Federal Reserve Bulletin, 2001-11

Volume 87 • Number 11 • November 2001 Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents 719 THE ECONOMIC PERFORMANCE OF SMALL financial implications of the terrorism of Sep- BANKS, 1985-2000 tember 11 and states that although nobody has the capacity to fathom fully how the tragedy of Several trends in the financial industry over September 11 will play out, for the longer term, the past decade and a half have potentially prospects for continued rapid technological threatened the competitiveness of small banks. advance and associated faster productivity Among these developments are the numerous growth are scarcely diminished. He states furmergers that increased the size and scope of ther that those prospects, born of the ingenuity large banks and the increased competition from of our people and the strength of our system, mutual funds and other nonbank financial instifortify a promising future for our free nation tutions. This article examines the economic per- (Testimony before the Senate Committee on formance of small banks during the 1985-2000 Banking, Housing, and Urban Affairs, Septemperiod by focusing on their ability to attract and ber 20, 2001). profitably intermediate insured and uninsured deposits. It finds that the expansion of deposits 735 ANNOUNCEMENTS and assets at small banks, when adjusted to account for the effects of mergers on measured Federal Open Market Committee actions and growth, has consistently exceeded the growth at changes in the discount rate. large banks. Moreover, the profitability of small Appointment of chairmen and deputy chairmen banks has remained high over the period. These of the Federal Reserve Banks for 2002. indications of strength among small banks as a whole also hold true for subgroups within the Extension of public comment period on paysmall bank sector. Aside from their success in ment system risk policy. attracting deposits, the key reasons for the gen- Meeting of the Consumer Advisory Council. erally good performance of small banks in recent years appear to be their ability to earn relatively Modification of private-sector adjustment factor high rates of return on their loans and an for priced services calculations. increase in the share of their portfolios devoted Interagency data on increase in adversely classito loans. fied syndicated bank loans. Public workshop on Gramm-Leach-Bliley Act 729 INDUSTRIAL PRODUCTION AND CAPACITY privacy notices. UTILIZATION FOR SEPTEMBER 2001 Board launch of interactive web site for stu- Industrial production fell 1.0 percent in Septemdents, educators, and general public. ber, its twelfth consecutive monthly decline. At 140.3 percent of its 1992 average, output was Enforcement actions. 5.8 percent below its level in September 2000. The rate of capacity utilization for total industry 739 MINUTES OF THE FEDERAL OPEN MARKET sank 0.9 percentage point, to 75.5 percent, a COMMITTEE MEETING HELD level 6.6 percentage points below its 1967-2000 ON AUGUST 21, 2001 average and about 7 percentage points below its level in September 2000. At this meeting, the Committee voted to lower its target for the federal funds rate by 25 basis points, to 3V2 percent. In taking this action, the 733 TESTIMONY OF FEDERAL RESERVE Committee continued to believe that the risks OFFICIALS were weighted mainly toward conditions that Alan Greenspan, Chairman, Board of Governors might generate economic weakness in the foreof the Federal Reserve System, testifies on the seeable future. Subsequently, on September 17, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2001, the Committee met via telephone confer- A3 GUIDE TO TABULAR PRESENTATION ence and voted to lower the federal funds rate A4 Domestic Financial Statistics by 50 basis points, to 3 percent. This action was A42 Domestic Nonfinancial Statistics taken against the backdrop of heightened con- A50 International Statistics cerns and uncertainty created by the recent terrorist attacks and their potentially adverse A63 GUIDE TO STATISTICAL RELEASES AND effects on asset prices and the performance SPECIAL TABLES of the economy. Moreover, shortly after the attacks, the Committee voted to temporarily establish or enlarge reciprocal currency (swap) A72 INDEX TO STATISTICAL TABLES arrangements with the European Central Bank, the Bank of Canada, and the Bank of England. A74 BOARD OF GOVERNORS AND STAFF 747 LEGAL DEVELOPMENTS A76 FEDERAL OPEN MARKET COMMITTEE AND Various bank holding company, bank service STAFF; ADVISORY COUNCILS corporation, and bank merger orders; and pending cases. A78 FEDERAL RESERVE BOARD PUBLICATIONS AI FINANCIAL AND BUSINESS STATISTICS A80 MAPS OF THE FEDERAL RESERVE SYSTEM These tables reflect data available as of A82 FEDERAL RESERVE BANKS, BRANCHES, September 26, 2001. AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PUBLICATIONS COMMITTEE Lynn S. Fox, Chair • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Dolores S. Smith • Richard Spillenkothen • Richard C. Stevens • David J. Stockton 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 Christine S. Griffith, and Publications Services supervised by Linda C. Kyles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economic Performance of Small Banks, 1985-2000 William F. Bassett and Thomas F. Brady, of the RECENT TRENDS AFFECTING SMALL BANKS Board's Division of Monetary Affairs, prepared this article. James E. Cypert, Jr., and Mark J. Gibson Among the challenges that have confronted small provided research assistance. banks since the mid-1980s have been a wave of bank mergers and acquisitions, the continued rise in non- Several trends in the financial industry over the past bank competition for customers, and a decline in the decade and a half have potentially threatened the real value of deposit insurance. Mergers reduced the competitiveness of small banks. Among these devel- number of banks in the United States from more than opments are the numerous mergers that increased 14,000 in 1985 to about 8,300 at the end of 2000 the size and scope of large banks and greater compe- (chart 1, top panel). Although many mergers since tition from mutual funds and other nonbank financial the mid-1990s liberalization of banking laws have institutions. In this article, we examine the economic involved reorganizations within existing bank holdperformance of small banks during the 1985-2000 ing companies, the number of such banking organizaperiod by focusing on their ability to attract and tions also has fallen over the 1985-2000 period, from profitably intermediate insured and uninsured about 11,000 to less than 7,000. Mostly as a result of deposits.1 mergers, the share of domestic banking assets held by We find that the expansion of deposits and assets at the largest 100 banks (hereafter, large banks) rose small banks, when adjusted to account for the effects from about 50 percent to more than 70 percent during of mergers on measured growth, has consistently the period (chart 1, bottom panel). The bulk of the exceeded the growth at large banks. Moreover, the gain came at the expense of small banks—those not profitability of small banks has risen to high levels among the 1,000 largest; their share of assets fell over the period. These indications of strength among from about 25 percent to just over 10 percent. small banks as a whole also hold true for subgroups A merger would tend to improve the competitive within the small bank sector. The key reasons for the position of the surviving institution by adding to the generally good performance of small banks in recent scope of its activities, thus allowing it to offer a larger years appear to be their ability to earn relatively high variety of services and products to customers, and by rates of return on their loans and an increase in the increasing the diversity of its assets. All else equal, share of their portfolios devoted to loans. the greater diversification would act to stabilize earnings, thereby reducing the riskiness of the surviving bank and increasing its attractiveness to depositors. Alternatively, the now-larger bank could exploit the greater diversification to maintain the riskiness of the 1. Except where otherwise indicated, data in this article are from institution around pre-merger levels while adjusting the quarterly Reports of Condition and Income (Call Reports) for its portfolio toward higher-yielding assets, thus boostthe domestic offices of insured domestic commercial banks and ing profitability.2 nondeposit trust companies (hereafter, banks). The data have been adjusted to take account of mergers. Bank size categories in this article are based on assets at the start of each quarter as follows: large banks (those ranked 1 through 100), medium (101 through 1,000), and small. At the start of the fourth quarter of 2000, large banks were those with assets of at least $6.94 billion; medium, $331 million to $6.93 billion; and small, less 2. Some research has found that banks do exploit greater diversifithan $331 million. For more on the economic performance of banks cation in this way. For more information, see Rebecca S. Demsetz and over the 1985-2000 period, see, for 2000, William F. Bassett and Philip E. Strahan, "Diversification, Size, and Risk at Bank Holding Egon Zakrajsek, "Profits and Balance Sheet Developments at U.S. Companies," Journal of Money, Credit, and Banking, vol. 29 (August Commercial Banks in 2000," Federal Reserve Bulletin, vol. 88 (June 1997), pp. 300-13; and Jalal D. Akhavein, Allen N. Berger, and 2001), pp. 367-93 (www.federalreserve.gov/pubs/bulletin), and the David B. Humphrey, "The Effects of Megamergers on Efficiency and corresponding article in one of the June-September issues of the Prices: Evidence from a Bank Profit Function," Review of Industrial Federal Reserve Bulletin in each of the earlier years. Organization, vol. 12 (February 1997), pp. 95-139. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 Federal Reserve Bulletin • November 2001 1. Number of banks, and industry concentration Treasury in consultation with the President. Moreby asset size of banks, 1985-2000 over, bank regulatory agencies maintain that no bank is too large for shareholders and holders of the bank's Thousands nondeposit liabilities to face complete loss, should Number of banks (Bp5-'-:' the decline in bank asset values be large enough, and iij§|§fl for uninsured depositors to be subject to less than 100 percent reimbursement.4 Besides the effects of consolidation and a decline in the real value of deposit insurance, increasing competition from a "parallel banking system" may have weakened the competitive position of small banks since the mid-1980s.5 On the liability side of the balance sheet, banks compete with stock, bond, and money market mutual funds for deposits. Although mutual funds compete with banks of all sizes, they likely pose a greater competitive challenge to small banks, which are more dependent on deposits than are large banks. Given their high liquidity and their record of preserving the par value of their investors' assets, money market mutual funds represent a particularly attractive alternative to bank deposits.6 About one-third of money fund assets consist of commercial paper issued by finance companies, which, in turn, compete in markets for consumer loans and business equipment financing, markets that may be more important for small banks than for large banks. Nonetheless, consolidation in the banking industry may have had some beneficial aspects for small NOTE. Here and in subsequent charts, large banks are the largest 100, and small banks are those not among the largest 1,000; for details, see text note 1. banks. For example, some large banks may find that they lack the knowledge and experience necessary to compete effectively in the local loan markets of the The competitiveness of the largest banks would smaller banks they have acquired. Similarly, on the also be improved if depositors believe that the govfunding side, bank depositors may react adversely to ernment will treat these banks as "too big to fail," acquisitions of their banks by out-of-area institutions and the perceived advantage would be greater still in and move their deposits to a locally headquartered the context of declining real levels of deposit insursmall bank.7 ance.3 However, the Federal Deposit Insurance Cor- Some other recent developments have also favored poration Improvement Act of 1991 substantially cirsmall banks. The scaling back of the savings and loan cumscribed the ability of regulators to use too-big-tofail by requiring that the Federal Deposit Insurance Corporation (FDIC) pursue the resolution method 4. See speech by Alan Greenspan, Chairman, Board of Governors that minimizes the cost to its insurance fund. In of the Federal Reserve System at the 37th Annual Conference on addition, exceptions to the "least cost" method are Bank Structure and Competition of the Federal Reserve Bank of allowed only with the approval of at least two-thirds Chicago, Chicago, Illinois, May 10, 2001 (www.federalreserve.gov/ of both the Federal Reserve Board and FDIC board of boarddocs/speeches/2001). 5. See Jane W. D'Arista and Tom Schlesinger, "The Parallel Bankdirectors and the approval of the Secretary of the ing System," in Gary A. Dymski, Gerald Epstein, and Robert Pollin, eds., Transforming the U.S. Financial System: Equity and Efficiency for the 21st Century (M.E. Sharpe, 1993), pp. 157-99. 6. On only a few occasions has the net asset value of a money market mutual fund threatened to dip below $1, and in all but one of 3. The nominal value of deposit insurance was last increased in the cases, the funds avoided "breaking the buck" by receiving assis- 1980, and by a substantial amount—from $40,000 to $100,000. By the tance from their parent companies. end of 2000, the value of the insurance in 1980 dollars had fallen to 7. For more information, see Steven J. Pilloff and Stephen A. between $45,000 and $55,000, depending on the price index used, and Rhoades, "Do Large, Diversified Banking Organizations Have Comtherefore was in real (inflation-adjusted) terms still slightly higher petitive Advantages?" Review of Industrial Organization, vol. 16 than it was just before the 1980 increase. (May 2000), pp. 287-302. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economic Performance of Small Banks, 1985-2000 721 industry during most of the period probably reduced funded comparable shares of small and large banks' the competitive pressures on small banks. Moreover, assets. depositors may not have been particularly concerned Large banks fund about one-third of their assets about the declining real value of deposit insurance in with "other" nondeposit liabilities, whereas at small recent years given the strong economy, the high banks the share is just 3 percent.9 Small banks avail profitability of banks, and very low bank failure rates. themselves somewhat more of FHLB advances, Supporting this view are the continued strong growth although these represent a fairly small share of liabiliof money market mutual funds, which have no fed- ties at both groups of banks. Equity also funds a eral insurance program comparable to that for bank larger share of assets at small than at large banks, deposits, and the rapid growth of uninsured deposits, 10.3 percent and 8 percent respectively. particularly at small banks. Reliance on deposits was little changed between 1987 and 1992, but both bank groups shifted toward nondeposit liabilities and capital as sources of fund- DIFFERENCES IN THE LIABILITY STRUCTURES ing during the 1990s. Between 1992 and 2000, depos- OF SMALL AND LARGE BANKS its as a share of assets fell about 4 percentage points at small banks and 11 percentage points at large Not surprisingly, small banks rely on deposits considbanks. For both bank groups, "other interest-bearing erably more than large banks do. In particular, small deposits" was the deposit category that fell most time deposits (those issued in amounts of less than sharply in the 1990s; small time deposits (which are $100,000) funded almost 30 percent of loans and fully insured) also declined at both bank groups, a other assets at small banks in 2000, while at large drop probably reflecting the increased popularity of banks the share was about 10 percent (table 1). The alternative household investment vehicles such as share of small banks' assets funded with large time mutual funds. However, the share of assets funded by deposits, 13 percent, also exceeds that at large banks, large time deposits actually increased at both bank 8 percent.8 Other interest-bearing deposits, which groups. consist of savings and transactions accounts, also were somewhat more important funding vehicles at small banks, while non-interest-bearing deposits 9. Other liabilities consist of demand notes issued to the U.S. Treasury, federal funds purchased and securities sold under repur- 8. Large time deposits are those of at least $100,000. Deposits of chase agreements, trading liabilities, net due to related institutions exactly $100,000 would be fully insured as to principal. abroad, subordinated debt or debentures, and bankers acceptances. 1. Distribution of assets at banks, by source of funds, select years, 1987-2000 Percent Large banks Small banks SSoouurrccee 1987 ' 1992 2000 1987 1992 2000 Total deposits 66.1 67.3 56.3 88.5 87.8 83.4 Type Large time1 13.7 7.0 8.2 11.2 7.9 13.0 Small time 10.1 13.4 10.0 29.9 31.5 28.5 Other interest-bearing 22.7 29.2 24.7 33.3 35.7 29.1 Non-interest-bearing 19.7 17.8 13.4 14.1 12.8 12.9 Insurance status2 Insured 39.2 46.3 35.8 78.8 77.9 68.6 Uninsured 26.5 21.0 20.5 9.8 10.0 14.8 FHLB advances 2.4 3.1 Other liabilities 29.2 26.0 33.2 3.2 3.1 3.2 Equity capital 4.7 6.7 8.1 8.3 9.1 10.3 Total 100 100 100 100 100 100 MEMO Large deposit accounts3 Percentage of balances in large time deposits 39.6 29.9 31.1 58.3 45.3 49.0 Average size (thousands of dollars) 522 440 425 204 209 229 NOTE. Small time and "other" interest-bearing deposits were not separately until 1991, uninsured deposits were reported annually instead of quarterly. included in the Call Report until 1987. For definitions of bank size, see note to 3. All accounts of at least $100,000. chart 1. SOURCE. For Federal Home Loan Bank (FHLB) advances, Federal Reserve 1. Accounts of at least $100,000. Board. 2. Uninsured deposits are those in excess of $100,000. For 1987, the sum of . . . Not available. uninsured and insured components does not equal total deposits because, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 Federal Reserve Bulletin • November 2001 At small banks, the type and average size of large 2. Growth of assets and deposits, by asset size of banks, deposit accounts (those of at least $100,000) are 1985-2000 notably different from those at large banks (table 1, Percent memo). At large banks, only about 30 percent of such Assets balances were held as large time deposits in 2000; the Small remaining 70 percent were in transaction and savings Medium accounts. At small banks, large balances are split about evenly between large time and other deposits. The average size of large deposits at large banks in 2000 was $425,000, and at small banks it was $229,000; however, over the 1990s the average size has been declining at large banks and rising at small Total deposits banks. DIFFERENCES IN THE GROWTH PATTERNS OF LARGE AND SMALL BANKS The consolidation in the banking industry over the 1985-2000 period typically involved the acquisition of relatively small banks by much larger banks, a Uninsured deposits development that, of course, boosts the observed growth of large banks and diminishes that of small banks. Therefore, the differences in the balance-sheet growth and profitability between large and small banks cannot be consistently tracked unless mergeradjusted balance sheet and income data are used.10 Balance sheet data adjusted for mergers show that small banks generally grew faster than either NOTE. Here and in subsequent charts, growth rates have been adjusted for medium-sized or large banks over the past fifteen mergers; for details, see text note 10. Medium-sized banks are those ranked 101 to 1,000. Uninsured deposits are those in excess of $100,000; before 1991, years (chart 2, top panel). Indeed, in every year, the uninsured deposits were reported only annually, which prevents merger adjustgrowth of assets has been significantly faster at small ment of balances for those years in a manner consistent with quarterly adjustments applied in later years. and medium-sized banks than at large banks.11 Of course, banks securitize and sell a significant portion ence in growth rates significantly.12 In 2000, such an of the consumer and real estate loans that they origi- adjustment would have reduced the measured growth nate and thereby move them off their balance sheets. of large banks. But data available since 1997 indicate that restoring Many more new, or "de novo," banks were formed securitized credit card loans to large banks' balance during the 1997-2000 period than during the precedsheets would add only about 1 percentage point to ing four-years (moving from about 150 per year to their annual asset growth in 1998, and less than that about 350 per year on average). Although de novo in 1997 and 1999, not enough to narrow the differ- banks tend to grow rapidly, they are generally very small when established (less than $50 million in assets). Thus, the growth rate of all small banks is not 10. We calculate merger-adjusted growth for any bank size group by comparing balance sheet values at the end of the quarter with those significantly affected if de novo banks are excluded at the beginning of the quarter, accounting for amounts acquired or from the calculation. lost during the period because of mergers. For example, we calculate As suggested by the relative rates of asset growth, asset growth at small banks during a quarter by comparing assets at the end of the quarter with assets at the beginning of the quarter after the expansion of total deposits at both small and removing assets acquired during the quarter by merger. Merger- medium-sized banks has also exceeded the growth adjusted annual growth rates are calculated as the product of mergerrate at large banks in every year since 1985 (chart 2, adjusted quarterly growth rates. For information on the adjustment procedure for income, see the appendix in William B. English and middle panel). However, the growth of assets tended William R. Nelson, "Profits and Balance Sheet Developments at U.S. Commercial Banks in 1997," Federal Reserve Bulletin, vol. 84 (June 1998), p. 408. 12. Adding securitized assets to the balance sheet for purposes of 11. Calculated without adjusting for mergers, the average annual comparison presumes that the securitizing bank still would have growth rate of assets between 1985:Q4 and 2000:Q4 was 0.2 percent chosen to originate the loans even if the opportunity to securitize was for small banks and 8.2 percent for large banks. not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economic Performance of Small Banks, 1985-2000 723 3. Growth of assets and deposits at small banks, 4. Measures of balance-sheet health, by asset size of banks, by asset size of banks, 1985-2000 1985-2000 Percent Delinquency rates — 2 Equity as a share of assets 1985 1988 1991 1994 1997 2000 NOTE. For measurement of uninsured deposits, see table 1, note 2. NOTE. The data on delinquencies are for domestic and foreign offices of domestic banks. Delinquent loans are loans that are not accruing interest and those that are accruing interest but are more than thirty days past due. The to exceed that of deposits, as the use of nondeposit delinquency rate is the end-of-period level of delinquent loans divided by the end-of-period level of outstanding loans. liabilities grew for all bank size groups. Uninsured deposits also grew significantly faster at small banks than at large banks (chart 2, bottom panel). Further- falls in between. However, even agricultural banks more, the growth rate of uninsured deposits at small tended to perform at least as well as large banks over banks has been high and steadily increasing during the period studied (see box "Rural and Agricultural the second half of the past decade, whereas at larger Banks"). banks the growth of these liabilities shows no trend. The growth patterns of large and small banks partly The fastest growing category of small banks has reflect changes in their overall balance sheet condibeen the smallest among them—those with less than tions and fluctuations in the business cycle. Both $50 million in assets (chart 3, top and middle panels). large and small banks were major suppliers of credit The 1997-2000 rise in the growth of assets and during the final years of the 1980s, when businesses deposits at these banks was strong even after adjust- and households were rapidly accumulating debt. By ing for the formation of de novo banks. The smallest the early 1990s, a weak economy as well as high debt of the small banks have aggressively acquired unin- levels and a rising volume of delinquent loans signifisured deposits to help fund their expansion (chart 3, cantly slowed spending and borrowing by businesses bottom panel). Although small banks with assets of and households. The slowdown in the growth of bank more than $50 million grew more slowly than the assets and deposits at that time was most pronounced smallest banks, they still grew faster than large banks. at medium-sized and large banks, however, with Another way to disaggregate small banks is by assets actually declining for a time at bigger banks. location. Doing so reveals that growth has been the The contraction of assets at large banks may be fastest among urban banks and the slowest among attributable to the fact that overall asset quality deterural banks with high concentrations of agricultural riorated in the late 1980s and especially during the loans; the growth of other small banks in rural areas 1990-91 recession (chart 4, top panel). At small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 Federal Reserve Bulletin • November 2001 5. Spread of interest rates paid and spread of growth rates of deposits, small banks less large, 1985-2000 Basis points Percentage points Basis points Percentage points Total interest-bearing deposits Small time I 1 I J I I L Large time Other interest-bearing deposits I I I i I 1985 1988 1991 1994 1997 2000 1985 1988 1991 1994 1997 2000 NOTE. Rates paid on small time deposits and on "other" interest-bearing deposits were not separately included in the Call Report until 1987. banks, the recession precipitated only a slight rise in The large banks' impressive recovery from the deep delinquency rates. As loan losses mounted at large problems of the early 1990s could be expected to banks in the late 1980s and early 1990s, they found have boosted their competitive position, and indeed themselves with depleted capital (chart 4, bottom the recovery in loan growth in the latter half of the panel). Hence, a substantial gap appeared to emerge 1990s was a bit stronger at large banks; yet during all between their actual capital levels and those being of this period, the growth of assets at small banks demanded by markets as well as by regulators acting surpassed that at large banks. under the 1991 Basel Accord. The subsequent economic recovery and brisk expansion of the second half of the 1990s caused THE EXPANSION OF DEPOSITS AT SMALL delinquency rates to drop at both bank size groups, BANKS: RELATIVE OFFERING RATES AND but much more dramatically so at large banks. A RELATIVE DEPOSIT GROWTH somewhat similar picture emerges for capitalization measures: Although the ratio of equity to average The growth of total interest-bearing deposits at small tangible assets (the "leverage ratio") at large banks banks consistently exceeded that at large banks remained well below that at small banks throughout between 1985 and 2000; the difference tended to the 1985-2000 period/the gap narrowed noticeably reflect the difference between deposit interest rates during 1992 and 1993, and the gain was maintained over the rest of the decade (chart 4, bottom panel).13 paid at small banks and the rates paid at large banks (chart 5, top left panel).14 Early in the period, small banks were outbidding large banks for deposits; the 13. The ratio of equity to assets is shown here because it can be computed for the years preceding the implementation of the Basel Capital Accord, in 1991. Small banks also have significantly greater 14. Average interest rates on deposits are computed as quarterly capital ratios than large banks when measured by risk-weighted assets, interest expenses, annualized, as a percent of average deposits held a characteristic that may, in part, reflect the higher risk inherent in the over the quarter. Annual rates are averages of quarterly rates. Both relatively less diversified loan portfolios at small banks and their more average deposit levels and deposit expenses are calculated after adjustlimited access to markets for managed liabilities. ment for mergers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economic Performance of Small Banks, 1985-2000 725 6. Return on loans, by assets size of banks, 1985-2000 insured deposits at large banks during the final quarter of last year (chart 5, bottom right panel).15 These patterns of deposit growth and deposit offering rates at large and small banks raise two questions. First, why did small banks choose to pay premium rates on their deposits to fund asset growth that was faster than at large banks? Second, why did the additional deposit growth become progressively more expensive? The first question would seem to be answered straightforwardly by the fact that small banks have been able to make loans that have consistently yielded more than loans at large banks (chart 6).16 As to the relative rise in the cost of deposits at small banks, a number of factors appear to have been in play. First, small banks have a more limited base from which to attract funding. Thus, at small banks, the marginal supply of funding is likely to be more dependent on deposit offering rates than it is at large banks because large banks can more easily tap nondeposit funding sources and thereby minimize the impact on rates in any one category of liabilities. Combined with the relatively greater need of small banks for deposits to fund stronger loan demand, a relatively narrow funding base would help to explain the comparative increase over time in the cost of deposits to small banks. A second likely reason for the rising relative cost of attracting deposits at small banks is the improvement in balance sheet health at large banks, which in reversal of this relationship in the late 1980s and into turn presumably lowered the risk premiums they paid 1990 seemed to prompt a relative speedup of growth on their deposits, especially on uninsured deposits. of deposits at large banks. In the 1989-93 period, the Still another factor could have been the sliding real average rate paid on interest-bearing deposits at small value of deposit insurance. This decline would have banks rose about 1 percentage point relative to rates required all banks to rely less on insured deposits, but at large banks, thereby about tripling the premium these deposits are more important at small banks than paid by small banks in the mid-1980s. In response, at large banks. Moreover, a shrinkage in the real the growth rate of deposits at small banks rose sub- value of deposit insurance could have magnified the stantially compared with that at large banks. effect of the relative improvement in balance sheet The spread of deposit rates at small banks over health at large banks. The drop in the real level of those at large banks remained elevated and even insurance coverage would also have added to the increased somewhat over the course of the 1990s, but advantage that the largest banks enjoy from whatever the corresponding spread for deposit growth did not credence depositors may still give to the notion of keep pace. The relationship between rates and deposit "too big to fail." growth loosened because of large time deposits, for which the growth spread tended to diminish even as the interest rate spread trended up (chart 5, bottom left panel). For small time deposits, by contrast, the 15. On behalf of its clients, a large brokerage house transferred underlying relationship between relative offering funds from (uninsured) money market mutual funds to insured money rates and deposit growth does not seem to have market deposit accounts at its affiliated commercial banks during the fourth quarter of 2000. The transfers significantly boosted the growth shifted over the period (chart 5, top right panel). In of insured deposits at large banks. the "other interest-bearing deposits" category, the 16. The higher gross rate of return at small banks may reflect, in relationship weakened substantially in 2000, largely part, higher loan processing costs (per loan dollar), although advances in technology have no doubt lowered such expenses throughout the because of special factors that boosted the growth of period studied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 Federal Reserve Bulletin • November 2001 Rural and Agricultural Banks Growth at small banks over the 1985-2000 period has Also, credit growth during the 1990s at small urban and varied somewhat by bank type and location. In particular, other rural bank groups has consistently exceeded that at loans and securities (bank credit) have grown consistently large banks, but the record of the small agricultural banks more slowly at small agricultural banks than at other small has been mixed. rural banks or at the clear growth leaders among small Developments in the agricultural sector itself appear to banks—the small urban banks (chart, upper left panel).1 explain much of the underperformance of agricultural banks relative to large and other small banks. The slow growth of farm business debt relative to all nonfinancial business debt 1. Small banks are classified as "urban" if they are headquartered within a Standard Metropolitan Statistical Area. Small "rural" banks are divided over the past several years (chart, upper right panel) suginto "agricultural" banks (those with more than 25 percent of their loans that gests that the demand for agricultural loans has lagged are secured by farmland or used to finance agricultural production) and "other rural" banks. substantially behind the demand for other bank loans. More- Performance of banks, by asset size and sector, and growth of nonfinancial business debt, 1985-2000 Percent Percent Growth of bank credit1 Growth of debt Nonfinancial Small urban Small other rural _ . Farm Small agricultural Percent Spread of rates paid on Return on assets Small other rural large time deposits, small banks less large Small agricultural Small urban Small other rural l Small / 7 / x ^y - - 1A urban f / / \ / Small agricultural 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 NOTE. For definitions of small-bank sectors, see note to box text. The debt SOURCE. For nonfinancial business debt, Federal Reserve flow of funds of nonfinancial businesses, including the farm subsector, covers bank and accounts; for farm business debt, U.S. Department of Agriculture, Agriculnonbank lenders. tural Income and Finance: Situation and Outlook, Annual Lender Issue, 1. Bank credit is loans and securities. Economic Research Service, AIS-76 (February 2001), p. 56. Finally, more attractive deposit substitutes, such as between 1989 and 1997. But the fact that more than mutual funds, were growing briskly throughout the half of the decline had been reversed between 1997 1990s. The competition that banks had from mutual and 2000 suggests that the thrift industry's competifunds was offset to some degree by problems in the tive pressure on banks had begun to re-emerge in thrift industry, where assets declined 26 percent those years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Economic Performance of Small Banks, 1985-2000 727 Rural and Agricultural Banks—Continued over, commercial banks' share of farm business debt con- Yet the increase in interest expense at small agricultural tinued to increase during the past five years, although at a banks relative to large banks does not appear to have been slower rate than in the late 1980s and early 1990s (data not especially damaging to the profitability of the agricultural shown). The slowing reflects, in part, a pickup in market banks (chart, lower right panel). Measured by return on share by the Farm Credit System over the same period as it assets, profitability at agricultural banks has generally been recovered from financial difficulties in the 1980s. better than at small urban banks and, until recently, at least Although rates of credit growth have diverged among as good as at large banks. small bank sectors, the sectors converged in terms of the In sum, although credit has grown most rapidly at small spread of the average interest rates they paid on large time urban banks, and small agricultural banks are not paying deposits (chart, lower left panel). Small urban banks have much less for large time deposits than are other small been paying only slightly greater premiums on these depos- banks, the agricultural banks during the 1985-2000 period its than small rural banks despite having much higher generally performed at least as well as the largest banks in average growth rates, a difference that presumably reflects terms of asset growth and measures of profitability. more robust economic growth in urban areas. IMPLICATIONS FOR PROFITABILITY small banks since 1992, but the difference largely reflects the greater levels of capital relative to assets held by small banks. The interaction of changes in rates earned on assets with rates paid on liabilities is captured in the behav- In terms of the return on assets (ROA), small banks ior of banks' net interest margin.17 During most of have generally been more profitable than large banks the 1990s, the relative cost of deposits at small banks (chart 7, bottom right panel), an achievement that is rose (chart 5), yet their net interest margin held especially impressive given the greater (and growing) steady while the net interest margin for large banks earnings on off-balance-sheet activities at large drifted down (chart 7, upper left panel). The steady banks. Indeed, the jump of large banks' ROA over returns at small banks suggest that the better yields that of small banks in 1999 is attributable to large they were able to get on loans made up for the higher gains in revenue from capital markets business and rates they had to pay for deposits. Small banks also trading operations; such revenue is not a significant expanded the share of their portfolios held as loans portion of income at small banks. throughout the 1990s, whereas the share of loans in the portfolios of large banks has remained more or less stable since 1995 (chart 7, top right panel). SUMMARY AND CONCLUSIONS Because loans typically earn more than securities, this change in relative portfolio structure also would Generally, small banks have thrived over the past tend to boost net interest margins at small banks. decade and a half despite what might be seen as a Since 1997, the net interest margin has fallen at both variety of adverse circumstances, including extensive small and large banks, but margins are still much bank consolidation, a solid improvement in the balhigher at small banks. ance sheet health of large banks, rapid growth in Turning to broader measures of profitability, the mutual funds and other elements of a "parallel" return on equity (ROE) at large banks stabilized at an banking system, and a steady decline in the real value average of about 15 percent throughout the latter half of deposit insurance. Despite these circumstances, of the 1990s after fluctuating widely during the late and abstracting from the effects of mergers and acqui- 1980s and early 1990s (chart 7, bottom left panel). sitions, small banks have grown considerably more Small banks' return on equity was also fairly stable rapidly than large banks and have tended to meet during the 1990s and was uniformly above the returns or exceed them in some measures of profitability. earned during the latter half of the 1980s. ROE at Although small banks that are concentrated in agrilarge banks has been significantly greater than at cultural lending have grown more slowly than other small banks, overall credit demand in the agricultural sector likewise has been relatively subdued. The 17. Net interest margin is defined as the difference between interest robust growth and high profitability we find at small income and interest expense divided by average interest earning assets. banks apparently have not gone unnoticed by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 Federal Reserve Bulletin • November 2001 7. Profitability, by asset size of banks, 1985-2000 NOTE. Net interest margin and the returns on equity and assets are for domestic and foreign offices of domestic banks; loan share is for domestic offices only. investors that have formed significant numbers of significant factor in the diminishment was the more new banks in recent years. rapid growth of balance sheets at small banks com- As small banks have increased their deposit rates bined with their relatively more limited funding relative to those at large banks, they have generally options. Also contributing was the return to health of enjoyed a relative increase in deposit growth. How- the large bank sector and, more recently, of the thrift ever, in the large time deposit category—where the sector. The decline in the real value of deposit insurmajority of funds are uninsured—the ability of small ance presumably also played a role but one that banks to increase the flow of deposits by pushing up would have been limited after the early 1990s by interest rates has diminished somewhat over time. A sharp declines in the rate of bank failures. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

729 Industrial Production and Capacity Utilization for September 2001 Released for publication October 16 quarter as a whole, total industrial production declined at an annual rate of 6.2 percent. Manufactur- Industrial production fell 1.0 percent in September, ing output contracted 1.1 percent in September and its twelfth consecutive monthly decline. At 140.3 per- was 6.7 percent below its year-ago level. Utilities cent of its 1992 average, output was 5.8 percent production fell 1.8 percent in September, and mining below its level in September 2000. For the third output increased 0.3 percent. The rate of capacity Industrial production Ratio scale, 1992 = 100 145 125 105 85 Capacity utilization Percent of capacity 85 80 75 70 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 12-month percent change Percent of capacity High-tech industries are defined as semiconductors and related electronic Shaded areas are periods of business recession as defined by the NBER. components (SIC 3672-9), computers (SIC 357), and communications equipment (SIC 366). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 Federal Reserve Bulletin • November 2001 Industrial production and capacity utilization, September 2001 Industrial production, index, 1992= 100 Percent change CCCaaattteeegggooorrryyy 22000011 20011 SSeepptt.. 22000000 ttoo Juner Julyr Aug.r Sept.P Juner July' Aug/ Sept.P SSeepptt.. 22000011 Total 142.8 142.7 141.8 140.3 -1.0 -.1 -.7 -1.0 -5.8 Previous estimate 142.7 142.6 141.5 -1.0 -.1 -.8 Major market groups Products, total2 132.4 132.5 131.3 129.9 -.9 .0 -.8 -1.1 -5.0 Consumer goods 121.6 121.9 120.9 120.1 -.5 .2 -.8 -.7 -3.0 Business equipment 187.1 186.7 184.8 180.5 -2.5 -.2 -1.0 -2.3 -9.5 Construction supplies 139.0 139.0 138.5 137.6 -.2 .0 -.4 -.6 -3.9 Materials 161.4 161.1 160.5 159.2 -1.1 -.2 -.4 -.9 -7.1 Major industry groups Manufacturing 147.5 147.6 146.3 144.7 -1.2 .1 -.9 -1.1 -6.7 Durable 186.9 187.6 185.7 182.5 -1.7 .3 -1.0 -1.8 -8.0 Nondurable 111.5 111.3 110.5 110.1 -.6 -.2 -.7 -.3 -5.0 Mining 103.4 102.3 102.0 102.3 -.4 -1.0 -.3 .3 1.8 Utilities 119.9 119.0 121.3 119.1 .3 -.7 1.9 -1.8 -2.1 Capacity utilization, percent MEMO Capacity, ppeerrcceenntt 2000 2001 cchhaannggee,, Average, Low, High, SSeepptt.. 22000000 1967-00 1982 1988-89 ttoo Sept. Juner Julyr Aug/ Sept.P SSeepptt.. 22000011 Total 82.1 71.1 85.4 82.4 77.1 77.0 76.4 75.5 2.9 Previous estimates .. 77.1 76.9 76.2 Manufacturing 81.1 69.0 85.7 81.7 75.6 75.5 74.8 73.8 3.2 Advanced processing 80.6 71.0 84.2 80.2 76.1 76.0 75.3 74.3 2.0 Primary processing . 82.2 65.7 88.3 85.2 75.8 75.6 74.8 74.0 5.4 Mining 87.4 80.3 88.0 86.4 90.0 89.2 89.0 89.3 -1.4 Utilities 87.6 75.9 92.6 91.0 87.2 86.3 87.6 85.7 3.9 NOTE. Data seasonally adjusted or calculated from seasonally adjusted 2. Contains components in addition to those shown, monthly data. r Revised, 1. Change from preceding month. p Preliminary. utilization for total industry sank 0.9 percentage The production of business equipment dropped point, to 75.5 percent, a level 6.6 percentage points 2.3 percent in September; for the third quarter as a below its 1967-2000 average and about 7 percentage whole, it tumbled 13.4 percent at an annual rate, its points below its level in September 2000. largest quarterly decline since the fourth quarter of 1982. All major categories declined in September; the output indexes for transit equipment and for MARKET GROUPS industrial and other equipment have contracted nearly 12 percent in the past twelve months. The production The output of consumer goods fell 0.7 percent in of defense and space equipment, which ticked up September; for the third quarter as a whole, pro- 0.2 percent in September, was 3.6 percent above its duction dropped 3.2 percent at an annual rate, the September 2000 level. largest quarterly decline since the first quarter of The output of construction supplies decreased 1991. Both durable and nondurable consumer goods 0.6 percent in September, while the output of busifell in September. Among durables, home electronics ness supplies fell 1.5 percent; a sharp cutback in jet dropped 3.0 percent and was 19.1 percent below its fuel production, which was related to the reduction in level in September 2000. The output of automotive air traffic, contributed importantly to the drop for products also fell about 3 percent, while the other business supplies. The production of industrial matemajor categories of consumer durables registered rials declined 0.9 percent, with a large drop in durasmaller declines. Nondurable consumer goods, which ble goods materials and little change, on balance, in slipped 0.3 percent, showed declines in all cate- either nondurable or energy materials. For the third gories except paper products, which increased quarter as a whole, production of industrial materials 0.4 percent. fell at an annual rate of 6.4 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization 731 INDUSTRY GROUPS Discontinuation of "Industrial Production Manufacturing output fell 1.1 percent in September and Capacity Utilization" in the and the weakness was widespread among industries. Federal Reserve Bulletin In the third quarter, manufacturing declined at an annual rate of 6.6 percent, after having fallen at a "Industrial Production and Capacity Utilization" will not 5.1 percent rate in the second quarter. The overall be reprinted in the Federal Reserve Bulletin after the production both of durable and nondurable goods December 2001 issue. The Federal Reserve's monthly decreased in the third quarter; output rose during the G.17 statistical release, "Industrial Production and quarter in only two industries—motor vehicles and Capacity Utilization," which this section of the Bulletin summarizes each month, is available on the Board's web parts and lumber and products. Among durable site (www.federalreserve.gov/releases/gl7/); historical goods, the largest third-quarter declines were in madata back to 1919 are also available on the web site. The chinery, especially the high-technology industries data are also available in paper copies and on diskettes (computers, communications equipment, and semifrom Publications Services, Mail Stop 127, Board of conductors). Also down notably were furniture and Governors of the Federal Reserve System, Washingfixtures, primary metals, aerospace and miscellaton, DC 20551 (tel. 202-452-3244). neous transportation equipment, and miscellaneous manufacturing. Among nondurables, declines were largest in apparel products, textile mill products, pe- Other reprints will also be eliminated from the Bulletin troleum products, printing and publishing, and paper after December 2001: congressional testimony, the and products. In September, all major industry groups FOMC minutes, the quarterly report "Treasury and Fedin manufacturing were below year-ago levels. The eral Reserve Foreign Exchange Operations," and the annual report "Domestic Open Market Operations," both overall factory operating rate declined about 1 perby the Federal Reserve Bank of New York (the text porcentage point, to 73.8 percent, a level 7.3 percentage tion of "Open Market Operations" will be reprinted in points below the 1967-2000 average. the Board's Annual Report rather than in the Bulletin). A 0.3 percent increase in the production at mines The documents are widely distributed when originally retraced the August decline; the utilization rate at published, and several sources for historical information mines rose 0.3 percentage point, to 89.3 percent, a are available. level about 2 percentage points above its 1967-2000 average. The output of utilities fell back 1.8 percent in September; at 85.7 percent, the operating rate at based on annual output measures that are constructed utilities was about 2 percentage points below its by reclassifying the establishments in historical Cenlong-term average. suses of Manufactures and Mineral Industries under NAICS; annual output indexes constructed this way will maximize the reliability and historical consis- REVISION OF INDUSTRIAL PRODUCTION AND tency of the IP industry detail. CAPACITY UTILIZATION The updating of source data for IP in the 2001 annual revision will include annual data from the On November 27, the Federal Reserve Board will 1999 Bureau of the Census Annual Survey of Manupublish revisions to the index of industrial production factures and from selected editions of its 1999 and (IP), to the related measures of capacity and capacity 2000 Current Industrial Reports. Annual data from utilization, and to the index of industrial use of elec- the U.S. Geological Survey regarding metallic and tric power. The updated measures will reflect the nonmetallic minerals (except fuels) for 1999 and incorporation of newly available, more comprehen- 2000 will also be introduced. The updating will sive source data typical of annual revisions. The new include revisions to the monthly indicator for each source data are for recent years, primarily 1999 and industry (either physical product data, production- 2000, although data from 1992 onward will be sub- worker hours, or electric power usage) and to seaject to revision. sonal factors. Industrial production and capacity utilization will Capacity and capacity utilization will be revised to continue to be based on the 1987 Standard Industrial incorporate preliminary data from the 2000 Survey of Classification (SIC) until the 2002 annual revision, Plant Capacity of the Bureau of the Census, which after which they will be constructed from the North covers manufacturing, along with other new data on American Industrial Classification System (NAICS). capacity from the U.S. Geological Survey, the Depart- The new NAICS-related production indexes will be ment of Energy, and other organizations. The statis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 Federal Reserve Bulletin • November 2001 tics on the industrial use of electric power will incor- (www.federalreserve.gov/releases/gl7). The revised porate additional information received from utilities data will also be available through the web site of the for the past few years and will include some data Department of Commerce. Further information on from the 1997 Census of Manufactures and the 1998 these revisions is available from the Board's Indusand 1999 Annual Survey of Manufactures. trial Output Section (telephone 202-452-3197). • Once the revision is published, it will be made available on the Board's web site Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

