual basis as of June 30. No corresponding adjustment is to be made in requirement on nonpersonal time deposits with an original maturity of 1 Vl years the event of a decrease. On Dec. 17, 1991, the exemption was raised from $3.4 or more has been zero since Oct. 6, 1983. million to $3.6 million. The exemption applies in the following order: (1) net For institutions that report quarterly, the reserve requirement on nonpersonal negotiable order of withdrawal (NOW) accounts (NOW accounts less allowable time deposits with an original maturity of less than 1 Vl years was reduced from 3 deductions); and (2) net other transaction accounts. The exemption applies only to percent to zero on Jan. 17, 1991. accounts that 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 Vi years (see note 4). three per month for the purpose of making payments to third persons or others. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A10 Domestic Nonfinancial Statistics • March 1992 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars 1991 TTyyppee ooff ttrraannssaaccttiioonn 11998888 11998899 11999900 May June July Aug. Sept. Oct. Nov. U.S. TREASURY SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 8,223 14,284 24,739 3,411 37 1,359 5,776 529 2,198 3,023 2 Gross sales 587 12,818 7,291 0 0 0 0 0 0 0 3 Exchanges 241,876 231,211 241,086 27,548 19,680 22,280 28,009 19,508 25,409 24,141 4 Redemptions 2,200 12,730 4,400 0 0 0 0 0 0 0 Others within one year 5 Gross purchases 2,176 327 425 200 0 625 340 200 0 178 6 Gross sales 0 0 0 0 0 0 0 0 0 0 7 Maturity shifts 23,854 28,848 25,638 5,175 0 1,478 3,425 1,131 2,002 1,655 8 Exchanges -24,588 -25,783 -27,424 -4,887 0 -3,136 -2,443 -2,202 -2,034 -2,585 9 Redemptions 0 500 0 0 0 0 0 0 0 0 One to five years 10 Gross purchases 5,485 1,436 250 0 0 0 0 650 0 2,133 11 Gross sales 800 490 200 0 0 0 0 0 0 0 12 Maturity shifts -17,720 -25,534 -21,770 -3,410 0 -1,192 -3,425 -1,131 -1,877 -1,492 13 Exchanges 22,515 23,250 25,410 4,287 0 2,601 1,993 2,202 1,686 2,135 Five to ten years 14 Gross purchases 1,579 287 0 0 0 0 0 0 0 880 1") Gross sales 175 29 100 0 0 0 0 0 0 0 16 Maturity shifts -5,946 -2,231 -2,186 -1,605 0 -286 688 0 -126 -163 17 Exchanges 1,797 1,934 789 400 0 534 300 0 347 300 More than ten years 18 Gross purchases 1,398 284 0 0 0 0 0 0 0 375 19 Gross sales 0 0 0 0 0 0 0 0 0 0 20 Maturity shifts -188 -1,086 -1,681 -160 0 0 -688 0 0 0 21 Exchanges 275 600 1,226 200 0 0 150 0 0 150 All maturities 22 Gross purchases 18,863 16,617 25,414 3,611 37 1,984 6,116 1,379 2,198 6,590 23 Gross sales 1,562 13,337 7,591 0 0 0 0 0 0 0 24 Redemptions 2,200 13,230 4,400 0 0 0 0 0 0 0 Matched transactions 25 Gross sales 1,168,484 1,323,480 1,369,052 147,796 118,903 120,292 112,414 116,266 137,073 98,063 26 Gross purchases 1,168,142 1,326,542 1,363,434 147,803 118,239 121,803 110,280 118,481 135,281 97,925 Repurchase agreements2 27 Gross purchases 152,613 129,518 219,632 9,241 9,440 35,149 16,847 40,447 12,432 14,165 28 Gross sales 151,497 132,688 202,551 9,241 8,478 36,111 16,847 40,447 3,718 22,879 29 Net change in U.S. government securities 15,872 -10,055 24,886 3,618 335 2,532 3,981 3,595 9,121 -2,262 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 0 0 0 0 0 0 0 0 0 1 31 Gross sales 0 0 0 0 0 0 0 5 0 0 32 Redemptions 587 442 183 0 0 55 0 0 14 50 Repurchase agreements2 33 Gross purchases 57,259 38,835 41,836 885 1,225 3,245 537 3,061 714 275 34 Gross sales 56,471 40,411 40,461 885 748 3,722 537 3,061 695 294 35 Net change in federal agency obligations 198 -2,018 1,192 0 477 -532 0 -5 5 -68 36 Total net change in System Open Market Account 16,070 -12,073 26,078 3,618 812 2,000 3,981 3,590 9,126 -2,330 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
Federal Reserve Banks All 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month Account 1991 1991 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 Oct. 31 Nov. 29 Dec. 31 Consolidated condition statement ASSETS 1 Gold certificate account 11,058 11,058 11,058 11,058 11,058 11,059 11,058 11,059 2 Special drawing rights certificate account 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 3 Coin 560 549 556 555 545 579 557 528 Loans 4 To depository institutions 91 49 657 61 182 153 106 218 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 6,090 6090 6090 6090 6090 6,140 6,090 6,045 8 Held under repurchase agreements 5 10 0 0 400 19 0 553 9 Total U.S. Treasury securities 264,555 267,795 270,434 268,084 275,934 267,675 265,213 281,831 10 Bought outright2 262,928 266,988 269,684 268,084 265,932 258,961 265,213 266,486 11 Bills 131,693 133,436 135,932 134,233 132,081 128,976 131,661 132,635 12 Notes 99,472 101,220 101,420 101,520 101,520 98,372 101,220 101,520 13 Bonds 31,763 32,331 32,331 32,331 32,331 31,613 32,332 32,332 14 Held under repurchase agreements 1,627 807 750 0 10,002 8,714 0 15,345 15 Total loans and securities 270,740 273,943 277,180 274,234 282,606 273,987 271,407 288,647 16 Items in process of collection 5,798 6,487 5,997 6,620 8,558 4,949 4,059 8,286 17 Bank premises 973 976 976 980 981 965 976 987 Other assets 18 Denominated in foreign currencies3 25,244 26,742 26,778 26,875 26,990 25,557 26,739 27,626 19 All other4 4,474 4,806 5,028 5,013 5,869 6,243 4,705 5,911 20 Total assets 328,865 334,579 337,592 335,353 346,625 333,357 329,519 353,061 LIABILITIES 21 Federal Reserve notes 281,638 283,366 283,699 284,632 286,790 276,792 282,027 287,906 22 Total deposits 33,621 36,152 40,369 36,740 43,286 44,061 34,129 49,783 23 Depository institutions 28,008 32,312 35,692 28,792 32,984 25,513 27,246 29,413 24 U.S. Treasury—General account 5,104 3,430 4,269 7,494 9,834 18,111 6,317 17,697 25 Foreign—Official accounts 301 203 180 235 268 223 346 968 26 Other 208 208 227 219 200 213 221 1,706 27 Deferred credit items 5,088 5,112 4,947 5,589 7,589 4,151 3,207 7,259 28 Other liabilities and accrued dividends 2,857 2,877 2,880 2,652 2,885 2,912 2,947 2,810 29 Total liabilities 323,204 327,508 331,895 329,614 340,549 327,915 322,310 347,758 CAPITAL ACCOUNTS 30 Capital paid in 2,645 2,645 2,649 2,651 2,651 2,606 2,642 2,652 31 Surplus 2,423 2,423 2,423 2,423 2,423 2,413 2,423 2,652 594 2,003 625 665 1,002 423 2,144 0 32 Other capital accounts 328,865 334,579 337,592 335,353 346,625 333,357 329,519 353,061 33 Total liabilities and capital accounts 34 MEMcOu:s tModayr kfeotra bfoler eUig.nS .a nTdr eianstuerryn astieocnuarli tiaecsc ohuelndt s in. 253,026 254,721 254,554 253,870 252,553 252,020 254,484 251,209 Federal Reserve note statement 35 Federal Reserve notes outstanding (issued to Bank) 371,379 371,260 370,929 369,155 367,741 368,108 371,067 366,468 36 LESS: Held by Federal Reserve Bank 89,742 87,893 87,230 84,523 80,952 91,316 89,040 78,562 37 Federal Reserve notes, net 281,638 283,366 283,699 284,632 286,790 276,792 282,027 287,906 Collateral held against notes, net: 38 Gold certificate account 11,058 11,058 11,058 11,058 11,058 11,059 11,058 11,059 39 Special drawing rights certificate account 10,018 10,018 10,018 10,018 10,018 10,018 10,018 10,018 40 Other eligible assets 0 0 0 0 0 0 0 0 41 U.S. Treasury and agency securities 260,562 262,290 262,622 263,556 265,713 255,715 260,951 266,829 42 Total collateral 281,638 283,366 283,699 284,632 286,790 276,792 282,027 287,906 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
A12 Domestic NonfinancialS tatistics • March 1992 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 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 Oct. 31 Nov. 29 Dec. 31 1 Total loans 106 49 657 61 182 153 106 218 2 Within fifteen days 84 18 626 54 177 72 84 217 3 Sixteen days to ninety days 22 32 31 6 4 82 22 2 4 Ninety-one days to one year 0 0 0 0 0 0 0 0 5 Total acceptances 0 0 0 0 0 0 0 0 6 Within fifteen days 0 0 0 0 0 0 0 0 7 Sixteen days to ninety days 0 0 0 0 0 0 0 0 8 Ninety-one days to one year 0 0 0 0 0 0 0 0 9 Total U.S. Treasury securities 264,555 267,795 270,434 268,084 275,934 258,961 265,212 281,831 10 Within fifteen days2 12,200 13,745 14,719 14,824 16,545 6,709 5,174 21,109 11 Sixteen days to ninety days 64,151 63,020 64,329 64,365 67,654 61,051 69,572 66,759 12 Ninety-one days to one year 88,806 88,742 88,899 86,307 89,148 91,443 88,931 90,655 13 One year to five years 61,144 63,278 63,478 63,578 63,578 61,539 62,527 64,299 14 Five years to ten years 14,089 14,469 14,469 14,469 14,469 14,042 14,469 14,469 15 More than ten years 24,165 24,540 24,540 24,540 24,540 24,178 24,540 24,540 16 Total Federal agency obligations 6,095 6,100 6,090 6,090 6,490 6,140 6,090 6,597 17 Within fifteen days2 313 40 45 220 620 158 308 753 18 Sixteen days to ninety days 565 848 923 748 748 759 565 811 19 Ninety-one days to one year 1,430 1,445 1,380 1,380 1,380 1,431 1,430 1,329 20 One year to five years 2,608 2,588 2,545 2,545 2,545 2,605 2,608 2,508 21 Five years to ten years 990 990 1,008 1,008 1,008 1,000 990 1,008 22 More than ten years 188 188 188 188 188 188 188 188 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
Monetary and Credit Aggregates A13 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 1991 IItteemm D 19 e 8 c 8 . D 19 e 8 c 9 . D 19 e 9 c 0 . D 19 e 9 c 1 . May June July Aug. Sept. Oct. Nov. Dec. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 47.60 47.73 49.10 53.75 50.00 50.35 50.41 50.89 51.15 51.82 52.69r 53.75 2 Nonborrowed reserves4 45.88 47.46 48.78 53.56 49.70 50.01 49.80 50.12 50.50 51.56 52.59 53.56 3 Nonborrowed reserves plus extended credit5 47.12 47.48 48.80 53.56 49.79 50.01 49.85 50.42 50.80 51.57 52.59 53.56 4 Required reserves 46.55 46.81 47.44 52.77 48.97 49.34 49.50 49.80 50.22 50.73 51.80 52.77 5 Monetary base6 263.46 274.17 299.78 324.79 311.43 312.41 313.84. 316.23 317.93 320.55 322.29 324.79 Not seasonally adjusted 6 Total reserves7 49.00 49.18 50.58 55.38 49.00 50.32 50.56 50.49 50.99 51.43 52.89 55.38 7 Nonborrowed reserves 47.29 48.91 50.25 55.18 48.69 49.98 49.95 49.73 50.35 51.17 52.78 55.18 8 Nonborrowed reserves plus extended credit5 48.53 48.93 50.28 55.19 48.78 49.99 50.00 50.03 50.65 51.18 52.78 55.19 9 Required reserves8 47.96 48.26 48.91 54.40 47.97 49.31 49.65 49.41 50.07 50.35 51.99 54.40 10 Monetary base9 267.46 278.30 304.04 329.36 310.97 314.00 316.14 316.68 317.28 319.14 323.06 329.36 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS10 11 Total reserves" 63.75 62.81 59.12 55.53 49.06 50.41 50.66 50.61 51.13 51.58 53.06 55.53 12 Nonborrowed reserves 62.03 62.54 58.79 55.34 48.76 50.07 50.05 49.84 50.48 51.32 52.95 55.34 13 Nonborrowed reserves plus extended credit5 63.27 62.56 58.82 55.34 48.85 50.08 50.10 50.14 50.78 51.33 52.95 55.34 14 Required reserves 62.70 61.89 57.46 54.55 48.03 49.40 49.75 49.52 50.20 50.50 52.16 54.55 15 Monetary base12 283.00 292.55 313.70 333.62 314.25 317.25 319.46 320.07 320.70 322.71 326.88r 333.62 16 Excess reserves 1.05 .92 1.66 .98 1.03 1.01 .91 1.09 .93 1.08 .89 .98 17 Borrowings from the Federal Reserve 1.72 .27 .33 .19 .30 .34 .61 .76 .65 .26 .11 .19 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
A14 Domestic Nonfinancial Statistics • March 1992 1.21 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES1 Billions of dollars, averages of daily figures 1991 1988 1989 1990 1991 IItteemm Dec. Dec. Dec. Dec. Sept. Oct/ Nov. Dec. Seasonally adjusted Measures2 1 Ml 786.4 793.6 825.4 896.7 870.0 879.1 890.3 896.7 2 M2 3,069.9 3,223.1 3,327.8 3,425.5 3,395.5r 3,404.0 3,418.5r 3,425.5 3 M3 3,919.1 4,055.2 4,111.2 4,172.4 4,144.8r 4,151.8 4,163.9" 4,172.4 4 L 4,675.9 4,889.9 4,966.6 n.a. 4,970.7r 4,981.1 5,009.3 n.a. 5 Debt 9,107.6 9,790.4 10,432.1 n.a. 10,809.6 10,864.4 10,910.5 n.a. Ml components 6 Currency 212.0 222.2 246.4 266.7 262.4 264.4 265.3 266.7 7 Travelers checks 7.5 7.4 8.4 8.3 7.8 7.9 8.1 8.3 8 Demand deposits5 286.3 278.7 276.9 289.1 279.3 282.6 287.4 289.1 9 Other checkable deposits6 280.7 285.2 293.8 332.5 320.6r 324.1 329.5 332.5 Nontransaction components 10 In M2 2,283.5 2,429.5 2,502.4 2,528.9 2,525.4r 2,524.9 2,528.3r 2,528.9 11 In M38 849.3 832.1 783.4 746.9 749.3r 747.8 745.4r 746.9 Commercial banks 12 Savings deposits, including MMDAs 542.2 540.7 577.7 658.9 635.8 643.6 651.4 658.9 13 Small time deposits9 447.5 531.4 598.1 586.2 604.6 600.8 593.4r 586.2 14 Large time deposits10' 11 368.0 401.9 386.1 374.3 386. r 380.1 375.9r 374.3 Thrift institutions 15 Savings deposits, including MMDAs 383.5 349.5 339.0 378.2 366.9 369.6 373.8 378.2 16 Small time deposits9 584.3 614.5 566.1 474.9 496.7r 488.3 481.8r 474.9 17 Large time deposits10 174.3 161.6 121.0 82.9 90.7r 87.2 84.6r 82.9 Money market mutual funds 18 General purpose and broker-dealer 241.1 313.6 345.4 352.3 355. r 354.0 352.3r 352.3 19 Institution-only 86.9 101.9 125.7 167.1 149.3 155.4 161.0 167.1 Debt components 20 Federal debt 2,114.2 2,268.1 2,534.3 n.a. 2,738.1 2,770.8 2,797.2 n.a. 21 Nonfederal debt 6,993.4 7,522.3 7,897.8 n.a. 8,071.5 8,093.5 8,113.3 n.a. Not seasonally adjusted Measures2 22 Ml 804.2 811.9 844.3 916.7 867.0 875.0 893.4r 916.7 23 M2 3,083.3 3,236.6 3,341.9 3,440.9 3,390.5r 3,400.9 3,422.5r 3,440.9 24 M3 3,931.5 4,067.0 4,123.3 4,185.7 4,142.5r 4,148.3 4,170.8r 4,185.7 25 L 4,691.8 4,907.4 4,985.2 n.a. 4,968.8r 4,976.4 5,014.0 n.a. 26 Debt 9,093.2 9,775.9 10,419.3 n.a. 10,761.4 10,825.7 10,882.5 n.a. Ml components 27 Currency 214.8 225.3 249.6 270.0 261.8 263.2 266.3 270.0 28 Travelers checks 6.9 6.9 7.8 7.7 8.3 8.0 7.7 7.7 29 Demand deposits5 298.9 291.5 289.9 302.8 278.5 283.6 290.9 302.8 30 Other checkable deposits6 283.5 288.2 297.0 336.2 318.4 320.3 328.5 336.2 Nontransaction components 31 In M2 2,279.1 2,424.7 2,497.6 2,524.1 2,523.5r 2,525.9 2,529.lr 2,524.1 32 In M38 848.2 830.4 781.4 744.9 752.0r 747.5 748.3r 744.9 Commercial banks 33 Savings deposits, including MMDAs 543.8 542.9 579.3 660.8 634.2 643.2 653.8 660.8 34 Small time deposits9 446.0 529.2 596.1 584.1 604.4 600.7 592.2r 584.1 35 Large time deposits10, 11 366.8 400.4 386.1 374.3 387.9r 382.5 378.4r 374.3 Thrift institutions 36 Savings deposits, including MMDAs 381.5 347.9 338.3 377.5 366.1 369.8 374.4 377.5 37 Small time deposits9 583.8 613.8 564.1 473.2 496.6r 488.2 480.8r 473.2 38 Large time deposits10 175.2 162.6 121.1 82.9 91.2r 87.8 85.2r 82.9 Money market mutual funds 39 General purpose and broker-dealer 240.7 313.5 345.5 352.5 355.lr 353.8 354. r 352.5 40 Institution-only 87.6 102.8 127.0 168.9 145.9 152.4 161.6 168.9 Repurchase agreements and eurodollars 41 Overnight 83.4 77.3 74.3 75.9 67.1 70.2 73.8r 75.9 42 Term 227.7 179.8 160.8 134.2 141.9 140.0 138.4r 134.2 Debt components 43 Federal debt 2,111.8 2,265.9 2,532.1 n.a. 2,722.0 2,756.7 2,789.1 n.a. 44 Nonfederal debt 6,981.4 7,509.9 7,887.2 n.a. 8,039.4 8,069.0 8,093.4 n.a. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Monetary and Credit Aggregates A15 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
A16 Domestic Financial Statistics • March 1992 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 May June July Aug. Sept.r Oct. DEBITS TO Seasonally adjusted Demand deposits3 1 All insured banks 219,795.7 256,150.4 277,916.3 295,559.0 266,704.2 284,872.2 275,915.9 283,521.6 290,074.6 2 Major New York City banks 115,475.6 129,319.9 131,784.0 148,074.9 133,761.4 139,089.0 136,906.9 142,138.4 144,208.2 3 Other banks 104,320.2 126,830.5 146,132.3 147,484.1 132,942.8 145,783.2 139,009.0 141,383.2 145,866.4 4 ATS-NOW accounts4 2,478.1 2,910.5 3,349.6 3,620.2 3,460.1 3,822.8 3,659.4 3,679.1 3,759.9 5 Savings deposits 537.0 547.5 558.8 548.6 519.9 552.6 516.7 2,904.0 2,733.0 DEPOSIT TURNOVER Demand deposits3 6 All insured banks 622.9 735.1 800.6 867.0 768.4 833.4 798.0 823.9 843.2 7 Major New York City banks 2,897.2 3,421.5 3,804.1 4,702.8 4,141.9 4,413.3 4,448.0 4,490.7 4,606.2 8 Other banks 333.3 408.3 467.7 476.6 422.3 469.8 441.4 452.5 466.4 9 ATS-NOW accounts4 13.2 15.2 16.5 16.4 15.5 16.9 15.9 15.7 15.9 10 Savings deposits 2.9 3.0 2.9 2.6 2.4 2.5 2.3 4.7 4.4 DEBITS TO Not seasonally adjusted Demand deposits3 11 All insured banks 219,790.4 256,133.2 277,400.0 292,012.3 270,144.7 286,068.7 289,049.5 273,967.0 298,196.7 12 Major New York City banks 115,460.7 129,400.1 131,784.7 145,073.9 133,851.7 139,527.4 146,342.8 137,659.5 149,704.6 13 Other banks 104,329.7 126,733.0 145,615.3 146,938.4 136,293.0 146,541.3 142,706.6 136,307.5 148,492.0 14 ATS-NOW accounts4 2,477.3 2,910.7 3,342.2 3,549.9 3,446.1 3,729.0 3,693.2 3,679.4 3,770.6 15 MMDAs6 2,342.7 2,677.1 2,923.8 2,978.6 2,714.5 2,868.0 2,751.7 n.a n.a 16 Savings deposits5 536.3 546.9 557.9 545.5 516.4 558.2 537.0 3,110.7 3,132.6 DEPOSIT TURNOVER Demand deposits3 17 All insured banks 622.8 735.4 799.6 875.5 781.7 831.4 849.5 796.0 864.8 18 Major New York City banks 2,896.7 3,426.2 3,810.0 4,742.5 4,154.4 4,334.6 4,771.4 4,305.8 4,775.5 19 Other banks 333.2 408.0 466.3 485.0 434.9 469.8 460.9 436.6 473.7 20 ATS-NOW accounts4 13.2 15.2 16.4 16.3 15.5 16.7 16.3 15.9 16.2 21 MMDAs6 6.6 7.9 8.0 7.6 6.8 7.2 6.8 n.a n.a 22 Savings deposits 2.9 2.9 2.9 2.6 2.4 2.5 2.4 4.9 4.9 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
Commercial Banking Institutions A17 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars, averages of Wednesday figures 1991 IItteemm Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Seasonally adjusted 1 Total loans and securities2 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 2,784.5 2,799.3 2,810.6 2 U.S. government securities 454.1 458.0 471.4 479.2 485.1 495.2 505.3 512.6 522.1 538.2 549.3 560.3 3 Other securities 177.7 177.6 177.6 175.7 173.9 173.1 172.0 169.9 170.8 172.2 172.3 173.3 4 Total loans and leases2 2,089.4 2,099.5 2,102.0 2,096.9 2,091.5 2,094.8 2,086.0 2,079.1 2,076.0 2,074.1 2,077.6 2,077.0 5 Commercial and industrial ..... 644.3 643.9 646.0 640.0 633.2 630.4 626.7 620.5 623.8 623.8 620.2 616.8 6 Bankers acceptances held ... 7.7 6.9 6.7 6.8 6.9 6.6 6.6 7.1 6.9 6.5 7.0 7.3 7 Other commercial and industrial 636.6 637.0 639.3 633.2 626.4 623.8 620.0 613.4 616.8 617.3 613.2 609.5 8 U.S. addressees4 631.1 631.5 633.6 627.7 620.6 617.9 614.3 607.7 611.0 611.2 607.0 602.9 9 Non-U.S. addressees4 5.5 5.5 5.7 5.5 5.8 5.9 5.7 5.7 5.9 6.2 6.2 6.6 10 Real estate 837.3 842.6 846.3 850.9 855.1 859.5 857.0 853.9 853.4 854.2 856.3 857.0 11 Individual 375.9 377.7 375.5 374.1 373.5 372.0 369.6 368.9 365.3 362.7 361.7 361.8 12 Security 43.1 43.2 38.9 39.8 39.8 38.3 41.6 42.6 43.9 43.8 46.4 47.2 13 Nonbank financial institutions 34.8 se.of 36.7 35.9 36.9 37.2r 37.2r 36.3 36.1 36.6 38.9 39.3 14 Agricultural 33.5 33.5 34.0 33.9 33.6 33.0 32.5 32.3 32.2 32.1 32.2 32.4 15 State and political subdivisions 33.2 33.1 32.7 32.1 31.7 31.0 30.5 30.0 29.5 29.3 28.8 28.5 16 Foreign banks 6.0 6.1 7.2 6.8 6.4 6.0 6.2 6.3 6.5 6.1 6.7 6.9 17 Foreign official institutions 3.0 3.1 3.2 3.0 3.0 3.0 3.1 3.1 3.2 3.3 3.5 3.3 18 Lease-financing receivables .... 32.4 32.8 33.0 32.7 32.7 32.8 32.0 31.4 31.2 31.1 30.9 30.9 19 All other loans 45.8r 47.5r 48.5r 47.6 45.6r 51.8 49.6 53.8 50.9 51.0 52.0 52.7 Not seasonally adjusted 20 Total loans and securities2 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 2,785.8 2,802.6 2,816.5 21 U.S. government securities 455.8 463.9 475.8 480.5 485.2 493.7 501.8 510.4 519.6 535.2 549.4 556.9 22 Other securities 177.9 177.3 176.9 175.1 173.8 173.2 171.3 170.1 171.0 172.4 173.0 173.9 23 Total loans and leases2 2,087.3 2,096.1 2,095.7 2,095.9 2,090.6 2,096.9 2,084.1 2,076.0 2,076.7 2,078.2 2,080.2 2,085.8 24 Commercial and industrial ..... 641.1 643.0 648.3 644.7 637.1 632.7 627.0 619.2 620.3 621.5 618.1 616.6 25 Bankers acceptances held ... 7.6 7.0 6.7 6.7 6.8 6.7 6.3 6.9 6.9 6.6 7.1 7.5 26 Other commercial and industrial 633.4 636.0 641.6 638.1 630.3 626.0 620.6 612.3 613.4 614.9 611.0 609.1 27 U.S. addressees4. 628.2 630.5 636.1 632.2 624.5 620.0 614.8 606.4 607.4 608.7 604.8 602.7 28 Non-U.S. addressees 5.3 5.5 5.4 5.9 5.9 6.0 5.8 5.9 6.0 6.2 6.1 6.4 29 Real estate 837.1 839.5 842.6 848.3 854.2 859.6 857.5 855.9 855.2 856.9 858.4 858.4 30 Individual 380.1 377.1 372.8 371.5 371.8 369.9 367.4 368.1 367.0 363.6 362.8 366.5 31 Security 41.0 44.7 40.2 41.3 39.0 40.5 41.3 42.0 42.9 42.9 45.2 46.8 32 Nonbank financial institutions 35.4r 35.6r 36.0 35.6r 36.5 37.3r 37.0r 36.3 35.8 36.5 39.3 41.1 33 Agricultural 32.8 32.6 32.6 32.8 33.1 33.3 33.4 33.3 33.3 33.1 32.6 32.3 34 State and political subdivisions 33.8 33.2 32.7 32.0 31.7 30.9 30.3 29.9 29.5 29.2 28.8 28.3 35 Foreign banks 6.0 6.0 6.8 6.7 6.3 6.1 6.3 6.2 6.5 6.4 6.8 7.2 36 Foreign official institutions 3.0 3.1 3.2 3.0 3.0 3.0 3.1 3.1 3.2 3.3 3.5 3.3 37 Lease-financing receivables .... 32.8 32.9 32.9 32.7 32.6 32.6 31.8 31.3 31.2 31.2 31.0 31.0 38 All other loans 44.1 48.3r 47.7 47.3r 45.3r 51.0r 49.1r 50.9 51.9 53.7 53.8r 54.1 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
A18 Domestic NonfinancialS tatistics • March 1992 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Billions of dollars, monthly averages Source of funds Jan. Feb. Apr. May Juner Julyr Aug/ Sept.r Oct.r Nov. Dec. Seasonally adjusted 1 Total nondeposit funds 211.T 265.5r 265.(f 265.0r 263.0r 253.2 253.3 249.2 255.0 269.3 272. lr 283.1 2 Net balances due to related foreign offices3 33.5 24.9 30.4 31.0 26.3 19.1 19.5 17.7 20.6 32.0 34.5r 41.3 3 Borrowings from other than commercial banks in United States4 244.2r 240.6r 234.6r 234.0r 236.7r 234.1 233.8 231.5 234.5 237.3 237.6 241.8 4 Domestically chartered banks 182.6r 177.3r 171.7r 171.7r 171.2r 169.5 168.4 163.3 165.4 163.8 161.6 162.9 5 Foreign-related banks 61.7 63.3 62.9 62.2 65.5 64.6 65.4 68.2 69.1 73.5 76.0 78.9 Not seasonally adjusted 6 Total nondeposit funds 273. lr 268.6r 270.2r 265.7r 271.0r 256.2 250.0 247.7 251.0 266.4 112.9 277.4 7 Net balances due to related foreign offices3 33.2 24.9 29.9 29.1 28.8r 19.4 17.1 17.1 20.7 31.5 35.2r 43.9 8 Domestically chartered banks -15.3 -15.2 -6.0 -3.6 -.7 -3.7 -7.3 -7.6 -9.2 -7.9 -5.0 -4.1 9 Foreign-related banks 48.4 40.1 35.9 32.7 29.5 23.1 24.4 24.7 29.9 39.4 40.2r 48.0 10 Borrowings from other than commercial banks 11 Do in m e U s n ti i c te a d ll y S t c a h t a e r s t 4 e red banks 2n3s9..o9r1 2 1 4 7 3 9 . . 7 6 r r 2 1 4 7 0 6 . . 4 0 r r 2 1 3 7 6 2 . . 6 5 r r 2m42..v2r 2 1 3 7 6 0 . . 8 4 2 1 3 6 2 6 . . 9 3 2 1 3 6 0 2 . . 6 9 2 1 3 6 0 2 . . 3 6 2 1 3 6 4 2. .8 2 2 1 3 6 7 3 . . 6 9 2 1 3 5 3 9 . . 5 3 12 Federal funds and security RP borrowings 174.8r 176.8r 172.8r 169.7r 173.2r 167.6 163.1 159.2 159.1 159.0 160.7 156.2 13 Other 3.2 2.8 3.2 2.8 2.8 2.8 3.2 3.7 3.5 3.2 3.2 3.1 14 Foreign-related banks6 61.9 64.1 64.3 64.1 66.2 66.4 66.6 67.8 67.7 72.7 73.7 74.2 MEMO Gross large time deposits1 15 Seasonally adjusted 441.0 450.6 451.0 451.3 453.0 451.9 447.6 447.2 443.9 435.2 432.4 431.9 16 Not seasonally adjusted 439.3 449.2 450.5 449.0 452.6 451.4 446.4 448.2 445.7 437.5 434.9 431.8 U.S. Treasury demand balances at commercial banks8 17 Seasonally adjusted 25.7 33.4 33.8 21.7 15.1 23.2 20.5 23.8 21.9 31.1 37.6 27.0 18 Not seasonally adjusted 29.4 39.3 28.4 20.4 19.8 23.6 20.7 17.2 26.9 28.7 28.6 25.4 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
Commercial Banking Institutions A19 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKS Last-Wednesday-of-Month Series1 Billions of dollars 1991r Account Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ALL COMMERCIAL BANKING INSTITUTIONS2 1 Total assets 3,388.9 3,380.1 3,368.5 3,410.3 3,409.2 3,438.5 3,397.3 3,423.0 3,461.6 3,499.6 3,529.6 7 Loans and securities 2,924.9 2,910.9 2,907.3 2,921.8 2,936.3 2,937.7 2,921.0 2,939.3 2,970.5 2,984.5 3,002.5 3 Investment securities 614.0 628.3 628.5 634.1 640.8 648.7 650.9 657.6 681.9 692.0 700.5 4 U.S. government securities 449.5 463.3 465.1 471.8 480.1 489.9 492.8 498.8 522.1 531.5 538.4 5 Other 164.5 165.1 163.4 162.2 160.7 158.8 158.1 158.8 159.8 160.5 162.0 6 Trading account assets 26.9 23.5 24.9 24.3 27.5 30.2 28.5 29.9 32.6 33.2 31.2 7 2,283.9 2,259.1 2,253.8 2,263.4 2,268.0 2,258.8 2,241.5 2,251.8 2,255.9 2,259.2 2,270.8 8 Interbank loans 185.0 171.8 160.7 172.5 166.8 175.9 167.5 172.4 178.6 178.8 180.9 9 Loans excluding interbank 2,099.0 2,087.3 2,093.1 2,090.9 2,101.3 2,082.9 2,074.1 2,079.4 2,077.4 2,080.4 2,090.0 10 Commercial and industrial 645.1 648.5 643.6 635.1 632.4 624.2 617.8 620.0 618.5 617.7 618.1 11 Real estate 840.1 842.5 849.2 855.4 859.3 856.0 854.8 854.7 858.8 857.9 858.3 1? Individual 376.4 371.5 372.0 370.7 369.8 368.3 368.2 366.7 363.7 361.8 368.2 13 All other 237.4 224.8 228.3 229.6 239.8 234.3 233.3 238.0 236.3 243.0 245.4 14 Total cash assets 204.5 206.1 201.0 224.3 212.3 214.1 200.1 207.1 210.3 228.1 234.4 15 Reserves with Federal Reserve Banks .. 18.1 25.0 23.1 26.2 29.1 24.8 23.0 25.7 25.6 24.4 29.0 16 Cash in vault 29.8 28.9 29.1 31.1 29.8 29.7 31.1 30.1 30.7 29.5 30.7 17 Cash items in process of collection ... 79.9 76.9 74.3 87.2 78.3 87.8 71.7 75.3 75.2 90.3 87.6 18 Demand balances at U.S. depository institutions 27.7 27.6 26.4 30.8 28.3 26.9 27.7 26.9 2288..88 3322..33 3322..55 19 Other cash assets 49.0 47.7 48.1 49.0 46.8 45.0 46.5 49.2 50.1 51.5 54.6 20 Other assets 259.6 263.1 260.1 264.2 260.6 286.7 276.2 276.5 280.9 287.1 292.8 21 Total liabilities 3,162.7 3,153.1 3,140.4 3,180.7 3,180.3 3,210.6 3,168.9 3,194.0 3,232.7 3,269.1 3,298.5 77 2,365.0 2,382.5 2,381.9 2,413.3 2,406.1 2,448.8 2,430.9 2,430.3 2,443.7 2,485.0 2,490.6 23 Transaction accounts 594.1 602.8 601.3 617.6 611.2 639.4 612.0 613.7 628.0 669.8 682.3 74 Savings deposits (excluding 583.5 594.1 595.4 606.2 610.7 619.9 624.1 662288..22 664400..00 664477..77 665533..00 75 Time deposits 1,187.3 1,185.6 1,185.3 1,189.5 1,184.2 1,189.5 1,194.7 1,188.4 1,175.7 1,167.6 1,155.4 76 515.4 492.3 494.6 499.8 510.4 503.5 480.9 498.5 512.6 498.0 512.2 77 Other liabilities 282.3 278.2 263.9 267.6 263.8 258.4 257.1 265.2 276.4 286.0 295.7 28 Residual (assets less liabilities) 226.2 227.0 228.1 229.6 228.9 227.9 228.4 229.0 228.9 230.5 231.1 DOMESTICALLY CHARTERED COMMERCIAL BANKS4 29 Total assets 2,986.3 2,980.4 2,962.4 2,993.7 2,989.4 3,009.9 2,973.4 2,985.2 3,011.6 3,038.2 3,055.6 30 2,642.3 2,635.6 2,629.1 2,638.0 2,645.8 2,653.4 2,637.8 2,645.4 2,660.9 2,674.2 2,681.2 31 Investment securities 577.4 588.6 592.3 595.7 602.7 611.0 612.1 618.1 636.2 643.2 648.6 37 U.S. government securities 429.3 440.2 445.5 449.2 457.8 467.9 470.2 475.6 492.9 499.6 504.6 33 Other 148.2 148.5 146.8 146.5 144.9 143.0 141.9 142.5 143.3 143.6 144.0 34 Trading account assets 26.9 23.5 24.9 24.3 27.5 30.2 28.5 29.9 32.6 33.2 31.2 3S 2,038.0 2,023.5 2,011.9 2,018.0 2,015.6 2,012.3 1,997.1 1,997.4 1,992.1 1,997.8 2,001.4 36 Interbank loans 150.9 148.3 134.2 144.5 139.0 150.4 146.4 148.0 149.2 156.0 155.1 37 Loans excluding interbank 1,887.0 1,875.2 1,877.7 1,873.5 1,876.6 1,861.8 1,850.7 1,849.3 1,842.9 1,841.8 1,846.3 38 Commercial and industrial 508.4 506.3 502.4 495.0 491.2 482.6 475.3 472.6 470.7 467.9 463.0 39 Real estate 797.1 799.7 804.9 808.9 812.1 808.2 806.9 806.9 810.3 809.5 809.8 40 Revolving home equity 63.3 63.6 64.4 65.7 66.6 67.0 67.6 68.7 69.3 69.6 70.3 41 Other real estate 733.8 736.1 740.3 743.0 743.7 741.2 739.4 738.2 741.1 739.9 739.5 4? 376.4 371.5 372.0 370.7 369.8 368.3 368.2 366.7 363.7 361.8 368.2 43 All other 205.1 197.7 198.4 198.8 203.6 202.6 200.2 203.1 198.1 202.6 205.4 44 172.7 177.0 171.6 193.6 184.3 187.6 172.3 177.0 179.7 197.8 202.2 45 Reserves with Federal Reserve Banks. 17.0 24.0 21.9 25.8 28.3 23.9 22.1 24.9 25.0 23.9 28.5 46 Cash in vault 29.8 28.8 29.1 31.1 29.8 29.7 31.0 30.1 30.6 29.5 30.7 47 Cash items in process of collection ... 78.2 74.9 72.6 85.5 76.2 86.1 70.1 73.8 73.4 88.1 85.5 48 Demand balances at U.S. depository institutions 25.8 25.8 24.8 28.8 26.5 25.2 25.9 2244..99 2277..00 3300..33 3300..44 49 Other cash assets 21.9 23.4 23.2 22.4 23.6 22.8 23.2 23.4 23.8 26.0 27.2 50 Other assets 171.3 167.9 161.6 162.1 159.3 168.9 163.4 162.9 170.9 166.2 172.1 51 Total liabilities 2,763.7 2,757.0 2,737.8 2,767.7 2,764.1 2,785.7 2,748.6 2,759.8 2,786.3 2,811.3 2,828.1 57 2,255.2 2,266.2 2,258.8 2,280.8 2,271.3 2,308.6 2,284.9 2,282.0 2,296.5 2,336.3 2,338.1 53 Transaction accounts 583.8 592.2 591.4 607.5 600.9 629.3 602.1 604.0 618.1 659.2 671.4 54 Savings deposits (excluding checkable) 580.2 590.6 591.9 602.5 607.1 616.2 620.4 662244..55 663366..22 664433..88 664499..00 55 Time deposits 1,091.2 1,083.4 1,075.6 1,070.8 1,063.4 1,063.1 1,062.5 1,053.5 1,042.2 1,033.4 1,017.7 56 Borrowings 371.8 354.9 346.5 355.1 364.4 352.2 338.8 355.6 359.9 343.3 353.1 57 Other liabilities 136.8 136.0 132.6 131.9 128.4 124.9 125.0 122.3 129.9 131.7 136.9 58 Residual (assets less liabilities)3 222.6 223.4 224.5 226.0 225.3 224.2 224.8 225.4 225.3 226.9 227.5 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
A20 Domestic Nonfinancial Statistics • March 1992 1.26 ASSETS AND LIABILITIES OF LARGE WEEKLY-REPORTING COMMERCIAL BANKS1 Millions of dollars, Wednesday figures 1991 AAccccoouunntt Oct. 30 Nov. 6 Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 ASSETS 1 Cash and balances due from depository institutions 102,694 101,196 127,512 107,506 114,730 115,258 112,422 110,433 120,462 2 U.S. Treasury and government securities 219,603r 221,741r 223,44lr 225,472r 223,321r 226,906 225,142 224,460 221,687 Trading account 18,924 21,246 21,461 22,663 20,094 21,945 21,041 19,867 18,486 4 Investment account 200,6791 200,496r 201,980r 202,809r 203,227r 204,962 204,101 204,593 203,201 5 Mortgage-backed securities2 79,007r 77,898r 77,75lr 78,391r 77,635r 77,597 77,406 78,084 78,175 All others, by maturity 6 One year or less 25,998r 26,301r 26,872r 26,000" 25,904r 25,534 25,437 25,671 25,284 7 One year through five years 50,975r 51,593r 52,328r 53,686r 54,741r 55,213 54,665 54,168 53,136 8 More than five years 44,699r 44,705r 45,030r 44,73 lr 44,947r 46,618 46,593 46,670 46,606 9 Other securities 56,413r 56,097 55,935r 55,81lr 56,362r 55,699 55,455 55,646 56,221 10 Trading account l,328r 1,267 l,335r l,309r l,568r 1,330 1,326 1,872 1,836 11 Investment account 55,086 54,830 54,599 54,502 54,795 54,368 54,130 53,774 54,384 12 State and political subdivisions, by maturity 23,630 23,497 23,217 22,977 23,033 22,724 22,637 22,517 22,667 N One year or less 2,988r 3,039r 2,988r 2,958r 3,05 lr 3,041 3,011 2,980 3,112 14 More than one year 20,642r 20,458r 20,229" 20,019" 19,982r 19,683 19,626 19,536 19,555 15 Other bonds, corporate stocks, and securities 31,456 31,333 31,382 31,525 31,762 31,645 31,492 31,257 31,717 16 Other trading account assets 12,368r 11,476 ll,844r 12,217r 11,546r 11,688 11,535 11,212 10,879 17 Federal funds sold3 79,855 82,502 83,649 80,930 82,619 82,829 84,023 86,075 86,112 18 To commercial banks in the United States 55,329 58,156 60,326 52,732r 56,5iff 56,286 56,608 57,749 57,996 19 To nonbank brokers and dealers 20,108 20,191 19,791 24,151r 21,962r 21,819 22,636 23,161 23,641 20 To others 4,418 4,155 3,533 4,047 4,128 4,724 4,778 5,166 4,475 21 Other loans and leases, gross 1,002,949 1,003,238 1,006,363 1,000,754 1,000,915 998,028 996,116 1,000,859 1,001,038 22 Commercial and industrial 295,409r 296,090" 295,425r 295,162r 294,286r 292,628 290,784 291,892 289,870 23 Bankers acceptances and commercial paper 1,715 1,741 2,228 2,247 2,272 2,218 2,056 2,043 2,038 24 All other 293,694r 294,349r 293,197r 292,916r 292,014r 290,410 288,728 289,849 287,832 25 U.S. addressees 292,105r 292,896r 291,832r 291,564r 290,705r 289,090 287,469 288,491 286,344 26 Non-U.S. addressees 1,589 1,453 1,365 1,352 1,309 1,320 1,259 1,357 1,488 27 Real estate loans 395,904r 396,206r 396,815r 396,066r 395,557r 395,309 395,625 394,639 393,914 28 Revolving, home equity 39,375r 39,277r 39,362r 39,438r 39,525r 39,539 39,621 39,717 39,916 29 All other 356,529r 356,929r 357,453r 356,627r 356,032r 355,770 356,005 354,922 353,998 30 To individuals for personal expenditures 182,206r 181,877r 181,902r 180,659r 180,022r 180,528 181,479 182,877 183,859 31 To financial institutions 44,067 44,671 45,555 43,166 44,223 44,679 44,411 44,403 45,719 32 Commercial banks in the United States 19,808 19,671 20,183 18,966 18,998 18,960 18,940 19,193 20,127 33 Banks in foreign countries 1,681 2,058 2,130 1,686 2,164 1,964 2,150 1,934 2,484 34 Nonbank financial institutions 22,577 22,941 23,242 22,513 23,060 23,755 23,322 23,275 23,108 35 For purchasing and carrying securities 13,733 12,818 14,186 14,388 14,351 13,304 12,813 15,017 14,805 36 To finance agricultural production 6,118 6,076 6,025 6,001 5,945 5,906 5,850 5,872 5,842 37 To states and political subdivisions 18,091 17,968 17,896 17,851 17,866 17,654 17,586 17,543 17,581 38 To foreign governments and official institutions 1,006 1,019 1,407 930 1,109 1,032 941 931 947 39 All other loans 21,017 21,062 21,732 21,165 22,263 21,673 21,272 22,363 23,143 40 Lease-financing receivables 25,399 25,452 25,420 25,366 25,293 25,315 25,355 25,323 25,358 41 LESS: Unearned income 3,415 3,368 3,363 3,358 3,341 3,279 3,270 3,254 3,256 42 Loan and lease reserve6 36,419 37,029 36,980 36,977 36,754 37,265 37,481 37,227 36,709 43 Other loans and leases, net 963,115 962,842 966,021 960,419 960,820 957,483 955,365 960,378 961,073 44 Other assets 156,524r 158,029r 154,288r 153,886r 152,966r 155,861 154,845 151,628 157,292 45 Total assets l,590,573r l,593,884r l,622,688r l,596,242r l,602,366r 1,605,724 1,598,787 1,599,832 1,613,725 Footnotes appear on the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Weekly Reporting Commercial Banks A21 1.26 ASSETS AND LIABILITIES OF LARGE WEEKLY REPORTING COMMERCIAL BANKS—Continued Millions of dollars, Wednesday figures 1991 Oct. 30 Nov. 6 Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec.18 Dec. 25 LIABILITIES 46 Deposits 1,093,752 l,103,014r 1,121,361 1,105,399 1,118,110*" 1,120,281 1,112,598 1,110,132 1,119,817 4 4 7 8 De I m nd a i n v d i d d u e a p ls o , s p it a s rtnerships, and corporations 2 1 2 7 1 8 , , 8 0 9 0 4 8 2 1 2 8 3 1 , , 2 1 9 9 2 9 r 1 2 1 4 9 4 3 , , 3 7 1 1 0 2 2 1 3 8 0 2 , , 3 8 5 4 3 7 2 1 4 9 4 4 , , 2 3 4 8 7 3 2 1 3 9 9 2 , , 2 9 5 0 3 0 2 1 3 8 4 8 , , 1 3 9 0 8 7 2 1 3 9 8 0 , , 5 4 4 2 5 1 2 2 0 5 0 1 , , 8 2 3 9 2 9 49 Other holders 43,886 42,093 50,598 47,506 49,865 46,353 45,891 48,124 50,467 50 States and political subdivisions 6,995 7,328 7,176 7,459 8,311 7,658 8,020 8,047 8,671 51 U.S. government 1,634 1,373 1,548 1,630 3,405 1,664 1,799 1,848 2,129 52 Depository institutions in the United States ... 20,594 18,903 25,370 19,657 22,495 20,816 20,271 20,957 23,470 53 Banks in foreign countries 4,572 5,373 5,187 5,156 5,349 4,998 5,649 5,275 5,545 54 Foreign governments and official institutions .. 594 679 709 569 740 768 870 604 880 55 Certified and officers' checks 9,498 8,437 10,606 13,035 9,565 10,449 9,281 11,394 9,772 56 Transaction balances other than demand deposits . 91,735 96,312 94,621 94,311 96,196 99,801 97,628 98,320 98,859 57 Nontransaction balances 780,122 783,410 782,430 780,735 777,667r 781,227 780,773 773,267 769,659 58 Individuals, partnerships, and corporations 748,671r 752,032r 751,ISC 749,673r 746,662r 750,441 749,780 743,178 740,164 59 Other holders 31,451r 31,378r 31,250r 31,062r 31,006r 30,787 30,993 30,089 29,495 60 States and political subdivisions 26,025 25,827 25,843 25,662 25,570 25,513 25,823 25,024 24,405 61 U.S. government 1,152 1,183 1,181 1,176 1,177 1,170 1,116 1,110 1,094 62 Depository institutions in the United States ... 3,876 3,959 3,822 3,835r 3,849 3,690 3,653 3,584 3,613 63 Foreign governments, official institutions, and banks . 399r 408r 404r 389r 409* 414 401 372 384 6 6 4 5 Lia B b o i r li r t o ie w s i n fo g r s b f o ro r m ro w F e e d d e m ra o l n R e e y s 6 erve Banks 280,82 0 1 r 275,717 0 r 285,18 0 6r 272,65 0 3r 264,399 5 * 263,726 0 262,0 6 3 0 8 0 270,337 0 271,11 3 4 1 66 Treasury tax and loan notes 28,034 20,275r 23,543 18,019* 15,124* 11,005 7,290 26,117 27,780 67 Other liabilities for borrowed money 252,787r 255,442r 261,643r 254,634r 249,270* 252,722 254,148 244,220 243,303 68 Other liabilities (including subordinated notes and debentures) 101,923r 100,239r 100,741r 102,428r 104,802* 105,665 107,810 103,303 107,664 69 Total liabilities L,476,496R 1,478,969* L,507,288R 1,480,480* 1,487,311* 1,489,673 1,482,447 1,483,772 1,498,594 70 Residual (total assets less total liabilities)8 114,077r 114,914r 115,400"^ 115,761r 115,055* 116,051 116,340 116,060 115,131 71 T M o E t M al O l oans and leases, gross, adjusted, plus securities , l,296,051r l,297,228r l,300,722r 1,303,486r 1,299,236* 1,299,904 1,2%,723 1,301,311 1,297,813 72 Time deposits in amounts of $100,000 or more 172,697 172,824 170,972 170,750* 170,677* 170,555 169,399 166,249 163,955 73 Loans sold outright to affiliates 1,465 1,431 1,388 1,363 1,323 1,299 1,258 1,242 1,221 74 Commercial and industrial 798 787 759 735 705 681 675 654 654 75 Other 666 644 629 628 618 618 583 588 566 76 Foreign branch credit extended to U.S. residents"... 23,981 24,307 24,115 24,204 24,572 24,452 24,179 24,217 24,141 77 Net due to related institutions abroad -5,017r -7,322r -5,149 -3,867 -3,901 -6,497 -3,421 -4,771 -4,229 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
A22 Domestic Nonfinancial Statistics • March 1992 1.30 LARGE WEEKLY-REPORTING U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS Assets and Liabilities1 Millions of dollars, Wednesday figures 1991 AAccccoouunntt Oct. 30 Nov. 6r Nov. 13r Nov. 20r Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 1 Cash and balances due from depository institutions 16,898 16,154 19,818 17,590 16,932 16,576 16,307 17,291 17,711 2 U.S. Treasury and government agency securities 18,880 18,944 20,067 1188,,883355 2200,,444411 19,572 20,631 20,590 2211,,660000 3 Other securities 7,589 7,615 7,666 7,847 7,847 7,876 7,911 8,153 8,366 4 Federal funds sold1 12,858 9,947 10,656 8,788 10,076 8,846 11,115 10,186 9,516 5 To commercial banks in the United States ... 5,983 2,546 4,007 2,746 4,080 3,963 4,512 4,115 5,233 6 To others 6,874 7,402 6,649 6,042 5,9% 4,883 6,602 6,071 4,284 7 Other loans and leases, gross 145,233 146,229 145,908 148,336 150,400 151,222 151,242 152,916 157,368 8 Commercial and industrial 86,537r 87,054 87,301 88,319 89,182r 89,320 89,182 90,450 92,190 9 Bankers acceptances and commercial paper 1,862 1,831 1,882 2,065 2,252 2,324 2,156 2,389 2,346 10 All other 84,675r 85,223 85,419 86,254 86,930"^ 86,995 87,026 88,061 89,844 11 U.S. addressees 82,388r 82,892 83,067 83,836 84,458r 84,534 84,512 85,420 87,233 1? Non-U.S. addressees 2,288 2,331 2,352 2,418 2,472 2,461 2,514 2,640 2,611 13 Loans secured by real estate 33,321 33,287 33,244 33,317 33,430 33,588 33,462 33,392 33,604 14 To financial institutions 19,101r 18,991 19,131 19,278 19,962r 20,397 20,302 20,524 21,567 15 Commercial banks in the United States.. 8,093 7,660 7,734 7,860 8,205 8,059 8,083 7,762 7,992 16 Banks in foreign countries 1,930 1,846 2,171 2,093 2,265 2,247 1,965 2,220 2,776 17 Nonbank financial institutions 9,078r 9,485 9,226 9,325 9,492r 10,091 10,254 10,541 10,798 18 For purchasing and carrying securities .... 3,853 4,491 3,767 4,864 5,166 5,412 5,834 6,024 7,426 19 To foreign governments and official institutions 395 388 403 415 421 408 410 410 384 70 All other 2,027 2,017 2,061 2,143 2,238 2,098 2,052 2,116 2,197 21 Other assets (claims on nonrelated parties) .. 30,572 30,935 31,531 32,354 31,620 31,572 33,222 30,425 31,094 22 Total assets3 269,027 270,306 274,001 272,772 275,973 275,720 278,963 280,485 283,060 7.3 Deposits or credit balances due to other than directly related institutions 93,755 92,319 93,611 95,240 94,950 93,129 95,855 98,788 97,847 24 Demand deposits4 3,464 3,356 3,693 4,203 3,895 3,626 3,453 4,989 4,260 25 Individuals, partnerships, and corporations 2,221 2,138 2,369 2,284 2,332 2,214 2,151 3,400 2,568 76 Other 1,243 1,217 1,324 1,919 1,563 1,412 1,303 1,590 1,692 77 Nontransaction accounts 90,291 88,963 89,919 91,037 91,055 89,503 92,402 93,799 93,586 28 Individuals, partnerships, and corporations 65,562 64,176 65,567 65,678 65,256 64,195 66,296 67,343 67,502 79 Other 24,729 24,787 24,351 25,359 25,799 25,308 26,106 26,455 26,085 30 Borrowings from other than directly related institutions 94,560r 98,080 95,218 94,804 95,466 99,247 95,016 96,858 96,904 31 Federal funds purchased 50,231 53,628 47,938 51,335 49,240 54,634 47,127 50,158 46,879 37 From commercial banks in the United States 18,867 22,018 19,620 18,226 19,151 21,059 20,183 20,707 20,123 33 From others 31,364 31,610 28,317 33,109 30,090 33,576 26,943 29,451 26,756 34 Other liabilities for borrowed money 44,329"^ 44,452 47,280 43,468 46,225 44,613 47,890 46,700 50,025 35 To commercial banks in the United States 13,302 13,214 13,450 13,088 14,138 13,197 13,999 13,761 14,779 36 To others 31,027r 31,238 33,830 30,380 32,087 31,416 33,890 32,939 35,247 37 Other liabilities to nonrelated parties 29,928r 29,958 30,612 30,364 30,064 30,143 30,988 29,066 29,622 38 Total liabilities6 269,027 270,306 274,001 272,772 275,973 275,720 278,963 280,485 283,060 MEMO 39 Total loans (gross) and securities, adjusted .. 170,484 172,530 172,555 173,199 176,478 175,494 178,304 179,968 183,625 40 Net due to related institutions abroad 13,786 9,468 16,203 13,342 16,836 13,144 18,568 14,850 21,282 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
Financial Markets A23 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING1 Millions of dollars, end of period 1991 IItteemm D 19 e 8 c 6 . D 19 e 8 c 7 . D 19 e 8 c 8 . D 19 e 8 c 9 . D 19 e 9 c 0 . June July Aug. Sept. Oct. Nov. Commercial paper (seasonally adjusted unless noted otherwise) 1 All issuers 331,316 358,997 458,464 530,123 566,688 536,186 545,493 538,179 532,931 529,981 538,567 Financial companies2 Dealer-placed paper 2 Total 101,707 102,742 159,777 186,343 218,953 220033,,113399 205,099 220088,,115599 221111,,882211 221199,,002288 222200,,440022 3 Bank-related (not seasonally adjusted) 2,265 1,428 1,248 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Directly placed paper 4 Total 151,897 174,332 194,931 212,640 201,862 119911,,113377 119955,,114444 119911,,990022 118899,,442277 118800,,554400 118822,,110099 5 Bank-related (not seasonally adjusted) 40,860 43,173 43,155 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6 Nonfinancial companies6 77,712 81,923 103,756 131,140 145,873 141,910 145,250 138,118 131,683 130,413 136,056 Bankers dollar acceptances (not seasonally adjusted)7 7 Total 64,974 70,565 66,631 62,972 54,771 45,539 44,756 44,228 43,462 44,910 43,947 Holder 8 Accepting banks 13,423 10,943 9,086 9,433 9,017 10,028 9,081 9,622 10,174 9,876 10,750 9 Own bills 11,707 9,464 8,022 8,510 7,930 8,414 7,906 7,826 8,237 8,306 8,754 10 Bills bought 1,716 1,479 1,064 924 1,087 1,613 1,175 1,795 1,937 1,570 11,,999966 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 1,203 1,274 1,665 1,678 1,862 1,705 13 Others 50,234 58,658 56,052 52,473 44,836 34,308 34,401 32,941 31,610 33,172 31,491 Basis 14 Imports into United States 14,670 16,483 14,984 15,651 13,096 13,431 12,728 12,968 12,876 13,265 13,472 15 Exports from United States 12,960 15,227 14,410 13,683 12,703 11,416 11,468 11,044 10,966 11,105 10,486 16 All other 37,344 38,855 37,237 33,638 28,973 20,691 20,561 20,215 19,620 20,541 19,989 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 Loans1 Percent per year Date of change Rate Period Av r e a r te a ge Period Av r e a r te a ge Period 1989— F Ja e n b . . 10 1 1 10 1 . .0 50 0 1 1 9 9 9 8 0 9 1 10 0 . . 0 8 1 7 1990— F Ja e n b . . 1 10 0 . . 1 0 1 0 1991— J F a e n b . . .. . 24 1 1 1 1 . .0 50 0 1991 8.46 Mar. 10.00 June 5 Apr. 10.00 Apr. . July 31 10.50 1989— Jan. 10.50 May 10.00 May .. Feb. 10.93 June 10.00 June . 1990— Jan. 8 10.00 Mar. 11.50 July 10.00 July .. Apr. 11.50 Aug. 10.00 Aug. .. 1991—Jan. 2 9.50 May 11.50 Sept. 10.00 Sept. .. Feb. 4 9.00 June 11.07 Oct. 10.00 Oct. ... May 1 8.50 July 10.98 Nov. 10.00 Nov. .. Sept. 13 . 8.00 Aug. 10.50 Dec. 10.00 Dec. .. Nov. 6 7.50 Sept. 10.50 Dec. 23 6.50 Oct. 10.50 1992— Jan. ... Nov. 10.50 Dec. 10.50 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
A24 Domestic Nonfinancial Statistics • March 1992 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 IItteemm 11998899 11999900 11999911 Sept. Oct. Nov. Dec. Nov. 29 Dec. 6 Dec. 13 Dec. 20 Dec. 27 MONEY MARKET INSTRUMENTS 1 Federal funds1'2'3 9.21 8.10 5.69 5.45 5.21 4.81 4.43 4.68 4.79 4.54 4.49 4.22 2 Discount window borrowing2'4 6.93 6.98 5.45 5.20 5.00 4.58 4.11 4.50 4.50 4.50 4.50 3.64 Commercial paper3,5,6 3 1-month 9.11 8.15 5.89 5.57 5.29 4.95 4.98 4.91 5.12 4.93 4.86 5.05 4 3-month 8.99 8.06 5.87 5.57 5.35 4.98 4.61 4.94 4.86 4.62 4.53 4.51 5 6-month 8.80 7.95 5.85 5.59 5.33 4.93 4.49 4.84 4.77 4.48 4.41 4.34 Finance paper, directly placed3,5,1 6 1-month 8.99 8.00 5.73 5.43 5.18 4.80 4.69 4.74 4.94 4.74 4.65 4.62 7 3-month 8.72 7.87 5.71 5.33 5.19 4.87 4.39 4.80 4.69 4.43 4.33 4.19 8 6-month 8.16 7.53 5.60 5.34 5.12 4.76 4.31 4.71 4.63 4.36 4.23 4.09 Bankers acceptances3'5,8 9 3-month 8.87 7.93 5.70 5.38 5.21 4.85 4.42 4.78 4.67 4.42 4.35 4.33 10 6-month 8.67 7.80 5.67 5.42 5.15 4.76 4.28 4.65 4.50 4.30 4.25 4.15 Certificates of deposit, secondary market 9 11 1-month 9.11 8.15 5.82 5.47 5.23 4.86 4.84 4.82 5.04 4.83 4.76 4.84 12 3-month 9.09 8.15 5.83 5.47 5.33 4.94 4.47 4.86 4.78 4.48 4.36 4.33 13 6-month 9.08 8.17 5.91 5.60 5.32 4.92 4.41 4.83 4.70 4.41 4.32 4.25 14 Eurodollar deposits, 3-month3,10 9.16 8.16 5.86 5.50 5.34 4.96 4.48 4.90 4.80 4.45 4.45 4.31 U.S. Treasury bills Secondary market '5 15 3-month 8.11 7.50 5.38 5.22 4.99 4.56 4.07 4.39 4.32 4.16 4.03 3.81 16 6-month 8.03 7.46 5.44 5.25 5.04 4.61 4.10 4.45 4.32 4.17 4.10 3.89 17 1-year 7.92 7.35 5.52 5.26 5.04 4.64 4.17 4.50 4.38 4.23 4.14 3.97 Auction average3,5,11 18 3-month 8.12 7.51 5.42 5.25 5.03 4.60 4.12 4.44 4.39 4.21 4.14 3.75 19 6-month 8.04 7.47 5.49 5.29 5.08 4.66 4.16 4.50 4.39 4.20 4.19 3.85 20 1-year 7.91 7.36 5.54 5.26 5.12 4.72 4.20 n.a. n.a. n.a. 4.20 n.a. U.S. TREASURY NOTES AND BONDS Constant maturities12 21 1-year 8.53 7.89 5.86 5.57 5.33 4.89 4.38 4.74 4.61 4.44 4.35 4.17 22 2-year 8.57 8.16 6.49 6.18 5.91 5.56 5.03 5.44 5.25 5.07 5.01 4.83 23 3-year 8.55 8.26 6.82 6.50 6.23 5.90 5.39 5.81 5.63 5.46 5.38 5.17 24 5-year 8.50 8.37 7.37 7.14 6.87 6.62 6.19 6.54 6.34 6.25 6.21 6.00 25 7-year 8.52 8.52 7.68 7.48 7.25 7.06 6.69 7.03 6.82 6.76 6.73 6.51 26 10-year 8.49 8.55 7.86 7.65 7.53 7.42 7.09 7.42 7.25 7.21 7.13 6.86 21 30-year 8.45 8.61 8.14 7.95 7.93 7.92 7.70 7.96 7.86 7.79 7.71 7.52 Composite13 2288 Over 10 years (long-term) 8.58 8.74 8.16 7.96 7.88 7.83 7.58 7.86 7.73 7.67 7.60 7.40 STATE AND LOCAL NOTES AND BONDS Moody's series14 29 7.00 6.96 6.56 6.51 6.28 6.24 n.a. 6.20 6.45 6.37 6.22 6.22 30 Baa 7.40 7.29 6.99 6.87 6.70 6.58 n.a. 6.55 6.81 6.72 6.54 6.54 31 Bond Buyer series15 7.23 7.27 6.92 6.80 6.68 6.73 6.69 6.78 6.80 6.71 6.66 6.58 CORPORATE BONDS 32 Seasoned issues, all industries16 9.66 9.77 9.23 9.03 8.99 8.93 8.75 8.93 8.86 8.80 8.75 8.64 Rating group 33 9.26 9.32 8.77 8.61 8.55 8.48 8.31 8.46 8.39 8.35 8.31 8.22 34 Aa 9.46 9.56 9.05 8.86 8.83 8.78 8.61 8.79 8.73 8.65 8.62 8.50 35 A 9.74 9.82 9.30 9.11 9.08 9.01 8.82 9.00 8.93 8.88 8.83 8.71 36 Baa 10.18 10.36 9.80 9.51 9.49 9.45 9.26 9.46 9.37 9.30 9.26 9.14 37 A-rated, recently offered utility bonds17 .... 9.79 10.01 9.32 9.05 9.02 8.95 8.68 8.98 8.80 8.76 8.57 8.49 MEMO: Dividend-price ratio18 38 Preferred stocks 9.05 8.96 8.17 7.88 7.84 7.81 7.62 7.85 7.72 7.65 7.63 7.55 39 Common stocks 3.45 3.61 3.25 3.15 3.14 3.15 3.11 3.22 3.19 3.22 3.17 3.06 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 often 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
Financial Markets A25 1.36 STOCK MARKET Selected Statistics 1991 IInnddiiccaattoorr 11998899 11999900 11999911 Apr. May June July Aug. Sept. Oct. Nov. Dec. Prices and trading volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31, 1965 = 50) 180.13 183.58 206.35 207.71 207.07 207.32 208.29 213.33 212.55 213.10 213.25 214.26 2 Industrial 228.04 225.89 258.16 260.16 260.13 261.16 262.48 268.22 266.21 265.68 264.89 266.01 3 Transportation 174.90 158.88 173.97 166.90 170.77 177.05 177.15 178.42 177.99 187.45 188.52 185.47 4 Utility 94.33 90.71 92.64 92.92 90.73 89.01 90.05 92.38 93.72 95.25 96.78 98.08 5 Finance 162.01 133.36 150.84 152.64 151.32 152.30 151.69 157.70 157.69 158.94 159.78 159.96 6 Standard & Poor's Corporation (1941-43 = 10)' 323.05 334.83 376.20 379.68 378.27 378.29 380.23 389.40 387.20 386.88 385.87 388.51 7 American Stock Exchange (Aug. 31, 1973 = 50? 356.67 338.58 360.32 365.02 362.67 366.06 364.33 367.38 369.55 376.82 382.38 373.08 Volume of trading (thousands of shares) 8 New York Stock Exchange 165,568 156,777 179,411 182,510 170,337 162,154 157,871 171,490 163,242 177,502 187,191 197,914 9 American Stock Exchange 13,124 13,155 12,486 13,140 10,995 11,477 10,883 12,514 13,378 13,764 14,487 17,475 Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers 34,320 28,210 36,660 30,020 29,980 31,280 30,600 32,240 33,170 33,360 34,840 36,660 Free credit balances at brokers4 11 Margin accounts 7,040 8,050 8,290 6,975 7,200 6,690 6,545 7,040 6,950 6,965 7,040 8,290 12 Cash accounts 18,505 19,285 19,255 17,830 16,650 18,110 16,945 17,040 17,595 17,100 17,780 19,255 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
A26 Domestic Nonfinancial Statistics • March 1992 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1991 AAccccoouunntt 11998899 11999900 Jan. Feb. Mar. Apr.r Mayr Juner Julyr Aug.r Sept.r Oct. SAIF-insured institutions 1 Assets 1,249,055 1,084,821 1,065,993 1,054,654 1,041,977 1,027,464 1,020,677 1,001,582 984,971 972,529 949,047 937,776 2 Mortgages 733,729 633,385 624,707 619,720 610,618 608,857 605,947 596,022 586,280 578,269 566,107 560,830 3 Mortgage-backed securities 170,532 155,228 151,422 149,318 147,431 143,968 141,582 139,536 137,098 135,751 135,377 135,084 4 Contra-assets to mortgage assets' . 25,457 16,897 15,211 14,872 14,592 14,413 14,438 14,625 14,242 14,031 13,115 12,471 5 Commercial loans 32,150 24,125 23,669 23,205 22,294 21,903 21,724 20,645 20,301 20,390 18,507 18,159 6 Consumer loans 58,685 48,753 48,129 47,729 47,653 46,702 45,827 45,174 44,352 43,259 42,441 43,062 7 Contra-assets to nonmortgage loans . 3,592 1,939 1,700 1,876 1,827 1,742 1,739 1,745 1,676 1,546 1,399 1,372 8 Cash and investment securities 166,053 146,644 140,502 138,884 138,976 132,878 134,012 130,443 130,264 132,011 125,774 120,675 9 Other3 116,955 95,522 94,474 92,546 91,424 89,301 87,757 86,133 82,594 78,425 75,354 73,809 10 Liabilities and net worth . 1,249,055 1,084,821 1,065,993 1,054,654 1,041,977 1,027,464 1,020,677 1,001,582 984,971 972,529 949,047 937,776 11 Savings capital 945,656 835,4% 823,515 816,477 816,991 806,266 801,678 792,923 775,445 763,763 749,372 741,371 12 Borrowed money 252,230 197,353 188,900 183,660 169,412 164,268 159,625 151,474 146,901 142,908 132,726 127,356 13 FHLBB 124,577 100,391 95,819 94,658 90,555 86,779 82,312 78,966 76,104 74,424 68,792 66,578 14 Other 127,653 96,962 93,081 89,002 78,857 77,489 77,313 72,508 70,797 68,484 63,934 60,778 15 Other 27,556 21,332 22,178 23,355 20,350 21,752 23,647 20,480 21,647 22,642 19,070 20,368 16 Net worth 23,612 30,640 31,400 31,162 35,223 35,178 35,720 36,705 40,977 43,216 47,878 48,681 1. Contra-assets are credit-balance accounts that must be subtracted from the 3. Includes holding of stock in Federal Home Loan Bank and finance leases corresponding gross asset categories to yield net asset levels. Contra-assets to plus interest. mortgage loans, contracts, and pass-through securities include loans in process, NOTE. Components do not sum to totals because of rounding. Data for credit unearned discounts and deferred loan fees, valuation allowances for mortgages unions and life insurance companies have been deleted from this table. They will "held for sale," and specific reserves and other valuation allowances. be shown in a separate table which will appear quarterly, starting in the December 2. Contra-assets are credit-balance accounts that must be subtracted from the issue. corresponding gross asset categories to yield net asset levels. Contra-assets to SOURCE. Savings Association Insurance Fund (SAIF)-insured institutions: nonmortgage loans include loans in process, unearned discounts and deferred loan Estimates by the Office of Thrift Supervision (OTS) for all institutions insured by fees, and specific reserves and valuation allowances. the SAIF and based on the OTS thrift institution Financial Report. 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS' Millions of dollars Calendar year FFFiiissscccaaalll FFFiiissscccaaalll FFFiiissscccaaalll TTTyyypppeee ooofff aaaccccccooouuunnnttt ooorrr ooopppeeerrraaatttiiiooonnn yyyeeeaaarrr yyyeeeaaarrr yyyeeeaaarrr 1991 111999888999 111999999000 111999999111 July Aug. Sept. Oct. Nov. Dec. U.S. budget2 1 Receipts, total 990,701 1,031,308 1,054,260 78,593 76,426 109,345 78,068 73,194 103,662 2 On-budget 727,035 749,652 760,377r 56,327 54,651 83,130" 57,216 50,898 80,172 3 Off-budget 263,666 281,656 293,883r 22,266 21,775 26,215r 20,852 22,296 23,490 4 Outlays, total 1,144,020 1,251,766 1,322,989 119,384 120,071 116,174 114,045 118,660 106,306 5 On-budget 933,107 1,026,711 l,081,303r 99,532 97,247 91,516r 94,062 96,367 95,607 6 Off-budget 210,911 225,065 241,685r 19,852 22,824 24,658r 19,983 22,293 10,698 7 Surplus or deficit (-), total -153,319 -220,469 -268,729 -40,791 -43,645 -6,829 -35,976 -45,467 -2,644 8 On-budget -206,072 -277,059 -320,926 -43,205 -42,596 -8,386 -36,846 -45,469 -15,435 9 Off-budget 52,753 56,590 52,198 2,414 -1,049 1,557 869 3 12,792 Source of financing (total) 10 Borrowing from the public 141,806 220,101 276,802 34,434 32,574 27,970 40,657 25,641 22,825 11 Operating cash (decrease, or increase (-)) ... 3,425 818 -1,329 6,728 18,504 -23,133 -11,235 28,195 -24,258 12 Other 3 8,088 -451 -6,744 -371 -7,433 1,992 6,554 -8,369 4,077 MEMO 13 Treasury operating balance (level, end of period) 40,973 40,155 41,484 36,855 18,351 41,484 52,719 24,524 48,782 14 Federal Reserve Banks 13,452 7,638 7,928 5,831 6,745 7,928 18,111 6,317 17,697 15 Tax and loan accounts 27,521 32,517 33,556 31,024 11,606 33,556 34,608 18,207 31,085 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 A27 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS' Millions of dollars Calendar year Fiscal Fiscal SSoouurrccee oorr ttyyppee year year 1990 1991 11999900 11999911 HI H2 HI H2 Oct. Nov. Dec. RECEIPTS 1 All sources 1,031,308 1,054,260 548,861 503,123 540,504 519,288 78,068 73,194 103,662 ? Individual income taxes, net 466,884 467,827 243,087 230,745 232,389 233,983 39,332 31,987 41,722 3 Withheld 388,384 404,152 190,219 207,469 193,440 210,552 37,291 32,448 39,943 4 Presidential Election Campaign Fund 32 32 30 3 31 1 0 0 0 ^ Nonwithheld 151,285 142,693 117,675 31,728 109,405 33,296 3,725 1,743 2,614 6 Refunds 72,817 79,050 64,838 8,455 70,487 9,867 1,684 2,205 835 Corporation income taxes 7 Gross receipts 110,017 113,599 58,830 54,044 58,903 54,016 3,613 22,,441111 2222,,554466 8 Refunds 16,510 15,513 8,326 7,603 7,904 7,956 2,442 895 827 9 Social insurance taxes and contributions, net 380,047 396,011 210,476 178,468 214,303 186,839 28,435 31,502 3300,,99%% 10 Employment taxes and contributions 353,891 370,526 195,269 167,224 199,727 175,802 27,022 28,835 30,418 11 Self-employment taxes and contributions 21,795 25,457 19,017 2,638 22,150 33,,330066 00 00 00 12 Unemployment insurance 21,635 20,922 12,929 8,9% 12,296 8,721 971 2,293 228 13 Other net receipts 4,522 4,563 2,278 2,249 2,279 2,317 443 374 350 14 Excise taxes 35,345 42,430 18,153 17,535 20,703 24,690 3,640 4,200 3,912 15 Customs deposits 16,707 15,921 8,0% 8,568 7,488 8,694 1,607 1,412 1,405 16 Estate and gift taxes 11,500 11,138 6,442 5,333 5,631 5,521 923 984 757 17 Miscellaneous receipts 27,316 22,847 12,106 16,032 8,991 13,503 2,962 1,593 3,151 OUTLAYS 18 All types 1,251,776 1,322,989 640,867 647,218 631,737 694,640 114,045 118,660 106,306 19 National defense 299,331 272,514 152,733 149,497 122,089 147,531 23,792 25,794 24,138 70 International affairs 13,762 16,167 6,770 8,943 7,592 7,651 1,842 1,836 1,252 21 General science, space, and technology .... 