733 Testimony of Federal Reserve Officials Testimony of Alan Greenspan, Chairman, Board of a time, in a pronounced disengagement from future Governors of the Federal Reserve System, before the commitments. And that, in the short run, would imply Committee on Banking, Housing, and Urban Affairs, a lessened current level of activity. Indeed, much U.S. Senate, September 20, 2001 economic activity ground to a halt last week. But the foundations of our free society remain I would like to begin my remarks this morning by sound, and I am confident that we will recover and noting how deeply saddened I and my Federal prosper as we have in the past. As a consequence of Reserve colleagues are that so many talented and the spontaneous and almost universal support that we productive people from so many walks of life were received from around the world, an agreement on a lost or irreparably harmed last week. Although we new round of multilateral trade negotiations now are here today to discuss some of the immediate seems more feasible. Such an outcome would lead to economic and financial implications of that tragedy, a stronger global market system. A successful round we are all too aware that the topic we discuss will be would not only significantly enhance world economic a mere footnote. growth but also answer terrorism with a firm reaffir- The terrorism of September 11 will, doubtless, mation of our commitment to open and free societies. have significant effects on the U.S. economy over the But before the recovery process gets under way, short term. An enormous effort will be required on stability will need to be restored to the American the part of many to cope with the human and physical economy and to others around the world. Arguably, destruction. But as we struggle to make sense of our that stability was only barely becoming evident in the profound loss and its immediate consequences for the United States in the period immediately preceding economy, we must not lose sight of our longer-run the acts of terrorism. Aggregate measures of producprospects, which have not been significantly dimin- tion, employment, and business spending continued ished by these terrible events. to be weak. Over the past couple of decades, the American That said, consumer spending moved higher in economy has become increasingly resilient to shocks. August and appeared to be reasonably well main- Deregulated financial markets, far more flexible labor tained in the first part of September. Industry analysts markets, and, more recently, the major advances in suggest that motor vehicle sales were running close information technology have enhanced our ability to to August levels, and chain store sales were only absorb disruptions and recover. In the past, our econ- modestly lower. Purchasing managers had noted an omy has quickly regained its previous levels follow- improvement in the orders picture in August. Moreing the devastation of hurricanes, earthquakes, floods, over, the dramatic rate of decline in profits was and myriad other natural disasters that periodically slowing. To be sure, these signs were tentative but, batter various regions of our country. Although the on the whole, encouraging. During the past week, of trauma of September 11 shares some characteristics course, the level of activity has declined. The shock with such disruptions, the differences are important. is most evident in consumer markets, where many In contrast to natural disasters, last week's events are potential purchasers stayed riveted to their televisions of far greater concern because they strike at the roots and away from shopping malls. Both motor vehicle of our free society, one aspect of which is our market- sales and sales at major chain stores, some of our driven economy. All modern economies require the most current information on consumer spending, confidence that free-market institutions are firmly in appear to have fallen off noticeably. And the airline place and that commitments made today by market and travel industries have suffered severe cutbacks. participants will be honored not only tomorrow, but The unprecedented shutdown of American air for years into the future. The greater the degree of travel and tightened border restrictions have induced confidence in the state of future markets, the greater dramatic curtailments of production at some estabthe level of long-term investment. The shock of Sep- lishments with tight just-in-time supply chain practember 11, by markedly raising the degree of uncer- tices. Automakers, for example, are reported to have tainty about the future, has the potential to result, for pared production and even closed some plants in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 Federal Reserve Bulletin • November 2001 past week, largely owing to supply shortages, though, doubtless, short-term demand uncertainties have also Discontinuation of "Testimony played a part. of Federal Reserve Officials" in the The effect on financial markets of the devastating Federal Reserve Bulletin attack on the World Trade Center was pronounced, as telecommunications and trading capacities were "Testimony of Federal Reserve Officials" will not be severely impaired. But the markets are mostly func- reprinted in the Federal Reserve Bulletin after the tioning now, albeit in some cases using contingency December 2001 issue. When testimony is released to arrangements, and as in the past, the infrastructure the public, it is simultaneously placed on the Board's will be rapidly restored. For a brief time, the terrorist web site (www.federalreserve.gov/boarddocs/testimony/), which also has testimony back to 1996. Paper copies of attack markedly disrupted payment transfers that are testimony are also available by mail from Publications usually measured in terms of trillions of dollars each Services, Mail Stop 127, Board of Governors of the day. Many obligators temporarily lost their technical Federal Reserve System, Washington, DC 20551 (tel. ability to pay on time, leaving those counting on 202-452-3244). receiving payments caught short. The pressures ultimately ended up concentrated in banks. Those needs were met by the Federal Reserve, both through record Other reprints will also be eliminated from the Bulletin lending at the discount window and through an after December 2001: the monthly report on industrial extraordinary infusion of funds through open market production and capacity utilization, the FOMC minutes, operations. To facilitate the channeling of dollar the quarterly report "Treasury and Federal Reserve liquidity to foreign financial institutions operating Foreign Exchange Operations" and the annual report in the United States, thirty-day currency swap lines "Open Market Operations," both by the Federal Reserve Bank of New York (the text portion of "Open Market were arranged with major central banks, again in Operations" will be reprinted in the Board's Annual record volumes. It was essential in such an envi- Report rather than in the Bulletin). The documents are ronment to meet all appropriate demands for dollar widely distributed when originally published, and several liquidity. As the financial markets and payment infrasources for historical information are available. structure return to normal, loans are being repaid, and the temporarily bloated balance sheet of the Federal Reserve is now shrinking back to normal. Nobody has the capacity to fathom fully how the For the longer term, prospects for continued rapid tragedy of September 11 will play out. But in the technological advance and associated faster producweeks ahead, as the shock wears off, we should be tivity growth are scarcely diminished. Those prosable to better gauge how the ongoing dynamics of pects, born of the ingenuity of our people and the these events are shaping the immediate economic strength of our system, fortify a promising future for outlook. our free nation. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

735 Announcements FOMC ACTIONS AND DISCOUNT RATE Each Reserve Bank has a board of directors of CHANGES nine members. The Board of Governors in Washington, D.C., appoints three of these directors and desig- The Federal Open Market Committee decided on nates one of its appointees as chairman and a second October 2, 2001, to lower its target for the federal as deputy chairman. Following are the names of the funds rate by 50 basis points to 2Vi percent. In a chairmen and deputy chairmen appointed by the related action, the Board of Governors approved Board for 2002: a 50 basis point reduction in the discount rate to 2 percent. Boston The terrorist attacks have significantly heightened William O. Taylor, Chairman Emeritus, The Boston Globe, uncertainty in an economy that was already weak. Boston, Mass., named Chairman. James J. Norton, Vice President, AFL-CIO, Business and household spending as a consequence Washington, D.C., named Deputy Chairman. are being further damped. Nonetheless, the long-term prospects for productivity growth and the economy New York remain favorable and should become evident once Peter G. Peterson, Chairman, The Blackstone Group, the unusual forces restraining demand abate. New York, N.Y., renamed Chairman. Deputy Chairman—To be announced. The Committee continues to believe that, against the background of its long-run goals of price stability Philadelphia and sustainable economic growth and of the informa- Charisse R. Lillie, Partner, Ballard Spahr Andrews & tion currently available, the risks are weighted mainly Ingersoll, LLP, Philadelphia, Pa., renamed Chairman. toward conditions that may generate economic weak- Glenn A. Schaeffer, President, Pennsylvania Building ness in the foreseeable future. and Construction Trades Council, Harrisburg, Pa., renamed Deputy Chairman. In taking the discount rate action, the Federal Reserve Board also approved the discount rate Cleveland requests submitted by the boards of directors of David H. Hoag, former Chairman, The LTV Corporation, the Federal Reserve Banks of Boston, New York, Cleveland, Ohio, renamed Chairman. Cleveland, Richmond, Atlanta, Chicago, St. Louis, Robert W. Mahoney, former Chairman and Kansas City, Dallas, and San Francisco. Chief Executive Officer, Diebold Inc., Canton, Ohio, renamed Deputy Chairman. The Federal Reserve Board on October 3, 2001, approved action by the board of directors of the Richmond Federal Reserve Bank of Minneapolis, decreasing the Jeremiah J. Sheehan, former Chairman and discount rate at the bank from 2Vi percent to 2 per- Chief Executive Officer, Reynolds Metals Company, cent, effective immediately. Richmond, Va., renamed Chairman. Wesley S. Williams, Jr., Partner, Covington & Burling, The Federal Reserve Board on October 4, 2001, Washington, D.C., renamed Deputy Chairman. approved action by the board of directors of the Federal Reserve Bank of Philadelphia, decreasing the Atlanta discount rate at the bank from 2Vi percent to 2 per- John F. Wieland, Chief Executive Officer and Chairman, cent, effective immediately. John Wieland Homes and Neighborhoods, Inc., Atlanta, Ga., renamed Chairman. Paula Lovell, President, Lovell Communications, Inc., APPOINTMENT OF CHAIRMEN AND Nashville, Tenn., renamed Deputy Chairman. DEPUTY CHAIRMEN OF FEDERAL RESERVE BANKS FOR 2002 Chicago Robert J. Darnall, Chairman and Chief Executive Officer, Prime Advantage Chicago, Chicago, 111., The Federal Reserve Board announced on Septemnamed Chairman. ber 28, 2001, the appointment of the chairmen and W. James Farrell, Chairman and Chief Executive Officer, deputy chairmen of the twelve Federal Reserve Banks Illinois Tool Works Inc., Glenview, 111., for 2002. named Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 Federal Reserve Bulletin • November 2001 St. Louis for collateralized and uncollateralized daylight over- Charles W. Mueller, Chairman, President, and drafts, and rejecting payments with settlement-day Chief Executive Officer, Ameren Corporation, finality that would cause an institution to exceed its St. Louis, Mo., renamed Chairman. daylight overdraft capacity level. Walter L. Metcalfe, Jr., Chairman, Bryan Cave LLP, St. Louis, Mo., renamed Deputy Chairman. Minneapolis CONSUMER ADVISORY COUNCIL MEETING Ronald N. Zwieg, President, United Food & Commercial Workers, Local 653, Plymouth, Minn., The Federal Reserve Board announced on Septemnamed Chairman. Linda Hall Whitman, former President, Ceridian ber 28, 2001, that the Consumer Advisory Council Performance Partners, Minneapolis, Minn., would hold its next meeting on Thursday, Octonamed Deputy Chairman. ber 25, 2001. The council's function is to advise the Board on the exercise of its responsibilities under the Kansas City Consumer Credit Protection Act and on other matters Terrence P. Dunn, President and Chief Executive Officer, on which the Board seeks its advice. J.E. Dunn Construction Company, Kansas City, Mo., renamed Chairman. Deputy Chairman—To be announced. MODIFICATION OF PSAF FOR PRICED Dallas H.B. Zachry, Jr., Chairman and Chief Executive Officer, SERVICES CALCULATIONS H.B. Zachry Company, San Antonio, Tex., renamed Chairman. The Federal Reserve Board announced on Octo- Patricia M. Patterson, President, Patterson Investments, ber 10, 2001, modifications to the method for calcu- Inc., Dallas, Tex., renamed Deputy Chairman. lating the private-sector adjustment factor (PSAF). The PSAF imputes the costs that would have been San Francisco Nelson C. Rising, Chairman and Chief Executive Officer, incurred and profits that would have been earned Catellus Development Corporation, San Francisco, if the Reserve Banks' priced services were provided Calif., renamed Chairman. by a private firm. The revised method will be used George M. Scalise, President, Semiconductor Industry to determine the 2002 PSAF and fees for Federal Association, San Jose, Calif., renamed Deputy Reserve priced services. Chairman. The Monetary Control Act of 1980 requires that fees for Federal Reserve priced services be set at a rate to recover all direct and indirect costs of provid- EXTENSION OF DEADLINE FOR PUBLIC ing the services and imputed costs, such as financing COMMENT ON PAYMENTS SYSTEM RISK POLICY costs, return on equity (profit), taxes, and certain other expenses. The method for calculating the PSAF The Federal Reserve Board announced on Septem- is reviewed by the Board periodically. The Board ber 21, 2001, that it is extending the deadline for requested public comment on the changes in Decempublic comment on the potential longer-term direc- ber 2000. tion of the Board's policy on payments system risk. The changes approved by the Board modify the Comment is requested by November 16, 2001. current method for imputing debt and equity, enhance As a result of the September 11 terrorist attacks, the method for determining the target rate of return some organizations with an interest in the potential on equity, and refine the basis for selecting the priced longer-term policy direction of the Board's payments services peer group. system risk policy have had to devote significant resources to ensuring the continued smooth functioning of the payments system and financial markets. INTERAGENCY DATA ON INCREASE IN The Board has extended the original October 1 com- ADVERSELY CLASSIFIED SYNDICATED LOANS ment deadline to provide these organizations with adequate time to analyze the issues raised in the The 2001 Shared National Credit (SNC) review indinotice and to incorporate their perspectives on recent cates continued deterioration in the quality of syndifinancial market experiences. cated bank loans, consistent with general economic, The longer-term policy options include lowering sector, and credit market trends, according to data self-assessed net debit caps and eliminating the two- released on October 5, 2001, by three federal bank week average caps, implementing differential pricing regulatory agencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 737 The results—reported by the Board of Governors tial increase in adversely rated credits for 2001, albeit of the Federal Reserve System, the Office of the from low levels. While many established companies Comptroller of the Currency, and the Federal Deposit remain strong, a large number of start-up entities are Insurance Corporation—are based on analyses that experiencing difficulty generating sufficient cash flow were prepared in the second quarter and reflect busi- for operations and debt service and may be vulnerness and economic conditions that prevailed at that able to further deterioration in the event of a sustime. tained economic slowdown. Several key factors have adversely affected the Despite deterioration in the aggregate syndicated quality of syndicated loans over the past several loan market, improvement is noted in several indusyears, including bank underwriting and risk selection tries; the most noteworthy of which is health care. standards and economic factors. The seasoning of This sector shows signs of improvement associated many aggressively underwritten deals, particularly with realization of merger and acquisition synergies those credits booked in the latter half of the 1990s, and increased revenues, although the volume of has contributed to the increase in adversely rated adversely rated credits within this sector remains credits. relatively high. The low volume of adversely rated Deterioration has' been particularly evident for borrowers within the real estate market remained credits to leveraged and speculative-grade borrowers relatively unchanged from last year. that are facing difficulty generating sufficient cash For U.S. banks, the rapid deterioration in large flow to service their debts in the current environment. syndicated loans comes at a time when the majority It is important to note that most of the deterioration of banks have strong capital bases and earnings. in the quality of syndicated loans is already reflected While this moderates concerns, banking organizain the internal credit ratings of individual banks. tions must remain vigilant in the current environment In 2001, the SNC Program covered 10,146 credits to ensure that they promptly identify and address any totaling $2.1 trillion in loan commitments to 5,870 continuation in credit quality deterioration and adjust borrowers. Approximately one-third of the com- loan-loss allowance levels appropriately. mitments, or $769 billion, was advanced and outstanding. Classified loans totaled $117 billion, or 5.7 percent of total commitments, up from 3.2 per- INTERAGENCY PUBLIC WORKSHOP cent in 2000. At the same time, loans listed for ON GLB ACT PRIVACY NOTICES special mention rose to 3.7 percent of total commitments, from 1.9 percent in 2000. On a combined An announcement was issued on September 24, 2001, basis, special mention and classified loans represent that an interagency public workshop on Gramm- 9.4 percent of total commitments, up from 5.1 per- Leach-Bliley (GLB) Act privacy notices will be cent a year ago but well below the peak of 16 percent held on Tuesday, December 4, 2001, from 9:00 a.m. in 1991. to 5:00 p.m. at the Federal Trade Commission, Of the $2.1 trillion in total SNC commitments, 600 Pennsylvania Avenue, N.W., Room 432, Wash- 51 percent is held by U.S. banks, 41 percent is held ington, D.C. 20580. The workshop will provide a by foreign banking organizations, and nonbank firms forum to identify successful GLB Act privacy hold the remaining 8 percent. In 2001, 5.4 percent notices, discuss strategies for communicating comof U.S. bank holdings were classified, compared with plex information, and encourage industry self- 4.4 percent for foreign banking organizations and regulatory efforts and consumer and business educa- 14.5 percent for nonbank firms. tion. The workshop will bring together financial The weakening economy has had a greater impact institutions, consumer and privacy groups, experts on certain industry sectors. In particular, manufactur- on readability and consumer communication, and ing companies have experienced increased credit others to discuss the issues through moderated panel problems since the previous SNC review, especially discussions. the textile and apparel, primary and fabricated met- The GLB Act (Pub. L. No. 106-102) was signed als, and machinery and equipment subsectors. Weak- into law on November 12, 1999. The eight federal ness in the manufacturing sector was also driven by agencies (GLB agencies) co-sponsoring the workasbestos litigation associated with various large shop issued regulations implementing the privacy borrowers. provisions of the GLB Act. Consistent with the act, Problems in the information-technology sector those regulations provide consumers the opportunity, (specifically the telecommunications industry) have with certain exceptions, to prevent financial institubeen well documented and are evident in the substan- tions from disclosing consumer information to non- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 Federal Reserve Bulletin • November 2001 affiliated third parties. The regulations also require "The Federal Reserve has actively promoted ecofinancial institutions to provide privacy notices to nomic education and better public understanding of consumers. the roles of the Federal Reserve System for many The GLB agencies are the Board of Governors of years," said Alan Greenspan, Chairman of the Board the Federal Reserve System, the Commodity Futures of Governors of the Federal Reserve System. "This Trading Commission, the Department of the Trea- web site is intended to improve the information sury, the Offices of the Comptroller of the Currency resources available to educators, students, and others and of Thrift Supervision, the Federal Deposit Insur- with an interest in the Federal Reserve and how it ance Corporation, the Federal Trade Commission, the works." FED101 is designed to supplement high National Credit Union Administration, and the Secu- school and college economics and social studies rities and Exchange Commission. classes. However, the user-friendly format makes the The event is open to the public; there is no fee for site a valuable resource for all ages. attendance. Pre-registration is strongly encouraged, The site covers the Federal Reserve's history, its as seating is limited. The announcement of the work- structure, and its functions in the areas of monetary shop is posted on the Federal Trade Commission's policy, banking supervision, and financial services. web site (www.ftc.gov/glbworkshop) and will be Interactive graphics and a series of quizzes and published shortly in the Federal Register. To pre- self-tests make the site easy for visitors to learn how register, please e-mail your name and affiliation to the Federal Reserve System carries out its many glbworkshop@ftc.gov by November 16, 2001. A duties. detailed agenda and additional information on the The web site is an outgrowth of "The Fed Today," workshop will be posted on the web site before a new educational video narrated and hosted by December 4. In addition, after the workshop, a tran- Charles Osgood. script will be posted on the Federal Trade Commission's web site (http://www.ftc.gov). ENFORCEMENT ACTIONS INTERACTIVE WEB SITE FOR STUDENTS, The Federal Reserve Board announced on October 5, EDUCATORS, AND GENERAL PUBLIC 2001, the execution of an amendment to the written agreement by and among New Century Bank, Shelby The Federal Reserve Board launched on Septem- Township, Michigan, the State of Michigan Office of ber 27, 2001, a new, interactive web site developed Financial and Insurance Services, and the Federal by the economic educators of the Federal Reserve Reserve Bank of Chicago. System. This site offers students, educators, and the The Federal Reserve Board announced on Octogeneral public an introduction to the workings of the ber 5, 2001, the execution of a written agreement Federal Reserve System. by and among the AmericasBANK Corp, Towson, By logging on to www.FederalReserveEducation.org Maryland, its subsidiary bank, the AmericasBANK, and clicking on FED 101, visitors to the site can Towson, Maryland, the Federal Reserve Bank of access easy-to-understand lessons on the Federal Richmond, and the Maryland Division of Financial Reserve's role in the U.S. economy. Regulation, Baltimore, Maryland. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

739 Minutes of the Meeting of the Federal Open Market Committee Held on August 21, 2001 A meeting of the Federal Open Market Committee Messrs. Oliner and Struckmeyer, Associate Directors, was held in the offices of the Board of Governors of Division of Research and Statistics, Board of Governors the Federal Reserve System in Washington, D.C., on Tuesday, August 21, 2001, at 9:00 a.m. Mr. Helkie, Assistant Director, Division of International Finance, Board of Governors Present: Mr. Greenspan, Chairman Mr. Whitesell, Assistant Director, Division of Mr. McDonough, Vice Chairman Monetary Affairs, Board of Governors Mr. Ferguson Mr. Gramlich Mr. Hoenig Mr. Skidmore, Special Assistant to the Board, Office Mr. Kelley of Board Members, Board of Governors Mr. Meyer Ms. Minehan Mr. Kumasaka, Assistant Economist, Division of Mr. Moskow Monetary Affairs, Board of Governors Mr. Poole Ms. Low, Open Market Secretariat Assistant, Office Messrs. Jordan, McTeer, Santomero, and Stern, of Board Members, Board of Governors Alternate Members of the Federal Open Market Committee Ms. Browne, Executive Vice President, Federal Reserve Bank of Boston Messrs. Broaddus, Guynn, and Parry, Presidents of the Federal Reserve Banks of Richmond, Messrs. Eisenbeis, Lacker, Ms. Mester, Atlanta, and San Francisco respectively Messrs. Rosenblum and Sniderman, Senior Vice Presidents, Federal Reserve Banks of Mr. Kohn, Secretary and Economist Atlanta, Richmond, Philadelphia, Dallas, and Mr. Bernard, Deputy Secretary Cleveland respectively Mr. Gillum, Assistant Secretary Mr. Mattingly, General Counsel Mr. Baxter, Deputy General Counsel Ms. Hargraves and Mr. Judd, Vice Presidents, Federal Ms. Johnson, Economist Reserve Banks of New York and San Francisco Mr. Reinhart, Economist Mr. Stockton, Economist Mr. Webber, Senior Research Officer, Federal Reserve Bank of Minneapolis Ms. Cummings, Messrs. Hakkio, Howard, Hunter, Lindsey, Rasche, Slifman, and Wilcox, By unanimous vote, the minutes of the meeting of Associate Economists the Federal Open Market Committee held on Mr. Kos, Manager, System Open Market Account June 26-27, 2001, were approved. The Manager of the System Open Market Account Ms. Smith, Assistant to the Board, Office of Board reported on recent developments relating to foreign Members, Board of Governors exchange markets. There were no open market operations in foreign currencies for the System's account Mr. Ettin, Deputy Director, Division of Research and Statistics, Board of Governors in the period since the previous meeting. The Manager also reported on developments in Mr. Madigan, Deputy Director, Division of Monetary domestic financial markets and on System open Affairs, Board of Governors market transactions in U.S. government securities and securities issued or fully guaranteed by federal Mr. Simpson, Senior Adviser, Division of Research and Statistics, Board of Governors agencies during the period June 27, 2001, through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 Federal Reserve Bulletin • November 2001 August 20, 2001. By unanimous vote, the Committee of existing homes edged down but remained only ratified these transactions. slightly below their historical peak. The Committee then turned to a discussion of the Business spending on equipment and software economic and financial outlook and the implementa- declined substantially in the second quarter after falltion of monetary policy over the intermeeting period ing somewhat in the preceding two quarters. The ahead. A summary of the economic and financial weakness stemmed from sluggish growth in business information available at the time of the meeting and sales, significantly reduced corporate cash flows, and of the Committee's discussion is provided below. continued uncertainty about prospects for future sales The information reviewed at this meeting sug- and earnings. Shipments of nondefense capital goods gested that economic activity exhibited little, if declined in June after a modest increase in May, but any, upward movement in midsummer. Increases in for the second quarter as a whole they contracted household expenditures on consumer items and hous- at more than twice the first-quarter pace. Moreover, ing appeared to have been relatively well maintained, orders data for June were extraordinarily weak, led but business capital expenditures had weakened by a steep decline in communications equipment. substantially since early in the year. Efforts to reduce Those data, as well as numerous anecdotal reports, inventories were continuing, and manufacturing suggested further weakness in spending for equipactivity had decreased further. Employment had ment and software going forward. Nonresidential declined over recent months. With energy prices hav- construction, which had held up well in the first ing turned down, overall consumer price inflation quarter, was down substantially in the second quarter, had eased slightly in recent months, while core mea- as spending for office, industrial, and lodging facilisures of consumer prices showed mixed changes on ties contracted sharply. Vacancy rates, particularly in a twelve-month basis. Measures of labor costs had high-tech centers, had increased significantly in decelerated on balance. recent months, as demand for office space and data centers plunged. In contrast, expenditures for drilling Private nonfarm payroll employment, after declinand mining equipment soared further in the second ing appreciably during the second quarter, fell further quarter. in July, led by additional job losses in manufacturing and help-supply services. Labor demand remained Business inventory liquidation was sizable in the weak in other sectors, with employment in most second quarter, at a pace estimated to be a bit more industries flat to down. The unemployment rate edged rapid than in the first quarter. Manufacturing stocks, up to 4.5 percent in June and remained at that level particularly of computers and electronic products, in July. Although initial claims for unemploy- were reduced substantially; however, shipments of ment insurance had declined in recent weeks, on those products also plunged and the inventory-sales balance data suggested persisting softening in the ratio in the computer and electronics sector rose labor market. further from an already high level. Elsewhere in Industrial production edged lower in July after manufacturing, the ratio of stocks to sales held steady, larger drops in each of the previous three months. with stocks remaining high in a number of manufac- Motor vehicle assemblies rose markedly, but produc- turing industries despite aggressive production cuttion of high-tech equipment continued to plummet, backs. Inventories rose in the wholesale sector and, registering its largest one-month decline in more than given sluggish sales of late, the ratio of inventories to a decade. Outside those two industries, manufactur- sales moved sharply higher in the second quarter. ing production either moved sideways or fell slightly. Stocks in the automobile sector declined over the The rate of utilization of manufacturing capacity was quarter and moved lower in July. Retail inventories, little changed in July and remained well below its excluding motor vehicles, fell moderately and the long-run average. sector's inventory-sales ratio edged lower. Growth in consumer spending slowed somewhat in The U.S. trade deficit in goods and services narthe second quarter, but except for automotive dealers, rowed over the May-June period and was about retailers reported sizable gains in July. Consumer $20 billion smaller at an annual rate in the second confidence appeared to have stabilized at moderately quarter than in the first. The value of imports dropped favorable levels in recent months. Supported by sharply in the second quarter. The value of exports low mortgage rates, residential building activity had also decreased significantly, with most of the decline held up well this year. In July, single-family starts in capital goods, primarily computers and semiconincreased slightly from a strong pace in the first and ductors. Recent information on foreign industrial second quarters, though permits fell marginally. Sales economies suggested that growth weakened further of new homes rose in June (latest data), and sales in the second quarter. The Japanese economy con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Minutes of the Federal Open Market Committee 741 tracted in the quarter, and growth in the euro area on equity markets, however, and broad stock market appeared to have weakened substantially. Among the indexes moved down appreciably over the intermeetdeveloping countries, economic and financial condi- ing interval. tions had deteriorated further in Argentina. In most The trade-weighted value of the dollar, after an other developing countries, the pace of economic extended period of strength, fell against most major growth continued to decline. foreign currencies, with much of the decline occur- Consumer price inflation had eased in recent ring in the days just before this meeting. The decline months, as energy prices turned down and increases was particularly marked against the yen, the euro, in core consumer prices subsided after a pickup early and the Swiss franc. In contrast, the dollar was little in the year. The core consumer price index (CPI) rose changed against the currencies of some major trading in July at about the same pace as in the second partners, including Canada and Mexico. quarter, but the twelve-month change in that index Growth in the broad monetary aggregates remained had increased slightly. However, revised data indi- strong in July but was below the average pace over cated that the core personal consumption expenditure the first half of the year. Despite some recent slowing, (PCE) chain index had decelerated on a year-over- deposit growth was held up by a flight to liquidity year basis. At the producer level, prices fell in July, and safety in light of the poor performance and leaving the twelve-month change in the producer substantial volatility in equity markets. Foreign price index for finished goods somewhat below the demands for U.S. currency also boosted money twelve-month change of a year earlier. With regard growth in July. to labor costs, the employment cost index (ECI) The staff forecast prepared for this meeting sugincreased at a somewhat slower pace in the twelve gested that, after a period of very slow growth associmonths ended in June than over the preceding twelve ated in large part with very weak business fixed months. investment and to some extent with an inventory At its meeting on June 26-27, 2001, the Commit- correction, the economic expansion would gradually tee adopted a directive that called for maintaining regain strength over the forecast horizon and move conditions in reserve markets consistent with a back to a rate around the staff's current estimate of decrease of 25 basis points in the intended level of the growth of the economy's potential output. The the federal funds rate, to about VA percent. This period of sub-par expansion was expected to foster action was deemed appropriate in light of incoming an appreciable easing of pressures on resources and information indicating somewhat weaker economic some moderation in core price inflation. Although performance than most members had anticipated and substantial monetary easing had already been implethe absence of firm evidence that the deceleration in mented and fiscal stimulus was in train, the forecast the economic expansion had run its course or that anticipated that the expansion of domestic final output growth was about to rebound. With greater demand would continue to be held back by the effects slack in labor and product markets and with inflation on household net worth of recent and possible future expectations contained, the members agreed that the declines in stock market prices and by damped conbalance of risks continued to be weighted toward sumer and business sentiment in a weaker job marconditions that could generate economic weakness in ket. With long-term trends in innovation holding up the foreseeable future. reasonably well, business fixed investment, notably Federal funds traded at rates near the Committee's outlays for equipment and software, likely would reduced target level over the intermeeting period, and return to relatively robust growth after a period of other short-term rates also fell. Market participants adjustment of capital stocks to more desirable levels, became less optimistic regarding the economic out- and a projected pickup in foreign economies was look over the intermeeting period, inducing wide- seen as providing some support for U.S. exports. spread declines in longer-term Treasury yields over In the Committee's discussion of current and prothe period that were most pronounced at the shorter spective economic developments, many of the memend of the coupon maturity spectrum. Except for the bers commented that the anticipated strengthening obligations of the most troubled sectors, declines in in economic expansion had not yet occurred and, investment-grade corporate bond yields were about indeed, that the economy and near-term economic in line with those on Treasury issues of comparable prospects appeared to have deteriorated marginally maturity, leaving most risk spreads little changed on further in the period since the previous meeting. balance. A spate of weak second-quarter earnings Several members referred to a number of recently reports and sizable reductions in analysts' earnings available economic indicators that in their view sugprojections for the remainder of the year took a toll gested the possibility that the string of disappointing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 Federal Reserve Bulletin • November 2001 readings on the economy might be about to end, but source of fairly significant amounts of consumer purthose indicators were insufficiently robust and too chasing power in the economy. Looking ahead, memrecent to provide conclusive evidence of emerging bers expressed some concern about how long the stabilization, much less that some overall strengthen- household sector would continue to prop up the econing might be under way. Among other things, the omy in the absence of an upturn in business expendieconomy was still adjusting to downward revisions to tures. While accommodative financial conditions and expected earnings and to perceptions of greater risk reduced income tax rates should continue to underand associated declines in wealth. In sum, the timing gird consumer spending and the data on retail sales of the pickup in the growth of the economy had again for July displayed relatively impressive gains, negabeen pushed back. Even so, the prospects for an tive wealth effects from falling stock market prices, upswing over coming quarters remained favorable declining payrolls, and sluggish income gains— against the backdrop of the lagged effects of substan- should they persist—might well depress consumer tial monetary policy easing already implemented this expenditures over coming months. In this regard, year, the recent passage and initial implementation of some recent anecdotal reports pointed to weaker stimulative fiscal policy measures, the progress busi- retail sales, importantly including motor vehicles. nesses had already achieved toward completing There also were some recent indications of declining inventory adjustments, and the underlying support for consumer confidence, and many retailers had become business investments from continued technological less optimistic about the outlook for sales over the innovations. Nonetheless, the members recognized balance of the year. that the recovery in business fixed investment, the Homebuilding generally had remained robust in major source of weakness in the economy, was likely recent months, as relatively low mortgage interest to follow a more extended period of adjustment than rates continued to offset weakness in employment had been anticipated in their earlier forecasts. With and incomes and the negative effects of declining regard to the outlook for inflation, members reported stock market wealth. Most regions continued to on widespread indications of some slackening in report strong housing markets, albeit with evidence what were still generally tight labor markets and also of some weakening in sales of high-priced homes in a noted that capacity utilization rates had declined sub- number of areas. For now, however, there were few stantially in many industries. The reduced pressures signs that overall housing activity might be softening, on resources along with expectations of some further though members noted that potentially bearish facdeclines in energy prices were seen by many mem- tors relating to the outlook for consumer spending bers as likely to foster a modest deceleration in many might at some point also affect housing. measures of wages and prices. With household spending already elevated relative Statistical evidence of an ongoing, though gradual, to income and its rate of increase unlikely to worsening in overall business conditions was sup- strengthen materially, if at all, under foreseeable nearported by anecdotal reports from around the nation. term economic conditions, the anticipated upturn in Weakness continued to be concentrated in manufac- overall economic expansion would depend critically turing, notably in the high-tech sector and in high- on business investment spending and in turn on tech service industries. Indications that the softening improved prospects for business profits and cash was spreading more generally were still fairly lim- flows. Business capital expenditures appeared to be ited as suggested by employment data and anecdotal slowing sharply further after posting large declines reports. At the same time, members cited some still earlier in the year in conjunction with the marking quite tentative signs that declines in manufacturing down of the expected growth of demand for and had slowed or that activity had steadied in some profitability of capital equipment, weak sales, the depressed industries. emergence of substantial excess capacity in many In their review of developments in key sectors industries, notably in high-tech facilities, and the of the economy, members again emphasized the resulting decline in earnings. Market forecasts of ongoing strength in household spending and its vital business profits were progressively being reduced, role in moderating the weakness in overall economic and as a consequence members saw little likelihood activity. Tax rebates, declining energy prices, and of a marked turnaround in business capital investwidespread discounting of retail prices were cited as ment over the months ahead despite some elements positive factors in support of consumer spending on of strength such as sizable construction projects a wide range of goods and services. In addition, involving public utilities, energy, and, in some areas, increasingly persuasive evidence indicated that real- public works. Indeed, history strongly suggested that ized capital gains from the sale of homes were a capital spending might well fall below sustainable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Minutes of the Federal Open Market Committee 743 levels for a time as business firms over adjusted on supply. On balance, however, upward pressures on the downside to previously excessive or misdirected labor compensation appeared to be easing somewhat buildups of capital resources. While the near-term despite large increases in the costs of medical care. outlook for business investment was not promising Competitive pressures continued to make it very diffiand considerable uncertainty surrounded the timing cult for business firms to raise their prices, and there of the eventual upturn, members remained optimistic were no signs that widespread discounting might be about the longer-term prospects for capital expendi- coming to an end. An apparent downtrend in the tures. In the context of a still favorable outlook for costs of energy was another favorable factor in the continued elevated rates of technological progress, outlook for inflation. Some members expressed a business firms reportedly had not yet exploited many degree of concern, however, about the longer-term potentially profitable investment opportunities. outlook for inflation. Pressures on resources would The persistence of substantial inventory liquidation rise as the anticipated upturn and possible abovewas another negative factor in the current perfor- trend growth brought the economy closer to full mance of the economy. While considerable progress capacity utilization. An important uncertainty in this reportedly had been made by numerous business regard was the outlook for productivity, whose firms in reducing their inventories to bring them growth might have moderated from the unusually into better alignment with sales, a rebound to inven- high growth rates of 1999 and 2000, with possibly tory accumulation did not appear imminent for the adverse implications for labor costs at very low levels economy as a whole. Unexpected weakness in final of unemployment. demands would, of course, lead to additional efforts In the Committee's discussion of policy for the to pare inventories, which would tend to damp and intermeeting period ahead, all the members endorsed delay the rebound. Even so, leaner inventories had a proposal calling for a slight further easing in favorable implications for production going forward. reserve conditions consistent with a 25 basis point Fiscal policy developments were a supportive fac- reduction in the federal funds rate to a level of tor in the economy. The tax rebates currently being 3'/ percent. No member expressed a preference for 2 distributed undoubtedly were having a limited but leaving policy unchanged or easing by more than positive effect on consumers, which likely would 25 basis points. The economy had continued to be continue over coming months. The impetus could not weak—indeed, weaker than many had expected— be measured precisely, but it was reflected in avail- and data and anecdotal reports from around the counable anecdotal reports. Moreover, the reductions in try had yet to point to persuasive signs of a turnincome tax rates would have an ongoing effect in around. The monetary and fiscal policy stimulus boosting disposable household incomes. On the nega- already in train seemed adequate to promote and tive side, financial difficulties in a number of states support an eventual appreciable rise in the growth of were being met in part through higher taxes that business activity to a pace near that of the economy's implied at least some offset to the federal tax relief. potential, but the strength and timing of the pickup Many of the members expressed concern about remained uncertain and further weakness was a diswhat appeared to be cumulating weakness in numer- tinct threat in the nearer term. In particular, possible ous foreign economies that would feed back to the faltering in household expenditures at a time when U.S. economy through reduced demand for U.S. business firms were still adjusting to inventory imbalexports and potentially through perceptions of greater ances and to capital overinvestments would exacerrisks in financial markets. A number of major indus- bate the slowdown in the economy and delay its trial economies were growing more slowly than had anticipated recovery. Growing concerns about forbeen expected earlier in the summer. Moreover, eign economies added to the current unease about severe economic and financial problems in a few potential near-term developments. developing nations could spill over to their trading Against the considerable forces of restraint on partners and other similarly situated countries that aggregate demand, the federal funds rate had been could in turn have adverse repercussions more gener- lowered substantially and the monetary aggregates ally on the world economy. were growing rapidly, but some members noted that The members generally viewed a modest decline in in a number of respects financial conditions did not inflation as a reasonable prospect, at least for a while. indicate as much oncoming stimulus. Since the start Reports from around the nation indicated that labor of the year, long-term interest rates generally had not market conditions had eased, though they remained extended earlier declines, prices in equity markets generally tight and workers available to fill a variety had fallen substantially further, and the dollar had of skilled job openings continued to be in short appreciated in foreign exchange markets. Accord- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 Federal Reserve Bulletin • November 2001 ingly, the inflation risks of some further monetary The meeting adjourned at 12:40 p.m. stimulus seemed limited and were outweighed by the need to lean against actual and potential shortfalls in demand and business activity. RECIPROCAL CURRENCY ARRANGEMENTS The members recognized that in light of the lags in the effects of policy, the easing process probably Following the terrorist attacks on September 11, would have to be terminated before available mea- 2001, the Committee established or enlarged reciprosures of economic activity provided clear evidence of cal currency (swap) arrangements with the European a substantial strengthening trend. In the view of some Central Bank, the Bank of Canada, and the Bank of members, this point might come relatively soon. England. The purpose of these arrangements was to Beyond the nearer term members also envisaged the facilitate the functioning of U.S. financial markets by desirability of moving preemptively to offset some of providing as necessary through the foreign central the extra monetary stimulus now in the economy in banks the liquidity in dollars needed by European, advance of inflation pressures beginning to build. Canadian, and British banks whose U.S. operations The members were fully prepared to act on a timely had been disrupted by the disturbances in the United basis, but several emphasized the recognition lags States. These central bank arrangements would mathat would be involved in stopping and subsequently ture in thirty days unless extended by the Committee. beginning to reverse the policy easing. Except for an initial drawing of up to $12 billion Given their views about the risks to the economy, by the European Central Bank on September 13, notably over the nearer term, all the members sup- individual drawings were subject to approval by the ported the retention of the sentence in the press Foreign Currency Subcommittee of the Federal Open statement indicating that the risks continued to be Market Committee. Under the agreements, dollars weighted toward further weakness in the foreseeable would be made available in the form of deposits at future. the Federal Reserve Bank of New York in exchange At the conclusion of this discussion, the Commit- for deposits in the counterparty central banks of an tee voted to authorize and direct the Federal Reserve equivalent amount of their currencies. The individual Bank of New York, until it was instructed other- actions and votes were as follows: wise, to execute transactions in the System Account in accordance with the following domestic policy On September 12, 2001, available members of the Comdirective: mittee voted unanimously to establish a $50 billion swap line with the European Central Bank with a maturity of thirty days unless renewed. The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and Votes for this action: Messrs. Greenspan, Ferguson, promote sustainable growth in output. To further its Gramlich, Hoenig, Ms. Minehan, Messrs. Moskow, long-run objectives, the Committee in the immediate Poole, and Stewart. Absent and not voting: Messrs. future seeks conditions in reserve markets consistent with Kelley and Meyer. Mr. Stewart voted as alternate for reducing the federal funds rate to an average of around Mr. McDonough. 3 '/2 percent. On September 13, 2001, available members of the Com- The vote encompassed approval of the sentence mittee voted unanimously to increase the System's swap below for inclusion in the press statement to be line with the Bank of Canada from $2 billion to $10 bilreleased shortly after the meeting: lion, with the added facility to mature in thirty days unless renewed. Against the background of its long-run goals of price Votes for this action: Messrs. Greenspan, McDonough, stability and sustainable economic growth and of the infor- Ferguson, Gramlich, Hoenig, Kelley, Ms. Minehan, mation currently available, the Committee believes that the Messrs. Moskow and Poole. Absent and not voting: risks continue to be weighted mainly toward conditions Mr. Meyer. that may generate economic weakness in the foreseeable future. On September 14, 2001, available members of the Committee voted unanimously to establish a $30 billion swap Votes for this action: Messrs. Greenspan, McDonough, line with the Bank of England, with a maturity of thirty Ferguson, Gramlich, Hoenig, Kelley, Meyer, Ms. Minedays unless renewed. han, Messrs. Moskow and Poole. Votes against this action: None. Votes for this action: Messrs. Greenspan, McDonough, Ferguson, Hoenig, Kelley, Ms. Minehan, Messrs. It was agreed that the next meeting of the Commit- Moskow and Poole. Absent and not voting: Messrs. tee would be held on Tuesday, October 2, 2001. Gramlich and Meyer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Minutes of the Federal Open Market Committee 745 INTERMEETING POLICY ACTION Discontinuation of "Minutes of the On September 13, 2001, the Committee met by tele- Federal Open Market Committee" phone conference to assess economic and financial in the Federal Reserve Bulletin developments stemming from the terrorist attacks on September 11 and the possible need for a monetary "Minutes of the Federal Open Market Committee" will policy response. Banking and other financial market not be reprinted in the Federal Reserve Bulletin after conditions, notably in New York City but also around the December 2001 issue. When the minutes are the nation, were discussed in some detail as well as released to the public, they are simultaneously placed on the Board's web site (www.federalreserve.gov/fomc/ the outlook for reopening the stock exchanges. While default.htm), which also has minutes back to 1996; the ongoing reactions to the recent tragedy were they are also reprinted in the Board's Annual Report undoubtedly a negative factor in the economic out- (w ww .federalreserve. go v/boarddocs/RptCongress/). look, the members agreed that financial markets were Paper copies of the minutes are also available by mail still too disrupted and the economic outlook too from Publications Services, Mail Stop 127, Board of uncertain to provide an adequate basis for a policy Governors of the Federal Reserve System, Washingmove at this time. However, the members contem- ton, DC 20551 (tel. 202-452-3244). plated the need for some policy easing in the very near future. In the interim, the System would continue to stand ready to provide whatever liquidity Other reprints will also be eliminated from the Bulletin might be needed to counter unusual strains and help after December 2001: the monthly report on industrial ensure the effective functioning of the banking sys- production and capacity utilization, congressional testitem and restore more normal conditions in financial mony, the quarterly report "Treasury and Federal Reserve Foreign Exchange Operations" and the annual report markets. "Open Market Operations," both by the Federal Reserve Subsequently, on September 17, 2001, the Com- Bank of New York (the text portion of "Open Market mittee members voted unanimously to ease reserve Operations" will be reprinted in the Board's Annual conditions appreciably further, consistent with a Report rather than in the Bulletin). The documents are reduction in the federal funds rate of 50 basis points widely distributed when originally published, and several to a level of 3 percent. This policy action was associ- sources for historical information are available. ated with the approval by the Board of Governors of a reduction of equal size in the discount rate to a level of V/i percent. These actions were taken against the the financial system. The Committee's vote encombackdrop of heightened concerns and uncertainty cre- passed the retention of a statement in its press release ated by the recent terrorist attacks and their poten- indicating that the balance of risks remained weighted tially adverse effects on asset prices and the perfor- toward weakness for the foreseeable future. mance of the economy. In conjunction with these policy moves, the Federal Reserve would continue Votes for this action: Messrs. Greenspan, McDonough, Ferguson, Gramlich, Hoenig, Kelley, Meyer, Ms. Mineto supply, as needed, an atypically large volume of han, Messrs. Moskow and Poole. Votes against this liquidity to the financial system. As a consequence, action: None. the Committee recognized that the federal funds rate might fall below its target on occasion until more Donald L. Kohn normal conditions were restored in the functioning of Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