14,444 15,946 6,974 8,081 7,4% 8,473 1,562 1,293 1,501 77 Energy 2,372 1,750 1,216 979 816 1,436 640 667 160 73 Natural resources and environment 17,067 18,708 7,343 9,933 8,324 11,221 3,179 1,829 1,580 24 Agriculture 11,958 14,864 7,450 6,878 7,684 7,335 1,615 2,291 2,409 Commerce and housing credit 67,160 75,639 38,672 37,491 17,992 36,579 29 2,099 -6,650 76 Transportation 29,485 31,531 13,754 16,218 14,748 17,094 2,891 2,882 2,731 27 Community and regional development 8,498 7,432 3,987 3,939 3,552 3,784 802 664 546 28 Education, training, employment, and social services 38,497 41,479 19,537 18,988 21,234 2211,,110044 33,,998833 33,,558811 33,,993377 79 Health 57,716 71,183 29,488 31,424 35,608 41,458 7,194 7,283 7,329 30 Social security and medicare 346,383 373,495 175,997 176,353 190,247 193,156 32,659 32,186 32,676 31 Income security 147,314 171,618 78,475 75,948 88,778 87,215 13,695 14,970" 16,191 37 Veterans benefits and services 29,112 31,344 15,217 15,479 14,326 17,425 3,086 4,060 2,637 33 Administration of justice 10,004 12,295 4,868 5,265 6,187 6,586 1,129 1,124 1,142 34 General government 10,724 11,358 4,916 6,976 5,212 6,821 2,056 1,303 1,313 35 Net interest6 184,221 195,012 91,155 94,650 98,556 99,405 16,847 16,557 16,564 36 Undistributed offsetting receipts' -36,615 -39,356 -17,688 -19,829 -18,702 -20,435 -2,956 -2,566 -3,148 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 NonfinancialS tatistics • March 1992 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION1 Billions of dollars, end of month 1989 1990 1991 IItteemm Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec 31 1 Federal debt outstanding 2,976 3,082 3,176 3,266 3,397 3,492 3,563 3,683 n.a. 2 Public debt securities 2,953 3,052 3,144 3,233 3,365 3,465 3,538 3,665 3,802 3 Held by public 2,245 2,329 2,369 2,438 2,537 2,598 2,643 2,746 n.a. 4 Held by agencies 708 723 775 796 828 867 895 920 n.a. 5 Agency securities 23 30 32 33 33 27 25 18 n.a. 6 Held by public 22 30 32 33 32 26 25 18 n.a. 7 Held by agencies 0 0 0 0 0 0 0 0 n.a. 8 Debt subject to statutory limit 2,922 2,989 3,077 3,161 3,282 3,377 3,450 3,569 3,707 9 Public debt securities 2,921 2,989 3,077 3,161 3,281 3,377 3,450 3,569 3,706 10 Other debt2 0 0 0 0 0 0 0 0 0 11 MEMO: Statutory debt limit 3,123 3,123 3,123 3,195 4,145 4,145 4,145 4,145 4,145 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 1991 Type and holder 11998888 11998899 11999900 11999911 Q1 Q2 Q3 Q4 1 Total gross public debt 2,684.4 2,953.0 3,364.8 3,801.7 3,465.2 3,538.0 3,665.3 3,801.7 By type 2 Interest-bearing 2,663.1 2,931.8 3,362.0 3,798.9 3,441.4 3,516.1 3,662.8 3,798.9 3 Marketable 1,821.3 1,945.4 2,195.8 2,471.6 2,227.9 2,268.1 2,390.7 2,471.6 4 Bills 414.0 430.6 527.4 590.4 533.3 521.5 564.6 590.4 5 Notes 1,083.6 1,151.5 1,265.2 1,430.8 1,280.4 1,320.3 1,387.7 1,430.8 6 Bonds 308.9 348.2 388.2 435.5 399.3 411.2 423.4 435.5 7 Nonmarketable2 841.8 986.4 1,166.2 1,327.2 1,213.5 1,248.0 1,272.1 1,327.2 8 State and local government series 151.5 163.3 160.8 159.7 159.4 161.0 158.1 159.7 9 Foreign issues 6.6 6.8 43.5 41.9 42.8 42.1 41.6 41.9 10 Government 6.6 6.8 43.5 41.9 42.8 42.1 41.6 41.9 11 Public .0 .0 .0 .0 .0 .0 .0 .0 12 Savings bonds and notes 107.6 115.7 124.1 135.9 127.7 131.3 133.5 135.9 13 Government account series4 575.6 695.6 813.8 959.2 853.1 883.2 908.4 959.2 14 Non-interest-bearing 21.3 21.2 2.8 2.8 23.8 21.9 2.5 2.8 By holder5 15 U.S. Treasury and other federal agencies and trust funds 589.2 707.8 828.3 866.8 895.1 919.6 16 Federal Reserve Banks 238.4 228.4 259.8 247.3 255.1 264.7 17 Private investors 1,858.5 2,015.8 2,288.3 2,360.6 2,397.9 2,489.4 18 Commercial banks 193.8 174.8 188.2 194.8 204.2r 214.0 19 Money market funds 11.8 14.9 45.4 65.7 55.2r 64.5 20 Insurance companies 107.3 130.1 149.7 n. a. 149.3r 155.r 157.0 n.a. 21 Other companies 87.1 93.4 108.9 114.9 130.8 142.0 22 State and local treasuries 313.6 338.7 329.6 329.5r 327.0r 326.0 Individuals 23 Savings bonds 109.6 117.7 126.2 129.7 133.2 135.4 24 Other securities 79.2 98.7 107.6 108.6 110.3 122.1 25 Foreign and international6 362.2 392.9 423.2r 430.7r 441.2r 444.8 26 Other miscellaneous investors7 593.4 654.6 822.4r 837.4r 840.9r 883.6 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 A29 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages, par value 1991 1991, week ending IItteemm Sept. Oct." Nov. Oct. 30 Nov. 6 Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 IMMEDIATE TRANSACTIONS2 By type of security U.S. Treasury securities 1 Bills 31,075 35,273 36,255 41,013 32,939 36,867 43,054 33,172 28,497 34,550 32,812 30,887 Coupon securities, by maturity 2 Less than 3.5 years 36,099" 38,280 42,034 43,917" 45,317" 40,115 40,949 43,680 33,775 37,494 3377,,551144 3344,,777755 3 3.5 to 7.5 years 28,214r 35,454 33,385 37,926" 30,987" 33,301 33,625 35,448 31,799 36,389 32,629 32,028 4 7.5 to 15 years 13,463r 16,202 18,691 18,208" 21,848" 24,758 18,049 12,975 13,578 19,959 13,752 13,611 5 15 years or more 13,586" 15,710 18,559 15,822 19,192 27,845 17,930 12,646 11,601 21,265 13,150 15,500 Federal agency securities Debt, maturing in 6 Less than 3.5 years 4,384" 4,428 4,089 5,094" 3,507" 4,104 3,985 4,625 4,205 4,998 44,,998833 44,,335522 7 3.5 to 7.5 years 676" 571 700 567" 741r 739 761 528 933 843 680 375 8 7.5 years or more 607" 736 904 722" 1,072" 966 928 643 1,167 999 707 597 Mortgage-backed securities 9 Pass-throughs 12,324" 11,954 14,169 12,543 10,604 14,232 16,805 15,129 10,193 15,685 14,184 11,919 10 All others 2,314 2,638 2,934 2,831 2,489 3,336 2,752 3,249 2,440 3,019 3,161 2,388 By type of counterparty Primary dealers and brokers 11 U.S. Treasury securities 74,771" 88,007 93,694 99,777" 95,578" 100,884 97,235 87,085 72,738 93,105 78,984 72,246 Federal agency securities 12 Debt 1,436" 1,585 1,387 1,988" 1,226" 1,553 1,440 1,251 1,790 1,693 1,495 1,026 13 Mortgage-backed 6,736 6,803 8,245 7,867 5,756 7,960 10,429 8,865 5,317 8,323 7,672 5,996 Customers 14 U.S. Treasury securities 47,665" 52,913 55,231 57,110" 54,706" 62,002 56,372 50,836 46,511 56,553 50,873 54,554 Federal agency securities 15 Debt 4,231" 4,150 4,305 4,396" 4,093" 4,256 4,233 4,545 4,516 5,148 4,876 4,299 16 Mortgage-backed 7,902" 7,788 8,858 7,507 7,336 9,609 9,128 9,513 7,315 10,381 9,673 8,312 FUTURE AND FORWARD TRANSACTIONS4 By type of deliverable security U.S. Treasury securities 17 Bills 3,616 3,073 3,740 3,810 2,498 4,714 4,770 2,851 4,102 6,001 2,170 2,431 Coupon securities, by maturity 18 Less than 3.5 years 996 1,312 1,673 1,332 2,329 1,451 1,429 1,667 1,195 1,381 11,,228899 4,096 19 3.5 to 7.5 years 541 812 864 758 1,171 646 764 890 872 1,305 867 1,888 20 7.5 to 15 years 881 941 1,224 1,041 1,079 1,434 1,384 1,101 776 1,498 1,218 703 21 15 years or more 8,235 9,273 10,328 9,757 9,199 12,835 10,724 9,707 5,937 10,178 6,612 8,496 Federal agency securities Debt, maturing in 22 Less than 3.5 years 45 92 94 181 60 30 142 139 22 22 220044 315 23 3.5 to 7.5 years 51 38 73 10 12 24 83 140 134 47 17 16 24 7.5 years or more 33 25 63 74 8 11 72 142 49 13 54 24 Mortgage-backed 25 Pass-throughs 11,134 12,076 12,374 10,945 8,836 15,672 13,419 12,541 7,270 13,528 9,813 9,683 26 Others 2,012 2,339 1,745 2,668" 1,840 1,205 2,483 1,525 927 2,024 1,169 1,456 OPTION TRANSACTIONS5 By type of underlying security U.S. Treasury, coupon securities, by maturity 27 Less than 3.5 years 1,725 1,025 975 886 1,302 1,353 726 693 807 1,200 425 2,273 28 3.5 to 7.5 years 340 420 640 346 1,206 668 488 319 631 1,058 234 517 29 7.5 to 15 years 337 381 523 263 453 578 862 174 631 381 252 413 30 15 years or more 22,,555511 2,205 3,482 2,334 4,168 4,140 4,247 1,962 1,877 2,420 1,739 2,528 Federal agency, mortgagebacked securities 31 Pass-throughs 603 532 334 222 296 585 371 127 339 875 176 713 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 NonfinancialS tatistics • March 1992 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 1991 1991, week ending IItteemm Sept. Oct. Nov. Oct. 23 Oct. 30 Nov. 6 Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Positions2 NET IMMEDIATE TRANSACTIONS3 By type of security U.S. Treasury securities 1 Bills 15,937 15,720 15,482 18,827 16,581 19,828 16,398 15,573 10,990 14,921 17,261 18,469 Coupon securities, by maturity 2 Less than 3.5 years 4,049r 6,362r 7,368 8,97 r 4,172 10,364 9,298 5,724 5,197 5,771 3,636 77,,550011 3 3.5 to 7.5 years 561' -2,993r -8,509 -5,126r -2,478 -6,213 -8,110 -10,259 -8,204 -10,663 -8,291 -8,598 4 7.5 to 15 years -4,997r -3,733r -3,844 -4,368r -4,342 -1,436 -4,168 -3,475 -4,885 -6,332 -6,640 -5,232 5 15 years or more -12,134 -8,144r -7,296 -8 ,449r -7,921 -13,095 -9,280 -3,637 -5,493 -3,816 -2,050 -1,450 Federal agency securities Debt, maturing in 6 Less than 3.5 years 4,805r 4,104r 4,099 5,148r 2,961 3,398 4,078 4,694 3,298 6,035 3,841 4,121 7 3.5 to 7.5 years l,905r l,940r 2,314 l,870r 2,042 2,039 2,170 2,382 2,462 2,698 2,796 2,678 8 7.5 years or more 5,167r 5,108r 4,231 4,929r 5,065 4,733 4,453 4,204 3,685 4,046 3,720 3,580 Mortgage-backed securities 9 Pass-throughs 29,377 25,712 27,555 28,443 23,981 26,339 30,512 35,559 21,506 18,525 27,315 26,517 10 All others 12,611 14,414r 15,780 14,143 14,299 14,610 13,735 15,918 17,795 17,868 16,620 16,373 Other money market instruments 11 Certificates of deposit 3,020 3,355 3,147 3,346 3,849 2,838 3,456 3,481 2,644 3,435 2,610 2,562 12 Commercial paper 5,912 6,481 6,194 6,080 7,381 6,792 7,204 5,404 5,847 5,296 5,889 6,148 13 Bankers acceptances 1,575 1,495 1,574 1,140 1,692 1,542 1,676 1,331 1,630 1,840 1,564 1,257 FUTURE AND FORWARD TRANSACTIONS5 By type of deliverable security U.S. Treasury securities 14 Bills -7,828 -8,523 -10,708 -8,621 -9,506 -8,532 -10,164 -12,389 -10,350 -13,238 -11,880 -8,267 Coupon securities, by maturity 15 Less than 3.5 years 1,615 1,195 394 967 1,384 463 11,,000055 86 111 209 441 22,,998844 16 3.5 to 7.5 years -868 -1,553 -1,565 -2,019 -1,677 -1,551 -1,356 -1,994 -1,566 -1,077 -945 -235 17 7.5 to 15 years -1,892 -1,061 -500 -437 -1,429 345 -712 -1,005 -575 -337 449 -730 18 15 years or more -5,582 -3,551 -2,016 -2,344 -3,148 455 -275 -4,383 -2,594 -4,149 -5,747 -5,356 Federal agency securities Debt, maturing in 19 Less than 3.5 years -41 35 54 101 80 20 54 -1 180 -45 -14 -97 20 3.5 to 7.5 years -1 -60 16 -52 -2 63 -59 28 75 -65 109 145 21 7.5 years or more -26 -18 94 -37 15 11 0 30 287 180 56 -83 Mortgage-backed securities 22 Pass-throughs -18,899 -15,336 -14,580 -17,278 -12,342 -13,903 -18,225 -21,511 -9,585 -2,912 -12,654 -12,046 23 All others 1,994 l,363r 1,883 2,707 2,011 2,332 2,205 2,024 1,081 1,779 2,223 1,506 24 Certificates of deposit -128,658 -153,734r -175,570 -151,431 -152,683 -170,520 -165,050 -185,057 -179,251 -179,492 -190,448 -190,469 Financing6 Reverse repurchase agreements 25 Overnight and continuing 189,584 182,835 179,781 173,955 182,466 181,381 180,831 193,464 162,257 183,095 180,718 117722,,665522 26 Term 247,564 251,079 254,361 257,128 252,322 260,401 270,775 243,308 252,491 234,131 245,766 236,075 Repurchase agreements 27 Overnight and continuing 296,224 287,307 270,661 283,271 284,866 281,537 275,784 300,749 221,264 282,007 285,609 286,300 28 Term 227,932 234,937 255,652 243,006 242,167 245,312 260,551 237,837 292,960 219,421 232,870 225,806 Securities borrowed 29 Overnight and continuing 61,963 59,052 62,159 59,490 60,827 59,239 60,457 63,251 64,400 64,191 62,784 62,399 30 Term 22,150 23,690 28,080 21,843 24,119 25,057 25,908 27,247 32,989 29,679 30,823 29,610 Securities loaned 31 Overnight and continuing 8,725 9,304 9,271 9,620 9,327 9,137 9,256 10,129 9,330 7,434 7,352 8,763 32 Term 1,416 742 1,363 865 479 554 511 632 4,057 387 410 396 Collateralized loans 33 Overnight and continuing 8,520 8,547 10,097 8,370 8,051 9,941 10,805 9,642 10,204 9,567 9,692 10,719 MEMO: Matched book7 Reverse repurchases 34 Overnight and continuing 127,648 124,310 123,670 117,562 123,866 123,131 122,262 134,835 114,179 124,129 119,955 123,691 35 Term 197,099 205,104 205,613 209,371 209,807 210,788 214,846 197,454 205,149 193,840 203,366 200,344 Repurchases 36 Overnight and continuing 149,490 143,450 135,345 135,493 147,118 141,217 133,231 151,640 112,602 143,575 148,199 140,897 37 Term 169,284 181,206 192,103 186,484 187,542 192,282 200,9% 179,090 208,512 163,073 178,622 175,124 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 (10s), 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 FspRecAifSy dEeRlay ed delivery. All futures positions are included regardless of time to http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Finance A31 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1991 AAggeennccyy 11998877 11998888 11998899 11999900 June July Aug. Sept. Oct. 1 Federal and federally sponsored agencies 341,386 381,498 411,805 434,668 429,228r 432,637r 437,942r 436,189r 438,032 2 Federal agencies 37,981 35,668 35,664 42,159 40,591 40,380 40,923 42,409 42,638 3 Defense Department1 13 8 7 7 7 7 7 7 7 4 Export-Import Bank • 11,978 11,033 10,985 11,376 11,244 11,244 11,244 11,267r 11,267 5 Federal Housing Administration 183 150 328 393 428 300 315 336 337 6 Government National Mortgage Association participation certificates 1,615 0 0 0 0 0 0 00 00 7 Postal Service 6,103 6,142 6,445 6,948 6,651 6,621 6,621 8,421r 8,421 8 Tennessee Valley Authority 18,089 18,335 17,899 23,435 22,261 22,208 22,745 22,378 22,606 9 United States Railway Association 0 0 0 0 0 0 0 0 0 10 Federally sponsored agencies7 303,405 345,830 375,407 392,509 388,637r 392,257r 397,019r 393,780r 395,394 11 Federal Home Loan Banks 115,727 135,836 136,108 117,895 105,775 106,397 107,469 106,510 105,945 12 Federal Home Loan Mortgage Corporation 17,645 22,797 26,148 30,941 28,836 29,559 31,650 31,502 31,818 13 Federal National Mortgage Association 97,057 105,459 116,064 123,403 126,606 128,764 128,589 127,460 128,594 14 Farm Credit Banks8 55,275 53,127 54,864 53,590 51,712 51,318 52,056 52,010 52,488 15 Student Loan Marketing Association9 16,503 22,073 28,705 34,194 36,232 36,742 37,778 36,821 37,072 16 Financing Corporation 1,200 5,850 8,170 8,170 8,170 8,170 8,170 8,170 8,170 17 Farm Credit Financial Assistance Corporation" 0 690 847 1,261 1,261 1,261 1,261 1,261 1,261 18 Resolution Funding Corporation 0 0 4,522 23,055 29,996 29,996 29,996 29,996 29,996 MEMO 19 Federal Financing Bank debt13 152,417 142,850 134,873 179,083 185,129 186,752 188,920 194,234 192,747 Lending to federal and federally sponsored agencies 20 Export-Import Bank3 11,972 11,027 10,979 11,370 11,238 11,238 11,238 ll,261r 1111,,226611 21 Postal Service6 5,853 5,892 6,195 6,698 6,401 6,401 6,401 8,201r 8,201 22 Student Loan Marketing Association 4,940 4,910 4,880 4,850 4,850 4,850 4,850 4,850 4,820 23 Tennessee Valley Authority 16,709 16,955 16,519 14,055 12,881 12,828 12,373 11,875 11,375 24 United States Railway Association6 0 0 0 0 0 0 0 0 0 Other Lending'4 25 Farmers Home Administration 59,674 58,496 53,311 52,324 52,254 51,334 51,334 50,694 48,534 26 Rural Electrification Administration 21,191 19,246 19,265 18,890 18,894 18,832 18,846 18,597 18,599 27 Other 32,078 26,324 23,724 70,8% 78,611 81,269 83,878 88,756 89,957 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 • March 1992 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars 1991 TTyyppee ooff iissssuuee oorr iissssuueerr,, 11998888 11998899 11999900 oorr uussee May June July Aug. Sept. Oct. Nov. Dec. 1 All issues, new and refunding1 114,522 113,646 120,339 14,753 13,804 11,629 15,744 13,240 11,357 17,734r 15,775 By type of issue 2 General obligation 30,312 35,774 39,610 4,946 4,442 3,900 5,919 5,253 3,088 6,510 5,695 3 Revenue 84,210 77,873 81,295 9,807 9,362 7,729 9,825 7,987 8,269 11,224 10,080 By Type of issuer 4 State 8,830 11,819 15,149 1,890 1,529 650 2,328 3,371 7,195r 1,171 n.a. 5 Special district or statutory authority 74,409 71,022 72,661 9,549 5,057 7,320 8,890 6,272 605 10,817 n.a. 6 Municipality, county, or township 31,193 30,805 32,510 3,314 7,218 3,659 4,526 3,597 3,557 5,746 n.a. 7 Issues for new capital, total 79,665 84,062 103,235 ll,191r 10,008r 9,513r 12,164r 9,586r 8,967r 13,495r 12,373 By use of proceeds 8 Education 15,021 15,133 17,042 2,462 2,684 2,214 1,826 1,244 1,524 1,297 1,740 9 Transportation 6,825 6,870 11,650 1,642 1,829 621 1,498 1,249 1,476 2,682 471 10 Utilities and conservation 8,496 11,427 11,739 1,815 2,830 2,077 1,977 2,343 2,151 1,915 1,813 11 Social welfare 19,027 16,703 23,099 3,373 2,455 2,287 5,291 2,862 1,386 n.a. n.a. 12 Industrial aid 5,624 5,036 6,117 743 1,040 425 565 1,262 553 349 962 13 Other purposes 24,672 28,894 34,607 3,889 2,509 3,790 4,019 3,704 4,014 4,631 4,743 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 iissssuuee,, ooffffeerriinngg,, 11998888 11998899 11999900 oorr iissssuueerr Apr. May June July Aug. Sept. Oct. Nov. 1 All issues' 410,898 379,535 339,551 33,588r 37,439r 31,740r 23,181r 35,821r 32,090" 34,787 32,810 2 Bonds2 353,097 321,664 299,313 28,275r 30,021r 26,122r 20,499r 29,091r 26,669" 25,923 23,757 By type of offering 3 Public, domestic 202,026r 180,759" 189,521r 24,417r 27,191r 23,701r 18,943r 21,22V 23,772r 23,506" 22,017 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 23,078r 22,851 23,054 3,857 2,830 2,421 1,555 1,870 2,897 2,416" 1,740 By industry group 6 Manufacturing 70,306 76,656 53,110 7,613 6,614r 4,238 3,827 8,099r 6,903r 4,730" 4,425 7 Commercial and miscellaneous 62,794 49,744 40,019 3,261r 1,210 1,773 1,500 1,388 1,012 1,209 2,044 8 Transportation 10,275 10,032 12,706 502 665 567 697 809" 231 684 150 9 Public utility 20,834 18,688 17,521 2,095r 2,722r l,644r 1,457r 1,897r 1,290" 1,530 2,939 10 Communication 5,593 8,461 6,664 645r 337 1,838 745r 668 408 958 169 11 Real estate and financial 183,294 158,083 169,287 14,159r 18,474r 16,062r 12,273r 16,230" 16,825" 16,812" 14,030 12 Stocks2 57,802 57,870 40,165 5,313 7,418 5,618 2,682 6,730 5,421 8,864 9,053 By type of offering 13 Public preferred 6,544 6,194 3,998 543 1,392 1,731 203 1,952 666 3,527 3,240 14 Common 35,911 26,030 19,443 4,771 6,027 3,887 2,479 4,778 4,755 5,337 5,813 15 Private placement 15,346 25,647 16,736 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 5,649 1,796 2,291 11,,990099 685 3,167 1,842 3,623 4,054 17 Commercial and miscellaneous 8,449 7,446 10,171 1,521 1,563 851 1,427 2,050 858 2,095 2,158 18 Transportation 1,535 1,929 369 416 277 0 18 56 0 16 0 19 Public utility 1,898 3,090 416 71 573 471 143 150 55 320 174 20 Communication 515 1,904 3,822 0 0 295 46 8 0 25 84 21 Real estate and financial 37,798 34,028 19,738 1,510 2,714 2,091 350 1,298 2,666 2,622 2,583 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 Apr. May June July Aug. Sept. Oct.r Nov. 1 Sales of own shares2 306,445 345,780 40,356 36,719 33,922 39,329 38,014 37,316 45,218 41,610 2 Redemptions of own shares 272,165 289,573 32,895 26,972 27,629 28,767 28,128 26,319 27,957 28,398 3 Net sales 34,280 56,207 7,461 9,747 6,293 10,562 9,886 10,997 17,261 13,212 4 Assets4 553,871 570,744 647,053 671,852 661,643 6ol).486 712,782 730,426 753,344 753,372 5 Cash5 44,780 48,638 52,982 55,450 55,057 55,293 52,791 53,884 59,902 59,552 6 Other 509,091 522,106 594,071 616,402 606,586 635,193 659,992 676,543 695,492 693,820 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 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 1 Profits with inventory valuation and capital consumption adjustment 365.0 351.7 319.0 334.7 340.2 339.8 299.8 296.1 302.1 303.5 306.1 2 Profits before taxes 347.5 344.5 332.3 332.8 336.6 331.6 335.1 326.1 309.1 306.2 318.2 3 Profits tax liability 137.0 138.0 135.3 129.8 137.6 137.9 138.8 127.1 119.4 123.5 128.6 4 Profits after taxes 210.5 206.6 197.0 203.0 199.1 193.7 196.3 199.0 189.7 182.7 189.6 5 Dividends 115.3 127.9 133.7 130.7 132.3 132.5 133.8 136.2 137.8 136.7 138.1 6 Undistributed profits 95.2 78.7 63.3 72.3 66.7 61.2 62.5 62.8 51.9 46.1 51.5 7 Inventory valuation -27.3 -17.5 -14.2 -13.5 -6.6 3.8 -32.6 -21.2 6.7 9.9 -4.8 8 Capital consumption adjustment 44.7 24.7 .8 15.4 10.2 4.4 -2.7 -8.8 -13.6 -12.6 -7.3 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 19911 19921 IInndduussttrryy 11999900 11999911 1199992211 Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql 1 Total nonfarm business 532.61 529.97 558.60 534.55 534.11 530.13 535.50 524.57 527.86 531.96 563.31 Manufacturing 2 Durable goods industries 82.58 77.04 79.38 84.15 82.48 79.03 81.24 79.69 74.51 72.74 80.58 3 Nondurable goods industries 110.04 107.27 104.68 110.87 111.57 110.69 109.90 107.66 102.54 108.98 107.52 Nonmanufacturing 4 Mining 9.88 10.06 9.50 9.77 9.97 10.12 9.89 10.09 10.09 10.15 10.58 Transportation 5 Railroad 6.40 5.84 6.78 6.67 5.66 6.81 5.59 6.27 6.50 5.02 5.52 6 Air 8.87 9.84 12.34 9.37 9.55 7.54 11.18 10.10 9.81 8.27 12.88 7 Other 6.20 6.50 7.12 5.90 5.87 6.82 6.48 6.68 6.52 6.32 6.41 Public utilities 8 Electric 44.10 43.56 47.34 42.83 43.80 45.88 43.36 42.87 43.09 44.90 48.54 9 Gas and other 23.11 22.42 24.10 21.80 23.88 24.36 23.68 21.71 23.38 20.92 22.98 10 Commercial and other2 241.43 247.44 267.35 243.18 241.32 238.87 244.19 239.50 251.42 254.66 268.28 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 NonfinancialS tatistics • March 1992 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities Billions of dollars, end of period; not seasonally adjusted 1990 1991 AAccccoouunntt 11998877 11998888 11998899 Ql Q2 Q3 Q4 Ql Q2 Q3 ASSETS 1 Accounts receivable, gross1 388.1 426.2 445.7 452.8 468.8 474.0 486.7 478.9 487.9 487.8 2 Consumer 141.1 146.2 140.8 137.9 138.6 140.9 136.0 131.6 133.9 132.5 3 Business 207.4 236.5 256.0 262.9 274.8 275.4 290.8 290.0 295.5 296.6 4 Real estate 39.5 43.5 48.9 52.1 55.4 57.7 59.9 57.3 58.5 58.7 5 LESS: Reserves for unearned income 45.3 50.0 52.0 51.9 54.3 55.1 56.6 57.0 58.7 59.6 6 Reserves for losses 6.8 7.3 7.7 7.9 8.2 8.6 9.2 10.3 10.8 12.9 7 Accounts receivable, net 336.0 368.9 386.1 393.0 406.3 410.3 420.9 411.6 418.4 415.2 8 All other 58.3 72.4 91.6 92.5 95.5 102.8 99.6 103.4 106.1 111.9 9 Total assets 394.2 441.3 477.6 485.5 501.9 513.1 520.6 515.0 524.5 527.1 LIABILITIES AND CAPITAL 10 Bank loans 16.4 15.4 14.5 13.9 15.8 15.6 19.4 22.0 22.7 24.0 11 Commercial paper 128.4 142.0 149.5 152.9 152.4 148.6 152.7 141.2 140.6 138.1 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 70.5 72.8 82.0 82.7 77.8 81.7 87.4 15 Not elsewhere classified n.a. 137.9 147.8 145.7 153.0 156.6 157.0 162.4 164.2 163.4 16 All other liabilities 52.8 59.8 62.6 61.7 66.1 68.7 66.0 68.0 72.2 72.1 17 Capital, surplus, and undivided profits 31.5 35.6 39.4 40.7 41.8 41.6 42.8 43.7 43.0 42.1 18 Total liabilities and capital 394.2 441.3 477.6 485.5 501.9 513.1 520.6 515.0 524.5 527.1 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 June July Aug. Sept. Oct. Nov. 1 Total 234,891 258,957 292,638 298,228 300,161 305,024 307,599 310,876 311,632 Retail financing of installment sales 2 Automotive 37,210 39,479 38,110 35,390 35,491 34,665 34,119 34,167 33,664 3 Equipment 28,185 29,627 31,784 32,189 32,194 33,146 34,822 33,989 33,375 4 Pools of securitized assets2 n.a. 698 951 707 793 833 797 769 746 Wholesale 5 Automotive 32,953 33,814 32,283 29,305 29,454 30,637 30,072 31,831 32,292 6 Equipment 5,971 6,928 11,569 10,427 11,344 10,631 10,594 11,075 10,414 7 All other 9,357 9,985 9,126 8,851 8,807 8,712 8,695 8,407 8,418 8 Pools of securitized assets2 n.a. 0 2,950 2,805 2,843 3,508 4,053 4,458 4,639 Leasing 9 Automotive 24,693 26,804 39,129 41,603 43,024 44,628 45,387 45,837 45,299 10 Equipment 57,658 68,240 75,626 83,961 84,311 86,145 86,732 87,701 90,079 11 Pools of securitized assets2 n.a. 1,247 1,849 1,725 1,750 1,679 1,844 1,803 1,885 12 Loans on commercial accounts receivable and factored commercial accounts receivable 17,687 18,511 22,475 24,040 23,125 23,366 23,204 23,295 23,338 13 All other business credit 21,176 23,623 26,784 27,225 27,025 27,073 27,279 27,544 27,483 Net change (during period) 1 Total 28,899 24,066 33,681 1,057 1,933 4,862 2,576 3,277 756 Retail financing of installment sales 2 Automotive 1,071 2,269 -1,369 -615 100 -825 -547 48 -503 3 Equipment 3,111 1,442 2,157 -501 4 952 1,676 -833 -614 4 Pools of securitized assets2 n.a. -26 253 -30 86 40 -36 -28 -23 Wholesale 5 Automotive 2,883 861 -1,532 -750 149 1,183 -564 1,759 461 6 Equipment 393 957 4,641 -573 917 -713 -37 481 -662 7 All other 1,028 628 -859 231 -44 -95 -17 -289 11 8 Pools of securitized assets2 n.a. 0 2,950 -50 38 665 545 405 181 Leasing 9 Automotive 2,596 2,111 12,325 865 1,421 1,604 759 450 -538 10 Equipment 14,166 10,581 7,386 -165 350 1,834 587 969 2,378 11 Pools of securitized assets2 n.a. 526 602 25 25 -71 165 -41 82 12 Loans on commercial accounts receivable and factored commercial accounts receivable -483 825 3,964 2,268 -914 240 -162 91 43 13 All other business credit 4,135 2,446 3,161 352 -199 47 207 264 -60 Digitized for FRASER 1. Data in this table also appear in the Board's G.20 (422) monthly statistical 2. Data on pools of securitized assets are not seasonally adjusted, http://fraser.rselteloasue.i sFfoerd o.rodergrin/ g 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 June July Aug. Sept. Oct. Nov. Dec. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 150.0 159.6 153.2 166.7 165.1 159.0 157.8 153.4 162.6 159.1 2 Amount of loan (thousands of dollars) 110.5 117.0 112.4 121.9 121.6 115.7 114.3 115.0 116.0 113.8 3 Loan-price ratio (percent) 75.5 74.5 74.8 74.2 75.0 74.6 73.3 76.5 73.5 73.1 4 Maturity (years) 28.0 28.1 27.3 26.8 27.0 27.1 25.9 27.5 26.4 26.4 5 Fees and charges (percent of loan amount) 2.19 2.06 1.93 1.69 1.85 1.74 1.86 1.61 1.53 (.50 6 Contract rate (percent per year) 8.81 9.76 9.68 9.18 9.12 9.19 9.00 8.78 8.38 8.28 Yield (percent per year) 7 OTS series3 9.18 10.11 10.01 9.46 9.43 9.48 9.30 9.04 8.64 8.53 8 HUD series4 10.30 10.21 10.08 9.60 9.46 9.22 8.88 8.76 8.67 8.30 SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (HUD series)5 10.49 10.24 10.17 9.71 9.59 9.14 9.06 8.71 8.69 8.10 10 GNMA securities6 9.83 9.71 9.51 9.04 8.93 8.69 8.60 8.34 8.09 7.81 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 101,329 104,974 113,329 122,806 123,770 124,230 124,954 125,884 126,624 128,983 12 FHA/VA-insured 19,762 19,640 21,028 21,474 21,511 21,529 21,636 21,576 21,547 21,796 13 Conventional 81,567 85,335 92,302 101,332 102,259 102,701 103,318 104,308 105,077 107,187 Mortgage transactions (during period) 14 Purchases 23,110 22,518 23,959 3,145 3,183 3,069 3,032 3,408 3,299 5,114 Mortgage commitments (during periodf 15 Issued8 n.a. n.a. 23,689 3,032 2,975 3,453 3,196 4,122 3,806 5,285 16 To sell9 n.a. n.a. 5,270 841 1,374 1,051 762 917 569 78 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)9 17 Total 15,105 20,105 20,419 23,649 24,061 24,217 23,906 24,922 25,239 n.a. 18 FHA/VA-insured 620 590 547 486 481 475 471 462 468 n.a. 19 Conventional 14,485 19,516 19,871 23,164 23,581 23,742 23,435 24,460 24,772 n.a. Mortgage transactions (during period) 20 Purchases 44,077 78,588 75,517 10,052 8,649 9,191 9,155 8,644 10,170 n.a. 21 Sales 39,780 73,446 73,817 10,694 8,057 8,803 9,305 7,449 9,545 9,929 Mortgage commitments (during period)10 22 Contracted 66,026 88,519 102,401 9,008 8,890 12,430 7,468 6,358 11,594 n.a. 1. Weighted averages based 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 Government National Mortgage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A36 Domestic Financial Statistics • March 1992 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 1990 1991 TTyyppee ooff hhoollddeerr aanndd pprrooppeerrttyy 11998877 11998888 11998899 Q2 Q3 Q4 Ql Q2P 1 All holders 2,986,425 3,270,118 3,556,370 3,760,480 3,816,690 3,857,665 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 2,669,996 2,709,998 2,730,239 2,781,005 3 Multifamily residences 278,899 291,405 303,416 301,789 305,903 307,378 307,932 308,457 4 Commercial 657,036 692,236 739,240 755,212 756,507 756,303 754,879 751,751 3 Farm 87,532 85,247 84,025 83,957 84,284 83,987 83,650 83,873 By type of holder 6 Major financial institutions 1,665,291 1,831,472 1,931,537 1,940,366 1,933,303 1,913,322 1,895,544 1,884,850 7 Commercial banks 592,449 674,003 767,069 814,598 831,193 844,359 855,889 870,797 8 One- to four-family 275,613 334,367 389,632 431,115 445,882 456,010 463,796 476,744 9 Multifamily 32,756 33,912 38,876 38,420 37,900 37,092 37,993 37,930 10 Commercial 269,648 290,254 321,906 327,930 330,086 334,026 336,606 338,057 11 Farm 14,432 15,470 16,656 17,133 17,326 17,231 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 192,721 200,570 209,498 227,818 242,695 250,761 263,079 275,394 24 Government National Mortgage Association 444 26 23 21 21 20 20 20 25 One- to four-family 25 26 23 21 21 20 20 20 26 Multifamily 419 0 0 0 0 0 0 0 27 Farmers Home Administration 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 1,106,634 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 410,116 426,229 468,569 567,403 577,964 586,948 578,347 582,248 60 One- to four-family 246,061 259,971 294,517 382,343 390,657 398,889 391,623 395,483 61 Multifamily 80,977 79,209 81,634 82,040 83,544 84,205 82,355 81,906 62 Commercial 63,057 67,618 73,023 83,557 84,350 84,538 85,182 85,690 63 Farm 20,021 19,431 19,395 19,463 19,412 19,316 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 1991 HHoollddeerr aanndd ttyyppee ooff ccrreeddiitt 11998899 11999900 Mar. Apr. May June July Aug. Sept. Oct.r Nov. Seasonally adjusted 1 Total 718,863 735,102 732,442 733,621 732,289 730,591 729,962 729,108 729,151 730,817 730,844 2 Automobile 290,676 284,585 280,689 279,746 276,494 274,496 273,565 271,906 270,223 270,013 269,061 3 Revolving 199,082 220,110 224,817 225,994 227,301 227,737 228,199 229,453 232,070 233,661 234,675 4 Mobile home 22,471 20,919 20,123 20,098 19,796 19,907 19,615 19,495 18,892 18,943 19,068 5 Other 206,633 209,487 206,813 207,782 208,697 208,451 208,582 208,253 207,966 208,200 208,040 Not seasonally adjusted 6 Total 730,901 748,300 725,462 727,907 727,717 728,023 727,754 731,531 732,183 731,222 732,955 By major holder / Commercial banks 342,770 347,466 335,754 336,425 334,746 333,442 334,273 335,662 335,509 335,258 334,259 8 Finance companies 140,832 137,450 131,552 133,462 134,045 133,903 134,120 135,509 132,471 131,778 130,679 9 Credit unions 93,114 92,911 90,772 91,413 91,549 91,924 92,017 92,843 93,305 92,746 92,468 10 Retailers 44,154 43,552 38,497 37,817 36,782 36,702 36,392 37,296 37,281 37,359 38,651 11 Savings institutions 57,253 45,616 42,491 41,707 40,764 39,827 39,012 37,893 37,036 37,424 37,010 12 Gasoline companies 3,935 4,822 4,296 4,357 4,507 4,591 4,712 4,857 4,753 4,529 4,388 13 Pools of securitized assets 48,843 76,483 82,100 82,726 85,324 87,634 87,228 87,471 91,828 92,128 95,500 By major type of credit3 14 Automobile 290,705 284,813 277,798 277,508 275,582 275,018 274,222 274,190 273,358 272,092 269,868 15 Commercial banks 126,288 126,259 123,411 122,710 121,631 121,605 121,319 120,577 119,730 119,276 118,502 16 Finance companies 82,721 74,396 69,233 70,500 69,689 70,304 70,444 71,571 69,853 69,364 67,907 17 Pools of securitized assets2 18,235 24,537 27,755 26,875 27,085 26,039 25,609 25,071 26,812 26,803 27,123 18 Revolving 210,310 232,370 221,400 222,627 224,301 225,596 226,145 229,224 231,281 231,862 235,684 19 Commercial banks 130,811 132,433 124,619 126,009 126,047 124,106 124,645 125,787 125,524 126,234 125,734 20 Retailers 39,583 39,029 34,179 33,513 32,458 32,381 32,076 32,962 32,964 33,055 34,319 21 Gasoline companies 3,935 4,822 4,296 4,357 4,507 4,591 4,712 4,857 4,753 4,529 4,388 22 Pools of securitized assets 23,477 44,335 46,722 47,116 49,667 52,897 53,094 54,017 56,438 56,290 59,459 23 Mobile home 22,240 20,666 20,030 20,052 19,721 19,875 19,639 19,468 18,996 19,026 19,030 24 Commercial banks 9,112 9,763 9,632 9,565 9,386 9,652 9,552 9,534 9,614 9,600 9,662 25 Finance companies 4,716 5,252 5,328 5,573 5,595 5,652 5,669 5,700 5,300 5,358 5,401 26 Other 207,646 210,451 206,234 207,720 208,113 207,534 207,748 208,649 208,548 208,242 208,373 27 Commercial banks 76,559 79,011 78,092 78,141 77,682 78,079 78,757 79,764 80,641 80,148 80,361 28 Finance companies 53,395 57,801 56,991 57,388 58,761 57,947 58,007 58,238 57,318 57,056 57,371 29 Retailers 4,571 4,523 4,318 4,304 4,324 4,321 4,316 4,334 4,317 4,304 4,332 30 Pools of securitized assets2 7,131 7,611 7,603 8,735 8,572 8,698 8,525 8,383 8,578 9,035 8,918 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 DomesticN onfinancialS tatistics • March 1992 1.56 TERMS OF CONSUMER INSTALLMENT CREDIT1 Percent per year, except as noted 1991 IItteemm 11998888 11998899 11999900 May June July Aug. Sept. Oct. Nov. INTEREST RATES Commercial banks2 1 48-month new car3 10.85 12.07 11.78 11.28 n.a. n.a. 11.06 n.a. n.a. 10.61 2 24-month personal 14.68 15.44 15.46 15.16 n.a. n.a. 15.24 n.a. n.a. 14.88 3 i 20-month mobile home3 13.54 14.11 14.02 13.80 n.a. n.a. 13.73 n.a. n.a. 13.37 4 Credit card 17.78 18.02 18.17 18.22 n.a. n.a. 18.24 n.a. n.a. 18.19 Auto finance companies 5 New car 12.60 12.62 12.54 12.95 12.77 12.55 12.40 1122..3388 1122..2233 1100..7799 6 Used car 15.11 16.18 15.99 15.85 15.74 15.66 15.63 15.60 15.46 15.06 OTHER TERMS4 Maturity (months) 7 New car 56.2 54.2 54.6 55.5 55.5 55.5 55.4 55.4 55.4 5544..11 8 Used car 46.7 46.6 46.1 47.3 47.3 47.4 47.2 47.2 47.0 47.0 Loan-to-value ratio 9 New car 94 91 87 87 88 88 88 87 88 88 10 Used car 98 97 95 96 97 % 97 96 97 % Amount financed (dollars) 11 New car 11,663 12,001 12,071 12,204 12,343 12,572 12,518 12,460 12,684 13,245 12 Used car 7,824 7,954 8,289 8,873 8,916 8,989 8,902 8,996 9,077 9,029 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 Q4 Ql Q2 Q3 Q4 Ql Q2 Nonfinancial sectors 1 Total net borrowing by 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 By lending sector and instrument 7 U.S. government 215.0 144.9 157.5 151.6 272.5 185.0 247.3 228.2 286.1 332288..44 220044..77 224411..88 3 Treasury securities 214.7 143.4 140.0 150.0 264.4 189.6 217.8 222.9 287.5 329.4 228.7 248.0 4 Agency issues and mortgages .4 1.5 17.4 1.6 8.2 -4.6 29.6 5.4 -1.3 -1.0 -24.0 -6.2 5 Private 621.9 542.1 603.3 526.6 366.8 435.2 556.1 368.7 371.6 170.9 206.7 220.9 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 223300..55 229922..77 7 Tax-exempt 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 8 Corporate bonds 126.8 79.4 102.9 73.7 49.7 87.4 30.2 68.8 32.8 67.1 80.6 95.3 9 Mortgages 316.3 324.5 306.5 275.7 228.3 240.5 348.4 216.0 212.7 136.3 138.6 169.9 10 Home mortgages 218.7 234.9 231.0 218.0 212.6 214.3 298.7 220.0 184.7 147.1 136.8 176.6 11 Multifamily residential 33.5 24.4 16.7 16.4 6.5 9.5 22.7 -15.5 16.2 2.7 4.6 2.9 17 Commercial 73.6 71.6 60.8 42.7 9.3 19.9 26.5 13.4 9.9 -12.8 -3.0 -8.0 N -9.5 -6.4 -2.1 -1.5 .0 -3.2 .5 -1.9 2.0 -.7 .2 -1.6 14 Other debt instruments 156.1 88.9 144.1 146.8 68.7 88.2 165.1 59.4 96.0 -45.9 -23.8 -71.9 N 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 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 14.2 -51.6 17 Open market paper -9.3 2.3 11.9 20.4 9.7 -6.9 69.6 -6.2 17.3 - 41.7 5.1 -22.6 18 Other 40.5 43.2 42.2 47.4 43.4 43.3 48.8 47.4 60.0 17.5 -19.5 22.6 By borrowing sector 19 State and local government 36.2 48.8 45.6 29.6 17.2 16.5 16.0 1177..22 2288..11 77..66 1122..22 1166..88 70 Household 293.0 302.2 314.9 285.0 254.0 291.8 377.2 257.5 227.3 154.0 162.6 199.7 7.1 Nonfinancial business 292.7 191.0 242.8 211.9 95.6 126.9 162.9 94.0 116.2 9.4 32.0 4.3 77 -16.3 -10.6 -7.5 1.6 2.6 8.9 6.2 -10.8 11.7 3.1 4.7 -1.6 23 Nonfarm noncorporate 99.2 77.9 65.7 50.8 13.7 35.0 45.5 3.5 19.6 -14.0 -18.7 -3.6 24 Corporate 209.7 123.7 184.6 159.5 79.4 83.1 111.2 101.3 84.8 20.2 46.0 9.5 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 50.6 -53.0 76 3.1 7.4 6.9 5.3 21.6 -1.0 32.7 25.8 1.2 26.5 8.9 22.0 77 -1.0 -3.6 -1.8 -.1 -2.9 -4.3 -6.9 -1.8 1.9 -4.7 10.3 -7.1 28 Open market paper 11.5 2.1 8.7 13.3 12.3 22.2 -16.4 23.1 27.3 15.3 45.5 -52.0 29 U.S. government loans -3.9 -1.4 -7.5 -7.5 -7.5 .1 -7.3 -5.9 -.8 -16.0 -14.1 -15.8 30 Total domestic plus foreign 846.6 691.5 767.1 689.1 662.8 637.1 805.5 638.1 687.3 520.4 462.0 409.7 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 3? U.S. government-related 154.1 171.8 119.8 151.0 167.4 156.4 171.7 184.0 139.2 117744..66 115555..88 115500..66 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 S55.5 141.3 173.0 35 Loans from U.S. government -.4 -.8 .0 .0 -.1 .0 .0 .0 .0 -.5 .0 .0 36 131.0 128.4 127.8 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 ..11 -.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 11..00 -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 1177..11 2222..33 1199..00 1144..55 --2222..44 43 139.2 142.3 74.9 125.8 150.3 161.1 162.0 166.8 116.9 155.5 141.3 173.0 44 131.0 128.4 127.8 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 • March 1992 1.57—Continued 1989 1990 1991 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11998866 11998877 11998888 11998899 11999900 Q4 QL Q2 Q3 Q4 QL 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 6 6 6 7 All N o o t n h f e i r n ancial corporations - - 7 8 2 5 . . 2 0 - -7 6 5 3 . . 5 0 - -1 1 2 2 9 5 . . 5 3 - -1 1 2 0 4 5 . . 2 1 - - 5 6 1 3 . . 7 0 - -7 5 9 7 . . 3 6 - - 5 6 7 9 . . 0 0 - -4 2 8 2 . . 0 9 - - 7 7 0 4 . . 2 0 - -6 5 1 6 . . 0 9 -1 2 2 0 . . 0 2 5 1 1 1 . . 7 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 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 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 449999..33 441111..44 446622..66 2 Total net advances by federal agencies and foreign 280.2 248.8 210.7 187.6 261.7 203.8 221.8 299.4 332255..66 220000..00 227744..77 225511..00 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 4422..11 112222..66 7744..44 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 loans 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 3322..11 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 I 11 Sponsored credit agencies and mortgage pools 154.1 171.8 119.8 151.0 167.4 156.4 171.7 118844..00 113399..22 117744..66 115555..88 115500..66 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 70 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 118855..88 9911..66 By tending institution 71 Commercial banks 198.1 135.4 156.3 177.3 118.7 184.3 184.1 132.1 101.7 5566..99 113344..22 1155..77 77 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 73 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 2288..44 6600..11 3333..22 221166..77 --7744..00 76 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 77 321.8 237.1 205.3 231.4 299.4 323.1 306.1 251.6 265.9 374.1 22.3 220.8 78 12.9 43.7 9.3 -9.9 24.0 -20.6 39.9 7.8 103.5 -55.1 43.8 -124.7 79 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 31 187.3 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 37 Direct lending in credit markets 121.5 214.6 241.7 195.9 208.6 58.7 329.0 242.8 117755..00 8877..77 110044..22 116622..44 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 11..88 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 99..11 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 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 47 Money market fund shares 43.2 28.9 20.2 85.2 61.8 65.6 72.2 4.7 110.9 59.3 128.5 -29.8 43 -3.2 37.2 40.8 23.1 -46.8 -13.4 -26.4 -1.8 -97.9 —61.2 -2.3 -52.5 44 Security repurchase agreements 20.2 21.6 32.9 14.9 -14.5 -19.2 -34.7 22.8 -25.8 -20.1 -42.4 -1.1 45 Deposits in foreign countries 5.9 -2.5 -11.2 4.4 7.0 12.4 -8.9 12.8 3.6 20.6 -26.6 26.5 46 Total of credit market instruments, deposits, and 419.0 393.9 474.5 437.2 298.7 289.3 466.3 307.0 227700..99 115500..66 334400..44 112200..66 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 5599..44 6611..33 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 86.8 10.9 -124.2 -63.7 9.6 14.9 -9.2 48.0 -24.1 23.6 110088..00 117733..99 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 5? 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 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 branches, plus liabilities of foreign banking agencies to foreign affiliates, less outstanding may be obtained from Flow of Funds Section, Division of Research claims on foreign affiliates and deposits by banking institutions in foreign banks. and Statistics, Board of Governors of the Federal Reserve System, Washington, Digitized for FRA2S9.E DRe mand deposits and note balances at commercial banks. D.C. 20551. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A42 Domestic Nonfinancial Statistics • March 1992 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING Billions of dollars, end of period 1989 1990 1991 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11998866 11998877 11998888 11998899 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 QL Q2 Q3 Q4 QL 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 255.3 240.0 217.6 207.1 207.1 217.1 227.4 242.7 240.6 248.9 258.2 8 Sponsored credit agencies and mortgage pools ... 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 9 Monetary authority 205.5 230.1 240.6 233.3 233.3 224.4 237.8 240.8 241.4 247.3 253.7 10 Foreign 482.8 535.5 628.5 700.6 700.6 707.0 722.5 740.2 760.4 767.2 782.4 Agency and foreign debt not in line 1 11 Sponsored credit agencies and mortgage pools — 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 12 Foreign 238.3 244.6 253.9 261.5 261.5 261.7 273.0 279.4 284.9 297.2 285.1 13 Total private domestic holdings 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 14 U.S. government securities 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 15 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 16 Corporate and foreign bonds 606.6 674.3 765.6 831.6 831.6 846.7 865.5 874.0 897.1 915.5 936.8 17 Residential mortgages 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 18 Other mortgages and loans 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 19 LESS: Federal Home Loan Bank advances 108.6 133.1 152.8 141.8 141.8 132.9 126.3 117.9 117.1 107.0 94.7 20 Total credit market claims held by private financial institutions 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 By holding institution 21 Commercial banks 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 22 Savings institutions 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 23 Insurance and pension funds 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 24 Other finance 1,007.1 1,091.0 1.177.9 1.443.8 1.443.8 1,561.1 1,588.4 1,637.5 1,758.0 1.790.5 1,811.6 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) 103.7 98.3 96.9 93.8 93.8 90.5 90.3 89.1 86.2 84.8 83.8 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 4,5%.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 29. Demand deposits and note balances at commercial banks. Research and Statistics, Board of Governors of the Federal Reserve System, Digitized for FRASER Washington, D.C. 20551. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A44 Domestic Nonfinancial Statistics • March 1992 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures Monthly data seasonally adjusted, except as noted 1991 MMeeaassuurree 11998899 11999900 11999911 Apr. May June July Aug. Sept." Oct." Nov." Dec. 1 Industrial production1 (1987=100) 108.1 109.2 107.1 105.5 106.4 107.3 108.1 108.0 108.4 108.2 108.0 107.8 Market groupings (1987=100) 2 Products, total 108.6 110.1 108.0 106.9 107.7 108.6 108.7 108.5 108.9 108.9 108.8 108.6 3 Final, total 109.1 110.9 109.5 108.7 109.3 110.1 110.2 109.8 110.4 110.6 110.4 110.0 4 Consumer goods 106.7 107.3 107.5 105.5 106.6 108.0 108.3 108.4 109.4 109.7 109.8 109.4 5 Equipment 112.3 115.5 112.2 112.8 112.7 112.8 112.8 111.6 111.8 111.7 111.3 110.9 6 Intermediate 106.8 107.7 103.3 101.2 102.7 104.0 104.0 104.4 104.3 103.5 103.8 103.9 7 Materials 107.4 107.8 105.6 103.4 104.5 105.4 107.0 107.2 107.5 107.3 106.6 106.6 Industry groupings (1987=100) 8 Manufacturing 108.9 109.9 107.5 105.9 106.6 107.5 108.3 108.4 108.9 108.9 108.6 108.7 9 Capacity utilization, manufacturing (percent) 83.9 82.3 78.2 77.5 77.8 78.3 78.7 78.6 78.8 78.6 78.2 78.1 10 Construction contracts (1982= 100)3 172.9 156.2 140.8 145.0 138.0 133.0 144.0 150.0 143.0 157.0 134.0 152.0 11 Nonagricultural employment, total4 106.0 107.6 106.6 106.4r 106.5r 106.5" 106.5" 106.6" 106.7 106.7 106.5 106.5 12 Goods-producing, total 102.5 101.0 96.4 96.3r 96.5r 96.3" 96.3" 96.4" 96.3 96.0 95.5 95.4 13 Manufacturing, total 102.2 100.5 96.9 96.7r 96.9" 96.6" 96.7" 96.9" 96.8 96.6 96.4 96.2 14 Manufacturing, production worker.... 102.3 100.0 96.0 95.6r 95.8r 95.7" 96.0" 96.3" 96.0 95.9 95.6 95.5 15 Service-producing 107.1 109.7 109.9 109.6r 109.7" 109.8" 109.8" 109.9" 110.0 110.1 110.0 110.0 16 Personal income, total 115.2 123.1 n.a. 126.0 126.9 127.5 127.1 127.7 128.2 128.5 128.3 n.a. 17 Wages and salary disbursements 114.4 121.1 n.a. 122.9 123.8 124.8 124.2 124.9 125.4 125.2 125.2 n.a. 18 Manufacturing 110.6 113.4 n.a. 112.0 112.7 113.4 113.8 114.4 114.6 115.5 114.3 n.a. 19 Disposable personal income 115.2 123.4 n.a. 127.0 128.1 128.6 128.3 128.9 129.3 129.7 129.5 n.a. 20 Retail sales6 113.2 117.4 118.2 117.7r 119.0" 119.0" 119.4" 118.6" 119.0 118.9 118.3 117.8 Prices7 21 Consumer (1982-84= 100) 124.0 130.7 136.2 135.2 135.6 136.0 136.2 136.6 137.2 137.4 137.8 137.9 22 Producer finished goods (1982=100) 113.6 119.2 121.7 121.1 121.8 121.9 121.6 121.7 121.3 122.3 122.3 121.9 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 1. 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 11998899rr 11999900"" 11999911 May June July Aug. Sept. Oct." Nov." Dec. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 188,601 190,216 191,883 191,664 191,805 191,955 192,095 192,240 192,386 192,522 192,661 2 Labor force (including Armed Forces)1 126,077 126,954 127,421 127,401" 127,661" 127,320" 127,126" 127,708" 127,605 127,444 127,675 3 Civilian labor force 123,869 124,787 125,303 125,259" 125,524" 125,204" 125,004" 125,590" 125,508 125,374 125,619 Employment 4 Nonagricultural industries2 114,142 114,728 114,644 113,474" 113,623" 113,485" 113,230" 113,806" 113,663 113,500 113,545 5 Agriculture 3,199 3,186 3,233 3,256" 3,286" 3,244" 3,254" 3,283" 3,204 3,272 3,183 Unemployment 6 Number 6,528 6,874 8,426 8,529" 8,615" 8,475" 8,520" 8,501" 8,641 8,602 8,891 7 Rate (percent of civilian labor force) .... 5.3 5.5 6.7 6.8" 6.9" 6.8 6.8 6.8" 6.9 6.9 7.1 8 Not in labor force 62,524 63,262 64,462 64,263" 64,144" 64,635" 64,969" 64,532" 64,781 65,078 64,986 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 108,329 109,971 108,975 108,887 108,885 108,859 108,971 109,066 109,073 108,808 108,839 10 Manufacturing 19,442 19,111 18,427 18,426 18,378 18,402 18,442 18,414 18,377 18,338 18,306 11 Mining 693 711 697 706 704 701 693 684 679 674 670 12 Contract construction 5,187 5,136 4,696 4,715 4,710 4,695 4,691 4,699 4,671 4,583 4,596 13 Transportation and public utilities 5,644 5,826 5,823 5,819 5,809 5,809 5,820 5,829 5,828 5,819 5,796 14 Trade 25,770 25,843 25,412 25,424 25,413 25,411 25,393 25,387 25,335 25,228 25,197 15 Finance 6,695 6,739 6,707 6,712 6,703 6,688 6,687 6,692 6,697 6,692 6,696 16 Service 27,120 28,240 28,778 28,645 28,712 28,733 28,831 28,937 29,019 29,009 29,047 17 Government 17,779 18,322 18,434 18,440 18,456 18,420 18,414 18,424 18,467 18,465 18,531 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 • March 1992 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 1991 1991 1991 SSeerriieess Q1 Q2 Q3R Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3R Q4 Output (1987=100) Capacity (percent of 1987 output) Capacity utilization rate (percent) 1 Total industry 105.8 106.4 108.1 108.0 133.6 134.5 135.3 136.2 79.2 79.1 79.9 79.3 2 Manufacturing 106.1 106.7 108.5 108.8 136.0 136.9 137.9 138.9 78.0 77.9 78.7 78.3 3 Primary processing 100.6 100.8 104.1 104.2 126.8 127.5 128.1 128.8 79.4 79.1 81.2 80.9 4 Advanced processing 108.6 109.4 110.6 110.9 140.2 141.3 142.4 143.5 77.5 77.4 77.7 77.3 5 Durable goods 106.1 106.7 108.1 107.7 139.9 140.9 141.8 142.8 75.8 75.7 76.2 75.4 6 Lumber and products 92.3 94.0 95.1 94.3 125.0 125.2 125.4 125.7 73.9 75.1 75.8 75.0 7 Primary metals 97.9 95.9 102.0 103.2 128.2 128.6 129.0 129.3 76.4 74.6 79.1 79.8 8 Iron and steel 96.3 92.8 100.3 104.5 133.0 133.5 134.0 134.5 72.4 69.5 74.8 77.7 9 Nonferrous 100.2 100.3 104.5 101.3 121.3 121.5 121.7 121.9 82.6 82.6 85.8 83.1 10 Nonelectrical machinery 124.4 123.5 123.5 122.9 157.9 159.5 161.2 162.8 78.8 77.4 76.6 75.5 11 Electrical machinery 108.1 110.6 111.2 110.5 142.7 144.0 145.3 146.6 75.8 76.8 76.5 75.4 12 Motor vehicles and parts 80.8 89.5 95.9 97.0 133.4 134.2 134.9 135.6 60.5 66.7 71.1 71.5 13 Aerospace and miscellaneous transportation equipment 109.9 106.4 105.2 102.8 137.0 137.9 138.7 139.6 80.2 77.2 75.9 73.6 14 Nondurable goods 106.1 106.7 109.1 110.1 130.9 131.9 132.9 133.8 81.0 80.9 82.1 82.2 15 Textile mill products 94.6 99.4 104.1 104.5 117.3 117.7 118.0 118.3 80.6 84.5 88.2 88.3 16 Paper and products 102.6 102.7 107.6 105.9 116.4 117.1 117.9 118.7 88.2 87.7 91.2 89.3 17 Chemicals and products 109.1 109.3 112.1 114.3 138.4 139.7 141.0 142.3 78.8 78.2 79.5 80.3 18 Plastics materials 113.2 115.6 125.4 130.4 135.7 139.2 142.6 146.1 83.4 83.0 87.9 89.3 19 Petroleum products 107.3 107.6 108.1 105.6 121.4 121.4 121.4 121.4 88.4 88.6 89.0 87.0 20 Mining 102.0 101.1 101.8 99.6 113.8 114.3 114.6 114.7 89.6 88.4 88.9 86.9 21 Utilities 106.2 109.6 110.4 108.4 128.1 128.4 128.8 129.2 82.9 85.3 85.7 83.9 22 Electric 109.3 114.4 115.2 112.2 123.8 124.3 124.7 125.2 88.3 92.1 92.4 89.6 Previous cycle Latest cycle 1990 1991 High Low High Low Dec. May June July Aug. Sept.r Oct.r Nov.r Dec.p Capacity utilization rate (percent) 1 Total industry 89.2 72.6 87.3 71.8 80.6 79.1 79.6 80.0 79.8 79.9 79.6 79.3 79.0 2 Manufacturing 88.9 70.8 87.3 70.0 79.4 77.8 78.3 78.7 78.6 78.8 78.6 78.2 78.1 3 Primary processing 92.2 68.9 89.7 66.8 81.5 79.0 79.9 81.1 81.2 81.3 81.2 80.7 80.9 4 Advanced processing 87.5 72.0 86.3 71.4 78.5 77.3 77.6 77.8 77.5 77.7 77.6 77.2 77.0 5 Durable goods 88.8 68.5 86.9 65.0 77.2 75.7 76.0 76.4 76.0 76.2 75.8 75.4 75.1 6 Lumber and products 90.1 62.2 87.6 60.9 74.9 73.9 77.2 75.6 76.0 75.8 73.5 75.5 75.9 7 Primary metals 100.6 66.2 102.4 46.8 81.4 75.3 74.9 78.5 79.6 79.3 79.4 80.0 79.9 8 Iron and steel 105.8 66.6 110.4 38.3 80.8 70.4 69.5 74.3 75.0 75.1 76.2 78.5 78.4 9 Nonferrous 92.9 61.3 90.5 62.2 82.3 83.1 83.5 85.1 86.7 85.7 84.5 82.4 82.3 10 Nonelectrical machinery 96.4 74.5 92.1 64.9 79.5 77.4 77.1 77.2 76.5 76.1 76.0 75.3 75.1 11 Electrical machinery 87.8 63.8 89.4 71.1 76.6 76.8 77.2 76.6 76.8 76.2 75.2 75.6 75.3 12 Motor vehicles and parts .... 93.4 51.1 93.0 44.5 59.0 66.9 68.9 71.8 67.9 73.6 74.2 70.7 69.8 13 Aerospace and miscellaneous transportation equipment. 77.0 66.6 81.1 66.9 82.8 76.7 76.8 76.1 76.1 75.3 74.8 73.9 72.1 14 Nondurable goods 87.9 71.8 87.0 76.9 82.4 80.7 81.4 82.0 82.1 82.3 82.4 82.1 82.2 15 Textile mill products 92.0 60.4 91.7 73.8 82.1 84.3 86.4 88.4 88.8 87.4 89.1 87.9 87.9 16 Paper and products 96.9 69.0 94.2 82.0 91.0 86.5 89.7 91.9 90.4 91.4 90.5 88.1 89.2 17 Chemicals and products 87.9 69.9 85.1 70.1 79.9 78.2 78.2 79.3 79.7 79.6 80.2 80.2 80.4 18 Plastics materials 102.0 50.6 90.9 63.4 86.5 84.5 84.1 89.6 87.1 87.0 89.5 90.4 88.0 19 Petroleum products 96.7 81.1 89.5 68.2 87.0 88.6 90.2 89.2 88.4 89.4 87.1 86.6 87.3 20 Mining 94.4 88.4 96.6 80.6 90.8 87.6 89.2 89.6 88.5 88.5 87.8 86.5 86.2 21 Utilities 95.6 82.5 88.3 76.2 85.1 86.7 86.7 86.2 85.9 85.1 84.1 85.2 82.5 22 Electric 99.0 82.7 88.3 78.7 90.6 93.7 94.1 93.6 92.7 90.8 89.8 90.9 88.1 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 Value' Monthly data seasonally adjusted 1987 1990 1991 pro- 1991 Group por- avg. tion Feb. Mar Apr. May June July Aug. Sept.r Oct.r Nov.r Dec Index (1987 = 100) MAJOR MARKETS 1 Total index 100.0 107.1 107.2 106.6 105.7 105.0 105.5 106.4 107.3 108.1 108.0 108.4 108.2 108.0 107.8 2 Products 60.8 108.0 108.4 107.8 106.9 106.5 106.9 107.7 108.6 108.7 108.5 108.9 108.9 108.8 108.6 4 8 3 6 7 5 Fin C a o l D n p s u A r u r o a m u d A b t u e o l u e r A c m t t o g c u s o s o o t t o o n i a v s d s n , e u d s , c m p o t t r r e o n o u r t s d c a u g l u k m o s c o t e s d r s 4 2 6 6 2 5 1 . . . . . . 0 0 5 6 9 5 1 1 1 9 9 8 0 0 0 0 8 4 9 7 2 . . . . . . 2 0 6 5 5 3 1 1 8 7 7 9 0 0 7 6 6 4 9 5 . . . . . . 2 7 0 6 2 7 1 1 9 7 8 9 0 0 3 0 9 7 9 5 . . . . . . 2 1 6 6 6 6 1 1 9 7 7 8 0 0 5 4 8 8 4 8 . . . . . . 2 7 6 1 7 3 1 1 8 9 7 7 0 0 8 5 6 6 8 4 . . . . . . 9 9 7 3 1 7 1 1 9 9 8 7 0 0 4 9 8 5 8 5 . . . . . . 2 3 3 0 7 5 1 1 1 9 8 8 0 0 0 7 9 1 6 9 1 . . . . . . 4 2 9 6 3 1 1 1 1 1 9 8 1 0 0 0 3 2 0 8 4 0 . . . . . . 8 5 1 0 2 4 1 1 1 1 9 9 1 0 0 0 8 2 0 8 5 2 . . . . . . 1 8 2 3 5 3 1 1 1 9 9 8 0 0 0 0 3 8 8 9 4 . . . . . . 2 0 6 4 8 0 1 1 1 1 1 9 0 1 0 0 0 4 9 0 3 6 7 . . . . . . 6 4 4 5 7 0 1 1 1 1 1 9 0 1 0 0 0 2 9 0 6 5 7 . . . . . . 6 7 6 7 1 5 1 1 1 1 8 9 1 0 0 0 9 9 0 9 4 6 . . . . . . 8 0 4 8 1 4 1 1 1 1 9 8 0 0 1 0 6 8 9 2 0 5 . . . . . . 7 2 4 5 0 2 9 Trucks, consumer .6 70.2 73.6 68.1 77.4 96.3 101.6 107.1 106.9 102.2 117.1 126.1 114.5 111.0 10 Auto parts and allied goods.. 1.0 109^6 104.8 107.1 108.3 107.3 108.0 109.5 112.2 108.6 111.3 111.8 109.1 111.8 111.1 11 Other 3.1 105.8 103.4 103.2 100.7 101.4 103.4 104.1 107.3 108.1 108.3 108.7 108.2 108.2 107.4 12 Appliances, A/C, and TV.... .8 99.5 89.9 92.8 94.5 96.2 97.3 96.8 104.8 100.6 99.6 104.1 102.1 102.4 99.1 13 Carpeting and furniture .9 99.2 100.9 100.3 92.0 93.9 97.0 96.9 99.2 103.1 103.9 101.8 101.4 101.5 101.0 14 Miscellaneous home goods .. 1.4 113.5 112.5 110.8 109.8 109.2 110.8 112.8 113.8 115.5 115.9 115.6 116.0 115.8 116.2 15 Nondurable consumer goods 20.4 108.9 108.4 107.8 107.3 107.1 107.2 108.1 109.0 109.0 109.6 109.8 110.3 110.7 110.5 16 Foods and tobacco 9.1 106.8 107.5 106.3 105.9 105.4 105.3 106.2 106.9 106.9 107.1 107.8 108.1 108.2 108.1 17 Clothing 2.6 93.6 92.1 90.6 90.8 90.4 90.6 92.0 93.9 94.3 94.8 95.2 96.3 96.8 97.0 18 Chemical products 3.5 116.0 113.5 114.7 114.8 114.2 115.0 113.9 114.3 115.4 117.4 117.3 117.7 118.4 118.8 19 Paper products 2.5 123.4 122.7 122.1 121.0 122.2 122.7 121.8 123.3 122.1 122.6 124.8 125.5 126.2 126.7 20 Energy 2.7 107.5 106.6 106.5 105.2 105.5 104.4 109.0 110.0 109.4 109.5 106.7 107.2 107.8 105.2 21 Fuels .7 103.4 98.1 99.8 103.4 104.3 101.4 103.6 104.9 105.2 104.0 104.4 103.5 102.8 103.8 22 Residential utilities 2.0 109.0 109.7 109.0 105.9 105.9 105.5 111.0 111.9 110.9 111.5 107.6 108.5 109.7 105.8 23 Equipment 20.0 112.2 113.6 113.6 112.9 112.5 112.8 112.7 112.8 112.8 111.6 111.8 111.7 111.3 110.9 24 Business equipment 13.9 121.5 121.2 121.6 120.6 120.3 121.3 121.7 121.9 122.5 121.3 122.2 122.2 121.8 121.8 25 Information processing and related . 5.6 131.5 127.5 130.1 131.6 131.2 131.5 131.8 130.9 131.1 130.3 130.3 131.5 133.3 133.9 26 Office and computing 1.9 155.4 148.9 155.0 157.3 155.1 155.6 155.6 154.0 156.0 153.1 152.2 155.5 157.0 158.7 27 Industrial 4.0 108.2 112.3 111.5 109.1 109.5 109.3 109.3 109.1 109.0 108.6 108.2 106.9 104.5 104.2 28 Transit 2.5 126.8 123.4 124.0 120.3 120.4 124.1 125.9 128.0 131.2 126.7 132.7 133.1 130.2 128.7 29 Autos and trucks 1.2 88.6 75.3 79.8 75.0 76.7 84.4 87.9 90.8 96.6 86.2 99.3 101.1 96.5 96.1 30 Other 1.9 113.6 118.5 115.0 112.5 110.8 112.7 113.0 114.8 114.0 114.8 114.2 113.2 113.7 114.6 31 Defense and space equipment 5.4 90.9 95.8 94.4 94.5 93.9 92.5 91.5 91.0 90.0 89.8 89.1 88.9 88.4 87.1 32 Oil and gas well drilling .6 107.3 106.4 108.2 107.7 105.1 101.3 103.0 97.8 86.7 80.1 79.0 78.1 75.8 33 Manufactured homes .2 83.4 83.1 77.3 79.3 83.1 86.6 90.8 86.5 90.3 86.2 86.3 87.0 89.3 34 Intermediate products, total 14.7 103.3 106.0 103.8 102.6 101.3 101.2 102.7 104.0 104.0 104.4 104.3 103.5 103.8 103.9 35 Construction supplies 6.0 96.0 101.0 97.7 96.4 94.0 94.9 95.8 97.4 96.9 96.7 96.5 94.9 95.4 95.8 36 Business supplies 8.7 108.4 109.4 108.1 106.8 106.4 105.6 107.5 108.5 109.0 109.7 109.7 109.5 109.7 109.6 37 Materials 39.2 105.6 105.3 104.8 103.9 102.6 103.4 104.5 105.4 107.0 107.2 107.5 107.3 106.6 106.6 38 Durable goods materials 19.4 107.1 107.5 106.8 105.5 103.3 104.9 106.2 106.7 108.2 109.1 109.3 108.7 108.4 108.6 39 Durable consumer parts 4.2 96.6 91.1 94.2 90.4 87.5 92.1 95.5 97.3 100.2 100.1 101.3 101.5 100.0 99.5 40 Equipment parts 7.3 114.4 116.9 115.9 116.2 114.8 114.6 114.8 113.6 113.5 114.3 113.9 113.5 113.6 113.9 41 Other 7.9 106.0 107.4 105.2 103.8 101.0 102.6 103.8 105.3 107.5 109.0 109.3 108.0 108.0 108.6 42 Basic metal materials 2.8 106.0 109.6 104.6 104.8 101.2 101.6 103.0 105.9 108.8 110.2 109.5 107.7 108.0 108.4 43 Nondurable goods materials 9.0 106.1 104.9 104.9 103.6 102.8 103.1 103.7 104.9 108.1 107.8 108.3 109.4 108.1 109.0 44 Textile materials 1.2 97.1 91.4 89.1 91.5 92.7 94.7 96.8 98.1 101.4 101.5 99.5 101.6 99.2 99.6 45 Pulp and paper materials 1.9 106.5 108.5 106.0 104.1 102.4 102.0 101.5 106.9 110.3 108.2 110.4 110.1 107.3 108.7 46 Chemical materials 3.8 106.6 105.7 106.7 104.1 102.7 102.9 103.9 103.9 107.7 107.9 108.2 110.3 109.8 110.6 47 Other 2.1 110.0 107.6 109.3 108.8 108.8 109.0 109.2 108.6 110.5 110.9 111.3 111.5 110.7 111.4 48 Energy materials 10.9 102.3 102.0 101.1 101.1 101.3 101.1 102.4 103.4 104.1 103.3 103.6 103.0 102.4 101.1 49 Primary energy 7.2 102.5 101.9 101.3 102.1 101.5 100.5 101.2 104.7 106.2 104.5 103.8 102.9 101.5 100.7 50 Converted fuel materials 3.7 102.0 102.1 100.9 99.2 100.8 102.4 104.7 101.0 100.1 101.0 103.4 103.2 104.1 102.0 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 107.6 108.1 107.4 106.6 105.7 106.1 106.9 107.8 108.4 108.5 108.6 108.4 108.3 108.1 52 Total excluding motor vehicles and parts .. 95.3 107.9 108.6 107.8 107.0 106.2 106.5 107.3 108.1 108.6 108.8 108.8 108.6 108.6 108.4 53 Total excluding office and computing machines 97.5 105.8 106.1 105.4 104.4 103.7 104.2 105.2 106.2 106.9 106.8 107.3 107.1 106.7 106.5 54 Consumer goods excluding autos and trucks 24.5 108.5 107.6 107.2 106.5 106.4 106.7 107.6 108.9 108.9 109.5 109.8 110.0 110.4 110.1 55 Consumer goods excluding energy 23.3 107.5 105.6 105.5 104.7 104.6 105.6 106.3 107.7 108.1 108.3 109.7 110.0 110.0 109.8 56 Business equipment excluding autos and trucks 12.7 124.7 125.6 125.7 125.0 124.5 124.9 125.0 125.0 125.0 124.7 124.4 124.3 124.3 124.3 57 Business equipment excluding office and computing equipment 12.0 116.0 116.7 116.2 114.6 114.6 115.7 116.3 116.7 117.0 116.2 117.3 116.8 116.1 115.9 58 Materials excluding energy 28.4 106.8 106.6 106.2 104.9 103.1 104.3 105.4 106.1 108.2 108.7 109.0 108.9 108.3 108.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A48 Domestic Nonfinancial Statistics • March 1992 2.13—Continued 1987 1990 1991 GGrroouupp c S o IC de 2 p p r o o r - - a 1 v 99 g 1 . tion Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov.r Dec.p Index (1987 = 100) MAJOR INDUSTRIES 1 Total index 100.0 107.1 107.2 106.6 105.7 105.0 105.5 106.4 107.3 108.1 108.0 108.4 108.2 108.0 107.8 2 Manufacturing 84.4 107.5 107.5 107.0 106.1 105.2 105.9 106.6 107.5 108.3 108.4 108.9 108.9 108.6 108.7 3 Primary processing 26.7 102.4 102.9 102.0 100.8 99.0 99.6 100.7 102.1 103.7 104.1 104.4 104.4 103.9 104.4 4 Advanced processing 57.7 109.8 109.5 109.3 108.5 108.0 108.9 109.3 109.9 110.5 110.3 111.0 111.0 110.8 110.7 5 Durable goods 47.3 107.1 107.5 107.2 106.1 105.0 106.0 106.7 107.3 108.1 107.8 108.4 108.1 107.7 107.5 6 Lumber and products ... 24 2.0 94.0 93.5 94.2 91.5 91.2 92.7 92.5 96.7 94.8 95.3 95.2 92.4 94.9 95.5 7 Furniture and fixtures ... 25 1.4 99.2 102.0 99.0 94.9 95.4 98.3 98.5 99.4 100.5 101.3 101.2 100.3 100.2 101.8 8 Clay, glass, and stone products 32 2.5 95.0 100.7 97.2 98.9 94.4 94.2 95.1 95.0 95.8 95.5 94.4 94.1 92.8 93.3 9 Primary metals 33 3.3 99.6 104.2 99.7 99.5 94.7 94.5 96.9 96.4 101.2 102.6 102.3 102.6 103.5 103.4 10 Iron and steel 331,2 1.9 98.3 107.3 99.0 98.0 92.0 91.6 94.0 92.9 99.5 100.6 100.8 102.4 105.6 105.6 11 Raw steel .1 97.3 100.6 104.7 97.9 89.8 91.0 88.9 94.0 102.6 102.4 100.9 101.3 99.1 97.3 12 Nonferrous 333-6,9 1.4 101.5 99.8 100.6 101.6 98.4 98.5 101.0 101.5 103.5 105.5 104.4 103.0 100.5 100.4 13 Fabricated metal products 34 5.4 100.4 101.9 101.7 99.1 97.8 98.0 99.1 99.8 100.9 101.4 101.9 101.7 101.5 101.9 14 Nonelectrical machinery. 35 8.6 123.6 124.7 125.5 124.5 123.1 123.5 123.6 123.4 123.9 123.3 123.1 123.3 122.6 122.7 15 Office and computing machines 357 2.5 155.4 148.9 155.0 157.3 155.1 155.6 155.6 154.0 156.0 153.0 152.2 155.4 157.0 158.7 16 Electrical machinery .... 36 8.6 110.1 108.7 107.6 108.2 108.6 109.7 110.6 111.5 111.0 111.5 111.0 109.9 110.9 110.7 17 Transportation equipment 37 9.8 98.6 96.6 97.6 95.5 95.0 97.2 98.2 99.7 101.3 99.0 102.2 102.4 99.7 98.0 18 Motor vehicles and parts 371 4.7 90.4 78.5 83.0 79.4 79.8 86.2 89.8 92.5 96.7 91.6 99.5 100.4 95.8 94.8 19 Autos and light trucks 22..33 8899..44 7744..99 80.1 7755..33 7766..66 8844..00 8888..22 9911..22 9977..33 8899..11 110011..88 110033..22 9977..66 9955..55 20 Aerospace and miscellaneous transportation equipment.. 372-6,9 5.1 106.0 112.9 110.8 110.0 108.8 107.2 105.8 106.1 105.4 105.6 104.6 104.3 103.2 100.9 21 Instruments 38 3.3 118.4 117.3 119.0 119.3 118.4 118.6 118.2 117.3 116.5 116.9 118.1 118.2 119.4 119.9 22 Miscellaneous 39 1.2 119.5 119.1 116.1 114.6 115.3 117.5 118.7 119.8 121.6 123.2 121.5 121.1 121.3 122.0 23 Nondurable goods 3377..22 108.0 107.4 106.8 106.0 105.4 105.9 106.5 107.6 108.6 109.0 109.6 110.0 109.8 110.3 24 Foods 20 88..88 108.6 109.1 108.3 107.6 107.4 107.6 107.8 108.6 108.3 108.7 109.5 109.8 110.0 110.0 25 Tobacco products 21 1.0 100.4 101.1 100.0 100.1 98.2 97.6 98.7 99.4 102.6 103.1 102.7 102.2 99.8 100.5 26 Textile mill products .... 22 1.8 100.6 96.1 94.0 94.3 95.4 97.2 99.2 101.7 104.2 104.7 103.2 105.4 104.0 104.1 27 Apparel products 23 2.4 96.3 94.9 92.9 93.1 92.5 93.2 95.2 96.2 97.8 98.3 98.1 98.7 99.2 99.5 28 Paper and products 26 3.6 104.7 105.4 104.2 102.2 101.3 101.3 101.3 105.3 108.1 106.5 108.0 107.2 104.5 106.1 29 Printing and publishing .. 27 6.4 112.4 112.8 112.1 110.9 110.4 110.7 110.6 111.2 111.9 112.3 113.3 114.3 114.8 115.4 30 Chemicals and products . 28 8.6 111.2 109.9 110.1 109.1 108.2 109.0 109.2 109.6 111.5 112.3 112.6 113.9 114.1 114.8 31 Petroleum products 29 1.3 107.1 105.6 104.7 108.8 108.5 105.7 107.5 109.6 108.3 107.3 108.6 105.7 105.2 106.0 32 Rubber and plastic products 30 3.0 110.0 106.9 108.8 106.1 104.4 106.6 109.2 110.5 110.1 112.6 113.8 113.2 112.8 112.7 33 Leather and products ... 31 .3 88.2 92.6 89.6 90.8 91.5 90.0 89.5 90.9 91.0 87.1 85.8 83.9 84.4 83.2 34 Mining 7.9 101.0 103.4 101.7 102.9 101.5 100.9 100.2 102.1 102.7 101.3 101.4 100.6 99.2 98.9 35 Metal 10 .3 150.0 162.0 143.1 148.0 147.6 145.7 148.0 157.0 153.0 155.5 153.1 146.6 151.1 151.7 36 Coal 11,12 1.2 109.4 110.6 108.4 112.8 109.9 105.9 103.4 110.2 116.0 110.8 110.1 107.9 108.4 109.6 37 Oil and gas extraction 13 5.7 95.7 96.7 96.0 97.2 96.4 96.6 96.0 96.9 96.4 95.7 96.0 96.0 93.7 92.8 38 Stone and earth minerals .. 14 .7 108.1 118.9 119.2 112.0 108.0 107.0 107.5 106.4 107.8 107.0 107.3 105.4 105.2 106.5 39 Utilities 7.6 108.7 108.8 107.6 104.6 106.4 105.9 111.4 111.5 110.9 110.7 109.7 108.6 110.0 106.7 40 Electric 491,3PT 6.0 112.7 111.8 110.4 107.8 109.8 109.8 116.4 117.1 116.6 115.6 113.4 112.2 113.8 110.4 41 Gas 492,3PT 1.6 94.2 97.6 97.5 92.8 93.6 91.6 92.8 90.7 89.7 92.4 95.8 94.8 95.8 92.9 SPECIAL AGGREGATES 42 Manufacturing excluding motor vehicles and parts 7799..88 110088..55 110099..11 110088..44 110077..66 110066..77 110077..11 110077..66 110088..33 110099..00 110099..33 110099..55 110099..44 110099..44 110099..55 43 Manufacturing excluding office and computing machines 8822..00 110066..00 110066..22 110055..66 110044..55 110033..77 110044..44 110055..11 110066..11 110066..99 110077..00 110077..66 110077..55 110077..22 110077..22 Gross value (billions of 1982 dollars, annual rates) MAJOR MARKETS 44 Products, total 1,734.8 1,878.7 1,859.4 1,860.4 1,848.4 1,845.4 1,853.3 1,875.7 1,890.5 1,895.3 1,885.5 1,901.8 1,907.0 1,899.0 45 Final 1,350.9 1,481.3 1,450.8 1,459.6 1,452.8 1,455.6 1,464.6 1,478.1 1,490.5 1,496.1 1,484.5 1,501.5 1,508.2 1,500.3 46 Consumer goods 833.4 879.4 857.6 857.9 852.7 857.4 862.9 874.4 884.2 888.3 882.7 898.3 901.6 899.5 47 Equipment 517.5 601.9 593.2 601.7 600.1 598.2 601.7 603.7 606.2 607.8 601.8 603.3 606.6 600.7 48 Intermediate 384.0 397.4 408.7 400.8 395.6 389.8 388.7 397.6 400.1 399.2 401.0 400.3 398.8 398.7 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 1991 IItteemm 11998888 11998899 11999900 Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov. Private residential real estate activity (thousands of units, except as noted) NEW UNITS 1 Permits authorized 1,456 1,339 1,111 876 892 913 966 999 1,005 953 982 1,028 993 2 One-family 994 932 794 695 689 742 760 780 794 769 782 796 787 3 Two-or-more-family 462 407 317 181 203 171 206 219 211 184 200 232 206 4 Started 1,488 1,376 1,193 992 907 977 983 1,034 1,049 1,056 1,017 1,090 1.075 5 One-family 1,081 1,003 895 788 742 801 831 869 879 883 861 889 910 6 Two-or-more-family 407 373 298 204 165 176 152 165 170 173 156 201 165 7 Under construction at end of period1.. 919 850 711 709 680 674 665 655 652 649 632 634 640 8 One-family 570 535 449 457 442 443 443 446 451 455 453 454 463 9 Two-or-more-family 350 315 262 252 238 231 222 209 201 194 179 180 177 10 Completed 1,530 1,423 1,308 1,0% 1,190 1,089 1,070 1,105 1,069 1,054 1,194 1,048 984 11 One-family 1,085 1,026 966 838 881 821 800 815 806 821 869 870 787 12 Two-or-more-family 445 396 342 258 309 268 270 290 263 233 325 178 197 13 Mobile homes shipped 218 198 188 157 157 175 174 173 175 178 172 172 172 Merchant builder activity in one-family units 14 Number sold 675 650 535 488 495 506 507 518 507 522R 501 520 520 15 Number for sale at end of period1 ... 368 363 318 313 308 303 299 295 296 291R 291 288 285 Price of units sold (thousands of dollars)' 16 Median 113.3 120.4 122.3 119.9 122.5 121.0 116.0 119.0 120.0 120.8R 120.2 125.0 111177..44 17 Average 139.0 148.3 149.0 147.8 156.4 150.8 145.4 145.9 148.2 141.8R 148.5 149.0 141.1 EXISTING UNITS (one-family) 18 Number sold 3,594 3,439 3,316 3,160 3,220 3,310 3,540 3,590 3,320 3,250 3,120 3,160 3.310 Price of units sold (thousands of dollars)' 19 Median 89.2 92.9 95.2 94.0 98.2 100.3 101.1 102.0 103.6 102.2 99.7 99.2 9977..99 20 Average 112.5 118.0 118.3 119.7 125.2 128.9 130.6 130.5 132.2 131.0 127.7 126.4 124.9 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 432,222 443,720 446,433 410,072 401,883 407,050 399,030 398,189 398,409r 403,151r 406,983 409,424 406,313 n Private 337,440 345,416 337,776 300,495 293,262 299,044 291.048 290,871 290,299r 293,407/ 296,621 296,665 293,558 73 Residential 198,101 196,551 182,856 155,622 152,447 151,836 154,567 158,282 158,039r 162,800r 166,578 167,490 167,328 74 Nonresidential, total 139,339 148,865 154,920 144,873 140,815 147,208 136,481 132,589 132,260r 130,602r 130,043 129,175 126,230 75 Industrial buildings 16,451 20,412 23,849 23,249 23,089 24,301 20,683 20,868 20,885r 20,418 20,321 21,436 21,637 76 Commercial buildings 64,025 65,496 62,866 54,023 51,766 54,824 50,220 47,596 47,144r 46,34 lr 45,589 44,435 41,384 27 Other buildings 19,038 19,683 21,591 20,850 20,628 21,928 20,858 20,429 20,674r 19,973r 20,615 20,680 20,538 78 Public utilities and other 39,825 43,274 46,614 46,751 45,332 46,155 44,720 43,696 43,557r 43,870r 43,518 42,624 42,671 29 Public 94,783 98,303 108,655 109,577 108,621 108,007 107,982 107,318 108,110r 109,749r 110,361 112,759 112,756 30 Military 3,579 3,520 2,734 1,723 1,866 1,828 1,918 1,864 1,759r 1.783 2,261 1,829 1,888 31 Highway 29,227 28,171 30,595 30.699 29,996 28,591 29,246 28,776 28,854r 30,047r 28,610 28,833 27,455 32 Conservation and development... 4,739 4,989 4,718 5,529 4,586 5,833 5,123 5,807 4,688r 4,901r 4,226 6,205 6,174 33 Other 57,238 61,623 70,608 71,626 72,173 71,755 71,695 70,871 72,809r 73,018r 75,264 75,892 77,239 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 • March 1992 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 1991 1991 DDDeeeccc... 11999900 11999911 111999999111 DDeecc.. DDeecc.. Mar. June Sept. Dec. Aug. Sept. Oct. Nov. Dec. CONSUMER PRICES2 (1982-84=100) 1 All items 6.1 3.1 2.4 3.0 3.3 3.2 .2 .4 .1 .4 .3 137.9 2 Food 5.3 1.9 2.4 5.1 -3.2 3.3 -.3 .1 -.1 .6 .3 136.7 3 Energy items 4 All items less food and energy 18.1 -7.4 -30.7 -1.2 1.6 5.6 -.2 1.0 .2 .8 .4 101.9 5 Commodities 5.2 4.4 6.8 3.2 4.6 3.1 .4 .4 .1 .3 .3 144.4 6 Services 3.4 4.0 7.9 3.2 4.1 .9 .5 .2 -.1 .4 -.1 130.3 6.0 4.6 6.4 3.0 4.6 4.3 .3 .5 .3 .3 .5 152.5 PRODUCER PRICES (1982=100) 7 Finished goods 5.7 -.1 -3.5 .7 .3 2.3 .2 .1 .7 .2 -.2 121.9 8 Consumer foods 2.6 -1.6 1.0 -.6 -6.3 -.3 -,5r -,4r .4 -.1 -.4 122.2 9 Consumer energy 30.7 -9.6 -35.5 .0 5.3 1.0 1.8 .8 1.7 .0 -1.4 76.6 10 Other consumer goods 3.7 3.4 5.9 1.2 2.4 4.2 .2 .0 .6 .4 .1 135.7 11 Capital equipment 3.4 2.5 4.6 1.6 1.0 2.9 .R ,lr .4 .2 .2 128.0 Intermediate materials 12 Excluding foods and feeds 4.6 -2.7 -9.8 -.7 .4 -.3 .3r ,2r -.1 .1 -.1 113.8 13 Excluding energy 1.9 -.8 -2.3 -1.0 -.3 .3 -.R .R -.1 .1 .1 121.0 Crude materials 14 Foods -4.2 -5.6 .0 -12.5 -8.1 -1.9 -1.8r 1.3r .1 -.2 -.4 101.9 15 Energy 19.1 -16.7 -54.0 .5 .0 4.2 .9 -2.4r 3.9 1.2 -3.9 77.9 16 Other .6 -8.0 -4.7 -13.3 -4.0 -10.1 .2 -.9 -.5 -1.8 -.4 122.2 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 DOMESTIC PRODUCT AND INCOME Billions of current dollars, except as noted; quarterly data at seasonally adjusted annual rates 1990 1991 Account Q3 Q4 QL Q2 GROSS DOMESTIC PRODUCT 1 Total 4,900.4 5,244.0 5,513.8 5,570.5 5,557.5 5,589.0 5,652.6 By source 2 Personal consumption expenditures 3.296.1 3,517.9 3.742.6 3,785.2 3,812.0 3,827.7 3.868.5 3 Durable goods 437.1 459.8 465.9 467.1 451.9 440.7 440.0 4 Nondurable goods 1,073.8 1,146.9 1.217.7 1,228.4 1,246.4 1,246.3 1,252.9 5 Services 1.785.2 1,911.2 2,059.0 2,089.6 2,113.6 2.140.7 2.175.6 6 Gross private domestic investment 793.6 837.6 802.6 821.8 750.9 709.3 708.8 7 Fixed investment 777.4 801.6 802.7 807.7 787.4 748.4 745.8 8 Nonresidential 545.4 570.7 587.0 596.3 585.2 560.0 554.6 9 Structures 182.0 193.1 198.7 201.7 191.2 184.0 180.0 10 Producers' durable equipment 363.4 377.6 388.3 394.7 394.0 375.9 374.7 11 Residential structures 232.0 230.9 215.7 211.4 202.2 188.4 191.2 12 Change in business inventories 16.2 36.0 .0 14.1 -36.5 -39.2 -37.1 13 Nonfarm 27.5 35.5 -2.0 9.6 -28.9 -35.0 -34.0 14 Net exports of goods and services -108.0 -82.9 -74.4 -82.5 -76.6 -36.8 -17.2 15 Exports 444.2 504.9 550.4 548.7 572.6 565.9 589.8 16 Imports 552.2 587.8 624.8 631.2 649.2 602.7 607.0 17 Government purchases of goods and services .. 918.7 971.4 1,042.9 1,046.0 1,071.2 1.088.8 1,092.5 18 Federal 387.0 401.4 424.9 424.7 434.5 451.5 452.1 19 State and local 531.7 570.0 618.0 621.4 636.7 637.3 640.4 By major type of product 20 Final sales, total 4,884.2 5.208.1 5,513.8 5.556.5 5,594.0 5,628.2 5.689.6 21 Goods 1.925.8 2,062.1 2,167.6 2.181.6 2,194.5 2,208.6 2,223.2 22 Durable 835.6 892.9 934.7 939.3 927.2 916.4 939.5 23 Nondurable 1,090.1 1.169.2 1,233.0 1,242.3 1,267.3 1,292.1 1.283.7 24 Services 2.460.9 2,634.7 2,834.0 2,864.8 2,905.5 2,951.7 2,999.0 25 Structures 497.5 511.3 512.2 510.1 494.0 467.9 467.4 26 Change in business inventories 16.2 36.0 .0 14.1 -36.5 -39.2 -37.1 27 Durable goods 24.3 26.9 -7.0 14.5 -29.4 -43.5 -33.5 28 Nondurable goods -8.1 9.1 7.0 -.4 -7.1 4.3 -3.6 MEMO 4,718.6 4,836.9 4,884.9 4,903.3 4,855.1 4,824.0 4,840.7 29 Total GDP in 1987 dollars NATIONAL INCOME 4,002.6 4.244.7 4,459.6 4.475.2 4,506.8 4.489.8 4,530.8 30 Total 2,921.3 3,101.3 3,290.3 3.325.3 3,340.0 3.342.9 3,377.4 31 Compensation of employees 2,443.0 2.585.8 2,738.9 2,769.9 2,778.3 2,771.1 2,800.2 32 Wages and salaries 449.0 478.6 514.0 517.7 525.4 536.0 540.1 33 Government and government enterprises .. 1,994.0 2,107.2 2,224.9 2,252.2 2,253.0 2,235.1 2,260.1 34 Other 478.3 515.5 551.4 555.4 561.6 571.8 577.2 35 Supplement to wages and salaries 247.8 261.7 277.3 279.1 281.7 287.5 288.7 36 Employer contributions for social insurance 230.5 253.7 274.0 276.3 279.9 284.2 288.5 37 Other labor income 38 Proprietors'income1 324.3 347.0 373.2 368.8 373.9 364.2 380.0 39 Business and professional 293.4 305.5 330.7 336.5 332.7 331.4 340.4 40 Farm1 30.9 41.4 42.5 32.4 41.2 32.8 39.6 41 Rental income of persons2 4.3 -7.9 -12.9 -10.4 -9.5 -11.9 -11.7 42 Corporate profits1 365.0 351.7 319.0 299.8 296.1 302.1 303.5 43 Profits before tax3 347.5 344.5 332.3 335.1 326.1 309.1 306.2 44 Inventory valuation adjustment -27.3 -17.5 -14.2 -32.6 -21.2 6.7 9.9 45 Capital consumption adjustment 44.7 24.7 -2.7 -13.6 -12.6 46 Net interest 387.7 452.6 491.8 492.6 481.6 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 • March 1992 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 Q3 Q4 Q1 Q2 Q3 PERSONAL INCOME AND SAVING 1 Total personal income 4,075.9 4,380.2 4,679.8 4,719.3 4,764.7 4,768.0 4,821.1 4,853.3 2 Wage and salary disbursements 2,443.0 2,585.8 2,738.9 2,769.8 2,778.2 2,770.9 2,800.6 2,822.4 3 Commodity-producing industries 699.1 723.8 745.4 751.2 745.2 733.4 735.2 742.3 4 Manufacturing 524.5 542.1 555.8 560.4 557.3 549.3 552.3 559.9 5 Distributive industries 575.3 607.5 634.6 640.4 639.0 635.1 642.0 644.0 6 Service industries 719.6 775.9 845.0 860.6 868.8 866.5 883.0 894.4 7 Government and government enterprises 449.0 478.6 514.0 517.7 525.2 535.8 540.5 541.8 8 Other labor income 230.5 253.7 274.0 276.3 279.9 284.2 288.5 292.8 9 Proprietors' income1 324.3 347.0 373.2 368.8 373.9 364.2 380.0 382.5 10 Business and professional1 293.4 305.5 330.7 336.5 332.7 331.4 340.4 350.5 11 Farm1 30.9 41.4 42.5 32.4 41.2 32.8 39.6 32.0 12 Rental income of persons2 4.3 -7.9 -12.9 -10.4 -9.5 -11.9 -11.7 -14.2 13 Dividends 108.4 119.8 124.8 124.8 127.0 128.7 127.4 128.7 14 Personal interest income 583.2 669.0 721.3 729.1 736.9 730.1 721.8 716.7 15 Transfer payments 576.7 624.4 684.9 687.7 705.8 737.2 751.5 763.7 16 Old-age survivors, disability, and health insurance benefits ... 300.4 325.1 352.0 353.0 358.4 373.1 377.2 381.7 17 LESS: Personal contributions for social insurance 194.5 211.7 224.3 226.7 227.5 235.4 237.0 239.3 18 EQUALS: Personal income 4,075.9 4,380.2 4,679.8 4,719.3 4,764.7 4,768.0 4,821.1 4,853.3 19 LESS: Personal tax and nontax payments 527.7 591.7 621.0 627.5 627.2 617.1 613.6 615.1 20 EQUALS: Disposable personal income 3,548.2 3,788.6 4,058.8 4,091.8 4,137.5 4,151.0 4,207.5 4,238.2 21 LESS: Personal outlays 3,392.0 3,621.6 3,852.2 3,895.3 3,921.7 3,937.5 3,977.9 4,024.9 22 EQUALS: Personal saving 156.2 166.9 206.6 196.5 215.8 213.4 229.6 213.3 MEMO Per capita (1987 dollars) 23 Gross domestic product 19,251.5 19,550.5 19,540.2 19,585.9 19,337.5 1199,,116666..55 1199,,118877..77 1199,,222200..99 24 Personal consumption expenditures 12,902.3 13,027.6 13,050.8 13,106.5 12,951.6 12,877.4 12,892.0 12,930.2 25 Disposable personal income 13,889.0 14,030.0 14,154.0 14,168.0 14,058.0 13,965.0 14,022.0 13,992.0 26 Saving rate (percent) 4.4 4.4 5.1 4.8 5.2 5.1 5.5 5.0 GROSS SAVING 27 Gross saving 704.5 744.2 711.8 698.3 678.3 747.7 713.9 669988..00 28 Gross private saving 802.8 827.3 851.3 821.9 853.9 873.8 893.0 876.4 156.2 166.9 206.6 196.5 215.8 213.4 229.6 213.3 30 Undistributed corporate profits 112.6 85.8 49.9 27.2 32.8 45.0 43.4 39.4 31 Corporate inventory valuation adjustment -27.3 -17.5 -14.2 -32.6 -21.2 6.7 9.9 -4.8 Capital consumption allowances 327.6 350.5 365.5 367.5 372.7 380.1 383.2 384.6 206.4 224.0 229.3 230.8 232.7 235.3 236.8 239.1 34 Government surplus, or deficit (-), national income and -98.3 -83.0 -139.5 -123.6 -175.6 -126.1 --117799..11 --117788..44 -136.6 -124.2 -165.3 -149.7 -193.6 -146.4 -206.7 -210.2 36 State and local 38.4 41.1 25.7 26.1 18.0 20.4 27.6 31.8 37 Gross investment 676.1 741.5 719.9 726.5 680.4 765.8 730.4 720.0 38 Gross private domestic 793.6 837.6 802.6 821.8 750.9 709.3 708.8 740.9 39 Net foreign -117.5 -96.0 -82.8 -95.3 -70.4 56.5 21.7 -20.9 40 Statistical discrepancy -28.4 -2.7 8.1 28.2 2.1 18.0 16.5 22.0 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 Q3 Q4 QL Q2 Q3P -126,236 -106,305 -92,123 -23,881 -23,402 10,501 3,028 -10,459 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 ce „ ^ 2 ' -126,986 - i i5,917 -i 08,115 - -2 2 8 9 , , 7 1 6 1 0 2 - -2 2 7 5 , , 7 1 2 3 8 6 -1 1 8 5 , , 3 5 9 0 4 7 -15 4 , , 3 5 9 9 1 3 - - 1 2 5 0 , , 5 4 9 8 3 6 Merchandise exports 320,337 361,451 389,550 96,638 100,580 100,900 104,245 104,532 Merchandise imports -447,323 -477,368 -497,665 -125,398 -128,308 -119,294 -119,636 -125,018 Military transactions, net -5,743 -6,203 -7,219 -1,683 -2,243 -2,329 -1,484 -1,168 Investment income, net 5,353 2,688 11,945 2,802 6,133 4,883 2,345 2,502 Other service transactions, net 16,082 28,618 33,595 8,086 9,716 9,402 10,429 10,630 Remittances, pensions, and other transfers . -4,437 -4,420 -4,843 -1,302 -1,201 -1,316 -1,315 -1,267 U.S. government grants (excluding military) -10,506 -11,071 -17,486 -3,024 -8,079 18,255 8,444 -670 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 -493 2,715 12 Change in U.S. official reserve assets (increase, -). -3,912 0 -25,293 0 -2,158 0 1,73 0 9 -1,092 0 -353 0 1,014 0 3,878 0 13 Gold 14 Special drawing rights (SDRs) 127 -535 -192 363 -93 31 -190 6 15 Reserve position in International Monetary Fund. 1,025 471 731 8 -4 -341 72 -114 16 Foreign currencies -5,064 -25,229 -2,697 1,368 -995 -43 1,132 3,986 17 Change in U.S. private assets abroad (increase, -). -85,112 -104,637 -58,524 -28,114 -38,370 -1,992 -15,503 -18,564 18 Bank-reported claims3 -56,322 -51,255 5,333 -9,984 -24,513 20,598 1,215 -178 19 Nonbank-reported claims -3,064 2,581 -1,944 676 -2,509 -1,308 -2,076 20 U.S. purchases of foreign securities, net -7,846 -22,575 -28,476 -1,014 -7,546 -9,430 -12,833 -i 2,511 21 U.S. direct investments abroad, net -17,880 -33,388 -33,437 -17,792 -3,802 -11,852 -1,809 -5,875 22 Change in foreign official assets in United States (increase, +) 39,657 8,624 32,425 13,341 20,301 6,631 -3,105 4,309 23 U.S. Treasury securities 41,741 149 28,643 11,849 20,119 2,381 -2,287 5,717 24 Other U.S. government obligations 1,309 1,383 667 134 708 -29 -219 407 25 Other U.S. government liabilities4 -568 281 1,703 -248 1,102 1,012 370 1,302 26 Other U.S. liabilities reported by U.S. banks3 -319 4,976 2,998 1,871 -707 2,501 -1,084 -3,144 27 Other foreign official assets5 -2,506 1,835 -1,586 -265 -921 766 115 27 28 Change in foreign private assets in United States (increase, +).. 181,877 207,925 53,879 35,754 18,732 -7,360 6,608 18,507 29 U.S. bank-reported liabilities3 70,235 63,382 9,975 26,968 17,261 -18,795 -28,687 8,840 30 U.S. nonbank-reported liabilities 5,626 5,454 3,779 4,260 -1,840 -1,616 -760 31 Foreign private purchases of U.S. Treasury securities, net 20,239 29,618 1,131 24 -2,029 3,409 13,434 - i ,389 32 Foreign purchases of other U.S. securities, net 26,353 38,920 1,781 -2,558 802 5,306 15,073 9,653 33 Foreign direct investments in United States, net 59,424 70,551 37,213 7,060 4,538 4,336 7,548 1,403 0 0 0 0 0 0 0 0 34 Allocation of special drawing rights 35 Discrepancy -9,240 18,366 63,526 1,475 19,072 -8,849 8,451 -386 36 Due to seasonal adjustments -6,473 2,007 3,995 166 -6,059 37 Statistical discrepancy in recorded data before seasonal adjustment -9,240 18,366 7,948 17,066 -12,844 8,285 5,673 MEMO Changes in official assets 38 U.S. official reserve assets (increase, -) -3,912 -25,293 -2,158 1,739 -1,092 -353 1,014 3,878 39 Foreign official assets in United States excluding line 25 (increase, +) 40,225 8,343 30,722 13,589 19,199 5,619 -3,475 3,007 40 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) -2,996 10,738 2,163 -1,699 575 -3,162 -4,298 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 • March 1992 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 May June July Aug. Sept. Oct.r Nov.? 1 Exports of domestic and foreign merchandise, excluding grant-aid shipments 322,426 363,812 393,592 35,271 34,975 35,227 34,380 35,348 37,114 37,462 2 General imports, including merchandise for immediate consumption plus entries into bonded warehouses .... 440,952 473,211 495,311 40,062 38,764 41,176 40,910 42,282 43,434 41,032 3 Trade balance -118,526 -109,399 -101,718 -4,790 -3,789 -5,949 -6,530 -6,934 -6,320 -3,570 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 June July Aug. Sept. Oct. Nov. Dec.p 1 Total 47,802 74,609 83,316 74,940 74,816 73,514 74,731 74,508 74,651 77,719 2 Gold stock, including Exchange Stabilization Fund1 11,057 11,059 11,058 11,062 11,062 11,062 11,062 11,059 11,058 11,057 3 Special drawing rights2,3 9,637 9,951 10,989 10,309 10,360 10,479 10,722 10,710 10,942 11,240 4 Reserve position in International Monetary Fund2 9,745 9,048 9,076 8,629 8,730 8,726 9,094 9,065 8,943 9,488 5 Foreign currencies4 17,363 44,551 52,193 44,940 44,664 43,247 43,853 43,674 43,708 45,934 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 June July Aug. Sept. Oct. Nov. Dec.p 1 Deposits 347 589 369 223 314 256 384 223 346 968 Assets held in custody 2 U.S. Treasury securities 232,547 224,911 278,499 273,893 274,514 279,394 279,013 280,249 285,905 281,107 3 Earmarked gold3 13,636 13,456 13,387 13,354 13,330 13,330 13,330 13,326 13,307 13,303 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 AAsssseettss 11998888 11998899 11999900 May June July Aug. Sept. Oct. Nov. All foreign countries 1 Total, all currencies 505,595 545,366 556,925 531,269R 533,017* 529,313* 528,077* 547,359* 546,570* 550,777 7 Claims on United States 169,111 198,835 188,496 173,144r 181,135* 174,802* 169,061* 177,572* 176,959* 177,828 Parent bank 129,856 157,092 148,837 135,278r 142,222* 137,159* 130,169* 137,036* 136,570* 137,165 4 Other banks in United States 14,918 17,042 13,296 10,619* 12,011 11,100 12,447* 13,692 13,432* 13,543 5 Nonbanks 24,337 24,701 26,363 27,247 26,902 26,543 26,445 26,844 26,957 27,120 6 Claims on foreigners 299,728 300,575 312,449 298,979r 294,421 294,826 296,855* 300,229* 299,915* 304,049 7 Other branches of parent bank 107,179 113,810 135,003 118,311' 115,420* 112,205* 112,916* 114,845* 108,269* 107,180 8 Banks 96,932 90,703 72,602 75,834r 75,196* 77,711* 76,393* 77,293* 80,060* 84,980 9 Public borrowers 17,163 16,456 17,555 17,425r 17,223* 18,416* 19,110* 18,930* 18,685* 18,940 10 Nonbank foreigners 78,454 79,606 87,289 87,409* 86,582* 86,494* 88,436* 89,161* 92,901* 92,949 11 Other assets 36,756 45,956 55,980 59,146r 57,461 59,685 62,161* 69,558* 69,696* 68,900 12 Total payable in U.S. dollars 357,573 382,498 379,479 364,030* 373,441* 365,008* 359,316* 368,149* 365,223* 365,143 N Claims on United States 163,456 191,184 180,174 167,067* 174,775* 168,353* 163,593* 171,393* 170,615* 171,701 14 Parent bank 126,929 152,294 142,962 131,104* 138,262* 132,883* 126,746* 133,450* 132,929* 133,984 15 Other banks in United States 14,167 16,386 12,513 10,227* 11,502 10,605 11,973* 13,109 12,904* 12,668 16 Nonbanks 22,360 22,504 24,699 25,736 25,011 24,865 24,874 24,834 24,782 25,049 17 Claims on foreigners 177,685 169,690 174,451 172,816* 171,752 169,494 167,039* 166,996* 164,543* 165,490 18 Other branches of parent bank 80,736 82,949 95,298 85,464* 84,318* 79,112* 79,317* 80,179* 75,649 75,823 19 Banks 54,884 48,396 36,440 43,632* 43,578* 45,589* 41,761* 40,656* 41,132* 42,808 ?0 Public borrowers 12,131 10,961 12,298 12,544* 12,479* 13,565* 14,160* 13,609* 13,889* 13,671 71 Nonbank foreigners 29,934 27,384 30,415 31,176* 31,377* 31,228* 31,801* 32,552* 33,873 33,188 22 Other assets 16,432 21,624 24,854 24,147* 26,914 27,161 28,684* 29,760* 30,065* 27,952 United Kingdom 23 Total, all currencies 156,835 161,947 184,818 169,192 165,534 161,869 162,879 172,113 172,795 174,648 74 Claims on United States 40,089 39,212 45,560 38,338 37,574 32,475 31,315 34,409 32,615 32,531 75 Parent bank 34,243 35,847 42,413 34,830 34,534 29,241 28,189 31,205 29,021 28,901 76 Other banks in United States 1,123 1,058 792 1,104 711 860 816 997 1,502 1,259 77 Nonbanks 4,723 2,307 2,355 2,404 2,329 2,374 2,310 2,207 2,092 2,371 78 Claims on foreigners 106,388 107,657 115,536 106,053 103,608 103,067 103,935 105,699 108,397 111,160 79 Other branches of parent bank 35,625 37,728 46,367 39,060 38,333 36,588 38,382 39,077 36,757 36,474 30 Banks 36,765 36,159 31,604 32,048 31,019 31,866 30,168 31,658 33,375 36,709 31 Public borrowers 4,019 3,293 3,860 3,657 3,584 3,676 3,717 3,502 3,492 3,512 37 Nonbank foreigners 29,979 30,477 33,705 31,288 30,672 30,937 31,668 31,462 34,773 34,465 33 Other assets 10,358 15,078 23,722 24,801 24,352 26,327 27,629 32,005 31,783 30,957 34 Total payable in U.S. dollars 103,503 103,208 116,762 105,588 106,536 101,040 100,966 105,243 103,439 103,591 35 Claims on United States 38,012 36,404 41,259 35,274 34,726 29,352 28,870 31,772 29,995 30,054 36 Parent bank 33,252 34,329 39,609 32,771 32,790 27,085 26,608 29,673 27,404 27,689 37 Other banks in United States 964 843 334 970 555 759 680 727 1,378 894 38 Nonbanks 3,796 1,232 1,316 1,533 1,381 1,508 1,582 1,372 1,213 1,471 39 Claims on foreigners 60,472 59,062 63,701 60,125 58,565 57,861 56,127 56,354 57,155 59,037 40 Other branches of parent bank 28,474 29,872 37,142 31,297 30,108 29,111 30,279 30,840 28,655 29,047 41 Banks 18,494 16,579 13,135 16,118 14,983 15,723 12,534 12,485 13,269 15,480 47 Public borrowers 2,840 2,371 3,143 3,152 3,082 3,032 3,083 2,899 2,969 2,848 43 Nonbank foreigners 10,664 10,240 10,281 9,558 10,392 9,995 10,231 10,130 12,262 11,662 44 Other assets 5,019 7,742 11,802 10,691 13,245 13,827 15,969 17,117 16,289 14,500 Bahamas and Caymans 45 Total, all currencies 170,639 176,006 162,316 159,991* 169,194* 170,044* 166,333* 170,219* 170,529* 170,846 46 Claims on United States 105,320 124,205 112,989 108,239* 115,128* 114,870* 111,787* 116,263* 117,782* 118,164 47 Parent bank 73,409 87,882 77,873 75,266* 80,963* 81,974* 77,566* 80,890* 83,286* 83,348 48 Other banks in United States 13,145 15,071 11,869 8,955* 10,718 9,683 11,119* 12,063 11,028* 11,457 49 Nonbanks 18,766 21,252 23,247 24,018 23,447 23,213 23,102 23,310 23,468 23,359 50 Claims on foreigners 58,393 44,168 41,356 42,955* 45,346 46,696 46,318* 45,640* 43,662* 44,177 51 Other branches of parent bank 17,954 11,309 13,416 12,490* 12,886 10,880 10,774 10,645 9,086 10,268 57 Banks 28,268 22,611 16,310 18,578* 20,917 21,836 21,113* 20,535* 20,300* 19,865 53 Public borrowers 5,830 5,217 5,807 5,965* 5,916 7,136 7,394* 7,149* 7,435* 7,363 54 Nonbank foreigners 6,341 5,031 5,823 5,922* 5,627 6,844 7,037 7,311* 6,841 6,681 55 Other assets 6,926 7,633 7,971 8,797* 8,720 8,478 8,228* 8,316* 9,085* 8,505 56 Total payable in U.S. dollars 163,518 170,780 158,390 156,205* 165,290* 166,115* 162,260* 166,287* 166,598* 166,582 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 • March 1992 3.14—Continued 1991 LLiiaabbiilliittiieess 11998888 11998899 11999900 May June July Aug. Sept. Oct. Nov. All foreign countries 57 Total, all currencies 505,595 545,366 556,925 531,269' 533,017r 529,313r 528,077r 547,359r 546,570r 550,777 58 Negotiable certificates of deposit (CDs) .. 