747 Legal Developments FINAL RULE—AMENDMENT TO REGULATION A Order Approving the Formation of a Bank Holding Company and the Acquisition of a Bank The Board of Governors is amending 12 C.F.R. Part 201, its Regulation A (Extensions of Credit by Federal Reserve Native American Bancorporation Co. ("Bancorporation") Banks; Change in Discount Rate), to reflect its approval of has requested the Board's approval under section 3(a)(1) of a decrease in the basic discount rate at each Federal Re- the Bank Holding Company Act ("BHC Act")(12 U.S.C. serve Bank. The Board acted on requests submitted by the § 1842(a)(1)) to become a bank holding company by Boards of Directors of the twelve Federal Reserve Banks. acquiring all the voting shares of Blackfeet National Bank, Effective September 17, 2001, 12 C.F.R. Part 201 is Browning, Montana ("Blackfeet Bank").1 Bancorporation amended as follows: also has requested the Board's approval under sections 4(c)(8) and 4(j) of the BHC Act (12 U.S.C. §§ 1843(c)(8) Part 201—Extensions of Credit by Federal Reserve and 1843(j)) and section 225.24 of the Board's Regulation Banks (Regulation A) Y (12 C.F.R. 225.24) to retain control of Native American Community Development Corporation ("Native American 1. The authority citation for 12 C.F.R. Part 201 continues CDC"), which is a nonprofit corporation established by to read as follows: Bancorporation to engage in community and economic development activities on tribal reservations. Authority: 12 U.S.C. 343 et seq., 347a, 347b, 347c, 347d, Notice of the proposal, affording interested persons an 348 et seq., 357, 374, 374a and 461. opportunity to comment, has been published (66 Federal Register 9,705 and 12,797 (2001)). The time for filing 2. Section 201.51 is revised to read as follows: comments has expired, and the Board has considered all the comments received on the application and notice in light of the factors enumerated in sections 3 and 4 of the Section 201.51—Adjustment credit for depository BHC Act. institutions. Considerations Relating to Competition and Convenience The rates for adjustment credit provided to depository and Needs institutions under section 201.3(a) are: Section 3 of the BHC Act prohibits the Board from approving a proposal that would result in a monopoly or would be Federal Reserve Bank Rate Effective in furtherance of any attempt to monopolize the business of Boston 2.5 September 17, 2001 banking in any relevant banking market. The BHC Act also New York 2.5 September 17, 2001 prohibits the Board from approving a proposed bank acqui- Philadelphia 2.5 September 17, 2001 Cleveland 2.5 September 17, 2001 sition that would substantially lessen competition in any Richmond 2.5 September 17, 2001 relevant banking market, unless the Board finds that the Atlanta 2.5 September 17, 2001 Chicago 2.5 September 17, 2001 anticompetitive effects of the proposal clearly are out- St. Louis 2.5 September 18, 2001 weighed in the public interest by the probable effect of the Minneapolis 2.5 September 17, 2001 Kansas City 2.5 September 17, 2001 proposal in meeting the convenience and needs of the S D a a n l la F s r ancisco 2 2 . . 5 5 S S e e p p t t e e m m b b e e r r 1 1 7 7 , , 2 2 0 0 0 0 1 1 community to be served.2 Bancorporation is a newly organized corporation that currently does not control any depository institutions and has been formed for the purpose of acquiring Blackfeet Bank and establishing Native American CDC. Blackfeet ORDERS ISSUED UNDER BANK HOLDING COMPANY ACT 1. Bancorporation proposes to merge Blackfeet Bank with Native Orders Issued Under Sections 3 and 4 of the Bank American Interim Bank, National Association, which Bancorporation Holding Company Act would establish solely to facilitate the acquisition. The consolidated Bank would operate under Blackfeet Bank's current charter, would be renamed Native American National Bank, and would continue to have Native American Bancorporation Co. its headquarters in Browning. Denver, Colorado 2. 12 U.S.C. § 1842(c)(1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 Federal Reserve Bulletin • November 2001 Bank is the 70th largest depository institution in Montana,3 Bancorporation's operating plan and the proposed managecontrolling $16.4 million in deposits.4 Bancorporation has ment of Bancorporation and Blackfeet Bank. In addition, indicated that it intends to expand the scope of Blackfeet the Board has taken into account Bancorporation's finan- Bank's operations to banking markets in other states. The cial resources, including its capital levels and ability to Board has reviewed carefully all the facts of record and has serve as a source of strength to Blackfeet Bank. Bancorpoconcluded that consummation of the proposal likely would ration's plan to provide Blackfeet Bank with new capital is not have a significantly adverse effect on competition or on particularly significant. The Board also has reviewed confithe concentration of banking resources in any relevant dential supervisory and examination information on Blackbanking market. Accordingly, the Board has determined feet Bank and publicly reported financial and other inforthat competitive factors are consistent with approval of the mation on the bank and Bancorporation.9 Moreover, the proposal. Board has consulted with the OCC concerning the financial Section 3 of the BHC Act also requires the Board to and managerial resources and operating plan of Blackfeet consider the effect of the transaction on the convenience Bank, particularly regarding Bancorporation's proposal to and needs of the community to be served.5 In evaluating offer additional banking products and services over a this factor, the Board places particular emphasis on the broader area. ratings the banks involved in a proposal received at their The Board also has considered that at least 13 Native most recent examinations under the Community Reinvest- American tribes and two Alaska Native Corporations (colment Act (12 U.S.C. § 2901 et seq.) ("CRA"). Blackfeet lectively the "Tribal Shareholders") would own all the Bank received an outstanding CRA rating from its primary voting shares of Bancorporation.10 To ensure that the Tribal federal supervisor, the Office of the Comptroller of the Shareholders' status as domestic sovereigns would not Currency ("OCC"), as of May 10, 1999. In addition, impede the ability of the federal banking agencies to super- Blackfeet Bank qualifies as a community development vise and enforce the banking laws against any entity refinancial institution ("CDFI") under applicable federal lated to Bancorporation, each Tribal Shareholder has acbanking law,6 and Bancorporation proposes either to retain knowledged that its interest in and relationships with Blackfeet Bank's CDFI status or request that the OCC Bancorporation would be subject to federal banking laws; designate the bank as a national bank with a community acknowledged that the federal banking agencies have audevelopment focus.7 Bancorporation also has stated that it intends to retain Blackfeet Bank's current community development initia- 9. The Board has considered an allegation that the members of the Blackfeet Tribe were misled into providing funds to establish Blacktives and retail banking activities in the Browning commufeet Bank on the basis that the tribe would control the bank, when nity and to expand the bank's products and services to persons who are not Native Americans allegedly control Blackfeet respond to the needs of Native American tribes and tribal Bank. Concern also was expressed that the Blackfeet Tribe could not businesses nationwide. Bancorporation does not, however, sell its interest in Blackfeet Bank without the consent of a majority of intend to focus on tribes and tribal affiliates exclusively and the members of the Blackfeet Tribe, and that the Blackfeet name could not be used in the bank's title after the proposed acquisition has developed a CRA plan designed to ensure that the bank because the Blackfeet Tribe would not wholly own the bank. The advertises and provides products and services to all demo- Board also considered an assertion that the proposed transaction was graphic groups and communities in its proposed assess- motivated by the intention of Bancorporation's organizers to manage ment areas. trust monies that might be owned to the investor tribes by the Bureau of Indian Affairs. The Board has considered these claims to the extent After reviewing all the information submitted by Bancorthey relate to the specific statutory factors the Board must review in poration related to the convenience and needs factor and connection with a bank holding company application. The Board based on all the facts of record, the Board concludes that previously has noted, and the courts have held, that the Board's considerations relating to convenience and needs are con- limited jurisdiction to review applications and notices under the BHC sistent with approval. Act does not authorize it to adjudicate disputes involving an applicant that do not arise under laws it administers and enforces. See Deutsche Bank AG, 85 Federal Reserve Bulletin 509 (1999); see also Western Financial, Managerial, and Other Supervisory Factors Bancshares, Inc. v. Board of Governors, 480 F.2d 749 (10th Cir., 1973). Section 3 of the BHC Act requires the Board to consider Counsel for the Blackfeet Tribe has confirmed that the Blackfeet Tribe owns 94 percent of the shares of Blackfeet Bank through its the financial and managerial resources and future prospects governing body. Counsel further has represented that consent of the of the companies and banks involved in a bank acquisition Blackfeet Tribal government, as controlling shareholder of Blackfeet proposal.8 As part of this analysis, the Board has reviewed Bank, is sufficient to authorize the proposed exchange of shares of the bank for shares of Bancorporation and that approval of a majority of tribal members is not required. As noted above, Bancorporation 3. In this context, the term "depository institution" includes com- intends to rename the bank as Native American National Bank after mercial banks, savings banks, and savings associations. consummating the proposed acquisition, and the primary purpose of 4. The deposit and ranking data are as of June 30, 2000, and have the proposed acquisition is to enable Blackfeet Bank to expand its been adjusted to reflect mergers and acquisitions consummated since lending and community development activities for Native American that time. tribes and their affiliates nationwide. 5. 12 U.S.C. § 1842(c)(2). 10. Currently, two bank holding companies are wholly owned by 6. See 12 U.S.C. § 4701 et seq. Native American tribes. See Bay Bancorporation, 81 Federal Reserve l.See 12 C.F.R. 24.6(a)(7). Bulletin 791 (1995); Mille Lacs Bancorporation, 82 Federal Reserve 8. 12 U.S.C. § 1842(c)(2). Bulletin 336 (1996). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 749 thority to enforce compliance with these laws by the Tribal banking practices."14 As part of its evaluation of these Shareholder, Bancorporation, and Bank; and committed to factors, the Board considers the financial condition and comply with the federal banking laws. In addition, Bancor- managerial resources of the notificant, its subsidiaries, and poration has made certain commitments designed to ensure the companies to be acquired, and the elfect of the prothat the federal banking agencies expeditiously can exam- posed transaction on those resources. For the reasons disine Blackfeet Bank, which is on a Native American Reser- cussed above and based on all the facts of record, the vation, and its affiliates and enforce compliance by those Board has concluded that financial and managerial considcompanies with the federal banking laws." erations are consistent with approval of the notice. After considering all the facts of record, the Board Bancorporation indicates that there are many unique concludes that the financial and managerial resources and financial needs in Indian country, especially in the areas of future prospects of Bancorporation and Blackfeet Bank are affordable housing, small business development, and proconsistent with approval, as are other supervisory factors ductive use of Indian lands that are held in trust. Bancorpothe Board is required to consider under section 3 of the ration further indicates that Native American CDC, by BHC Act. devoting resources to these issues on a nonprofit basis, would have the flexibility to develop programs to meet Nonbanking Activities various needs throughout Indian country that currently are unmet by traditional, for-profit lenders. Bancorporation also has filed notice under sections 4(c)(8) The Board has concluded that Bancorporation's control and 4(j) of the BHC Act to retain its interest in Native of Native American CDC within the framework of Regula- American CDC and thereby engage in the activity of tion Y, Board precedent, and the commitments and acmaking investments designed primarily to promote com- knowledgments made by Bancorporation, its shareholders, munity welfare and providing advisory and related services and Bank is not likely to result in any significantly adverse to support Native American CDC's community develop- effects, such as undue concentration of resources, dement programs.12 Bancorporation would engage through creased or unfair competition, conflicts of interests, or Native American CDC in a number of community develop- unsound banking practices, that would outweigh the public ment activities, such as assisting tribes and Indian Housing benefits of the proposal, such as increased customer access Authorities with financing low-income mortgages; estab- to banking products and services and gains in efficiency. lishing loan programs designed to provide Native- Accordingly, based on all the facts of record the Board has American small businesses, ranchers, and farmers with determined that the balance of public benefits the Board better access to credit; improving access to retail banking must consider under section 4(j) of the BHC Act is favorservices in Reservation areas not currently served by bank able and consistent with approval of the notice. branches; assisting tribes with the implementation of financial literacy programs for their members; and researching Conclusion and advising tribes about how to manage Indian lands more efficiently in order to promote greater economic Based on the foregoing and after considering all the facts development in Indian country. The Board has determined of record, the Board has determined that the application by regulation that making equity and debt investments in and notice should be, and hereby are, approved. In reachcorporations or projects designed primarily to promote ing its conclusion, the Board has considered all the facts of community welfare and providing advisory and related record in light of the factors that it is required to consider services for programs designed primarily to promote com- under the BHC Act and other applicable statutes. The munity welfare are permissible activities for a bank hold- Board's approval is specifically conditioned on compliance ing company.13 by Bancorporation and each Tribal Shareholder with all the In order to approve the notice filed by Bancorporation to commitments and representations made in connection with retain Native American CDC, the Board is required by the application and notices, including the commitments section 4(j)(2)(A) of the BHC Act to determine that the described in this order, and the conditions set forth in this acquisition "can reasonably be expected to produce bene- order and the above-noted Board regulations and orders. fits to the public . .. that outweigh possible adverse ef- The Board's approval of the nonbanking aspects of the fects, such as undue concentration of resources, decreased proposal also is subject to all the conditions set forth in or unfair competition, conflicts of interests, or unsound Regulation Y, including those in sections 225.7 and 225.25(c) of Regulation Y (12 C.F.R. 225.7 and 225.25(c)), and the Board's authority to require such modification or termination of the activities of a bank holding company or 11. For example, Bancorporation has agreed to keep copies of all any of its subsidiaries as the Board finds necessary to bank records at Bancorporation's headquarters in Denver (or another location acceptable to the Board and the OCC) and has committed to ensure compliance with, and to prevent evasion of, the monitor ownership of its shares to ensure that no shares are transferred provisions of the BHC Act and the Board's regulations and or voted in a manner that is inconsistent with federal banking laws. orders issued thereunder. These commitments and condi- 12. Native American CDC is a nonprofit corporation that is partially funded by Bancorporation, which also selects the corporation's board of directors. 13. 12 C.F.R. 225.28(b)(12). 14. 12 U.S.C. § 1843(j)(2)(A). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 Federal Reserve Bulletin • November 2001 tions are deemed to be conditions imposed in writing by the United States. Bank would be a qualifying foreign the Board in connection with its findings and decision and, banking organization within the meaning of Regulation K as such, may be enforced in proceedings under applicable (12 C.F.R. 211.23(b)). law. The proposed branch would obtain funding and provide The acquisition of Blackfeet Bank may not be consum- access to US. dollar-denominated assets for the Abbey mated before the fifteenth calendar day after the effective National Group. date of this order, and the proposal may not be consum- In order to approve an application by a foreign bank to mated later than three months after the effective date of this establish a branch in the United States, the IBA and Reguorder, unless such period is extended for good cause by the lation K require the Board to determine that the foreign Board or by the Federal Reserve Bank of Minneapolis, bank applicant engages directly in the business of banking acting pursuant to delegated authority. outside of the United States, and has furnished to the Board By order of the Board of Governors, effective Septem- the information it needs to assess the application adeber 28, 2001. quately. The Board also shall take into account whether the foreign bank and any foreign bank parent is subject to Voting for the action: Chairman Greenspan, Vice Chairman Fergu- comprehensive supervision or regulation on a consolidated son, and Governors Kelley, Meyer, and Gramlich. basis by their home country supervisor (12 U.S.C. § 3105(d)(2); 12 C.F.R. 211.24).2 The Board may also take ROBERT DEV. FRIERSON into account additional standards as set forth in the IBA Deputy Secretary of the Board and Regulation K (12 U.S.C. § 3105(d)(3)-(4); 12 C.F.R. 211.24(c) (2)-(3)). As noted above, Bank and Abbey National engage di- ORDERS ISSUED UNDER INTERNATIONAL BANKING rectly in the business of banking outside the United States. ACT Bank also has provided the Board with information necessary to assess the application through submissions that Abbey National Treasury Services pic address the relevant issues. With respect to supervision by London, England home country authorities, the Board previously has determined, in connection with applications involving other Order Approving Establishment of a Branch banks in the United Kingdom, that those banks were subject to home country supervision on a consolidated basis.3 Abbey National Treasury Services pic ("Bank"), London, Bank and Abbey National are supervised by the U.K. England, a foreign bank within the meaning of the Interna- Financial Services Authority ("FSA") on substantially the tional Banking Act ("IBA"), has applied under section 7(d) same terms and conditions as those other banks. Based on of the IBA (12 U.S.C. § 3105(d)) to establish a branch in all the facts of record, it has been determined that Bank and Stamford, Connecticut. The Foreign Bank Supervision En- Abbey National are subject to comprehensive supervision hancement Act of 1991, which amended the IBA, provides on a consolidated basis by its home country supervisor. that a foreign bank must obtain the approval of the Board The additional standards set forth in section 7 of the IBA to establish a branch in the United States. Notice of the and Regulation K (see 12 U.S.C. § 3105(d)(3)-(4); application, affording interested persons an opportunity to 12 C.F.R. 211.24(c)(2)-(3)) have also been taken into accomment, has been published in a newspaper of general circulation in Stamford, Connecticut (Greenwich Time, February 22, 2001). The time for filing comments has 2. In assessing this standard, the Board considers, among other expired, and all comments have been considered. factors, the extent to which the home country supervisors: Bank, with assets of $182 billion, is a wholly owned (i) Ensure that the bank has adequate procedures for monitoring and subsidiary of Abbey National pic ("Abbey National"), controlling its activities worldwide; London, England.1 The Abbey National Group, with total (ii) Obtain information on the condition of the bank and its subsidiaries and offices through regular examination reports, audit reports, consolidated assets of approximately $295 billion, is the or otherwise; fifth largest banking group in the United Kingdom. The (iii) Obtain information on the dealings with and relationship between Abbey National Group operates a nationwide retail branch the bank and its affiliates, both foreign and domestic; network in the United Kingdom and mortgage banking (iv) Receive from the bank financial reports that are consolidated on a subsidiaries in France and Italy. The Abbey National Group worldwide basis or comparable information that permits analysis of the bank's financial condition on a worldwide consolidated also underwrites life and general insurance in the United basis; Kingdom. Bank is a wholesale bank which operates (v) Evaluate prudential standards, such as capital adequacy and risk branches in Hong Kong and Paris, France. Bank provides asset exposure, on a worldwide basis. various treasury operations for the Abbey National Group, These are indicia of comprehensive, consolidated supervision. No including liquidity management, funding, capital manage- single factor is essential, and other elements may inform the Board's determination. ment, and risk management services. Bank and Abbey 3. See HSB Holdings pic, et al, 86 Federal Reserve Bulletin 140 National currently do not have any banking operations in (2000); HSBC Equator Bank pic, 84 Federal Reserve Bulletin 564 (1998); Bank of Scotland, 84 Federal Reserve Bulletin 230 (1998); The Royal Bank of Scotland Group pic, 82 Federal Reserve Bulletin 1. All financial data are as of June 30, 2001. 428 (1996). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 751 count. The FSA has no objection to the establishment of access to any necessary information that the Board may the proposed branch. request. The United Kingdom's risk-based capital standards are On the basis of all the facts of record, and subject to the consistent with those established by the Basel Capital commitments made by Bank and Abbey National, as well Accord. Bank's capital is in excess of the minimum levels as the terms and conditions set forth in this order, Bank's that would be required by the Basel Capital Accord and is application to establish a branch is hereby approved.4 considered equivalent to capital that would be required of a Should any restrictions on access to information on the U.S. banking organization. Managerial and other financial operations or activities of Bank and its affiliates subseresources of Bank also are considered consistent with quently interfere with the Board's ability to obtain informaapproval, and Bank appears to have the experience and tion to determine and enforce compliance by Bank or its capacity to support the proposed branch. In addition, Bank affiliates with applicable federal statutes, the Board may has established controls and procedures for the proposed require or recommend termination of any of Bank's direct branch to ensure compliance with U.S. law, as well as or indirect activities in the United States. Approval of this controls and procedures for its worldwide operations gener- application also is specifically conditioned on compliance ally. by Bank and Abbey National with the commitments made With respect to access to information about Bank's in connection with this application and with the conditions operations, the restrictions on disclosure in relevant juris- in this order.5 The commitments and conditions referred to dictions in which Bank and Abbey National operate have above are conditions imposed in writing by the Board in been reviewed and the relevant government authorities connection with this decision and may be enforced in have been communicated with regarding access to informa- proceedings under 12 U.S.C. § 1818 against Bank and its tion. Bank and Abbey National have committed to make affiliates. available to the Board such information on the operations By order, approved pursuant to authority delegated by of Bank and any of its affiliates that the Board deems the Board, effective September 17, 2001. necessary to determine and enforce compliance with the IBA, the Bank Holding Company Act, and other applicable ROBERT DEV. FRIERSON federal law. To the extent that the provision of such infor- Deputy Secretary of the Board mation to the Board may be prohibited by law or otherwise, Bank and Abbey National have committed to cooperate with the Board to obtain any necessary consents or 4. Approved by the Director of the Division of Banking Supervision waivers that might be required from third parties for disclo- and Regulation, with the concurrence of the General Counsel, pursuant to authority delegated by the Board. sure of such information. In addition, subject to certain 5. The authority to approve the establishment of the proposed conditions, the FSA may share information on Bank's branch parallels the continuing authority of the State of Connecticut to operations with other supervisors, including the Board. In license offices of a foreign bank. The approval of this application does light of these commitments and other facts of record, and not supplant the authority of the State of Connecticut, or its agent, the Connecticut Department of Banking ("Department"), to license the subject to the condition described below, it has been deterproposed office of Bank in accordance with any terms or conditions mined that Bank has provided adequate assurances of that the Department may impose. 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 Applicant(s) Bank(s) Reserve Bank Effective Date Alliance Bancorp, Alliance Bank, San Francisco September 18, 2001 Culver City, California Culver City, California AmeriBank Holding Company, American Bank of Oklahoma, Kansas City September 13, 2001 Collinsville, Oklahoma Collinsville, Oklahoma American Bancorporation of American National Bank of Minnesota, Minneapolis September 25, 2001 Minnesota, Inc., Brainerd, Minnesota Brainerd, Minnesota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 Federal Reserve Bulletin • November 2001 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date Anchor BanCorp Wisconsin Inc., Ledger Capital Corp., Chicago August 30, 2001 Madison, Wisconsin Glendale, Wisconsin AnchorBank, Ledger Bank, S.S.B., Madison, Wisconsin Glendale, Wisconsin Boston Private Financial Holdings, Borel Bank & Trust Company, Boston September 21, 2001 Inc., San Mateo, California Boston, Massachusetts BOTH, Inc., Bank of the Hills, N.A., Dallas September 27, 2001 Kerrville, Texas Kerrville, Texas BOTH of Delaware, Inc., Wilmington, Delaware BW Holdings, Inc., BankWest, Kansas City September 6, 2001 Castle Rock, Colorado Castle Rock, Colorado Cisco Bancshares, Inc., First National Bank, Dallas September 12, 2001 Cisco, Texas Cisco, Texas Cisco Bancshares of Nevada, Inc., Carson City, Nevada County Bancshares, Inc., Newton Bancshares, Inc., Dallas September 12, 2001 Orange, Texas Newton, Texas Newton Delaware Financial Corporation, Dover, Delaware First National Bank of Newton, Newton, Texas Dacotah Banks, Inc., F & M Bank Holding Company of Minneapolis August 29, 2001 Aberdeen, South Dakota Valley City, Inc., Valley City, North Dakota Farmers & Merchants Bank of Valley City, Valley City, North Dakota First Banks, Inc., Allegiant Bancorp, Inc., St. Louis September 6, 2001 St. Louis, Missouri St. Louis, Missouri Allegiant Bank, St. Louis, Missouri South Side National Bank in St. Louis, St. Louis, Missouri Bank of Ste. Genevieve, Ste. Genevieve, Missouri Bank of St. Charles County, St. Charles, Missouri State Bank of Jefferson County, DeSoto, Missouri First Independent Capital of First Independent Bank of Nevada, San Francisco September 6, 2001 Nevada, Reno, Nevada Reno, Nevada First Pulaski National Corporation, Belfast Holding Company, Atlanta September 4, 2001 Pulaski, Tennessee Belfast, Tennessee Bank of Belfast, Belfast, Tennessee First Western Bank Shares, Inc., Marquette Bank Nebraska, N.A., Kansas City August 30, 2001 Huron, South Dakota O'Neill, Nebraska Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 753 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date FNB Bancorp, First National Bank of Northern San Francisco September 21, 2001 South San Francisco, California California, South San Francisco, California FNB Corporation, FNB Southwest, National Association, Richmond September 21, 2001 Christiansburg, Virginia Roanoke, Virginia F.N.B. Corporation, Promistar Financial Corporation, Atlanta September 14, 2001 Naples, Florida Johnstown, Pennsylvania Grant County State Bancshares, Inc. Grant County State Bancshares, Chicago August 31, 2001 Employee Stock Ownership Plan, Swayzee, Indiana Swayzee, Indiana High Street Corporation, High Street Banking Company, Richmond September 27, 2001 Asheville, North Carolina Asheville, North Carolina Howard County Land & Cattle Citizens National Bank, Kansas City September 21, 2001 Company, Loup City, Nebraska Saint Paul, Nebraska Kerndt Bank Services, Inc., Westmont Corporation, Chicago September 5, 2001 Lansing, Iowa West Union, Iowa Farmers Savings Bank, West Union, Iowa Mauch Chunk Trust Financial Mauch Chunk Trust Company, Philadelphia September 18, 2001 Corporation, Jim Thorpe, Pennsylvania Jim Thorpe, Pennsylvania Medley Group, Inc., Bonifay Holding Company, Inc., Atlanta September 26, 2001 Dothan, Alabama Bonifay, Florida The Bank of Bonifay, Bonifay, Florida Olney Bancshares of Texas, Inc., Olney Bancorp of Delaware, Inc., Dallas August 14, 2001 Olney, Texas Wilmington, Delaware Friona State Bank, Friona, Texas Oswego Community Bank Oswego Bancshares, Inc., Chicago September 10, 2001 Employee Stock Ownership Plan, Oswego, Illinois Oswego, Illinois Oswego Community Bank, Oswego, Illinois Piper Holdings, Inc., The Fountain Trust Company, Chicago September 6, 2001 Covington, Indiana Covington, Indiana Regions Financial Corporation, Park Meridian Financial Corporation, Atlanta August 23, 2001 Birmingham, Alabama Charlotte, North Carolina Rivoli Bancorp, Inc., Rivoli Bank and Trust, Atlanta September 11, 2001 Macon, Georgia Macon, Georgia Southern Connecticut Bancorp, Inc., Bank of Southern Connecticut, Boston September 14, 2001 New Haven, Connecticut New Haven, Connecticut Synovus Financial Corp., FABP Bancshares, Inc., Atlanta August 31, 2001 Columbus, Georgia Pensacola, Florida Team Financial, Inc., Post Bancorp, Inc., Kansas City August 28, 2001 Paola, Kansas Colorado Springs, Colorado Team Financial Employees Stock Colorado Springs National Bank, Ownership Plan, Colorado Springs, Colorado Paola, Kansas WB Bancshares, Inc., Woodhouse and Bartley Bank, Chicago September 13, 2001 Bloomington, Wisconsin Bloomington, Wisconsin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 Federal Reserve Bulletin • November 2001 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date Whitney Holding Corporation, Redstone Financial, Inc., Atlanta September 21, 2001 New Orleans, Louisiana Houston, Texas Northwest Bank, N.A., Houston, Texas Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date CNB Financial Corporation, County Reinsurance Company, Philadelphia September 26, 2001 Clearfield, Pennsylvania Phoenix, Arizona Commercial Bancgroup, Inc. Cumberland Mountain Bancshares, Inc., Atlanta August 27, 2001 Harrogate, Tennessee Middlesboro, Kentucky Middlesboro Federal Bank, F.S.B., Middlesboro, Kentucky Harleysville National Corporation, HNC Reinsurance Company, Philadelphia August 24, 2001 Harleysville, Pennsylvania Phoenix, Arizona Oswego Bancshares, Inc., Oswego Community Bank Employee Chicago September 6, 2001 Oswego, Illinois Stock Ownership Plan, Oswego, Illinois Popular, Inc., Money Line Mortgage, Inc., New York September 7, 2001 San Juan, Puerto Rico Englewood, Colorado Popular International Bank, Inc., San Juan, Puerto Rico Popular North America, Inc., Marlton, New Jersey Equity One, Inc., Marlton, New Jersey Sections 3 and 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Banknorth Group, Inc., Andover Bancorp, Inc., Boston September 13, 2001 Portland, Maine Andover, Massachusetts Gloucester Investment Corp., Gloucester, Massachusetts The State Bank-Winfield Employee State Financial Investments, Inc., Kansas City September 11, 2001 Stock and Ownership Plan & Winfield, Kansas Trust, Winfield, Kansas Western Bancorporation, Inc., Cass Lake Company, Minneapolis August 24, 2001 Duluth, Minnesota Cass Lake, Minnesota First National Bank of Cass Lake, Cass Lake, Minnesota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 755 APPLICATIONS APPROVED UNDER BANK MERGER ACT By the Secretary of the Board Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Applicant(s) Bank(s) Elfective Date Zions Bancorporation, Minnequa Bancorp, Inc., September 13, 2001 Salt Lake City, Utah Pueblo, Colorado 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. Applicant(s) Bank(s) Reserve Bank Elfective Date Colonial Bank, Union Planters Bank, N.A., Atlanta August 29, 2001 Montgomery, Alabama Memphis, Tennessee Commercial Bank, Middlesboro Federal Bank, F.S.B., Atlanta August 27, 2001 Harrogate, Tennessee Middlesboro, Kentucky First Farmers Bank and Trust Lake City Bank, Chicago August 29, 2001 Company, Warsaw, Indiana Converse, Indiana First Virginia Bank-Colonial, First Colonial Bank, Richmond September 10, 2001 Richmond, Virginia Hopewell, Virginia M&I Marshall & Ilsley Bank, National City Bank of Minneapolis, Chicago September 14, 2001 Milwaukee, Wisconsin Minneapolis, Minnesota Peoples Bank and Trust Company, Union Bank and Trust Company, Cleveland September 12, 2001 Sunman, Indiana North Vernon, Indiana Farmers State Bank, Liberty, Indiana Vevay Deposit Bank, Vevay, Indiana Sky Bank-Mid Am Region, Standard Federal Bank FSB, Cleveland September 20, 2001 Toledo, Ohio Troy, Michigan The State Savings Bank of North Country Bank & Trust, Minneapolis September 19, 2001 Manistique, Traverse City, Michigan Manistique, Michigan Western Security Bank, Glacier Bank, Minneapolis September 13, 2001 Billings, Montana Kalispell, Montana PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the tion for certiorari seeking review of denial of petitioner's Federal Reserve Banks in which the Board of Governors is not Privacy Act claims. named a party. Laredo National Bancshares, Inc. v. Whalen v. Board of Governors, No. 01-CV-134 (S.D. Tex., removed on Septem- Emran v. Greenspan, No. 1:01CV1992 (PLF)(D.D.C„ filed ber 5, 2001, from No. 99CVQ00940-D2) (District Court, September 20, 2001). Employment discrimination claim. 341st Judicial District, Webb County, Texas, originally filed Bettersworth v. Board of Governors, No. 01-444 (United July 26, 2001). Third-party petition seeking indemnification States Supreme Court, docketed September 14, 2001). Peti- or contribution from Board in connection with claim as- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 Federal Reserve Bulletin • November 2001 serted against defendant Whalen alleging tortious interfer- Howe v. Bank for International Settlements, No. 00CV12485 ence with a contract. RCL (D. Mass., filed December 7, 2000). Action seeking damages in connection with gold market activities and the Radfarv. United States, No. 1:01CV1292 (PLF)(D.D.C., comrepurchase of privately-owned shares of the Bank for Interplaint filed June 11, 2001). Action under the Federal Tort national Settlements. Claims Act for injury on Board premises. Trans Union LLC v. Federal Trade Commission, et al., Artis v. Greenspan, No. 01-CV-0400 (ESG)(D.D.C., complaint No. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of filed February 22, 2001). Employment discrimination acdistrict court order entered April 30, 2001, upholding an tion. On August 15, 2001, the district court consolidated the interagency rule regarding Privacy of Consumer Finance action with Artis v. Greenspan, No. 99-CV-2073. Information. Dime Bancorp, Inc. v. Board of Governors, No. 00-4249 Albrecht v. Board of Governors, No. 00-CV-317 (CKK) (2d Cir., filed December 11, 2000). Petition for review of a (D.D.C., filed February 18, 2000). Action challenging the Board order dated September 27, 2000, approving the appli- method of funding of the retirement plan for certain Board cations of North Fork Corporation, Inc., Melville, New employees. On March 30, 2001, the district court granted in York, to acquire control of Dime Bancorp, Inc. and to part and denied in part the Board's motion to dismiss. thereby acquire its wholly owned subsidiary, The Dime Guerrero v. United States, No. CF-F-99-6771 (OWW)(E.D„ Savings Bank of New York, FSB, both of New York, New Cal., filed November 29, 1999). Prisoner suit. York. The petition was dismissed on the parties' stipulation Artis v. Greenspan, No. 1:99CV02073 (EGS) (D.D.C., filed on July 23,2001. August 3, 1999). Employment discrimination action. Nelson v. Greenspan, No. 99-215 (EGS)(D.D.C., amended Fraternal Order of Police v. Board of Governors, complaint filed December 8, 2000). Employment discrimi- No. 1:98CV03116 (WBB)(D.D.C., filed December 22, nation action. On August 15, 2001, the district court granted 1998). Declaratory judgment action challenging Board lathe Board's motion to dismiss or, in the alternative, for bor practices. On February 26, 1999, the Board filed a summary judgment. motion to dismiss the action. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A1 Financial and Business Statistics A3 GUIDE TO TABULAR PRESENTATION Federal Finance—Continued All Gross public debt of U.S. Treasury— DOMESTIC FINANCIAL STATISTICS Types and ownership A28 U.S. government securities Money Stock and Bank Credit dealers—Transactions A4 Reserves, money stock, and debt measures A29 U.S. government securities dealers— A5 Reserves of depository institutions and Reserve Bank Positions and financing credit A30 Federal and federally sponsored credit A6 Reserves and borrowings—Depository agencies—Debt outstanding institutions Securities Markets and Corporate Finance Policy Instruments A31 New security issues—Tax-exempt state and local A7 Federal Reserve Bank interest rates governments and corporations A8 Reserve requirements of depository institutions A32 Open-end investment companies—Net sales A9 Federal Reserve open market transactions and assets A32 Corporate profits and their distribution Federal Reserve Banks A32 Domestic finance companies—Assets and liabilities A3 3 Domestic finance companies—Owned and managed A10 Condition and Federal Reserve note statements receivables A11 Maturity distribution of loan and security holding Real Estate Monetary and Credit Aggregates A34 Mortgage markets—New homes A12 Aggregate reserves of depository institutions A35 Mortgage debt outstanding and monetary base A13 Money stock and debt measures Consumer Credit A36 Total outstanding Commercial Banking Institutions— A36 Terms Assets and Liabilities A15 All commercial banks in the United States Flow of Funds A16 Domestically chartered commercial banks A17 Large domestically chartered commercial banks A37 Funds raised in U.S. credit markets A19 Small domestically chartered commercial banks A39 Summary of financial transactions A20 Foreign-related institutions A40 Summary of credit market debt outstanding A41 Summary of financial assets and liabilities Financial Markets A22 Commercial paper and bankers dollar DOMESTIC NONFINANCIAL STATISTICS acceptances outstanding A22 Prime rate charged by banks on short-term Selected Measures business loans A23 Interest rates—Money and capital markets A42 Nonfinancial business activity A24 Stock market—Selected statistics A42 Labor force, employment, and unemployment A43 Output, capacity, and capacity utilization A44 Industrial production—Indexes and gross value Federal Finance A46 Housing and construction A25 Federal fiscal and financing operations A47 Consumer and producer prices A26 U.S. budget receipts and outlays A48 Gross domestic product and income A27 Federal debt subject to statutory limitation A49 Personal income and saving Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

43 Federal Reserve Bulletin • November 2001 INTERNATIONAL STATISTICS Securities Holdings and Transactions A60 Foreign transactions in securities Summary Statistics A61 Marketable U.S. Treasury bonds and A50 U.S. international transactions notes—Foreign transactions A51 U.S. foreign trade A51 U.S. reserve assets Interest and Exchange Rates A51 Foreign official assets held at Federal Reserve A62 Foreign exchange rates Banks A52 Selected U.S. liabilities to foreign official A63 GUIDE TO STATISTICAL RELEASES AND institutions SPECIAL TABLES Reported by Banks in the United States SPECIAL TABLES A52 Liabilities to, and claims on, foreigners A53 Liabilities to foreigners A64 Assets and liabilities of commercial banks, A55 Banks' own claims on foreigners June 30, 2001 A56 Banks' own and domestic customers' claims on A66 Terms of lending of commercial banks, foreigners August 2001 A56 Banks' own claims on unaffiliated foreigners A57 Claims on foreign countries—Combined A72 INDEX TO STATISTICAL TABLES domestic offices and foreign branches Reported by Nonbanking Business Enterprises in the United States A58 Liabilities to unaffiliated foreigners A59 Claims on unaffiliated foreigners Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS c Corrected G-10 Group of Ten e Estimated GDP Gross domestic product n.a. Not available GNMA Government National Mortgage Association n.e.c. Not elsewhere classified GSE Government-sponsored enterprise P Preliminary HUD Department of Housing and Urban r Revised (Notation appears on column heading Development when about half of the figures in that column IMF International Monetary Fund are changed.) IOs Interest only, stripped, mortgage-back securities * Amounts insignificant in terms of the last decimal IPCs Individuals, partnerships, and corporations place shown in the table (for example, less than IRA Individual retirement account 500,000 when the smallest unit given is millions) MMDA Money market deposit account 0 Calculated to be zero MSA Metropolitan statistical area Cell not applicable NAICS North American Industry Classification System ABS Asset-backed security NOW Negotiable order of withdrawal ATS Automatic transfer service OCDs Other checkable deposits BIF Bank insurance fund OPEC Organization of Petroleum Exporting Countries CD Certificate of deposit OTS Office of Thrift Supervision CMO Collateralized mortgage obligation PMI Private mortgage insurance CRA Community Reinvestment Act of 1977 POs Principal only, stripped, mortgage-back securities FAMC Federal Agriculture Mortgage Corporation REIT Real estate investment trust FFB Federal Financing Bank REMICs Real estate mortgage investment conduits FHA Federal Housing Administration RHS Rural Housing Service FHLBB Federal Home Loan Bank Board RP Repurchase agreement FHLMC Federal Home Loan Mortgage Corporation RTC Resolution Trust Corporation FmHA Farmers Home Administration SCO Securitized credit obligation FNMA Federal National Mortgage Association SDR Special drawing right FSA Farm Service Agency SIC Standard Industrial Classification FSLIC Federal Savings and Loan Insurance Corporation TIIS Treasury inflation-indexed securities G-7 Group of Seven VA Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of include not fully guaranteed issues) as well as direct obligarounding. tions of the Treasury. Minus signs are used to indicate (1) a decrease, (2) a negative "State and local government" also includes municipalities, figure, or (3) an outflow. special districts, and other political 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 Nonfinancial Statistics • November 2001 1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted1 2000 2001 2001 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Q3 Q4 Qi Q2' Apr.' May' June' July' Aug. Reserves of depository institutions2 1 Total -8.3 -8.7 -2.1 1.7 16.6 3.1 -3.5 25.6 9.0 2 Required -8.6 -10.4 -3.5 3.3 20.8 11.5 -14.4 25.0 14.7 3 Nonborrowed -9.9 -6.4 .5 .6 16.9 -1.9 -4.0 24.0 12.1 4 Monetary base3 2.5 2.8 6.4 5.4 7.1 6.4 5.6 11.6 15.2 Concepts of money and debt4 5 Ml -3.7 -3.3 5.0' 5.4 5.2 -.8 6.3 13.6 8.0 6 M2 5.6 6.3 10.7 10.4 10.7 5.7 10.1 8.8 7.4 7 M3 9.0 7.3 13.6r 15.0 19.1 14.1 13.0 6.4 -1.0 8 Debt 4.8' 4.5' 4.8 5.8 5.1 6.4 6.2 3.1 n.a. Nontransaction components 9 In M25 8.5 9.1 12.3 11.8 12.3 7.4 11.2 7.5 7.2 10 In M3 only6 17.0 9.9' 20.2' 25.3 38.1 32.6 19.3 1.1 -19.1 Time and savings deposits Commercial banks 11 Savings, including MMDAs 11.8 12.0 17.4 20.4 20.5 18.2 19.0 12.3 24.4 12 Smalltime7 10.5 5.6 2.5 -7.7 -8.3 -7.6 -10.5 -15.3 -9.8 13 Large time8-9 11.5 4.0' -1.3 -1.1 37.2 13.9 9.5 -11.8 -29.6 Thrift institutions 14 Savings, including MMDAs 3.1 .4 6.5' 22.2 10.7 32.6 24.8 23.1 25.0 15 Smalltime7 10.8 9.5 6.2' 3.0 4.1 11.3 -2.4 -9.9 -12.3 16 Large time8 23.2 14.0 12.3' 12.1 21.3 21.0 -8.7 19.7 29.0 Money market mutual funds 17 Retail 3.9 11.6 16.9 11.2 18.1 -11.8 12.1 14.1 -10.5 18 Institution-only 29.2' 18.8' 50.0' 54.9 42.6 67.4 44.2 8.1 -20.9 Repurchase agreements and eurodollars 19 Repurchase agreements'" 11.7 2.1 -7.1 21.0 77.1 10.6 1.6 -12.4 -12.2 20 Eurodollars10 .6 10.3 38.6' 8.9 -30.8 -10.3 -14.3 25.6 -14.7 Debt components4 21 Federal -7.3 -8.0 -5.2' -6.4 -9.8 -15.5 2.8 5.1 n.a. 22 Nonfederal 7.8' 7.5' 7.1' 8.5 8.4 11.2 6.9 2.7 n.a. 1. Unless otherwise noted, rates of change are calculated from average amounts outstand- depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at ing during preceding month or quarter. foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regula- and Canada. Excludes amounts held by depository institutions, the U.S. government, money tory changes in reserve requirements (See also table 1.20.) market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally by summing large time deposits, institutional money fund balances, RP liabilities, and adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted component of the money stock, plus (3) (for all quarterly reporters on the "Report of M2. Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinanvault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference cial sectors—the federal sector (U.S. government, not including government-sponsored between current vault cash and the amount applied to satisfy current reserve requirements. enterprises or federally related mortgage pools) and the nonfederal sectors (state and local 4. Composition of the money stock measures and debt is as follows: governments, households and nonprofit organizations, nonfinancial corporate and nonfarm Ml: (1) currency outside the U.S. Treasury. Federal Reserve Banks, and the vaults of noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and depository institutions. (2) travelers checks of nonbank issuers, (3) demand deposits at all corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, commercial banks other than those owed to depository institutions, the U.S. government, and which are derived from the Federal Reserve Board's flow of funds accounts, are breakforeign banks and official institutions, less cash items in the process of collection and Federal adjusted (that is, discontinuities in the data have been smoothed into the series) and Reserve float, and (4) other checkable deposits (OCDs). consisting of negotiable order of month-averaged (that is, the data have been derived by averaging adjacent month-end levels). withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail credit union share draft accounts, and demand deposits at thrift institutions. Seasonally money fund balances, each seasonally adjusted separately. adjusted Ml is computed by summing currency, travelers checks, demand deposits, and 6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities OCDs, each seasonally adjusted separately. (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and M2: Ml plus (1) savings (including MMDAs), (2) small-denomination time deposits (time term) of U.S. addressees, each seasonally adjusted separately. deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail 7. Small time deposits—including retail RPs—are those issued in amounts of less than money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions balances at depository institutions and money market funds. Seasonally adjusted M2 is are subtracted from small time deposits. calculated by summing savings deposits, small-denomination time deposits, and retail money 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those fund balances, each seasonally adjusted separately, and adding this result to seasonally booked at international banking facilities. adjusted Ml. 9. Large time deposits at commercial banks less those held by money market funds, M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) depository' institutions, the US. government, and foreign banks and official institutions. balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all 10. Includes both overnight and term. 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 CREDIT1 Millions of dollars Average of Average of daily figures for week ending on date indicated daily figures 2001 2001 June July Aug. July 18 July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 587,457 593,722 599,962 591,868 595,806 596,372 597,506 598,602 601,169 600.575 U.S. government securities2 2 Bought outright—System account3 532,187 534,518 539,769 534,240 535,822 536,073 536,699 539,546 540,821 541.874 3 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 Federal agency obligations 4 Bought outright 10 10 10 10 10 10 10 10 10 10 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 18,444 21,095 22,971 19,729 21,843 22,314 22,264 20,669 24,553 22,505 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 105 113 23 164 156 6 47 7 10 37 9 Seasonal credit 119 177 165 176 193 196 179 185 164 139 10 Special Liquidity Facility credit 0 0 0 0 0 0 0 0 0 0 11 Extended credit 0 0 0 0 0 0 0 0 0 0 12 Float 539 521 35 368 92 -183 275 3 -70 -99 13 Other Federal Reserve assets 36,052 37,287 36,989 37,182 37,691 37,956 38,033 38.183 35,680 36,110 14 Gold stock 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11.044 11,044 15 Special drawing rights certificate account .... 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2.200 2,200 2,200 16 Treasury currency outstanding 32,612 32,700 32,762 32,698 32,712 32,726 32,740 32,754 32,768 32,782 ABSORBING RESERVE FUNDS 17 Currency in circulation 594,536 601,087 607,251 601,089 600,585 602,491 605.463 606,703 607,231 608,447 18 Reverse repurchase agreements—triparty4 . . . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 469 421 413 412 407 418 415 416 412 410 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 5,605 5,127 5,040 4,937 4,923 5,231 4,673 5,073 5,313 5.001 21 Foreign 88 92 89 75 107 79 106 78 72 106 22 Service-related balances and adjustments . . 7,185 7,338 7,558 7,076 7,498 7,362 7,601 7,453 7,484 7,720 23 Other 298 302 303 325 303 306 310 311 305 291 24 Other Federal Reserve liabilities and capital . . 18,027 17,889 18,220 17,927 18,056 18,057 18,033 18,377 18,463 18,117 25 Reserve balances with Federal Reserve Banks3 7,106 7,408 7,092 5,967 9,884r 8,396 6,888 6,187 7.899 6,508 End-of-month figures Wednesday figures June July Aug. July 18 July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 595,137 600,662 608,399 592,568 610,260 600,369 604,295 602,848 611,079 603.499 U.S. government securities2 2 Bought outright—System account3 535,110 535,578 541,807 536.102 536,392 536,100 536,611 539.746 540,778 542,873 3 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 Federal agency obligations 4 Bought outright 10 10 10 10 10 10 10 10 10 10 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 23,250 26,350 29.755 16,850 35,050 27,150 28,495 27,345 34,265 24,755 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 3 3 6 270 18 5 0 1 23 138 9 Seasonal credit 146 197 117 191 194 187 182 191 147 136 10 Special Liquidity Facility credit 0 0 0 0 0 0 0 0 0 0 11 Extended credit 0 0 0 0 0 0 0 0 0 0 12 Float -374 917 463 1,766 621 -787 775 152 -99 -293 13 Other Federal Reserve assets 36,992 37,606 36,241 37,379 37,976 37,704 38,222 35,403 35,957 35,881 14 Gold stock 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 1 1,044 15 Special drawing rights certificate account .... 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2.200 16 Treasury currency outstanding 32,670 32,726 32,796 32,698 32,712 32,726 32,740 32,754 32,768 32,782 ABSORBING RESERVE FUNDS 17 Currency in circulation 596,674 604,179 613,104 601,833 602,010 604,937 607,277 607,957 608,965 611,109 18 Reverse repurchase agreements—triparty4 . . . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 444 418 416 406 418 415 417 412 409 416 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 7,188 5,592 5,533 5,619 4,717 4,148 4,802 4,069 5,115 4.675 21 Foreign 102 84 80 70 79 72 79 71 75 151 22 Service-related balances and adjustments .. 7,572 7,362r 7,570 7,083 7,498 7,362 7,601 7,453 7,484 7,720 23 Other 271 330 276 321 291 330 305 322 285 282 24 Other Federal Reserve liabilities and capital . . 17,583 18,219 18,139 17,690 17,855 17,635 17,867 18,240 17,924 17.848 25 Reserve balances with Federal Reserve Banks5 11,217 10,448' 9,319 5,488 23,348 11,439 11,932 10,323 16.834 7,322 1. Amounts of cash held as reserves are shown in table 1.12, line 2. 4. Cash value of agreements arranged through third-party custodial banks. These agree- 2. Includes securities loaned—fully guaranteed by U.S. government securities pledged ments are collateralized by U.S. government and federal agency securities. with Federal Reserve Banks—and excludes securities sold and scheduled to be bought back 5. Excludes required clearing balances and adjustments to compensate for float, under matched sale-purchase transactions. 3. Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 Domestic Nonfinancial Statistics • November 2001 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RReesseerrvvee ccllaassssiiffiiccaattiioonn 1998 1999 2000 2001 Dec. Dec. Dec. Feb. Mar. Apr. May June July Aug. 1 Reserve balances with Reserve Banks2 9,026 5,262 7,159 6,615 6,737 6,863 7,610 7,058 1,614' 7,566 2 Total vault cash3 44,294 60,619 45,228r 48,518r 44,105r 43,657r 43,263 43,133 43,908 44,007 3 Applied vault cash4 36,183 36,392 31,381 32,734 30,978 31,728 31,772 31,175 31,622r 32,058 4 Surplus vault cash5 8,111 24.227 13,847' 15,784' 13,128' 11,929 11,491 11,958 12.286' 11,949 5 Total reserves6 45,209 41,654 38,540 39,349 37,715 38,591 39,382 38,233 39,296 39,624 6 Required reserves 43,695 40,357 37,216 37,917 36,329 37,314 38,363 36,873 37,889' 38,389 7 Excess reserve balances at Reserve Banks7 1,514 1,297 1,325 1,432 1,385 1,277 1,019 1,360 1,407' 1,235 8 Total borrowing at Reserve Banks 117 320 210 51 58 51 213 229 283 183 9 Adjustment 101 179 99 30 38 15 134 110 109 19 10 Seasonal 15 67 111 21 20 35 79 120 174 164 11 Special Liquidity Facility8 0 74 0 12 Extended credit' 0 0 0 0 0 0 0 0 0 0 Biweekly averages of daily figures for two-week periods ending on dates indicated 2001 May 2 May 16 May 30 June 13 June 27 July 11 July 25' Aug. 8' Aug. 22 Sept. 5 1 Reserve balances with Reserve Banks2 7,350 7,159 8,159 6,756 7,275 7.357 7,935 7,648 7,050 8,296 2 Total vault cash1 43,690 42.645 43,900 42,155 43,811 44,209 43,325 44,716 44,325 42,882 3 Applied vault cash4 32,413 31,031 32,530 30,268 31,963 31,432 31,480 32,300 32,121 31,746 4 Surplus vault cash5 11,277 11,615 11,370 11,888 11,848 12,777 11,845 12,416 12,204 11.136 5 Total reserves6 39,763 38,189 40,689 37,024 39,238 38,789 39,415 39,948 39,170 40,041 6 Required reserves 38,549 37,302 39.582 35,775 37,818 37,227 38,027 38,781 38,085 38,513 7 Excess reserve balances at Reserve Banks7 1,214 887 1.107 1,248 1,420 1,562 1,387 1,167 1,086 1,528 8 Total borrowing at Reserve Banks 59 346 97 295 166 244 344 214 184 156 9 Adjustment 20 267 13 195 36 89 159 27 9 29 10 Seasonal 39 79 85 101 130 155 185 188 175 127 11 Special Liquidity Facility8 12 Extended credit' 0 0 0 0 0 0 0 0 0 0 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For 5. Total vault cash (line 2) less applied vault cash (line 3). ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 2. Excludes required clearing balances and adjustments to compensate for float and 7. Total reserves (line 5) less required reserves (line 6). includes other off-balance-sheet "as-of" adjustments. 8. Borrowing at the discount window under the terms and conditions established for the 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by Century Date Change Special Liquidity Facility in effect from October 1, 1999, through those banks and thrift institutions that are not exempt from reserve requirements. Dates refer April 7, 2000. to the maintenance periods in which the vault cash can be used to satisfy reserve require- 9. Consists of borrowing at the discount window under the terms and conditions estabments. lished for the extended credit program to help depository institutions deal with sustained 4. All vault cash held during the lagged computation period by "bound" institutions (that liquidity pressures. Because there is not the same need to repay such borrowing promptly as is, those whose required reserves exceed their vault cash) plus the amount of vault cash with traditional short-term adjustment credit, the money market effect of extended credit is applied during the maintenance period by "nonbound" institutions (that is, those whose vault similar to that of nonborrowed reserves. cash exceeds their required reserves) to satisfy current reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Adjustment credit1 Seasonal credit2 Extended credit3 FFeeddeerraall RReesseerrvvee BBaannkk 10/ O 12 n / 01 Effective date Previous rate 10/ O 12 n / 01 Effective date Previous rate 10/ O 12 n / 01 Effective date Previous rate Boston 2.00 10/2/01 2.50 2.70 10/04/01 3.00 3.20 10/04/01 3.50 New York 10/2/01 Philadelphia 10/4/01 Cleveland 10/2/01 Richmond 10/2/01 Atlanta 10/2/01 Chicago 10/2/01 St. Louis 10/3/01 Minneapolis 10/3/01 Kansas City 10/2/01 Dallas 10/2/01 San Francisco 2.00 10/2/01 2.50 2.70 10/04/01 3.00 3.20 10/04/01 3.50 of rates for adjustment credit in recent years4 Range (or F.R. Bank Range(or F.R. Bank Range(or level)—All of Effective date level)—All of level)—All F.R. Banks N.Y. F.R. Banks N.Y. F.R. Banks In effect Dec. 31, 1981 12 12 1991—Sept. 13 5-5.5 5 2001—May 15 .... 3.50-4.00 3.50 17 5 5 17 .... 3.50 3.50 1982—July 20 11.5-12 11.5 Nov. 6 4.5-5 4.5 June 27 .... 3.25-3.50 3.25 23 11.5 11.5 7 4.5 4.5 29 .... 3.25 3.25 Aug. 2 11-11.5 11 Dec. 20 3.5-1.5 3.5 Aug. 21 .... 3.00-3.25 3.00 3 11 11 24 3.5 3.5 23 .... 3.00 3.00 16 10.5 10.5 Sept. 17 .... 2.50-3.00 2.50 27 10-10.5 10 1992—July 2 3-3.5 3 18 .... 2.50 2.50 30 10 10 7 3 3 Oct. 2 .... 2.00-2.50 2.00 Oct. 12 9.5-10 9.5 4 .... 2.00 2.00 13 9.5 9.5 1994—May 17 3-3.5 3.5 Nov. 22 9-9.5 9 18 3.5 3.5 In effect Oct. 12, 2001 2.00 2.00 26 9 9 Aug. 16 3.5^1 4 Dec. 14 8.5-9 9 18 4 4 15 8.5-9 8.5 Nov. 15 4-4.75 4.75 17 8.5 8.5 17 4.75 4.75 1984—Apr. 9 8.5-9 9 1995—Feb. 1 4.75-5.25 5.25 13 9 9 9 5.25 5.25 Nov. 21 8.5-9 8.5 26 8.5 8.5 1996—Jan. 31 5.00-5.25 5.00 Dec. 24 8 8 Feb. 3 5.00 5.00 1985—May 20 7.5-8 7.5 1998—Oct. 15 4.75-5.00 4.75 24 7.5 7.5 16 4.75 4.75 Nov. 17 4.50-4.75 4.50 1986—Mar. 7 7-7.5 7 19 4.50 4.50 10 7 7 Apr. 21 6.5-7 6.5 1999—Aug. 24 4.50-4.75 4.75 23 6.5 6.5 26 4.75 4.75 July II 6 6 Nov. 16 4.75-5.00 4.75 Aug. 21 5.5-6 5.5 18 5.00 5.00 22 5.5 5.5 2000—Feb. 2 5.00-5.25 5.25 1987—Sept. 4 5.5-6 6 4 5.25 5.25 11 6 6 Mar. 21 5.25-5.50 5.50 23 5.50 5.50 1988—Aug. 9 6-6.5 6.5 May 16 5.50-6.00 5.50 11 6.5 6.5 19 6.00 6.00 1989—Feb. 24 6.5-7 7 2001—Jan. 3 5.75-6.00 5.75 7 7 4 5.50-5.75 5.50 27 5 5.50 5.50 6.5 6.5 31 5.00-5.50 5.00 1990—Dec. 19 Feb. 1 5.00 5.00 6-6.5 6 Mar. 20 4.50-5.00 4.50 1991—Feb. 1 6 6 21 4.50 4.50 4 5.5-6 5.5 Apr. 18 4.00-4.50 4.00 Apr. 30 5.5 5.5 20 4.00 4.00 May 2 1. Available on a short-term basis to help depository institutions meet temporary needs for practices involve only a particular institution, or to meet the needs of institutions experiencing funds that cannot be met through reasonable alternative sources. The highest rate established difficulties adjusting to changing market conditions over a longer period (particularly at times for loans to depository institutions may be charged on adjustment credit loans of unusual size of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is that result from a major operating problem at the borrower's facility. charged on extended-credit loans outstanding less than thirty days; however, at the discretion 2. Available to help relatively small depository institutions meet regular seasonal needs for of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a funds that arise from a clear pattern of intrayearly movements in their deposits and loans and flexible rate somewhat above rates charged on market sources of funds is charged. The rate that cannot be met through special industry lenders. The discount rate on seasonal credit takes ordinarily is reestablished on the first business day of each two-week reserve maintenance into account rates charged by market sources of funds and ordinarily is reestablished on the period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis first business day of each two-week reserve maintenance period; however, it is never less than points. the discount rate applicable to adjustment credit. 4. For earlier data, see the following publications of the Board of Governors: Banking and 3. May be made available to depository institutions when similar assistance is not Monetary Statistics, 1914-1941, and 1941-1970; and the Annual Statistical Digest, 1970reasonably available from other sources, including special industry lenders. Such credit may 1979, and 1980-1989. See also the Board's Statistics: Releases and Historical Data web be provided when exceptional circumstances (including sustained deposit drains, impaired pages (http.V/www.federalreserve.gov/releases/HJ5/data.htm). access to money market funds, or sudden deterioration in loan repayment performance) or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 Domestic NonfinancialS tatistics • November 2001 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement TTyyppee ooff ddeeppoossiitt Percentage of deposits Effective date Net transaction accounts2 1 $0 million $42.8 million1 33333 1111122222/////3333300000/////9999999999 2 More than $42 8 million4 1111100000 1111122222/////3333300000/////9999999999 00000 1111122222/////2222277777/////9999900000 00000 1111122222/////2222277777/////9999900000 1. Required reserves must be held in the form of deposits with Federal Reserve Banks or succeeding calendar year by 80 percent of the percentage increase in the total reservable vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve liabilities of all depository institutions, measured on an annual basis as of June 30. No Bank indirectly, on a pass-through basis, with certain approved institutions. For previous corresponding adjustment is made in the event of a decrease. The exemption applies only to reserve requirements, see earlier editions of the Annual Report or the Federal Reserve accounts that would be subject to a 3 percent reserve requirement. Effecitve with the reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial maintenance period beginning December 28, 2000, for depository institutions that report banks, savings banks, savings and loan associations, credit unions, agencies and branches of weekly, and with the period beginning January 18, 2001, for institutions that report quarterly, foreign banks, and Edge Act corporations. the exemption was raised from $5.0 million to $5.5 million. 2. Transaction accounts include all deposits against which the account holder is permitted 4. The reserve requriement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for to make withdrawals by negotiable or transferable instruments, payment orders of with- institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly. drawal, or telephone or preauthorized transfers for the purpose of making payments to third 5. For insitutions that report weekly, the reserve requirement on nonpersonal time deposits persons or others. However, accounts subject to the rules that permit no more than six with an original maturity of less than 1.5 years was reduced fom 3 percent to 1.5 percent for preauthorized, automatic, or other transfers per month (of which no more than three may be the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that by check, draft, debit card, or similar order payable directly to third parties) are savings began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on deposits, not transaction accounts. nonpersonal time deposits with an original maturity of less than 1.5 years was reduced from 3 3. The Monetary Control Act of 1980 requires that the amount of transaction accounts percent to zero on Jan. 17, 1991. against which the 3 percent reserve requirement applies be modified annually by 80 percent of The reserve requirement on nonpersonal time deposits with an original maturity of 1.5 the percentage change in transaction accounts held by all depository institutions, determiend years or more has been zero since Oct. 6, 1983. as of June 30 of each year. Effective with the reserve maintenance period beginning 6. The reserve requirement on eurocurrency liabilities was reduced from 3 percent to zero December 28, 2000, for depository institutions that report weekly, and with the period in the same manner and on the same dates as the reserve requirement on nonpersonal time beginning January 18, 2001, for institutions that report quarterly, the amount was decreased deposits with an original maturity of less than 1.5 years (see note 5). from $44.3 million to $42.8 million. Under the Garn-St. Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars 2001 TTyyppee ooff ttrraannssaaccttiioonn aanndd mmaattuurriittyy 11999988 11999999 22000000 Jan. Feb. Mar. Apr. May June July U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 3,550 0 8,676 520 2,683 579 308 624 22,,116655 771188 7 Gross sales 0 0 0 0 0 0 0 0 0 0 Exchanges 450,835 464,218 477,904 40,769 42,767 46,712 38,317 47.112 40,363 42,001 4 For new bills 450,835 464,218 477,904 40,769 42,767 46,712 38,317 47,112 40,363 42,001 5 Redemptions 2,000 0 24,522 228 638 211 3,537 3,939 0 0 Others within one year 6 Gross purchases 6,297 11,895 8,809 0 1,605 67 3,027 2,174 1,410 235 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 46,062 50,590 62,025 10,296 5,609 0 12,204 8,117 0 7,088 9 Exchanges -49,434 -53,315 -54,656 -6,667 -6,799 0 -7,000 -8,965 0 -7,667 10 Redemptions 2,676 1,429 3,779 2,422 1,529 0 4,368 2,287 0 4,668 One to five years 11 Gross purchases 12,901 19,731 14,482 925 2,983 1,883 4,480 2,685 1,428 4,193 12 Gross sales 0 0 0 0 0 0 0 0 0 0 N Maturity shifts -37,777 -44,032 -52,068 -10,296 -2,784 0 -12,204 -1,913 0 1.838 14 Exchanges 37,154 42,604 46.177 6,667 4,945 0 7,000 6,508 0 7.667 Five to ten years 15 Gross purchases 2,294 4,303 5,871 1,283 0 0 1,390 657 0 756 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,908 -5,841 -6,801 0 -1,855 0 0 -5,130 0 -8,926 18 Exchanges 7,439 7,583 6,585 0 971 0 0 2,457 0 0 More than ten years 19 Gross purchases 4,884 9,428 5,833 296 495 1,000 913 1,241 1,419 815 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -2,377 -717 -3,155 0 -971 0 0 -1,074 0 0 22 Exchanges 4,842 3,139 1,894 0 883 0 0 0 0 0 All maturities 23 Gross purchases 29,926 45,357 43,670 3,024 7,766 3,529 10,118 7,380 6,422 6.716 24 Gross sales 0 0 0 0 0 0 0 0 0 0 25 Redemptions 4,676 1,429 28,301 2,650 2,166 211 7,905 6,226 0 4,668 Matched transactions 4.430,457 4,413,430 4,399,257 356.250 320,060 396,029 381,667 398.039 367,462 392,721 27 Gross sales 4,434,358 4,431,685 4,381,188 352,336 322,056 395,151 381,895 397,600 366,411 394,381 Repurchase agreements 28 Gross purchases 512,671 281,599 0 0 0 0 0 00 00 00 29 Gross sales 514,186 301,273 0 0 0 0 0 0 0 0 30 Net change in U.S. Treasury securities 19,835 5,999 33,439 4,289 3,604 4,196 1,984 1,592 7,472 388 FEDERAL AGENCY OBLIGATIONS Outright transactions 31 Gross purchases 0 0 0 0 0 0 0 0 0 0 32 Gross sales 25 0 0 0 0 0 0 0 0 0 33 Redemptions 322 157 51 0 120 0 0 0 0 0 Repurchase agreements 34 Gross purchases 284,316 360,069 0 0 0 0 0 00 00 00 35 Gross sales 276,266 370,772 0 0 0 0 0 0 0 0 36 Net change in federal agency obligations 7,703 -10,859 -51 0 -120 0 0 0 0 0 Reverse repurchase agreements 37 Gross purchases 0 0 0 0 0 0 0 00 00 00 38 Gross sales 0 0 0 0 0 0 0 0 0 0 Repurchase agreements 3V Gross purchases 0 304,989 890,236 104,930 67,655 86,472 85,166 120,135 65,005 106,355 40 Gross sales 0 164,349 987,501 129,385 62,910 88,142 82,154 114,832 72,065 103,255 41 Net change in triparty obligations 0 140,640 -97,265 -24,455 4,745 -1,670 3,012 5,303 -7,060 3,100 42 Total net change in System Open Market Account . . 27,538 135,780 -63,877 -20,166 8,229 2,526 4,996 6,895 412 3,488 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market 2. Transactions exclude changes in compensation for the effects of inflation on the Account; all other figures increase such holdings. principal of inflation-indexed securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Nonfinancial Statistics • November 2001 1.18 FEDERAL RESERVE BANKS Condition and Federal Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2001 2001 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 June July Aug. Consolidated condition statement ASSETS 1 Gold certificate account 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 2 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 3 Coin 1,110 1,115 1,112 1,123 1,106 1,126 1,109 1,096 Loans 4 To depository institutions 192 182 192 169 274 150 201 123 5 Other 0 0 0 0 0 0 0 0 6 Acceptances held under repurchase agreements 0 0 0 0 0 0 0 0 Triparty obligations 7 Repurchase agreements—triparty2 27,150 28,495 27,345 34,265 24,755 23,250 26,350 29,755 Federal agency obligations3 8 Bought outright 10 10 10 10 10 10 10 10 9 Held under repurchase agreements 0 0 0 0 0 0 0 0 10 Total US. Treasury securities3 536,100 536,611 539,746 540,778 542,873 535,110 535,578 541,807 11 Bought outright4 536,100 536,611 539,746 540,778 542,873 535,110 535,578 541,807 12 Bills 180,705 181,212 184,343 183,986 184,710 181,126 180,184 183,600 13 Notes 254,628 254,630 254,393 255,779 257,099 254,228 254,627 256,196 14 Bonds 100,768 100,769 101,011 101,013 101,064 99,756 100,767 102,012 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 563,452 565,298 567,293 575,222 567,911 558,519 562,139 571,694 17 Items in process of collection 8,360 8,263 7,296 6,841 6,619 5,573 10,421 5,821 18 Bank premises 1,505 1,507 1,510 1,512 1,512 1,509 1,505 1,510 Other assets 19 Denominated in foreign currencies5 14,707 14,803 15,293 15,365 15,300 14,428 14,665 15,365 20 AHother* 21,328 21,754 18,428 18,909 19,469 20,667 21,251 19,203 21 Total assets 623,706 625,984 624,174 632,216 625,160 615,066 624,333 627,932 LIABILITIES 22 Federal Reserve notes 573,736 576,069 576,727 577,729 579,849 565,574 572,980 581,820 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 23,897 24,520 21,899 29,534 20,634 26,208 23,733 22,808 25 Depository institutions 19,347 19,335 17,437 24,059 15,526 18,647 17,727 16,918 26 U.S. Treasury—General account 4,148 4,802 4,069 5,115 4,675 7,188 5,592 5,533 27 Foreign—Official accounts 72 79 71 75 151 102 84 80 28 Other 330 305 322 285 282 271 330 276 29 Deferred credit items 8,438 7,528 7,309 7,029 6,829 5,701 9,401 5,166 30 Other liabilities and accrued dividends7 3,055 3,069 3,062 3,068 3,055 3,140 3,076 3,137 31 Total liabilities 609,126 611,186 608,997 617,359 610,367 600,623 609,191 612,931 CAPITAL ACCOUNTS 32 Capital paid in 7,165 7,168 7,160 7,169 7,190 7,143 7,164 7,191 33 Surplus 6,725 6,729 6,747 6,750 6,747 6,584 6,723 6,747 34 Other capital accounts 690 902 1,271 938 855 716 1,256 1,063 35 Total liabilities and capital accounts 623,706 625,984 624,174 632,216 625,160 615,066 624,333 627,932 MEMO 36 Marketable U.S. Treasury securities held in custody for foreign and international accounts n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Federal Reserve note statement 37 Federal Reserve notes outstanding (issued to Banks) 738,363 738,174 738,144 738,738 739,484 735,805 738,388 739,560 38 LESS: Held by Federal Reserve Banks 164.627 162,105 161,417 161,010 159,635 170,231 165,409 157,740 39 Federal Reserve notes, net 573,736 576,069 576,727 577,729 579,849 565,574 572,980 581,820 Collateral held against notes, net 40 Gold certificate account 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 41 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 42 Other eligible assets 0 0 0 0 0 0 0 0 43 U.S. Treasury and agency securities 560,492 562,825 563,483 564,485 566,605 552,330 559,736 568,576 44 Total collateral 573,736 576,069 576,727 577,729 579,849 565,574 572,980 581,820 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical 5. Valued monthly at market exchange rates. release. For ordering address, see inside front cover. 6. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury 2. Cash value of agreements arranged through third-party custodial banks. bills maturing within ninety days. 3. Face value of the securities. 7. Includes exchange-translation account reflecting the monthly revaluation at market 4. Includes securities loaned—fully guaranteed by U.S. Treasury securities pledged with exchange rates of foreign exchange commitments. Federal Reserve Banks—and includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks All 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holding Millions of dollars Wednesday End of month TTTyyypppeee ooofff hhhooollldddiiinnnggg aaannnddd mmmaaatttuuurrriiitttyyy 2001 2001 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 June July Aug. 1 Total loans 192 182 192 169 274 150 201 123 2 Within fifteen days1 23 33 32 154 266 113 160 106 3 Sixteen days to ninety days 169 149 159 15 8 36 41 17 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 536,100 536,611 539,746 540,778 542,873 535,108 535,578 541,807 6 Within fifteen days' 16,958 17,818 16,705 23,169 23,583 10,105 13,674 3,906 7 Sixteen days to ninety days 108,398 113,193 113,967 111,370 111,288 126,214 111,161 125,620 8 Ninety-one days to one year 135,091 129,944 135,388 132,549 132,942 123,941 135,091 136,653 9 One year to five years 144,732 144,732 141,175 141,175 141,985 141,089 144,732 141,453 10 Five years to ten years 53,825 53,827 54,872 54,874 55,433 57,527 53,824 55,584 11 More than ten years 77,096 77,097 77,639 77,641 77,642 76,232 77,095 78,590 12 Total federal agency obligations 10 10 10 10 10 10 10 10 13 Within fifteen days' 0 0 0 0 0 0 0 0 14 Sixteen days to ninety days 0 0 0 0 0 0 0 0 15 Ninety-one days to one year 0 0 0 0 0 0 0 0 16 One year to five years 10 10 10 10 10 10 10 10 17 Five years to ten years 0 0 0 0 0 0 0 0 18 More than ten years 0 0 0 0 0 0 0 0 1. Holdings under repurchase agreements are classified as maturing within fifteen days in 2. Includes compensation that adjusts for the effects of inflation on the principal of accordance with maximum maturity of the agreements. inflation-indexed securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 Domestic NonfinancialS tatistics • November 2001 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Billions of dollars, averages of daily figures 2001 IItteemm D 19 e 9 c 7 . D 19 e 9 c 8 . D 19 e 9 c 9 . 2 D 0 e 0 c 0 . Jan. Feb. Mar. Apr. May June July Aug. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 46.85 45.18 41.78 38.51 38.83 38.87 38.26 38.79 38.89 38.77 39.60 39.90 2 Nonborrowed reserves4 46.52 45.07 41.46 38.30 38.75 38.82 38.20 38.74 38.68 38.55 39.32 39.71 3 Nonborrowed reserves plus extended credit5 46.52 45.07 41.46 38.30 38.75 38.82 38.20 38.74 38.68 38.55 39.32 39.71 4 Required reserves 45.16 43.67 40.48 37.18 37.57 37.43 36.87 37.51 37.87 37.41 38.19r 38.66 5 Monetary base6 479.47 513.49 593.09 583.96 589.39 591.12 592.42 595.93r 599.09r 601.88 607.68 615.39 Not seasonally adjusted 6 Total reserves7 48.01 45.31 41.89 38.60 39.78 39.38 37.76 38.66 39.46 38.33 39.41 39.75 7 Nonborrowed reserves 47.69 45.19 41.57 38.39 39.70 39.33 37.71 38.61 39.25 38.10 39.13 39.57 8 Nonborrowed reserves plus extended credit' 47.69 45.19 41.57 38.39 39.70 39.33 37.71 38.61 39.25 38.10 39.13 39.57 9 Required reserves" 46.33 43.80 40.59 37.27 38.52 37.95 36.38 37.38 38.44 36.97 38.01 38.52 10 Monetary base9 484.98 518.27 600.72 590.20 591.50 589.04 591.36 594.92 598.57 601.69 608.22 614.43 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS'" 1 1 Total reserves11 47.92 45.21 41.65 38.54 39.79 39.35 37.72 38.59 39.38 38.23 39.30 39.62 12 Nonborrowed reserves 47.60 45.09 41.33 38.33 39.72 39.30 37.66 38.54 39.17 38.00 39.01 39.44 13 Nonborrowed reserves plus extended credit5 47.60 45.09 41.33 38.33 39.72 39.30 37.66 38.54 39.17 38.00 39.01 39.44 14 Required reserves 46.24 43.70 40.36 37.22 38.54 37.92 36.33 37.31 38.36 36.87 37.89 38.39 15 Monetary base12 491.79 525.06 608.02 597.12 598.38 595.59 598.20 601.84 605.48 608.83 615.56 621.91 16 Excess reserves13 1.69 1.51 1.30 1.33 1.25 1.43 1.39 1.28 1.02 1.36 1.41 1.24 17 Borrowings from the Federal Reserve .32 .12 .32 .21 .07 .05 .06 .05 .21 .23 .28 .18 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly 8. To adjust required reserves for discontinuities that are due to regulatory changes in statistical release. Historical data starting in 1959 and estimates of the effect on required reserve requirements, a multiplicative procedure is used to estimate what required reserves reserves of changes in reserve requirements are available from the Money and Reserves would have been in past periods had current reserve requirements been in effect. Break- Projections Section, Division of Monetary Affairs, Board of Governors of the Federal adjusted required reserves include required reserves against transactions deposits and nonper- Reserve System, Washington, DC 20551. sonal time and savings deposits (but not reservable nondeposit liabilities). 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory 9. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus changes in reserve requirements. (See also table 1.10.) (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break- reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all adjusted required reserves (line 4) plus excess reserves (line 16). those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, difference between current vault cash and the amount applied to satisfy current reserve break-adjusted total reserves (line 1) less total borrowings of depository institutions from the requirements. Federal Reserve (line 17). 10. Reflects actual reserve requirements, including those on nondeposit liabilities, with no 5. Extended credit consists of borrowing at the discount window under the terms and adjustments to eliminate the effects of discontinuities associated with regulatory changes in conditions established for the extended credit program to help depository institutions deal reserve requirements. with sustained liquidity pressures. Because there is not the same need to repay such 11. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve borrow ing promptly as with traditional short-term adjustment credit, the money market effect requirements. of extended credit is similar to that of nonborrow ed reserves. 12. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total 6. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency- at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for component of the money stock, plus (3) (for all quarterly reporters on the "Report of all quarterly reporters on the "Report of Transaction Accounts. Other Deposits and Vault Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over requirements. the computation periods ending on Mondays. 7. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess 13. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). reserves (line 16). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates A13 1.21 MONEY STOCK AND DEBT MEASURES1 Billions of dollars, averages of daily figures 2001 1997 1998 1999 2000 IItteemm Dec. Dec. Dec. Dec. May' June' July' Aug. Seasonally adjusted Measures2 1 Ml 1,073.4 1,097.0 1,124.8 1,088.2 1,116.9 1,122.8 1,135.5 1,143.1 2 M2 4,031.9 4,385.9 4,653.3 4,945.1 5,170.7 5,214.2 5,252.6 5,285.0 3 M3 5,430.8 6,027.8' 6,527.9' 7,108.4' 7,556.4 7,638.3 7,679.0 7,672.7 4 Debt 15,226.1' 16,261.3' 17,335.2' 18,249.9' 18,651.0 18,747.1 18,796.2 n.a. Ml components 5 Currency1 424.3 459.2 516.7 529.9 545.8 548.1 553.7 562.4 6 Travelers checks4 8.1 8.2 8.2 8.0 8.0 8.2 8.6 8.8 7 Demand deposits5 395.4 379.4 356.1 311.3 311.7 310.0 312.7 314.4 8 Other checkable deposits6 245.7 250.1 243.7 239.0 251.5 256.5 260.4 257.6 Nontransaction components 9 In M27 2,958.5 3,288.9 3,528.5 3,856.9 4,053.7 4,091.4 4,117.1 4,141.9 10 In M3 only8 1,399.0 1,641.9' 1,874.6' 2,163.2' 2,385.7 2,424.1 2,426.4 2,387.7 Commercial banks 11 Savings deposits, including MMDAs 1,021.1 1,185.8 1,287.0 1,421.7 1,540.2 1,564.6 1,580.6 1,612.7 12 Small time deposits5 625.5 626.4 635.2 699.5' 686.6 680.6 671.9 666.4 13 Large time deposits10 " 517.4 575.2 648.3 726.5' 706.4 712.0 705.0 687.6 Thrift institutions 14 Savings deposits, including MMDAs 376.8 414.1 449.3 451.9 488.3 498.4 508.0 518.6 15 Small time deposits'* 342.9 325.8 320.9 346.6 353.8 353.1 350.2 346.6 16 Large time deposits10 85.5 88.7 91.3 103.2 110.7 109.9 111.7 114.4 Money market mutual funds 17 Retail 592.1 736.8 836.2 937.2 984.8 994.7 1,006.4 997.6 18 Institution-only 391.8 531.8 623.5 769.3' 972.7 1,008.5 1,015.3 997.6 Repurchase agreements and eurodollars 19 Repurchase agreements'2 254.3 294.5' 338.2' 367.2' 377.5 378.0 374.1 370.3 20 Eurodollars'2 150.0 151.8 173.3 197.1 218.4 215.8 220.4 217.7 Debt components 21 Federal debt 3,800.4' 3,751.1' 3,660.1' 3,400.4' 3,305.9 3,313.7 3,327.7 n.a. 22 Nonfederal debt 11,425.6' 12,510.2' 13,675.1' 14,849.5' 15,345.1 15,433.3 15,468.5 n.a. Not seasonally adjusted Measures2 23 Ml 1,096.9 1,120.4 1,148.3 1,112.4 1,111.0 1,122.2 1,135.4 1,140.3 24 M2 4,053.2 4,408.2 4,677.3 4,973.7 5,146.6 5,196.9 5,226.2 5,264.4 25 M3 5,456.2 6,059.9' 6,565.4' 7,153.4' 7,532.5 7,608.3 7,620.6 7,630.7 26 Debt 15,220.5' 16,254.6' 17,328.0' 18,239.4' 18,571.5 18,662.5 18,707.3 n.a. Ml components 27 Currency3 428.1 463.3 521.5 535.2 545.9 548.8 554.4 561.6 28 Travelers checks4 8.3 8.4 8.4 8.1 8.0 8.0 8.2 8.4 29 Demand deposits5 412.4 395.9 371.7 326.6 306.5 308.8 314.0 314.6 30 Other checkable deposits6 248.2 252.8 246.6 242.5 250.5 256.6 258.7 255.6 Nontransaction components 31 In M27 2,956.3 3,287.8 3,529.1 3,861.3 4,035.7 4,074.7 4,090.8 4,124.1 32 In M3 only8 1,403.0 1,651.8' 1,888.1' 2,179.7' 2,385.9 2,411.4 2,394.4 2,366.3 Commercial banks 33 Savings deposits, including MMDAs 1,020.4 1,186.0 1,288.5 1,426.4 1,535.7 1,567.1 1,579.2 1,606.6 34 Small time deposits' 625.3 626.5 635.4 699.8 684.3 677.0 670.1 665.6 35 Large time deposits10 " 516.8 574.5 647.7 725.8' 712.2 715.1 703.2 683.6 Thrift institutions 36 Savings deposits, including MMDAs 376.5 414.2 449.8 453.4 486.9 499.3 507.6 516.6 37 Small time deposits' 342.8 325.8 321.0 346.8 352.7 351.2 349.2 346.2 38 Large time deposits10 85.4 88.6 91.2 103.1 111.6 110.4 111.4 113.7 Money market mutual funds 39 Retail 591.3 735.2 834.3 935.0 976.0 980.2 984.7 989.0 40 Institution-only 398.9 543.7 638.4 787.2' 958.9 986.9 988.0 983.7 Repurchase agreements and eurodollars 41 Repurchase agreements'2 249.5 290.4' 334.7' 364.1' 382.7 382.7 374.0 369.9 42 Eurodollars12 152.3 154.5 176.0 199.5 220.5 216.3 217.8 215.4 Debt components 43 Federal debt 3,805.8 3,754.9 3,663.2 3,403.5 3,267.9 3.260.4 3,257.5 n.a. 44 Nonfederal debt 11,414.8' 12,499.7' 13,664.9' 14,835.9' 15,303.6 15,402.1 15,449.8 n.a. Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • November 2001 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly prises or federally related mortgage pools) and the nonfederal sectors (state and local statistical release. Historical data starting in 1959 are available from the Money and Reserves governments, households and nonprofit organizations, nonfinancial corporate and nonfarm Projections Section, Division of Monetary Affairs, Board of Governors of the Federal noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and Reserve System, Washington, DC 20551. corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, 2. Composition of the money stock measures and debt is as follows: which are derived from the Federal Reserve Board's flow of funds accounts, are break- Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of adjusted (that is, discontinuities in the data have been smoothed into the series) and depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all month-averaged (that is, the data have been derived by averaging adjacent month-end levels). commercial banks other than those owed to depository institutions, the U.S. government, and 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository foreign banks and official institutions, less cash items in the process of collection and Federal institutions. Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, Travelers checks issued by depository institutions are included in demand deposits. credit union share draft accounts, and demand deposits at thrift institutions. Seasonally 5. Demand deposits at commercial banks and foreign-related institutions other than those adjusted Ml is computed by summing currency, travelers checks, demand deposits, and owed to depository institutions, the U.S. government, and foreign banks and official institu- OCDs, each seasonally adjusted separately. tions, less cash items in the process of collection and Federal Reserve float. M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time 6. Consists of NOW and ATS account balances at all depository institutions, credit union deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3) share draft account balances, and demand deposits at thrift institutions. balances in retail money market mutual funds. Excludes individual retirement accounts 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally money fund balances. adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, 8. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities and retail money fund balances, each seasonally adjusted separately, and adding this result to (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and seasonally adjusted Ml. term) of U.S. addressees. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) 9. Small time deposits—including retail RPs—are those issued in amounts of less than issued by all depository institutions, (2) balances in institutional money funds, (3) RP $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars subtracted from small time deposits. (overnight and term) held by U.S. residents at foreign branches of U.S. banks wolrdwide and 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those at all banking offices in the United Kingdom and Canada. Excludes amounts held by booked at international banking facilities. depository institutions, the U.S. government, money market funds, and foreign banks and 11. Large time deposits at commercial banks less those held by money market funds, official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, depository institutions, the U.S. government, and foreign banks and official institutions. institutional money fund balances, RP liabilities, and eurodollars, each seasonally adjusted 12. Includes both overnight and term. separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors—the federal sector (U.S. government, not including government-sponsored enter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A15 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' A. All commercial banks Billions of dollars Monthly averages Wednesday figures Account 2000 2001 2001 Aug/ Feb.r Mar. Apr.' May' June' July' Aug. Aug. 8 Aug. 15 Aug. 22 Aug. 29 Seasonally adjusted 1 Bank credit 5,101.6 5,269.6 5,281.0r 5,316.5 5,322.2 5,315.7 5,313.7 5,325.0 5,320.6 5,304.5 5,322.7 5,344.6 ^ Securities in bank credit 1,315.6 1,350.9 1,345.7 1,364.1 1,370.8 1,379.9 1,385.9 1,418.5 1,419.2 1,404.1 1,415.5 1,433.4 3 U.S. government securities 810.0 776.2 757.1 763.3 765.8 763.8 771.4 782.8 789.5 773.6 778.0 787.3 4 Other securities 505.6 574.7 588.6 600.8 605.0 616.1 614.5 635.7 629.7 630.5 637.5 646.1 Loans and leases in bank credit2 .... 3,786.1 3,918.6 3,935.2r 3,952.4 3,951.4 3,935.8 3,927.8 3,906.5 3,901.4 3,900.4 3,907.2 3,911.2 6 Commercial and industrial 1,077.6 1,106.8 1,104.6' 1,099.0 1,094.5 1,076.1 1,065.2 1,057.7 1,057.9 1,059.2 1,057.1 1,056.2 7 Real estate 1,623.4 1,670.4 1,678.7' 1,688.7 1,699.9 1,703.0 1,709.0 1,704.6 1,709.0 1,705.4 1,699.5 1,702.6 8 Revolving home equity 119.9 133.9 135.8 137.2 138.6 139.7 141.3 142.8 142.2 142.0 142.9 143.7 9 Other 1,503.6 1,536.5 1,542.9' 1,551.5 1,561.3 1,563.3 1,567.7 1,561.9 1,566.8 1,563.4 1,556.6 1,558.9 10 Consumer 523.2 541.2 540.1' 549.4 553.1 551.1 550.4 547.0 543.4 546.6 549.8 548.1 1 1 Security3 153.3 168.2 174.1 179.5 167.9 171.8 169.7 169.9 162.9 160.0 174.7 179.4 P Other loans and leases 408.5 432.0 437.7 435.8 436.0 433.8 433.5 427.3 428.1 429.3 426.2 424.8 n Interbank loans 245.6 267.4 276.1 290.7 285.4 271.6 275.2 290.4 280.5 288.5 287.3 303.5 14 Cash assets4 288.3 265.5 270.2 287.8 280.6 272.7 285.1 279.3 277.4 276.8 283.1 272.6 15 Other assets5 383.1 413.1 428.1 418.8 413.1 406.7 416.2 425.7 427.8 423.6 427.7 423.5 16 Total assets6 5,956.7 6,150.5 6,190.5r 6,248.3 6,235.9 6,201.5 6,224.7 6,254.4 6,240.3 6,227.3 6,254.7 6,278.2 Liabilities 17 3,755.2 3,891.4 3,925.5 3,991.3 4,005.1 4,038.1 4,061.2 4,069.5 4,062.2 4,074.7 4,056.0 4,065.3 18 Transaction 615.1 607.7 606.8 608.8 612.4 600.2 605.1 609.9 581.9 605.8 621.6 631.4 19 Nontransaction 3,140.1 3,283.6 3,318.7 3,382.5 3,392.7 3,437.9 3,456.0 3,459.6 3,480.3 3,468.9 3,434.4 3,433.9 70 Large time 925.0 937.0 934.8 951.1 965.7 978.7 972.3 959.7 965.0 957.3 953.4 961.1 71 Other 2,215.0 2,346.6 2,383.8 2,431.5 2,427.0 2,459.2 2,483.7 2,500.0 2,515.3 2,511.5 2,481.0 2,472.8 ?.?. Borrowings 1,214.2 1,257.2 1,241.6' 1,281.2 1,249.7 1,216.5 1,229.6 1,236.6 1,230.1 1,217.6 1,228.1 1,272.0 23 From banks in the U.S 391.0 395.0 394.4' 405.5 385.3 384.0 392.1 399.1 392.7 396.5 392.3 411.2 74 From others 823.3 862.2 847.2' 875.6 864.4 832.5 837.5 837.5 837.4 821.1 835.8 860.8 ?5 Net due to related foreign offices 267.7 219.4 233.3 190.0 207.4 184.4 190.8 193.7 200.8 195.7 209.5 176.6 26 Other liabilities 318.0 343.4 352.1 349.6 338.8 349.4 328.2 337.8 329.6 331.1 338.5 350.4 27 Total liabilities 5,555.0 5,711.3 5,752.4f 5,812.1 5,801.0 5,788.4 5,809.7 5,837.8 5,822.6 5,819.2 5,832.1 5,864.3 28 Residual (assets less liabilities)7 401.6 439.2 438.1' 436.2 434.9 413.1 414.9 416.6 417.7 408.1 422.7 413.9 Not seasonally adjusted 29 Bank credit 5,084.4 5,264.5 5,268.2' 5,308.9 5,311.4 5,308.5 5,293.1 5,307.6 5,303.4 5.292.7 5,298.6 5,326.5 30 Securities in bank credit 1,308.7 1,352.7 1,349.8 1,365.7 1,370.0 1,379.2 1,376.8 1,411.6 1,411.5 1,397.1 1,407.6 1,426.9 31 U.S. government securities 804.8 778.0 763.0 768.2 766.7 764.2 767.3 778.1 784.7 768.7 772.8 782.3 3? Other securities 503.9 574.7 586.8 597.5 603.3 615.1 609.5 633.5 626.8 628.5 634.9 644.5 33 Loans and leases in bank credit2 .... 3,775.7 3,911.8 3,918.4' 3,943.2 3,941.4 3,929.3 3,916.3 3,896.0 3,891.9 3,895.6 3,891.0 3,899.7 34 Commercial and industrial 1,070.9 1,106.1 1,106.2' 1,103.6 1,096.8 1,078.4 1,064.4 1,051.5 1,053.7 1,054.3 1,049.6 1,048.1 35 Real estate 1,626.2 1,663.9 1,671.3' 1,684.4 1,700.3 1,702.4 1,708.1 1,707.8 1,711.3 1,710.4 1,701.8 1,706.3 36 Revolving home equity 120.5 132.8 134.2 136.3 138.6 139.9 141.8 143.6 142.7 142.8 143.7 144.8 37 Other 1.505.7 1,531.1 1,537.1' 1,548.1 1,561.7 1,562.4 1,566.3 1,564.2 1,568.6 1,567.5 1,558.1 1,561.5 38 Consumer 524.1 541.9 536.4' 546.3 550.9 548.4 547.9 548.0 541.8 547.3 551.7 551.4 39 Credit cards and related plans . . 205.2 213.3 209.1 214.5 219.1 217.2 217.5 216.1 213.0 215.3 218.6 217.8 40 Other 318.9 328.6 327.3' 331.8 331.7 331.2 330.4 331.9 328.8 332.0 333.1 333.6 41 Security3 145.8 171.0 170.1 175.1 161.9 167.2 162.0 161.4 157.3 154.1 163.2 169.4 4? Other loans and leases 408.7 428.9 434.4 433.7 431.6 432.9 433.9 427.2 427.8 429.6 424.7 424.5 43 Interbank loans 236.1 269.2 283.5 296.8 278.8 269.3 267.4 279.0 272.0 281.2 271.5 285.2 44 Cash assets4 276.1 266.6 260.2 283.0 278.3 268.9 276.1 267.7 259.3 266.6 264.2 264.7 45 Other assets5 380.6 412.2 427.3 418.7 413.4 407.6 414.7 422.9 425.8 422.3 421.6 419.8 46 Total assets6 5,915.1 6,147.5 6,174.3' 6,242.0 6,216.4 6,188.9 6,185.8 6,211.0 6,194.4 6,196.5 6,189.6 6,230.2 Liabilities 47 Deposits 3,718.4 3,908.3 3,935.8 4,010.6 3,993.1 4,019.2 4,029.6 4,029.1 4,028.5 4,039.8 3,996.2 4,016.9 48 Transaction 601.1 599.6 600.8 615.0 602.7 599.8 598.9 596.1 565.5 597.2 594.6 617.6 49 Nontransaction 3,117.3 3,308.7 3,335.0 3,395.6 3,390.4 3,419.3 3,430.8 3,433.0 3,463.0 3,442.6 3,401.6 3,399.3 50 Large time 912.3 948.7 938.0 952.4 964.4 969.1 958.4 946.3 951.3 942.2 940.4 948.8 51 Other 2,205.0 2.360.1 2,397.0 2,443.2 2,426.0 2,450.2 2,472.3 2,486.8 2,511.7 2,500.4 2,461.2 2,450.5 52 Borrowings 1,192.2 1,260.8 1,240.0' 1,281.9 1,254.8 1,217.3 1,220.2 1,214.7 1,207.4 1,196.2 1,205.1 1,247.5 53 From banks in the U.S 383.6 399.3 398.0' 408.8 388.4 384.8 388.9 390.9 385.8 389.1 384.1 400.3 54 From others 808.6 861.4 842.0' 873.1 866.4 832.6 831.3 823.9 821.6 807.1 821.0 847.2 55 Net due to related foreign offices 267.0 225.5 232.2 183.0 206.5 180.6 184.4 192.9 199.5 194.8 208.2 175.4 56 Other liabilities 317.7 347.4 350.8 344.7 339.5 347.3 323.8 337.6 327.7 329.9 338.8 352.2 57 Total liabilities 5,495.3 5,742.0 5,758.9r 5,820.1 5,793.9 5,764.4 5,758.0 5,774.3 5,763.1 5,760.6 5,748.4 5,791.9 58 Residual (assets less liabilities)7 419.9 405.5 415.5' 421.9 422.5 424.5 427.9 436.7 431.3 435.8 441.2 438.2 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • November 2001 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities '—Continued B. Domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures Account 2000 2001 2001 Aug.' Feb.' Mar. Apr.' May' June' July' Aug. Aug. 8 Aug. 15 Aug. 22 Aug. 29 Seasonally adjusted Assets 1 Bank credit 4,517.8 4,661.1 4,658.3' 4,690.3 4,711.9 4,714.4 4,721.3 4,733.9 4,727.9 4,718.3 4,732.0 4,751.3 2 Securities in bank credit 1,109.4 1,150.8 1,138.4 1.143.1 1,155.7 1,162.8 1,167.2 1,197.4 1.199.8 1,182.5 1,193.5 1,212.1 3 U.S. government securities 732.1 711.8 689.0 689.1 696.8 696.7 704.5 717.3 724.6 708.1 713.0 721.3 4 Other securities 377.3 439.0 449.3 454.0 458.9 466.1 462.7 480.1 475.2 474.4 480.5 490.8 5 Loans and leases in bank credit2 .... 3,408.3 3,510.3 3,519.9' 3,547.3 3,556.2 3,551.6 3,554.1 3,536.5 3,528.2 3,535.7 3,538.5 3,539.1 6 Commercial and industrial 872.0 890.0 884.9' 880.5 877.8 867.4 861.2 855.2 854.8 856.1 854.7 854.8 7 Real estate 1,605.4 1,651.8 1,660.2' 1,671.0 1,682.1 1,685.4 1,691.2 1,686.5 1,691.0 1,687.5 1,681.6 1,684.1 Revolving home equity 119.9 133.9 135.8 137.2 138.6 139.7 141.3 142.8 142.2 142.0 142.9 143.7 y Other 1,485.5 1,517.9 1,524.4' 1,533.8 1,543.5 1,545.7 1,549.9 1,543.7 1,548.8 1,545.5 1,538.7 1,540.3 10 Consumer 523.2 541.2 540.1' 549.4 553.1 551.1 550.4 547.0 543.4 546.6 549.8 548.1 n Security3 68.1 62.9 67.0 78.8 75.3 80.9 83.5 86.5 77.8 82.7 92.1 92.6 12 Other loans and leases 339.6 364.4 367.7 367.6 368.0 366.8 367.8 361.4 361.2 363.0 360.4 359.6 13 Interbank loans 223.2 239.0 245.6 262.7 255.0 248.1 252.9 268.8 262.3 267.9 265.5 278.9 14 Cash assets4 244.4 223.9 229.6 249.3 243.8 237.5 249.6 243.4 241.7 241.5 245.9 237.1 15 Other assets5 340.0 377.9 391.7 379.0 375.7 369.4 384.3 396.4 398.7 396.1 399.3 390.4 16 Total assets6 5,263.8 5,437.2 5,460.8r 5,516.1 5,521.3 5,504.5 5,542.8 5,576.8 5,565.0 5,557.9 5,576.9 5,592.1 Liabilities 17 Deposits 3,363.0 3,510.8 3,547.2 3,597.2 3,596.4 3,618.9 3,648.1 3,665.2 3,659.1 3,674.5 3,650.9 3,656.9 18 Transaction 604.3 597.4 597.3 598.0 601.6 590.4 595.4 599.6 572.7 595.8 610.9 620.5 19 Nontransaction 2,758.7 2,913.4 2,949.9 2,999.2 2.994.8 3,028.5 3,052.7 3,065.7 3,086.3 3,078.7 3.039.9 3,036.4 20 Large time 545.9 568.9 568.2 570.1 570.1 571.6 571.3 568.1 573.5 569.5 561.4 566.0 21 Other 2,212.7 2,344.5 2,381.6 2,429.1 2,424.7 2,456.9 2,481.4 2,497.6 2,512.9 2,509.1 2,478.6 2,470.4 22 Borrowings 1,013.5 1,018.7 1,008.2' 1,040.6 1,030.3 1,000.1 1,017.5 1,026.4 1,018.0 1,006.6 1,026.5 1,056.8 23 From banks in the U.S 373.7 372.5 369.9' 379.7 363.9 359.7 368.1 376.8 370.6 369.3 375.6 387.9 24 From others 639.7 646.2 638.3' 660.9 666.4 640.4 649.5 649.6 647.4 637.3 650.9 668.9 25 Net due to related foreign offices 243.4 214.6 211.4 185.5 211.8 204.1 207.1 205.8 214.1 211.6 212.3 190.8 26 Other liabilities 242.5 266.3 269.3 261.0 253.4 265.9 249.5 260.2 255.7 254.1 259.6 268.4 27 Total liabilities 4,862.4 5,010.4 5,036.2r 5,084.3 5,091.9 5,089.0 5,122.2 5,157.5 5,146.8 5,146.8 5,149.3 5,172.9 28 Residual (assets less liabilities)7 401.4 426.8 424.6' 431.8 429.5 415.4 420.5 419.3 418.1 411.1 427.6 419.2 Not seasonally adjusted Assets 29 Bank credit 4,507.0 4,652.8 4,650.4' 4,685.6 4,705.8 4,710.9 4,705.0 4,722.9 4,715.8 4,710.9 4,715.6 4,741.0 30 Securities in bank credit 1,102.6 1,152.6 1,142.4' 1,144.7 1,154.9 1,162.1 1,158.1 1,190.5 1,192.2 1,175.5 1,185.6 1,205.6 31 U.S. government securities 726.9 713.5 694.9 694.0 697.7 697.0 700.4 712.6 719.8 703.2 707.8 716.3 32 Other securities 375.6 439.1 447.5 450.7 457.2 465.0 457.7 477.9 472.3 472.4 477.8 489.3 33 Loans and leases in bank credit2 .... 3,404.5 3,500.2 3,508.0' 3,540.9 3,550.9 3,548.8 3,547.0 3,532.4 3,523.6 3,535.4 3,530.0 3,535.4 34 Commercial and industrial 866.7 887.1 885.3' 886.9 883.2 870.8 861.1 850.4 851.9 851.8 848.4 848.6 35 Real estate 1,608.2 1,645.2 1,652.8' 1,666.7 1,682.5 1,684.8 1,690.3 1,689.6 1,693.3 1,692.4 1,684.0 1,687.8 36 Revolving home equity 120.5 132.8 134.2 136.3 138.6 139.9 141.8 143.6 142.7 142.8 143.7 144.8 37 Other 1,487.7 1,512.5 1,518.6' 1,530.4 1,543.9 1,544.8 1,548.5 1,546.0 1,550.5 1,549.6 1,540.2 1,543.0 38 Consumer 524.1 541.9 536.4' 546.3 550.9 548.4 547.9 548.0 541.8 547.3 551.7 551.4 39 Credit cards and related plans . . 205.2 213.3 209.1 214.5 219.1 217.2 217.5 216.1 213.0 215.3 218.6 217.8 40 Other 318.9 328.6 327.3' 331.8 331.7 331.2 330.4 331,9 328.8 332.0 333.1 333.6 41 Security3 64.4 64.7 68.9 75.8 70.0 78.3 78.6 81.9 74.2 79.3 85.6 87.5 42 Other loans and leases 341.1 361.3 364.5 365.3 364.4 366.5 369.1 362.5 362.5 364.6 360.3 360.1 43 Interbank loans 213.8 240.8 252.9 268.7 248.3 245.8 245.2 257.4 253.8 260.6 249.6 260.6 44 Cash assets4 233.5 224.8 221.1 246.0 242.5 234.8 241.9 232.9 224.7 232.3 228.2 230.3 45 Other assets5 337.9 376.1 390.4 379.8 376.6 371.6 383.6 393.8 397.1 395.3 393.4 386.9 46 Total assets6 5,230.4 5,429.9 5,450.3r 5,515.1 5,508.0 5,498.0 5,510.5 5,541.2 5,525.7 5,533.1 5,520.9 5,553.0 Liabilities 47 Deposits 3,337.1 3.519.6 3,553.1 3,613.6 3,583.2 3,607.1 3,626.7 3,636.5 3,637.4 3,652.9 3,603.0 3,618.7 48 Transaction 590.2 589.5 591.6 604.8 592.2 590.1 589.1 585.7 556.4 587.1 584.1 606.6 49 Nontransaction 2,746.9 2.930.1 2,961.5 3,008.8 2.991.0 3,017.0 3,037.7 3,050.8 3,081.0 3,065.8 3,019.0 3,012.0 50 Large time 544.1 572.2 566.7 568.0 567.3 569.0 567.7 566.3 571.6 567.8 560.1 563.9 51 Other 2,202.8 2.357.9 2,394.8 2,440.9 2,423.7 2,447.9 2,470.0 2,484.4 2,509.4 2,498.1 2,458.9 2,448.1 52 Borrowings 991.4 1.022.3 1,006.6' 1,041.3 1,035.4 1,001.0 1,008.2 1,004.5 995.3 985.2 1,003.5 1,032.3 53 From banks in the U.S 366.4 376.9 373.5' 382.9 367.0 360.5 364.8 368.6 363.7 361.9 367.4 377.0 54 From others 625.1 645.5 633.0' 658.4 668.4 640.5 643.3 635.9 631.6 623.3 636.1 655.3 55 Net due to related foreign offices 243.8 217.4 210.3 183.1 214.1 203.4 204.0 206.2 211.6 209.9 214.6 194.7 56 Other liabilities 242.7 268.8 268.0 258.2 255.6 265.4 246.6 260.5 253.2 252.5 261.5 272.4 57 Total liabilities 4,815.1 5,028.2 5,037.9r 5,096.2 5,088.3 5,076.8 5,085.4 5,107.6 5,097.4 5,100.4 5,082.6 5,118.1 58 Residual (assets less liabilities)7 415.3 401.7 412.4' 419.0 419.7 421.1 425.1 433.5 428.3 432.7 438.2 435.0 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A17 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities'—Continued C. Large domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2000 2001 2001 Aug.' Feb.' Mar.' Apr.1 May' June1 July1' Aug. Aug. 8 Aug. 15 Aug. 22 Aug. 29 Seasonally adjusted 1 Bank credit 7,545.9 ?,592.5 2,598.7 2.625.3 2.637.3 2,635.4 2.626.8 2.627.0 2,625.5 2.616.9 2.621.5 2,641.1 9 Securities in bank credit 584.9 600.1 595.9 603.4 613.6 617.2 614.3 634.6 639.5 623.2 629.2 646.8 U.S. government securities 366.6 354.2 343.6 347.6 355.7 353.9 354.4 361.1 369.4 354.9 356.5 363.2 4 Trading account 23.3 37.5 35.4 33.7 35.3 35.1 38.3 36.3 39.6 35.5 34.6 35.0 Investment account 343.3 316.7 308.1 313.9 320.5 318.8 316.1 324.8 329.8 319.5 321.8 328.3 6 Other securities 218.3 245.9 252.3 255.8 257.8 263.3 259.9 273.5 270.1 268.3 272.8 283.6 7 Trading account 103.3 129.3 132.5 135.9 137.0 143.5 140.8 153.1 150.3 148.6 152.0 162.4 Investment account 115.0 116.6 119.9 119.9 120.8 119.8 119.2 120.4 119.8 119.7 120.7 121.2 9 State and local government . . 25.8 27.6 28.1 28.4 28.1 27,9 27.8 27.6 27.6 27.3 27.6 27.6 10 Other 89.2 89.0 91.8 91.5 92.7 92.0 91.4 92.8 92.1 92.4 93.1 93.5 1 1 Loans and leases in bank credit2 .... 1,961.0 1,992.4 2,002.8 2,021.9 2,023.7 2.018.2 2,012.6 1,992.5 1,986.0 1,993.7 1.992.3 1,994.3 17 Commercial and industrial 592.5 595.4 589.5 585.3 582.8 570.9 561.6 556.5 555.8 557.7 556.4 555.9 13 Bankers acceptances .9 .8 .8 .8 .8 .7 .0 .0 n.a. n.a. n.a. n.a. 14 Other 591.5 594.6 588.7 584.5 582.0 570.1 561.6 556.5 555.8 557.7 556.4 555.9 15 Real estate 829.1 833.0 841.3 848.7 855.3 854.6 853.5 844.0 849.0 847.0 839.1 840.0 16 Revolving home equity 78.9 87.6 89.5 90.6 91.2 91.5 91.7 91.9 91.8 91.4 91.9 92.3 17 Other 750.1 745.4 751.8 758.1 764.0 763.1 761.8 752.1 757.2 755.7 747.1 747.7 18 Consumer 2^9.8 241.8 243.7 249.8 252.2 254.1 254.1 252.1 249.7 251.7 253.1 253.9 19 Security3 61.2 55.4 59.0 70.4 66.8 72.5 75.1 78.0 69.5 74.1 83.4 83.9 20 Federal funds sold to and repurchase agreements with broker-dealers 41.6 39.5 43.7 53.9 49.4 54.7 59.6 63.5 54.7 5599..55 6688..66 6699..99 21 Other 19.7 16.0 15.3 16.6 17.4 17.8 15.5 14.5 14.7 14.6 14.8 14.1 99 State and local government 12.7 12.9 13.0 13.0 12.9 13.3 14.2 14.1 14.1 14.1 14.1 14.1 23 Agricultural 9.6 10.3 10.4 10.4 10.6 10.3 10.0 9.4 9.9 9.4 9.3 9.2 24 Federal funds sold to and repurchase agreements with others 14.2 26.3 26.2 23.0 23.6 25.5 30.8 3311..88 31.0 3311..99 3322..22 3322..22 25 All other loans 84.5 85.8 86.8 87.7 85.3 84.4 81.5 75.5 75.7 76.9 73.9 74.2 76 Lease-financing receivables 127.5 131.6 133.0 133.7 134.3 132.6 131.7 131.0 131.3 130.9 130.8 130.8 27 Interbank loans 142.0 142.5 138.9 147.4 133.9 130.6 135.7 150.1 149.2 149.1 146.0 154.4 28 Federal funds sold to and repurchase agreements with commercial banks 67.2 71.8 71.8 83.5 72.5 71.8 70.7 79.7 79.9 80.4 73.8 82.7 79 Other 74.8 70.7 67.0 63.9 61.5 58.7 64.9 70.4 69.3 68.7 72.3 71.7 30 Cash assets4 146.3 138.3 142.7 145.5 139.9 135.6 146.2 140.1 139.8 138.3 139.9 136.1 31 Other assets' 248.3 264.4 274.3 271.6 269.1 257.5 263.6 272.6 272.7 270.8 278.0 269.8 32 Total assets6 3,046.8 3,099.8 3,116.8 3,151.9 3,142.5 3,121.4 3,134.2 3,151.7 3,148.9 3,136.7 3,147.3 3,163.5 Liabilities 33 Deposits 1,665.8 1,690.6 1,717.2 1,742.2 1.733.1 1,737.7 1,749.3 1,751.3 1.752.3 1.761.1 1,737.6 1.740.0 34 Transaction 309.1 300.7 304.0 303.9 304.7 300.3 306.2 303.6 290.7 304.0 309.5 308.9 35 Nontransaction 1,356.7 1,389.9 1,413.2 1,438.3 1,428.4 1,437.4 1,443.1 1,447.6 1,461.6 1.457.1 1,428.1 1.431.1 16 Large time 268.3 267.1 269.4 269.3 271.6 275.1 271.5 264.5 270.3 266.2 257.7 261.8 17 Other 1,088.5 1,122.8 1,143.8 1,169.0 1,156.8 1,162.4 1,171.6 1,183.2 1,191.2 1,190.9 1,170.4 1.169.3 38 Borrowings 679.0 683.5 680.9 709.6 695.5 667.1 680.9 686.1 680.5 670.1 683.7 712.7 39 From banks in the U.S 209.3 216.9 220.9 231.2 213.9 211.3 219.0 226.4 222.7 221.0 222.9 235.2 40 From others 469.7 466.6 459.9 478.4 481.7 455.7 461.9 459.7 457.8 449.2 460.8 477.4 41 Net due to related foreign offices 219.7 197.9 196.1 172.7 195.2 190.9 192.4 190.3 196.6 193.9 198.3 177.9 42 Other liabilities 195.3 212.8 213.5 205.0 196.6 208.7 191.6 201.8 198.4 196.2 200.3 209.8 43 Total liabilities 2,759.8 2,784.9 2,807.6 2,829.5 2,820.4 2,804.3 2,814.2 2,829.5 2,827.8 2,821.3 2,819.8 2,840.3 44 Residual (assets less liabilities)7 287.0 315.0 309.2 322.4 322.1 317.0 320.1 322.2 321.1 315.4 327.5 323.2 Footnotes appear on p. A21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • November 2001 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2000 2001 2001 Aug.' Feb.' Mar.' Apr.' May' June' July' Aug. Aug. 8 Aug. 15 Aug. 22 Aug. 29 Not seasonally adjusted Assets 45 Bank credit 2,532.2 2,595.3 2,595.2 2,620.8 2,630.8 2,630.0 2,610.5 2,612.8 2,612.5 2,605.3 2,602.2 2,625.6 46 Securities in bank credit 578.8 603.8 597.7 602.4 611.2 614.9 605.3 628.4 632.6 617.1 622.2 640.4 47 U.S. government securities 362.2 357.9 347.2 349.8 355.1 352.6 350.4 357.1 365.4 350.8 352.1 358.3 48 Trading account 23.1 37.9 35.8 34.0 35.2 35.0 37.9 35.9 39.2 35.0 34.2 34.5 49 Investment account 339.2 320.0 311.4 315.8 319.9 317.6 312.5 321.2 326.2 315.8 317.9 323.9 50 Mortgage-backed securities . 213.5 221.7 220.1 227.6 234.3 230.6 230.8 243.7 244.3 239.1 240.8 249.3 51 Other 125.7 98.3 91.3 88.3 85.6 87.0 81.8 77.5 81.9 76.7 77.1 74.5 52 One year or less 32.8 31.8 31.6 30.9 27.8 26.2 21.8 20.0 22.4 19.9 18.7 18.1 53 One to five years 54.7 37.3 34.3 31.4 31.2 34.3 34.2 33.7 35.3 32.4 34.4 32.8 54 More than five years .... 38.3 29.2 25.4 25.9 26.6 26.5 25.8 23.9 24.2 24.5 23.9 23.7 55 Other securities 216.6 246.0 250.5 252.5 256.2 262.3 254.9 271.3 267.2 266.2 270.1 282.0 56 Trading account 102.5 129.3 131.5 134.2 136.1 142.9 138.1 151.9 148.7 147.4 150.6 161.5 57 Investment account 114.1 116.6 119.0 118.4 120.0 119.4 116.9 119.4 118.5 118.8 119.5 120.5 58 State and local government . 25.6 27.6 27.9 28.0 28.0 27.8 27.3 27.3 27.3 27.1 27.3 27.5 59 Other 88.5 89.0 91.1 90.3 92.1 91.6 89.6 92.0 91.1 91.7 92.2 93.0 60 Loans and leases in bank credit- . . . 1,953.3 1,991.4 1,997.4 2,018.5 2,019.5 2,015.1 2,005.2 1,984.5 1,980.0 1,988.2 1,980.0 1,985.2 61 Commercial and industrial 588.9 594.3 590.2 589.6 585.6 572.5 561.7 553.4 554.5 554.7 551.9 551.6 62 Bankers acceptances .9 .8 .8 .8 .8 .7 .0 .0 n.a. n.a. n.a. n.a. 63 Other 587.9 593.5 589.4 588.7 584.8 571.7 561.7 553.4 554.5 554.7 551.9 551.6 64 Real estate 830.1 829.7 835.5 844.7 854.9 853.3 852.1 845.4 850.5 849.5 839.6 841.2 65 Revolving home equity 79.8 86.6 88.1 89.6 91.1 91.7 92.4 93.0 92.7 92.4 93.0 93.6 66 Other 459.4 446.7 450.8 457.9 465.1 461.9 460.0 453.3 459.7 457.4 447.2 448.4 67 Commercial 290.8 296.4 296.6 297.1 298.6 299.7 299.6 299.0 298.2 299.6 299.4 299.1 68 Consumer 228.7 243.9 243.4 250.4 252.7 253.6 252.3 250.9 247.7 250.3 252.1 253.3 69 Credit cards and related plans . 74.7 83.5 83.1 85.0 87.3 88.3 87.7 85.3 84.8 84.5 85.7 86.5 70 Other 154.1 160.4 160.3 165.4 165.3 165.2 164.6 165.5 163.0 165.8 166.4 166.9 71 Security' 57.7 57.2 60.7 67.3 61.9 70.1 70.4 73.5 65.9 70.9 77.3 79.3 72 Federal funds sold to and repurchase agreements with broker-dealers 39.1 40.8 45.0 51.5 45.8 52.9 55.9 59.8 51.9 56.9 63.6 66.0 73 Other 18.6 16.5 15.7 15.8 16.1 17.2 14.5 13.7 14.0 13.9 13.7 13.3 74 State and local government 12.7 12.9 13.0 13.0 12.9 13.3 14.2 14.1 14.1 14.1 14.1 14.1 75 Agricultural 9.7 10.1 10.2 10.2 10.5 10.4 10.1 9.6 10.0 9.5 9.4 9.4 76 Federal funds sold to and repurchase agreements with others 14.2 26.3 26.2 23.0 23.6 25.5 30.8 31.8 31.0 31.9 32.2 32.2 77 All other loans 84.6 84.1 84.8 86.5 83.8 84.5 82.4 75.6 75.5 77.1 73.3 74.3 78 Lease-financing receivables 126.8 132.9 133.4 133.8 133.7 132.1 131.2 130.2 130.7 130.3 130.0 129.9 79 Interbank loans 136.8 141.4 140.0 149.5 136.3 135.0 135.5 144.6 141.4 147.0 139.4 147.6 80 Federal funds sold to and repurchase agreements with commercial banks 64.8 71.3 72.4 84.6 73.7 74.2 70.7 76.8 75.7 79.3 70.4 79.1 81 Other 72.0 70.2 67.6 64.9 62.6 60.8 64.8 67.8 65.7 67.7 69.0 68.5 82 Cash assets4 138.3 140.2 137.8 145.8 140.0 134.1 139.8 132.3 127.4 131.8 128.3 130.8 83 Other assets5 246.2 262.6 273.0 272.3 270.0 259.7 262.9 270.0 271.1 270.0 272.2 266.3 84 Total assets6 3,017.5 3,101.6 3,108.1 3,150.8 3,139.2 3,120.9 3,110.8 3,121.5 3,114.0 3,115.7 3,103.7 3,132.2 Liabilities 85 Deposits 1,650.3 1,698.3 1,715.7 1,751.3 1,726.3 1,737.2 1,741.0 1,735.3 1,739.2 1,750.9 1,709.4 1,719.0 86 Transaction 298.0 297.6 300.3 311.1 300.5 300.4 301.4 292.6 276.6 297.3 290.0 298.5 87 Nontransaction 1,352.3 1,400.7 1,415.4 1,440.2 1,425.8 1,436.8 1,439.7 1,442.8 1,462.6 1,453.6 1,419.4 1,420.4 88 Large time 266.5 270.4 267.8 267.2 268.8 272.4 267.9 262.7 268.4 264.4 256.5 259.7 89 Other 1,085.8 1,130.4 1,147.5 1,173.0 1,157.1 1,164.4 1,171.8 1,180.1 1,194.1 1,189.2 1,162.9 1,160.7 90 Borrowings 657.0 687.1 679.2 710.3 700.6 667.9 671.5 664.2 657.8 648.7 660.7 688.2 91 From banks in the U.S 201.9 221.3 224.6 234.4 217.0 212.2 215.7 218.1 215.8 213.5 214.7 224.3 92 From nonbanks in the U.S 455.0 465.8 454.7 475.9 483.7 455.7 455.8 446.1 442.0 435.1 446.0 463.8 93 Net due to related foreign offices 220.1 200.8 194.9 170.3 197.5 190.3 189.2 190.7 194.1 192.2 200.6 181.8 94 Other liabilities 195.5 215.4 212.2 202.2 198.8 208.1 188.7 202.2 195.9 194.6 202.2 213.8 95 Total liabilities 2,722.9 2,801.6 2,802.0 2,834.1 2,823.3 2,803.5 2,790.5 2,792.4 2,787.0 2,786.3 2,772.8 2,802.7 96 Residual (assets less liabilities)7 294.6 300.0 306.1 316.6 315.9 317.4 320.3 329.1 327.0 329.4 330.9 329.4 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A19 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued D. Small domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures Account 2000 2001 2001 Aug.1 Feb.' Mar.T Apr.1 May' June' July' Aug. Aug. 8 Aug. 15 Aug. 22 Aug. 29 Seasonally adjusted Assets 1 Bank credit 1,971.8 2,068.6 2,059.6 2,065.0 2,074.6 2,079.0 2,094.4 2,106.9 2,102.5 2,101.4 2,110.5 22,,111100..22 ? Securities in bank credit 524.5 550.7 542.5 539.6 542.2 545.5 552.9 562.8 560.3 559.3 564.3 565.3 U.S. government securities 365.5 357.6 345.5 341.5 341.1 342.8 350.1 356.2 355.2 353.2 356.5 358.1 4 Other securities 159.0 193.1 197.0 198.2 201.1 202.8 202.8 206.6 205.1 206.1 207.7 207.2 Loans and leases in bank credit2 .... 