28,511 23,500 18,060 17,753 16,503 19,692 18,796 17,579 18,928 18,334 59 To United States 185,577 197,239 189,412 173,664r 188,025r 182,270r 178,249r 188,448r 186,246r 188,686 60 Parent bank 114,720 138,412 138,748 118,864r 128,352r 127,284r 122,179r 131,998r 130,092r 131,235 61 Other banks in United States 14,737 11,704 7,463 9,034r 11,789 10,090 10,085 11,843 10,356 13,040 62 Nonbanks 56,120 47,123 43,201 45,766r 47,884 44,896 45,985r 44,607r 45,798r 44,411 63 To foreigners 270,923 296,850 311,668 301,433 290,277 287,887 290,257 295,645 295,282r 298,152 64 Other branches of parent bank 111,267 119,591 139,113 119,765 116,253 112,521 112,845 114,101 108,534r 109,085 65 Banks 72,842 76,452 58,986 66,207 57,236 59,975 62,329 62,700 68,502r 68,231 66 Official institutions 15,183 16,750 14,791 19,803 20,394 17,245 18,030 19,420 17,247 19,394 67 Nonbank foreigners 71,631 84,057 98,778 95,658 96,394 98,146 97,053 99,424 100,999r 101,442 68 Other liabilities 20,584 27,777 37,785 38,419 38,212 39,464 40,775 45,687 46,114r 45,605 69 Total payable in U.S. dollars 367,483 396,613 383,522 360,925r 372,871r 363,869r 360,397r 367,771r 366,449r 369,742 70 Negotiable CDs 24,045 19,619 14,094 13,258 12,620 14,538 14,183 13,180 14,157 13,813 71 To United States 173,190 187,286 175,654 161,340r 175,882r no^ic 167,207r 176,709r 174,274r 176,254 72 Parent bank 107,150 132,563 130,510 lll,630r 121,118r 120,558r 115,999r 125,496r 123,399r 124,477 73 Other banks in United States 13,468 10,519 6,052 7,704r 10,647 8,815 8,449 10,368 9,011 11,584 74 Nonbanks 52,572 44,204 39,092 42,006r 44,117 41,237 42,759r 40,845r 41,864r 40,193 75 To foreigners 160,766 176,460 179,002 171,227 170,334 163,451 164,188 163,551 161,850 164,275 76 Other branches of parent bank 84,021 87,636 98,128 85,857 84,952 79,909 79,277 79,679 75,243 76,224 77 Banks 28,493 30,537 20,251 21,706 21,142 21,470 23,330 21,246 25,657 24,507 78 Official institutions 8,224 9,873 7,921 12,339 13,972 11,563 11,496 12,591 10,565 13,375 79 Nonbank foreigners 40,028 48,414 52,702 51,325 50,268 50,509 50,085 50,035 50,385 50,169 80 Other liabilities 9,482 13,248 14,772 15,100 14,035 15,270 14,819 14,331 16,168 15,400 United Kingdom 81 Total, all currencies 156,835 161,947 184,818 169,192 165,534 161,869 162,879 172,113 172,795 174,648 82 Negotiable CDs 24,528 20,056 14,256 13,486 12,196 14,889 14,148 12,941 14,145 13,506 83 To United States 36,784 36,036 39,928 28,618 31,084 26,599 27,915 31,534 29,137 30,560 84 Parent bank 27,849 29,726 31,806 19,951 23,238 19,545 20,367 23,707 21,080 22,629 85 Other banks in United States 2,037 1,256 1,505 1,413 1,092 1,490 1,662 1,724 2,053 1,934 86 Nonbanks 6,898 5,054 6,617 7,254 6,754 5,564 5,886 6,103 6,004 5,997 87 To foreigners 86,026 92,307 108,531 104,322 99,756 97,263 96,773 98,572 100,267 102,299 88 Other branches of parent bank 26,812 27,397 36,709 30,155 29,371 28,591 27,457 29,898 26,879 26,977 89 Banks 30,609 29,780 25,126 28,459 22,994 24,310 25,131 23,560 28,470 28,245 90 Official institutions 7,873 8,551 8,361 12,342 13,062 10,010 10,722 12,071 10,045 12,628 91 Nonbank foreigners 20,732 26,579 38,335 33,366 34,329 34,352 33,463 33,043 34,873 34,449 92 Other liabilities 9,497 13,548 22,103 22,766 22,498 23,118 24,043 29,066 29,246 28,283 93 Total payable in U.S. dollars 105,907 108,178 116,094 104,077 104,523 99,756 100,131 104,303 103,238 104,433 94 Negotiable CDs 22,063 18,143 12,710 11,610 10,833 12,758 12,337 11,249 12,397 12,042 95 To United States 32,588 33,056 34,697 24,245 27,106 22,355 23,788 27,272 24,394 25,517 % Parent bank 26,404 28,812 29,955 18,457 21,848 17,924 18,949 22,228 19,391 20,923 97 Other banks in United States 1,752 1,065 1,156 1,002 892 1,233 1,216 1,259 1,704 1,481 98 Nonbanks 4,432 3,179 3,586 4,786 4,366 3,198 3,623 3,785 3,299 3,113 99 To foreigners 47,083 50,517 60,014 58,849 58,068 55,433 54,848 56,829 56,639 57,527 100 Other branches of parent bank 18,561 18,384 25,957 21,671 20,452 19,509 18,480 20,878 18,319 18,678 101 Banks 13,407 12,244 9,488 9,654 8,758 9,678 9,731 8,408 12,044 10,548 102 Official institutions 4,348 5,454 4,692 8,914 10,032 7,519 7,929 9,149 7,050 9,995 103 Nonbank foreigners 10,767 14,435 19,877 18,610 18,826 18,727 18,708 18,394 19,226 18,306 104 Other liabilities 4,173 6,462 8,673 9,373 8,516 9,210 9,158 8,953 9,808 9,347 Bahamas and Caymans 105 Total, all currencies 170,639 176,006 162,316 159,991r 169,194r 170,044r 166,333r 170,219r 170,529r 170,846 106 Negotiable CDs 953 678 646 694 696 904 963 1,055 981 1,034 107 To United States 122,332 124,859 114,738 116,304r 126,182r 127,083r 123,117r 128,217r 130,223r 129,781 108 Parent bank 62,894 75,188 74,941 72,566r 76,980r 81,541r 77,159r 82,142r 84,853r 82,909 109 Other banks in United States 11,494 8,883 4,526 6,446r 9,449 7,484 7,036 8,841 7,070 9,876 110 Nonbanks 47,944 40,788 35,271 37,292r 39,753 38,058 38,922r 37,234r s s^ 36,996 111 To foreigners 45,161 47,382 44,444 40,696 40,180 39,624 39,994 38,868 36,861 37,857 112 Other branches of parent bank 23,686 23,414 24,715 22,017 21,701 21,765 21,846 20,767 19,675 19,555 113 Banks 8,336 8,823 5,588 5,832 5,734 4,877 5,558 5,431 5,218 5,984 114 Official institutions 1,074 1,097 622 736 931 661 655 647 666 646 115 Nonbank foreigners 12,065 14,048 13,519 12,111 11,814 12,321 11,935 12,023 11,302 11,672 116 Other liabilities 2,193 3,087 2,488 2,297 2,136 2,433 2,259 2,079 2,464 2,174 117 Total payable in U.S. dollars 162,950 171,250 157,132 155,766r 164,906r 165,708r 162,040r 165,556r 166,226r 166,157 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 1991R IItteemm 11998899 11999900 May June July Aug. Sept. Oct. NOV.p 1 Total1 312,477 344,529r 352,233 347,118 350,476 356,885 350,518 357,230 364,352 By type 2 Liabilities reported by banks in the United States 36,4% 39,880R 42,576 41,232 43,417 47,374 38,402 40,731 41,176 3 U.S. Treasury bills and certificates3 76,985 79,424 82,421 84,526 86,071 88,5% 90,394 94,428 92,705 U.S. Treasury bonds and notes 4 Marketable 179,269 202,487 203,640 197,808 197,104 196,815 197,645 198,157 205,372 5 Nonmarketable 568 4,491 4,642 4,672 4,704 4,734 4,765 4,7% 4,827 6 U.S. securities other than U.S. Treasury securities 19,159 18,247 18,954 18,880 19,180 19,366 19,312 19,118 20,272 By area 7 Western Europe1 132,849 167,191 167,655 164,009 166,349 170,467 165,061 170,427 172,659 8 Canada 9,482 8,671 9,507 9,229 9,260 10,001 9,608 9,121 9,428 9 Latin America and Caribbean 9,313 21,184r 27,732 29,415 30,064 31,377 31,911 32,507 33,821 10 Asia 153,338 138,0% 137,035 134,310 134,806 134,826 133,082 133,965 137,078 11 Africa 1,030 1,434 1,189 1,259 1,183 1,202 1,558 1,519 1,383 12 Other countries6 6,469 7,955 9,114 8,892 8,812 9,010 9,2% 9,689 9,981 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 1990r 1991r IItteemm 11998877 11998888 11998899 Dec. Mar. June Sept. 1 Banks' own liabilities 55,438 74,980 67,835 70,477 64,929 59,487 63,183 2 Banks' own claims 51,271 68,983 65,127 66,7% 66,919 61,619 65,038 3 Deposits 18,861 25,100 20,491 29,672 27,586 27,792 30,5% 4 Other claims 32,410 43,884 44,636 37,124 39,333 33,827 34,442 5 Claims of banks' domestic customers 551 364 3,507 6,309 5,569 1,646 2,348 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 • March 1992 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 11999900 Mayr Juner Julyr Aug. Sept. Oct." NOV.P 1 All foreigners 685,339 736,878 759,634R 733,101 729,866 726,807 733,321R 735,950" 745,925 754,638 2 Banks' own liabilities 514,532 577,498 577,229R 556,826 550,103 548,063 552,670" 554,557" 561,071 571,844 3 Demand deposits 21,863 22,032 21,723 18,864 18,797 17,929 18,423 19,841 17,593 21,616 4 Time deposits 152,164 168,780 168,017R 151,937 148,572 148,667 146,395" 149,708" 153,952 154,060 5 Other. 51,366 67,823 65,822R 72,605 65,396 66,823 72,595" 67,646" 73,037 75,524 6 Own foreign offices 289,138 318,864 321,667R 313,421 317,338 314,644 315,257 317,362 316,489 320,644 7 Banks' custody liabilities5 170,807 159,380 182,405R 176,275 179,763 178,744 180,651" 181,393 184,854 182,794 8 U.S. Treasury bills and certificates 115,056 91,100 96,796 98,019 100,876 101,809 105,325" 107,019 112,267 110,938 9 Other negotiable and readily transferable instruments 16,426 19,526 17,578 17,013 18,040 17,351 16,508 16,820 17,089 17,235 10 Other 39,325 48,754 68,03LR 61,243 60,848 59,584 58,818 57,554 55,498 54,621 11 Nonmonetary international and regional organizations 3,224 4,894 5,918 5,557 5,932 6,236 6,945R 6,915" 7,626 99,,000011 12 Banks' own liabilities 2,527 3,279 4,540 4,175 3,878 4,127 4,971" 5,410" 5,925 7,108 13 Demand deposits 71 96 36 24 26 44 28 36 28 24 14 Time deposits2 1,183 927 1,050 2,151 2,025 1,742 1,550" 2,307" 2,414 2,263 15 Other3 1,272 2,255 3,455 2,001 1,827 2,341 3,393 3,067 3,473 4,809 16 Banks' custody liabilities5 698 1,616 1,378 1,381 2,054 2,109 1,974 1,505 1,701 1,893 17 U.S. Treasury bills and certificates 57 197 364 662 1,287 1,404 1,269 1,032 1,246 1,530 18 Other negotiable and readily transferable instruments 641 1,417 1,014 719 767 705 705 473 455 363 19 Other 0 2 0 0 0 0 0 0 0 0 20 Official institutions9 135,241 113,481 119,303R 124,997 125,758 129,488 135,970" 128,796" 135,159 133,881 21 Banks' own liabilities 27,109 31,108 34,910R 39,231 36,864 38,886 43,156" 33,854" 36,764 37,335 22 Demand deposits 1,917 2,196 1,924 1,448 1,542 1,396 1,683 1,645 1,307 1,619 23 Time deposits 9,767 10,495 14,359" 14,529 14,671 14,970 14,747" 13,237" 13,735 12,687 24 Other3 15,425 18,417 18,628 23,254 20,651 22,520 26,726" 18,972" 21,722 23,029 25 Banks' custody liabilities5 108,132 82,373 84,393 85,766 88,894 90,602 92,814 94,942 98,395 96,546 26 U.S. Treasury bills and certificates6 103,722 76,985 79,424 82,421 84,526 86,071 88,596 90,394 94,428 92,705 27 Other negotiable and readily transferable instruments7 4,130 5,028 4,766 3,194 4,101 4,324 4,047 4,128 3,832 3,627 28 Other 280 361 203 152 267 207 171 420 135 214 29 Banks10 459,523 515,275 540,805' 506,543 506,023 498,681 500,544" 509,557 512,386 519,105 30 Banks' own liabilities 409,501 454,273 458,470R 432,451 432,258 427,648 429,732" 439,924 444,183 453,318 31 Unaffiliated foreign banks 120,362 135,409 136,802 119,030 114,920 113,004 114,475" 122,562 127,704 132,686 32 Demand deposits 9,948 10,279 10,053 8,675 8,584 8,423 8,252 8,959 8,124 11,392 33 Time deposits 80,189 90,557 88,541R 72,343 69,941 70,185 70,608" 74,861" 78,253 80,449 34 Other3 30,226 34,573 38,208R 38,013 36,395 34,396 35,615" 38,742" 41,327 40,845 35 Own foreign offices4 289,138 318,864 321,667R 313,421 317,338 314,644 315,257 317,362 316,479 320,632 36 Banks' custody liabilities5 50,022 61,002 82,335R 74,092 73,765 71,033 70,812 69,633 68,203 65,787 37 U.S. Treasury bills and certificates6 7,602 9,367 10,669 8,712 8,664 7,970 8,242 8,161 8,363 8,005 38 Other negotiable and readily transferable instruments 5,725 5,124 5,341 5,930 5,928 5,472 5,316 5,819 6,024 5,840 39 Other 36,694 46,510 66,325R 59,450 59,173 57,591 57,254 55,653 53,816 51,942 40 Other foreigners 87,351 103,228 93,608R 96,004 92,153 92,402 89,862" 90,682" 90,754 92,651 41 Banks' own liabilities 75,396 88,839 79,309" 80,969 77,103 77,402 74,811" 75,369" 74,199 74,083 42 Demand deposits 9,928 9,460 9,711 8,718 8,645 8,066 8,460 9,201 8,134 8,581 43 Time deposits 61,025 66,801 64,067R 62,914 61,935 61,770 59,490" 59,303" 59,550 58,661 44 Other3. 4,443 12,577 5,530" 9,337 6,523 7,566 6,861 6,865" 6,515 6,841 45 Banks' custody liabilities5 11,956 14,389 14,299 15,035 15,050 15,000 15,051" 15,313 16,555 18,568 46 U.S. Treasury bills and certificates 3,675 4,551 6,339 6,224 6,399 6,364 7,218" 7,432 8,230 8,698 47 Other negotiable and readily transferable instruments 5,929 7,958 6,457 7,170 7,244 6,850 6,440 6,400 6,778 7,405 48 Other 2,351 1,880 1,503 1,642 1,408 1,786 1,393 1,481 1,547 2,465 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 6,425 7,203 7,073 7,728 8,186 7,073 7,062 7,542 7,596 7,137 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 AArreeaa aanndd ccoouunnttrryy 11998888 11998899 11999900 May June July Aug. Sept. Oct. Nov.p 1 Total 685,339 736,878 759,634r 733,101r 729,866r 726,807r 733,321r 735,950r 745,925' 754,638 2 Foreign countries 682,115 731,984 753,716r 727,544r 723,934r 720,571r 726,376r 729,035r 738,299"' 745,637 3 Europe 231,912 237,501 254,452 238,745r 236,543r 228,782r 235,018r 237,OOOr 246,801r 250,676 4 Austria 1,155 1,233 1,229 1,100 1,067 1,234 961 1,109 l,232r 1,273 5 Belgium-Luxembourg 10,022 10,648 12,382 11,593 11 ^ 12,292 11,168 13,912 13,495r 14,466 6 Denmark 2,200 1,415 1,399 988 1,370 1,197 1,065 1,038 912 1,143 7 Finland 285 570 602 453 732 1,222 1,170 618 938 1,080 8 France 24,777 26,903 30,946 26,270 26,382 26,747 26,580 27,476r 30,450 31,102 9 Germany 6,772 7,578 7,485 8,488 7,822 7,056 7,037 7,500 7,940r 8,029 10 Greece 672 1,028 934 785 791 817 851 944 840 894 11 Italy 14,599 16,169 17,735 14,726r 14,347r 13,883 12,507 12,507 12,274 13,288 1? Netherlands 5,316 6,613 5,350 6,686 6,100 6,069 5,651 6,310 6,546 6,125 n Norway 1,559 2,401 2,357 1,167 1,926 1,653 1,279 1,444 1,192 1,489 14 Portugal 903 2,418 2,958 2,410 2,392 2,279 2,313 2,391 2,431 2,223 15 Spain 5,494 4,364 7,544 10,095 9,392 10,496 10,396 10,834 12,282r 11,147 16 Sweden 1,284 1,491 1,837 525 745 858 1,424 l,435r l,215r 1,105 17 Switzerland 34,199 34,496 36,690 34,757r 36,089" 34,808r 35,967r 38,341r 36,733r 36,809 18 Turkey 1,012 1,818 1,169 1,535 1,806 1,720 1,780 1,538 1,493 1,845 19 United Kingdom 111,811 102,362 109,555 99,948r 98,31lr 90,059r 95,359 95,628 99,47lr 99,905 70 Yugoslavia 529 1,474 928 953 925 1,016 955 854 807 544 71 Other Western Europe" 8,598 13,563 11,689 13,424r 11,393r 12,423 15,176r 9,640 12,961r 14,506 7? U.S.S.R 138 350 119 129 178 75 136 117 178 236 23 Other Eastern Europe12 591 608 1,545 2,713 2,925 2,878 3,243 3,364 3,411 3,467 24 Canada 21,062 18,865 20,349 22,812r 23,90c 22,519 23,919 24,038 24,685 23,147 75 Latin America and Caribbean 271,146 311,028 332,997r 334,298r 334,668r 339,202r 337,129 340,519r 337,166r 341,972 76 Argentina 7,804 7,304 7,365 7,583r 7,504r 7,097r 6,978 6,858 7,190 7,481 77 Bahamas 86,863 99,341 107,386 97,518r 96,900r 98,01 lr 93,977 96,577 99,099 99,631 78 Bermuda 2,621 2,884 2,822 3,054 2,919 3,087 3,520 3,120 3,191 3,295 79 Brazil 5,314 6,351 5,834 5,754r 5,747r 5,837r 6,074r 6,068r 6,024r 5,810 30 British West Indies 113,840 138,309 147,321r 157,068r 157,229r 161,253r 162,590 163,040 157,921r 160,991 31 Chile 2,936 3,212 3,145 3,239" 3,229r 3,305r 3,162 3,092 3,348 3,385 3? Colombia 4,374 4,653 4,492 4,408 4,446r 4,419r 4,735 4,641 4,823 4,797 33 Cuba 10 10 11 8 7 2 9 8 4 12 34 Ecuador 1,379 1,391 1,379 1,293 1,286r l,267r 1,236 1,226 1,237 1,236 35 Guatemala 1,195 1,312 1,541 1,595 l,663r 1,641 1,613 1,585 1,541 1,589 36 269 209 257 237 273 219 235 213 202 201 37 Mexico 15,185 15,423 16,650"^ 18,657 19,552 20,008 20,357 20,937 19,979 20,534 38 Netherlands Antilles 6,420 6,310 7,357 5,962 5,934r 5,828r 5,732 5,565 5,478 5,886 39 Panama 4,353 4,362 4,574 4,549 4,670r 4,435r 4,748 4,374 4,450r 4,563 40 Peru 1,671 1,984 1,294 1,41 lr l,340r l,333r 1,287 1,305 1,233 1,240 41 Uruguay 1,898 2,284 2,520 2,487r 2,571r 2,450r 2,439 2,507 2,410 2,511 4? Venezuela 9,147 9,482 12,271 12,664r 12,581r 12,170r 12,249 12,348r 12,237 12,002 43 Other 5,868 6,206 6,779 6,811r 6,816r 6,84c 6,788 7,055r 6,799r 6,808 44 147,838 156,201 136,844r 123,027r 120,75C 122,194r 121,689r 118,830 119,626r 119,959 China 45 Mainland 1,895 1,773 2,421 2,446 2,412 2,408 2,247 2,198 2,494r 2,783 46 26,058 19,588 11,246 10,688r 9,878r ll,220r 11,579 9,425 11,753 11,494 47 Hong Kong 12,248 12,416 12,754 15,034r 14,581r 14,7^ 14,206 14,468 13,931 13,796 48 India 699 780 1,233 1,968 1,959 2,122 2,373 2,474 2,503 2,614 49 Indonesia 1,180 1,281 1,238 l,343r 1,612 1,191 1,232 1,065 1,230 1,414 50 Israel 1,461 1,243 2,767 2,564 2,355 2,376 2,697 2,848 2,115 2,108 51 Japan 74,015 81,184 67,076r 52,031 51.4491 50,144r 48,875r 48,089 46,989 46,071 5? 2,541 3,215 2,287 2,233r 2,21 lr 2,444r 2,272 2,107 2,134 2,562 53 Philippines 1,163 1,766 1,585 1,521 1,587 1,537 1,465 1,647 1,926 2,139 54 Thailand 1,236 2,093 1,443 2,502 2,386 2,368 2,650 3,348 3,114 3,583 55 Middle-East oil-exporting countries 12,083 13,370 15,829 14,137r 13,371r 15,750r 14,835 15,310 15,533r 16,302 56 Other 13,260 17,491 16,965 16,560 16,949 15,915r 17,258 15,851 15,904 15,093 57 3,991 3,824 4,630 4,695 4,188 3,929 4,017 4,483 4,558 4,465 58 Egypt 911 686 1,425 1,364 1,017 999 957 1,125 1,241 1,060 59 Morocco 68 78 104 97 122 81 91 82 78 93 60 South Africa 437 206 228 202 241 221 137 242 207 173 61 Zaire 85 86 53 52 45 24 58 37 42 32 6? Oil-exporting countries1 1,017 1,121 1,110 1,140 1,105 960 992 1,145 1,182 1,280 63 Other 1,474 1,648 1,710 1,840 1,658 1,644 1,782 1,852 1,808 1,827 64 Other countries 6,165 4,564 4,444 3,969r 3,885r 3,945 4,004 4,165 5,463r 5,418 65 Australia 5,293 3,867 3,807 3,239r 3,103r 3,173 3,149 3,231 4,445r 4,288 66 All other 872 697 637 730 781 772 855 934 1,018 1,130 67 Nonmonetary international and regional 3,224 4,894 5,918 5,557r 5,932r 66,,223366rr 66,,994455rr 66,,991155rr 77,,662266rr 99,,000011 68 International 2,503 3,947 4,390 4,141r 4,040r 4,356r 4,371r 4,877r 5,387r 6,460 69 Latin American regional 589 684 1,048 802 1,410 1,273 1,531 1,094 1,227 1,366 70 Other regional 133 263 479 614 482 607 1,043 944 l,012r 1,175 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 • March 1992 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 1991 AArreeaa aanndd ccoouunnttrryy 11998888 11998899 11999900 May June July* Aug.* Sept.* Oct.* NOV.p 1 Total 491,165 534,492 511,543 503,648r 505,424 497,814 502,559 498,985 510,532 510,730 2 Foreign countries 489,094 530,630 506,750 500,677r 501,195 495,415 500,079 496,416 508,751 507,440 3 Europe 116,928 119,025 113,093 99,382r 99,037 97,767 98,575 103,395 103,765 107,907 4 Austria 483 415 362 220 303 269 185 297 374 325 5 Belgium-Luxembourg 8,515 6,478 5,473 7,851r 6,736 5,924 6,534 7,175 7,678 6,962 6 Denmark 483 582 497 909 896 898 945 670 611 656 7 Finland 1,065 1,027 1,047 862 668 642 771 908 1,196 1,378 8 France 13,243 16,146 14,468 13,589* 14,302 14,300 13,827 14,504 13,080 14,814 9 Germany 2,329 2,865 3,343 2,631 2,751 2,682 3,106 2,672 2,071 2,832 10 Greece 433 788 727 762 654 619 495 473 487 555 11 Italy 7,936 6,662 6,052 5,857r 6,339 5,911 5,931 6,541 6,370 6,362 12 Netherlands 2,541 1,904 1,761 1,960 2,132 2,234 2,101 1,955 2,175 2,226 13 Norway 455 609 782 695 701 661 599 679 682 776 14 Portugal 261 376 292 322 378 260 308 266 301 358 15 Spain 1,823 1,930 2,668 3,082 2,056 2,582 1,995 2,333 2,405 2,477 16 Sweden 1,977 1,773 2,094 1,962* 1,993 1,858 1,633 1,896 1,842 2,372 17 Switzerland 3,895 6,141 4,202 3,487 2,969 3,627 3,609 4,048 4,196 4,489 18 Turkey 1,233 1,071 1,405 1,445 1,593 1,458 1,407 1,382 1,192 1,147 19 United Kingdom 65,706 65,527 65,151 50,244* 51,369 50,775 51,625 54,305 55,499 56,052 20 Yugoslavia 1,390 1,329 1,142 965 932 877 820 802 803 848 21 Other Western Europe2 1,152 1,302 597 999 734 832 1,024 773 714 1,001 22 U.S.S.R 1,255 1,179 530 956 911 772 1,015 1,157 1,358 1,669 23 Other Eastern Europe3 754 921 499 585 617 586 645 559 731 608 24 Canada 18,889 15,451 16,091 17,713 17,446 16,719 14,495 14,734 16,065 15,785 25 Latin America and Caribbean 214,264 230,438 231,506 244,564* 248,841 246,051 249,305 250,313 254,546 248,842 26 Argentina 11,826 9,270 6,967 6,362* 6,127 5,944 5,749 5,749 5,703 5,773 27 Bahamas 66,954 77,921 76,525 79,428* 78,023 81,294 78,414 80,217 85,498 84,345 28 Bermuda 483 1,315 4,056 7,182 3,893 5,804 11,773 6,847 4,292 4,095 29 Brazil 25,735 23,749 17,995 15,593* 15,248 12,350 12,332 11,880 11,769 11,897 30 British West Indies 55,888 68,749 88,565 105,943* 115,284 110,628 111,119 112,589 116,100 110,662 31 Chile 5,217 4,353 3,271 3,031* 2,917 2,832 2,779 2,732 2,721 2,828 32 Colombia 2,944 2,784 2,587 2,281 2,349 2,202 2,368 2,431 2,541 2,571 33 Cuba 1 1 0 0 0 0 0 0 0 0 34 Ecuador 2,075 1,688 1,387 1,339 1,344 1,263 1,238 1,115 1,095 1,090 35 Guatemala 198 197 191 220 203 190 182 185 191 191 36 Jamaica 212 297 238 181 187 144 150 150 162 161 37 Mexico 24,637 23,376 14,851 15,174* 15,408 15,447 15,279 16,427 16,861 17,391 38 Netherlands Antilles 1,306 1,921 7,998 1,589 1,639 1,563 1,540 3,606 1,234 1,109 39 Panama 2,521 1,740 1,471 1,410 1,429 1,501 1,490 1,489 1,558 1,652 40 Peru 1,013 771 663 722 726 712 728 712 722 724 41 Uruguay 910 929 786 615 590 577 571 577 555 550 42 Venezuela 10,733 9,652 2,571 2,223 2,222 2,405 2,394 2,443 2,386 2,634 43 Other 1,612 1,726 1,384 1,271 1,252 1,195 1,199 1,164 1,158 1,169 44 130,881 157,474 138,722 131,597* 128,210 127,560 130,220 120,353 126,997 127,064 China 45 Mainland 762 634 620 567 992 659 575 621 597 692 46 Taiwan 4,184 2,776 1,952 1,390 2,019 1,696 1,522 1,460 1,577 1,589 47 Hong Kong 10,143 11,128 10,648 9,965* 9,312 9,051 9,154 9,467 10,203 10,173 48 India 560 621 655 478 432 409 425 449 481 449 49 Indonesia 674 651 933 982 891 874 858 852 824 856 50 Israel 1,136 813 774 829 851 818 919 945 993 902 51 Japan 90,149 111,300 90,699 88,822* 85,708 88,183 90,604 80,498 84,836 85,558 52 Korea 5,213 5,323 5,766 5,584 5,924 5,597 5,383 5,140 5,339 5,773 53 Philippines 1,876 1,344 1,247 1,452 1,506 1,647 1,682 1,633 1,916 1,971 54 Thailand 848 1,140 1,573 1,747 1,977 1,975 1,870 1,934 1,826 1,798 55 Middle East oil-exporting countries 6,213 10,149 10,749 9,636 10,468 9,771 9,741 10,439 9,973 9,957 56 Other 9,122 11,594 13,106 10,145* 8,131 6,880 7,487 6,915 8,432 7,346 57 Africa 5,718 5,890 5,445 5,464 5,429 5,417 5,344 5,272 5,264 5,364 58 Egypt 507 502 380 305 315 324 315 312 294 343 59 Morocco 511 559 513 603 590 597 576 579 589 583 60 South Africa 1,681 1,628 1,525 1,641 1,626 1,627 1,610 1,498 1,494 1,493 61 Zaire 17 16 16 18 12 9 9 8 9 7 62 Oil-exporting countries5 1,523 1,648 1,486 1,365 1,336 1,285 1,273 1,270 1,260 1,320 63 Other 1,479 1,537 1,525 1,533 1,550 1,575 1,561 1,605 1,618 1,618 64 Other countries 2,413 2,354 1,892 1,957 2,233 1,901 2,140 2,349 2,114 2,478 65 Australia 1,520 1,781 1,413 1,470 1,621 1,384 1,464 1,526 1,503 1,719 66 All other 894 573 479 487 611 517 676 823 611 759 67 Nonmonetary international and regional organizations6 2,071 3,862 4,793 2,971* 4,229 2,399 2,480 2,569 1,781 3,290 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 May June July Aug. Sept. Oct. Nov.P 1 Total 555555533333338888888,,,,,,,666666688888889999999 555555599999993333333,,,,,,,000000088888887777777 555555577777777777777,,,,,,,555555555555559999999 555555577777772222222,,,,,,,777777722222220000000 555555566666666666666,,,,,,,333333322222224444444 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 444444499999991111111,,,,,,,111111166666665555555 555555533333334444444,,,,,,,444444499999992222222 555555511111111111111,,,,,,,555555544444443333333 503,648 555555500000005555555,,,,,,,444444422222224444444 497,814 502,559 444444499999998888888,,,,,,,999999988888885555555 510,532 510,730 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 66666662222222,,,,,,,666666655555558888888 66666660000000,,,,,,,555555511111111111111 44444441111111,,,,,,,999999900000000000000 38,966 33333339999999,,,,,,,444444466666660000000 35,174 35,423 33333335555555,,,,,,,000000077777776666666 34,862 35,917 44 OOwwnn ffoorreeiiggnn ooffffiicceess 222222255555557777777,,,,,,,444444433333336666666 222222299999996666666,,,,,,,000000011111111111111 333333300000004444444,,,,,,,333333311111115555555 298,547 333333300000006666666,,,,,,,000000088888889999999 305,470 301,649 333333300000003333333,,,,,,,999999944444448888888 312,484 312,659 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 111111122222229999999,,,,,,,444444422222225555555 111111133333334444444,,,,,,,888888888888885555555 111111111111117777777,,,,,,,222222277777772222222 117,208 111111111111115555555,,,,,,,000000011111118888888 115,041 116,553 111111111111113333333,,,,,,,888888855555553333333 119,960 117,524 66 DDeeppoossiittss 66666665555555,,,,,,,888888899999998888888 77777778888888,,,,,,,111111188888885555555 66666665555555,,,,,,,222222255555553333333 69,384 66666669999999,,,,,,,111111133333330000000 69,302 70,730 66666668888888,,,,,,,333333366666669999999 72,385 68,880 77 OOtthheerr 66666663333333,,,,,,,555555522222227777777 55555556666666,,,,,,,777777700000000000000 55555552222222,,,,,,,000000011111119999999 47,824 44444445555555,,,,,,,888888888888889999999 45,739 45,823 44444445555555,,,,,,,444444488888884444444 47,575 48,644 88 AAllll ootthheerr ffoorreeiiggnneerrss 44444441111111,,,,,,,666666644444446666666 44444443333333,,,,,,,000000088888885555555 44444448888888,,,,,,,000000055555556666666 48,927 44444444444444,,,,,,,888888855555557777777 42,129 48,934 44444446666666,,,,,,,111111100000008888888 43,226 44,630 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss33...... 44444447777777,,,,,,,555555522222224444444 55555558888888,,,,,,,555555599999994444444 66666666666666,,,,,,,000000011111116666666 66666667777777,,,,,,,222222299999996666666 66666667777777,,,,,,,333333333333339999999 8888888,,,,,,,222222288888889999999 11111113333333,,,,,,,000000011111119999999 11111114444444,,,,,,,333333377777775555555 11111119999999,,,,,,,333333399999990000000 11111119999999,,,,,,,555555511111112222222 11 Negotiable and readily transferable 22222225555555,,,,,,,777777700000000000000 33333330000000,,,,,,,999999988888883333333 44444441111111,,,,,,,333333333333333333333 33333335555555,,,,,,,111111144444447777777 33333335555555,,,,,,,000000055555554444444 12 Outstanding collections and other 11111113333333,,,,,,,555555533333335555555 11111114444444,,,,,,,555555599999992222222 11111110000000,,,,,,,333333300000007777777 11111112222222,,,,,,,777777755555558888888 11111112222222,,,,,,,777777777777773333333 13 MEMO: Customer liability on 11111119999999,,,,,,,555555599999996666666 11111112222222,,,,,,,888888899999999999999 11111113333333,,,,,,,666666622222228888888 11111110000000,,,,,,,444444422222220000000 8888888,,,,,,,666666666666665555555 1144 DDoollllaarr ddeeppoossiittss iinn bbaannkkss aabbrrooaadd,, rreeppoorrtteedd bbyy nnoonnbbaannkkiinngg bbuussiinneessss eenntteerrpprriisseess iinn tthhee UUnniitteedd SSttaatteess55 —— 45,360 45,744 44,554 40,036 36,026 40,425 41,717 37,856 39,761 40,509 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 1990r 1991r MMaattuurriittyy,, bbyy bboorrrroowweerr aanndd aarreeaa 11998877 11998888 11998899 Dec. Mar. June Sept. 1 235,130 233,184 238,123 206,903 199,254 199,085 194,788 By borrower 2 Maturity of one year or less 163,997 172,634 178,346 165,985 158,220 159,465 159,313 3 Foreign public borrowers 25,889 26,562 23,916 19,305 21,216 18,596 16,990 4 All other foreigners 138,108 146,071 154,430 146,680 137,004 140,869 142,323 5 Maturity of more than one year 71,133 60,550 59,776 40,918 41,034 39,620 35,475 6 Foreign public borrowers 38,625 35,291 36,014 22,269 22,498 20,624 17,792 7 All other foreigners 32,507 25,259 23,762 18,649 18,536 18,996 17,683 By area Maturity of one year or less 8 Europe 59,027 55,909 53,913 49,184 49,641 49,917 51,104 9 Canada 5,680 6,282 5,910 5,450 5,938 7,290 5,671 10 Latin America and Caribbean 56,535 57,991 53,003 49,782 42,660 41,121 47,187 11 35,919 46,224 57,755 53,258 54,042 53,177 49,293 17 Africa 2,833 3,337 3,225 3,040 3,008 2,945 2,815 13 All other3 4,003 2,891 4,541 5,272 2,931 5,016 3,243 Maturity of more than one year 14 Europe • 6,696 4,666 4,121 3,859 4,329 4,285 3,815 15 Canada 2,661 1,922 2,353 3,290 3,387 3,820 3,671 16 Latin America and Caribbean 53,817 47,547 45,816 25,774 24,961 23,219 19,287 17 3,830 3,613 4,172 5,165 5,414 5,645 6,095 18 Africa 1,747 2,301 2,630 2,374 2,426 2,456 2,385 19 All other3 2,381 501 684 456 517 195 222 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 • March 1992 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 AArreeaa oorr ccoouunnttrryy 11998877 11998888 Sept. Dec. Mar. June Sept. Dec. Mar. June Sept. 1 Total 382.4 346.3 346.5 338.8 333.9 321.7 331.5r 317.8 324.4r 320.2 335.7r 2 G-10 countries and Switzerland 159.7 152.7 146.4 152.9 146.6 139.3 143.6r 132.1 129.6 130.1r 134.7r 3 Belgium-Luxembourg 10.0 9.0 6.9 6.3 6.7 6.2 6.5 5.9 6.2 6.1 5.8 4 France 13.7 10.5 11.1 11.7 10.4 10.2 11.1 10.4 9.7 10.5 11.1 5 Germany 12.6 10.3 10.4 10.5 11.2 11.2 11.1 10.6 8.8 8.3 9.7 6 Italy 7.5 6.8 6.8 7.4 5.9 5.4 4.4 5.0 4.0 3.6 4.5 7 Netherlands 4.1 2.7 2.4 3.1 3.1 2.7 3.8 3.0 3.3 3.3 3.0 8 Sweden 2.1 1.8 2.0 2.0 2.1 2.3 2.3 2.2 2.0 2.5r 2.1 9 Switzerland 5.6 5.4 6.1 7.1 6.2 6.3 5.6 4.4 3.7 3.3 3.9 10 United Kingdom 68.8 66.2 63.7 67.2 64.0 59.9 62.6r 60.8 62. V 59.8r 65.6 11 Canada 5.5 5.0 5.9 5.4 4.8 5.1 5.0r 5.9 6.8r 8.2 5.8 12 Japan 29.8 34.9 31.0 32.2 32.2 30.1 31.3r 23.9 23.2 24.6 23.2r 13 Other developed countries 26.4 21.0 21.0 20.7 23.0 22.4 23.(f 22.6 23.1 21.1 21.7 14 Austria 1.9 1.5 1.5 1.5 1.5 1.5 1.6 1.4 1.4 1.1 1.0 15 Denmark 1.7 1.1 1.1 1.1 1.2 1.1 1.1 1.1 .9 1.2 .9 16 Finland 1.2 1.1 1.1 1.0 1.1 .9 .8 .7 1.0 .8 .7 17 Greece 2.0 1.8 2.4 2.5 2.6 2.7 2.8 2.7 2.5 2.4 2.3 18 Norway 2.2 1.8 1.4 1.4 1.7 1.4 1.6 1.6 1.5 1.5 1.4 19 Portugal .6 .4 .4 .4 .4 .8 .6 .6 .6 .6 .5 20 Spain 8.0 6.2 6.9 7.1 8.2 7.8 8.4 8.3 9.0 7.0 8.3 21 Turkey 2.0 1.5 1.2 1.2 1.3 1.4 1.6 1.7 1.7 1.9 1.6 22 Other Western Europe 1.6 1.3 1.0 .7 1.0 1.1 .7 .9 .8 .9 1.0 23 South Africa 2.9 2.4 2.1 2.0 2.0 1.9 1.9 1.8 1.8 1.8 1.6 24 Australia 2.4 1.8 2.1 1.6 2.1 1.8 2.0 1.8 1.9 2.0 2.4 25 OPEC countries2 17.4 16.6 16.2 17.1 15.5 15.3 14.2r 12.8 17.1 14.0 15.6 26 Ecuador 1.9 1.7 1.5 1.3 1.2 1.1 1.1 1.0 .9 .9 .8 27 Venezuela 8.1 7.9 7.4 7.0 6.1 6.0 6.0 5.0 5.1 5.3 5.6 28 Indonesia 1.9 1.7 2.0 2.0 2.1 2.0 2.3 2.7 2.8 2.6 2.8 29 Middle East countries 3.6 3.4 3.5 5.0 4.3 4.4 3.r 2.5 6.6 3.7 5.0 30 African countries 1.9 1.9 1.9 1.7 1.8 1.8 1.7 1.7 1.6 1.5 1.5 31 Non-OPEC developing countries 97.8 85.3 81.2 77.5 68.8 66.7 67.1 65.4 66.3 65.0 65.2r Latin America 32 Argentina 9.5 9.0 7.6 6.3 5.6 5.2 5.0 5.0 4.7 4.6 4.7 33 Brazil 24.7 22.4 20.9 19.0 17.5 16.7 15.4 14.4 13.9 11.6 10.5r 34 Chile 6.9 5.6 4.9 4.6 4.3 3.7 3.6 3.5 3.6 3.6 3.7 35 Colombia 2.0 2.1 1.6 1.8 1.8 1.7 1.8 1.8 1.7 1.6 1.6 36 Mexico 23.5 18.8 17.2 17.7 12.8 12.6 12.8 13.0 13.7 14.3 16.1 37 Peru 1.1 .8 .6 .6 .5 .5 .5 .5 .5 .5 .4 38 Other Latin America 2.8 2.6 2.9 2.8 2.8 2.3 2.4 2.3 2.2 2.0 1.9 Asia China 39 Mainland .3 .3 .3 .3 .3 .2 .2 .2 .4 .6 .4 40 Taiwan 8.2 3.7 5.0 4.5 3.8 3.6 4.0 3.5 3.6 4.1 4.1 41 India 1.9 2.1 2.7 3.1 3.5 3.6 3.6 3.3 3.5 3.0 2.8 42 Israel 1.0 1.2 .7 .7 .6 .7 .6 .5 .5 .5 .5 43 Korea (South) 5.0 6.1 6.5 5.9 5.3 5.6 6.2 6.2 6.8 6.9 6.0 44 Malaysia 1.5 1.6 1.7 1.7 1.8 1.8 1.8 1.9 2.0 2.1 2.3 45 Philippines 5.2 4.5 4.0 4.1 3.7 3.9 3.9 3.8 3.7 3.7 3.6 46 Thailand .7 1.1 1.3 1.3 1.1 1.3 1.5 1.5 1.6 1.7 1.9 47 Other Asia3 .7 .9 1.0 1.0 1.2 1.1 1.6 1.7 2.1 2.3 2.8 Africa 48 Egypt .6 .4 .5 .4 .4 .5 .4 .4 .4 .4 .4 49 Morocco .9 .9 .8 .9 .9 .9 .9 .8 .8 .7 .7 50 Zaire .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 51 Other Africa3 1.3 1.1 1.0 1.0 .9 .8 .8 1.0 .8 .8 .8 52 Eastern Europe 3.2 3.6 3.5 3.5 3.3 2.9 2.7 2.3 2.1 2.1 1.8 53 U.S.S.R .3 .7 .8 .7 .8 .4 .4 .2 .3 .4 .4 54 Yugoslavia 1.8 1.8 1.7 1.6 1.4 1.4 1.3 1.2 1.0 1.0 .8 55 Other 1.1 1.1 1.1 1.3 1.2 1.1 1.1 .9 .8 .7 .7 56 Offshore banking centers 54.5 44.2 49.2 36.6 43.1 40.3 42.6r 42.5 49.4r 48.2r 51.9"^ 57 Bahamas 17.3 11.0 11.4 5.5 9.2 8.5 8.9 2.8 8.1r 6.5r 6.1r 58 Bermuda .6 .9 1.3 1.7 1.2 2.5 4.5 4.4 4.4 4.2 7.1 59 Cayman Islands and other British West Indies 13.5 12.9 15.3 9.0 10.9 8.5 9.3r 11.5 13.7 is. r H.Of 60 Netherlands Antilles 1.2 1.0 1.1 2.3 2.6 2.3 2.2 7.9 1.1 1.4 3.5 61 Panama4 3.7 2.5 1.5 1.4 1.3 1.4 1.5 1.4 1.4 1.3 1.3 62 Lebanon .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 63 Hong Kong 11.2 9.6 10.7 9.7 9.8 10.0 8.7 7.7 11.5 12.4 12.0 64 Singapore 7.0 6.1 7.8 7.0 8.0 7.0 7.5 6.6 8.9 7.2 7.7 65 Others5 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 66 Miscellaneous and unallocated6 23.2 22.6 28.7 30.3 33.3 34.5 38.1 39.8 36.6 39.6r 44.6 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 TTyyppee aanndd aarreeaa oorr ccoouunnttrryy 11998877 11998888 1199889977 June Sept. Dec. Mar.r June Sept.p 1 28,302 32,952 38,776 39,831r 45,165r 42,928r 40,753 39,31 lr 40,459 ? Payable in dollars 22,785 27,335 33,985 35,351r 40,034r 38,529r 36,635 35,291r 36,057 3 Payable in foreign currencies 5,517 5,617 4,791 4,480r 5,131r 4,399r 4,119 4,019 4,402 By type 4 Financial liabilities 12,424 14,507 17,891 19,025 19,898 17,979 17,104 16,767 17,603 5 8,643 10,608 14,047 15,663 16,059 14,731 14,182 13,872 14,673 6 Payable in foreign currencies 3,781 3,900 3,844 3,363 3,839 3,247 2,922 2,895 2,930 7 Commercial liabilities 15,878 18,445 20,885 20,806r 25,267r 24,949r 23,650 22,544r 22,856 8 7,305 6,505 8,070 7,256r 10,96^ 10,494r 8,865 8,697r 9,067 9 Advance receipts and other liabilities 8,573 11,940 12,815 tf.SSff 14,306r 14,456r 14,784 13,846 13,789 10 Payable in dollars 14,142 16,727 19,938 19,688r 23,974r 23,798r 22,453 21,420r 21,384 11 Payable in foreign currencies 1,737 1,717 947 1,117 l,292r l,152r 1,197 1,124 1,472 By area or country Financial liabilities 1? Europe 8,320 9,962 11,672 11,802 11,251 9,813 99,,118877 99,,224444 99,,773399 13 Belgium-Luxembourg 213 289 340 332 350 344 285 297 347 14 382 359 258 165 463 695 627 535 354 15 Germany 551 699 464 547 606 622 561 664 654 16 Netherlands 866 880 941 928 942 990 945 917 943 17 Switzerland 558 1,033 541 552 628 576 577 535 510 18 United Kingdom 5,557 6,533 8,830 8,832 7,632 5,976 5,551 5,706 6,370 19 Canada 360 388 610 306 309 223 272 287 305 70 Latin America and Caribbean 1,189 839 1,357 2,774 3,560 3,400 3,636 3,308 3,518 71 Bahamas 318 184 157 312 395 371 392 375 337 77 Bermuda 0 0 17 0 0 0 0 12 0 73 25 0 0 0 0 0 0 0 11 74 British West Indies 778 645 724 1,920 2,548 2,407 2,674 2,319 22,,557788 75 Mexico 13 1 6 4 4 5 6 6 6 26 Venezuela 0 0 0 0 0 4 4 4 4 77 2,451 3,312 4,151 4,085 4,2% 4,132 4,005 3,918 4,037 78 Japan 2,042 2,563 3,299 2,883 3,161 2,930 2,932 2,865 2,802 29 Middle East oil-exporting countries2 8 3 2 5 4 5 1 4 226 30 Africa 4 2 2 3 2 2 2 9 3 31 Oil-exporting countries3 1 0 0 1 0 0 0 7 2 32 All other4 100 4 100 55 479 409 2 2 1 Commercial liabilities 33 Europe 5,516 7,319 9,071 8,652r 10,039r HHUUllCC 99,,887777 88,,884488rr 99,,228800 34 Belgium-Luxembourg 132 158 175 291 245 275 263 254 1% 35 426 455 877 1,049 1,270*" l,218r 1,216 l,246r 999 36 909 1,699 1,392 990 1,051 i 1,389 1,044 913 37 Netherlands 423 587 710 606 699 844r 731 750 792 38 559 417 693 665r 746r 775r 661 586 560 39 United Kingdom 1,599 2,079 2,620 2,450r 2,839r 2,792 2,852 2,336r 3,2% 40 Canada 1,301 1,217 1,124 l,179r 1,263 l,251r 1,231 1,186 1,018 41 Latin America and Caribbean 864 1,090 1,224 l,321r l,690r l,671r 1,621 1,631 1,512 47 18 49 41 22 18 12 14 6r 14 43 168 286 308 412 371 538 495 505 450 44 46 95 100 109 129 145 218 180 209 45 British West Indies 19 34 27 29 42 30 36 501" 46 46 189 217 323 315r 592r 475r 346 364 290 47 Venezuela 162 114 164 129*" 165r 130r 126 121 101 48 6,565 6,915 7,550 7,365r 9,533r 9,471r 8,669 8,847 8,943 49 2,578 3,094 2,914 3,197r 3,356r 3,639r 3,413 3,383 3,359 50 Middle East oil-exporting countries2,3 1,964 1,385 1,632 l,285r 2,728r 2,016r 1,569 1,699 1,812 51 574 576 886 900r l,334r 841 655 594 835 52 Oil-exporting countries3 135 202 339 287r 610"^ 422 225 224 356 53 All other4 1,057 1,328 1,030 1,390 1,408 l,406r 1,5% 1,436 1,268 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 • March 1992 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 June Sept. Dec. Mar.* June Sept." 1 Total 30,964 33,805 33,080 33,098r 32,239* 34,780* 35,272 36,946* 38,361 2 Payable in dollars 28,502 31,425 30,742 30,765r 29,836* 32,354* 33,068 34,948* 36,154 3 Payable in foreign currencies 2,462 2,381 2,338 2,333r 2,402* 2,426* 2,204 1,997 2,207 By type 4 Financial claims 20,363 21,640 19,235 19,438r 17,758* 19,444* 19,392 20,687* 22,392 5 Deposits 14,894 15,643 12,336 ll,615r 11,810* 13,331* 12,835 12,300* 15,522 6 Payable in dollars 13,765 14,544 11,409 10,533r 10,616* 12,318* 11,893 11,595* 14,712 7 Payable in foreign currencies 1,128 1,099 927 1,082 1,193 1,012 942 705 810 8 Other financial claims 5,470 5,997 6,899 7,823 5,949 6,114 6,557 8,387 6,870 9 Payable in dollars 4,656 5,220 6,145 7,090 5,296 5,247 5,861 7,699 6,260 10 Payable in foreign currencies 814 777 754 733 652 866 696 688 610 11 Commercial claims 10,600 12,166 13,845 13,660r 14,480* 15,336* 15,879 16,259* 15,969 12 Trade receivables 9,535 11,091 12,221 11,95 lr 12,702* 13,458* 13,691 13,963* 13,345 13 Advance payments and other claims 1,065 1,075 1,624 1,708r 1,778* 1,878* 2,189 2,2% 2,624 14 Payable in dollars 10,081 11,660 13,188 13,142r 13,924* 14,788* 15,314 15,654* 15,182 15 Payable in foreign currencies 519 505 657 518r 556* 548* 565 605 787 By area or country Financial claims 16 Europe 9,531 10,278 8,401 10,780* 8,924* 9,363* 10,524 11,756* 12,928 17 Belgium-Luxembourg 7 18 28 126 27 76 85 74 75 18 France 332 203 153 126 145 358 193 255 257 19 Germany 102 120 87 76 79 302 249 233 438 20 Netherlands 350 348 303 339 327 330 443 494 492 21 Switzerland 65 217 91 131 163 293 358 367 527 22 United Kingdom 8,467 9,039 7,496 9,757* 7,956* 7,760* 8,981 10,184* 10,886 23 Canada 2,844 2,325 1,904 2,036 1,989 2,887 1,850 1,986 2,066 24 Latin America and Caribbean 7,012 8,160 8,020 5,998r 6,107* 6,091* 6,119 5,849* 5,969 25 Bahamas 1,994 1,846 1,890 1,499* 1,443* 1,594* 1,847 1,031 1,356 26 Bermuda 7 19 7 3 4 3 6 4 19 27 Brazil 63 47 224 84 70 68 68 127 124 28 British West Indies 4,433 5,763 5,486 4,003 4,191 4,021 3,769 4,307* 4,100 29 Mexico 172 151 94 164 158 177 179 161 173 30 Venezuela 19 21 20 20 23 25 28 29 32 31 Asia 879 623 590 534 531 860 568 757 1,069 32 Japan 605 354 213 185 207 523 246 409 721 33 Middle East oil-exporting countries 8 5 8 6 9 8 11 4* 3 34 Africa 65 106 140 62 49 37 62 64 61 35 Oil-exporting countries3 7 10 12 8 7 0 3 1 1 36 Ail other4 33 148 180 28 158 206 268 275 299 Commercial claims 37 Europe 4,180 5,181 6,207 6,076r 6,495* 7,032* 7,181 7,545* 6,973 38 Belgium-Luxembourg 178 189 242 209 188 212* 226 220 186 39 France 650 672 963 924 1,206 1,240 1,292 1,408 1,328 40 Germany 562 669 696 670 641* 805* 873 957 855 41 Netherlands 133 212 479 480* 491 552* 604 756 651 42. Switzerland 185 344 313 234 300 301* 392 2%* 259 43 United Kingdom 1,073 1,324 1,575 1,582 1,673 1,774* 1,669 1,822* 1,867 44 Canada 936 983 1,087 1,150* 1,148* 1,070* 1,212 1,240* 1,232 45 Latin America and Caribbean 1,930 2,241 2,176 2,207* 2,402* 2,333* 2,314 2,433 2,575 46 Bahamas 19 36 58 17 25 14 15 16 8 47 Bermuda 170 230 323 284 340 246 231 245 338 48 Brazil 226 299 293 233* 251 320 309 297 391 49 British West Indies 26 22 36 47 35 40 49 43 37 50 Mexico 368 461 507 576* 650* 656* 653 711 739 51 Venezuela 283 227 147 223 224 189 181 195 196 52 Asia 2,915 2,993 3,561 3,473* 3,631* 4,049* 4,306 4,159 4,216 53 Japan 1,158 946 1,197 1,097* 1,221 1,396 1,778 1,604 1,752 54 Middle East oil-exporting countries 450 453 518 418 407 459 507 510 497 55 Africa 401 435 422 387 371 488* 394 428 518 56 Oil-exporting countries 144 122 108 97 72 67 68 59 79 57 All other4 238 333 392 366* 433* 364* 471 453 455 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 1990 Jan.- May June July Aug. Sept. Oct. Nov.P Nov. U.S. corporate securities STOCKS 1 Foreign purchases 214,071 173,293 195,981 19,230 17,356 16,462 17,934 12,919 17,201 20,515 2 Foreign sales 204,129 188,419 182,150 15,900 16,122 15,304 16,192 13,659 16,791 19,592 3 Net purchases, or- sales (-) 9,941 -15,126 13,830 3,330 1,234 1,158 1,742 -740 410 923 4 Foreign countries 10,175 -15,197 13,245 3,276 1,190 1,135 1,606 -850 365 886 5 Europe 476 -8,479 1,993 1,214 710 5 753 -567 -452 -310 6 France -708 -1,234 143 83 170 -41 39 -95 -21 -50 7 Germany -830 -367 -107 24 45 -8 21 62 12 22 8 Netherlands 79 -397 -176 20 60 47 -209 38 6 -42 9 Switzerland -3,277 -2,866 -132 290 346 42 96 -48 -93 -508 10 United Kingdom 3,683 -2,980 1,343 585 -148 -130 831 -501 -216 182 11 Canada -881 886 3,678 712 383 159 439 16 385 694 17 Latin America and Caribbean 3,042 -1,330 2,456 242 287 160 315 25 366 -198 13 Middle East1 3,531 -2,435 -91 207 -460 272 67 -402 -6 39 14 Other Asia 3,577 -3,477 4,931 829 96 110 -33 210 267 738 15 Japan 3,330 -2,891 1,610 669 74 -15 -96 135 156 158 16 Africa 131 -63 146 21 9 6 4 -7 20 14 17 Other countries 299 -298 133 51 165 423 61 -125 -215 -91 18 Nonmonetary international and regional organizations -234 71 585 55 44 23 136 110 45 37 BONDS2 19 Foreign purchases 120,550 118,764 137,396 14,434 12,427 9,994 14,989 14,492 12,844 15,708 20 Foreign sales 87,533 102,047R 112,562 11,651 8,754 7,681 10,812 12,315 10,558 12,971 21 Net purchases, or sales (—) 33,017 16,717r 24,834 2,783 3,673 2,313 4,177 2,177 2,286 2,737 22 Foreign countries 32,664 17,187r 25,016 2,842 3,735 2,340 4,274 2,216 2,349 2,644 73 Europe 18,907 10,079 12,489 1,749 2,167 921 1,727 -111 1,873 1,050 74 France 372 373 779 86 2 15 -26 93 -25 110 25 Germany -238 -377 1,464 400 -120 -1 106 156 213 274 76 Netherlands 850 172 469 23 130 -1 47 -18 44 91 77 Switzerland -511 284 560 206 327 9 116 -52 -64 -388 78 United Kingdom 17,965 10,383 9,091 932 1,744 629 1,405 384 2,029 594 79 Canada 1,116 1,906 1,226 374 68 34 -40 -155 86 51 30 Latin America and Caribbean 3,686 4,291 1,822 -118 538 378 172 130 -365 110 31 Middle East1 -182 76 1,932 20 160 430 449 350 182 313 37 Other Asia 9,025 1,083R 7,697 831 898 558 2,015 2,027 526 1,167 33 Japan 6,292 727R 5,581 544 685 285 1,818 1,149 237 874 34 Africa 56 96 45 10 -1 -1 4 -2 12 13 35 Other countries 57 -344 -195 -23 -96 20 -53 -23 35 -60 36 Nonmonetary international and regional organizations 353 -471 -182 -58 -62 -27 -97 -39 -63 93 Foreign securities 37 Stocks, net purchases, or sales (-)3 -13,062 -9,205 -29,299 -3,292 -3,590 -3,155 -3,521 -2,159 -2,369 -1,612 38 Foreign purchases 109,850 122,641 108,698 8,627 10,053 10,174 9,586 9,913 11,292 13,114 39 Foreign sales 122,912 131,846 137,997 11,919 13,643 13,329 13,107 12,072 13,661 14,726 40 Bonds, net purchases, or sales (-) -5,493 -22,412R -13,552 -484R -1,945 -807 -2,168 -1,138 -4,210 768 41 Foreign purchases 234,770 314,645R 298,346 22,135R 19,918 22,041 22,186 23,442 33,201 29,925 42 Foreign sales 240,263 337,057R 311,898 22,619"^ 21,863 22,848 24,354 24,580 37,411 29,157 43 Net purchases, or sales (—), of stocks and bonds .... -18,556 —31,617r -42,851 —3,776r -5,536 -3,962 -5,689 -3,297 -6,579 -844 44 Foreign countries -18,594 -28,943r -42,193 —3,247r -5,816 -4,476 -5,794 -3,477 -6,212 -1,279 45 Europe -17,663 -8,443R -29,168 -415R -3,428 -5,035 -4,769 -2,666 -5,150 -4,525 46 Canada -3,730 -7,502 -7,644 -943 -1,011 278 -1,009 -352 -1,619 675 47 Latin America and Caribbean 426 -8,854R 1,454 -1,633 -26 130 108 454 549 1,127 48 2,532 -3,828 -7,534 -159 -1,172 105 -305 -1,153 -197 1,399 49 Africa 93 -137 -167 4 -198 8 -7 2 1 -41 50 Other countries -251 -180 867 -101 19 38 188 238 204 86 51 Nonmonetary international and regional organizations 38 -2,673 -658 -529 280 514 105 180 -367 435 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 • March 1992 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions Millions of dollars 1991 1991r Country or area 1989 1990 Jan.- Nov. May June July Aug. Sept. Oct. NOV.p Transactions, net purchases or sales (-) during period1 1 Estimated total2 54,203 18,927r 17,897 15,046r -5,740 725 1,356 -3,862 414 5,471 2 Foreign countries2 52,301 18,764r 18,406 15,028r -5,271 407 722 -2,804 -171 5,355 3 Europe2 36,286 18,455r 6,754 4,144r -4,184 -1,082 1,554 464 228 5,033 4 Belgium-Luxembourg 1,048 10 526 113 -104 -109 71 -190 1 183 5 Germany 7,904 5,880 -4,586 1,433 -1,458 684 -360 195 326 707 6 Netherlands -1,141 1,077 -2,847 -165 -727 -997 -372 -426 549 -25 7 Sweden 693 1,152 -1,244 560 31 -299 -239 3 46 -74 8 Switzerland 1,098 112 1,809 230 207 -218 292 -184 195 1,131 9 United Kingdom 20,198 -1,2(0 3,298 1,434r -1,249 -398 388 -32 -311 212 10 Other Western Europe 6,508 11,463r 9,794 540 -886 258 1,774 1,090 -578 2,912 11 Eastern Europe -21 13 3 -3 3 -3 0 8 0 -13 12 Canada 698 -4,627r -905 342 -114 395 -118 78 -838 -441 13 Latin America and Caribbean 464 14,734r 10,466 10,481 161 1,669 1,436 -1,076 -2,086 -3,840 14 Venezuela 311 33 -112 2 20 7 -20 -2 20 7 15 Other Latin America and Caribbean -322 3,943r 6,383 5,687 -233 242 -2,010 -1,883 -14 -523 16 Netherlands Antilles 475 10,757 4,195 4,793 374 1,420 3,466 809 -2,092 -3,324 17 Asia 13,297 - 10,952r 2,598 12 -879 -491 -2,115 -2,067 3,467 3,700 18 Japan 1,681 -14,785r -2,702 711 1,422 45 -364 -3,625 4,111 503 19 Africa 116 313 371 1 104 7 27 10 39 -26 20 All other 1,439 842 -878 48 -358 -91 -62 -213 -981 929 21 Nonmonetary international and regional organizations 1,902 163 -509 18 -469 318 634 -1,058 585 116 22 International 1,473 287 -1,122 43 3 168 654 -1,211 287 117 23 Latin American regional 231 -2 84 -186 -9 150 -146 152 72 -133 MEMO 24 Foreign countries 52,301 18,764r 18,406 15,028r -5,271 407 722 -2,804 -171 5,355 25 Official institutions 26,840 23,218 2,885 2,020 -5,832 -704 -289 830 512 7,215 26 Other foreign 25,461 -4,453r 15,521 13,008r 560 1,111 1,011 -3,634 -683 -1,860 Oil-exporting countries 27 Middle East3 8,148 -387 -6,659 -562 -505 -643 -3,731 -795 313 96 28 Africa4 -1 0 20 0 0 0 0 0 0 0 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 Jan. 31, 1992 Rate on Jan. 31, 1992 Rate on Jan. 31, 1992 Country Country Country Percent e M ffe o c n t t i h v e Percent e M ffe o c n t t i h v e e M ffe o c n t t i h v e Austria.. 8.0 Dec. 1991 Germany, Fed. Rep. of, 8.0 Dec. 1991 Norway 10.50 July 1990 Belgium . 8.5 Dec. 1991 Italy 12.0 Nov. 1991 Switzerland 7.0 Aug. 1991 Canada.. 7.29 Jan. 1992 Japan 4.5 Dec. 1991 United Kingdom2 Denmark 9.5 Dec. 1991 Netherlands 8.5 Dec. 1991 France .. 9.6 Dec. 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 1992 TTyyppee oorr ccoouunnttrryy 11998899 11999900 11999911 July Aug. Sept. Oct. Nov. Dec. Jan. 1 9.16 8.16 5.86 6.01 5.65 5.50 5.34 4.96 4.48 4.06 i 13.87 14.73 11.47 11.04 10.85 10.24 10.38 10.44 10.73 10.60 3 12.20 13.00 9.07 8.78 8.73 8.59 8.29 7.75 7.50 7.23 4 7.04 8.41 9.15 9.06 9.23 9.16 9.28 9.33 9.48 9.45 5 6.83 8.71 8.01 7.74 7.80 7.90 8.09 7.89 7.99 7.55 6 7.28 8.57 9.19 9.09 9.27 9.21 9.27 9.32 9.59 9.45 7 9.27 10.20 9.49 9.46 9.46 9.30 9.20 9.41 9.97 9.86 8 12.44 12.11 12.04 11.74 11.86 11.63 11.44 11.66 12.46 12.00 9 8.65 9.70 9.30 9.12 9.25 9.01 9.22 9.39 9.61 9.41 1100 5.39 7.75 7.33 7.56 7.31 6.70 6.41 6.22 6.02 5.18 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 • March 1992 3.28 FOREIGN EXCHANGE RATES1 Currency units per dollar 1991 1992 Country/currency 1989 1990 1991 Aug. Sept. Oct. Nov. Dec. Jan. 1 Australia/dollar2 79.186 78.069 77.872 78.235 79.369 79.251 78.660 77.122 74.756 2 Austria/schilling 13.236 11.331 11.686 12.267 11.910 11.887 11.408 11.003 11.108 3 Belgium/franc 39.409 33.424 34.195 35.890 34.878 34.787 33.391 32.198 32.501 4 Canada/dollar 1.1842 1.1668 1.1460 1.1452 1.1370 1.1279 1.1302 1.1467 1.1571 5 China, P.R./yuan 3.7673 4.7921 5.3337 5.3725 5.3869 5.3917 5.3994 5.4232 5.4618 6 Denmark/krone 7.3210 6.1899 6.4038 6.7396 6.5367 6.5246 6.2947 6.0831 6.1257 7 Finland/markka 4.2963 3.8300 4.0521 4.2325 4.1241 4.1155 4.1953 4.2447 4.2971 8 France/franc 6.3802 5.4467 5.6468 5.9244 5.7621 5.7583 5.5391 5.3406 5.3858 9 Germany/deutsche mark 1.8808 1.6166 1.6610 1.7435 1.6933 1.6893 1.6208 1.5630 1.5788 10 Greece/drachma 162.60 158.59 182.63 192.69 188.07 188.50 183.68 179.52 182.42 11 Hong Kong/dollar 7.8008 7.7899 7.7712 7.7646 7.7524 7.7542 7.7591 7.7738 7.7612 12 India/rupee 16.213 17.492 22.712 25.846 25.834 25.797 25.802 25.818 25.863 13 Ireland/pound2 141.80 165.76 158.26 153.38 157.87 158.21 164.75 170.46 168.73 14 Italy/lira 1,372.28 1,198.27 1,241.28 1,303.31 1,266.25 1,263.20 1,221.04 1,182.21 1,189.76 15 Japan/yen 138.07 145.00 134.59 136.82 134.30 130.77 129.63 128.04 125.46 16 Malaysia/ringgit 2.7079 2.7057 2.7503 2.7806 2.7577 2.7469 2.7412 2.7417 2.6891 17 Netherlands/guilder 2.1219 1.8215 1.8720 1.9650 1.9084 1.9039 1.8269 1.7618 1.7780 18 New Zealand/dollar2 59.561 59.619 57.832 57.353 57.989 56.306 56.352 55.256 54.194 19 Norway/krone 6.9131 6.2541 6.4912 6.8118 6.6266 6.6136 6.3643 6.1558 6.2044 20 Portugal/escudo 157.53 142.70 144.77 149.72 145.64 145.41 141.43 138.90 136.92 21 Singapore/dollar 1.9511 1.8134 1.7283 1.7269 1.7002 1.6940 1.6709 1.6453 1.6337 22 South Africa/rand 2.6214 2.5885 2.7633 2.8704 2.8316 2.8314 2.7916 2.7665 2.7831 23 South Korea/won 674.29 710.64 736.73 733.90 744.18 753.54 757.44 761.68 767.09 24 Spain/peseta 118.44 101.96 104.01 108.92 106.28 106.54 102.56 99.70 100.05 25 Sri Lanka/rupee 35.947 40.078 41.200 41.723 41.935 42.179 42.374 42.523 42.665 26 Sweden/krona 6.4559 5.9231 6.0521 6.3311 6.1652 6.1552 5.9246 5.7158 5.7461 27 Switzerland/franc 1.6369 1.3901 1.4356 1.5201 1.4803 1.4781 1.4348 1.3855 1.4039 28 Taiwan/dollar 26.407 26.918 26.759 26.730 26.559 26.406 25.975 25.759 25.150 29 Thailand/baht 25.725 25.609 25.528 25.720 25.617 25.397 25.497 25.431 25.328 30 United Kingdom/pound 163.82 178.41 176.74 168.41 172.65 172.31 177.96 182.72 180.90 MEMO 31 United States/dollar3 ... 98.60 89.84 93.47 90.69 87.98 85.65 86.09 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 Statistical Releases and Special Tables STATISTICAL RELEASES—List Published Semiannually, with Latest BULLETIN Reference Issue Page Anticipated schedule of release dates for periodic releases December 1991 A86 SPECIAL TABLES—Quarterly Data Published Irregularly, with Latest BULLETIN Reference Title and Date Issue Page Assets and liabilities of commercial banks December 31, 1990 May 1991 A72 March 31, 1991 August 1991 A72 June 30, 1991 November 1991 A70 September 30, 1991 February 1992 A70 Terms of lending at commercial banks February 1991 August 1991 A78 May 1991 October 1991 A72 August 1991 December 1991 A70 November 1991 March 1992 A70 Assets and liabilities of U.S. branches and agencies of foreign banks December 31, 1990 June 1991 A72 March 31, 1991 November 1991 A76 June 30, 1991 December 1991 A74 September 30, 1991 February 1992 A80 Pro forma balance sheet and income statements for priced service operations June 30, 1990 October 1990 A72 March 31, 1991 August 1991 A82 June 30, 1991 November 1991 A80 September 30, 1991 January 1992 A70 Assets and liabilities of life insurance companies June 30, 1991 December 1991 A79 Special table follows. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A70 Special Tables • March 1992 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 4-8, 19911 A. Commercial and Industrial Loans Weighted Loan rate (percent) Loans Loans Amount of Average average secured made Partici- Characteristic ($ l 1 o , a 0 n 0 s 0 ) ($1 si ,0 ze 0 0) ma D tu a r y i s t y2 W e a f v e f e i e g r c a h ti g t v e e e d St e a r n r d o a r rd c (p o e ll r b a c y t e e n ra t) l ( c p o u m e m n r e c d m n e e t n i r t t - ) (p p l e a o r t a c i n e o s n n t) ALL BANKS 1 Overnight6 7,486,720 6,538 2 One month and under (excluding overnight) 4,837,735 1,952 18 6.34 30.8 84.5 8.3 3 Fixed rate 3,826,970 3,685 19 6.15 28.2 82.3 8.6 4 Floating rate 1,010,765 702 17 7.05 40.8 92.6 7.2 5 Over one month and under a year 6,511,228 472 141 6.98 47.0 85.1 12.8 6 Fixed rate 2,661,556 1,076 109 6.26 30.8 80.8 10.1 7 Floating rate 3,849,671 340 163 7.48 58.1 88.0 14.6 8 Demand7 11,976,360 346 7.39 61.8 71.2 9.2 9 Fixed rate 2,193,495 1,375 5.99 23.1 83.0 30.0 10 Floating rate 9,782,863 296 7.71 70.5 68.6 4.6 11 Total short term 30,812,030 592 6.73 40.3 74.1 9.5 12 Fixed rate (thousands of dollars) 16,018,350 2,567 27 5.95 17.9 73.4 11.4 13 1-99 54,683 20 126 9.18 64.1 50.0 1.3 14 100-499 195,485 237 76 7.39 50.7 75.9 6.6 15 500-999 274,904 682 48 6.53 35.8 79.2 11.3 16 1,000-4,999 2,841,805 2,294 35 6.31 31.2 81.8 9.8 17 5,000-9,999 3,194,643 6,593 21 6.07 17.6 72.5 9.3 18 10,000 and over 9,456,835 18,245 25 5.73 12.6 71.1 12.7 19 Floating rate (thousands of dollars)... 14,793,680 323 129 7.58 64.6 74.9 7.4 20 1-99 918,329 28 166 8.93 80.9 79.9 1.9 21 100-499 1,939,772 203 160 8.64 76.9 84.9 4.3 22 500-999 1,101,852 678 151 8.34 67.5 85.5 7.7 23 1,000-4,999 3,401,497 2,074 127 7.86 61.3 85.8 10.0 24 5,000-9,999 1,961,525 6,706 103 7.35 61.0 85.3 9.8 25 10,000 and over 5,470,709 22,807 123 6.73 60.3 57.9 6.7 26 Total long term 3,770,332 537 7.76 71.1 77.2 27 Fixed rate (thousands of dollars) .. 575,631 540 6.81 54.6 87.4 3.5 28 1-99 16,982 22 9.85 86.4 35.4 .0 29 100-499 41,721 235 8.61 72.2 56.6 6.6 30 500-999 25,966 719 8.44 73.6 62.1 4.3 31 1,000 and over 490,961 5,010 6.47 51.0 93.2 3.3 32 Floating rate (thousands of dollars) 3,194,701 536 7.93 74.1 75.4 6.4 33 1-99 96,274 32 8.88 83.9 49.5 2.5 34 100-499 414,979 230 8.52 80.5 58.4 8.0 35 500-999 350,324 693 8.30 76.3 63.3 9.5 36 1,000 and over 2,333,125 3,693 7.73 72.2 81.3 5.8 Loan rate (percent) Days Effective Nominal LOANS MADE BELOW PRIME 37 Overnight6 7,291,473 5.60 38 One month and under (excluding overnight) 4,282,980 4,292 18 6.05 6.00 26.8 83.4 7.6 39 Over one month and under a year.. 4,081,364 2,724 115 5.97 5.92 35.1 86.5 12.7 40 Demand7 5,692,173 3,131 5.89 5.81 45.2 58.9 12.7 41 Total short term 21,347,980 4,024 5.85 25.9 10.0 42 Fixed rate 15,219,460 4,753 5.82 5.78 15.8 72.9 11.5 43 Floating rate 6,128,526 2,914 5.93 5.84 50.9 62.8 6.4 Months 44 Total long term 1,472,962 1,961 80.2 45 Fixed rate .... 439,330 2,335 6.08 6.03 48.9 94.9 3.5 46 Floating rate .. 1,033,632 1,836 6.31 6.20 56.1 73.9 6.8 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 Weighted Loan rate (percent) Loans Loans Characteristic A ( m $ l 1 o o , a u 0 n n 0 s t 0 ) o f A ($ v 1 s e i ,0 z ra e 0 g 0 e ) m av a e tu ra ri g t e y W av e e ig ra h g te e d St e a r n r d o a r rd c ( s p o e e l c l r b a u c y t e r e e n r d a t) l co u m m m n a e d m d n e e t r i t- (p P p l e a a o r r t a c t i i n e o c s n n i - t) Days effective (percent) LARGE BANKS 1 Overnight6 6,528,170 6,982 5.70 8.5 2 One month and under (excluding overnight) 4,160,260 2,838 18 6.30 30.3 6.2 3 Fixed rate 3,269,437 4,585 19 6.13 28.2 6.1 4 Floating rate 890,823 1,183 16 6.91 37.9 6.7 5 Over one month and under a year . 5,055,846 865 134 6.87 48.1 87.4 14.5 6 Fixed rate 2,000,993 2,418 108 6.16 33.1 83.8 10.3 7 Floating rate 3,054,852 150 7.33 57.9 89.8 17.2 8 Demand7 ,9436,314 427 7.29 63.1 65.9 10.0 9 Fixed rate 1,793,910 2,038 5.97 23.0 80.8 34.4 10 Floating rate 7,642,404 360 7.60 72.5 62.4 4.3 11 Total short term 25,180,589 830 6.63 39.8 71.8 9.9 12 Fixed rate (thousands of dollars) .. 13,445,509 4,019 25 5.91 17.5 72.2 11.7 13 1-99 18,110 24 122 8.82 57.9 51.9 1.7 14 100-499 116,945 235 57 7.42 46.8 78.4 4.5 15 500-999 203,155 687 41 6.58 38.3 78.6 7.8 16 1,000-4,999 2,229,267 2,273 33 6.33 30.4 83.0 8.5 17 5,000-9,999 2,529,969 6,579 20 6.05 17.8 71.7 9.4 18 10,000 and over 8,348,064 18,633 23 5.72 13.0 69.2 13.5 19 Floating rate (thousands of dollars) 11,735,080 434 116 7.45 65.3 71.4 7.8 20 1-99 518,822 28 164 8.85 80.4 72.8 1.8 21 100-499 1,168,412 205 148 8.59 75.0 81.1 3.5 22 500-999 726,840 678 138 8.26 66.4 83.4 8.1 23 1,000-4,999 2,613,260 2,151 126 7.77 61.0 83.8 9.9 24 5,000-9,999 1,708,801 6,737 93 7.38 64.3 85.2 10.5 25 10,000 and over 4,998,945 23,558 108 6.77 63.8 56.1 7.4 Months 26 Total long term 3,344,901 685 7.73 72.3 77.8 27 Fixed rate (thousands of dollars) .. 466,522 1,176 6.53 51.2 94.3 2.1 28 1-99 6,234 28 9.59 84.5 31.1 .0 29 100-499 20,337 253 8.46 77.9 60.9 5.5 30 500-999 13,415 700 8.33 63.1 60.1 8.4 31 1,000 and over 426,535 5,975 6.33 49.1 97.9 1.7 32 Floating rate (thousands of dollars) 2,878,379 641 7.92 75.7 75.2 6.3 33 1-99 68,741 34 8.78 85.8 44.9 2.1 34 100-499 337,152 235 8.47 81.2 55.7 9.2 35 500-999 308,425 694 8.28 79.1 63.6 8.4 36 1,000 and over 2,164,061 3,702 7.76 74.0 80.8 5.6 Loan rate (percent) Days Effective3 Nominal8 LOANS MADE BELOW PRIME10 37 Overnight6 6,368,472 38 One month and under (excluding overnight) 3,753,599 4,646 18 6.05 6.00 27.4 82.2 5.2 39 Over one month and under a year 3,362,187 3,621 109 5.97 5.92 38.1 87.1 13.6 40 Demand7 4,829,994 4,137 5.88 5.79 50.6 51.8 13.6 41 Total short term 18,314,252 4,911 5.85 10.2 42 Fixed rate 12,915,661 5,575 5.82 5.78 15.4 71.3 11.6 43 Floating rate 5,398,591 3,822 5.92 5.84 56.0 58.1 6.7 Months 44 Total long term 1,322,293 2,215 45 45 Fixed rate 385,809 3,804 6.01 5.97 49.2 97.3 1.6 46 Floating rate .. 