1,447.3 1,517.9 1,517.1 1,525.4 1,532.5 1,533.4 1,541.5 1,544.0 1,542.2 1,542.1 1,546.2 1,544.9 6 Commercial and industrial 279.5 294.6 295.4 295.2 295.0 296.5 299.5 298.7 298.9 298.4 298.3 298.9 7 Real estate 776.4 818.8 818.9 822.4 826.8 830.8 837.7 842.5 841.9 840.4 842.6 844.1 K Revolving home equity 40.9 46.3 46.3 46.7 47.4 48.3 49.6 50.8 50.4 50.6 50.9 51,4 9 Other 735.4 772.5 772.7 775.7 779.4 782.5 788.1 791.7 791.6 789.8 791.6 792.7 10 Consumer 293.4 299.4 296.5 299.6 300.9 297.0 296.4 294.9 293.7 294.9 296.7 294.3 11 Security3 6.9 7.5 8.0 8.3 8.5 8.4 8.4 8.5 8.3 8.6 8.7 8.7 1? Other loans and leases 91.2 97.6 98.3 99.8 101.3 100.8 99.5 99.5 99.3 99.8 100.0 99.0 n Interbank loans 81.2 96.4 106.7 115.2 121.0 117.6 117.3 118.7 113.1 118.8 119.4 124.4 14 Cash assets4 98.1 85.5 86.9 103.7 104.0 101.9 103.4 103.3 101.8 103.2 106.0 101.0 15 Other assets5 91.7 113.5 117.4 107.5 106.6 112.0 120.7 123.8 126.1 125.3 121.3 120.7 16 Total assets6 2,217.0 2,337.3 2,344.0 2,364.2 2,378.8 2,383.1 2,408.5 2,425.2 2,416.1 2,421.2 2,429.6 2,428.6 Liabilities 17 Deposits 1,697.1 1,820.2 1,830.0 1,855.0 1,863.3 1,881.2 1,898.9 1,914.0 1,906.8 1,913.4 1,913.3 1,916.9 IS Transaction 295.2 296.7 293.4 294.2 296.9 290.1 289.2 295.9 282.1 291.8 301.5 311.6 19 Nontransaction 1.401.9 1,523.5 1,536.6 1,560.9 1,566.4 1,591.1 1,609.6 1,618.0 1,624.8 1,621.5 1,611.8 1,605.3 ?n Large time 277.7 301.8 298.9 300.8 298.5 296.6 299.8 303.6 303.1 303.4 303.6 304.2 71 Other 1,124.3 1,221.7 1,237.8 1,260.1 1,267.9 1,294.5 1,309.8 1,314.4 1,321.6 1,318.2 1,308.2 1,301.1 ?? Borrowings 334.5 335.2 327.3 331.0 334.7 333.1 336.6 340.3 337.5 336.5 342.8 344.1 73 From banks in the U.S 164.4 155.6 149.0 148.5 150.0 148.4 149.1 150.4 147.9 148.4 152.7 152.7 74 From others 170.0 179.6 178.4 182.5 184.7 184.7 187.5 189.8 189.6 188.1 190.1 191.5 ?5 Net due to related foreign offices 23.7 16.7 15.4 12.8 16.6 13.1 14.7 15.5 17.5 17.7 14.0 12.9 26 Other liabilities 47.2 53.5 55.8 56.0 56.8 57.3 57.8 58.4 57.3 57.9 59.4 58.6 27 Total liabilities 2,102.5 2,225.5 2,228.5 2,254.8 2,271.4 2,284.7 2,308.1 2,328.0 2,319.1 2,325.5 2,329.5 2,332.5 28 Residual (assets less liabilities)7 114.5 111.8 115.4 109.4 107.4 98.4 100.4 97.1 97.1 95.7 100.1 96.1 Not seasonally adjusted Assets 79 Bank credit 1,974.8 2,057.5 2,055.2 2,064.7 2,075.1 2,080.8 2,094.5 2,110.1 2,103.3 2,105.6 2,113.4 2,115.3 30 Securities in bank credit 523.7 548.7 544.7 542.3 543.7 547.2 552.8 562.2 559.6 558.5 563.4 565.2 31 U.S. government securities 364.7 355.6 347.7 344.2 342.6 344.4 350.0 355.5 354.5 352.3 355.6 358.0 37 Other securities 159.0 193.1 197.0 198.2 201.1 202.8 202.8 206.6 205.1 206.1 207.7 207.2 33 Loans and leases in bank credit2 .... 1,451.1 1,508.8 1,510.5 1,522.4 1,531.4 1,533.6 1,541.7 1,547.9 1,543.7 1,547.2 1,550.0 1,550.1 34 Commercial and industrial 277.8 292.9 295.1 297.3 297.6 298.3 299.4 297.0 297.3 297.1 296.5 297.0 35 Real estate 778.1 815.5 817.3 822.0 827.6 831.5 838.2 844.3 842.7 843.0 844.3 846.6 36 Revolving home equity 40.7 46.2 46.1 46.6 47.5 48.2 49.3 50.6 50.0 50.4 50.7 51.2 37 Other 737.4 769.4 771.2 775.4 780.1 783.3 788.9 793.7 792.7 792.5 793.6 795.4 38 Consumer 295.4 297.9 293.0 295.9 298.2 294.9 295.6 297.1 294.1 297.0 299.6 298.1 39 Credit cards and related plans . . 130.6 129.8 126.0 129.5 131.8 128.9 129.8 130.8 128.3 130.8 132.9 131.3 40 Other 164.9 168.2 166.9 166.4 166.4 166.0 165.7 166.4 165.8 166.2 166.7 166.8 41 Security3 6.7 7.5 8.2 8.4 8.2 8.2 8.2 8.3 8.3 8.4 8.3 8.2 4? Other loans and leases 93.1 95.0 96.9 98.7 99.8 100.8 100.4 101.2 101.2 101.7 101.2 100.2 43 Interbank loans 77.0 99.3 113.0 119.2 112.0 110.8 109.7 112.8 112.4 113.6 110.2 113.0 44 Cash assets4 95.3 84.6 83.3 100.2 102.5 100.7 102.1 100.5 97.4 100.5 99.9 99.5 45 Other assets5 91.7 113.5 117.4 107.5 106.6 112.0 120.7 123.8 126.1 125.3 121.3 120.7 46 Total assets6 2,212.9 2,328.2 2,342.2 2,364.3 2,368.8 2,377.1 2,399.7 2,419.7 2,411.7 2,417.5 2,417.2 2,420.9 Liabilities 47 Deposits 1,686.8 1,821.2 1,837.4 1,862.3 1,856.9 1,869.8 1,885.7 1,901.2 1,898.2 1,902.0 1,893.6 1,899.7 48 Transaction 292.2 291.9 291.3 293.6 291.8 289.7 287.7 293.2 279.8 289.7 294.1 308.1 49 Nontransaction 1,394.6 1,529.3 1,546.1 1,568.7 1,565.1 1,580.1 1,598.0 1,608.0 1,618.4 1,612.3 1,599.6 1,591.6 50 Large time 277.7 301.8 298.9 300.8 298.5 296.6 299.8 303.6 303.1 303.4 303.6 304.2 51 Other 1,116.9 1,227.5 1,247.2 1,267.9 1,266.6 1,283.5 1,298.2 1,304.4 1,315.2 1,308.9 1,295.9 1,287.4 5? Borrowings 334.5 335.2 327.3 331.0 334.7 333.1 336.6 340.3 337.5 336.5 342.8 344.1 53 From banks in the U.S 164.4 155.6 149.0 148.5 150.0 148.4 149.1 150.4 147.9 148.4 152.7 152.7 54 From others 170.0 179.6 178.4 182.5 184.7 184.7 187.5 189.8 189.6 188.1 190.1 191.5 55 Net due to related foreign offices 23.7 16.7 15.4 12.8 16.6 13.1 14.7 15.5 17.5 17.7 14.0 12.9 56 Other liabilities 47.2 53.5 55.8 56.0 56.8 57.3 57.8 58.4 57.3 57.9 59.4 58.6 57 Total liabilities 2,092.2 2,226.5 2,236.0 2,262.0 2,265.0 2,273.3 2,294.9 2,315.3 2,310.4 2,314.1 2,309.8 2,315.3 58 Residual (assets less liabilities)7 120.7 101.7 106.2 102.3 103.8 103.8 104.8 104.4 101.3 103.3 107.4 105.5 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic NonfinancialS tatistics • November 2001 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued E. Foreign-related institutions Billions of dollars Monthly averages Wednesday figures Account 2000 2001 2001 Aug. Feb. Mar. Apr. May June July Aug. Aug. 8 Aug. 15 Aug. 22 Aug. 29 Seasonally adjusted Assets 1 Bank credit 583.8 608.5 622.7 626.2 610.3 601.4' 592.5 591.1 592.7 586.3 590.7 593.3 2 Securities in bank credit 206.1 200.1 207.4 221.0 215.1 217.2 218.7 221.1 219.4 221.6 222.0 221.3 3 U.S. government securities 77.9 64.5 68.1 74.2 69.0 67.1 66.9' 65.5 64.9 65.5 65.0 66.0 4 Other securities 128.2 135.7 139.3 146.8 146.1 150.0' 151.9 155.6 154.5 156.1 157.0 155.3 5 Loans and leases in bank credit2 .... 377.7 408.3 415.3 405.1 395,2 384.2' 373.8' 370.0 373.3 364.7 368.7 372.1 6 Commercial and industrial 205.6 216.8 219.7 218.5 216.7' 208.7 204.0 202.5 203.2 203.1 202.4 201.5 7 Real estate 18.0 18.6 18.5 17.7 17.8 17.6 17.8 18.1 18.1 17.9 17.9 18.5 Security' 85.2 105.3 107.1 100.7 92.7 90.9 86.2 83.4 85.1 77.3 82.6 86.8 y Other loans and leases 68.9 67.6 70.0 68.2 68.0 67.0 65.7 66.0 66.9 66.3 65.8 65.2 1U Interbank loans 22.4 28.4 30.5 28.0' 30.5 23.5 22.3 21.6 18.2 20.6 21.9 24.6 n Cash assets4 43.9 41.6 40.5 38.5 36.7 35.2 35.5 36.0 35.7 35.3 37.1 35.5 12 Other assets5 43.1 35.2 36.3 39.8 37.4 37.3 31.9 29.3 29.1 27.5 28.5 33.0 13 Total assets6 692.8 713.3 729.7 732.2 714.6 697.0' 681.9 677.6 675.3 669.3 677.8 686.1 Liabilities 14 Deposits 392.2' 380.6 378.2 394.1 408.7 419.2 413.1 404.3 403.1 400.2 405.1 408.4 15 Transaction 10.8 10.3 9.5 10.8 10.8 9.9 9.7 10.3 9.2 10.0 10.7 10.9 16 Nontransaction 381.4r 370.3 368.8 383.3 397.9 409.4' 403.4 394.0 393.9 390.2 394.4 397.5 17 Borrowings 200.8 238.4 233.4 240.6 219.4 216.4 212.1 210.3 212.1 211.0 201.6 215.2 18 From banks in the U.S 17.2 22.5 24.5 25.9 21.4 24.2 24.1 22.3 22.1 27.2 16.8 23.3 19 From others 183.5 216.0 208.9 214.7 198.0 192.1' 188.0 188.0 190.0 183.8 184.9 191.9 20 Net due to related foreign offices 24.2 4.8 21.8 4.5 -4.4 -19.7 -16.3 -12.0 -13.3 -15.9 -2.8 -14.2 21 Other liabilities 75.5 77.2 82.8 88.6 85.4 83.4' 78.7 77.6 73.9 77.1 78.9 82.1 22 Total liabilities 692.7' 700.9 716.2 727.8 709.1 699.4' 687.5 680.2 675.8 672.4 682.8 691.5 23 Residual (assets less liabilities)1 .2' 12.4 13.5 4.3 5.4 -2.3 -5.6 -2.7 -.5 -3.1 -5.0 -5.4 Not seasonally adjusted Assets 24 Bank credit 577.4 611.7 617.8 623.3 605.6 597.6' 588.0 584.7 587.7 581.8 583.0 585.6 25 Securities in bank credit 206.1 200.1 207.4 221.0 215.1 217.2 218.7 221.1 219.4 221.6 222.0 221.3 26 U.S. government securities 77.9 64.5 68.1 74.2 69.0 67.1 66.9' 65.5 64.9 65.5 65.0 66.0 27 Trading account 13.8 10.4 9.5 14.8 13.8 13.8 13.6 12.3 12.1 13.1 12.4 11.7 28 Investment account 64.1 54.0 58.5 59.4 55.2 53.3 53.2 53.2 52.8 52.4 52.6 54.3 29 Other securities 128.2 135.7 139.3 146.8 146.1 150.0' 151.9 155.6 154.5 156.1 157.0 155.3 30 Trading account 82.9 90.8 94.6 99.6 99.3 105.6 107.7 111.0 109.2 111.8 111.7 111.4 31 Investment account 45.3 44.9 44.7 47.3 46.8 44.4 44.2 44.6 45.2 44.3 45.3 43.9 32 Loans and leases in bank credit2 .... 371.3 411.6 410.4 402.3' 390.5 380.5 369.3 363.6 368.3 360.2 361.0 364.3 33 Commercial and industrial 204.3 219.0 220.9 216.8 213.6 207.6 203.3 201.2 201.8 202.5 201.2 199.5 34 Real estate 18.0 18.6 18.5 17.7 17.8 17.6 17.8 18.1 18.1 17.9 17.9 18.5 35 Security3 81.3 106.3 101.1 99.3 91.9 88.9 83.4 79.6 83.1 74.8 77.5 81.9 36 Other loans and leases 67.6 67.7 69.9 68.4 67.2 66.3' 64.8 64.7 65.3 64.9 64.5 64.4 37 Interbank loans 22.4 28.4 30.5 28.0' 30.5 23.5 22.3 21.6 18.2 20.6 21.9 24.6 38 Cash assets4 42.6 41.8 39.1 37.0 35.8 34.1' 34.3 34.8 34.6 34.3 36.0 34.4 39 Other assets5 42.7 36.1 36.9 38.9 36.8 36.0 31.1 29.0 28.7 27.1 28.1 32.9 40 Total assets6 684.7 717.6 724.0 726.9 708.4 690.9' 675.4 669.8 668.7 663.3 668.7 677.1 Liabilities 41 Deposits 381.2r 388.8 382.7 397.0 409.9 412.1 402.9 392.6 391.1 386.9 393.2 398.2 42 Transaction 10.8 10.1 9.2 10.2 10.4 9.7 9.8 10.3 9.1 10.1 10.6 11.0 43 Nontransaction 370.4' 378.7 373.5 386.7 399.4 402.4' 393.1 382.3 382.0 376.8 382.6 387.2 44 Borrowings 200.8 238.4 233.4 240.6 219.4 216.4 212.1 210.3 212.1 211.0 201.6 215.2 45 From banks in the U.S 17.2 22.5 24.5 25.9 21.4 24.2 24.1 22.3 22.1 27.2 16.8 23.3 46 From others 183.5 216.0 208.9 214.7 198.0 192.1' 188.0 188.0 190.0 183.8 184.9 191.9 47 Net due to related foreign offices 23.2 8.0 22.0 -.1 -7.6 -22.9 -19.6 -13.3 -12.0 -15.1 -6.4 -19.4 48 Other liabilities 75.0 78.6 82.8 86.5 83.9 82.0' 77.2 77.1 74.5 77.4 77.3 79.8 49 Total liabilities 680.2' 713.8 720.9 724.0 705.6 687.6' 672.6 666.7 665.6 660.2 665.7 673.9 50 Residual (assets less liabilities)7 4.6' 3.8 3.1 2.9 2.9 3.4' 2.8 3.1 3.1 3.1 2.9 3.3 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A21 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued F. Memo items Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2000 2001 2001 Aug.' Feb.r Mar.1" Apr.r May' June' July' Aug. Aug. 8 Aug. 15 Aug. 22 Aug. 29 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 66.6 77.7 80.8 79.9 82.0 87.2 77.6 87.6 85.4 83.4 86.8 95.4 2 Revaluation losses on off-balancesheet items8 67.3 81.0 79.8 74.9 74.7 81.5 70.3 76.7 74.4 73.0 76.4 83.9 3 Mortgage-backed securities9 243.7 251.6 251.8 258.4 265.4 261.6 261.0 273.9 274.4 269.6 271.6 279.0 4 Pass-through 173.9 184.6 186.5 194.6 200.1 200.2 199.4 212.2 210.6 207.2 211.3 219.0 5 CMO, REMIC, and other 69.8 67.1 65.3 63.9 65.2 61.4 61.7 61.7 63.8 62.4 60.4 60.0 6 Net unrealized gains (losses) on available-for-sale securities10 -8.6 2.8 3.6 3.6 2.0 1.7 -.4 .7 .6 .4 .6 1.0 7 Off-shore credit to U.S. residents'' .... 22.1 22.7 22.6 21.7 21.0 20.6 20.2 19.6 19.8 19.8 19.6 19.2 8 Securitized consumer loans'2 81.8 75.9 74.2 74.1 72.5 73.4 83.8 86.3 83.2 83.7 83.0 93.1 9 Credit cards and related plans 72.0 67.3 66.1 66.4 65.1 66.3 76.2 78.3 75.3 75.6 75.1 85.2 10 Other 9.8 8.6 8.1 7.7 7.4 7.1 7.5 8.0 8.0 8.0 7.9 7.9 11 Securitized business loans'2 27.0 29.3 29.4 29.6 30.6 31.1 30.5 31.3 31.2 31.2 31.3 31.4 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities9 202.7 216.3 222.7 230.6 235.0 238.2 245.0 251.4 250.3 249.4 251.6 252.8 13 Securitized consumer loans'2 223.5 238.0 241.0 243.3 244.5 247.3 228.6 232.7 232.2 231.0 231.5 235.7 14 Credit cards and related plans 214.8 229.2 232.4 234.7 236.0 238.7 220.0 224.3 223.8 222.5 223.1 227.4 15 Other 8.7 8.9 8.7 8.6 8.4 8.5 8.6 8.4 8.5 8.5 8.4 8.4 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 42.8 49.4 52.7 56.5 56.3 57.2 54.9 57.2 54.6 58.9 57.8 57.8 17 Revaluation losses on off-balancesheet items8 40.2 47.0 49.7 52.1 51.8 52.0 49.8 52.0 49.2 53.6 52.8 52.8 18 Securitized business loans'2 33.9 32.7 31.9 30.2 28.4 27.7 27.5 27.0 27.3 27.1 26.9 26.5 NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a statistical release, "Assets and Liabilities of Commercial Banks in the United States." Table ratio procedure is used to adjust past levels. 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, 2. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer in the United States, all of which are included in "Interbank loans." being published in the Bulletin. Instead, abbreviated balance sheets for both large and small 3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry domestically chartered banks have been included in table 1.26, parts C and D. Data are both securities. merger-adjusted and break-adjusted. In addition, data from large weekly reporting U.S. 4. Includes vault cash, cash items in process of collection, balances due from depository branches and agencies of foreign banks have been replaced by balance sheet estimates of all institutions, and balances due from Federal Reserve Banks. foreign-related institutions and are included in table 1.26, part E. These data are break- 5. Excludes the due-from position with related foreign offices, which is included in "Net adjusted. due to related foreign offices." The not-seasonally-adjusted data for all tables now contain additional balance sheet items, 6. Excludes unearned income, reserves for losses on loans and leases, and reserves for which were available as of October 2, 1996. transfer risk. Loans are reported gross of these items. 1. Covers the following types of institutions in the fifty states and the District of Columbia: 7. This balancing item is not intended as a measure of equity capital for use in capital domestically chartered commercial banks that submit a weekly report of condition (large adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the domestic); other domestically chartered commercial banks (small domestic); branches and seasonal patterns estimated for total assets and total liabilities. agencies of foreign banks, and Edge Act and agreement corporations (foreign-related institu- 8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity tions). Excludes International Banking Facilities. Data are Wednesday values or pro rata and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. averages of Wednesday values. Large domestic banks constitute a universe; data for small 9. Includes mortgage-backed securities issued by U.S. government agencies, U.S. domestic banks and foreign-related institutions are estimates based on weekly samples and on government-sponsored enterprises, and private entities. quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of 10. Difference between fair value and historical cost for securities classified as availableassets and liabilities. for-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are The data for large and small domestic banks presented on pp. A17-19 are adjusted to restated to include an estimate of these tax effects. remove the estimated effects of mergers between these two groups. The adjustment for 11. Mainly commercial and industrial loans but also includes an unknown amount of credit mergers changes past levels to make them comparable with current levels. Estimated extended to other than nonfinancial businesses. quantities of balance sheet items acquired in mergers are removed from past data for the bank 12. Total amount outstanding. group that contained the acquired bank and put into past data for the group containing the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic NonfinancialS tatistics • November 2001 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING A. Commercial Paper Millions of dollars, seasonally adjusted, end of period Year ending December 2001 IItteemm 1996 1997 1998 1999 2000 Feb. Mar. Apr. May June July 1 All issuers 775,371 966,699 1,163,303 1,403,023 1,615,341 1,544,572 1,511,354 1,519,528 1,501,113 1,468,919 1,453,770 Financial companies' 2 Dealer-placed paper, total2 361,147 513,307 614,142 786,643 973,060 977,791 978,225 995,072 986,369 982,216 958,911 3 Directly placed paper, total3 229,662 252,536 322,030 337,240 298,848 263,554 249,420 247,333 245,768 244,520 265,824 4 Nonfinancial companies4 184,563 200,857 227,132 279,140 343,433 303,227 283,711 277,123 268,976 242,183 229,035 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, 3. As reported by financial companies that place their paper directly with investors. personal and mortgage financing; factoring, finance leasing, and other business lending; 4. Includes public utilities and firms engaged primarily in such activities as communicainsurance underwriting; and other investment activities. tions, construction, manufacturing, mining, wholesale and retail trade, transportation, and 2. Includes all financial-company paper sold by dealers in the open market. services. B. Bankers Dollar Acceptances1 Millions of dollars, not seasonally adjusted, year ending September2 Item 1997 1998 1999 2000 1 Total amount of reporting banks' acceptances in existence 25,774 14,363 10,094 9,881 2 Amount of other banks' eligible acceptances held by reporting banks 736 523 461 462 3 Amount of own eligible acceptances held by reporting banks (included in item 1) 6,862 4,884 4,261 3,789 4 Amount of eligible acceptances representing goods stored in, or shipped between, foreign countries (included in item 1) 10,467 5,413 3,498 3,689 1. Includes eligible, dollar-denominated bankers acceptances legally payable in the United 2. Data on bankers dollar acceptances are gathered from approximately 40 institutions; States. Eligible acceptances are those that are eligble for discount by Federal Reserve Banks; includes U.S. chartered commercial banks (domestic and foreign offices), U.S. branches and that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal agencies of foreign banks, and Edge and agreement corporations. The reporting group is Reserve Act (12 U.S.C. §372). revised every year. 1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans1 Percent per year Average Average Average Date of change Rate Period rate rate rate 1998—Jan. 1 8.50 1998 .... 8.35 1999—Jan. 7.75 2000—Jan. 8.50 Sept. 30 8.25 1999 .... 8.00 Feb. 7.75 Feb. 8.73 Oct. 16 8.00 2000 .... 9.23 Mar. 7.75 Mar. 8.83 Nov. 18 7.75 Apr. 7.75 Apr. 9.00 1998—Jan. 8.50 May 7.75 May 9.24 1999—July 1 8.00 Feb. 8.50 June 7.75 June 9.50 Aug. 25 8.25 Mar. 8.50 July 8.00 July 9.50 Nov. 17 8.50 Apr. 8.50 Aug. 8.06 Aug. 9.50 May 8.50 Sept. 8.25 Sept. 9.50 2000—Feb. 3 8.75 June 8.50 Oct. 8.25 Oct. 9.50 Mar. 22 9.00 July 8.50 Nov. 8.37 Nov. 9.50 May 17 9.50 Aug. 8.50 Dec. 8.50 Dec. 9.50 Sept. 8.49 2001—Jan. 4 9.00 Oct. 8.12 2001—Jan. 9.05 Feb. 1 8.50 Nov. 7.89 Feb. 8.50 Mar. 21 8.00 Dec. 7.75 Mar. 8.32 Apr. 19 7.50 Apr. 7.80 May 16 7.00 May 7.24 June 28 6.75 June 6.98 Aug. 22 6.50 July 6.75 Sept 18 6.00 Aug. 6.67 Sept. 6.28 1. The prime rate is one of several base rates that banks use to price short-term business Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415) loans. The table shows the date on which a new rate came to be the predominant one quoted monthly statistical releases. For ordering address, see inside front cover. by a majority of the twenty-five largest banks by asset size, based on the most recent Call Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A23 1.35 INTEREST RATES Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2001 2001, week ending IItteemm 11999988 11999999 22000000 May June July Aug. Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 MONEY MARKET INSTRUMENTS 1 Federal funds'-2-3 5.35 4.97 6.24 4.21 3.97 3.77 3.65 3.79 3.70 3.75 3.63 3.52 2 Discount window borrowing2-4 4.92 4.62 5.73 3.73 3.47 3.25 3.16 3.25 3.25 3.25 3.18 3.00 Commercial paper'5 6 Nonfinancial 1 -month 5.40 5.09 6.27 4.06 3.82 3.71 3.54 3.67 3.60 3.54 3.48 3.48 4 2-month 5.38 5.14 6.29 3.98 3.73 3.63 3.47 3.57 3.52 3.46 3.42 3.41 5 3-month 5.34 5.18 6.31 3.93 3.67 3.59 3.42 3.53 3.48 3.43 3.37 3.35 Financial 6 1-month 5.42 5.11 6.28 4.08 3.84 3.73 3.57 3.71 3.62 3.57 3.49 3.50 7 2-month 5.40 5.16 6.30 4.00 3.75 3.66 3.48 3.57 3.52 3.48 3.43 3.44 8 3-month 5.37 5.22 6.33 3.96 3.69 3.62 3.44 3.54 3.49 3.43 3.39 3.38 Commercial paper (historical)3-'-7 9 1 -month n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 3-month n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11 6-month n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Finance paper, directlx placed (historical)3-'-8 12 1-month n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 3-month n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14 6-month n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Bankers acceptances^-9 15 3-month 5.39 5.24 6.23 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 16 6-month 5.30 5.30 6.37 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Certificates of deposit, secondary market3-'" 17 1 -month 5.49 5.19 6.35 4.11 3.86 3.76 3.59 3.70 3.64 3.57 3.53 3.54 18 3-month 5.47 5.33 6.46 4.02 3.74 3.66 3.48 3.59 3.54 3.47 3.43 3.43 19 6-month 5.44 5.46 6.59 4.01 3.74 3.70 3.49 3.60 3.54 3.48 3.44 3.42 20 Eurodollar deposits, 3-month3 " 5.45 5.31 6.45 4.01 3.73 3.66 3.47 3.58 3.53 3.45 3.42 3.43 U.S. Treasury hills Secondary market3-' 21 3-month 4.78 4.64 5.82 3.62 3.49 3.51 3.36 3.46 3.41 3.34 3.33 3.33 22 6-month 4.83 4.75 5.90 3.62 3.45 3.45 3.29 3.37 3.32 3.27 3.27 3.23 23 1-year 4.80 4.81 5.78 3.60 3.37 3.39 3.26 3.34 3.29 3.21 3.22 n.a. Auction high3 512 24 3-month 4.81 4.66 5.66 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 6-month 4.85 4.76 5.85 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 26 1-year 4.85 4.78 5.85 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. U.S. TREASURY NOTES AND BONDS Constant maturities'3 27 1-year 5.05 5.08 6.11 3.78 3.58 3.62 3.47 3.56 3.50 3.44 3.45 3.44 28 9-year 5.13 5.43 6.26 4.26 4.08 4.04 3.76 3.86 3.81 3.73 3.73 3.68 29 3-year 5.14 5.49 6.22 4.51 4.35 4.31 4.04 4.14 4.10 4.03 4.01 3.94 30 5-year 5.15 5.55 6.16 4.93 4.81 4.76 4.57 4.65 4.66 4.57 4.53 4.47 11 7-year 5.28 5.79 6.20 5.24 5.14 5.06 4.84 4.93 4.93 4.84 4.80 4.73 32 10-year 5.26 5.65 6.03 5.39 5.28 5.24 4.97 5.13 5.08 4.95 4.90 4.84 13 20-year 5.72 6.20 6.23 5.92 5.82 5.75 5.58 5.65 5.65 5.58 5.53 5.48 34 30-year 5.58 5.87 5.94 5.78 5.67 5.61 5.48 5.55 5.55 5.49 5.44 5.40 Composite 35 More than 10 years (long-term) 5.69 6.14 6.41 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. STATE AND LOCAL NOTES AND BONDS Moody's series14 36 Aaa 4.93 5.28 5.58 5.15 5.03 4.79 4.89 4.96 4.92 4.89 4.85 4.82 37 Baa 5.14 5.70 6.19 5.94 5.82 5.81 5.55 5.70 5.60 5.53 5.48 5.44 38 Bond Buyer series15 5.09 5.43 5.71 5.29 5.20 5.20 5.03 5.10 5.08 5.02 4.99 4.96 CORPORATE BONDS 39 Seasoned issues, all industries'6 6.87 7.45 7.98 7.69 7.56 7.51 7.37 7.42 7.42 7.37 7.34 7.29 Rating group 40 Aaa 6.53 7.05 7.62 7.29 7.18 7.13 7.02 7.07 7.08 7.03 6.99 6.95 41 Aa 6.80 7.36 7.83 7.50 7.34 7.27 7.11 7.16 7.16 7.11 7.09 7.05 42 A 6.93 7.53 8.11 7.88 7.73 7.65 7.48 7.55 7.54 7.48 7.46 7.40 43 Baa 7.22 7.88 8.36 8.07 7.97 7.97 7.85 7.88 7.90 7.85 7.84 7.78 MEMO Dividend-price ratio17 44 Common stocks 1.49 1.25 1.15 1.23 1.27 1.30 1.34 1.29 1.33 1.34 1.35 1.37 NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly and 9. Representative closing yields for acceptances of the highest-rated money center banks. G.13 (415) monthly statistical releases. For ordering address, see inside front cover. 10. An average of dealer offering rates on nationally traded certificates of deposit. 1. The daily effective federal funds rate is a weighted average of rates on trades through 11. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for New York brokers. indication purposes only. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the 12. Auction date for daily data; weekly and monthly averages computed on an issue-date current week; monthly figures include each calendar day in the month. basis. On or after October 28, 1998, data are stop yields from uniform-price auctions. Before 3. Annualized using a 360-day year or bank interest. that, they are weighted average yields from multiple-price auctions. 4. Rate for the Federal Reserve Bank of New York. 13. Yields on actively traded issues adjusted to constant maturities. SOURCE: U.S. Depart- 5. Quoted on a discount basis. ment of the Treasury. 6. Interest rates interpolated from data on certain commercial paper trades settled by the 14. General obligation bonds based on Thursday figures; Moody's Investors Service. Depository Trust Company. The trades represent sales of commercial paper by dealers or 15. State and local government general obligation bonds maturing in twenty years are used direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' pages (http://www.federalreserve.gov/releases/cp) for more information. A1 rating. Based on Thursday figures. 7. An average of offering rates on commercial paper for firms whose bond rating is AA or 16. Daily figures from Moody's Investors Service. Based on yields to maturity on selected the equivalent. Series ended August 29, 1997. long-term bonds. 8. An average of offering rates on paper directly placed by finance companies. Series 17. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in ended August 29, 1997. the price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic NonfinancialS tatistics • November 2001 1.36 STOCK MARKET Selected Statistics 2000 2001 IInnddiiccaattoorr 11999988 11999999 22000000 Dec. Jan. Feb. Mar. Apr. May June July Aug. Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 ======= 55555550000000))))))) 550.65 619.52 643.71 645.44 650.55 648.05 603.44 607.06 644.44 630.86 613.36 604.52 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 684.35 775.29 809.40 792.66 796.74 799.38 744.21 747.48 798.94 782.73 756.04 748.65 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 468.61 491.62 414.73 457.53 471.21 482.26 452.36 455.22 477.21 458.60 469.80 458.35 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 190.52 284.82 478.99 444.16 440.36 424.53 395.34 400.49 414.69 382.98 374.11 357.76 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 516.65 530.97 552.48 621.62 634.17 626.41 583.38 587.88 618.74 622.17 614.54 605.59 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn ttttttt 1111111999999911111111111111 44444443333333 ======= 11111110000000)))))))''''''' 1,085.50 1,327.33 1,427.22 1,330.93 1,335.63 1,305.75 1,185.85 1,189.84 1,270.37 1,238.71 1,204.45 1,178.51 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ======= 55555550000000)))))))2222222 682.69 770.90 922.22 870.16 898.18 923.99 891.22 891.18 940.73 923.06 892.74 883.01 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 666,534 799,554 1,026,867 1,183,149 1,299,986 1,117,977 1,251,569 1,247,382 1,091,366 1,152,193 1,120,074 1,012,907 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 28,870 32,629 51,437 73,759 72,312 70,648 81,666 77,612 66,103 62,395 56,735 48,304 Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss3333333 140,980 228,530 198,790 198,790 197,110 186,810 165,350 166,940 174,180 170,000 165,250 161,130 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 40,250 55,130 100,680 100,680 90,380 99,390 106,300 97,470 91,990 98,430 97,950 103,990 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 62,450 79,070 84,400 84,400 81,380 78,660 77,520 77,460 76,260 75,270 73,490 73,710 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 11111113333333 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn ssssssstttttttoooooooccccccckkkkkkksssssss 70 80 65 55 65 50 11111114444444 CCCCCCCooooooonnnnnnnvvvvvvveeeeeeerrrrrrrtttttttiiiiiiibbbbbbbllllllleeeeeee bbbbbbbooooooonnnnnnndddddddsssssss 50 60 50 50 50 50 11111115555555 SSSSSSShhhhhhhooooooorrrrrrrttttttt sssssssaaaaaaallllllleeeeeeesssssss 70 80 65 55 65 50 1. In July 1976 a financial group, composed of banks and insurance companies, was added 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the group of stocks on which the index is based. The index is now based on 400 industrial to the Securities Exchange Act of 1934, limit the amount of credit that can be used to stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and purchase and carry "margin securities" (as defined in the regulations) when such credit is 40 financial. collateralized by securities. Margin requirements on securities are the difference between the 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting market value (100 percent) and the maximum loan value of collateral as prescribed by the previous readings in half. Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. included credit extended against stocks, convertible bonds, stocks acquired through the On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the exercise of subscription rights, corporate bonds, and government securities. Separate report- initial margin required for writing options on securities, setting it at 30 percent of the current ing of data for margin stocks, convertible bonds, and subscription issues was discontinued in market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the April 1984. required initial margin, allowing it to be the same as the option maintenance margin required 4. Free credit balances are amounts in accounts with no unfulfilled commitments to by the appropriate exchange or self-regulatory organization; such maintenance margin rules brokers and are subject to withdrawal by customers on demand. must be approved by the Securities and Exchange Commission. 5. Series initiated in June 1984. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A25 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Fiscal year Calendar year TTTyyypppeee ooofff aaaccccccooouuunnnttt ooorrr ooopppeeerrraaatttiiiooonnn 2001 11999988 11999999 22000000 Mar. Apr. May June July Aug. U.S. budget1 1 Receipts, total 1,721,798 1,827,302 2,025,218 130,071 331,796 125,590 202,887 127,842 122,559 2 On-budget 1,305,999 1.382,986 1,544,634 84,120 278,611 84,759 151,482 89,473 84.011 3 Off-budget 415,799 444,468 480,584 45,951 53,185 40,831 51.405 38,369 38,548 4 Outlays, total 1,652,619 1,702,875 1,788,826 180,733 141,999 153.508 171,025 I25,022r 202,549 5 On-budget 1,336,015 1.382.097 1,458.061 145,182 109,938 118.517 167,796 92,145' 138.167 6 Off-budget 316,604 320,778 330,765 35,550 32,062 34,992 3.229 32.877 64.382 7 Surplus or deficit (—), total 69,179 124.579 236,392 -50,662 189,796 -27,919 31,862 2.820r -79.990 8 On-budget -30,016 889 86,573 -61,062 168,673 —33.758 -16.314 -2,672' -54.156 9 Off-budget 99,195 123,690 149.819 10,401 21,123 5,839 48.176 5,492 -25,834 Source of financing (total) 10 Borrowing from the public -51,211 -88,674 -222,672 32,557 -135,572 -20,608 -1,212 -7,460' 74,101 11 Operating cash (decrease, or increase [-]) 4,743 -17,580 3,799 -7.171 -36,846 58,856 -37.413 20,589 16,769 12 Other2 -22,711 -18.325 -17,519 25.276 -17,378 -10,329 6,763 -15,949' -10,880 MEMO 13 Treasury operating balance (level, end of period) 38,878 56.458 52,659 28,284 65,130 6,274 43,687 23.098 6.329 14 Federal Reserve Banks 4,952 6,641 8,459 5.657 7,894 4,396 7,188 5,592 5.533 15 Tax and loan accounts 33,926 49,817 44,199 22,627 57,236 1,878 36,498 17.506 795 1. Since 1990, off-budget items have been the social security trust funds (Federal Old-Age, net gain or loss for U.S. currency valuation adjustment; net gain or loss for IMF loan- Survivors, and Disability Insurance) and the U.S. Postal Service. valuation adjustment; and profit on sale of gold. 2. Includes special drawing rights (SDRs); reserve position on the U.S. quota in the SOURCE. Monthly totals; U.S. Department of the Treasury. Monthly Treasury Statement of International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets; Receipts and Outlays of the U.S. Government: and fiscal year totals: U.S. Office of Manageaccrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous ment and Budget, Budget of the U.S. Government when available. liability (including checks outstanding) and asset accounts; seigniorage; increment on gold; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic Nonfinancial Statistics • November 2001 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS' Millions of dollars Fiscal year Calendar year SSSooouuurrrccceee ooorrr tttyyypppeee 1999 2000 2001 2001 11999999 22000000 H2 HI H2 HI June July Aug. RECEIPTS 1 All sources 1,827,302 2,025,218 892,266 1,089,763 952,942 1,120,040 202,887 127,842 122,559 2 Individual income taxes, net 879.480 1,004,462 425,451 550,208 458.679 580,632 93,676 60,466 52,020 3 Withheld 693,940 780,397 372,012 388,526 395,572 402,417 53,125 65,601 66,415 4 Nonwithheld 308,185 358,049 68,302 281,103 77,732 308,418 43,804 5,029 6,435 5 Refunds 122,706 134,046 14,841 119,477 14,628 130,256 3,263 10,165 20.831 Corporation income taxes 6 Gross receipts 216.324 235,655 110,111 119,166 123,962 102,947 31,563 5,036 4,618 7 Refunds 31,645 28,367 13,996 13.781 15,776 20,262 1,617 2,328 1,475 8 Social insurance taxes and contributions, net .... 611,833 652,852 292,551 353,514 310,122 379,878 66,732 52,154 53.692 9 Employment taxes and contributions2 580,880 620,451 280,059 333,584 297,665 359,648 66,039 49,672 49,974 10 Unemployment insurance 26,480 27,640 10,173 17,562 10,097 17,842 344 2,128 3,294 11 Other net receipts3 4.473 4,761 2,319 2,368 2,360 2,387 349 355 424 12 Excise taxes 70,414 68,865 34,262 33,532 35,501 32,490 5,965 5,733 5,438 13 Customs deposits 18,336 19,914 10,287 9.218 10,676 9,370 1,571 1,755 1,926 14 Estate and gift taxes 27,782 29,010 14,001 15,073 13,216 15,471 2,058 2,099 2,196 15 Miscellaneous receipts4 34,929 42,826 19,569 22,831 16,556 19,517 2,939 2,926 4,142 OUTLAYS 16 All types 1,702,875 1,788,826 882,465 892,947 894,905 948,750 171,025 125,022R 202,549 17 National defense 274,873 294,494 149,573 143,476 147,651 153.154 29,382 22,153 30,393 18 International affairs 15,243 17,216 8,530 7,250 11,902 6,522 2,318 413 260 19 General science, space, and technology 18,125 18,637 10,089 9,601 10,389 10,073 1,821 1,642 2,014 20 Energy 912 -1,060 -90 -893 -595 -244 536 -117 -68 21 Natural resources and environment 23,970 25,031 12,100 10,814 12,907 11,059 1,915 1,757 2,087 22 Agriculture 23,011 36,641 20,887 11.164 20,977 10,832 893 240 6,226 23 Commerce and housing credit 2,649 3,211 7,353 -2,497 4,408 -1,539 33 -13,479 4,287 24 Transportation 42,531 46,854 23,199 21,054 25,841 23,810 4,643 4,327 5,433 25 Community and regional development 11.870 10,629 6,806 5,050 5,962 5,265 1,205 1,598 1,450 26 Education, training, employment, and social services 56,402 59,201 27,532 31,234 29,263 35,698 6,502 4,291 1,751 27 Health 141,079 154,534 74,490 75,871 81,413 87,427 15,768 14,094 15,419 28 Social security and Medicare 580,488 606,549 295.030 306,966 307,473 328,072 61,115 52,621 86,197 29 Income security 237,707 247,895 113,504 133,915 113,212 146,913 21,667 17,282 24,025 30 Veterans benefits and services 43,212 47,083 23,412 23,174 22,615 23,171 5,619 2,150 6,199 31 Administration of justice 25,924 27,820 13,459 13,981 14,635 14,694 2,320 2,202 2,647 32 General government 15,771 13,454 7,010 6,198 6,461 8.887 2,669 625 261 33 Net interest5 229,735 223.218 112,420 115,545 104,685 107,824 15,912 17,287 17,426 34 Undistributed offsetting receipts6 -40,445 -42,581 -22,850 -19,346 -24,070 -22,865 -3,294 -3,765 -3,459 1. Functional details do not sum to total outlays for calendar year data because revisions to 4. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts. monthly totals have not been distributed among functions. Fiscal year total for receipts and 5. Includes interest received by trust funds. outlays do not correspond to calendar year data because revisions from the Budget have not 6. Rents and royalties for the outer continental shelf, U.S. government contributions for been fully distributed across months. employee retirement, and certain asset sales. 2. Old-age, disability, and hospital insurance, and railroad retirement accounts. SOURCE. Fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S. 3. Federal employee retirement contributions and civil service retirement and disability Government, Fiscal year 2002; monthly and half-year totals: U.S. Department of the Treafund. sury. Monthly Treasury Statement of Receipts and Outlays of the U.S. Government. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance All 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 1999 2000 2001 IItteemm June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 1 Federal debt outstanding 5,668 5,685 5,805 5,802 5,714 5,702 5,690 5,801 5,754 2 Public debt securities 5,639 5,656 5,776 5,773 5,686 5,674 5,662 5.774 5,727 3 Held by public 3,685 3,667 3,716 3,688 3,496 3,439 3,414 3,434 3,274 4 Held by agencies 1,954 1,989 2,061 2,085 2,190 2,236 2,249 2,339 2,453 5 Agency securities 29 29 29 28 28 28 27 27 27 6 Held by public 28 28 28 28 28 28 27 27 27 7 Held by agencies 1 1 1 0 0 0 0 0 0 8 Debt subject to statutory limit 5,552 5,568 5,687 5,687 5,601 5,592 5,581 5,693 5,645 9 Public debt securities 5,552 5,568 5,687 5,686 5,601 5,591 5.580 5,692 5,645 10 Other debt1 0 0 0 0 0 0 0 0 0 MEMO 11 Statutory debt limit 5,950 5,950 5,950 5,950 5,950 5,950 5,950 5,950 5.950 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the participation certificates, notes to international lending organizations, and District of Colum- United States and Monthly Treasuty Statement. bia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership Billions of dollars, end of period 2000 2001 TTyyppee aanndd hhoollddeerr 11999977 11999988 11999999 22000000 Q3 Q4 Ql Q2 1 Total gross public debt 5,502.4 5,614.2 5,776.1 5,662.2 5,674.2 5,662.2 5,773.7 5,726.8 By type 2 Interest-bearing 5,494.9 5,605.4 5,766.1 5,618.1 5,622.1 5,618.1 5,752.0 5.682.8 3 Marketable 3,456.8 3,355.5 3,281.0 2,966.9 2,992.8 2,966.9 2,981.9 2,822.3 4 Bills 715.4 691.0 737.1 646.9 616.2 646.9 712.0 620.1 5 Notes 2,106.1 1,960.7 1,784.5 1,557.3 1,611.3 1.557.3 1,499.0 1,441.0 6 Bonds 587.3 621.2 643.7 626.5 635.3 626.5 627.9 616.9 7 Inflation-indexed notes and bonds' 33.0 67.6 100.7 121.2 115.0 121.2 128.0 129.3 8 Nonmarketable2 2,038.1 2,249.9 2,485.1 2,651.2 2,629.3 2,651.2 2,770.0 2,860.5 9 State and local government series 124.1 165.3 165.7 151.0 153.3 151.0 152.9 153.3 10 Foreign issues3 36.2 34.3 31.3 27.2 25.4 27.2 24.7 24.0 11 Government 36.2 34.3 31.3 27.2 25.4 27.2 24.7 24.0 12 Public .0 .0 .0 .0 .0 .0 .0 .0 13 Savings bonds and notes 181.2 180.3 179.4 176.9 177.7 176.9 177.4 178.4 14 Government account series4 1,666.7 1,840.0 2,078.7 2,266.1 2.242.9 2,266.1 2,360.3 2,474.7 15 Non-interest-bearing 7.5 8.8 10.0 44.2 52.1 44.2 46.5 44.0 By holder5 16 U.S. Treasury and other federal agencies and trust funds 1,657.1 1,828.1 2,064.2 2,270.2 2,226.5 2,270.2 2,357.0 2,469.1 17 Federal Reserve Banks6 430.7 452.1 478.0 511.7 511.4 511.7 523.9 535.1 18 Private investors 3,414.6 3,334.0 3,233.9 2,880.4 2,936.2 2,880.4 2,892.9 2,722.6 19 Depository institutions 300.3 237.3 246.5 197.8 218.3 197.8 187.3r 192.1 20 Mutual funds 321.5 343.2 348.6 339.0 324.3 339.0 348.8' 352.3 21 Insurance companies 176.6 144.5 125.3 116.6 119.3 116.6 101.9' 92.9 22 State and local treasuries7 239.3 269.3 266.8 246.2 241.9 246.2 224.0' 216.5 Individuals 23 Savings bonds 186.5 186.6 186.4 184.8 184.3 184.8 184.8 186.0 24 Pension funds 360.5 375.3 378.9 387.7 383.1 387.7 326.5' 320.2 25 Private 143.5 157.6 167.7 181.6 179.2 181.6 131.2' 129.2 26 State and Local 216.9 217.7 211.2 206.1 203.9 206.1 195.3' 191.0 27 Foreign and international8 1,241.6 1,278.7 1,268.7 1,201.4 1,225.2 1.201.4 1,196.1' 1,167.1 28 Other miscellaneous investors7'1* 589.5 499.0 410.8 218.3 237.9 218.3 250.9 n.a. 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. 1997. Excludes Treasury securities held under repurchase agreements in custody accounts at the 2. Includes (not shown separately) securities issued to the Rural Electrification Administra- Federal Reserve Bank of New York. tion, depository bonds, retirement plan bonds, and individual retirement bonds. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank 3. Nonmarketable series denominated in dollars, and series denominated in foreign cur- personal trusts and estates, corporate and noncorporate businesses, and other investors. rency held by foreigners. SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin. holdings; data for other groups are Treasury estimates. unless otherwise noted. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996. in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic NonfinancialS tatistics • November 2001 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2001 2001, week ending May June July July 4 July 11 July 18 July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 By type of security 1 U.S. Treasury bills 23,093 26.141 27.315 30,377 27,768 29,590 23,622 26,988 30,840 35.563 35,368 37,919 Treasury coupon securities by maturity 2 Three years or less n.a. 118,453 92.942 118,453 91,633 97,837 86,805 83,376 77,381 94,245 87,669 98,442 3 More than three but less than or equal to six years n.a. 83,923 65,463 83,923 64,438 63,566 58.615 68,448 63,452 77,693 71,434 58,773 4 More than six but less than or equal to eleven years n.a. 58,180 53,709 58,180 46,626 51,906 54.098 62,093 61,834 73,293 68,205 55,096 5 More than eleven n.a. 17,804 16.682 17,804 14,140 16,488 16,533 19,726 14,668 18,649 16,301 16,474 6 Inflation-indexed2 1,833 1,384 2,433 2,284 4,228 2,020 1,485 1,966 1,286 1,532 1,511 1,335 Federal agency and governmentsponsored enterprises 7 Discount notes 55,738 53,216 55,388 62,549 51.438 59,603 53,512 53,819 53,032 58,298 58,171 56,277 Coupon securities by maturity 8 Three years or less n.a. 12.880 11,194 12,880 11,104 10,384 12,218 10,196 9,568 12,738 11,509 12,685 9 More than three years but less than or equal to six years n.a. 8,360 7,594 8,360 10,663 6,535 5,842 6,889 6,685 10,188 8,329 9,356 10 More than six years but less than or equal to eleven years .... n.a. 7,640 6,802 7.640 4,612 8,647 6,589 7,078 5,398 6,980 8,110 4.893 11 More than eleven years n.a. 736 966 736 458 1,192 1,332 976 920 1,726 1,798 1,038 12 Mortgage-backed 100.310 96,113 95,997' 72,376 141,762 94,954 72.707 73,406 137,390 144.267 72,122 84,064 Corporate securities 13 One year or less n.a. 85.207 75,223 85,207 78.254 77,765 69,968 69,835 72.625 75.453 84,613 82,019 14 More than one year n.a. 17,686 16,050 17,686 10,464 14,028 18,994 21,063 18,062 21,347 17.662 13,607 By type of counterparty With interdealer broker 15 U.S. Treasury 151,800 130,715 120,946 143,664 120.382 124,550 111,000 118,222 123,378 145,693 133,240 126,293 16 Federal agency and governmentsponsored enterprises 12,451 14,142 10,018 10,174 8,839 11,428 9,803 9,918 10,250 11.988 13.356 10,031 17 Mortgage-backed 32,101 30,517 28,194' 19,806 35,719 25,910 27,626 22,692 39,533 41,535 24,581 25,495 18 Corporate n.a. 2,036 1,012 2,036 509 878 1,116 1,168 891 1,119 747 524 With other 19 U.S. Treasury 142,180 129,696 137,597 167,355 128,451 136,857 130,158 144.374 126,083 155,282 147,248 141,747 20 Federal agency and governmentsponsored enterprises 70,798 70,510 71,926 81,991 69,436 74,933 69,689 69,041 65,352 77,942 74,562 74,217 21 Mortgage-backed 68,209 65,596 67,804' 52,570 106,043 69,044 45,081 50,714 97,858 102,732 47,541 58,569 22 Corporate n.a. 100.856 90,261 100,856 88,209 90,914 87,846 89,731 89,796 95,681 101,527 95,102 1. The figures represent purchases and sales in the market by the primary U.S. government 2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at princisecurities dealers reporting to the Federal Reserve Bank of New York. Outright transactions pal value, excluding accrued interest, where principal value reflects the original issuance par include all U.S. government, federal agency, government-sponsored enterprise, mortgage- amount (unadjusted for inflation) times the price times the index ratio. backed. and corporate securities scheduled for immediate and forward delivery, as well as all NOTE. Major changes in the report form filed by primary dealers induced a break in the U.S. government securities traded on a when-issued basis between the announcement and dealer data series as of the week ending July 4. 2001. Current weekly data may be found at the issue date. Data do not include transactions under repurchase and reverse repurchase (resale) Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) agreements. Averages are based on the number of trading days in the week. under the Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A29 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 2001 2001, week ending IItteemm May June July July 4 July 11 July 18 July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 NET OUTRIGHT POSITIONS2 By type of security 1 U.S. Treasury bills -332 3,445 7,014 7,110 7,016 3,630 5,328 12,864 22,024 24,180 18,543 Treasury coupon securities by maturity 2 Three years or less n.a. -16,969 -16,714 -16,969 -17,242 -17,252 -14,762 -17,577 -20,199 -15,892 -15,962 3 More than three years but less than or equal to six years n.a. -15,221 -15,174 -15,221 -18,066 -17,139 -12,905 -12.125 -10,486 -11,933 -11,105 4 More than six but less than or equal to eleven years n.a. -16,118 -18,610 -16,118 -18,140 -18,931 -18,835 -20,184 -17,077 -16,033 -13,623 5 More than eleven n.a. 10,239 10,090 10.239 9,644 10,399 11,092 8.984 8,063 7,845 9,466 6 Inflation-indexed 4,128 3,491 2,311 2,451 1.872 2,179 2,424 2,750 2,806 3,298 3,412 Federal agency and governmentsponsored enterprises 7 Discount notes 51,428 55,075 56,172 55,120 49,408 51,532 64,209 60,799 56,493 58,231 53.986 Coupon securities, by maturity 8 Three years or less n.a. 23,625 23,494 23,625 26,986 22,279 23,838 20,347 18,422 19,154 17,160 9 More than three years but less than or equal to six years n.a. -3,096 -1,445 -3,096 -458 -1,020 -1.738 -1,648 -3,007 -1,822 -2,845 10 More than six but less than or equal to eleven years n.a. 2,472 3,962 2,472 2,849 5,099 4.077 4,791 4,984 4,204 2,320 11 More than eleven n.a. 4,190 3,910 4,190 4,063 3,854 3,697 3,860 3,871 4,003 3,309 12 Mortgage-backed 16.811 17,928 12,840 14,027 8,874 10,645 16,267 15,239 9,521 15,715 11,180 Corporate securities 13 One year or less n.a. 16,541 15,038 16,541 14,244 15,221 14,292 15.621 14,440 15,675 15.685 14 More than one year n.a. 23,106 25,410 23,106 26,100 26,716 24,437 25,753 29,678 30,291 26,939 FINANCING1 Securities in U.S. Treasury 15 Overnight and continuing n.a. 510,993 532,092 510,993 534,843 532,146 525,614 550,444 529,020 565,181 576,481 16 Term n.a. 711,949 751,848 711,949 722,028 746,996 782,288 783,387 813,503 617,222 646,639 Federal agency and governmentsponsored enterprises 17 Overnight and continuing n.a. 110,263 113,178 110,263 111,565 108,715 113,626 121,687 113,903 119,237 120,188 18 Term n.a. 159,641 163,334 159,641 165,053 162,392 162,658 165,677 176,572 175,140 180,507 Mortgage-backed securities 19 Overnight and continuing n.a. 20,813 23.186 20,813 23,216 21,796 24,601 24,706 22,829 20,670 26,448 20 Term n.a. 197,977 199,969 197,977 199,037 195,696 201,505 205,577 219,673 224,292 225,582 Corporate securities 21 Overnight and continuing n.a. 34.229 34,288 34,229 34,131 34,851 34,192 33,968 33,269 33,602 33,655 22 Term n.a. 14,179 13,672 14,179 13,428 13,286 13,788 13,935 13,880 12,921 13,149 MEMO: Reverse repurchase agreements 23 Overnight and continuing 383,190 365,246 347,687 335,502 353,063 342,573 335,653 369,543 338,425 370,479 385,361 24 Term 953,256 1,031,773 1,004,418 959,291 992,190 1,001,645 1,020,752 1,032,948 1,094,219 906,175 948,932 Securities out U.S. Treasury 25 Overnight and continuing n.a. 482,344 521,688 482,344 533,787 524,882 513,567 539,549 532,719 574,611 584,733 26 Term n.a. 665,178 688,710 665,178 657,251 678,441 717,126 719,926 744,378 543,388 584,863 Federal agency and governmentsponsored enterprises 27 Overnight and continuing n.a. 192,185 215.274 192,185 215,948 218,060 217,251 224,325 207,367 219,508 206,544 28 Term n.a. 137,932 123,248 137,932 117,200 119,367 122,451 125,972 142,663 145,730 150,516 Mortgage-backed securities 29 Overnight and continuing n.a. 222,096 254,481 222,096 242,794 259,777 272,326 262,710 265,913 282,028 299,660 30 Term n.a. 117,555 101,794 117,555 95,570 99,190 102,340 100,950 107,508 107,100 116,106 Corporate securities 31 Overnight and continuing n.a. 77,335 81,804 77,335 80,130 83,145 85,025 81,415 78,459 85,228 82,574 32 Term n.a. 15,523 11,043 15,523 9,349 9,893 10,862 11,586 11,990 11,978 11,913 MEMO: Repurchase agreements 33 Overnight and continuing 865,375 890,043 940,177 840,245 941,099 962,203 947,490 971,493 955,579 1,024,332 1,036,472 34 Term 877,681 934,264 890,275 808,711 854,252 888,912 934,202 937,019 985,221 786,273 841,701 1. Data for positions and financing are obtained from reports submitted to the Federal 3. Figures cover financing U.S. government, federal agency, government-sponsored enter- Reserve Bank of New York by the U.S. government securities dealers on its published list of prise, mortgage-backed, and corporate securities. Financing transactions for Treasury primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for days of the report week are assumed to be constant. Monthly averages are based on the pledged securities. TIIS that are issued as pledged securities are reported at par value, which number of calendar days in the month. is the value of the security at original issuance (unadjusted for inflation). 2. Net outright positions include all U.S. government, federal agency, government- NOTE. Major changes in the report form filed by primary dealers included a break in many sponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and series as of the week ending July 4. 2001. Current weekly data may be found at the Federal forward delivery, as well as U.S. government securities traded on a when-issued basis Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the between the announcement and issue date. Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • November 2001 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2001 AAggeennccyy 11999977 11999988 11999999 22000000 Feb. Mar. Apr. May June 1 Federal and federally sponsored agencies 1,022,609 1,296,477 1,616,492 1,851,632 1,917,503 1,919,761 n.a. n.a. n.a. 2 Federal agencies 27,792 26,502 26,376 25,666 25.141 25,063 25.024 25.070 n.a. 3 Defense Department1 6 6 6 6 6 6 6 6 n.a. 4 Export-Import Bank2-3 552 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5 Federal Housing Administration4 102 205 126 255 291 307 315 201 n.a. 6 Government National Mortgage Association certificates of participation3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. / Postal Service6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 Tennessee Valley Authority 27,786 26,496 26,370 25,660 25,135 25,057 25,018 25.064 n.a. 9 United States Railway Association6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 Federally sponsored agencies7 994,817 1,269,975 1,590.116 1,825,966 1,892,362 1,894,698 n.a. n.a. n.a. 11 Federal Home Loan Banks 313,919 382,131 529.005 594,404 598.586 602,824 595.562 592,406 595.148 12 Federal Home Loan Mortgage Corporation 169,200 287,396 360,711 426,899 455.623 461.338 478,447 490,442 496,711 13 Federal National Mortgage Association 369,774 460,291 547.619 642,700 668,200 666,600 682,500 693,600 702,300 14 Farm Credit Banks8 63,517 63,488 68,883 74,181 73,647 74.174 74,456 75,363 76,330 15 Student Loan Marketing Association9 37.717 35,399 41,988 45,375 53,886 47,322 48,468 48,255 47.687 16 Financing Corporation 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 17 Farm Credit Financial Assistance Corporation" 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1.261 18 Resolution Funding Corporation12 29,996 29,996 29,996 29,996 29,996 29,996 29.996 29,996 29,996 MEMO 19 Federal Financing Bank debt13 49,090 44,129 42,152 40,575 38,924 39,341 39,065 42,837 n.a. Lending to federal and federally sponsored agencies 20 Export-Import Bank3 552 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 Postal Service6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 22 Student Loan Marketing Association n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23 Tennessee Valley Authority n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24 United States Railway Association6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Other lendingu 25 Farmers Home Administration 13,530 9,500 6,665 5,275 5,155 5,155 5,155 5,540 n.a. 26 Rural Electrification Administration 14,898 14,091 14,085 13,126 13,281 13,371 13,371 12,989 n.a. 27 Other 20,110 20,538 21,402 22,174 20,488 20,815 20,539 24,308 n.a. 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 10. The Financing Corporation, established in August 1987 to recapitalize the Federal under family housing and homeowners assistance programs. Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 11. The Farm Credit Financial Assistance Corporation established in January 1988 to 3. On-budget since Sept. 30, 1976. provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 4. Consists of debentures issued in payment of Federal Housing Administration insurance 12. The Resolution Funding Corporation, established by the Financial Institutions claims. Once issued, these securities may be sold privately on the securities market. Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 5. Certificates of participation issued before fiscal year 1969 by the Government National 1989. Mortgage Association acting as trustee for the Farmers Home Administration; the Department 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations of Health, Education, and Welfare; the Department of Housing and Urban Development; the issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the Small Business Administration; and the Veterans Administration. purpose of lending to other agencies, its debt is not included in the main portion of the table to 6. Off-budget. avoid double counting. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally are estimated. being small. The Farmers Home Administration entry consists exclusively of agency assets, 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is whereas the Rural Electrification Administration entry consists of both agency assets and shown on line 17. guaranteed loans. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Markets and Corporate Finance A31 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars 2001 TTyyppee ooff iissssuuee oorr iissssuueerr,, 11999988 11999999 22000000 oorr uussee Jan. Feb. Mar. Apr. May June July Aug. 1 All issues, new and refunding1 262,342 215,427 180,403 11,255 19,829 24,495 16,985 26,248 29,298 19,232 21,152 By type of issue 7 General obligation 87,015 73,308 64,475 6,256 9,389 7,668 6,890 8,385 9,691 5,836 8,796 3 Revenue 175,327 142,120 115,928 4.999 10,441 16,827 10,094 17.863 19,606 13,396 12,356 By type of issuer 4 State 23,506 16.376 19,944 1.738 3,268 1,893 1,900 3.123 2,905 2,029 2,713 Special district or statutory authority2 178.421 152,418 111.695 7,061 11,011 17,280 113,344 17.281 20,672 11,784 12,351 6 Municipality, county, or township 60,173 46,634 39.273 2,456 5.550 5,323 3,740 5,845 5,721 5,419 6,088 7 Issues for new capital 160,568 161,065 154,257 8,758 13,384 15,387 12,264 20,002 20,044 15,015 13,550 By use of proceeds X Education 36,904 36,563 38.665 2,786 3,102 5,343 3,731 5,714 6,460 3,379 2,950 9 Transportation 19,926 17,394 19,730 780 2,411 1,219 1,381 2,522 1,258 3,160 1,669 10 Utilities and conservation 21,037 15,098 11,917 678 1,335 1.677 1,447 2,969 3,191 1,055 1,228 1 1 Social welfare n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. P Industrial aid 8,594 9,099 7.122 63 281 396 436 422 443 508 708 13 Other purposes 42,450 47,896 47,309 3.013 4,742 4,368 3,010 4.736 5,047 3,803 4,524 1. Par amounts of long-term issues based on date of sale. SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest 2. Includes school districts. before then. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2000 2001 TTyyppee ooff iissssuuee,, ooffffeerriinngg,, 11999988 11999999 22000000 oorr iissssuueerr Dec. Jan. Feb. Mar. Apr. May June July 1 All issues' 1,128,491 1,072,866 942,198 61,378 125,894 96,206 139,267 92,778 164,563 122,773 93,451 2 Bonds2 1,001,736 941,298 807,281 58,713 118,372 88,806 127,956 86,274 154,623 102,476 84,872 By type of offering Sold in the United States 923,771 818.683 684,484 57,189 115,583 86.146 118,779 81,156 146,164 96,382 79,508 4 Sold abroad 77,965 122,615 122,798 1,525 2,789 2,660 9,177 5,117 8,459 6,094 5,364 MEMO 5 Private placements, domestic n.a. n.a. n.a. 3,709 26 1,897 652 0 2,563 3,146 12 BY industry group 6 Nonfinancial 307.711 293,963 242,452 18,219 44,443 34.604 44,385 33,549 67,142 34,996 18,904 7 Financial 694,025 647,335 564,829 40,495 73,928 54,201 83,571 52,725 87,481 67,480 65,968 8 Stocks' 182,055 223,968 283,717 15,065 7,522 7,400 11,311 6,504 9,940 20,297 8,579 By type of offering 9 Public 126,755 131,568 134,917 2,665 7,522 7,400 11.311 6,504 9,940 20,297 8,579 10 Private placement4 55,300 92,400 148,800 12,400 n.a. n.a. n.a. n.a. n.a. n.a. n.a. By industry group 11 Nonfinancial 74,113 110,284 118.369 2,146 4,356 4,463 7,718 4,822 6,809 16,630 4.237 12 Financial 52,642 21,284 16,548 519 3,166 2,937 3,593 1,682 3,131 3,667 4,342 I. Figures represent gross proceeds of issues maturing in more than one year; they are the 2. Monthly data include 144(a) offerings. principal amount or number of units calculated by multiplying by the offering price. Figures 3. Monthly data cover only public offerings. exclude secondary offerings, employee stock plans, investment companies other than closed- 4. Data are not available. end, intracorporate transactions, and Yankee bonds. Stock data include ownership securities SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve issued by limited partnerships. System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 Domestic Nonfinancial Statistics • November 2001 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets' Millions of dollars 2001 IItteemm 11999999 22000000 Jan. Feb. Mar. Apr. May June July' Aug. 1 Sales of own shares2 1,791,894 2,279,315 206,765 148,362 162,548 152,327 158,361 139,270 138,428 142,628 2 Redemptions of own shares 1,621,987 2,057,277 171,819 141,663 175,633 130,454 132,574 125,097 129,021 132,018 3 Net sales3 169,906 222,038 34,946 6,699 -13,085 21,873 25.787 14,173 9,407 10,610 4 Assets4 5,233,191 5,123,747 5,280,222 4,879,229 4,594,182 4,910,568 4,956,982 4,888,874 4,825,144 4,636,249 5 Cash5 219,189 277,386 280,472 274,077 241,518 247,169 237,487 240,199 240,392 240,618 6 Other 5,014,002 4,846,361 4,999,750 4,605,152 4,352,664 4,663,399 4,719,495 4,648,675 4,584,752 4,395,631 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual 4. Market value at end of period, less current liabilities. funds. 5. Includes all U.S. Treasury securities and other short-term debt securities. 2. Excludes reinvestment of net income dividends and capital gains distributions and share SOURCE. Investment Company Institute. Data based on reports of membership, which issue of conversions from one fund to another in the same group. comprises substantially all open-end investment companies registered with the Securities and 3. Excludes sales and redemptions resulting from transfers of shares into or out of money Exchange Commission. Data reflect underwritings of newly formed companies after their market mutual funds within the same fund family. initial offering of securities. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data at seasonally adjusted annual rates 1999 2000 2001 AAccccoouunntt 11999988 11999999 22000000 Q3 Q4 Qi Q2 Q3 Q4 Qi Q2 1 Profits with inventory valuation and capital consumption adjustment 777.4 825.2 876.4 800.2 857.6 870.3 892.8 895.0 847.6 789.8 759.8 2 Profits before taxes 721.1 776.3 845.4 765.8 825.0 844.9 862.0 858.3 816.5 755.7 738.3 3 Profits-tax liability 238.8 253.0 271.5 250.7 267.3 277.0 280.4 274.9 253.5 236.8 228.0 4 Profits after tax 482.3 523.3 573.9 515.1 557.7 567.8 581.6 583.4 563.0 518.9 510.3 5 Dividends 348.7 343.5 379.6 342.2 349.6 361.5 373.7 386.2 397.0 405.2 412.3 6 Undistributed profits 133.6 179.8 194.3 172.9 208.1 206.3 207.9 197.2 165.9 113.7 98.0 7 Inventory valuation 18.3 -2.9 -12.4 -17.7 -21.0 -23.8 -14.8 -3.6 -7.3 -1.9 -8.8 8 Capital consumption adjustment 38.0 51.7 43.4 52.1 53.6 49.2 45.5 40.4 38.4 36.0 30.3' SOURCE. U.S. Department of Commerce, Survey of Current Business. 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 1999 2000 2001 AAccccoouunntt 11999988 11999999 22000000 Q4 Qi Q2' Q3 Q4 QI' Q2 ASSETS 1 Accounts receivable, gross2 711.7 811.5 915.6 811.5 848.7 884.4 900.1 915.6 910.7 929.9 2 Consumer 261.8 279.8 296.1 279.8 285.4 294.1 301.9 296.1 287.2 290.7 3 Business 347.5 405.2 471.1 405.2 434.6 454.1 455.7 471.1 471.7 481.8 4 Real estate 102.3 126.5 148.3 126.5 128.8 136.2 142.4 148.3 151.8 157.4 5 LESS: Reserves for unearned income 56.3 53.5 60.0 53.5 54.0 57.0 58.8 60.0 60.2 61.9 6 Reserves for losses 13.8 13.5 15.1 13.5 14.0 14.4 14.2 15.1 15.6 16.0 7 Accounts receivable, net 641.6 744.6 840.5 744.6 780.7 813.1 827.1 840.5 834.9 852.0 8 All other 337.9 406.3 461.8 406.3 412.7 419.4 441.4 461.8 475.5 486.2 9 Total assets 979.5 1,150.9 1,302.4 1,150.9 1,193.4 1,232.4 1,268.4 1,302.4 1,310.4 1,338.2 LIABILITIES AND CAPITAL 10 Bank loans 26.3 35.1 35.6 35.1 28.5 33.3 35.4 35.6 41.4 45.2 11 Commercial paper 231.5 227.9 235.2 227.9 230.2 234.2 215.6 235.2 178.2 177.3 Debt 12 Owed to parent 61.8 123.8 146.5 123.8 145.1 136.8 144.3 146.5 138.4 145.9 13 Not elsewhere classified 339.7 397.0 463.8 397.0 412.0 445.1 465.5 463.8 501.8 504.6 14 All other liabilities 203.2 222.7 279.7 222.7 247.6 249.6 269.2 279.7 299.7 309.8 15 Capital, surplus, and undivided profits 117.0 144.5 141.6 144.5 130.1 135.3 138.3 141.6 150.8 155.5 16 Total liabilities and capital 979.5 1,150.9 1,302.4 1,150.9 1,193.4 1,234.4 1,268.4 1,302.4 1,310.4 1,338.2 1. Includes finance company subsidiaries of bank holding companies but not of retailers 2. Before deduction for unearned income and losses. Excludes pools of securitized assets, and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Markets and Corporate Finance A33 1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables' Billions of dollars, amounts outstanding 2001 TTyyppee ooff ccrreeddiitt Feb.' Mar.' Apr.' May June July Seasonally adjusted 1 Total 875.8 993.9 1,145.2 1,160.6 1,159.8 1,172.7 1,173.7 1,180.2' 1,186.9 ? Consumer 352.8 385.3 439.3 448.0 450.9 455.9 453.4 452.3' 453.3 3 Real estate 131.4 154.7 174.9 179.0 177.7 182.5 184.4 183.6 187.1 4 Business 391.6 453.9 531.0 533.6 531.1 534.2 535.9 544.2 546.6 Not seasonally adjusted 5 Total 884.0 1,003.2 1,156.0 1,160.6 1,164.2 1,175.0 1,176.9 l,186.2r 1,181.5 6 Consumer 356.1 388.8 443.4 446.0 446.9 450.6 450.9 453.1' 455.1 7 Motor vehicle loans 103.1 114.7 122.5 118.5 118.9 126.9 127.6 127.5' 128.7 X Motor vehicle leases 93.3 98.3 102.9 102.4 101.3 101.4 100.6 99.7 99.5 9 Revolving2 32.3 33.8 38.3 36.9 35.6 36.0 37.5 37.4' 37.5 in Other1 33.1 33.1 32.4 32.0 31.3 28.1 26.4 26.1' 26.4 Securitized assets4 11 Motor vehicle loans 54.8 71.1 97.1 105.2 108.0 106.1 107.7 110.2 111.4 i? Motor vehicle leases 12.7 9.7 6.6 6.9 6.6 7.0 6.9 7.6 7.4 13 Revolving 8.7 10.5 27.5 28.4 28.8 29.1 28.4 29.1 29.1 14 Other 18.1 17.7 16.0 15.5 16.2 16.0 15.7 15.5 15.2 15 Real estate 131.4 154.7 174.9 179.0 177.7 182.5 184.4 183.6 187.1 16 One- to four-family 75.7 88.3 105.4 109.5 108.1 112.3 114.4 113.3 117.1 17 Other 26.6 38.3 42.9 43.4 43.8 43.8 43.9 44.2 44.0 Securitized real estate assets4 18 One- to four-family 29.0 28.0 24.7 24.2 23.9 23.8 23.6 23.4 23.2 19 Other .1 9 1.9 1.9 1.9 2.6 2.6 2.8 2.8 70 Business 396.5 459.6 537.7 535.6 539.7 541.9 541.6 549.5 539.3 21 Motor vehicles 79.6 87.8 95.2 93.6 91.9 91.0 90.8 91.9 87.6 22 Retail loans 28.1 33.2 31.0 30.7 30.5 29.9 29.8 29.4 29.5 23 Wholesale loans5 32.8 34.7 39.6 37.6 35.8 35.3 35.2 36.6 32.4 74 Leases 18.7 19.9 24.6 25.3 25.6 25.8 25.8 25.8 25.7 25 Equipment 198.0 221.9 267.3 262.5 264.6 269.2 271.4 276.0 272.6 26 Loans 50.4 52.2 56.2 55.6 57.1 57.7 58.4 60.7 59.0 77 Leases 147.6 169.7 211.1 206.9 207.5 211.5 213.0 215.3 213.6 28 Other business receivables6 69.9 95.5 108.6 114.5 115.2 113.5 112.1 113.9 112.0 Securitized assets4 29 Motor vehicles 29.2 31.5 37.8 37.2 40.0 40.3 40.0 39.0 38.2 30 Retail loans 2.6 2.9 3.2 2.9 2.8 3.1 3.0 3.1 2.9 31 Wholesale loans 24.7 26.4 32.5 31.7 34.5 34.6 34.3 33.4 32.7 32. Leases 1.9 2.1 2.2 2.6 2.6 2.6 2.7 2.6 2.6 33 Equipment 13.0 14.6 23.1 22.2 22.5 22.2 21.6 22.6 23.0 M Loans 6.6 7.9 15.5 14.5 14.6 14.4 13.9 15.2 15.2 15 Leases 6.4 6.7 7.6 7.8 7.9 7.8 7.7 7.5 7.8 36 Other business receivables6 6.8 8.4 5.6 5.6 5.6 5.7 5.7 6.0 6.0 NOTE. This table has been revised to incorporate several changes resulting from the before deductions for unearned income and losses. Components may not sum to totals benchmarking of finance company receivables to the June 1996 Survey of Finance Compa- because of rounding. nies. In that benchmark survey, and in the monthly surveys that have followed, more detailed 2. Excludes revolving credit reported as held by depository institutions that are subsidibreakdowns have been obtained for some components. In addition, previously unavailable aries of finance companies. data on securitized real estate loans are now included in this table. The new information has 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of resulted in some reclassificaton of receivables among the three major categories (consumer, consumer goods, such as appliances, apparel, boats, and recreation vehicles. real estate, and business) and in discontinuities in some component series between May and 4. Outstanding balances of pools upon which securities have been issued; these balances June 1996. are no longer carried on the balance sheets of the loan originator. Includes finance company subsidiaries of bank holding companies but not of retailers and 5. Credit arising from transactions between manufacturers and dealers, that is, floor plan banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release. For financing. ordering address, see inside front cover. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivable dealer capital; small loans used primarily for business or farm purposes; and receivables are outstanding balances of pools upon which securities have been issued; these wholesale and lease paper for mobile homes, campers, and travel trailers. balances are no longer carried on the balance sheets of the loan originator. Data are shown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic NonfinancialS tatistics • November 2001 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2001 Feb. Mar. Apr. May June July Aug. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 195.2 210.7 234.5 245.0 244.5 240.8 241.4 250.6 242.9 241.5 2 Amount of loan (thousands of dollars) 151.1 161.7 177.0 185.4 182.9 181.5 181.4 188.7 182.7 181.3 3 Loan-to-price ratio (percent) 80.0 78.7 77.4 77.9 77.2 77.6 77.6 77.3 77.3 76.6 4 Maturity (years) 28.4 28.8 29.2 29.0 28.8 28.5 28.6 28.7 28.8 28.7 Fees and charges (percent of loan amount)2 .89 .77 .70 .70 .66 .71 .69 .66 .66 .61 Yield (percent per year) 6 Contract rate1 6.95 6.94 7.41 6.99 6.94 6.96 7.02 7.02 7.01 7.06 1 Effective rate13 7.08 7.06 7.52 7.10 7.04 7.07 7.12 7.12 7.11 7.15 8 Contract rate (HUD series)4 7.00 7.45 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (section 203)5 7.04 7.74 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 GNMA securities6 6.43 7.03 7.57 6.61 6.41 6.53 6.61 6.55 6.49 6.29 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 414,515 523,941 610,122 632,850 n.a. n.a. n.a. n.a. n.a. n.a. 12 FHA/VA insured 33,770 55,318 61,539 63,337 n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional 380,745 468,623 548,583 569,513 n.a. n.a. n.a. n.a. n.a. n.a. 14 Mortgage transactions purchased (during period) 188,448 195,210 154,231 17,230 20,899 24,015 16.825 24,430 26,082 22,111 Mortgage commitments (during period) 13 Issued7 193,795 187,948 163,689 25,471 n.a. n.a. n.a. n.a. n.a. n.a. 16 To sell8 1,880 5,900 11,786 835 n.a. n.a. n.a. n.a. n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period )8 17 Total 255,010 324,443 385,693 407,086 421.655 430,960 437,582 443,810 454,485 465,553 18 FHA/VA insured 785 1,836 3,332 3,319 3,329 2,878 2,785 2,738 2,689 2,643 19 Conventional 254,225 322,607 382,361 403.767 418,326 428,082 434,797 441,072 451,796 462,910 Mortgage transactions (during period) 20 Purchases 267,402 239,793 174,043 16,536 24,648 n.a. n.a. n.a. n.a. n.a. 21 Sales 250,565 233,031 166,901 15,549 23,367 31,219 33,670 38,133 44,574 33,933 22 Mortgage commitments contracted (during period)9 281,899 228,432 169,231 17,664 26,682 32,758 39,897 37,312 43,788 34,087 1. Weighted averages based on sample surveys of mortgages originated by major institu- 6. Average net yields to investors on fully modified pass-through securities backed by tional lender groups for purchase of newly built homes; compiled by the Federal Housing mortgages and guaranteed by the Government National Mortgage Association (GNMA), Finance Board in cooperation with the Federal Deposit Insurance Corporation. assuming prepayment in twelve years on pools of thirty-year mortgages insured by the 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. seller) to obtain a loan. 7. Does not include standby commitments issued, but includes standby commitments 3. Average effective interest rate on loans closed for purchase of newly built homes, converted. assuming prepayment at the end of ten years. 8. Includes participation loans as well as whole loans. 4. Average contract rate on new commitments for conventional first mortgages; from US. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Department of Housing and Urban Development (HUD). Based on transactions on the first Mortgage Corporation's mortgage commitments and mortgage transactions include activity day of the subsequent month. under mortgage securities swap programs, whereas the corresponding data for the Federal 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by National Mortgage Association exclude swap activity. the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Real Estate A3 5 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 2000 2001 TTyyppee ooff hhoollddeerr aanndd pprrooppeerrttyy 11999977 11999988 11999999 Qi Q2 Q3 Q4 Ql 1 All holders 5,198,237 5,698,389 6,326,415 6,426,515 6,592,329 6,744,667 6,889,962 7,016,475 By type of property 7 One- to four-family residences 3,968,218 4,348,553 4,773,876 4,832,886 4,962,031 5,087,538 5,193,000 5,284,886 3 Multifamily residences 302,642 330,718 372,619 387,188 390,753 399,232 409,216 418,762 4 Nonfarm, nonresidential 837,077 922,612 1,076,958 1,102,565 1,133,107 1,149,940 1.178.909 1.202,752 5 90,300 96,506 102,962 103,875 106,437 107,957 108,836 110,075 By type of holder 6 Major financial institutions 2,084,000 2,195,869 2,396,265 2,458,194 2,550,201 2,606,592 2,621,076 2,667,125 7 Commercial banks2 1,245,334 1,338,273 1,496,844 1,548,224 1,615,794 1,650,294 1,661,600 1,688,869 8 One- to four-family 745,777 798,009 880,208 905,270 949,223 968,831 966,609 978,227 9 Multifamily 50,705 54,174 67,666 72,509 75,795 77,031 77,821 79,890 10 Nonfarm, nonresidential 421,865 457,054 517,130 537,772 557,059 570,513 583,153 596,518 1 1 Farm 26,987 29,035 31,839 32,673 33,717 33,919 34,016 34,234 12 Savings institutions' 631,826 643,957 668,634 680,745 701,992 721,563 723,534 741,114 13 One- to four-family 520,782 533,895 549,046 560,018 578,612 595,518 595,053 608,289 14 Multifamily 59,540 56,847 59,168 57,790 59,174 60,077 61,094 62,666 15 Nonfarm, nonresidential 51,150 52,798 59,945 62,444 63,688 65,437 66,852 69,589 16 Farm 354 417 475 493 518 531 535 569 17 Life insurance companies 206,840 213,640 230,787 229,225 232,415 234,735 235,942 237,142 18 One- to four-family 7,187 6,590 5,934 5,567 5,237 4,907 4,904 4,800 19 Multifamily 30,402 31,522 32,818 32,634 33,121 33,478 33,681 33,867 70 Nonfarm. nonresidential 158.779 164.004 179,048 178,043 180,701 182,646 183,757 184,774 21 Farm 10,472 11,524 12,987 12,981 13,356 13,704 13,600 13,701 22 Federal and related agencies 286,194 293,602 322,132 322,917 332,642 336,682 343,962 346,276 23 Government National Mortgage Association 8 7 7 7 7 6 6 6 24 One- to four-family 8 7 7 7 7 6 6 6 2.5 Multifamilv 0 0 0 0 0 0 0 0 76 Farmers Home Administration4 41,195 40,851 73,871 72,899 72.896 73,009 73,323 73,361 77 One- to four-family 17,253 16,895 16,506 16,456 16,435 16,444 16,372 16,297 28 Multifamily 11,720 11,739 11,741 11,732 11,729 11,734 11,733 11,725 79 Nonfarm, nonresidential 7,370 7,705 41,355 40,509 40,554 40,665 41,070 41,247 30 Farm 4,852 4,513 4,268 4,202 4,179 4,167 4,148 4.093 31 Federal Housing and Veterans' Administrations 3,811 3,674 3,712 3,794 3,845 3,395 3,507 2,873 32 One- to four-family 1,767 1,849 1,851 1,847 1,832 1,327 1,308 1,276 33 Multifamily 2,044 1,825 1,861 1,947 2,013 2,068 2,199 1,597 34 Resolution Trust Corporation -278' 24' -10' 0 0 0 0 0 35 One- to four-family 0 0 0 0 0 0 0 0 36 Multifamily 0 0 0 0 0 0 0 0 37 Nonfarm, nonresidential 0 0 0 0 0 0 0 0 38 Farm 0 0 0 0 0 0 0 0 39 Federal Deposit Insurance Corporation 724 361 152 98 72 82 45 50 40 One- to four-family 117 58 25 16 12 13 7 8 41 Multifamily 140 70 29 19 14 16 9 10 42 Nonfarm, nonresidential 467 233 98 63 46 53 29 32 43 Farm 0 0 0 0 0 0 0 0 44 Federal National Mortgage Association 161,308 157,675 151,500 150,312 153,507 152,815 155,363 156,294 45 One- to four-family 149,831 147,594 141,195 139.986 142,478 141,786 144,150 145,014 46 Multifamily 11,477 10,081 10,305 10,326 11,029 11,029 11,213 11,280 47 Federal Land Banks 30,657 32,983 34,187 34,142 34,830 35,549 36,326 37,072 48 One- to four-family 1,804 1,941 2,012 2,009 2,049 2,092 2,137 2,181 49 Farm 0 0 0 0 0 0 0 0 50 Federal Home Loan Mortgage Corporation 48,454 57,085 56,676 57,009 56,972 57.046 59,240 60,110 51 One- to four-family 42,629 49,106 44,321 43,384 42,892 42,138 42,871 42,771 52 Multifamily 5.825 7,979 12,355 13,625 14,080 14,908 16,369 17,339 53 Mortgage pools or trusts5 2,232,848 2,581,969 2,947,760 2,983,365 3,034,691 3,115,138 3,231,195 3,305,311 54 Government National Mortgage Association 536,879 537,446 582,263 589,192 590,708 602,628 611,629 601,540 55 One- to four-family 523,225 522,498 565,189 571,506 572,661 584,152 592,700 581,760 56 Multifamily 13,654 14,948 17,074 17,686 18,047 18,476 18,929 19,780 57 Federal Home Loan Mortgage Corporation 579,385 646,459 749,081 757,106 768,641 790,891 822,310 833,616 58 One- to four-family 576,846 643,465 744,619 752,607 763,890 786,007 816,602 827,769 59 Multifamily 2,539 2,994 4,462 4,499 4,751 4,884 5,708 5,847 60 Federal National Mortgage Association 709,582 834,517 960,883 975,815 995,815 1,020,828 1,057.750 1,099,049 61 One- to four-family 687.981 804,204 924,941 932,178 957,584 981,206 1,016,398 1,055,412 62 Multifamily 21.601 30,313 35,942 43,637 38,231 39,622 41,352 43,637 63 Farmers Home Administration4 2 I 0 0 0 0 0 0 64 One- to four-family 0 0 0 0 0 0 0 0 65 Multifamily 0 0 0 0 0 0 0 0 66 Nonfarm, nonresidential 0 0 0 0 0 0 0 0 67 Farm 2 1 0 0 0 0 0 0 68 Private mortgage conduits 407,000 563,546 655,533 661,252 679,527 700,792 739,506 771,106 69 One- to four-family6 310,659 405,153 455,021 455,623 464,593 477,899 499,834 523,300 70 Multifamily 20,907 33,754 42,226 43,069 44,290 45,991 49,322 50.639 71 Nonfarm, nonresidential 75,434 124,639 158,287 162,560 170,644 176,901 190,350 197,167 72 Farm 0 0 0 0 0 0 0 0 73 Individuals and others7 595,195 626,949 660,258 662,039 674,794 686,254 693,729 697,763 74 One- to four-family 382,315 416,335 441,205 442,006 454,314 470,762 478,118 481,485 75 Multifamily 72,088 74,462 76,740 77,466 78,179 79,587 79,566 80,268 76 Nonfarm. nonresidential 122,013 116,178 121,095 121,174 120,415 113,725 113,697 113,424 77 Farm 18,779 19,974 21,217 21,393 21,886 22,179 22,348 22,586 1. Multifamily debt refers to loans on structures of five or more units. 6. Includes securitized home equity loans. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust 7. Other holders include mortgage companies, real estate investment trusts, state and local departments. credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and 3. Includes savings banks and savings and loan associations. finance companies. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from SOURCE. Based on data from various institutional and government sources. Separation of FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting nonfarm mortgage debt by type of property, if not reported directly, and interpolations and changes by the Farmers Home Administration. extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by Line 69 from Inside Mortgage Securities and other sources. the agency indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • November 2001 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2001 Feb.r Mar.' Apr.' May' June' July Seasonally adjusted 1 Total 1,301,023 1,393,657 1,531,469 1,563,664 1,570,990 1,584,421 1,590,958 1,589,202 1,589,197 2 Revolving 560,504 595,610 663,830 682,599 689.727 696.417 699,036 700,284 700,254 3 Nonrevolving2 740,519 798,047 867,639 881,065 881,264 888,004 891,923 888,918 888,943 Not seasonally adjusted 4 Total 1,331,742 1,426,151 1,566,457 1,558,817 1,558,582 1,570,273 1,576,257 1,581,074 1,581,545 By major holder 3 Commercial banks 508,932 499.758 541,470 534.560 533.680 540,740 543,048 540,211 535,926 6 Finance companies 168,491 181,573 193,189 187,493 185,862 191,028 191,539 190,969 192,542 7 Credit unions 155,406 167,921 184,434 183,548 182.918 184,280 185,971 187,000 187,698 8 Savings institutions 51,611 61,527 64,557 65,192 65,509 65,453 65,396 65,340 65,999 9 Nonfinancial business 74,877 80,311 82,662 73,057 71.403 71,490 69,963 68,026 65,314 10 Pools of securitized assets1 372.425 435,061 500,145 514,967 519.210 517,283 520,340 529,528 534,066 By major type of credit4 11 Revolving 586,528 623.245 693,645 683.359 682,684 689.214 691.635 694,289 692,850 12 Commercial banks 210,346 189,352 218.063 208,550 209.461 214.683 216,268 213,080 211,010 13 Finance companies 32,309 33,814 38.251 36.938 35.626 36,044 37,509 37,373 37,485 14 Credit unions 19,930 20,641 22.226 21.415 20,902 21,068 21,226 21,290 21,260 15 Savings institutions 12,450 15,838 16,560 16.845 16,987 16,788 16.589 16,391 16,714 16 Nonfinancial business 39.166 42,783 42.430 35,290 33,871 33,815 32,690 31.379 29,314 17 Pools of securitized assets3 272,327 320.817 356,114 364,321 365,837 366,815 367,354 374,776 377,067 18 Nonrevolving 745,214 802,906 872.812 875.458 875,898 881.060 884,622 886,785 888,695 19 Commercial banks 298,586 310,406 323,407 326.010 324.219 326,057 326,780 327.131 324,915 20 Finance companies 136,182 147,759 154,938 150,555 150.236 154,985 154,030 153,597 155,057 21 Credit unions 135,476 147,280 162,208 162.133 162,016 163,212 164,745 165,710 166,438 12 Savings institutions 39,161 45.689 47,997 48.347 48,523 48,665 48,807 48,949 49,286 23 Nonfinancial business 35,711 37,528 40,232 37.767 37.532 37,674 37,274 36,647 36,000 24 Pools of securitized assets1 100.098 114,244 144,031 150,645 153,372 150,468 152,986 154,752 156,999 1. The Board's series on amounts of credit covers most short- and intermediate-term credit 3. Outstanding balances of pools upon which securities have been issued; these balances extended to individuals, excluding loans secured by real estate. Data in this table also appear are no longer carried on the balance sheets of the loan originator. in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front 4. Totals include estimates for certain holders for which only consumer credit totals are cover. available. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2001 IItteemm 11999988 11999999 22000000 Jan. Feb. Mar. Apr. May June July INTEREST RATES Commercial banks2 1 48-month new car 8.72 8.44 9.34 n.a. 9.17 n.a. n.a. 8.67 n.a. n.a. 2 24-month personal 13.74 13.39 13.90 n.a. 13.71 n.a. n.a. 13.28 n.a. n.a. Credit card plan 3 All accounts 15.71 15.21 15.71 n.a. 15.66 n.a. n.a. 15.07 n.a. n.a. 4 Accounts assessed interest 15.59 14.81 14.91 n.a. 14.61 n.a. n.a. 14.63 n.a. n.a. Auto finance companies 5 New car 6.30 6.66 6.61 7.29 7.19 6.80 6.80 6.56 6.15 6.20 6 Used car 12.64 12.60 13.55 13.11 13.34 13.19 12.82 12.57 12.05 11.79 OTHER TERMS-' Maturity (months) 7 New car 52.1 52.7 54.9 54.3 55.5 55.6 56.3 57.0 57.2 57.3 8 Used car 53.5 55.9 57.0 57.8 58.0 58.0 57.9 57.8 57.6 57.6 Loan-to-value ratio 9 New car 92 92 92 90 91 91 91 92 91 91 10 Used car 99 99 99 98 99 100 100 100 100 100 Amount financed (dollars) 11 New car 19,083 19,880 20,923 21,315 21,993 22,131 21,914 21,871 22,124 22,687 12 Used car 12,691 13,642 14.058 14,155 14.095 14,214 14,347 14,350 14,586 14,571 1. The Board's series on amounts of credit covers most short- and intermediate-term credit 2. Data are available for only the second month of each quarter, extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly 3. At auto finance companies, statistical release. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A37 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates 1999 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999955 11999966 11999977 Q4 Ql Q2 Q3 Q4 Qi Q2 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors . . 705.9 733.1 804.4 1,023.5 1,097.8 999.7 949.6 967.5 801.3 758.0 1,001.1 1,034.9 By sector and instrument ? Federal government 144.4 145.0 23.1 -52.6 -71.2 -30.0 -217.2 -408.7 -226.2 -331.3 -4.3 -216.0 3 Treasury securities 142.9 146.6 23.2 -54.6 -71.0 -30.1 -215.2 -410.5 -223.8 -330.2 -2.1 -217.1 4 Budget agency securities and mortgages 1.5 -1.6 -.1 2.0 -.2 .0 -2.1 1.8 -2.4 -1.2 -2.2 1.1 5 Nonfederal 561.5 588.1 781.3 1,076.2 1,169.1 1,029.7 1,166.8 1,376.2 1,027.6 1,089.4 1,005.4 1,251.0 By instrument 6 Commercial paper 18.1 -.9 13.7 24.4 37.4 44.0 29.8 110.4 56.1 -4.0 -207.2 -141.5 7 Municipal securities and loans ^18.2 2.6 71.4 96.8 68.2 44.8 20.0 30.1 31.0 60.1 106.9 113.9 8 Corporate bonds 91.1 116.3 150.5 218.7 229.9 155.2 186.2 153.8 184.4 175.6 403.7 423.7 9 Bank loans n.e.c 103.7 70.5 106.5 108.2 82.7 84.8 139.5 163.3 50.2 59.4 -6.7 -144.1 10 Other loans and advances 67.2 33.5 69.1 74.3 60.6 23.7 147.1 126.0 18.4 125.2 -12.5 102.8 11 Mortgages 190.6 277.5 317.6 486.1 595.9 567.7 498.8 654.6 565.0 549.5 563.1 823.3 P Home 179.1 242.9 252.6 384.2 429.5 377.2 356.2 484.6 435.9 392.3 431.5 613.9 n Multifamily residential 4.5 9.5 7.6 23.8 42.7 53.9 30.9 49.0 29.5 41.7 40.4 56.2 14 Commercial 5.7 22.5 54.3 71.5 117.9 133.9 104.3 110.9 93.1 111.8 86.7 144.2 15 Farm 1.4 2.7 3.1 6.5 5.8 2.7 7.4 10.1 6.5 3.8 4.5 9.1 16 Consumer credit 138.9 88.8 52.5 67.6 94.4 109.5 145.3 137.9 122.5 123.7 158.1 72.8 By borrowing sector 17 Household 339.3 338.5 322.1 454.2 506.3 437.8 516.6 612.7 544.4 498.4 549.5 666600..99 18 Nonfinancial business 273.7 256.4 403.2 541.7 610.4 564.7 637.2 745.2 459.4 537.2 355.8 480.0 19 Corporate 224.9 183.7 301.3 394.8 449.2 389.5 487.7 550.8 322.9 388.5 228.2 348.1 70 Nonfarm noncorporate 46.1 67.8 95.7 138.9 155.7 169.4 135.7 184.7 129.3 134.2 121.3 125.4 ?1 Farm 2.7 4.9 6.2 8.0 5.5 5.9 13.8 9.7 7.2 14.5 6.3 6.5 22 State and local government -51.5 -6.8 56.1 80.3 52.3 27.2 12.9 18.2 23.8 53.7 100.1 110.1 23 Foreign net borrowing in United States 78.5 88.4 71.8 43.4 27.9 22.8 117.4 50.6 108.7 107.4 9.3 4.2 24 Commercial paper 13.5 11.3 3.7 7.8 16.3 33.6 57.8 12.0 7.0 50.1 -25.4 -5.6 95 Bonds 57.1 67.0 61.4 34.9 16.8 2.3 44.7 31.2 91.5 49.6 33.3 36.0 26 Bank loans n.e.c 8.5 9.1 8.5 6.7 .5 2.3 15.4 5.7 11.9 12.2 13.0 -26.9 27 Other loans and advances -.5 1.0 -1.8 -6.0 -5.7 -15.4 -.5 1.7 -1.7 -4.6 -11.6 .7 28 Total domestic plus foreign 784.5 821.5 876.2 1,066.9 1,125.8 1,022.5 1,067.0 1,018.1 910.0 865.4 1,010.4 1,039.1 Financial sectors 29 Total net borrowing by financial sectors 454.0 545.7 653.8 1,073.8 1,077.3 961.4 601.2 884.8 777.9 976.7 882.9 763.1 By instrument 30 Federal government-related 204.2 231.4 212.9 470.9 592.0 552.4 224.4 381.1 514.8 613.6 432.6 671.2 31 Government-sponsored enterprise securities 105.9 90.4 98.4 278.3 318.2 367.9 104.9 248.9 278.1 304.5 262.3 264.7 32 Mortgage pool securities 98.3 141.0 114.6 192.6 273.8 184.5 119.5 132.2 236.7 309.1 170.3 406.5 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 249.8 314.4 440.9 602.9 485.3 409.0 376.7 503.7 263.1 363.1 450.3 91.8 35 Open market paper 42.7 92.2 166.7 161.0 176.2 404.4 114.6 136.7 106.5 153.2 -134.6 -85.4 36 Corporate bonds 195.9 173.8 210.5 296.9 211.2 -30.1 165.0 227.7 192.1 217.4 456.7 157.7 37 Bank loans n.e.c 2.5 12.6 13.2 30.1 -14.3 -54.4 3.1 10.2 -9.9 -4.4 27.8 14.5 38 Other loans and advances 3.4 27.9 35.6 90.2 107.1 85.9 87.0 119.2 -31.6 -4.S 107.8 -11.0 39 Mortgages 5.3 7.9 14.9 24.8 5.1 3.2 7.0 10.0 6.0 1.8 -7.5 16.0 By borrowing sector 40 Commercial banking 22.5 13.0 46.1 72.9 67.2 44.8 78.3 99.3 43.4 18.8 148.3 --1155..66 41 Savings institutions 2.6 25.5 19.7 52.2 48.0 -6.8 57.5 69.0 -37.9 20.4 62.5 16.2 42 Credit unions -.1 .1 .1 .6 2.2 3.3 -2.9 .9 1.1 1.0 -.6 .8 43 Life insurance companies -.1 1.1 .2 .7 .7 -4.4 -.7 -1.1 -.3 -.7 -2.4 .1 44 Government-sponsored enterprises 105.9 90.4 98.4 278.3 318.2 367.9 104.9 248.9 278.1 304.5 262.3 264.7 45 Federally related mortgage pools 98.3 141.0 114.6 192.6 273.8 184.5 119.5 132.2 236.7 309.1 170.3 406.5 46 Issuers of asset-backed securities (ABSs) 142.4 150.8 202.2 321.4 223.4 105.9 175.0 146.0 156.2 307.9 289.8 171.8 47 Finance companies 50.2 45.9 48.7 43.0 62.4 92.1 53.5 177.7 29.6 37.8 -42.8 35.7 48 Mortgage companies -2.2 4.1 -4.6 1.6 .2 6.2 -3.0 2.7 -.3 1.0 .7 .6 49 Real estate investment trusts (REITs) 4.5 11.9 39.6 62.7 6.3 11.3 11.5 9.8 -2.4 -8.1 -6.1 2.2 50 Brokers and dealers -5.0 -2.0 8.1 7.2 -17.2 -37.3 44.4 -.7 25.4 -6.6 -23.7 35.6 51 Funding corporations 34.9 64.1 80.7 40.7 92.2 193.8 -36.8 -.1 48.2 -8.5 24.6 -155.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A79 DomesticN onfinancial Statistics • November 2001 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS '—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 1999 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999955 11999966 11999977 11999988 11999999 Q4 Qi Q2 Q3 Q4 Ql Q2 All sectors 52 Total net borrowing, all sectors 1,238.5 1,367.2 1,530.0 2,140.7 2,203.1 1,983.8 1,668.1 1,902.9 1,687.9 1,842.1 1,893.2 1,802.2 53 Open market paper 74.3 102.6 184.1 193.1 229.9 482.0 202.1 259.1 169.7 199.3 -367.2 -232.5 54 U.S. government securities 348.6 376.4 236.0 418.3 520.7 522.4 7.2 -27.6 288.6 282.2 428.3 455.2 55 Municipal securities -48.2 2.6 71.4 96.8 68.2 44.8 20.0 30.1 31.0 60.1 106.9 113.9 56 Corporate and foreign bonds 344.1 357.0 422.4 550.4 457.9 127.4 396.0 412.7 468.0 442.6 893.7 617.4 57 Bank loans n.e.c 114.7 92.1 128.2 145.0 68.9 32.7 158.0 179.2 52.2 67.1 34.1 -156.5 58 Other loans and advances 70.1 62.5 102.8 158.5 162.0 94.2 233.6 246.9 -15.0 115.8 83.7 92.5 59 Mortgages 196.0 285.3 332.5 510.9 601.0 570.9 505.9 664.6 571.0 551.3 555.6 839.4 60 Consumer credit 138.9 88.8 52.5 67.6 94.4 109.5 145.3 137.9 122.5 123.7 158.1 72.8 Funds raised through mutual funds and corporate equities 61 Total net issues 146.8 231.8 181.8 102.8 146.3 168.2 387.7 163.4 211.3 -166.0 170.0 427.6 62 Corporate equities -.6 -5.8 -83.3 -171.8 -42.1 8.0 80.4 -68.7 -68.1 -322.7 73.6 143.8 63 Nonfinancial corporations -58.3 -69.5 -114.4 -267.0 -143.5 -55.0 61.2 -245.2 -87.7 -394.8 -33.9 -35.2 64 Foreign shares purchased by U.S. residents 65.4 82.8 57.6 101.3 114.4 71.3 62.6 185.9 61.1 89.4 109.2 208.8 65 Financial corporations -7.7 -19.2 -26.5 -6.1 -13.0 -8.3 -43.4 -9.3 -41.5 -17.4 -1.8 -29.9 66 Mutual fund shares 147.4 237.6 265.1 274.6 188.3 160.2 307.3 232.0 279.4 156.7 96.4 283.8 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.2 through F4. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A39 1.58 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates 1999 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999955 11999966 11999977 11999988 11999999 Q4 QI Q2 Q3 Q4 QL Q2 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 1,238.5 1,367.2 1,530.0 2,140.7 2,203.1 1,983.8 1,668.1 1,902.9 1,687.9 1,842.1 1,893.2 1,802.2 -, Domestic nonfederal nonfinancial sectors -79.3 69.7 -29.7 86.3 189.2 -32.2 -227.3 133.4 -231.3 -155.8 -222.5 -63.2 Household 16.5 109.4 -20.2 -50.4 141.5 -283.0 31.2 -160.1 -136.4 -259.9 13.3 4 Nonfinancial corporate business -8.8 -10.2 -12.7 -16.0 -2.8 -41.1 56.5 61.9 -50.8 -28.7 40.6 -46.5 5 Nonfarm noncorporate business 4.4 4.2 3.0 18.1 7.1 6.9 -2.1 .4 -4.0 -2.7 -4.8 -5.2 6 State and local governments -91.4 -33.7 .1 134.5 43.4 2.3 1.2 39.9 -16.4 12.1 1.5 -24.8 7 Federal government -.5 -7.2 5.1 13.5 5.8 -11.8 6.5 7.7 4.5 10.6 4.6 9.4 8 Rest of the world 273.9 414.4 311.3 254.2 208.8 136.0 315.2 197.9 216.2 387.8 410.8 344.0 9 Financial sectors 1.044.4 890.3 1.243.3 1.786.7 1.799.2 1,891.8 1,573.7 1.563.8 1.698.6 1.599.5 1,700.3 1,511.9 10 Monetary authority 12.7 12.3 38.3 21.1 25.7 -49.1 102.0 -5.4 39.1 -.9 53.7 26.4 1 1 Commercial banking 265.9 187.5 324.3 305.2 308.2 500.4 415.8 497.4 363.2 157.0 152.8 158.4 P U.S.-chartered banks 186.5 119.6 274.9 312.0 317.6 417.4 448.2 510.9 324.8 75.3 107.9 179.7 N Foreign banking offices in United States 75.4 63.3 40.2 -11.9 -20.1 34.1 4.5 -22.3 32.8 81.1 41.3 -22.7 14 Bank holding companies -.3 3.9 5.4 -.9 6.2 42.6 -42.2 3.5 -6.7 -3.2 7.3 -2.8 15 Banks in U.S.-affiliated areas 4.2 .7 3.7 6.0 4.4 6.3 5.4 5.4 12.3 3.8 -3.6 4.2 16 Savings institutions -7.6 19.9 -4.7 36.1 68.6 23.1 55.6 65.0 62.7 42.5 52.5 56.2 17 Credit unions 16.2 25.5 16.8 19.0 27.5 21.1 35.7 31.6 21.2 33.6 3.9 24.6 18 -8.3 -7.7 -25.0 -12.8 27.8 27.8 18.9 13.8 17.6 18.1 10.7 13.4 19 Life insurance companies 100.0 69.6 104.8 76.9 53.5 27.4 65.0 52.9 74.8 38.8 95.3 101.2 70 Olher insurance companies 21.5 22.5 25.2 5.8 -3.0 -8.2 -11.2 -18.1 6.2 -11.7 2.1 2.8 71 Private pension funds 19.9 -4.1 47.6 56.4 45.0 49.8 46.8 24.7 64.9 28.7 26.1 20.2 ?? State and local government retirement funds 38.3 35.8 67.1 72.1 46.9 46.2 63.3 31.5 37.6 66.1 13.3 17.7 71 Money market mutual funds 86.5 88.8 87.5 244.0 182.0 355.1 161.5 -118.2 256.1 296.0 303.4 166.2 74 Mutual funds 52.5 48.9 80.9 124.8 47.2 -23.2 -66.9 63.1 50.1 60.8 69.4 130.9 Closed-end funds 10.2 4.6 -2.6 5.5 7.4 7.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 26 Government-sponsored enterprises 95.4 97.4 106.6 314.6 291.7 253.7 205.4 250.9 188.6 318.8 347.8 302.4 77 Federally related mortgage pools 98.3 141.0 114.6 192.6 273.8 184.5 119.5 132.2 236.7 309.1 170.3 406.5 78 Asset backed securities issuers (ABSs) 120.6 120.5 163.8 281.7 205.2 76.1 154.2 111.4 120.9 278.9 269.8 159.4 79 Finance companies 49.9 18.4 21.9 51.9 94.9 96.3 144.0 138.9 91.6 23.1 -3.9 85.5 30 Mortgage companies -3.4 8.2 -9.1 3.2 .3 12.3 -6.0 5.5 -.5 2.0 1.4 1.1 31 Real estate investment trusts (REITs) 1.4 4.4 20.2 -5.1 -2.6 -7.0 -16.3 -2.5 -3.6 -2.8 4.0 1.1 37 Brokers and dealers 90.1 -15.7 14.9 6.8 -34.7 -42.2 101.9 90.0 152.7 -69.0 311.4 13.8 33 Funding corporations -15.7 12.6 50.4 -12.9 133.8 340.T -7.2 207.7 -72.9 19.0 -175.3 -167.5 RELATION OK LIABILITIES TO FINANCIAL ASSETS 34 Net flows through credit markets 1,238.5 1,367.2 1.530.0 2,140.7 2.203.1 1,983.8 1,668.1 1,902.9 1,687.9 1,842.1 1,893.2 1,802.2 Other financial sources 35 Official foreign exchange 8.8 -6.3 .7 6.6 -8.7 -7.0 1.5 -8.8 .7 4.9 -1.5 44..77 36 Special drawing rights certificates 2.2 -.5 -.5 .0 -3.0 -4.0 .0 -8.0 -4.0 .0 .0 37 Treasury currencv .7 .5 .5 .6 1.0 .0 2.2 3.2 4.2 .0 -1.1 I.I 38 Foreign deposits 35.3 85.9 107.7 6.5 61.0 -35.4 313.3 3.4 -40.8 207.4 235.5 -146.5 39 Net interbank transactions 10.0 -51.6 -19.7 -32.3 17.6 -17.2 -72.9 151.9 -170.6 10.6 -202.4 177.0 40 Checkable deposits and currency -12.8 15.7 41.2 47.4 151.4 368.9 -206.8 -33.8 5.0 -50.2 90.3 101.0 41 Small time and savings deposits 96.6 97.2 97.1 152.4 44.7 44.5 104.6 123.0 224.5 310.8 288.3 193.1 47 Large time deposits 65.6 114.0 122.5 92.1 130.6 348.3 154.1 101.2 152.9 65.2 130.6 65.9 43 Money market fund shares 141.2 145.4 155.9 287.2 249.1 455.8 239.7 71.5 250.9 371.1 621.4 322.5 44 Security repurchase agreements ! 10.5 41.4 120.9 91.3 169.7 260.8 275.0 155.2 278.0 -264.6 11.2 155.2 45 Corporate equities -.6 -5.8 -83.3 -171.8 -42.1 8.0 80.4 -68.7 -68.1 -322.7 73.6 143.8 46 Mutual fund shares 147.4 237.6 265.1 274.6 188.3 160.2 307.3 232.0 279.4 156.7 96.4 283.8 47 Trade pavables 133.7 123.3 139.7 109.2 222.3 255.4 193.5 193.9 132.8 105.4 -21.8 -10.1 48 Security credit 26.7 52.4 1 11.0 103.3 104.3 337.0 485.0 -91.4 94.7 75.6 -64.6 -82.9 49 Life insurance reserves 45.8 44.5 59.3 48.0 50.8 57.6 54.9 45.6 53.0 47.3 52.7 59.7 50 Pension fund reserves 158.8 148.3 201.4 202.1 184.5 166.2 210.8 260.8 227.1 169.0 255.6 196.7 51 Taxes payable 7.8 19.5 70 ^ 21.3 22.3 .31.2 30.9 31.8 -1.6 25.9 .6 2.0 57 Investment in bank personal trusts 6.4 -5.3 -49.9 -41.8 -6.5 -7.6 -28.4 -33.1 -29.2 -28.0 -26.1 53 -.2 -31.6 -71.8 -74.0 -49.1 -48.2 -48.6 -28.8 -10.7 -34.9 -29.3 -13.0 54 Miscellaneous 496.9 525.0 490.6 1.002.5 738.1 677.5 999.5 1.089.7 1,283.9 595.9 570.9 932.1 55 Total financial sources 2,719.2 2,917.0 3,240.6 4,265.8 4,429.2 5,035.7 4,764.2 4,093.4 4,350.2 3,283.4 3,973.5 4,165.8 Liabilities not identified as assets (-) 56 Treasury currency -.3 -.4 -.2 -.1 -.7 -2.2 -1.8 -.7 .9 -3.3 -3.6 --..33 57 Foreign deposits 25.1 59.6 106.2 -8.5 45.8 26.2 262.7 -81.9 -99.2 193.3 178.2 -108.3 58 Net interbank liabilities -3.1 -3.3 -19.9 3.4 3.5 -37.7 25.3 5.4 -12.1 51.1 16.7 12.9 59 Security repurchase agreements 25.7 2.4 63.2 60.6 30.0 -250.9 566.4 52.0 127.4 -302.3 -141.4 121.2 60 Taxes payable 21.1 23.1 28.0 19.7 6.5 3.6 9.4 10.0 -7.5 44.5 1.7 -26.9 61 Miscellaneous -197.1 -124.5 -126.4 -137.7 -373.6 -200.1 -417.8 -352.7 -275.6 -403.7 -7.4 -291.1 Floats not included in assets (-) 62 Federal government checkable deposits -6.0 -2.7 2.6 -7.4 -20.0 18.7 16.3 3.0 -2.1 -29.8 13.8 63 Other checkable deposits -3.8 -4.0 -3.9 -3.1 -.8 -.2 1.0 1.4 1.9 2.4 3.8 3.9 64 Trade credit 17.4 -25.4 -29.2 -51.3 42.9 185.3 -72.1 -50.0 -49.4 24.1 26.7 -5.0 65 Total identified to sectors as assets 2,840.3 2,989.2 3,225.4 4,380.3 4,683.0 5,331.7 4,372.4 4,493.7 4,660.7 3,679.4 3,928.6 4,445.6 I. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables 2. Excludes corporate equities and mutual fund shares. F.I and F.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • November 2001 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 1999 2000 2001 Q4 Qi Q2 Q3 Q4 Qi Q2 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 14,440.6 15,243.5 16,267.0 17,399.6 17,399.6 17,629.0 17,807.7 18,008.0 18,287.7 18,529.3 18,716.5 By sector and instrument 2 Federal government 3,781.8 3,804.9 3,752.2 3.681.0 3,681.0 3,653.5 3,464.0 3,410.2 3,385.2 3,408.8 3,261.4 3 Treasury securities 3,755.1 3,778.3 3,723.7 3,652.8 3,652.8 3.625.8 3.435.7 3,382.6 3,357.8 3,382.1 3,234.4 4 Budget agency securities and mortgages 26.6 26.5 28.5 28.3 28.3 27.8 28.2 27.6 27.3 26.8 27.0 5 Nonfederal 10,658.8 11,438.6 12.514.8 13,718.5 13,718.5 13,975.5 14,343.8 14,597.8 14,902.6 15,120.5 15,455.1 By instrument 6 Commercial paper 156.4 168.6 193.0 230.3 230.3 260.8 296.8 307.0 278.4 253.2 223.3 7 Municipal securities and loans 1,296.0 1,367.5 1.464.3 1,532.5 1,532.5 1,539.2 1,551.6 1,550.3 1,567.8 1,596.6 1.629.3 8 Corporate bonds 1,460.4 1,610.9 1.829.6 2,059.5 2,059.5 2,106.0 2,144.5 2,190.6 2,234.5 2,335.4 2,441.3 y Bank loans n.e.c 934.1 1,040.5 1,148.8 1,231.5 1,231.5 1,259.1 1,306.4 1,311.6 1,334.6 1,324.0 1,295.3 10 Other loans and advances 770.4 839.5 913.8 974.6 974.6 1,020.1 1.049.5 1,052.2 1,089.9 1,096.0 1,119.5 11 Mortgages 4,830.0 5,147.6 5,633.7 6,264.0 6,264.0 6,374.3 6,541.0 6,690.9 6,831.0 6,956.7 7,165.3 12 Home 3,717.1 3.969.7 4,353.9 4,783.5 4,783.5 4,858.0 4,982.3 5,100.0 5,200.7 5,293.5 5,449.7 13 Multifamily residential 278.2 285.8 309.7 352.6 352.6 360.3 372.6 379.9 390.3 400.4 414.5 14 Commercial 747.8 802.0 873.5 1,025.6 1.025.6 1,051.7 1,079.4 1,102.7 1,130.6 1,152.3 1,188.3 15 Farm 86.9 90.0 96.6 102.3 102.3 104.2 106.8 108.3 109.3 110.4 112.7 16 Consumer credit 1,211.6 1,264.1 1,331.7 1,426.2 1,426.2 1,416.0 1.454.0 1,495.3 1,566.5 1,558.6 1,581.1 By borrowing sector 1/ Households 5,218.6 5,540.9 5.995.1 6,501.7 6,501.7 6,566.0 6,727.4 6,890.5 7,063.8 7,133.7 7,307.6 18 Nonfinancial business 4.376.8 4,778.2 5.319.9 5,964.7 5,964.7 6,152.2 6,350.7 6,444.3 6,559.4 6,680.2 6,810.2 19 Corporate 3.097.3 3,396.9 3,791.6 4,275.2 4,275.2 4,427.2 4,574.2 4.634.8 4,712.7 4,803.3 4,897.5 20 Nonfarm noncorporate 1,129.8 1,225.5 1,364.4 1,520.1 1,520.1 1,554.3 1,600.3 1,631.5 1,666.1 1,696.7 1,727.9 21 Farm 149.7 155.9 163.9 169.4 169.4 170.7 176.2 177.9 180.7 180.2 184.8 22 State and local government 1,063.4 1,119.5 1,199.8 1,252.1 1,252.1 1,257.3 1,265.7 1,263.1 1,279.3 1,306.5 1,337.3 23 Foreign credit market debt held in United States 542.2 608.0 651.5 679.6 679.6 707.1 716.4 749.9 775.8 776.5 776.3 24 Commercial paper 67.5 65.1 72.9 89.2 89.2 101.6 101.2 109.8 120.9 112.8 110.1 25 366.3 427.7 462.6 479.4 479.4 490.6 498.4 521.3 533.7 542.0 551.0 26 Bank loans n.e.c 43.7 52.1 58.9 59.4 59.4 63.3 64.7 67.7 70.7 73.9 67.2 27 Other loans and advances 64.7 63.0 57.2 51.7 51.7 51.7 52.1 51.2 50.5 47.7 47.9 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 14,982.7 15,851.5 16,918.5 18,079.2 18,079.2 18,336.1 18,524.2 18,757.9 19,063.5 19,305.8 19,492.8 Financial sectors 29 Total credit market debt owed by financial sectors 4,824.5 5,445.2 6,519.1 7,596.3 7,596.3 7,734.2 7,955.4 8,148.7 8,418.4 8,626.0 8,816.7 By instrument 30 Federal government-related 2,608.2 2,821.1 3,292.0 3,884.0 3,884.0 3.940.1 4,035.3 4,164.0 4.317.4 4,425.6 4,593.4 31 Government-sponsored enterprise securities . . . 896.9 995.3 1,273.6 1,591.7 1,591.7 1,618.0 1,680.2 1,749.7 1,825.8 1,891.4 1,957.6 32 Mortgage pool securities 1,711.3 1,825.8 2,018.4 2,292.2 2,292.2 2,322.1 2,355.2 2,414.3 2.491.6 2,534.2 2,635.8 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 2,216.3 2,624.1 3,227.0 3,712.4 3,712.4 3,794.2 3,920.1 3,984.6 4,101.0 4,200.4 4,223.3 35 Open market paper 579.1 745.7 906.7 1,082.9 1,082.9 1,115.7 1,135.2 1,151.6 1,210.7 1,180.8 1,144.5 36 Corporate bonds 1,378.4 1,555.9 1.852.8 2,064.0 2,064.0 2,104.2 2,173.5 2,228.0 2,276.5 2,390.5 2,442.7 37 Bank loans n.e.c 64.0 77.2 107.2 92.9 92.9 91.4 93.6 92.5 92.6 97.1 100.3 38 Other loans and advances 162.9 198.5 288.7 395.8 395.8 404.4 436.9 430.2 438.3 450.9 450.7 39 Mortgages 31.9 46.8 71.6 76.7 76.7 78.5 81.0 82.5 82.9 81.1 85.1 By borrowing sector 40 Commercial banks 113.6 140.6 188.6 230.0 230.0 242.2 265.4 265.2 266.7 273.8 274.7 41 Bank holding companies 150.0 168.6 193.5 219.3 219.3 221.4 229.3 236.9 242.5 266.5 269.1 42 Savings institutions 140.5 160.3 212.4 260.4 260.4 266.9 280.7 276.0 287.7 295.1 294.5 43 Credit unions .4 .6 1.1 3.4 3.4 2.6 2.9 3.1 3.4 3.2 3.5 44 Life insurance companies 1.6 1.8 2.5 3.2 3.2 3.0 2.7 2.7 2.5 1.9 1.9 45 Government-sponsored enterprises 896.9 995.3 1,273.6 1,591.7 1,591.7 1,618.0 1,680.2 1,749.7 1,825.8 1.891.4 1,957.6 46 Federally related mortgage pools 1,711.3 1,825.8 2,018.4 2,292.2 2,292.2 2,322.1 2,355.2 2,414.3 2,491.6 2,534.2 2,635.8 47 Issuers of asset-backed securities (ABSs) 863.3 1,076.6 1,398.0 1,621.4 1,621.4 1,655.8 1,697.0 1,742.3 1,829.6 1.892.2 1,940.8 48 Brokers and dealers 27.3 35.3 42.5 25.3 25.3 36.4 36.2 42.6 40.9 35.0 43.9 49 Finance companies 529.8 554.5 597.5 659.9 659.9 670.7 712.7 716.5 734.6 721.4 727.1 50 Mortgage companies 20.6 16.0 17.7 17.8 17.8 17.1 17.8 17.7 17.9 18.1 18.2 51 Real estate investment trusts (REITs) 56.5 96.1 158.8 165.1 165.1 167.9 170.4 169.8 167.8 166.2 166.8 52 Funding corporations 312.7 373.7 414.4 506.6 506.6 510.1 505.1 511.9 507.3 526.9 482.9 All sectors 53 Total credit market debt, domestic and foreign . 19,807.2 21,296.7 23,437.6 25,675.5 25,675.5 26,070.3 26,479.6 26,906.6 27,481.9 27,931.7 28,309.5 54 Open market paper 803.0 979.4 1,172.6 1,402.4 1,402.4 1,478.1 1,533.3 1,568.3 1,610.0 1,546.8 1,477.9 55 U.S. government securities 6,389.9 6,626.0 7,044.3 7,565.0 7,565.0 7,593.6 7,499.3 7,574.2 7,702.6 7,834.4 7,854.8 56 Municipal securities 1,296.0 1,367.5 1,464.3 1,532.5 1,532.5 1,539.2 1,551.6 1,550.3 1,567.8 1,596.6 1,629.3 57 Corporate and foreign bonds 3,205.1 3,594.5 4,144.9 4,602.8 4.602.8 4,700.8 4,816.3 4,939.8 5,044.6 5,267.9 5.435.1 58 Bank loans n.e.c 1,041.7 1,169.8 1,314.9 1,383.8 1,383.8 1,413.7 1,464.6 1,471.7 1,497.9 1,495.1 1,462.9 59 Other loans and advances 998.0 1,101.0 1,259.6 1,422.1 1.422.1 1,476.2 1,538.5 1,533.6 1,578.6 1,594.6 1,618.1 60 Mortgages 4,861.9 5,194.4 5,705.3 6,340.7 6,340.7 6,452.7 6,622.0 6,773.4 6.913.9 7,037.8 7,250.4 61 Consumer credit 1,211.6 1,264.1 1.331.7 1,426.2 1,426.2 1,416.0 1,454.0 1,495.3 1,566.5 1,558.6 1,581.1 1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2 through L.4. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A41 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period 1999 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 Q4 Ql Q2 Q3 04 Ql Q2 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 19,807.2 21,296.7 23,437.6 25,675.5 25,675.5 26,070.3 26,479.6 26,906.6 27,481.9 27,931.7 28,309.5 T Domestic nonfederal nonfinancial sectors 3,007.3 2,933.8 2,991.8 3,251.2 3,251.2 3,170.5 3.184.6 3,125.5 3,093.8 3.009.6 2,975.0 Household 2,082.5 2,018.6 1,941.8 2,151.6 2.151.6 2.079.2 2.065.0 2.021.3 1,977.3 1.907.4 1,887.4 4 Nonfinancial corporate business 270.2 257.5 241.5 238.7 238.7 230.8 246.2 238.9 248.5 235.1 225.1 Nonfarm noncorporate business 49.7 52.7 69.1 78.0 78.0 77.5 77.6 76.6 75.9 74.7 73.4 6 State and local governments 604.8 605.0 739.4 782.8 782.8 782.9 795.8 788.7 792.0 792.4 789.1 7 Federal government 200.2 205.4 219.1 258.0 258.0 259.6 261.6 262.7 265.4 266.6 268.9 8 Rest of the world 1,926.6 2,257.3 2.539.8 2,676.2 2,676.2 2,760.7 2.809.9 2.861.7 3,004.6 3,112.9 3,198.9 9 Financial sectors 14,673.2 15.900.1 17,686.8 19,490.2 19,490.2 19,879.5 20.223.5 20,656.7 21,118.1 21,542.6 21,866.6 10 Monetary authority 393.1 431.4 452.5 478.1 478.1 501.9 505.1 511.5 511.8 523.9 535.1 1 1 Commercial banking 3,707.7 4,031.9 4.335.7 4,643.9 4.643.9 4.725.0 4,847.4 4.931.0 5,002.3 5,015.7 5.050.6 P U.S.-chartered banks 3,175.8 3,450.7 3,761.2 4,078.9 4,078.9 4,171.3 4,295.4 4.368.2 4,418.7 4,424.4 4,463.2 N Foreign banking offices in United States 475.8 516.1 504.2 484.1 484.1 482.0 478.1 487.5 508.1 515.0 510.7 14 Bank holding companies 22.0 27.4 26.5 32.7 32.7 22.1 23.0 21.3 20.5 22.3 21.6 15 Banks in U.S.-affiliated areas 34.1 37.8 43.8 48.3 48.3 49.6 51.0 54.0 55.0 54.1 55.1 16 Savings institutions 933.2 928.5 964.6 1.033.2 1.033.2 1.045.8 1,062.5 1,082.2 1,089.7 1,101.6 1,116.1 17 Credit unions 288.5 305.3 324.2 351.7 351.7 359.0 370.1 376.0 382.2 381.7 391.2 18 Bank personal trusts and estates 232.0 207.0 194.1 222.0 222.0 226.7 230.2 234.6 239.1 241.8 245.1 19 Life insurance companies 1,657.0 1,751.1 1,828.0 1.886.0 1,886.0 1.902.2 1.914.1 1,935.1 1,943.9 1,967.2 1,991.0 70 Other insurance companies 491.2 515.3 521.1 518.2 518.2 515.4 510.8 512.4 509.4 510.0 510.7 71 Private pension funds 627.0 674.6 731.0 775.9 775.9 787.6 793.8 810.0 817.2 823.7 828.8 77 State and local government retirement funds 565.4 632.5 704.6 751.4 751.4 767.2 775.1 784.5 801.0 804.3 808.8 73 Money market mutual funds 634.3 721.9 965.9 1,147.8 1,147.8 1.217.1 1,159.4 1.212.5 1,296.7 1.403.8 1,414.6 74 Mutual funds 820.2 901.1 1.025.9 1,073.1 1.073.1 1.053.7 1.073.9 1,088.5 1.099.9 1.113.8 1.151.5 75 Closed-end funds 100.8 98.3 103.7 111.1 111.1 109.0 106.9 104.8 102.7 100.6 98.5 76 Government-sponsored enterprises 832.8 939.4 1.253.9 1,545.6 1,545.6 1,584.0 1,649.2 1,704.3 1,793.7 1,866.5 1.944.5 27 Federally related mortgage pools 1,711.3 1,825.8 2,018.4 2,292.2 2,292.2 2.322.1 2.355.2 2,414.3 2,491.6 2,534.2 2.635.8 78 Asset-backed securities (ABSs) issuers 773.9 937.7 1.219.4 1,424.6 1,424.6 1,453.8 1,486.3 1,522.9 1,602.9 1,660.5 1,706.0 79 Finance companies 544.5 566.4 618.4 713.3 713.3 747.0 780.6 795.5 812.6 809.4 829.6 30 Mortgage companies 41.2 32.1 35.3 35.6 35.6 34.1 35.5 35.4 35.9 36.2 36.5 31 Real estate investment trusts (REITs) 30.4 50.6 45.5 42.9 42.9 38.8 38.2 37.3 36.6 37.6 37.9 37 Brokers and dealers 167.7 182.6 189.4 154.7 154.7 194.6 187.9 243.3 223.6 317.7 288.4 33 Funding corporations 121.0 166.7 155.3 288.8 288.8 294.5 341.3 320.7 325.4 292.3 246.0 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 19,807.2 21,296.7 23,437.6 25,675.5 25,675.5 26,070.3 26,479.6 26,906.6 27,481.9 27,931.7 28,309.5 Other liabilities 35 Official foreign exchange 53.7 48.9 60.1 50.1 50.1 49.4 46.5 44.9 46.0 43.3 41.7 36 Special drawing rights certificates 9.7 9.2 9.2 6.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 37 Treasury currency 18.9 19.3 19.9 20.9 20.9 21.4 22.1 23.2 23.2 22.9 23.2 38 Foreign deposits 521.7 618.5 642.3 703.6 703.6 781.9 782.8 772.6 824.5 883.4 846.8 39 Net interbank liabilities 240.8 219.4 189.0 204.5 204.5 169.7 210.6 173.2 188.0 116.0 163.4 40 Checkable deposits and currency 1.244.8 1,286.1 1,333.4 1,484.8 1.484.8 1,392.9 1.409.7 1,385.7 1,413.3 1,385.2 1,416.8 41 Small time and savings deposits 2,377.0 2,474.1 2.626.5 2.671.2 2,671.2 2,728.0 2.738.8 2,790.9 2,861.9 2.965.3 2.992.0 42 Large time deposits 590.9 713.4 805.5 936.1 936.1 966.5 987.4 1,025.9 1.054.5 1,078.0 1,090.6 43 Money market fund shares 886.7 1,042.5 1.329.7 1,578.8 1,578.8 1,666.0 1,627.1 1,697.8 1.812.1 1.994.7 2.014.8 44 Security repurchase agreements 701.5 822.4 913.7 1,083.4 1,083.4 1,149.2 1,185.0 1,238.7 1.194.3 1.206.0 1.241.1 45 Mutual fund shares 2.342.4 2,989.4 3.610.5 4,553.4 4,553.4 4.863.3 4,759.6 4.814.4 4.457.2 3,999.8 4.269.9 46 Security credit 358.1 469.1 572.3 676.6 676.6 795.4 775.5 800.4 817.6 799.4 781.8 47 Life insurance reserves 610.6 665.0 718.3 783.9 783.9 801.0 806.5 818.7 819.1 823.0 844.6 48 Pension fund reserves 6.325.1 7,323.4 8.193.7 9.041.7 9,041.7 9.237.9 9.166.7 9,307.9 9.054.8 8,603.5 8,885.5 49 Trade payables 1.827.6 1.967.3 2,076.5 2,298.8 2,298.8 2.321.7 2,366.9 2.412.0 2,455.2 2.425.2 2,418.3 50 Taxes payable 128.8 151.1 172.4 194.7 194.7 210.1 212.7 214.8 216.4 224.2 219.8 51 Investment in bank personal trusts 871.3 942.5 1,001.0 1.130.4 1,130.4 1,158.0 1,114.4 1.106.7 1.019.4 929.1 964.4 52 Miscellaneous 6,386.0 6,727.4 7,475.3 8.040.5 8.040.5 8.258.1 8,539.8 8,998.1 8,845.1 9.253.4 9,506.9 53 Total liabilities 45,302.7 49,785.5 55,186.9 61,135.1 61,135.1 62,646.9 63,236.0 64,535.7 64,586.8 64,686.3 66,033.3 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 21.4 21.1 21.6 21.4 21.4 21.4 21.5 21.4 21.5 21.5 21.6 55 Corporate equities 10.255.8 13,202.0 15,492.5 19.494.5 19,494.5 20.147.0 19.180.8 18,991.5 17,068.8 14.920.9 15,863.6 56 Household equity in noncorporate business 3,787.8 4,053.2 4,398.7 4,649.9 4,649.9 4,675.4 4.772.2 4.815.5 4.884.7 4,929.1 4,941.8 Liabilities not identified as assets (-) 57 Treasury currency -6.1 -6.3 -6.4 -7.1 -7.1 -7.6 -7.9 -7.6 -8.5 -9.4 -9.4 58 Foreign deposits 437.0 537.1 544.9 591.1 591.1 656.7 636.3 611.5 659.9 704.4 677.4 59 Net interbank transactions -10.6 -32.2 -27.0 -25.5 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.3 60 Security repurchase agreements 109.8 172.9 233.5 263.6 263.6 410.3 422.8 446.0 374.4 357.6 387.5 61 Taxes payable 81.9 104.2 122.9 122.7 122.7 118.6 135.8 124.4 128.5 112.7 129.0 62 Miscellaneous -1.241.1 -1,562.1 -2,307.3 -2.792.5 -2.792.5 -2.948.5 -3,009.7 -2,818.5 -3,371.8 -3.314.7 -3,222.6 Floats not included in assets (—) 63 Federal government checkable deposits -1.6 -8.1 -3.9 -9.9 -9.9 -6.5 -5.2 -7.8 -2.6 -21.9 -40.6 64 Other checkable deposits 30.1 26.2 23.1 22.3 22.3 18.7 22.5 15.5 24.0 21.1 25.5 65 Trade credit 165.7 126.8 76.6 120.9 120.9 50.1 12.8 2.5 88.7 42.1 16.0 66 Totals identified to sectors as assets 59,802.7 67,703.2 76,443.0 87,015.2 87,015.2 89,212.6 89,014.9 90,015.7 88,673.3 86,664.0 88,892.3 1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables 2. Excludes coiporate equities and mutual fund shares. L. 1 and L.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • November 2001 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures Monthly data seasonally adjusted, and indexes 1992=100, except as noted 2000 2001 MMeeaassuurree 11999988 11999999 22000000 Dec. Jan. Feb. Mar. Apr. May June' July' Aug.P 1 Industrial production1 134.0 139.6 147.5 147.3 146.0 145.4 145.0 144.6 144.2 142.7 142.6 141.5 Market groups 2 Products, total 127.2 131.2 136.2 136.0 135.0 134.6 134.5 133.8 133.7' 132.5 132.5 131.3 3 Final, total 129.3 133.3 138.8 139.0 137.8 137.7 137.9 137.2 136.9' 135.6 135.8 134.4 4 Consumer goods 118.4 120.8 123.0 123.1 121.8 122.3 122.4 122.1 122.2' 121.6 122.1 121.2 5 Equipment 147.1 153.8 166.1 168.9 168.0 166.2 166.8 165.3 164.1' 161.0 160.6 158.1 6 Intermediate 121.0 125.1 128.7 126.8 126.7 125.5 124.4 123.7 124.0' 123.2 122.5 121.9 7 Materials 145.7 154.5 167.8 167.8 165.9 165.0 163.9 164.1 163.3' 161.2 160.8 159.9 Industry groups 8 Manufacturing 138.2 144.8 153.6 152.6 151.3 150.7 150.0 149.6 149.2 147.4 147.5 146.1 9 Capacity utilization, manufacturing (percent)2 . . 81.3 80.5 81.3 79.3 78.4 77.9 77.3 76.9 76.6 75.6 75.5 74.6 10 Construction contracts1 122.6' 135.3 142.1' 140.0 152.0' 152.0 141.0 143.0' 143.0' 149.0 141.0 141.0 11 Nonagricultural employment, total4 115.9 118.6 121.0 121.9 122.0 122.1 122.2 122.0 122.0 122.0 122.0 121.9 12 Goods-producing, total 109.4 109.7 110.5 110.6 110.3 110.3 110.2 109.4 109.0 108.4 108.1 107.6 13 Manufacturing, total 103.9 102.4 101.8 101.3 100.8 100.5 100.1 99.5 98.7 98.1 97.7 96.9 14 Manufacturing, production workers 105.4 103.7 102.9 101.4 100.9 100.3 99.7 99.0 98.2 97.3 96.8 95.9 15 Service-producing 117.7 121.0 123.9 125.0 125.1 125.3 125.4 125.4 125.6 125.6 125.7 125.8 16 Personal income, total 137.8 144.3 154.3 158.9 159.6 160.3 161.0 161.3' 161.6' 162.1 162.9 162.9 17 Wages and salary disbursements 140.6 149.9 162.2 167.6 168.4 169.4 170.1 170.8' 170.7 171.5 172.1 171.9 18 Manufacturing 129.7 134.0 142.3 146.2 146.1 146.3 146.3 146.8 145.4' 144.9 145.4 144.7 19 Disposable personal income5 133.7 139.2 147.9 152.0 152.8 153.4 154.1 154.5' 154.8' 155.2 158.0 160.9 20 Retail sales5 142.8 155.1 167.0 167.8 170.1 170.4 169.6 172.2 172.4 172.3 172.5 172.9 Prices6 21 Consumer (1982-84=100) 163.0 166.6 172.2 174.0 175.1 175.8 176.2 176.9 177.7 178.0 177.5 177.5 22 Producer finished goods (1982=100) 130.7 133.0 138.0 139.7 141.2 141.4 140.9 141.8' 142.5 142.1 140.7 141.1 1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data 3. Index of dollar value of total construction contracts, including residential, nonresidenare also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The tial, and heavy engineering, from McGraw-Hill Information Systems Company, F.W. Dodge latest historical revision of the industrial production index and the capacity utilization rates Division. was released in December 2000. The recent annual revision is described in an article in the 4. Based on data from the U.S. Department of Labor, Employment and Earnings. Series March 2001 issue of the Bulletin. For a description of the methods of estimating industrial covers employees only, excluding personnel in the armed forces. production and capacity utilization, see "Industrial Production and Capacity Utilization: 5. Based on data from U.S. Department of Commerce, Survey of Current Business. Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. S3 (February 6. Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price 1997), pp. 67-92, and the references cited therein. For details about the construction of indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, individual industrial production series, see "Industrial Production: 1989 Developments and Monthly Labor Review. Historical Revision," Fedara! Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5. and indexes for 2. Ratio of index of production to index of capacity. Based on data from the Federal series mentioned in notes 3 and 6, can also be found in the Survey of Current Business. Reserve, U.S. Department of Commerce, and other sources. 2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data seasonally adjusted 2001 CCaatteeggoorryy 11999988 11999999 22000000 Jan. Feb. Mar. Apr. May June' July' Aug. HOUSEHOLD SURVEY DATA1 1 Civilian labor force2 137,673 139,368 140,863 141,955 141,751 141,868 141.757 141,272 141,354 141,774 141.350 Employment 2 Nonagricultural industries3 128,085 130,207 131,903 132,819 132,680 132,618 132,162 131,910 131,937 132,334 131,276 3 Agriculture 3,378 3,281 3,305 3,179 3,135 3,161 3,192 3,193 2,995 3,045 3,117 Unemployment 4 Number 6,210 5,880 5,655 5.956 5,936 6,088 6,402 6,169 6,422 6,395 6,957 5 Rate (percent of civilian labor force) 4.5 4.2 4.0 4.2 4.2 4.3 4.5 4.4 4.5 4.5 4.9 ESTABLISHMENT SURVEY DATA 6 Nonagricultural payroll employment4 125,865 128,786 131,417 132,428 132,595 132,654 132,489 132,530 132,431 132,444 132,331 7 Manufacturing 18,805 18,543 18,437 18.257 18,192 18,116 18,009 17,879 17,757 17,686 17,545 8 Mining 590 535 538 550 555 557 560 564 565 566 566 9 Contract construction 6,020 6,404 6,687 6,826 6,880 6.929 6,852 6,881 6,864 6,873 6,878 10 Transportation and public utilities 6,611 6,826 6,993 7,106 7,123 7,127 7,119 7,130 7,118 7,113 7,089 1 1 Trade 29,095 29,712 30.191 30,482 30,536 30,523 30,583 30,584 30,583 30,615 30,587 12 Finance 7.389 7,569 7,618 7,594 7,609 7,618 7,626 7.644 7,631 7,617 7,623 13 Service 37,533 39,027 40,384 40,984 41,020 41.073 40,993 41,078 41,085 41,051 41,123 14 Government 19,823 20,170 20,570 20,629 20,680 20,711 20,747 20,770 20,828 20,923 20,920 1. Beginning January 1994, reflects redesign of current population survey and population 4. Includes all full- and part-time employees who worked during, or received pay for, the controls from the 1990 census. pay period that includes the twelfth day of the month; excludes proprietors, self-employed 2. Persons sixteen years of age and older, including Resident Armed Forces. Monthly persons, household and unpaid family workers, and members of the armed forces. Data are figures are based on sample data collected during the calendar week that contains the twelfth adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this day; annual data are averages of monthly figures. By definition, seasonality does not exist in time. population figures. SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings. 3. Includes self-employed, unpaid family, and domestic service workers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A43 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2000 2001 2000 2001 2000 2001 SSeerriieess Q3 Q4 Ql Q2r Q3 Q4 Ql Q2 Q3 Q4 Ql Q2' Output (1992=100) Capacity (percent of 1992 output) Capacity utilization rate (percent)2 1 Total industry 148.4 148.1 145.5 143.9 180.1 182.1 183.7 184.9 82.4 81.3 79.2 77.8 2 Manufacturing 154.4 153.8 150.7 148.7 189.2 191.5 193.5 194.8 81.7 80.3 77.9 76.4 3 Primary processing3 180.3 178.7 172.6 170.2 211.2 216.0 220.0 222.4 85.4 82.7 78.4 76.5 4 Advanced processing4 140.3 140.2 138.5 136.8 175.2 176.2 177.2 178.0 80.1 79.5 78.2 76.9 Durable goods 196.7 196.5 191.6 189.2 238.3 243.6 248.1 251.2 82.5 80.7 77.2 75.3 6 Lumber and products 117.0 113.2 109.6 112.9 147.9 148.4 148.7 149.0 79.1 76.3 73.7 75.8 7 Primary metals 133.4 127.5 121.1 121.7 153.4 153.5 153.5 153.5 87.0 83.1 78.8 79.3 8 Iron and steel 130.5 121.5 114.9 120.8 153.4 153.6 153.6 153.2 85.1 79.1 74.8 78.9 9 Nonferrous 137.0 134.7 128.3 123.1 153.4 153.4 153.5 153.8 89.3 87.8 83.6 80.0 10 Industrial machinery and equipment 257.3 261.9 256.3 245.9 311.1 317.3 322.5 326.5 82.7 82.5 79.5 75.3 1 1 Electrical machinery 581.1 604.0 593.0 563.5 639.1 694.1 741.7 773.0 90.9 87.1 80.0 72.9 12 Motor vehicles and parts 170.8 159.7 147.5 159.7 209.2 210.1 210.9 211.7 81.7 76.0 69.9 75.4 13 Aerospace and miscellaneous transportation equipment 93.5 94.8 94.1 93.2 130.4 130.2 130.0 130.1 71.7 72.8 7722..33 71.7 14 Nondurable goods 116.2 115.3 113.6 112.1 144.4 144.6 144.7 144.6 80.5 79.7 78.5 77.5 15 Textile mill products 99.8 94.7 92.7 88.4 123.3 122.8 122.0 120.9 80.9 77.1 76.0 73.1 16 Paper and products 114.0 114.9 110.8 111.1 137.5 137.9 138.3 138.6 82.9 83.3 80.1 80.2 17 Chemicals and products 125.4 124.5 121.9 119.6 164.1 164.8 165.0 165.0 76.4 75.5 73.8 72.5 18 Plastics materials 137.6 131.0 130.9 128.0 151.9 152.3 152.7 153.2 90.5 86.0 85.7 83.5 19 Petroleum products 117.3 116.0 115.5 116.5 123.2 123.1 123.1 123.3 95.3 94.3 93.8 94.5 7.0 Mining 100.6 100.3 101.7 103.6 116.3 115.8 115.3 114.9 86.6 86.6 88.2 90.1 21 Utilities 121.0 123.7 122.6 120.0 133.4 134.5 135.7 137.0 90.7 92.0 90.4 87.6 22 Electric 123.9 127.5 125.4 125.7 132.3 133.8 135.3 136.8 93.7 95.3 92.7 91.9 1973 1975 Previous cycle5 Latest cycle6 2000 2001 High Low High Low High Low Aug. Mar. Apr. Mayr June' July' Aug.p Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 82.6 78.7 78.4 78.0 77.1 76.9 76.2 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 81.7 77.3 76.9 76.6 75.6 75.5 74.6 3 Primary processing3 91.2 68.2 88.1 66.2 88.9 77.7 85.4 77.4 77.2 76.7 75.6 75.4 74.7 4 Advanced processing4 87.2 71.8 86.7 70.4 84.2 76.1 80.2 77.9 77.4 77.2 76.1 76.1 75.1 5 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 82.6 76.8 76.0 75.7 74.4 74.3 73.2 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 78.1 74.8 74.5 76.5 76.4 76.5 76.9 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 86.3 76.8 79.7 79.8 78.5 78.5 77.7 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 84.5 73.8 77.2 79.6 79.8 79.6 79.1 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 88.5 80.3 82.8 80.3 77.1 77.4 76.3 10 Industrial machinery and equipment 96.0 74.3 93.2 64.0 85.4 72.3 82.9 78.9 77.2 75.4 73.4 73.0 71.4 11 Electrical machinery 89.2 64.7 89.4 71.6 84.0 75.0 90.8 77.0 74.5 73.1 71.1 68.8 67.7 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 83.1 74.1 73.5 77.0 75.8 79.4 77.2 13 Aerospace and miscellaneous transportation equipment . . . 78.4 67.6 81.9 66.6 87.3 79.2 71.7 72.5 72.3 71.7 71.0 70.8 70.3 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 80.5 77.9 78.0 77.6 76.9 76.8 76.3 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 80.6 76.0 74.8 72.3 72.3 70.8 71.6 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 82.3 77.8 82.1 80.0 78.4 79.2 78.4 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 76.7 73.4 72.8 72.8 71.9 71.7 71.6 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 89.1 85.0 82.7 84.2 83.7 83.7 83.4 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 95.5 93.4 94.7 94.3 94.4 93.7 92.3 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 86.9 89.2 90.0 90.3 90.0 89.2 88.9 21 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 91.5 89.6 88.5 87.2 87.0 86.1 87.2 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 95.3 92.4 93.4 91.4 90.9 89.6 91.7 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The 3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass; The latest historical revision of the industrial production index and the capacity utilization primary metals; and fabricated metals. rates was released in December 2000. The recent annual revision is described in an article in 4. Advanced processing includes foods, tobacco, apparel, furniture and fixtures, printing the March 2001 issue of the Bulletin. For a description of the methods of estimating industrial and publishing, chemical products such as drugs and toiletries, agricultural chemicals, leather production and capacity utilization, see "Industrial Production and Capacity Utilization: and products, machinery, transportation equipment, instruments, and miscellaneous manufac- Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February turing. 1997), pp. 67-92, and the references cited therein. For details about the construction of 5. Monthly highs, 1978-80; monthly lows, 1982. individual industrial production series, see "Industrial Production: 1989 Developments and 6. Monthly highs, 1988-89; monthly lows, 1990-91. Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. 2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 Domestic Nonfinancial Statistics • November 2001 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted 1992 2000 2001 up p p r o o r - - 2 a 0 v 0 g 0 . tion Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May1 June' July' Aug.p Index(1992= 100) MAJOR MARKETS 1 Total index 100.0 147.5 148.6 149.0 148.7 148.2 147.3 146.0 145.4 145.0 144.6 144.2 142.7 142.6 141.5 2 Products 60.5 136.2 136.6 136.7 136.3 136.3 136.0 135.0 134.6 134.5 133.8 133.7 132.5 132.5 131.3 3 Final products 46.3 138.8 139.2 139.3 138.8 138.8 139.0 137.8 137.7 137.9 137.2 136.9 135.6 135.8 134.4 4 Consumer goods, total 29.1 123.0 123.8 123.8 122.7 122.4 123.1 121.8 122.3 122.4 122.1 122.2 121.6 122.1 121.2 5 Durable consumer goods 6.1 160.8 160.0 162.8 157.3 154.3 153.4 148.9 150.8 153.6 152.9 155.6 154.5 157.8 155.3 6 Automotive products 2.6 153.2 153.8 156.7 148.0 143.6 140.7 133.8 138.2 145.4 145.1 148.7 148.1 157.1 152.0 7 Autos and trucks 1.7 166.9 169.8 172.7 159.1 153.0 144.1 136.2 143.5 154.9 154.9 162.2 158.9 175.0 166.5 8 Autos, consumer .9 114.0 120.3 120.5 107.8 103.0 94.3 99.4 100.3 104.0 102.7 105.2 104.0 102.6 99.4 y Trucks, consumer .7 221.6 221.8 227.1 212.0 204.3 194.7 175.5 188.6 207.1 208.2 219.9 214.6 245.9 232.6 10 Auto parts and allied goods .9 131.7 129.1 132.1 130.2 128.2 133.8 128.4 128.7 130.1 129.2 127.7 130.7 129.9 129.6 11 Other 3.5 167.1 165.2 167.7 165.4 163.7 164.7 162.7 162.2 160.5 159.5 161.3 159.8 157.2 157.4 12 Appliances, televisions, and air conditioners 1.0 332.6 325.0 340.5 332.5 332.7 341.7 332.0 322.5 317.1 316.0 328.0 319.3 305.7 320.0 13 Carpeting and furniture .8 129.7 128.6 131.9 129.8 125.4 127.4 123.9 128.2 127.1 124.0 123.7 124.9 122.1 122.5 14 Miscellaneous home goods 1.6 120.4 119.7 118.1 117.5 117.1 115.5 116.5 115.4 114.7 115.0 115.3 114.2 114.7 111.6 15 Nondurable consumer goods 23.0 114.2 115.2 114.7 114.5 114.6 115.7 114.9 115.3 114.8 114.6 114.2 113.7 113.7 113.0 16 Foods and tobacco 10.3 110.7 111.4 110.5 110.4 110.7 110.1 110.3 110.7 110.1 110.2 109.7 109.3 109.3 108.5 17 Clothing 2.4 85.0 84.2 83.1 82.7 83.2 82.4 82.6 82.8 82.2 81.2 79.8 77.0 77.3 75.7 18 Chemical products 4.5 137.0 139.4 138.4 139.0 138.5 139.0 139.1 141.5 141.5 140.9 143.0 141.7 141.5 141.3 19 Paper products 2.9 111.1 112.4 112.4 113.8 112.5 112.2 113.7 111.1 110.9 111.5 110.7 110.5 110.6 109.1 20 Energy 2.9 116.3 117.1 118.4 1 15.5 117.3 126.1 119.0 119.2 118.6 117.5 115.2 116.4 116.5 116.8 21 Fuels .8 113.0 113.1 115.8 113.0 115.5 112.3 112.0 114.7 113.7 114.7 115.6 115.2 115.9 113.2 22 Residential utilities 2.1 117.9 119.0 119.1 116.2 117.6 134.5 122.8 121.3 121.0 118.5 113.9 116.3 116.0 118.4 23 Equipment 17.2 166.1 167.9 168.3 169.1 169.9 168.9 168.0 166.2 166.8 165.3 164.1 161.0 160.6 158.1 24 Business equipment 13.2 194.2 197.8 199.5 200.0 200.6 199.2 197.4 195.3 195.6 193.3 191.9 187.7 187.1 184.1 25 Information processing 5.4 312.2 322.1 327.2 332.3 336.7 335.9 337.4 330.6 327.7 326.7 324.3 316.7 311.5 309.9 26 Computer and office equipment 1.1 1,157.6 1,229.0 1.264.1 1.286.4 1,305.0 1.318.3 1.310.6 1,307.0 1,304.4 1,295.9 1,269.7 1,248.6 1,238.4 1,232.5 27 Industrial 4.0 144.6 147.7 146.5 146.9 147.4 145.8 145.7 141.4 142.3 139.7 138.0 133.1 132.4 129.0 28 Transit 2.5 127.7 126.8 127.7 121.6 121.8 117.4 111.7 114.4 117.8 116.3 117.5 116.4 118.5 116.1 29 Autos and trucks 1.2 145.6 142.8 144.2 131.4 130.4 122.0 115.6 120.9 129.0 126.6 131.7 129.9 135.5 129.9 30 Other 1.3 145.7 144.8 149.3 154.2 148.6 153.5 149.3 153.9 151.2 147.6 144.6 144.9 147.3 144.1 31 Defense and space equipment 3.3 76.2 76.1 73.7 75.3 77.0 77.5 78.5 76.7 77.7 78.0 76.8 76.4 77.0 76.3 32 Oil and gas well drilling .6 131.8 137.1 132.8 136.5 138.9 139.1 146.7 147.9 150.7 151.2 152.2 150.4 147.7 143.0 33 Manufactured homes .2 116.2 115.5 109.3 98.8 90.9 83.5 73.5 81.9 83.2 85.2 89.3 94.1 93.2 93.5 34 Intermediate products, total 14.2 128.7 128.8 128.6 128.7 128.5 126.8 126.7 125.5 124.4 123.7 124.0 123.2 122.5 121.9 35 Construction supplies 5.3 143.2 142.7 143.1 142.3 141.6 140.6 140.7 139.9 140.5 139.6 139.3 139.2 138.8 138.1 36 Business supplies 8.9 120.1 120.6 120.0 120.7 120.7 118.5 118.4 1 17.0 114.9 114.3 114.9 113.8 113.0 112.5 37 Materials 39.5 167.8 170.5 171.3 171.1 169.9 167.8 165.9 165.0 163.9 164.1 163.3 161.2 160.8 159.9 38 Durable goods materials 20.8 227.6 233.8 235.7 235.0 232.9 230.3 226.6 225.2 223.6 223.0 223.6 220.6 220.3 218.2 39 Durable consumer parts 4.0 165.3 168.3 169.0 168.5 161.8 157.6 146.1 149.9 153.1 153.6 158.2 156.1 158.2 157.5 40 Equipment parts 7.6 478.3 505.7 512.1 515.9 521.4 522.3 517.5 514.9 508.2 498.3 493.7 484.4 479.1 473.1 41 Other 9.2 134.6 134.7 135.5 133.7 131.8 129.6 130.1 127.2 125.5 126.9 127.0 125.9 125.9 124.8 42 Basic metal materials 3.1 128.7 127.5 129.2 125.9 124.4 123.6 121.2 118.3 114.5 118.2 117.9 116.1 115.9 114.6 43 Nondurable goods materials 8.9 113.8 112.8 112.7 113.4 110.7 108.6 107.5 107.2 104.6 105.2 103.1 101.1 101.4 100.9 44 Textile materials 1.1 97.9 99.3 95.9 94.0 89.5 90.3 91.0 87.7 87.4 86.3 83.7 82.4 80.9 80.9 45 Paper materials 1.8 115.8 112.8 113.8 117.2 113.4 109.4 110.3 112.4 105.9 111.3 108.5 104.8 107.0 106.8 46 Chemical materials 3.9 117.0 116.8 116.3 115.9 113.7 109.8 108.5 108.2 105.9 104.1 102.2 100.5 99.9 99.5 47 Other 2.1 113.0 110.2 112.0 114.0 111.9 113.9 11 1.0 110.2 109.1 112.2 110.2 108.8 110.4 109.2 48 Energy materials 9.7 103.4 104.2 104.3 103.9 105.4 104.5 104.4 103.9 104.9 105.8 104.8 104.2 103.0 103.6 49 Primary energy 6.3 98.1 98.9 98.5 97.8 99.3 98.6 100.3 99.3 100.4 101.2 100.5 100.5 99.3 99.8 50 Converted fuel materials 3.3 114.3 115.1 116.6 117.2 118.7 117.3 111.8 113.1 113.7 114.7 112.6 110.3 109.4 110.1 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.1 147.2 148.4 148.7 148.8 148.4 147.8 146.6 145.9 145.1 144.7 144.2 142.7 142.2 141.3 52 Total excluding motor vehicles and parts 95.1 146.3 147.4 147.7 147.8 147.7 147.2 146.5 145.4 144.5 144.1 143.4 141.9 141.3 140.4 53 Total excluding computer and office equipment 98.2 140.4 141.4 141.6 141.2 140.8 139.9 138.6 138.1 137.7 137.3 137.0 135.6 135.5 134.5 54 Consumer goods excluding autos and trucks . . 27.4 120.6 121.3 121.2 120.7 120.6 121.9 120.8 121.1 120.6 120.3 120.0 119.6 119.3 118.7 55 Consumer goods excluding energy 26.2 123.9 124.5 124.4 123.6 122.9 122.5 122.0 122.6 122.8 122.6 123.0 122.2 122.7 121.6 56 Business equipment excluding autos and trucks 12.0 200.1 204.5 206.3 208.5 209.4 208.9 207.7 204.6 203.8 201.6 199.3 194.8 193.4 190.8 57 Business equipment excluding computer and office equipment 12.1 158.4 160.3 161.2 161.2 161.5 159.9 158.4 156.5 156.8 154.9 154.1 150.6 150.2 147.6 58 Materials excluding energy 29.8 188.5 191.8 193.0 192.8 190.4 187.8 185.1 184.1 182.0 181.9 181.3 178.6 178.5 177.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A45 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1—Continued Monthly data seasonally adjusted 1992 2000 Group c S o I d C e 2 p p r o o r - - 2 a 0 v 0 g 0 . tion Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May' June' July' Aug Index(1992=100) MAJOR INDUSTRIES 59 Total index 100.0 147.5 148.6 149.0 148.7 148.2 147.3 146.0 145.4 145.0 144.6 144.2 142.7 142.6 141.5 60 Manufacturing 85.4 153.6 154.6 155.1 154.9 154.1 152.6 151.3 150.7 150.0 149.6 149.2 147.4 147.5 146.1 61 Primary processing 26.5 178.0 180.3 181.2 181.1 178.8 176.1 173.5 173.1 171.1 171.3 170.6 168.6 168.4 167.3 62 Advanced processing 58.9 139.3 140.5 140.8 140.5 140.5 139.6 139.0 138.4 138.3 137.5 137.3 135.7 135.8 134.3 63 Durable goods 45.0 193.4 196.9 198.4 197.6 196.7 195.1 192.3 191.1 191.3 190.1 190.1 187.4 187.6 185.5 64 Lumber and products 24 2.0 118.3 115.5 116.8 114.8 113.2 111.5 108.3 109.1 111.4 110.9 114.0 113.9 114.1 114.7 65 Furniture and fixtures 25 1.4 142.9 143.8 146.6 147.2 145.0 145.3 144.1 143.8 143.2 142.5 143.5 141.6 140.4 139.0 66 Stone, clay, and glass products 32 2.1 134.7 136.1 136.5 137.3 134.6 132.4 135.2 134.3 134.3 133.3 134.3 133.5 133.1 132.4 67 Primary metals 33 3.1 133.7 132.4 133.9 129.0 127.3 126.3 124.0 121.3 117.8 122.4 122.5 120.4 120.4 119.1 68 Iron and steel 331,2 1.7 131.1 129.7 131.9 123.7 122.0 118.7 116.0 115.5 113.3 118.4 121.9 122.1 121.7 120.8 69 Raw steel 331PT .1 120.9 123.9 117.7 115.6 106.3 104.6 108.3 109.1 109.2 101.3 109.0 111.8 112.8 112.3 70 Nonferrous 333-6,9 1.4 136.8 135.7 136.5 135.3 133.6 135.2 133.4 128.2 123.3 127.2 123.4 118.6 119.1 117.6 71 Fabricated metal products . . 34 5.0 135.6 136.3 136.0 136.0 134.7 132.9 133.5 130.3 129.8 129.3 128.8 127.5 127.9 127.4 72 Industrial machinery and equipment 35 8.0 252.8 257.9 260.0 261.5 261.9 262.3 258.4 255.0 255.7 251.0 246.1 240.6 240.0 235.6 73 Computer and office equipment 357 1.8 1,343.6 1,421.6 1,464.2 1,487.4 1.502.8 1,508.3 1,497.4 1,484.2 1.477.5 1.464.4 1.434.6 1,410.1 1,398.3 1,391.5 74 Electrical machinery 36 7.3 549.7 580.0 592.2 597.4 604.4 610.2 604.3 593.7 581.0 569.9 565.8 554.9 541.7 536.7 75 Transportation equipment . . 37 9.5 131.0 132.4 132.4 129.2 126.8 122.8 116.0 119.8 124.5 123.9 127.0 125.5 129.2 126.7 76 Motor vehicles and parts . 371 4.9 170.5 173.9 175.5 167.2 160.1 151.8 138.6 147.4 156.5 155.4 162.9 160.7 168.6 164.0 77 Autos and light trucks . 371PT 2.6 153.0 156.4 158.8 145.8 140.1 131.5 125.9 131.9 141.8 141.6 147.9 145.0 157.9 150.5 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.6 93.8 93.5 92.1 93.6 95.4 95.3 94.3 93.5 94.3 94.1 93.2 92.4 92.2 91.6 79 Instruments 38 5.4 122.2 123.3 123.7 123.5 124.6 123.1 125.0 123.3 122.6 123.1 122.4 120.4 120.7 120.2 80 Miscellaneous 39 1.3 130.8 130.8 130.9 131.1 130.2 129.4 130.4 127.6 127.6 128.4 126.6 127.9 128.8 125.8 81 Nondurable goods 40.4 116.9 116.3 116.0 116.3 115.5 114.1 114.0 114.0 112.7 112.8 1 12.2 111.2 111.1 110.3 82 Foods 20 9.4 114.7 115.1 114.6 114.8 115.0 114.2 114.1 115.0 114.6 114.2 114.1 113.4 113.0 112.8 83 Tobacco products 21 1.6 95.3 96.6 94.5 93.7 93.1 94.2 95.2 93.7 92.2 93.8 92.1 93.0 94.3 91.5 84 Textile mill products 22 1.8 100.1 99.4 98.4 96.7 92.8 94.5 93.0 92.7 92.4 90.7 87.4 87.1 85.0 85.7 85 Apparel products 23 2.2 91.7 90.7 89.5 89.2 89.2 88.2 88.9 88.7 88.4 88.2 87.9 85.3 85.9 83.4 86 Paper and products 26 3.6 116.1 113.3 113.7 117.1 114.7 112.7 111.8 112.8 107.7 113.7 110.9 108.8 109.9 108.9 87 Printing and publishing .... 27 6.7 109.9 110.4 110.9 111.6 111.2 109.2 109.6 107.7 106.2 105.6 105.3 104.2 103.8 102.8 88 Chemicals and products .... 28 9.9 128.3 125.9 125.4 125.8 124.8 122.9 121.8 122.6 121.2 120.1 120.2 118.6 118.2 118.0 89 Petroleum products 29 1.4 117.1 117.6 117.4 116.5 116.9 114.7 115.1 116.5 115.0 116.7 116.2 116.5 115.6 114.0 90 Rubber and plastics 30 3.5 142.3 142.1 141.9 141.3 139.1 137.3 138.5 137.3 136.5 136.0 135.0 135.4 136.1 134.9 91 Leather and products 31 .3 69.8 68.8 69.8 68.6 68.9 66.9 67.1 69.3 67.7 65.7 64.0 62.5 61.7 60.6 92 Mining 6.9 100.0 101.0 100.4 100.1 101.1 99.6 101.0 101.4 102.7 103.5 103.8 103.4 102.3 101.8 93 Metal 10 .5 97.4 95.8 99.3 96.3 93.7 99.5 94.6 91.7 85.4 90.4 91.2 90.3 88.2 86.2 94 Coal 12 1.0 108.9 109.3 107.0 110.2 108.6 106.1 115.2 110.7 116.6 116.8 116.5 1 15.2 111.5 111.3 95 Oil and gas extraction 13 4.8 95.0 96.3 95.7 95.1 96.6 95.2 96.1 96.7 97.7 98.5 98.9 98.6 97.6 97.4 96 Stone and earth minerals 14 .6 126.4 125.0 123.7 124.6 123.2 119.3 121.7 126.4 129.6 129.1 128.2 127.1 128.1 125.7 97 Utilities 7.7 120.4 122.1 121.7 120.0 121.9 129.1 124.0 121.8 122.0 120.9 119.5 119.6 118.8 120.7 98 Electric 491.3PT 6.2 123.9 126.1 124.7 124.2 127.3 131.2 126.7 123.9 125.5 127.2 125.0 124.8 123.5 126.8 99 Gas 491.2PT 1.6 109.3 108.4 110.5 105.8 104.5 120.2 113.7 112.9 109.7 101.2 102.1 102.9 103.3 101.9 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.5 152.6 153.5 153.9 154.3 153.8 152.7 152.2 151.1 149.8 149.3 148.5 146.7 146.3 145.1 101 Manufacturing excluding computers and office equipment 83.6 145.4 146.2 146.5 146.2 145.4 143.9 142.7 142.2 141.5 141.1 140.8 139.2 139.3 137.9 102 Computers, communications equipment, and semiconductors 5.9 1,195.2 1,281.6 1,310.3 1,334.8 1,358.1 1,368.9 1,351.7 1,334.1 1.312.2 1,283.1 1,260.2 1,233.3 1,206.0 1,189.6 103 Manufacturing excluding computers and semiconductors 81.1 128.3 128.2 128.4 128.0 127.1 125.6 124.7 124.3 123.8 123.7 123.5 122.2 122.4 121.2 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.5 125.1 124.9 125.0 124.6 123.6 122.1 121.1 120.8 120.4 120.3 120.2 118.9 119.2 118.1 Gross value (billions of 1992 dollars, annual rates) MAJOR MARKETS 105 Products, total 2,001.9 2,860.5 2,882.9 2,889.1 2,867.4 2,863.2 2,850.2 2,818.1 2,819.8 2,826.9 2,812.9 2,818.9 2,796.7 2,805.7 2,776.3 106 Final 1,552.1 2,203.4 2,220.5 2,228.1 2,205.4 2,203.7 2,198.2 2,167.1 2,174.5 2,186.0 2,174.7 2,178.7 2.159.1 2,172.4 2,145.6 107 Consumer goods 1,049.6 1,340.0 1,348.7 1,353.7 1,334.7 1,331.2 1,332.8 1,312.2 1,322.8 1,328.2 1,325.5 1,331.9 1,326.1 1,337.5 1,324.4 108 Equipment 502.5 865.7 880.8 883.3 880.9 883.3 874.9 864.8 859.8 866.4 856.5 852.8 837.1 838.0 823.0 109 Intermediate 449.9 656.7 661.5 660.2 661.0 658.6 651.2 649.9 644.5 640.4 637.7 639.6 637.0 632.9 630.1 1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The 1997), pp. 67-92, and the references cited therein. For details about the construction of latest historical revision of the industrial production index and the capacity utilization rates individual industrial production series, see "Industrial Production: 1989 Developments and was released in December 2000. The recent annual revision is described in an article in the Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. March 2001 issue of the Bulletin. For a description of the methods of estimating industrial 2. Standard Industrial Classification. production and capacity utilization, see "Industrial Production and Capacity Utilization: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • November 2001 2.14 HOUSING AND CONSTRUCTION Monthly figures at seasonally adjusted annual rates except as noted 2000 2001 IItteemm 11999988 11999999 22000000 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Private residential real estate activity (thousands of units except as noted) NEW UNITS 1 Permits authorized 1,612 1,664 1,592 1,562 1,614 1,553 1,724 1,663 1,627 1.587 1,621 1,587 1,571 2 One-family 1,188 1.247 1,198 1,212 1,203 1,187 1,283 1,228 1,209 1.218 1,205 1,225 1.211 3 Two-family or more 425 417 394 350 411 366 441 435 418 369 416 362 360 4 Started 1.617 1,641 1,569 1.527 1,559 1.532 1,666 1,623 1,592 1.626 1,610 1,634 1,641 5 One-family 1,271 1,302 1.231 1.218 1,209 1,236 1,336 1,288 1,208 1,295 1,285 1,292 1,278 6 Two-family or more 346 339 338 309 350 296 330 335 384 331 325 342 363 7 Under construction at end of period1 .... 971 953 934 971 969 965 985 989 1,002 1,006 1,016 1.012 1,011 8 One-family 659 648 623 659 655 652 669 675 676 682 688 688 688 9 Two-family or more 312 305 310 312 314 313 316 314 326 324 328 324 323 10 Completed 1,474 1.605 1.574 1,509 1.548 1,527 1,424 1,531 1,478 1,569 1.499 1.643 1,574 11 One-family 1,160 1,270 1,242 1.172 1,236 1,228 1,090 1,201 1,207 1,232 1.225 1,275 1,254 12 Two-family or more 315 335 332 337 312 299 334 330 271 337 274 368 320 13 Mobile homes shipped 374 348 250 213 196 176 171r 180' 179 184' 186 198 193 Merchant builder activity in one-family units 14 Number sold 886 880 877 922 882 1.001 938 959 953 899 882 886 893 15 Number for sale at end of period' 300 315 301 301 304 297 295 295 289 293 296 301 305 Price of units sold 1thousands of dollars)2 16 Median 152.5 161.0 169.0 176.3 174.7 162.0 171.3 169.1 166.3 175.2 175.3 174.3 172.3 17 Average 181.9 195.6 207.0 215.1 210.7 208.1 209.0 211.0 210.2 205.5 211.4 209.0 207.9 EXISTING UNITS (one-family) 18 Number sold 4,970 5,205 5,113 5,070 5,300 4,940 5,200 5.190 5,430 5.220 5,360 5,330 5,200 Price of units sold (thousands of dollars)1 19 Median 128.4 133.3 139.0 138.6 139.5 139.7 137.1 138.6 143.4 143.1 145.0 152.2 151.7 20 Average 159.1 168.3 176.2 176.9 176.5 178.5 175.8 174.6 179.5 179.9 183.6 191.1 190.6 Value of new construction (millions of dollars)1 CONSTRUCTION 21 Total put in place 703,533 763,914 817,130 820,805 826,746 838,731 859,815 869,334 869,140 870,826r 869,574 861,571 854,640 77 Private 550,754 595,667 641,269 644,836 651,066 660.849 673,715 681,826 681,176 677.429' 670,838 665.322 653,315 23 Residential 314,514 349,560 375.268 370,256 374,281 379,593 386,088 398,863 395,080 392,160' 394,330 391,508 388,874 24 Nonresidential 236,240 246,107 266,001 274,580 276,785 281,256 287,627 282,963 286,096 285,269' 276.508 273,814 264,441 25 Industrial buildings 40,547 32,794 31,984 32,125 33,265 31,398 35,878 33,386 34,823 34.662' 31,943 32,966 .33.269 276 1 Commercial buildings 95,760 104,531 116,988 121,760 120,587 125,234 125,402 124,568 128,792 124,935' 118,601 116,842 111,388 Other buildings 39,609 40,906 44,505 45,645 45,628 45,707 46,567 46,264 47,117 46.080' 46,643 46,020 44,765 28 Public utilities and other 60,324 67,876 72.523 75.050 77,305 78,917 79,780 78,745 75,364 79.592' 79.321 77,986 75,019 29 Public 152,779 168.247 175.861 175.969 175,680 177,883 186,100 187,508 187,964 193.397' 198,736 196,249 201,326 30 Military 2,539 2,142 2.334 1,883 2,629 2,107 2,270 2,342 2,131 2.530' 2,274 2,477 2,371 31 Highway 45,251 52,024 52,851 48,764 48,858 50,189 55,368 56,204 57,443 57.717' 60,437 61,534 61,758 3?. Conservation and development 5,415 5,995 6,043 6.815 5,789 6,339 7,381 7,838 7.573 6.332' 7,216 6,592 5,955 33 Other 99,575 108,086 114,634 118.507 118,404 119,248 121,081 121,124 120,817 126,818' 128,809 125,646 131,242 1. Not at annual rates. SOURCE. Bureau of the Census estimates for all series except (1) mobile homes, which are 2. Not seasonally adjusted. private, domestic shipments as reported by the Manufactured Housing Institute and season- 3. Recent data on value of new construction may not be strictly comparable with data for ally adjusted by the Census Bureau, and (2) sales and prices of existing units, which are previous periods because of changes by the Bureau of the Census in its estimating techniques. published by the National Association of Realtors. All back and current figures are available For a description of these changes, see Construction Reports (C-30-76-5). issued by the from the originating agency. Permit authorizations are those reported to the Census Bureau Census Bureau in July 1976. from 19,000 jurisdictions beginning in 1994. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A47 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 2000 2001 2001 AAAuuuggg... 22000000 22000011 222000000111111 AAuugg.. AAuugg.. Sept. Dec. Mar. June Apr. May June July Aug. CONSUMER PRICES2 (1982-84=100) 1 All items 3.4 2.7 3.3 2.3 4.0 3.7 .3 .4 .2 -.3 .1 177.5 ? Food 2.7 3.1 4.1 2.1 4.1 3.3 .1 .3 .4 .3 .2 173.9 3 Energy items 13.1 2.8 7.9 3.8 6.0 16.8 1.8 3.1 -.9 -5.6 -1.9 129.4 4 All items less food and energy 2.6 2.7 2.9 2.0 3.5 2.6 2 .1 .3 .2 186.6 Commodities .5 .1 1.7 .0 1.4 -1.6 .0 -.4 .0 .1 -.4 143.8 6 Services 3.6 3.8 3.2 3.2 4.2 4.5 .3 .3 .5 2 .5 211.2 PRODUCER PRICES (1982=100) 7 Finished goods 3.4 2.1 2.0 2.9 4.7 .3 ,5r -,lr -.4 -.9 .4 141.1 8 Consumer foods 1.0 3.9 -1.2 2.7 10.5 .9 .6' -,6r .1 -.6 .9 142.6 9 Consumer energy 14.9 2.0 6.4 12.0 9.5 -6.1 i.r -,lr -2.5 -5.8 1.1 97.8 10 Other consumer goods 2.1 1.8 2.4 1.0 2.3 2.3 ,3r ,3r .0 ..11 -.1 156.6 11 Capital equipment 1.2 .7 1.7 .3 .0 1.2 .2' -.1 .1 ..22 -.1 139.5 Intermediate materials 12 Excluding foods and feeds 4.5 -.5 3.1 1.2 1.5 -1.2 -.2 .R -.2 -1.1 -.5 130.4 13 Excluding energy 2.5 -.7 .3 -.3 1.5 -.9 -.1 ,I -.3 -.4 -.4 136.0 Crude materials 14 Foods -4.6 14.0 -8.2 36.5 15.6 -7.1 -5r -1.3r -.1 .6 -.6 108.9 15 Energy 40.2 -14.9 20.0 102.6 -42.4 -43.7 2.V -3.7 -11.9 -11.5 -4.4 104.2 16 Other 3.7 -9.5 -8.8 -9.2 -10.8 -13.7 -2.4' -i.R -.9 -.8 128.4 1. Not seasonally adjusted. SOURCE. U.S. Department of Labor, Bureau of Labor Statistics. 2. Figures for consumer prices are for all urban consumers and reflect a rental-equivalence measure of homeownership. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 Domestic Nonfinancial Statistics • November 2001 2.16 GROSS DOMESTIC PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates 2000 2001 AAccccoouunntt 11999988 11999999 22000000 Q2 Q3 Q4 QL Q2' GROSS DOMESTIC PRODUCT 1 Total 8,781.5 9,268.6 9,872.9 9,857.6 9,937.5 10,027.9 10,141.7 10,202.6 BY source 2 Personal consumption expenditures 5.856.0 6,250.2 6,728.4 6,674.9 6,785.5 6,871.4 6,977.6 7,044.6 3 Durable goods 693.2 760.9 819.6 813.8 825.4 818.7 838.1 844.7 4 Nondurable goods 1.708.5 1,831.3 1,989.6 1,978.3 2,012.4 2,025.1 2,047.1 2,062.3 Services 3,454.3 3,658.0 3,919.2 3,882.8 3,947.7 4,027.5 4,092.4 4,137.6 6 Gross private domestic investment 1,538.7 1,636.7 1,767.5 1,792.4 1.788.4 1,780.3 1,722.8 1,669.9 7 Fixed investment 1,465.6 1,578.2 1,718.1 1,717.0 1,735.9 1,741.6 1,748.3 1,706.5 8 Nonresidential 1,101.2 1,174.6 1,293.1 1,288.3 1,314.9 1,318.2 1,311.2 1,260.2 9 Structures 282.4 283.5 313.6 306.4 321.1 330.9 345.8 338.6 10 Producers' durable equipment 818.9 891.1 979.5 981.8 993.8 987.3 965.4 921.7 11 Residential structures 364.4 403.5 425.1 428.7 421.0 423.4 437.0 446.2 12 Change in business inventories 73.1 58.6 49.4 75.4 52.5 38.7 -25.5 -36.6 13 Nonfarm 72.3 60.1 51.1 74.0 55.3 37.8 -26.2 -35.3 14 Net exports of goods and services -151.7 -250.9 -364.0 -350.8 -380.6 -390.6 -363.8 -347.4 15 964.9 989.8 1,102.9 1,099.7 1,131.1 1,121.0 1,117.4 1,079.6 lb 1,116.7 1,240.6 1,466.9 1.450.4 1,511.8 1,511.6 1,481.2 1,427.0 17 Government consumption expenditures and gross investment 1,538.5 1,632.5 1,741.0 1,741.1 1,744.2 1,766.8 1,805.2 1,835.4 18 Federal 539.2 564.0 590.2 601.0 587.0 594.2 605.3 609.9 19 State and local 999.3 1,068.5 1,150.8 1,140.1 1,157.2 1,172.6 1,199.8 1,225.5 By major type of product 20 Final sales, total 8,708.4 9.210.0 9,823.6 9.782.2 9,884.9 9.989.2 10,167.2 10,239.1 21 3,232.3 3,418.6 3.644.8 3,636.0 3,677.2 3,670.6 3,718.8 3,715.0 22 Durable 1.524.4 1,618.8 1,735.2 1,735.2 1,753.8 1,740.7 1,755.8 1,737.2 23 Nondurable 1,707.9 1.799.8 1,909.7 1,900.8 1,923.5 1,929.9 1,963.1 1,977.8 24 Services 4,678.6 4.939.1 5,268.5 5.243.1 5,296.1 5,393.0 5,482.8 5,545.7 25 Structures 797.5 852.4 910.3 903.1 911.6 925.6 965.6 978.4 26 Change in business inventories 73.1 58.6 49.4 75.4 52.5 38.7 -25.5 -36.6 27 Durable goods 44.7 35.3 34.7 51.0 33.0 31.5 -31.0 -42.3 28 Nondurable goods 28.5 23.3 14.7 24.4 19.5 7.2 5.5 5.8 MEMO 29 Total GDP in chained 1996 dollars 8,508.9 8,856.5 9,224.0 9,229.4 9,260.1 9,303.9 9,334.5 9,341.7 NATIONAL INCOME 30 Total 7,041.4 7,462.1 7,980.9 7,956.1 8,047.2 8,124.0 8,169.7 8,207.9 31 Compensation of employees 4,989.6 5,310.7 5,715.2 5,669.9 5,759.3 5,868.9 5,955.7 6,010.8 32 Wages and salaries 4,192.1 4,477.4 4.837.2 4.798.0 4,875.8 4,973.2 5,049.4 5,099.8 33 Government and government enterprises 692.7 724.3 768.4 768.3 772.6 776.6 788.8 799.6 34 Other 3.499.4 3,753.1 4,068.8 4,029.7 4,103.2 4,196.6 4,260.6 4,300.2 35 Supplement to wages and salaries 797.5 833.4 878.0 872.0 883.5 895.7 906.3 911.0 36 Employer contributions for social insurance 306.9 323.6 343.8 341.8 345.6 350.8 357.1 358.8 37 Other labor income 490.6 509.7 534.2 530.1 537.9 544.9 549.3 552.2 38 Proprietors' income1 623.8 672.0 715.0 717.9 719.3 725.2 735.2 745.3 39 Business and professional1 598.2 645.4 684.4 685.4 687.6 693.5 705.4 716.6 40 Farm1 25.6 26.6 30.6 32.5 31.6 31.7 29.8 28.7 41 Rental income of persons2 138.6 147.7 141.6 141.4 138.3 141.7 139.6 139.0 42 Corporate profits' 777.4 825.2 876.4 892.8 895.0 847.6 789.8 759.8 43 Profits before tax3 721.1 776.3 845.4 862.0 858.3 816.5 755.7 738.3 44 Inventory valuation adjustment 18.3 -2.9 -12.4 -14.8 -3.6 -7.3 -1.9 -8.8 45 Capital consumption adjustment 38.0 51.7 43.4 45.5 40.4 38.4 36.0 30.3 46 Net interest 511.9 506.5 532.7 534.1 535.3 540.6 549.4 553.0 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. U.S. Department of Commerce, Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A49 2.17 PERSONAL INCOME AND SAVING Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates 2000 2001 AAccccoouunntt 11999988 11999999 22000000 Q2 Q3 Q4 Qi Q21 PERSONAL INCOME AND SAVING 1 Total personal income 7,426.0 7,777.3 8,319.2 8,271.0 8,381.5 8,519.6 8,640.2 8,714.6 ? Wage and salary disbursements 4.192.8 4,472.2 4,837.2 4,798.0 4,875.8 4,973.2 5.049.4 5.099.8 Commodity producing industries 1.038.5 1,088.7 1,163.7 1,151.8 1,173.2 1,195.5 1,206.3 1,204.4 4 Manufacturing 756.6 782.0 830.1 822.0 838.0 852.2 853.3 850.2 Distributive industries 948.9 1,021.0 1,095.6 1.086.1 1,102.4 1.125.9 1.140.3 1,148.2 6 Service industries 1.512.7 1,638.2 1,809.5 1,791.7 1,827.6 1,875.2 1,914.0 1,947.6 7 Government and government enterprises 692.7 724.3 768.4 768.3 772.6 776.6 788.8 799.6 8 Other labor income 490.6 509.7 534.2 530.1 537.9 544.9 549.3 552.2 9 Proprietors' income1 623.8 672.0 715.0 717.9 719.3 725.2 735.2 745.3 in Business and professional1 598.2 645.4 684.4 685.4 687.6 693.5 705.4 716.6 11 25.6 26.6 30.6 32.5 31.6 31.7 29.8 28.7 17 Rental income of persons3 138.6 147.7 141.6 141.4 138.3 141.7 139.6 139.0 n Dividends 348.3 343.1 379.2 373.3 385.8 396.6 404.8 41 1.9 14 Personal interest income 964.4 950.0 1.000.6 999.9 1,009.2 1,013.1 1,010.9 1,001.0 Transfer payments 983.7 1,019.6 1,069.1 1,066.3 1,074.6 1,089.0 1,123.1 1.139.4 16 Old age survivors, disability, and health insurance benefits 578.1 588.0 617.3 618.6 620.9 626.5 651.4 660.1 17 LESS: Personal contributions for social insurance 316.3 337.1 357.7 355.8 359.4 364.1 372.1 374.0 18 EQUALS: Personal income 7,426.0 7,777.3 8,319.2 8,271.0 8,381.5 8,519.6 8.640.2 8,714.6 19 LESS: Personal tax and nontax payments 1,070.4 1,159.2 1,288.2 1,277.3 1.300.2 1,329.8 1.345.2 1,351.4 20 EQUALS: Disposable personal income 6,355.6 6,618.0 7,031.0 6.993.7 7,081.3 7,189.8 7,295.0 7,363.2 21 LESS: Personal outlays 6,054.1 6,457.2 6,963.3 6.905.6 7,026.9 7,115.1 7,216.2 7,281.7 22 EQUALS: Personal saving 301.5 160.9 67.7 88.1 54.5 74.7 78.8 81.5 MEMO Per capita (chained 1996 dollars) ?3 Gross domestic product 31,449.2 32,441.9 33,490.3 33,549.2 33.587.6 33,661.1 33,698.5 33,639.7 24 Personal consumption expenditures 21,007.2 21,862.6 22,720.7 22,632.8 22,822.4 22,941.7 23,063.1 23,148.7 25 Disposable personal income 22,800.0 23,150.0 23,742.0 23,717.0 23,814.0 24,006.0 24.111.0 24,200.0 26 Saving rate (percent) 4.7 2.4 1.0 1.3 .8 1.0 1.1 1.1 GROSS SAVING 27 Gross saving 1,647.2 1,707.4 1,785.7 1,799.4 1,807.4 1,799.7 1,754.0 1,750.5 28 Gross private saving 1,375.0 1,348.0 1,323.0 1,345.8 1,329.6 1,332.7 1,307.9 1.321.2 29 Personal saving 301.5 160.9 67.7 88.1 54.5 74.7 78.8 81.5 30 Undistributed corporate profits' 189.9 228.7 225.3 238.6 233.9 197.0 147.8 119.5 31 Corporate inventory valuation adjustment 18.3 -2.9 -12.4 -14.8 -3.6 -7.3 -1.9 -8.8 Capital consumption allowances 3? Corporate 620.2 669.2 727.1 719.1 736.0 749.7 776633..88 778855..66 33 Noncorporate 264.2 284.1 302.8 299.9 305.2 311.3 317.5 334.6 34 Gross government saving 272.2 359.4 462.8 453.7 477.8 467.1 446.1 429.3 35 Federal 132.0 210.9 315.0 305.0 326.9 320.5 303.7 286.2 36 Consumption of fixed capital 88.2 91.7 96.4 95.9 97.0 97.9 98.4 99.4 37 Current surplus or deficit (-), national accounts 43.8 119.2 218.6 209.1 229.9 222.5 205.3 186.7 18 State and local 140.2 148.5 147.8 148.7 150.9 146.6 142.5 143.2 39 Consumption of fixed capital 99.5 106.4 114.9 114.0 116.1 118.0 120.2 121.9 40 Current surplus or deficit (-), national accounts 40.7 42.1 32.8 34.7 34.8 28.6 22.3 21.3 41 Gross investment 1,616.2 1.634.7 1,655.3 1,690.0 1,651.1 1,649.7 1,633.5 1,607.3 4? Gross private domestic investment 1,538.7 1,636.7 1,767.5 1,792.4 1,788.4 1,780.3 1,722.8 1,669.9 41 Gross government investment 277.1 304.6 318.3 315.0 314.0 322.8 330.9 344.0 44 Net foreign investment -199.7 -306.6 -430.5 -417.4 -451.3 -453.4 -420.2 -406.6 45 Statistical discrepancy -31.0 -72.7 130.4 -109.5 -156.3 -150.0 -120.5 -143.2 1. With inventory valuation and capital consumption adjustments. SOURCE. U.S. Department of Commerce, Sun-ex of Current Business. 2. With capital consumption adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A50 International Statistics • November 2001 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 2000 2001 IItteemm ccrreeddiittss oorr ddeebbiittss 11999988 11999999 22000000 Q2 Q3 Q4 QV Q2P 1 Balance on current account -217.457 -324,364 -444,667 -108,134 -115,305 -116,324 -111,778 -106,498 2 Balance on goods and services -166.828 -261,838 -375,739 -90,784 -97,340 -100,293 -95,023 -88,938 3 Exports 932,694 957,353 1,065,702 265,822 272,497 270,131 269,092 260,507 4 Imports -1,099,522 -1,219,191 -1,441,441 -356,606 -369,837 -370,424 -364,115 -349,445 5 Income, net -6,202 -13,613 -14,792 ^1,889 -4,885 642 -5,021 -5,493 6 Investment, net -1,211 -8,511 -9,621 -3,589 -3,620 1,971 -3,661 -4,156 7 Direct 66,253 67,044 81,231 18,117 21,049 25,703 22,673 23,086 8 Portfolio -67,464 -75,555 -90,852 -21,706 -24,669 -23,732 -26,334 -27,242 9 Compensation of employees -4,991 -5,102 -5,171 -1,300 -1,265 -1,329 -1,360 -1,337 10 Unilateral current transfers, net -44,427 -48,913 -54,136 -12,461 -13,080 -16,673 -11,734 -12,067 11 Change in U.S. government assets other than official reserve assets, net (increase, -) -422 2,751 -944 -572 114 -359 2211 -761 12 Change in U.S. official reserve assets (increase, -) -6,783 8.747 -290 2,020 -346 -1,410 190 -1,343 1.3 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -147 10 -722 -180 -182 -180 -189 -156 15 Reserve position in International Monetary Fund -5,119 5,484 2,308 2,328 1,300 -1,083 574 -1,015 16 Foreign currencies -1.517 3,253 -1,876 -128 -1,464 -147 -195 -172 17 Change in U.S. private assets abroad (increase, -) -352,427 ^48,565 -579,718 -95,021 -107,495 -179,779 -243,331 -61,218 18 Bank-reported claims- -35.572 -76,263 -138.500 7,455 -18,147 -71,574 -109,789 9,191 19 Nonbank-reported claims -38,204 -85,700 -163,846 -29,491 -14,585 -44,514 -61,011 13,433 20 U.S. purchase of foreign securities, net -136,135 -131,217 -124,935 -39,639 -33,129 -24,621 -31,591 -48,240 21 U.S. direct investments abroad, net -142,516 -155,385 -152,437 -33,346 -41,634 -39,070 -40,940 -35,602 22 Change in foreign official assets in United States (increase, +) -19,948 43,551 37,619 6,447 12,247 -3,573 4,898 -22,430 23 U.S. Treasury securities -9,921 12,177 -10,233 -4,000 -9,001 -13,436 -1,027 -20,781 24 Other U.S. government obligations 6,332 20,350 40,909 10,334 14,272 8,196 3,574 9,932 25 Other U.S. government liabilities2 -3,371 -2,855 -1,987 -1,000 -220 -293 -1,246 -1,138 26 Other U.S. liabilities reported by U.S. banks2 -9,501 12.964 5,803 209 6,884 980 2,594 -11,471 27 Other foreign official assets' -3,487 915 3,127 904 312 980 1,003 1,028 28 Change in foreign private assets in United States (increase, +) 524,412 770,193 986,599 243,560 209,861 298,894 341,762 210,432 79 U.S. bank-reported liabilities4 39,769 54,232 87,953 53,923 -1,910 43,365 6,890 50,123 30 U.S. nonbank-reported liabilities 23,140 69,075 177,010 24,400 19,078 48,344 130.624 -34,022 31 Foreign private purchases of U.S. Treasury securities, net 48,581 -20,490 -52,792 -20,546 -12.503 -10,395 656 -8,275 32 U.S. currency flows 16,622 22,407 1,129 989 757 6,230 2,311 2,772 .33 Foreign purchases of other U.S. securities, net 218,091 343,963 485,644 94,400 128,393 126,643 148,809 132,671 34 Foreign direct investments in United States, net 178,209 301,006 287,655 90.394 76,046 84,707 52,472 67,163 35 Capital account transactions, net5 678 -3,491 705 173 175 184 173 177 .36 Discrepancy 71,947 -48,822 696 ^18,473 749 2,367 8,065 -18,359 37 Due to seasonal adjustment -2.380 -9,977 3,856 8,821 -1,868 38 Before seasonal adjustment 71,947 -48,822 696 -46,093 10,726 -1,489 -756 -16,491 MEMO Changes in official assets 39 U.S. official reserve assets (increase. -) -6,783 8,747 -290 2,020 -346 -1,410 190 -1,343 40 Foreign official assets in United States, excluding line 25 (increase, +) -16,577 46,406 39,606 7,447 12,467 -3,280 6,144 -21,292 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) -11,531 1,621 11,582 1,639 3,636 164 589 -1,878 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38^11. 5. Consists of capital transfers (such as those of accompanying migrants entering or 2. Associated primarily with military sales contracts and other transactions arranged with leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced or through foreign official agencies. nonfinancial assets. 3. Consists of investments in U.S. corporate stocks and in debt securities of private SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current corporations and state and local governments. Business. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summary Statistics A51 3.11 U.S. FOREIGN TRADE1 Millions of dollars; monthly data seasonally adjusted 2001 IItteemm 11999988 11999999 22000000 Jan.r Feb.' Mar.' Apr.' May' June' Julyp 1 Goods and services, balance -166,686 -261,838 -375,739 -33,394 -28,675 -32,957 -31.518 -28,210 -29,068 -28,830 2 Merchandise -246,855 -345,434 -452.207 -39,127 -34.614 -38,781 -37,656 -34,449 -35,553 -35.418 3 Services 79,868 83,596 76.468 5,733 5,939 5,824 6,138 6,239 6,485 6,588 4 Goods and services, exports 933,053 957,353 1,065,702 90,059 90,395 88,636 87,064 87,571 85,898 83,725 5 Merchandise 670,324 684,553 772,210 65,309 65,748 63,884 62,170 62,846 60,848 58,804 6 Services 262,729 272,800 293,492 24,750 24,647 24,752 24,894 24,725 25,050 24,921 7 Goods and services, imports -1,099,739 -1,219,191 -1,441,441 -123,453 -119,070 -121,593 -118,582 -115,781 -114,966 -112,555 8 Merchandise -917,179 -1,029,987 -1,224,417 -104,436 -100,362 -102,665 -99,826 -97,295 -96,401 -94,222 9 Services -182,560 -189,204 -217,024 -19,017 -18,708 -18,928 -18,756 -18,486 -18,565 -18,333 1. Data show monthly values consistent with quarterly figures in the U.S. balance of SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of payments accounts. Economic Analysis. 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 2001 AAsssseett 11999988 11999999 22000000 Feb. Mar. Apr. May June July Aug. Sept.p 1 Total 81,761 71,516 67,647 66,486 64,222 64,731 65,254 64,847 65,736 67,852 70,962 2 Gold stock1 11,046 11,048 11,046 11,046 11,046 11,046 11,044 11,044 11,044 11,044 11,044 3 Special drawing rights23 10,603 10,336 10,539 10,641 10,379 10,420 10,481 10,409 10.518 10,913 10.919 4 Reserve position in International Monetary Fund2 24,111 17,950 14,824 14,107 13,777 13.816 14,283 14,619 14,965 15,297 18.404 5 Foreign currencies4 36,001 32,182 31,238 30,692 29,020 29,449 29,446 28.775 29,209 30,598 30,595 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international SDR holdings and reserve positions in the IMF also have been valued on this basis since July accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold 1974. stock is valued at $42.22 per fine troy ounce. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year 2. Special drawing rights (SDRs) are valued according to a technique adopted by the indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of $1,139 million; 1980—$1,152 million; 1981—$1,093 million: plus net transactions in SDRs. exchange rates for the currencies of member countries. From July 1974 through December 4. Valued at current market exchange rates. 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. 3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1 Millions of dollars, end of period 2001 AAsssseett 11999988 11999999 22000000 Feb. Mar. Apr. May June July Aug. Sept.p 1 Deposits 167 71 215 196 70 101 86 102 84 80 608 Held in custody 2 U.S. Treasury securities2 607,574 632,482 594,094 603,906 609,440 585.710 583,655 586,607 578,573 590,820 587,566 3 Earmarked gold3 10,343 9,933 9,451 9,343 9,289 9,215 9,154 9.100 9,100 9,100 9,100 1. Excludes deposits and U.S. Treasury securities held for international and regional 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not organizations included in the gold stock of the United States. 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 International Statistics • November 2001 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2001 IItteemm 11999999 22000000 Jan. Feb. Mar. Apr. May June' JulyP 1 Total1 806,318 845,934 866,883 864,593 865,466 855,152 837,296 835,145 845,179 Bx txpe 2 Liabilities reported by banks in the United States2 138,847 144.658 155.293 155,163 154,641 158,441 143,950 144,142 151,882 3 U.S. Treasury bills and certificates1 156,177 153,010 158.967 155.667 155,204 144,158 137.933 139,195 143,288 U.S. Treasury bonds and notes 4 Marketable 422.266 415,964 418.190 418,857 419,106 410,066 410.979 407.736 406,995 Nonmarketable4 6.111 5,348 4,923 4,953 4,984 5,017 5,049 5,081 4,846 6 U.S. securities other than U.S. Treasury securities3 82,917 126.954 129,510 129.953 131,531 137,470 139,385 138,991 138,168 By area 7 Europe1 244.805 253,592 259,829 256.180 250.420 247,128 251,505 252,028 262,830 8 Canada 12,503 12.394 11,220 10,794 10,396 10,474 10,967 11,573 11,727 9 Latin America and Caribbean 73,518 76,818 80,115 80.389 79,185 79.457 76.157 79,121 79,376 10 Asia 463,703 488.170 499,925 501,486 511,023 501,092 482.997 478,291 475,482 1 1 Africa 7,523 9,165 8.965 9.586 9,102 9,341 9,272 9,054 10.574 12 Other countries 4,266 5,795 6,829 6.158 5,340 7,660 6.398 5,078 5,190 1. Includes the Bank for International Settlements. Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, 1993. 30-year maturity issue. negotiable time certificates of deposit, and borrowings under repurchase agreements. 5. Debt securities of U.S. government corportions and federally sponsored agencies, and 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official U.S. corporate stocks and bonds. institutions of foreign countries. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of department by banks (including Federal Reserve Banks) and securities dealers in the United zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning States, and on the 1994 benchmark survey of foreign portfolio investment in the United March 1988, 20-year maturity issue, and beginning March 1990, 30-year maturity issue; States. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Reported by Banks in the United States' Payable in Foreign Currencies Millions of dollars, end of period 2000 2001 IItteemm 11999977 11999988 11999999 Sept. Dec.' Mar.' June 1 Banks' liabilities 117,524 101.125 88,537 78,852 76,345 89,394 107,593 ? Banks' claims 83,038 78,162 67,365 60,355 56,647 73,179 77,423 3 Deposits 28.661 45.985 34,426 26,306 23,292 29,902 32,765 4 Other claims 54,377 32,177 32,939 34.049 33,355 43,277 44.658 5 Claims of banks' domestic customers2 8.191 20,718 20,826 19,123 24,411 21,105 21,144 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United 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