936,485 1,890 6.30 6.19 57.9 71.6 7.5 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A72 Special Tables • March 1992 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 4-8, 1991'—Continued A. Commercial and Industrial Loans—Continued Weighted Loan rate (percent) Loans Loans Amount of Average average secured made Partici- Characteristic ($ l 1 o , a 0 n 0 s 0 ) ($1 si ,0 ze 0 0) m D at a u y r s it y W e a f v e f e i e g r c a h ti g t v e e e d St e a r n r d o a r rd c (p o e ll r b a c y t e e n ra t) l ( c p o u m e m n r e c d m n e e t n r i t t - ) (p p l e a o r t a c i n o e s n n t) OTHER B *NKS 1 Overnight6 958,550 11.0 74.2 2 One month and under (excluding overnight) 677,475 670 18 6.62 34.3 91.0 21.0 3 Fixed rate 557,533 ,713 17 6.30 28.2 91.4 23.1 4 Floating rate 119,941 175 22 8.07 62.4 89.0 10.8 5 Over one month am' under a year . 1,455,382 183 166 7.37 43.0 76.9 6.7 6 Fixed rate 660,563 401 111 6.57 23.8 71.5 9.4 7 Floating rate 794,819 126 212 8.03 59.0 81.3 4.5 8 Demand7 2,540,044 203 7.79 56.9 91.2 6.4 9 Fixed rate 399,585 559 6.10 23.7 92.9 10.3 10 Floating rate 2,140,459 182 8.10 63.1 90.9 5.6 11 Total short term 5,631,451 83 7.18 42.8 84.6 7.4 12 Fixed rate (thousands of dollars) .. 2,572,845 39 6.10 20.0 80.1 9.6 13 1-99 36,573 18 128 9.36 67.2 49.1 1.2 14 100-499 78,541 239 104 7.34 56.5 72.1 9.7 15 500-999 71,749 667 68 6.41 28.8 81.1 21.2 16 1,000-4,999 612,538 2,374 45 6.24 34.3 77.6 14.5 17 5,000-9,999 664,674 6,647 26 6.14 16.8 75.8 8.9 18 10,000 and over 1,108,771 15,771 36 5.79 9.3 85.6 6.8 19 Floating rate (thousands of dollars) 3,058,605 163 186 62.0 88.3 5.6 20 1-99 399,507 29 167 9.03 81.6 89.1 2.1 21 100-499 771,360 200 173 8.71 79.8 90.8 5.6 22 500-999 375,013 676 181 8.49 69.5 89.6 7.0 23 1,000-4,999 788,238 1,853 136 8.16 62.0 92.4 10.3 24 5,000-9,999 252,723 6,502 201 7.16 38.1 85.8 5.3 25 10,000 and over 471,764 17,047 285 6.28 22.8 77.2 .0 26 Total long term 425,432 199 8.00 72.4 7.9 27 Fixed rate (thousands of dollars) .. 109,109 163 80 8.05 58.0 9.7 28 1-99 10,748 20 41 10.00 87.5 37.9 .0 29 100-499 21,384 221 40 8.74 66.8 52.6 7.5 30 500-999 12,551 740 55 8.56 84.9 64.3 .0 31 1,000 and over 64,427 2,421 104 7.40 63.2 61.9 13.9 32 Floating rate (thousands of dollars) 316,323 216 37 7.98 59.3 77.3 7.3 33 1-99 27,534 28 35 9.12 78.9 60.8 3.6 34 100-499 77,827 209 42 8.76 77.9 70.1 2.7 35 500-999 41,898 687 36 8.44 55.4 61.4 17.6 36 1,000 and over 169,063 3,578 34 7.33 48.6 87.3 7.5 Loan rate (percent) Days Effective Nominal' LOANS MADE BEI OW PRIME 37 Overnight6 923,001 5.57 5.51 11.3 1.9 38 One month and under (excluding overnight) 529,381 2,786 16 6.06 6.00 22.5 91.6 24.7 39 Over one month and under a year 719,177 1,263 143 5.96 5.88 21.1 83.7 8.9 40 Demand" 862,179 1,325 5.94 5.87 14.9 98.4 7.8 41 Total short term 3,033,738 1,925 52 5.86 5.78 16.6 86.1 9.2 42 Fixed rate 2,303,803 2,602 31 5.81 5.74 17.5 82.4 10.6 43 Floating rate 729,934 1,056 223 6.01 5.92 13.7 97.9 4.6 44 Total long term 150,669 89.8 6.0 45 Fixed rate 53,521 617 117 6.53 6.43 46.6 77.7 16.7 46 Floating rate .. 97,148 1,438 30 6.36 6.26 39.3 96.4 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 Index to Statistical Tables References are to pages A3-A73 although the prefix "A" is omitted in this index ACCEPTANCES, bankers (See Bankers acceptances) Demand deposits—Ccontinued Agricultural loans, commercial banks, 20, 21 Ownership by individuals, partnerships, and corporations, Assets and liabilities (See also Foreigners) 22 Banks, by classes, 19—21 Turnover, 16 Domestic finance companies, 34 Depository institutions Federal Reserve Banks, 11 Reserve requirements, 9 Financial institutions, 26 Reserves and related items, 4, 5, 6, 13 Foreign banks, U.S. branches and agencies, 22 Deposits (See also specific types) Automobiles Banks, by classes, 4, 19-21, 22 Consumer installment credit, 37, 38 Federal Reserve Banks, 5,11 Production, 47, 48 Turnover, 16 Discount rates at Reserve Banks and at foreign central banks and BANKERS acceptances, 10, 23, 24 foreign countries (See Interest rates) Bankers balances, 19-21 (See also Foreigners) Discounts and advances by Reserve Banks (See Loans) Bonds (See also U.S. government securities) Dividends, corporate, 33 New issues, 33 Rates, 24 Branch banks, 22, 55 EMPLOYMENT, 45 Business activity, nonfinancial, 44 Eurodollars, 24 Business expenditures on new plant and equipment, 33 Business loans (See Commercial and industrial loans) FARM mortgage loans, 36 CAPACITY utilization, 46 Federal agency obligations, 5, 10, 11, 12, 29, 30 Capital accounts Federal credit agencies, 31 Banks, by classes, 19 Federal finance Federal Reserve Banks, 11 Debt subject to statutory limitation, and types and ownership Central banks, discount rates, 67 of gross debt, 28 Certificates of deposit, 24 Receipts and outlays, 26, 27 Commercial and industrial loans Treasury financing of surplus, or deficit, 26 Commercial banks, 17, 20, 70-73 Treasury operating balance, 26 Weekly reporting banks, 20-22 Federal Financing Bank, 26, 31 Commercial banks Federal funds, 7, 18, 20, 21, 22, 24, 26 Assets and liabilities, 19-21, 70-73 Federal Home Loan Banks, 31 Commercial and industrial loans, 17, 19, 20, 21, 22 Federal Home Loan Mortgage Corporation, 31, 35, 36 Consumer loans held, by type and terms, 37, 38 Federal Housing Administration, 31, 35, 36 Loans sold outright, 20 Federal Land Banks, 36 Nondeposit funds, 18 Federal National Mortgage Association, 31, 35, 36 Real estate mortgages held, by holder and property, 36 Federal Reserve Banks Terms of lending, 70-73 Condition statement, 11 Time and savings deposits, 4 Discount rates (See Interest rates) Commercial paper, 23, 24, 34 U.S. government securities held, 5, 11, 12, 28 Condition statements (See Assets and liabilities) Federal Reserve credit, 5, 6, 11, 12 Construction, 44, 49 Federal Reserve notes, 11 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, 23, 24 Security issues, 32, 65 Financial institutions Cost of living (See Consumer prices) Loans to, 20, 21, 22 Credit unions, 37 Selected assets and liabilities, 26 Currency and coin, 19 Float, 51 Currency in circulation, 5, 14 Flow of funds, 39, 41, 42, 43 Customer credit, stock market, 25 Foreign banks, assets and liabilities of U.S. branches and agencies, 21, 22 DEBITS to deposit accounts, 16 Foreign currency operations, 11 Debt (See specific types of debt or securities) Foreign deposits in U.S. banks, 5, 11, 20, 21 Demand deposits Foreign exchange rates, 68 Banks, by classes, 19-22 Foreign trade, 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A75 Foreigners REAL estate loans Claims on, 55, 57, 60, 61, 62, 64 Banks, by classes, 17, 20, 21, 36 Liabilities to, 21, 54, 55, 57, 58, 63, 65, 66 Financial institutions, 26 Terms, yields, and activity, 35 GOLD Type of holder and property mortgaged, 36 Certificate account, 11 Repurchase agreements, 7, 18, 20, 21, 22 Stock, 5, 54 Reserve requirements, 9 Government National Mortgage Association, 31, 35, 36 Reserves Gross national product, 51 Commercial banks, 19 Depository institutions, 4, 5, 6, 13 HOUSING, new and existing units, 49 Federal Reserve Banks, 11 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, 28, 36 SAVING Interest rates Flow of funds, 39,41,42, 43 Bonds, 24 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, 8 Savings Association Insurance Funds (SAIF) insured institutions, 26 Foreign central banks and foreign countries, 67 Savings banks, 26, 36, 37 Money and capital markets, 24 Savings deposits (See Time and savings deposits) Mortgages, 35 Securities (See also specific types) Prime rate, 23 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 New issues, 32 Inventories, 51 Prices, 25 Investment companies, issues and assets, 33 Special drawing rights, 5, 11, 53, 54 Investments (See also specific types) State and local governments Banks, by classes, 19, 20, 21, 22, 26 Deposits, 20, 21 Commercial banks, 4, 17, 19-21 Holdings of U.S. government securities, 28 Federal Reserve Banks, 11, 12 New security issues, 32 Financial institutions, 36 Ownership of securities issued by, 20, 21 Rates on securities, 24 LABOR force, 45 Stock market, selected statistics, 25 Life insurance companies (See Insurance companies) Stocks (See also Securities) Loans (See also specific types) New issues, 32 Banks, by classes, 19—21 Prices, 25 Commercial banks, 4, 17, 19-21 Federal Reserve Banks, 5, 6, 8, 11, 12 Student Loan Marketing Association, 31 Financial institutions, 26, 36 Insured or guaranteed by United States, 35, 36 TAX receipts, federal, 27 Thrift institutions, 4. (See also Credit unions and Savings and loan associations) MANUFACTURING Time and savings deposits, 4, 14, 18, 19, 20, 21, 22 Capacity utilization, 46 Trade, foreign, 54 Production, 46, 48 Treasury cash, Treasury currency, 5 Margin requirements, 25 Treasury deposits, 5, 11, 26 Member banks (See also Depository institutions) Treasury operating balance, 26 Federal funds and repurchase agreements, 7 Reserve requirements, 9 UNEMPLOYMENT, 45 Mining production, 48 U.S. government balances Mobile homes shipped, 49 Commercial bank holdings, 19, 20, 21 Monetary and credit aggregates, 4, 13 Treasury deposits at Reserve Banks, 5, 11, 26 Money and capital market rates, 24 U.S. government securities Money stock measures and components, 4, 14 Mortgages (See Real estate loans) Bank holdings, 19-21, 22, 28 Mutual funds, 33 Dealer transactions, positions, and financing, 30 Federal Reserve Bank holdings, 5, 11, 12, 28 Mutual savings banks (See Thrift institutions) Foreign and international holdings and transactions, 11, 28, NATIONAL defense outlays, 27 66 National income, 51 Open market transactions, 10 Outstanding, by type and holder, 26, 28 OPEN market transactions, 10 Rates, 23 U.S. international transactions, 53-67 PERSONAL income, 52 Utilities, production, 48 Prices Consumer and producer, 44, 50 VETERANS Administration, 35, 36 Stock market, 25 Prime rate, 23 WEEKLY reporting banks, 20-22 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
A76 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 LARRY J. PROMISEL, Senior Associate Director DONALD J. WINN, Assistant to the Board THEODORE E. ALLISON, Assistant to the Board for Federal CHARLES J. SIEGMAN, Senior Associate Director Reserve System Affairs DALE W. HENDERSON, Associate Director BOB STAHLY MOORE, Special Assistant to the Board DAVID H. HOWARD, Senior Adviser DIANE E. WERNEKE, Special Assistant to the Board DONALD B. ADAMS, 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 RLCKL 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 MARTHA BETHEA, Deputy Associate Director WILLIAM W. WILES, Secretary PETER A. TINSLEY, Deputy Associate Director JENNIFER J. JOHNSON, Associate Secretary MYRON L. KWAST, Assistant Director BARBARA R. LOWREY, Associate Secretary PATRICK M. PARKINSON, Assistant Director RICHARD C. STEVENS, Assistant Secretary1 MARTHA S. SCANLON, Assistant Director JOYCE K. ZICKLER, Assistant Director DIVISION OF CONSUMER JOHN J. MINGO, Adviser AND COMMUNITY AFFAIRS LEVON H. GARABEDIAN, Assistant Director GRIFFITH L. GARWOOD, Director (Administration ) GLENN E. LONEY, Assistant Director ELLEN MALAND, Assistant Director DIVISION OF MONETARY AFFAIRS DOLORES S. SMITH, Assistant Director DONALD L. KOHN, Director DAVID E. LINDSEY, Deputy Director DIVISION OF BANKING BRIAN F. MADIGAN, Assistant Director SUPERVISION AND REGULATION RICHARD D. PORTER, Assistant Director RICHARD SPILLENKOTHEN, Director NORMAND R.V. BERNARD, Special Assistant to the Board STEPHEN C. SCHEMERING, Deputy Director DON E. KLINE, Associate Director OFFICE OF THE INSPECTOR GENERAL WILLIAM A. RYBACK, Associate Director FREDERICK M. STRUBLE, Associate Director BRENT L. BOWEN, Inspector General BARRY R. SNYDER, Assistant Inspector General HERBERT A. BIERN, Assistc Director ROGER T. COLE, Assistant L rector 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
All JOHN P. LAWARE SUSAN M. PHILLIPS LAWRENCE B. LINDSEY 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, JR., 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. FRAZIER, 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
A78 Federal Reserve Bulletin • March 1992 Federal Open Market Committee and Advisory Councils FEDERAL OPEN MARKET COMMITTEE MEMBERS ALAN GREENSPAN, Chairman E. GERALD CORRIGAN, Vice Chairman WAYNE D. ANGELL JOHN P. LAWARE DAVID W. MULLINS, JR. WILLIAM H. HENDRICKS LAWRENCE B. LINDSEY SUSAN M. PHILLIPS THOMAS H. HOENIG THOMAS C. MELZER RICHARD F. SYRON EDWARD W. KELLEY, JR. ALTERNATE MEMBERS EDWARD G. BOEHNE ROBERT D. MCTEER, JR. JAMES H. OLTMAN SILAS KEEHN GARY H. STERN STAFF DONALD L. KOHN, Secretary and Economist JOHN M. DAVIS, Associate Economist NORMAND R.V. BERNARD, Deputy Secretary RICHARD G. DAVIS, Associate Economist JOSEPH R. COYNE, Assistant Secretary THOMAS E. DAVIS, Associate Economist GARY P. GILLUM, Assistant Secretary DAVID E. LINDSEY, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel ALICIA H. MUNNELL, Associate Economist ERNEST T. PATRIKIS, Deputy General Counsel LARRY J. PROMISEL, Associate Economist MICHAEL J. PRELL, Economist CHARLES J. SIEGMAN, Associate Economist EDWIN M. TRUMAN, Economist THOMAS D. SIMPSON, Associate Economist ANATOL B. BALBACH, Associate Economist DAVID J. STOCKTON, Associate Economist PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market Account WILLIAM J. MCDONOUGH, Manager for Foreign Operations, System Open Market Account FEDERAL ADVISORY COUNCIL IRA STEPANIAN, First District EUGENE A. MILLER, Seventh District CHARLES S. SANFORD, JR., Second District DAN W. MITCHELL, Eighth District TERRENCE A. LARSEN, Third District JOHN F. GRUNDHOFER, Ninth District JOHN B. MCCOY, Fourth District DAVID A. RISMILLER, Tenth District EDWARD E. CRUTCHFIELD, Fifth District RONALD G. STEINHART, Eleventh District E.B. ROBINSON, JR., Sixth District RICHARD M. ROSENBERG, Twelfth District HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Associate Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A79 CONSUMER ADVISORY COUNCIL COLLEEN D. HERNANDEZ, Kansas City, Missouri, Chairman DENNY D. DUMLER, Denver, Colorado, Vice Chairman BARRY A. ABBOTT, San Francisco, California JOYCE HARRIS, Madison, Wisconsin JOHN R. ADAMS, Philadelphia, Pennsylvania GARY S. HATTEM, New York, New York JOHN A. BAKER, Atlanta, Georgia JULIA E. HILER, Marietta, Georgia VERONICA E. BARELA, Denver, Colorado HENRY JARAMILLO, Belen, New Mexico MULGUGETTA BIRRU, Pittsburgh, Pennsylvania KATHLEEN E. KEEST, Boston, Massachusetts GENEVIEVE BROOKS, Bronx, New York EDMUND MIERZWINSKI, Washington, D.C. TOYE L. BROWN, Boston, Massachusetts BERNARD F. PARKER, JR., Detroit, Michigan CATHY CLOUD, Washington, D.C. Ons PITTS, JR., Miami, Florida MICHAEL D. EDWARDS, Yelm, Washington JEAN POGGE, Chicago, Illinois GEORGE C. GALSTER, Wooster, Ohio JOHN V. SKINNER, Irving, Texas E. THOMAS GARMAN, Blacksburg, Virginia NANCY HARVEY STEORTS, Dallas, Texas DONALD A. GLAS, Hutchinson, Minnesota LOWELL N. SWANSON, Portland, Oregaon DEBORAH B. GOLDBERG, Washington, D.C. MICHAEL W. TIERNEY, Philadelphia, Pennsylvania MICHAEL M. GREENFIELD, St. Louis, Missouri SANDRA L. WILLETT, Boston, Massachusetts THRIFT INSTITUTIONS ADVISORY COUNCIL LYNN W. HODGE, Greenwood, South Carolina, President DANIEL C. ARNOLD, Houston, Texas, Vice President JAMES L. BRYAN, Richardson, Texas PRESTON MARTIN, San Francisco, California VANCE W. CHEEK, Johnson City, Tennessee RICHARD D. PARSONS, New York, New York BEATRICE D'AGOSTINO, Somerville, New Jersey THOMAS R. RICKETTS, Troy, Michigan THOMAS J. HUGHES, Merrifield, Virginia EDMOND M. SHANAHAN, Chicago, Illinois RICHARD A. LARSON, West Bend, Wisconsin WOODBURY C. TITCOMB, Worcester, Massachusetts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A80 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 Gov- Federal Reserve Regulatory Service. 3 vols. (Contains all four ernors of the Federal Reserve System. Payment from for- Handbooks plus substantial additional material.) $200.00 eign 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 MULTI- ANNUAL REPORT: BUDGET REVIEW, 1990-91. COUNTRY MODEL, May 1984. 590 pp. $14.50 each. FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 each in the United States, its possessions, Canada, and WELCOME TO THE FEDERAL RESERVE. March 1989. 14 pp. Mexico. Elsewhere, $35.00 per year or $3.00 each. INDUSTRIAL PRODUCTION—1986 EDITION. December 1986. 440 pp. $9.00 each. ANNUAL STATISTICAL DIGEST 1974—78. 1980. 305 pp. $10.00 per copy. FINANCIAL FUTURES AND OPTIONS IN THE U.S. ECONOMY. 1981. 1982. 239 pp. $ 6.50 per copy. December 1986. 264 pp. $10.00 each. 1982. 1983. 266 pp. $ 7.50 per copy. FINANCIAL SECTORS IN OPEN ECONOMIES: EMPIRICAL ANALY- 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. 231 pp. $15.00 per copy. 1986. 1987. 288 pp. $15.00 per copy. 1987. 1988. 272 pp. $15.00 per copy. 1988. 1989. 256 pp. $25.00 per copy. CONSUMER EDUCATION PAMPHLETS 1980-89. 1991. 712 pp. $25.00 per copy. Short pamphlets suitable for classroom use. Multiple copies are 1990. 1991. 196 pp. $25.00 per copy. available without charge. SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF CHARTS. Weekly. $30.00 per year or $.70 each in the Consumer Handbook on Adjustable Rate Mortgages United States, its possessions, Canada, and Mexico. Else- Consumer Handbook to Credit Protection Laws where, $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— Federal Reserve Bank Board of Directors Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. Federal Reserve Banks Vol. II (Irregular Transactions). 1969. 116 pp. Each vol- Organization and Advisory Committees ume $2.25; 10 or more of same volume to one address, A Consumer's Guide to Mortgage Lock-Ins $2.00 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 year. About Home Equity Lines of Credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A81 STAFF STUDIES: Summaries Only Printed in the 160. BANKING MARKETS AND THE USE OF FINANCIAL SER- Bulletin VICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September 1990. Studies and papers on economic and financial subjects that are 35 pp. of general interest. Requests to obtain single copies of the full text or to be added to the mailing list for the series may be sent 161. A REVIEW OF CORPORATE RESTRUCTURING ACTIVITY, 1980-90, by Margaret Hastings Pickering. May 1991. to Publications Services. 21pp. 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM Staff Studies 1-145 are out of print. MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 146. THE ROLE OF THE PRIME RATE IN THE PRICING OF BUSI- NESS LOANS BY COMMERCIAL BANKS, 1977-84, by Thomas F. Brady. November 1985. 25 pp. 147. REVISIONS IN THE MONETARY SERVICES (DIVISIA) IN- DEXES OF THE MONETARY AGGREGATES, by Helen T. Farr REPRINTS OF SELECTED Bulletin ARTICLES and Deborah Johnson. December 1985. 42 pp. Some Bulletin articles are reprinted. The articles listed below 148. THE MACROECONOMIC AND SECTORAL EFFECTS OF THE are those for which reprints are available. Most of the articles ECONOMIC RECOVERY TAX ACT: SOME SIMULATION reprinted do not exceed twelve pages. RESULTS, by Flint Bray ton and Peter B. Clark. December 1985. 17 pp. Limit of ten copies 149. THE OPERATING PERFORMANCE OF ACQUIRED FIRMS IN BANKING BEFORE AND AFTER ACQUISITION, by Stephen Recent Developments in the Bankers Acceptance Market. 1/86. A. Rhoades. April 1986. 32 pp. The Use of Cash and Transaction Accounts by American Families. 2/86. 150. STATISTICAL COST ACCOUNTING MODELS IN BANKING: A REEXAMINATION AND AN APPLICATION, by John T. Rose Financial Characteristics of High-Income Families. 3/86. and John D. Wolken. May 1986. 13 pp. Prices, Profit Margins, and Exchange Rates. 6/86. Agricultural Banks under Stress. 7/86. 151. RESPONSES TO DEREGULATION: RETAIL DEPOSIT PRICING FROM 1983 THROUGH 1985, by Patrick I. Mahoney, Alice Foreign Lending by Banks: A Guide to International and U.S. P. White, Paul F. O'Brien, and Mary M. McLaughlin. Jan- Statistics. 10/86. uary 1987. 30 pp. Recent Developments in Corporate Finance. 11/86. Measuring the Foreign-Exchange Value of the Dollar. 6/87. 152. DETERMINANTS OF CORPORATE MERGER ACTIVITY: A REVIEW OF THE LITERATURE, by Mark J. Warshawsky. Changes in Consumer Installment Debt: Evidence from the April 1987. 18 pp. 1983 and 1986 Surveys of Consumer Finances. 10/87. Home Equity Lines of Credit. 6/88. 153. STOCK MARKET VOLATILITY, by Carolyn D. Davis and Alice P. White. September 1987. 14 pp. Mutual Recognition: Integration of the Financial Sector in the 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, by Glenn B. Canner and James T. Fergus. October 1987. the United States, 1980-88. 2/90. 26 pp. Industrial Production: 1989 Developments and Historical Revision. 4/90. 155. THE FUNDING OF PRIVATE PENSION PLANS, by Mark J. Warshawsky. November 1987. 25 pp. Recent Developments in Industrial Capacity and Utilization. 6/90. 156. INTERNATIONAL TRENDS FOR U.S. BANKS AND BANKING MARKETS, by James V. Houpt. May 1988. 47 pp. Developments Affecting the Profitability of Commercial Banks. 7/90. 157. M2 PER UNIT OF POTENTIAL GNP AS AN ANCHOR FOR THE PRICE LEVEL, by Jeffrey J. Hallman, Richard D. Por- Recent Developments in Corporate Finance. 8/90. ter, and David H. Small. April 1989. 28 pp. U.S. Exchange Rate Policy: Bretton Woods to Present. 11/90. 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 PRODUCTS, by Mark J. Warshawsky with the assistance of U.S. International Transactions in 1990. 5/91. Dietrich Earnhart. September 1989. 23 pp. Changes in Family Finances from 1983 to 1989: Evidence from the Survey of Consumer Finances. 1/92. 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDI- ARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A82 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 Ellen V. Futter E. Gerald Corrigan Maurice R. Greenberg James H. Oltman Buffalo 14240 Herbert L. Washington 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 Marvin Rosenberg Charles A. Cerino1 Pittsburgh 15230 Robert P. Bozzone Harold J. Swart1 RICHMOND* 23219 Anne Marie Whittemore Robert P. Black Henty 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 Edwin A. Huston Robert P. Forrestal Leo Benatar Jack Guynn Donald E. Nelson1 Birmingham 35283 Nelda P. Stephenson Fred R. Herr1 Jacksonville 32231 Lana Jane Lewis-Brent James D. Hawkins1 Miami 33152 Michael T. Wilson James T. Curry III Nashville 37203 Harold A. Black Melvyn K. Purcell New Orleans 70161 Victor Bussie Robert J. Musso CHICAGO* 60690 Richard G. Cline Silas Keehn Robert M. Healey Daniel M. Doyle Detroit 48231 J. Michael Moore Roby L. Sloan1 ST. LOUIS 63166 H. Edwin Trusheim Thomas C. Melzer Robert H. Quenon James R. Bowen Little Rock 72203 James R. Rodgers Karl W. Ashman Louisville 40232 Daniel L. Ash Howard Wells Memphis 38101 Seymour B. Johnson Ray Laurence MINNEAPOLIS 55480 Delbert W. Johnson Gary H. Stern Gerald A. Rauenhorst Thomas E. Gainor Helena 59601 J. Frank Gardner John D. Johnson KANSAS CITY 64198 Burton A. Dole, Jr. Thomas M. Hoenig Herman Cain Henry R. Czerwinski Denver 80217 Barbara B. Grogan Kent M. Scott Oklahoma City 73125 Ernest L. Holloway David J. France Omaha 68102 Sheila Griffin Harold L. Shewmaker DALLAS 75222 Leo E. Linbeck, Jr. Robert D. McTeer, Jr. Henry G. Cisneros Tony J. Salvaggio El Paso 79999 Alvin T. Johnson Sammie C.Clay Houston 77252 Judy Ley Allen Robert Smith, III1 San Antonio 78295 Roger R. Hemminghaus Thomas H. Robertson SAN FRANCISCO 94120 James A. Vohs Robert T. Parry Robert F. Erburu Patrick K. Barron Los Angeles 90051 Walfred J. Fassler John F. Moore1 Portland 97208 William A. Hilliard Leslie R. Watters Salt Lake City 84125 Gary G. Michael Andrea P. Wolcott Seattle 98124 George F. Russell, Jr. 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
A83 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories > / I / ALASKA i / i 1 riSWoBJliSiSfii^jil^Bili © / - ^ rv As? .0 W LEGEND Boundaries of Federal Reserve Districts ® Federal Reserve Bank Cities Boundaries of Federal Reserve Branch • Federal Reserve Branch Cities Territories Federal Reserve Bank Facility Q Board of Governors of the Federal Reserve System Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory tions, rulings, and staff opinions. Also included is the functions, the Board publishes the Federal Reserve Board's 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 expedited the Board's regulations, parts of this service are funds availability, check collection, wire transfers, published separately as handbooks pertaining to and risk-reduction policy. It includes Regulation CC, monetary policy, securities credit, consumer affairs, Regulation J, the Expedited Funds Availability Act and the payment system. and related statutes, official Board commentary on These publications are designed to help those who Regulation CC, and policy statements on risk reduction must frequently refer to the Board's regulatory in the payment systems. materials. They are updated at least monthly, and each For domestic subscribers, the annual rate is $200 contains citation indexes and a subject index. for the Federal Reserve Regulatory Service and $75 The Monetary Policy and Reserve Requirements for 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 subscription requests must be accompanied by a Deregulation Committee. check or money order payable to the Board of The Securities Credit Transactions Handbook Governors of the Federal Reserve System. Orders contains Regulations G, T, U, and X, dealing with should be addressed to Publications Services, mail extensions of credit for the purchases of securities, stop 138, Board of Governors of the Federal Reserve together with all related statutes, Board interpreta- System, Washington, D.C. 20551. U.S. MONETARY POLICY AND FINANCIAL MARKETS U.S. Monetary Policy and Financial Markets by context, examining first the evolution of Federal Ann-Marie Meulendyke offers an in-depth description Reserve monetary policy procedures from their of the way monetary policy is developed by the beginnings in 1914 to the end of the 1980s. It Federal Open Market Committee and the techniques indicates how policy operates most directly through employed to implement policy at the Open Market the banking system and the financial markets and Trading Desk. Written from her perspective as a describes key features of both. Finally, the book turns senior economist in the Open Market Function at the its attention to the transmittal of monetary policy Federal Reserve Bank of New York, Ann-Marie actions to the U.S. economy and throughout the Meulendyke describes the tools and the setting of world. policy, including many of the complexities that The book is $5.00 a copy for U.S. purchases and differentiate the process from simpler textbook $10.00 for purchasers outside the United States. models. Included is an account of a day at the Trading Copies are available from the Public Information Desk, from morning information-gathering through Department, Federal Reserve Bank of New York, 33 daily decisionmaking and the execution of an open Liberty Street, New York, N.Y. 10045. Checks must market operation. accompany orders and should be payable to the The book also places monetary policy in a broader Federal Reserve Bank of New York in U.S. dollars. 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 202-377-1986. The releases transmitted Commerce's electronic bulletin board. Computer to the electronic bulletin board, on a regular basis, access to the releases can be obtained by sub- 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
Cite this document
Federal Reserve (1992, February 29). Federal Reserve Bulletin, 1992-03. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_199203
@misc{wtfs_bulletin_199203,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1992-03},
year = {1992},
month = {Feb},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_199203},
note = {Retrieved via When the Fed Speaks corpus}
}