Bank-Reported Data A53 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States' Payable in U.S. dollars Millions of dollars, end of period 2001 IItteemm 11999988 11999999 22000000 Jan. Feb. Mar. Apr. May June' Julyf BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,347,837 1,408,740 1,515,077 1,606,592 1,568,239 1,537,728 1,531,265 1,533,916R 1,519,942 1,518,754 7 Banks' own liabilities 884,939 971,536 1,045,236 1,123,852 1,084,406 1,076,707 1,094,709 1,116,48 r 1,097,211 1,099,244 3 Demand deposits 29,558 42,884 33,365 30,820 35,765 33,893 30,162 29,114 32.879 29,940 4 Time deposits2 151,761 163,620 188,154 187,365 189,531 182,529 190,804 183,002r 181,695 177,190 Other' 140,752 155,853 173,263 203,269 198,788 200,477 202,423 207,146' 212,874 225,076 6 Own foreign offices4 562,868 609,179 650,454 702,398 660,322 659,808 671,320 697.219' 669,763 667,038 7 Banks' custodial liabilities5 462,898 437,204 469,841 482,740 483,833 461,021 436,556 417,435 422,731 419,510 8 U.S. Treasury bills and certificates6 183,494 185,676 177,846 182,276 179,277 171,755 160,628 155,924 156.440 160,822 9 Short-term agency securities7 n.a. n.a. n.a. 66,600 74.281 71,454 69,543 62,425 60,081 61,471 10 Other negotiable and readily transferable instruments8 141,699 132,617 145,840 77,464 73,258 64,517 77,595 80,260 78,052 75,726 11 Other 137,705 118,911 146,155 156,400 157,017 153,295 128,790 118,826 128,158 121,491 12 Nonmonetary international and regional organizations9 11,883 15,276 12,542 10,938 11,578 12,290 12.833 14,668 13,818 11,255 13 Banks' own liabilities 10,850 14,357 12,140 10,595 11,202 11,746 12,344 14,342 13,479 11,020 14 Demand deposits 172 98 41 27 19 23 14 15 28 50 15 Time deposits2 5,793 10,349 6,246 5,641 4,966 5,302 5,301 3,532 4,228 2,896 16 Other' 4,885 3,910 5,853 4,927 6,217 6,421 7,029 10,795 9.223 8,074 17 Banks' custodial liabilities5 1,033 919 402 343 376 544 489 326 339 235 18 U.S. Treasury bills and certificates6 636 680 252 294 248 229 170 105 68 78 19 Short-term agency securities7 n.a. n.a. n.a. 26 108 137 144 132 134 132 20 Other negotiable and readily transferable instruments8 397 233 149 23 15 177 175 87 137 25 21 Other 0 6 1 0 5 1 0 2 0 0 22 Official institutions10 260,060 295,024 297,668 314,260 310,830 309,845 302,599 281.883 283,337 295,170 23 Banks' own liabilities 80,256 97,615 97,054 103,445 99,602 97,068 103,508 96,725 99,724 109,015 24 Demand deposits 3,003 3,341 3,952 3.199 4,444 3,509 2,552 2,522 2,465 2,169 25 Time deposits2 29,506 28,942 35,638 33,026 29,957 28,001 32,032 26,654r 32,786 28,145 26 Other3 47,747 65,332 57,464 67,220 65.201 65,558 68,924 67,549' 64,473 78,701 27 Banks' custodial liabilities5 179,804 197,409 200,614 210,815 211,228 212,777 199,091 185,158 183,613 186,155 28 U.S. Treasury bills and certificates6 134,177 156,177 153,010 158,967 155,667 155,204 144,158 137,933 139,195 143,288 29 Short-term agency securities7 n.a. n.a. n.a. 45,384 49,594 53,295 51,107 43,193 40,301 39,971 30 Other negotiable and readily transferable instruments8 44,953 41,182 47,366 5,337 5,325 4,064 3,325 3.509 3,647 2,686 31 Other 674 50 238 1,127 642 214 501 523 470 210 .32 Banks11 885,336 900,379 976,164 1,046,398 1,011,364 992,003 965,851 989,845' 969,753 956,415 33 Banks' own liabilities 676,057 728,492 788,471 848,029 814,668 812,764 816,718 845,755' 817,132 810,443 .34 Unaffiliated foreign banks 113,189 119,313 138,017 145,631 154,346 152,956 145,398 148,536' 147,369 143,405 35 Demand deposits 14,071 17,583 15,522 14,297 12,600 16,433 13,029 12,143 15,211 12,548 36 Time deposits2 45,904 48,140 66,936 70,896 77,477 73,017 72,656 70,821' 64,354 64,207 37 Other3 53,214 53,590 55,559 60,438 64,269 63,506 59,713 65,572 67,804 66,650 38 Own foreign offices4 562,868 609,179 650,454 702,398 660,322 659,808 671,320 697,219' 669,763 667,038 39 Banks' custodial liabilities5 209,279 171,887 187,693 198,369 196,696 179,239 149,133 144,090' 152,621 145,972 40 U.S. Treasury bills and certificates6 35,359 16,796 16,023 14,484 13,909 7,922 7,233 8,535 8.455 9,093 41 Short-term agency securities7 n.a. n.a. n.a. 7,569 8,007 2,324 2,824 3,772 3,169 2.535 42 Other negotiable and readily transferable instruments8 45,332 45,695 36,036 31,393 29,868 27,364 25,271 27,856' 27,314 26,546 43 Other 128,588 109,396 135,634 144,923 144,912 141,629 113,805 103,927 113,683 107,798 44 Other foreigners 190,558 198,061 228,703 234,996 234,467 223,590 249,982 247,520' 253,034 255.914 45 Banks' own liabilities 117,776 131,072 147,571 161,783 158,934 155,129 162,139 159,659' 166,876 168,766 46 Demand deposits 12,312 21,862 13,850 13,297 18,702 13,928 14,567 14,434 15,175 15,173 47 Time deposits2 70,558 76,189 79,334 77,802 77,131 76,209 80,815 81,995' 80.327 81,942 48 Other' 34,906 33,021 54,387 70,684 63,101 64,992 66,757 63.230' 71,374 71,651 49 Banks' custodial liabilities5 72,782 66,989 81,132 73,213 75,533 68,461 87,843 87,861' 86,158 87,148 50 U.S. Treasury bills and certificates6 13,322 12,023 8,561 8,531 9,453 8,400 9,067 9,351 8,722 8,363 51 Short-term agency securities7 n.a. n.a. n.a. 13,621 16,572 15,698 15,468 15,328 16,477 18,833 52 Other negotiable and readily transferable instruments8 51,017 45,507 62,289 40,711 38,050 32,912 48,824 48.808' 46,954 46,469 53 Other 8,443 9,459 10,282 10,350 11,458 11,451 14,484 14,374 14,005 13.483 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 27,026 30,345 34,217 31,389 30,277 24,518 26,238 25,912 24,884 22,640 55 Repurchase agreements7 n.a. n.a. n.a. 125,225 120,444 129,671 119,577 119,901' 126,508 138.057 1. Reporting banks include all types of depository institutions as well as some brokers and 6. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official dealers. Excludes bonds and notes of maturities longer than one year. institutions of foreign countries. 2. Excludes negotiable time certificates deposit, which are included in "Other negotiable 7. Data available beginning January 2001. and readily transferable instruments." 8. Principally bankers acceptances, commercial paper, and negotiable time certificates of 3. Includes borrowing under repurchase agreements. deposit. 4. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidi- 9. Principally the International Bank for Reconstruction and Development, the Interaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory American Development Bank, and the Asian Development Bank. Excludes "holdings of agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists dollars" of the International Monetary Fund. principally of amounts owed to the head office or parent foreign bank, and to foreign 10. Foreign central banks, foreign central governments, and the Bank for International branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Settlements. 5. Financial claims on residents of the United States, other than long-term securities, held 11. Excludes central banks, which are included in "Official institutions." by or through reporting banks fore foreign customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • November 2001 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1—Continued Payable in U.S. dollars Millions of dollars, end of period 2001 IItteemm 11999988 11999999 22000000 Jan. Feb. Mar. Apr. May June Julyr AREA 56 Total, all foreigners 1,347,837 1,408,740 1,515,077 1,606,592 1,568,239 1,537,728 1,531,265 l,533,916r 1,519,942' 1,518,754 57 Foreign countries 1,335,954 1,393,464 1,502,534 1,595,653 1,556,660 1,525,437 1,518,431 l,519,247r 1,506,123' 1,507,498 58 Europe 427.375 441.810 448,712 477,165 447.619 429.911 431,641 464,809' 458.305' 449,781 59 Austria 3.178 2.789 2,692 2,366 2,094 2.178 2,771 2,593 2.026 2,040 60 Belgium12 42.818 44.692 33.399 7.357 5.709 5,432 5,309 5.895 6,270 7,058 61 Denmark 1.437 2.196 3,000 3.391 4.182 2.919 3,412 2,910 3,063 2,596 62 Finland 1,862 1,658 1.411 1.155 1.667 1,286 1.769 1,144 2,395 1,574 63 France 44.616 49,790 37.833 49,045 45.435 42,758 39.125 40.209 40,077 42,710 64 Germany 21,357 24.753 35,519 30,250 .30.382 30.862 29,591 30,339 32.357 32.333 65 Greece 2.066 3.748 2.011 1,888 1.963 1,496 1.336 1.525 1.653 2,288 66 Italy 7,103 6.775 5.072 4,997 5,071 5.850 5.269 5.530 6,766 5.876 67 Luxembourg12 n.a. n.a. n.a. 27.095 24.234 12,585 14,505 15.046 14,961' 14,568 68 Netherlands 10.793 8.143 7.244 8,504 8,328 7,265 10.337 10,772' 9,621' 11,371 69 Norway 710 1,327 2,305 4.762 6,331 8,361 4,806 2,572 4,583 3,539 70 Portugal 3.236 2.228 2.403 2,571 2,625 1,731 1,949 2.041 2,287 2,662 71 Russia 2.439 5.475 19,018 17,233 19,029 18,625 19.917 21,357 22.839 23.966 72 Spain 15.781 10.426 7,787 8,130 8.241 9.500 7.747 7,883 7.410 6.971 73 Sweden 3.027 4.652 6,497 5,648 5.959 6,738 6.025 5.284 5.507 4,111 74 Switzerland 50.654 63.485 74.635 83,098 64.428 54.028 65,998 93,198 73.106' 65,929 75 Turkey 4.286 7,842 7.548 7.783 5,382 5,635 4.549 7.169 5,485 6,192 76 United Kingdom 181.554 172.687 169.484 143.474 134,444 147,300 138.134 139.683 146.385' 137,382 77 Channel Islands & Isle of Man" n.a. n.a. n.a. 36.376 43.087 36.040 36,013 34,742 34,994 35.018 78 Yugoslavia14 233 286 276 287 292 292 30.3 301 297 395 79 Other Europe and other former U.S.S.R.1:1 30.225 28.858 30.578 31.755 28,736 29,030 32,776 34,616 36,223' 41,202 80 Canada 30,212 34.214 30,987 23.927 23.945 24.278 27.972 25.993 25,984 26.387 81 Latin America 121,327 117.495 120,154 118.829 120.331 114,513 117.448 113,410' 117.448' 118,538 82 Argentina 19.014 18.633 19,487 18.944 18.011 12,878 14.610 12.584 16.417 13,297 83 Brazil 15.815 12.865 10.852 10.527 11.409 10,571 10.851 11.257 12,584 14.361 84 Chile 5.015 7.008 5.892 5,645 5.925 5.175 5,449 5,713 5,503' 5.440 85 Colombia 4.624 5.669 4.542 4.536 4.440 4.344 4,618 4.743' 4,633' 4,395 86 Ecuador 1.572 1.956 2.111 2.144 2.254 2.179 2,164 2,115 1.957 2,121 87 Guatemala 1,336 1.626 1.604 1.579 1.535 1.509 1,557 1,585 1.507 1,519 88 Mexico 37.157 30,717 32.169 33.719 34.948 34,084 .34.271 33.177 33.339 34,686 89 Panama 3,864 4.415 4.241 3.610 3.861 4.014 3.476 3.639 3.510' 3,694 90 Peru 840 1.142 1.427 1.355 1.459 1,788 1,767 1,532 1.613" 1,596 91 Uruguay 2.486 2.386 3,003 2.765 2,844 3,365 3.410 3,332 3,026 2,980 92 Venezuela 19,894 20.192 24.733 26.995 26,525 27.415 27,847 26.875 26,924' 27,559 93 Other Latin America16 9.710 10,886 10.093 7.010 7,120 7.191 7.428 6,858' 6,435' 6,890 94 Caribbean 433.539 461.200 574.980 639.437 626,260 615.346 606.751 601.279' 599.123' 608,494 95 Bahamas 118.085 135.811 189.332 186.179 185,369 174,174 177,530 190.166 187,501' 183,021 96 Bermuda 6,846 7.874 9.641 9,488 8.064 8,401 8,316 7.019 7,815' 8,229 97 British West Indies'' 302.486 312.278 368.769 0 0 n.a. n.a. n.a. n.a. n.a. 98 Cayman Islands17 n.a. n.a. n.a. 422.055 412.349 413.247 402,537 386,569' 385,209' 401,393 99 Cuba 62 75 90 130 84 85 83 84 85 88 100 Jamaica 577 520 815 792 945 1.238 899 1.133 995 1.007 101 Netherlands Antilles 5.010 4.047 5,428 6,558 5.484 4.504 4,515 3,395 3,885 3,201 102 Trinidad and Tobago 473 595 905 797 886 1.048 1,114 1,237 1,272 1,253 103 Other Caribbean16 n.a. n.a. n.a. 13.438 13,079 12.649 1 1,757 11.676' 12,361' 10,302 104 Asia 307.960 319.489 305.533 315.129 316,529 320.174 311,164 291.321R 283.551' 283.112 China 105 Mainland 13.441 12.325 16.533 27.451 31.174 39,928 34.694 23.160 15.395 15,590 106 Taiwan 12.708 13.603 17.352 19.828 18.192 17,891 19,962 18,119 19.862 23,081 107 Hong Kong 20,900 27,701 26.462 27.014 27,662 29,088 26,581 27,348 29,180 26,843 108 India 5.250 7,367 4.530 4.197 4.058 4,547 4.113 4,281 4.043 4,413 109 Indonesia 8,282 6.567 8.514 8.536 9.027 8.605 10.733 10,605 10,571 11,635 1 10 Israel 7.749 7.488 8.053 7,666 7.262 8,803 7.095 8,282 8.696 8,710 111 Japan 168,563 159.075 150.415 148,730 150.801 146.441 144.857 141.248 137.070' 134,246 1 12 Korea (South) 12,524 12.988 7.961 7,155 6.273 6,096 5.370 5,380 6,239' 6,829 113 Philippines 3.324 3.268 2,316 1,769 1.422 1,428 1,645 1,660 1.451 1,626 1 14 Thailand 7.359 6.050 3.117 3.157 3.455 3.252 2,935 3.295 3,310 3,375 115 Middle Eastern oil-exporting countries18 15.609 21.314 23,733 22,425 21.594 21.634 20.515 19,644' 20.521' 19,190 116 Other 32.251 41.743 36,547 37.201 35.609 32,461 32.664 28.299' 27,213' 27.574 1 17 Africa 8.905 9.468 10.824 10.552 10.983 10,564 10,821 10.918 10,507' 12.101 118 Egypt 1.339 2.022 2,621 2,552 2.336 2,282 2.375 2,517 2,227 3,486 1 19 Morocco 97 179 139 157 139 133 139 116 102 118 120 South Africa 1,522 1.495 1,010 843 914 651 791 706 657 802 121 Congo (formerly Zaire) 5 14 4 10 10 8 5 2 14' 5 122 Oil-exporting countries'1' 3,088 2.914 4,052 4.317 4.750 4.593 4.753 4,741 4.644 4,350 123 Other 2.8.54 2.844 2,998 2.673 2,834 2,897 2.758 2,836 2,863' 3,340 124 Other countries 6,636 9.788 11,344 10.614 10,993 10.651 12.634 11,517' 1 1.205' 9,085 125 Australia 5,495 8.377 10,070 8.854 9,519 9.448 1 1.382 10.406 9.839' 8.041 126 New Zealand2" n.a. n.a. n.a. 1.035 328 427 501 437 862' 501 127 All other 1.141 1,411 1,274 725 1.146 776 751 674' 504' 543 128 Nonmonetary international and regional organizations 11.883 15,276 12.543 10.939 11,579 12,291 12.834 14,669 13,819 11,256 129 International21 10.221 12.876 11.270 9,024 10,793 1 1.379 11.335 12,965 12.836 10.241 130 Latin American regional22 594 1.150 740 1,493 223 272 327 886 418 441 131 Other regional2' 1.068 1,250 533 422 534 640 620 518 523 502 12. Before January 2001, data for Belgium-Luxembourg were combined. 18. Comprises Bahrain, Iran, Iraq, Kuwait. Oman. Qatar, Saudi Arabia, and United Arab 13. Before January 2001. these data were included in data reported for the United Emirates (Trucial States). Kingdom. 19. Comprises Algeria, Gabon. Libya, and Nigeria. 14. Since December 1992. has excluded Bosnia. Croatia, and Slovenia. 20. Before January 2001, these data were included in "All other." 15. Includes the Bank for International Settlements and the European Central Bank. Since 21. Principally the International Bank for Reconstruction and Development. Excludes December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia. "holdings of dollars" of the International Monetary Fund. Croatia, and Slovenia. 22. Principally the Inter-American Development Bank. 16. Before January 2001. data for "Other Latin America" and "Other Caribbean" were 23. Asian. African. Middle Eastern, and European regional organizations, except the Bank combined in "Other Latin America and Caribbean." for International Settlements, which is included in "Other Europe." 17. Beginning January 2001. data for the Cayman Islands replaced data for the British West Indies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A55 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 2001 AArreeaa oorr ccoouunnttrryy 11999988 11999999 22000000 Jan. Feb. Mar. Apr. May June' JulyP 1 Total, all foreigners 734,995 793,139 908,242 961,017 912,886 984,855 989,617 996,638r 990,519 974,979 2 Foreign countries 731,378 788,576 903,556 957,790 909,569 982,079 986,862 992,728r 985,821 970,125 3 Europe 233,321 311,686 381,471 422,114 404,511 443,510 442,431 461,023' 452,015 441,780 4 Austria 1,043 2,643 2,926 3,664 2,927 3,101 3,728 3,364 2,870 2,714 Belgium2 7,187 10,193 5,399 4,635 5,300 4,852 4,375 5,627 4,254 9,184 ft Denmark 2,383 1,669 3,272 3,402 3,499 3,242 2,954 2,505 2,268 1,345 7 Finland 1,070 2,020 7,382 6,772 7,102 7,185 8,901 8,800 8,460 8,666 8 France 15,251 29,142 40,035 43,290 44,038 45.555 46,378 42,189' 48,835 56,997 9 Germany 15,923 29,205 36,834 39,744 39,233 45,763 49,061 55,062' 51,241 47,378 10 Greece 575 806 646 526 454 278 265 285 313 369 11 Italy 7,284 8,496 7,629 6,310 6,315 6,976 7,274 6,867' 8,111 5,466 17 Luxembourg2 n.a. n.a. n.a. 2,825 2,659 2,569 2,012 1,876 1,285 914 13 Netherlands 5,697 11,810 17,044 18,865 21,517 22,630 22,699 16,488' 16,993 16,875 14 Norway 827 1,000 5,012 2,971 5,339 8,228 5,296 2,915 6,502 4,379 15 Portugal 669 1,571 1,382 1,109 1,312 1,426 1,535 1,173 1,304 1,050 16 Russia 789 713 517 518 561 1,008 813 715 911 589 17 Spain 5,735 3,796 2,604 3,808 3,959 4,722 3,445 4,275 3,594 3,955 18 Sweden 4,223 3,264 9,226 10,353 10,131 10,286 11,934 10,986 11,049 11,507 19 Switzerland 46,874 79,158 82,085 102,547 97,003 96,489 104,816 137,273 111,492 96,036 20 Turkey 1,982 2,617 3,059 3,301 2,989 2,698 2,770 2,596 2,530 2,499 21 United Kingdom 106,349 115,971 148,292 154,339 139,721 166,667 155,535 149,063' 161,719 161,232 77 Channel Islands & Isle of Man3 n.a. n.a. n.a. 3,067 3,069 3.091 3,151 3,838 3,275 3,417 23 Yugoslavia4 53 50 50 50 49 49 49 59 49 4 24 Other Europe and other former U.S.S.R.5 9,407 7,562 8,077 10,018 7,334 6,695 5,440 5,067' 4,960 7,204 25 Canada 47,037 37,206 39,860 41,654 42,377 43,839 45,091 44,580' 50,150 43,308 2ft Latin America 79,976 74,040 76,614 74,462 74,222 73,798 73,841 73,822' 73,732 73,543 27 Argentina 9,552 10,894 11,546 11,319 11,614 11,243 11,541 11,731' 11,913 12,334 78 Brazil 16,184 16,987 20,567 20,372 20,008 20,275 20,286 20,718 21,531 20,935 29 Chile 8,250 6,607 5,816 6,223 5,961 5,823 5,628 5,443' 5,449 5,357 30 Colombia 6,507 4,524 4,370 3,816 3,941 4,022 3,720 3,740 3,641 3,625 31 Ecuador 1,400 760 635 563 584 534 526 482 523 515 32 Guatemala 1,127 1,135 1,246 1,364 1,176 1,176 1,171 1,226' 1,192 1,140 13 Mexico 21,212 17,899 17,430 17,598 17,918 17,762 18,013 17,960' 17,384 17,475 34 Panama 3,584 3,387 2,935 2,775 2,908 3,008 3,158 2,872' 3,086 3,190 35 Peru 3,275 2,529 2,808 2,689 2,673 2,809 2,771 2,534 2,565 2,515 36 Uruguay 1,126 801 675 641 455 366 367 366' 398 410 37 Venezuela 3,089 3,494 3,520 3,306 3,264 3,239 3,154 3,109' 2,982 2,913 38 Other Latin America6 4,670 5,023 5,066 3,796 3,720 3,541 3,506 3,641' 3,068 3,134 39 Caribbean 262,678 281,128 319,512 320,547 299,190 325,134 333,197 324,710' 322,474 317,144 40 Bahamas 96,455 99,066 114,090 109,284 101,284 105,064 112,424 112,802 105,772 100,133 41 Bermuda 5,011 8,007 9,343 8,673 7,133 8,186 6,838 5,507' 5,802 7,236 42 British West Indies7 153,749 167,189 189,315 0 0 n.a. n.a. n.a. n.a. n.a. 43 Cayman Islands7 n.a. n.a. n.a. 187,790 177,338 199,345 200,045 195,790' 200,073 198,436 44 Cuba 0 0 0 117 0 n.a. 1 n.a. n.a. n.a. 45 Jamaica 239 295 355 357 331 348 336 396 301 326 46 Netherlands Antilles 6,779 5,982 5,801 9,077 7,156 6,921 9,384 5,738 5,749 5,617 47 Trinidad and Tobago 445 589 608 658 663 710 783 804 946 989 48 Other Caribbean6 n.a. n.a. n.a. 4,591 5,285 4,560 3,386 3,673' 3,831 4,407 49 Asia 98,607 75,143 77,887 90,332 81,487 87,626 83,562 81,166' 80,876 86,714 China 50 Mainland 1,261 2,110 1,606 1,562 1,530 1,338 3,171 2,252 4,387 3,785 51 Taiwan 1,041 1,390 2,247 1,037 1,365 1,846 2,253 1,980 2.519 2,906 52 Hong Kong 9,080 5,903 6,669 7,458 8,506 11,068 10,461 9,126 9,248 7,488 53 India 1,440 1,738 2,178 1,886 1,700 1,827 1,675 1,648 1,634 1,576 54 Indonesia 1,942 1,776 1,914 2,075 1,987 2,001 2,033 2,015 1,932 2,011 55 Israel 1,166 1,875 2,729 2,343 3,249 2,339 2,526 2,715' 2,417 4,483 56 Japan 46,713 28,641 35,032 38,901 34,778 39,311 32,969 34,436' 32,332 36,953 57 Korea (South) 8,289 9,426 7,776 18,736 14,147 12,186 13,937 11,639 1 1,224 12,803 58 Philippines 1,465 1,410 1,784 1,217 1,172 1,195 1,835 1,788 1,831 2,333 59 Thailand 1,807 1,515 1,381 1,170 1,244 1,258 1,062 1,380 1,541 1,119 60 Middle Eastern oil-exporting countries8 16,130 14,267 9,346 10,549 8,341 9,120 7,936 9,926 8,621 8,531 61 Other 8,273 5,092 5,225 3,398 3,468 4,137 3,704 2,261 3,190 2,726 62 Africa 3,122 2,268 2,094 2,176 1,899 2,111 2,035 1,904' 2,132 2,038 61 Egypt 257 258 201 170 271 343 308 466 530 391 64 Morocco 372 352 204 182 185 189 185 185 175 173 65 South Africa 643 622 309 492 544 586 444 289 528 608 66 Congo (formerly Zaire) 0 24 0 19 0 n.a. n.a. n.a. n.a. n.a. 67 Oil-exporting countries'® 936 276 471 582 153 217 267 197 142 130 68 Other 914 736 909 731 746 776 831 767' 757 736 69 Other countries 6,637 7,105 6,118 6,505 5,883 6,061 6,705 5,523 4,442 5,598 70 Australia 6,173 6,824 5,869 6,080 5,587 5,769 6,257 5,211 4,116 5,139 71 New Zealand10 n.a. n.a. n.a. 283 165 166 269 136 279 360 72 All other 464 281 249 142 131 126 179 176 47 99 73 Nonmonetary international and regional organizations" . . 3,617 4,563 4,686 3,363 3,317 2,776 2,755 4,535 4,848 4,854 1. Reporting banks include all types of depository institutions as well as some brokers and 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as dealers. combined "Other Latin America and Caribbean." 2. Before January 2001, combined data reported for Belgium-Luxembourg. 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 3. Before January 2001, data included in United Kingdom. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 4. Since December 1992, has excluded Bosnia, Croatia, and Slovenia. Emirates (Trucial States). 5. Includes the Bank for International Settlements and European Central Bank. Since 9. Comprises Algeria, Gabon, Libya, and Nigeria. December 1992, has included all parts of the former U.S.S.R. (except Russia) and Bosnia, 10. Before January 2001, included in "All other." Croatia, and Slovenia. 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • November 2001 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 2001 Jan. Feb. Mar. Apr. May' June' July1' 1 Total 875,891 944,937 l,099,444r l,206,603r 1,185,579 2 Banks' claims 734,995 793,139 908,242 961,017 912,886 984,855 989,617 996,638 990,519 974,979 3 Foreign public borrowers 23,542 35,090 37.907 52,990 54,220 49,123 52.357 49,533 52,193 55,762 4 Own foreign offices2 484,535 529,682 630,137 647,273 610,256 670,909 682,430 709,076 685,943 660,194 5 Unaffiliated foreign banks 106,206 97,186 98.667 101,605 95,647 105,853 95,318 79,947 91.384 94,603 6 Deposits 27,230 34,538 23,886 23,083 22,848 19,948 21,533 19,717 22,106 24,399 7 Other 78,976 62,648 74,781 78,522 72.799 85.905 73,785 60,230 69,278 70,204 8 All other foreigners 120,712 131,181 141,531 159,149 152,763 158,970 159,512 158,082 160,999 164,420 9 Claims of banks' domestic customers3 140.896 151,798 191,202r 221,748r 195,060 10 Deposits 79,363 88,006 100,327 116,370r 97,778 11 Negotiable and readily transferable instruments4 47,914 51,161 78,147 92,013' 81,034 12 Outstanding collections and other claims 13,619 12,631 12,728r 13,365r 16,248 MEMO 13 Customer liability on acceptances 4,520 4,553 4,258 2,993r 3,054 14 Banks' loans under resale agreements5 n.a. n.a. n.a. 122,720 118,705 134,083 126,871 116,938 129,693 131,731 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 39,978 31,125 53,153 59.893 70,964 67,204 60,796 58,137 66,155 57,228 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are principally of amounts due from the head office or parent foreign bank, and from foreign for quarter ending with month indicated. branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Reporting banks include all types of depository institution as well as some brokers and 3. Assets held by reporting banks in the accounts of their domestic customers. dealers. 4. Principally negotiable time certificates of deposit and bankers acceptances, and commer- 2. For U.S. banks, includes amounts due from own foreign branches and foreign subsidi- cial paper. aries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory 5. Data available beginning January 2001. agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists 6. Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. 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 2000 2001 MMaattuurriittyy,, bbyy bboorrrroowweerr aanndd aarreeaa22 11999977 11999988 11999999 Sept.' Dec.' Mar.' Junep 1 Total 276,550 250,418 267,082 262,590 274,089 307,616 301,972 By borrower 2 Maturity of one year or less 205,781 186,526 187,894 174,083 186,183 195,051 191,706 3 Foreign public borrowers 12,081 13,671 22,811 23,646 21,399 23,741 26,656 4 All other foreigners 193.700 172.855 165.083 150,437 164,784 171,310 165,050 5 Maturity of more than one year 70,769 63.892 79.188 88,507 87,906 112,565 110,266 6 Foreign public borrowers 8,499 9,839 12,013 15,818 15,838 24,951 24,978 7 All other foreigners 62,270 54,053 67,175 72,689 72,068 87,614 85,288 By area Maturity of one year or less 8 Europe 58,294 68,679 80,842 69,291 142,465 89,553 80,608 9 Canada 9,917 10,968 7.859 8,219 8,323 7,065 8,639 10 Latin America and Caribbean 97,207 81,766 69,498 65,824 151,861 109,361 110,318 1 1 Asia 33.964 18.007 21,802 23,448 43,429 20,797 24.124 P Africa 2,211 1,835 1,122 1.594 2,263 970 971 1.3 All other3 4,188 5,271 6,771 5,707 11,717 4,394 4,484 Maturity of more than one year 14 Europe 13.240 14.923 22.951 27,432 57,770 38,257 39,942 15 Canada 2.525 3,140 3,192 3,094 3,174 3,249 3,992 16 Latin America and Caribbean 42,049 33,442 39,051 41,158 82,684 50,110 47,027 17 Asia 10,235 10.018 11,257 13,228 19,536 17,180 15,232 18 Africa 1,236 1,232 1,065 902 1.567 763 774 19 All other3 1,484 1,137 1,672 2,693 5,954 3,006 3,299 1. Reporting banks include all types of depository institutions as well as some brokers and 2. Maturity is time remaining until maturity, dealers. 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A57 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices of U.S. Banks1 Billions of dollars, end of period 1999 2000 2001 AArreeaa oorr ccoouunnttrryy 11999977 11999988 June Sept. Dec. Mar. June Sept. Dec. Mar. June'' 1 Total 721.8 1051.6 941.2 941.6 945.5 955.7 991.7 955.5 1030.9 1145.4 1136.2 ? G-10 countries and Switzerland 242.8 217.7 234.7 219.4 243.4 272.7 313.8 280.9 304.1 337.0 335.2 3 Belgium and Luxembourg 11.0 10.7 16.2 15.7 14.3 14.2 13.9 13.0 14.2 15.3 13.0 4 France 15.4 18.4 20.7 20.0 29.0 27.3 32.6 29.1 29.6 30.0 35.9 Germany 28.6 30.9 32.1 37.4 38.7 37.3 31.5 37.7 45.1 45.2 51.6 6 Italy 15.5 11.5 16.4 15.0 18.1 20.0 20.5 18.6 21.3 20.4 23.7 7 Netherlands 6.2 7.8 13.3 11.7 12.3 17.1 16.1 17.6 18.4 18.8 15.3 8 Sweden 3.3 2.3 2.6 3.6 3.0 3.9 3.5 4.3 3.6 4.7 4.7 9 Switzerland 7.2 8.5 8.3 8.8 10.3 10.1 13.8 10.9 13.2 13.9 13.5 in United Kingdom 113.4 85.4 85.5 63.5 79.3 101.9 138.2 112.9 118.9 145.3 127.7 11 Canada 13.7 16.8 17.1 17.9 16.3 17.5 18.3 18.7 16.7 15.4 21.4 12 Japan 28.6 25.4 22.6 25.7 22.1 23.5 25.4 18.1 23.0 28.0 28.3 13 Other industrialized countries 65.5 69.0 79.7 71.7 68.4 62.8 75.2 73.8 74.5 75.7 70.1 14 Austria 1.5 1.4 2.8 3.0 3.5 2.6 2.8 3.5 4.1 3.8 3.6 15 Denmark 2.4 2.2 2.9 2.1 2.6 1.5 1.2 1.8 1.9 3.1 2.7 16 Finland 1.3 1.4 .9 .9 .9 .8 1.2 2.8 1.5 1.4 1.2 17 Greece 5.1 5.9 5.9 6.6 6.0 5.7 6.8 6.4 8.3 4.1 3.6 18 Norway 3.6 3.2 3.0 3.8 .3.3 3.0 4.6 8.5 8.3 10.2 7.9 19 Portugal .9 1.4 1.2 1.2 1.0 1.0 2.0 1.5 2.0 1.9 1.4 20 Spain 12.6 13.7 16.6 15.1 12.1 11.3 12.2 10.5 10.3 12.6 12.4 21 Turkey 4.5 4.8 4.9 4.7 4.8 5.1 5.6 5.6 5.9 5.2 4.5 22 Other Western Europe 8.3 10.4 10.3 9.2 6.8 8.4 8.0 8.4 6.5 7.3 6.9 23 South Africa 9 ? 4.4 4.7 4.0 3.8 4.9 4.6 4.2 3.6 4.1 3.8 24 Australia 23.1 20.3 26.6 21.1 23.5 18.6 26.3 20.5 22 1 21.9 22.1 25 OPEC2 26.0 27.1 26.2 30.1 31.4 28.9 32.3 .31.8 28.9 28.2 27.0 76 Ecuador 1.3 1.3 1.1 .9 .8 .7 .7 .6 .6 .6 .6 27 Venezuela 2.5 3.2 3.2 3.0 2.8 3.0 2.9 2.9 2.5 2.7 2.6 28 Indonesia 6.7 4.7 5.0 4.4 4.2 3.9 4.1 4.4 4.6 4.4 4.1 29 Middle East countries 14.4 17.0 16.5 21.4 23.1 21.1 24.0 22.7 20.3 20.1 19.3 30 African countries 1.2 1.0 .5 .5 .5 •2 .7 1.2 .8 .5 .4 31 Non-OPEC developing countries 139.2 143.4 148.6 144.6 149.4 154.9 158.3 149.6 145.7 144.5 152.5 Latin America 32 Argentina 18.4 23.1 22.8 22.8 23.2 22.4 21.6 21.4 21.4 20.8 19.7 33 Brazil 28.6 24.7 25.2 23.5 27.7 28.1 28.3 28.6 28.8 29.4 30.8 34 Chile 8.7 8.3 8.2 7.7 7.4 8.2 8.1 7.3 7.6 7.3 7.0 35 Colombia 3.4 3.2 3.1 2.7 2.5 2.5 2.4 2.4 2.4 2.4 2.4 36 Mexico 17.4 18.9 18.5 19.4 18.7 18.3 20.4 17.5 15.7 16.7 16.3 37 2.0 2.2 2.1 1.8 1.7 1.9 2.1 2.1 2.0 2.0 2.0 38 Other 4.1 5.4 5.5 5.5 5.9 6.6 6.9 6.4 6.5 8.7 8.2 Asia China 39 Mainland 3.2 3.0 5.3 3.3 3.6 4.6 3.8 3.4 2.9 3.4 6.8 40 Taiwan 9.5 13.3 12.6 12.3 12.0 12.6 12.6 12.8 10.8 11.1 10.6 41 India 4.9 5.5 6.7 7.0 7.7 7.9 8.2 5.8 9.1 6.5 11.8 42 Israel .7 1.1 2.0 1.0 1.8 3.3 1.5 1.1 2.7 2.2 2.0 43 Korea (South) 15.6 13.7 15.3 16.0 15.2 17.3 21.1 20.8 15.0 19.3 18.7 44 Malaysia 5.1 5.6 6.0 6.1 6.1 6.5 6.8 6.9 7.1 6.5 6.7 45 Philippines 5.7 5.1 5.7 5.8 6.2 5.3 5.3 4.7 5.1 5.2 5.4 46 Thailand 5.4 4.7 4.2 4.0 4.1 4.3 4.0 3.9 4.0 4.2 4.2 47 Other Asia 4.3 2.9 2.8 2.9 2.9 2.6 2.5 2.3 2.4 2.2 2.2 Africa 48 Egypt .9 1.3 1.4 1.3 1.4 1.4 1.3 1.1 1.1 1.2 1.2 49 Morocco .6 .5 .5 .5 .4 .3 .3 .4 .3 .3 .3 50 Zaire .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 51 Other Africa1 .8 1.0 1.0 1.0 1.0 .9 .9 .8 .7 .7 .7 52 Eastern Europe 9.1 5.5 5.7 5.4 5.2 6.3 9.4 9.0 10.1 9.5 9.5 53 Russia4 5.1 2.2 2.1 2.0 1.6 1.7 1.5 1.4 1.0 1.5 1.5 54 Other 4.0 3.3 3.7 3.4 3.6 4.7 7.9 7.6 9.1 8.0 8.0 55 Offshore banking centers 155.1 134.4 107.5 122.5 114.5 53.9 55.5 53.4 61.8 57.9 46.2 56 Bahamas 24.2 35.4 10.4 18.2 13.7 14.4 8.8 9.3 13.5 7.0 .0 57 Bermuda 9.8 4.6 5.7 8.2 8.0 7.3 6.3 6.3 9.0 7.9 5.7 58 Cayman Islands and other British West Indies 43.4 12.8 7.2 6.3 1.3 .0 5.1 5.9 14.6 14.3 12.6 59 Netherlands Antilles 14.6 2.6 1.3 9.1 1.7 2.5 2.6 1.9 1.9 2.9 1.7 60 Panama1 3.1 3.9 3.9 3.9 3.9 3.4 3.3 2.5 3.2 3.8 3.4 61 Lebanon .1 .1 .1 .2 .1 .1 .1 .1 .1 .1 .1 62 Hong Kong, China 32.2 23.3 22.0 22.4 21.0 22.2 20.7 20.6 18.7 21.7 22.4 63 Singapore 12.7 11.1 15.2 10.6 10.1 4.1 13.6 12.6 15.2 14.5 12.9 64 Other6 .1 .2 .1 .2 .1 .1 .1 .1 .2 .1 .1 65 Miscellaneous and unallocated7 99.1 495.1 380.2 391.2 387.9 376.1 342.1 351.1 391.2 472.7 478.4 1. The banking offices covered by these data include U.S. offices and foreign branches of 2. Organization of Petroleum Exporting Countries, shown individually; other members of U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered OPEC (Algeria, Gabon. Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include Arab Emirates), and Bahrain and Oman (not formally members of OPEC). large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository 3. Excludes Liberia. Beginning March 1994 includes Namibia. institutions as well as some types of brokers and dealers. To eliminate duplication, the data 4. As of December 1992, excludes other republics of the former Soviet Union. are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign 5. Includes Canal Zone. branch of the same banking institution. 6. Foreign branch claims only. These data are on a gross claims basis and do not necessarily reflect the ultimate country 7. Includes New Zealand, Liberia, and international and regional organizations. risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks are available in the quarterly Country Exposure Lending Survey published by the Federal Financial Institutions Examination Council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • November 2001 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period 1999 2000 2001 TTyyppee ooff lliiaabbiilliittyy,, aanndd aarreeaa oorr ccoouunnttrryy 11999977 11999988 11999999 Dec. Mar. June Sept. Dec. Mar.P 1 Total 57,382 46,570 53,044 53,044 53,489 70,534 76,644 73,904 74,484 2 Payable in dollars 41,543 36,668 37,605 37,605 35,614 47,864 51,451 48,931 46,870 3 Payable in foreign currencies 15,839 9,902 15,415 15,415 17,875 22,670 25,193 24,973 27,614 By type 4 Financial liabilities 26,877 19,255 27,980 27,980 29,180 44,068 49,895 47,419 48,461 5 Payable in dollars 12,630 10,371 13,883 13,883 12,858 22,803 26,159 25,246 23,369 6 Payable in foreign currencies 14,247 8,884 14,097 14,097 16,322 21,265 23,736 22,173 25,092 7 Commercial liabilities 30,505 27.315 25,064 25,064 24,309 26,466 26,749 26,485 26,023 8 Trade payables 10.904 10,978 12,857 12,857 12,401 13,764 13,918 14,293 12,657 y Advance receipts and other liabilities 19,601 16,337 12,207 12,207 11,908 12,702 12,831 12,192 13,366 10 Payable in dollars 28,913 26,297 23,722 23,722 22,756 25,061 25,292 23,685 23,501 n Payable in foreign currencies 1,592 1,018 1,318 1,318 1,553 1,405 1,457 2,800 2,522 By area or country Financial liabilities 12 Europe 18,027 12,589 23,241 23,241 24,050 30,332 36,175 34,172 37,990 13 Belgium and Luxembourg 186 79 31 31 4 163 169 147 112 14 France 1,425 1,097 1,659 1,659 1,849 1,702 1,299 1,480 1,557 15 Germany 1,958 2,063 1,974 1,974 1.880 1,671 2,132 2,168 2,745 lb Netherlands 494 1,406 1,996 1,996 1,970 2,035 2,040 2,016 2,169 17 Switzerland 561 155 147 147 97 137 178 104 116 18 United Kingdom 11,667 5,980 16,521 16,521 16,579 21,463 28,601 26,362 29,241 19 Canada 2,374 693 284 284 313 714 249 411 719 20 Latin America and Caribbean 1,386 1,495 892 892 846 2,874 3,447 4,125 3,651 21 Bahamas 141 7 1 1 1 78 105 6 18 22 Bermuda 229 101 5 5 1 1,016 1,182 1,739 1,837 23 Brazil 143 152 126 126 128 146 132 148 26 24 British West Indies 604 957 492 492 489 463 501 406 410 25 Mexico 26 59 25 25 22 26 35 26 32 26 Venezuela 1 2 0 0 0 0 0 2 1 27 Asia 4,387 3,785 3,437 3,437 3,275 9,453 9,320 7,965 5,389 28 Japan 4,102 3,612 3,142 3,142 2,985 6,024 4,782 6,216 4,779 29 Middle Eastern oil-exporting countries1 27 0 4 4 4 5 7 11 15 30 Africa 60 28 28 28 28 33 48 52 38 31 Oil-exporting countries2 0 0 0 0 0 0 0 0 0 32 All other3 643 665 98 98 668 662 656 694 674 Commercial liabilities 33 Europe 10,228 10,030 9,262 9,262 8,646 9,293 9,411 9,629 8,950 34 Belgium and Luxembourg 666 278 140 140 78 178 201 293 251 35 France 764 920 672 672 539 711 716 979 689 36 Germany 1,274 1,392 1,131 1,131 914 948 1,023 1,047 982 37 Netherlands 439 429 507 507 648 562 424 300 373 38 Switzerland 375 499 626 626 536 565 647 502 656 39 United Kingdom 4,086 3,697 3,071 3,071 2,661 2,982 2,951 2,847 2,619 40 Canada 1,175 1,390 1,775 1,775 2,024 2,053 1,889 1,933 1,627 41 Latin America and Caribbean 2,176 1,618 2,310 2,310 2,286 2,607 2,443 2,381 2,166 42 Bahamas 16 14 22 22 9 10 15 31 5 43 Bermuda 203 198 152 152 287 300 377 281 280 44 Brazil 220 152 145 145 115 119 167 114 239 45 British West Indies 12 10 48 48 23 22 19 76 64 46 Mexico 565 347 887 887 805 1,073 1,079 841 792 47 Venezuela 261 202 305 305 193 239 124 284 243 48 Asia 14,966 12,342 9,886 9,886 9,681 10,965 11,133 10,983 11,558 49 Japan 4,500 3,827 2,609 2,609 2,274 2,200 1,998 2,757 2,432 50 Middle Eastern oil-exporting countries' 3.111 2,852 2,551 2,551 2,308 3,489 3,706 2,832 3,359 51 Africa 874 794 950 950 943 950 1,220 948 1,072 52 Oil-exporting countries2 408 393 499 499 536 575 663 483 566 53 Other3 1,086 1,141 881 881 729 598 653 614 650 1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 2. Comprises Algeria, Gabon, Libya, and Nigeria. Emirates (Trucial States). 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A59 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period 1999 2000 2001 TTyyppee ooff ccllaaiimm,, aanndd aarreeaa oorr ccoouunnttrryy 11999977 11999988 11999999 Dec. Mar. June Sept. Dec. Mar.f 1 Total 68,128 77,462 76,669 76,669 84,266 80,731 94,803 90,157 109,443 2. Payable in dollars 62,173 72,171 69,170 69,170 74,331 72,300 82,872 79,558 96,230 3 Payable in foreign currencies 5,955 5,291 7,472 7,472 9,935 8,431 11,931 10,599 13,213 By type 4 Financial claims 36.959 46,260 40,231 40,231 47,798 44,303 58,303 53,031 74,458 Deposits 22,909 30,199 18,566 18,566 23,316 17,462 30,928 23,374 29,119 6 Payable in dollars 21.060 28,549 16,373 16,373 21,442 15,361 27,974 21,015 26,944 7 Payable in foreign currencies 1,849 1,650 2,193 2,193 1,874 2,101 2,954 2,359 2,175 8 Other financial claims 14,050 16,061 21,665 21,665 24,482 26,841 27,375 29,657 45,339 9 Payable in dollars 11,806 14,049 18,593 18,593 19,659 22,384 20,541 25,142 37,480 10 Payable in foreign currencies 2,244 2,012 3,072 3,072 4,823 4,457 6,834 4,515 7,859 11 Commercial claims 31,169 31.202 36,438 36,438 36,468 36,428 36,500 37.126 34,985 12 Trade receivables 27,536 27,202 32.629 32,629 31,443 31,283 31,530 33,104 30,493 13 Advance payments and other claims 3,633 4,000 3,809 3,809 5,025 5,145 4,970 4.022 4,492 14 Payable in dollars 29,307 29,573 34,204 34,204 33,230 34,555 34,357 33,401 31,806 15 Payable in foreign currencies 1,862 1.629 2,207 2,207 3,238 1,873 2,143 3,725 3.179 By area or country Financial claims 16 Europe 14,999 12,294 13.023 13,023 16,789 18,254 23,706 23,136 31,946 17 Belgium and Luxembourg 406 661 529 529 540 317 304 296 430 18 France 1,015 864 967 967 1,835 1,292 1,477 1,206 3,149 19 Germany 427 304 504 504 669 576 696 848 1,405 20 Netherlands 677 875 1,229 1,229 1,981 1,984 2,486 1,396 2,313 21 Switzerland 434 414 643 643 612 624 626 699 605 22 United Kingdom 10,337 7,766 7,561 7,561 9,044 11,668 16,191 15,900 21,070 23 Canada 3,313 2,503 2,553 2,553 3,175 5,799 7,517 4,576 4,854 24 Latin America and Caribbean 15,543 27,714 18,206 18,206 21,945 14,874 21,691 19,317 28.674 25 Bahamas 2,308 403 1,593 1,593 1,299 655 1,358 1,353 561 26 Bermuda 108 39 11 11 11 34 22 19 1,729 27 Brazil 1,313 835 1,476 1,476 1,646 1,666 1,568 1,827 1,564 28 British West Indies 10,462 24,388 12,099 12,099 15,814 7,751 15,722 12,596 16,366 29 Mexico 537 1,245 1,798 1,798 1,979 2,048 2,280 2,448 2,459 30 Venezuela 36 55 48 48 65 78 101 87 31 31 Asia 2,133 3,027 5,457 5.457 4,430 3,923 4,002 4,697 7,444 32 Japan 823 1,194 3,262 3,262 2,021 1,410 1,726 1,631 4,065 33 Middle Eastern oil-exporting countries' 11 9 23 23 29 42 85 80 70 34 Africa 319 159 286 286 232 320 284 411 423 35 Oil-exporting countries2 15 16 15 15 15 39 3 57 42 36 All other5 652 563 706 706 1,227 1,133 1,103 894 1,117 Commercial claims 37 Europe 12,120 13,246 16,389 16,389 16,118 15,935 16,486 15,938 14,534 38 Belgium and Luxembourg 328 238 316 316 271 425 393 452 395 39 France 1.796 2,171 2,236 2,236 2,520 2,693 2,921 3,095 3,480 40 Germany 1,614 1,822 1,960 1,960 2,034 1,905 2,159 1,982 1,763 41 Netherlands 597 467 1.429 1,429 1,337 1,242 1,310 1,729 757 42 Switzerland 554 483 610 610 611 562 684 763 666 43 United Kingdom 3,660 4,769 5,827 5,827 5,354 4,937 5,193 4,502 4,031 44 Canada 2,660 2,617 2,757 2,757 3.088 3,250 2,953 3.502 3,393 45 Latin America and Caribbean 5,750 6,296 5,959 5,959 5.899 5,792 5,788 5,851 5,306 46 Bahamas 27 24 20 20 15 48 75 37 20 47 Bermuda 244 536 390 390 404 381 387 376 418 48 Brazil 1,162 1,024 905 905 849 894 981 957 1.057 49 British West Indies 109 104 181 181 95 51 55 137 131 50 Mexico 1,392 1,545 1,678 1.678 1,529 1,565 1,612 1,507 1,418 51 Venezuela 576 401 439 439 435 466 379 328 292 52 Asia 8,713 7,192 9,165 9,165 9,101 9,172 8,986 9,630 9,544 53 Japan 1,976 1,681 2,074 2,074 2,082 1,881 2,074 2,796 2,575 54 Middle Eastern oil-exporting countries' 1,107 1,135 1,625 1,625 1,533 1,241 1,199 1,024 966 55 Africa 680 711 631 631 716 766 895 672 773 56 Oil-exporting countries2 119 165 171 171 82 160 392 180 165 57 Other1 1,246 1,140 1,537 1,537 1,546 1,513 1,392 1,572 1,435 1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 2. Comprises Algeria, Gabon, Libya, and Nigeria. Emirates (Trucial States). 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 International Statistics • November 2001 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2001 2001 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 11999999 22000000 Jan.- July Jan. Feb. Mar. Apr. May June JulyP U.S. corporate securities STOCKS 1 Foreign purchases 2,340,659 3.605,196 1.877,476 301.650 259,101 285,528 249,747 276,934 259,619 244,897 2 Foreign sales 2,233,137 3,430,306 1,789,946 277,706 249,423 277,473 243,122 259,604 249,196 233,422 3 Net purchases, or sales (-) 107,522 174,890 87,530 23,944 9,678 8,055 6,625 17,330 10,423 11,475 4 Foreign countries 107,578 174,903 87,366 23,906 9,707 7,929 6,647 17,315 10,402 11,460 5 Europe 98,060 164,656 63,524 12,329 13,713 7,983 3.694 9,805 9,296 6,704 6 France 3,813 5,727 6,674 243 1,869 1,041 105 338 3,043 35 7 Germany 13.410 31,752 6,172 2,380 1,217 174 199 1,025 129 1,048 Netherlands 8,083 4.915 7,048 2,206 1.379 790 1,112 573 334 654 9 Switzerland 5,650 11.960 2,738 70 775 1,237 139 448 297 -228 10 United Kingdom 42,902 58,736 24,317 3,064 5,120 3,280 598 4,501 4,004 3.750 11 Channel Islands & Isle of Man1 n.a. n.a. -450 -13 -32 -110 -144 59 -168 -42 12 Canada -335 5,956 7,692 1,490 468 2,464 1,567 628 127 948 13 Latin America and Caribbean 5,187 -17,812 -1,704 5,445 ^t,927 -3,516 -1,168 3,436 -1,039 65 14 Middle East2 -1,066 9.189 670 -554 264 442 -56 -173 234 513 IS Other Asia 4,445 12,494 18,045 5,565 355 684 2,966 3,532 1,723 3,220 16 Japan 5,723 2,070 6,934 1,002 -672 512 2,048 1,088 1,000 1,956 17 Africa 372 415 -354 -362 52 93 -44 9 -82 -20 18 Other countries 915 5 -507 -7 -218 -221 -312 78 143 30 19 Nonmonetary international and regional organizations -56 -11 164 38 -29 126 -22 15 21 15 BONDS1 20 Foreign purchases 854.692 1,208,386 1,070,976 138,294 147,852 170,098 148,930 169,528r 158,157' 138,117 21 Foreign sales 602,100 871,416 821,492 111,327 108,792 124,000 111,505 129,146 124,724r 111,998 22 Net purchases, or sales (-) 252,592 336,970 249,484 26,967 39,060 46,098 37,425 40,382R 33,433R 26,119 23 Foreign countries 252,994 337,074 249,374 27,065 39,019 45,880 37,399 40,370R 33,414R 26,227 24 Europe 140,674 180,917 136.644 17,397 22,064 26,420 18,169 26,116r 15,298r 11,180 25 France 1,870 2,216 5,435 405 660 1,262 519 817 618 1,154 26 Germany 7,723 4,067 7,781 2,450 1,352 911 1,639 1,500 114 -185 27 Netherlands 2,446 1,130 2,086 664 496 92 -41 509 576 -210 28 Switzerland 4,553 3.973 4,360 321 782 1,564 709 399 294 291 29 United Kingdom 106,344 141,223 105,459 11,251 17,893 20,347 12,477 21,489r 13,133r 8,869 30 Channel Islands & Isle of Man1 n.a. n.a. 959 107 118 101 318 -218 330 203 31 Canada 6,043 13.287 4,421 376 1,031 309 1,158 240 822 485 32 Latin America and Caribbean 58,783 59,444 49,864 4,969 8,009 6,564 7,546 9,167 7,387' 6,222 33 Middle East1 1,979 2,076 1,158 726 443 624 129 -395 -24 -345 34 Other Asia 42,817 78.794 56,972 3,514 7,162 11,683 10,329 5,412 10,057r 8,815 35 Japan 17,541 39,356 16,308 910 914 5,570 344 -480 5,598r 3,452 36 Africa 1,411 938 333 29 46 38 -33 14 160 79 37 Other countries 1,287 1.618 -18 54 264 242 101 -184 -286 -209 38 Nonmonetary international and regional organizations -402 -70 111 -97 41 218 26 12 19 -108 Foreign securities 39 Stocks, net purchases, or sales (-) 15,640 -13,088 -44,258 -3,664 -3,130 -14,940 -4,103 -8,098 -5,292r -5,031 40 Foreign purchases 1.177.303 1,802,185 909,306 148,111 130,974 134,166 120,099 136,046 123,954 115,956 41 Foreign sales 1,161,663 1,815,273 953,564 151,775 134,104 149,106 124,202 144,144 129,246r 120,987 42 Bonds, net purchases, or sales (-) -5,676 -4,054 13,527 -1,448 1,994 -1,450 5,487 2,267 1,048 5,629 43 Foreign purchases 798,267 958,932 731,049 120,622 104,237 117,444 93,828 101,383 101,950 91,585 44 Foreign sales 803,943 962.986 717,522 122,070 102,243 118,894 88,341 99,116 100,902 85,956 45 Net purchases, or sales (-), of stocks and bonds 9,964 -17,142 -30,731 -5,112 -1,136 -16,390 1,384 -5,831 -4,244R 598 46 Foreign countries 9,679 -17,278 -30,273 -4,822 -1,175 -16,085 1,396 -5,976 -4,241R 630 47 Europe 59,247 -25.386 -17,556 -5,421 -1,737 -13,650 3,637 ^t,803 3,392 1,026 48 Canada -999 -3,888 3.427 766 1,588 844 -1,406 931 405 299 49 Latin America and Caribbean -4.726 -15,688 -1,171 775 808 17 1,288 3,047 -6,662r -444 50 Asia -42,961 24,488 -12,339 -1,184 -1,439 -3,384 -1,537 ^t,379 ^485 69 5! Japan -43,637 20.970 -12,965 57 -2,206 -4,026 -3,194 -3,670 -44 118 52 Africa 710 943 -255 -70 -15 24 96 -132 -47 -111 53 Other countries -1,592 2,253 -2,379 312 -380 64 -682 -640 -844 -209 54 Nonmonetary international and regional organizations 285 150 -457 -289 39 -305 -12 145 -3 -32 1. Before January 2001, data included in United Kingdom. 3. Includes state and local government securities and securities of U.S. government 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman. Qatar, agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. Saudi Arabia, and United Arab Emirates (Trucial States). corporations organized to finance direct investments abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Holdings and Transactions A61 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions1 Millions of dollars; net purchases, or sales (-) during period 2001 2001 Area or country 1999 2000 JJaann..-- Jan. Feb. Mar. Apr. May June JulyP JJuullyy 1 Total estimated -9,953 -54,032 -22,652 -9,064 7,011 4,975 -13,711 3,076 -3,445R -11,494 2 Foreign countries -10,518 -53,571 -22,173 -8,531 6,972 4,977 -13,517 2,831 -3,237' -11,668 3 Europe -38,228 -50,704 -16,816 -5,000 -337 5,363 -5,599 ^198 -2,522' -8,223 4 Belgium2 -81 73 -861 164r -529r -152 240 -216 -25 -343 5 Germany 2,285 -7,304 -2,359 -873 -3,180 1,236 1,769 1,176 -1,517 -970 6 Luxembourg2 n.a. n.a. 628 411 9 -401 204 92 145 168 7 Netherlands 2,122 2,140 -3,527 -793 2,808 -3,704 -2,488 -1,730 1,117 1,263 8 Sweden 1,699 1,082 -2,782 218 -1,039 -993 195 -386 -663 -114 9 Switzerland -1,761 -10,326 267 755 161 -120 116 -912 -3 270 10 United Kingdom -20,232 -33,669 -6,560 -2,695 937 9,838 -4,736 1,120 -3,180' -7,844 11 Channel Islands & Isle of Man1 n.a. n.a. -26 -98 -68 222 -31 -9 22 -64 12 Other Europe and former U.S.S.R -22,260 -2,700 -1,596 -2,089 564 -563 -868 367 1,582 -589 13 Canada 7,348 -550 -2,289 -2,067 -554 -169 1,248 745 161 -1,653 14 Latin America and Caribbean -7,523 -4,914 -2,020 2,407 3,620 827 -7,095 140 -3,812 1,893 15 Venezuela 362 1,288 402 227 292 -142 -148 51 -126 248 16 Other Latin America and Caribbean 1,661 -11,581 7,483 3,261 4,279 3,009 -3,228 1,587 -545 -880 17 Netherlands Antilles -9,546 5,379 -9,905 -1,081 -951 -2,040 -3,719 -1,498 -3,141 2,525 18 Asia 29,359 1,639 -995 -4,641 4,387 -41 -2,928 2,704 3,464 -3,940 19 Japan 20,102 10,580 -2,508 —4,261 1,468 -1,426 3,099 4,658 -3,920 -2,126 20 Africa -3,021 -414 -171 -91 36 -60 27 -6 -12 -65 21 Other 1,547 1,372 118 861 -180 -943 830 -254 -516 320 22 Nonmonetary international and regional organizations 565 -461 -A19 -533 39 -2 -194 245 -208 174 23 International 190 -483 -442 -275 -194 -11 -213 393 -52 -90 24 Latin American Caribbean regional • . 666 76 25 1 -4 10 25 -4 -2 -1 MEMO 25 Foreign countries -10,518 -53,571 -22,173 -8,531 6,972 4,977 -13,517 2,831 -3,237' -11,668 26 Official institutions -9,861 -6,302 -8,969 2,226 667 249 -9,040 913 -3,243 -741 27 Other foreign -657 -47,269 -13,204 -10,757 6,305 4,728 -4,477 1,918 6' -10,927 Oil-exporting countries 28 Middle East1 2,207 3,483 -2,912 -176 -719 -1,240 -383 -120 316 -590 29 Africa5 0 0 2 -6 0 2 0 1 3 2 1. Official and private transactions in marketable U.S. Treasury securities having an 3. Before January 2001, these data were included in the data reported for the United original maturity of more than one year. Data are based on monthly transactions reports. Kingdom. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab countries. Emirates (Trucial States). 2. Before January 2001, combined data reported for Belgium and Luxembourg. 5. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • November 2001 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2001 Apr. May June July Aug. Sept. Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 62.91 64.54 58.15 50.16 51.99 51.80 50.89 52.46 50.36 2 Austria/schilling 12.379 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3 Belgium/franc 36.31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4 Brazil/real 1.1605 1.8207 1.8301 2.1934 2.2926 2.3788 2.4731 2.5122 2.6767 5 Canada/dollar 1.4836 1.4858 1.4855 1.5578 1.5411 1.5245 1.5308 1.5399 1.5679 6 China, PR./yuan 8.3008 8.2783 8.2784 8.2771 8.2770 8.2770 8.2769 8.2770 8.2768 7 Denmark/krone 6.7030 6.9900 8.0953 8.3657 8.5256 8.7397 8.6442 8.2632 8.1654 8 European Monetary Union/euro3 n.a. 1.0653 0.9232 0.8925 0.8753 0.8530 0.8615 0.9014 0.9114 9 Finland/markka 5.3473 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 France/franc 5.8995 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11 Germany/deutsche mark 1.7597 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12 Greece/drachma 295.70 306.30 365.92 n.a. n.a. n.a. n.a. n.a. 371.43 13 Hong Kong/dollar 7.7467 7.7594 7.7924 7.7993 7.7999 7.7997 7.7999 7.7997 7.7997 14 India/rupee 41.36 43.13 45.00 46.79 46.95 47.04 47.18 47.17 47.75 15 Ireland/pound2 142.48 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 16 Italy/lira 1,736.85 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 17 Japan/yen 130.99 113.73 107.80 123.77 121.77 122.35 124.50 121.37 118.61 18 Malaysia/ringgit 3.9254 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 19 Mexico/peso 9.152 9.553 9.459 9.328 9.148 9.088 9.168 9.133 9.425 20 Netherlands/guilder 1.9837 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 New Zealand/dollar2 53.61 52.94 45.68 40.69 42.18 41.41 40.81 43.14 41.73 22 Norway/krone 7.5521 7.8071 8.8131 9.0920 9.1380 9.3014 9.2566 8.9427 8.7691 23 Portugal/escudo 180.25 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24 Singapore/dollar 1.6722 1.6951 1.7250 1.8118 1.8141 1.8170 1.8233 1.7613 1.7494 25 South Africa/rand 5.5417 6.1191 6.9468 8.0783 7.9789 8.0595 8.2094 8.3115 8.6756 26 South Korea/won 1,400.40 1,189.84 1,130.90 1,327.76 1,298.90 1,295.05 1,305.24 1,285.65 1,293.83 27 Spain/peseta 149.41 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 28 Sri Lanka/rupee 65.006 70.868 76.964 88.205 90.848 90.371 90.314 89.994 90.157 29 Sweden/krona 7.9522 8.2740 9.1735 10.2035 10.3513 10.7930 10.7603 10.3329 10.6353 30 Switzerland/franc 1.4506 1.5045 1.6904 1.7131 1.7528 1.7856 1.7570 1.6808 1.6338 31 Taiwan/dollar 33.547 32.322 31.260 32.941 33.203 34.328 34.821 34.639 34.575 .32 Thailand/baht 41.262 37.887 40.210 45.494 45.525 45.263 45.641 44.907 44.331 33 United Kingdom/pound2 165.73 161.72 151.56 143.48 142.65 140.20 141.48 143.72 146.38 34 Venezuela/bolivar 548.39 606.82 680.52 710.39 714.86 717.27 722.72 731.97 743.46 Indexes4 NOMINAL 35 Broad (January 1997-100)5 116.48 116.87 119.93 126.97 126.77 127.58 128.07 125.97 126.28 36 Major currencies (March 1973-100)6 95.79 94.07 98.34 105.09 105.03 105.91 106.07 103.77 103.32 37 Other important trading partners (January 1997-100)7 126.03 129.94 130.26 136.30 135.92 136.43 137.37 136.03 137.53 REAL 38 Broad (March 1973-100)5 99.18' 98.51' 102.17' 108.72' 108.71' 109.59' 109.80' 107.80' 108.27 39 Major currencies (March 1973-100)6 97.21' 96.64' 102.83' 111.05' 110.89' 112.04' 112.14' 109.53' 109.59 40 Other important trading partners (March 1973—100)7 108.09' 107.22' 107.67' 112.44' 112.61' 113.22' 113.58' 112.26' 113.30 1. Averages of certified noon buying rates in New York for cable transfers. Data in this 4. Starting with the February 2001 Bulletin, revised index values resulting from the annual table also appear in the Baord's G.5 (405) monthly statistical release. For ordering address, revision of data that underlie the calculated trade weights are reported. For more information see inside front cover. on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 2. U.S. cents per currency unit. 84 (October 1998), pp. 811-818. 3. The euro is reported in place of the individual euro area currencies. By convention, the 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the of a broad group of U.S. trading partners. The weight for each currency is computed as an euro rate by using the fixed conversion rates (in currencies per euro) as shown below: average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. Euro equals 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of 13.7603 Austrian schillings 1936.27 Italian lire broad index currencies that circulate widely outside the country of issue. The weight for each 40.3399 Belgian francs 40.3399 Luxembourg francs currency is its broad index weight scaled so that the weights of the subset of currencies in the 5.94573 Finnish markkas 2.20371 Netherlands guilders index sum to one. 6.55957 French francs 200.482 Portuguese escudos 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of 1.95583 German marks 166.386 Spanish pesetas broad index currencies that do not circulate widely outside the country of issue. The weight .787564 Irish pounds 340.750 Greek drachmas for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A63 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 June 2001 A72 SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin Reference Title and Date Issue Page Assets and liabilities of commercial banks September 30, 2000 February 2001 A64 December 31, 2000 May 2001 A64 March 31,2001 August 2001 A64 June 30, 2001 November 2001 A64 Terms of lending at commercial banks November 2000 February 2001 A66 February 2001 May 2001 A66 May 2001 August 2001 A66 August 2001 November 2001 A66 Assets and liabilities of U.S. branches and agencies of foreign banks June 30, 2000 November 2000 A72 September 30, 2000 February 2001 A72 December 31, 2000 May 2001 A72 March 31, 2001 August 2001 A72 Pro forma balance sheet and income statements for priced service operations September 30, 2000 February 2001 A76 March 31, 2001 August 2001 A76 June 30, 2001 October 2001 A64 Residential lending reported under the Home Mortgage Disclosure Act 1999 September 2000 A64 2000 September 2001 A64 Disposition of applications for private mortgage insurance 1999 September 2000 A73 2000 September 2001 A73 Small loans to businesses and farms 1999 September 2000 A76 2000 September 2001 A76 Community development lending reported under the Community Reinvestment Act 1999 ....." September 2000 A79 2000 September 2001 A79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 Special Tables • November 2001 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, June 30, 2001 Millions of dollars except as noted Banks with Banks with foreign offices' domestic IItteemm TToottaall Do t m ot e a s l tic offices only2 Total Domestic Total 1 Total assets 6,272,642 5,514,993 4,254,061 3,496,412 2,018,581 2 Cash and balances due from depository institutions 382,544 256,908 287,424 161,788 95,120 3 Cash items in process of collection, unposted debits, and currency and coin n.a. n.a. 122,069 119,801 n.a. 4 Cash items in process of collection and unposted debits n.a. n.a. n.a. 97,746 n.a. 5 Currency and coin n.a. n.a. n.a. 22,055 n.a. 6 Balances due from depository institutions in the United States n.a. n.a. 36,188 25,863 n.a. 7 Balances due from banks in foreign countries and foreign central banks n.a. n.a. 118,198 5,253 n.a. 8 Balances due from Federal Reserve Banks n.a. n.a. 10,969 10,870 n.a. 9 Total securities, held-to maturity (amortized cost) and available-for-sale (fair value) 1,036,802 n.a. 576,570 n.a. 460,233 10 U.S. Treasury securities 54,183 n.a. 32,519 n.a. 21,664 11 U.S. government agency and corporation obligations (excludes mortgage-backed securities) 178,898 n.a. 63,881 n.a. 115,017 12 Issued by U.S. government agencies 4,507 n.a. 1,841 n.a. 2,666 13 Issued by U.S. government-sponsored agencies 174,391 n.a. 62,039 n.a. 112,351 14 Securities issued by states and political subdivisions in the United States 93,526 n.a. 32,030 n.a. 61,496 15 Mortgage backed securities (MBS) 509,990 n.a. 329,209 n.a. 180,781 16 Pass-through securities 326,312 n.a. 233,112 n.a. 93,200 17 Guaranteed by GNMA 88,795 n.a. 56,190 n.a. 32,606 18 Issued by FNMA and FHLMC 230,338 n.a. 171,832 n.a. 58,506 19 Other pass-through securities 7,179 n.a. 5,090 n.a. 2,088 20 Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS) 183,678 n.a. 96,097 n.a. 87,581 21 Issued or guaranteed by FNMA, FHLMC or GNMA 115,889 n.a. 66,536 n.a. 49,353 22 Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA 6,215 n.a. 4,464 n.a. 1,751 23 All other mortgage-backed securities 61,574 n.a. 25,097 n.a. 36,477 24 Asset backed securities 78,308 n.a. 29,579 n.a. 48,729 ?5 Credit card receivables 30,583 n.a. 6,551 n.a. 24,032 26 Home equity lines 18,285 n.a. 14,912 n.a. 3,373 27 Automobile loans 14,482 n.a. 2,429 n.a. 12,053 28 Other consumer loans 1,062 n.a. 546 n.a. 517 79 Commercial and industrial loans 4,928 n.a. 2,688 n.a. 2,240 30 Other 8,966 n.a. 2,453 n.a. 6,513 31 Other debt securities 104,270 n.a. 78,307 n.a. 25,963 3? Other domestic debt securities 35,831 n.a. 14,627 n.a. 21,205 33 Foreign debt securities 68,438 n.a. 63,680 n.a. 4,758 34 Investments in mutual funds and other equity securities with readily determinable fair value 17,628 n.a. 11,045 n.a. 6,582 35 Federal funds sold and securities purchased under agreements to resell 318,818 251,578 240,198 172,957 78,620 36 Total loans and leases (gross) and lease-financing receivables (net) 3,802,973 3,519,894 2,513,223 2,230,145 1,289,750 37 LESS: Unearned income on loans 2,683 2,090 1,403 810 1,280 38 LESS: Loans and leases held for sale 138,989 n.a. 107,729 n.a. 31,260 39 Total loans and leases (net of unearned income) 3,661,303 n.a. 2,404,092 n.a. 1,257,211 40 LESS: Allowance for loan and lease losses 64,589 n.a. 43,338 n.a. 21,250 41 Loans and leases, net of unearned income and allowance 3,596,714 n.a. 2,360,754 n.a. 1,235,960 Total loans and leases, gross, by category 4? Loans secured by real estate 1,720,173 1.688,656 992,747 961,230 727,426 43 Construction and land development n.a. 182,761 n.a. 94,798 87,963 44 n.a. 35,158 n.a. 7,125 28,033 45 One- to four-family residential properties n.a. 935,481 n.a. 597,869 337,613 46 Revolving, open-end loans, extended under lines of credit n.a. 134,996 n.a. 93,985 41,010 Closed-end loans secured by one- to four-family residential properties 47 Secured by first liens n.a. 690,048 n.a. 435,058 225544,,999900 48 Secured by junior liens n.a. 110,438 n.a. 68,825 41,613 49 Multifamily (five or more) residential properties n.a. 60,398 n.a. 32,408 27,989 50 Nonfarm nonresidential properties n.a. 474,858 n.a. 229,030 245,828 51 Loans to depository institutions and acceptances of other banks 114,556 99,267 101,298 8866,,000088 13,258 5? Commercial banks in the United States n.a. n.a. 69,175 6688,,333399 n.a. 53 Other depository institutions in the United States n.a. n.a. 8,910 8,895 n.a. 54 Banks in foreign countries n.a. n.a. 23,213 8,774 n.a. 55 Loans to finance agricultural production and other loans to farmers 48,608 47,758 12,547 11,697 36,061 56 Commercial and industrial loans 1,017,577 858,620 784,432 625,475 233,145 57 U.S. addressees (domicile) n.a. n.a. 634,335 615,570 n.a. 58 Non-U.S. addressees (domicile) n.a. n.a. 150,097 9,905 n.a. 59 Loans to individuals for household, family, and other personal expenditures (includes 583,715 540,183 340,524 296,992 243,191 60 205,464 189,388 114,927 98,851 90,537 61 Other revolving credit plans 25,932 23,601 20,911 18,580 5,021 62 Other consumer loans (including single-payment, installment, and all student loans) 352,319 327,194 204,686 179,562 147,633 63 Obligations (other than securities) of states and political subdivisions in the United States (includes nonrated industrial development obligations) 22,634 22,559 1155,,006644 1144,,998899 77,,557700 64 130,218 103,933 119,686 93,401 10,532 65 Loans to foreign governments and official institutions 5,745 1,988 5,720 1,963 25 66 124,473 101,945 113,966 91,438 10,507 67 Loans for purchasing and carrying securities n.a. n.a. n.a. 18,849 n.a. 68 All other loans (excludes consumer loans) n.a. n.a. n.a. 72,589 n.a. 69 165,491 158,919 146,925 140,353 18,566 70 313,546 n.a. 311,933 n.a. 1,613 71 Premises and fixed assets (including capitalized leases) 75,690 n.a. 45,714 n.a. 29,976 7? 3,426 n.a. 1,746 n.a. 1,680 73 Investments in unconsolidated subsidiaries and associated companies 9,315 n.a. 8,180 n.a. 1,135 74 Customers' liability on acceptances outstanding 7,552 n.a. 7,334 n.a. 218 75 Net due form own foreign offices, Edge Act and agreement subsidiaries, and IBFs n.a. n.a. n.a. 27,494 n.a. 76 104,784 n.a. 88,244 n.a. 16,539 77 62,262 n.a. 51,340 n.a. 10,921 78 Other intangible assets 42,522 n.a. 36,904 n.a. 5,618 79 All other assets 284,463 n.a. 218,237 n.a. 66,226 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A65 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, June 30, 2001 Millions of dollars except as noted Banks with Banks with foreign offices' domestic IItteemm TToottaall DDoo tt mm oott ee aa ss ll ttiicc offices only2 Total Domestic Total 80 Total liabilities, minority interest, and equity capital 6,272,642 n.a. 4,254,061 n.a. 2,018,581 81 Total liabilities 5,718,996 4,961,347 3,892,673 3,135,024 1,826,323 8? Total deposits 4,208,144 3,528,686 2,715,028 2,035,570 1,493,116 83 Individuals, partnerships, and corporations (include all certified and official checks) 3,787,533 3,302,383 2,404,750 1,919,600 1,382,783 84 U.S. government n.a. 11,095 n.a. 10,133 962 85 States and political subdivisions in the United States n.a. 155,650 n.a. 65,440 90,210 86 Commercial banks and other depository institutions in the United States 136,299 47,905 118,103 29,709 18,196 87 Banks in foreign countries 88,964 10,144 88,203 9,384 761 88 Foreign governments and official institutions (including foreign central banks) 27,921 1,508 27,716 1,303 220055 89 Total transaction accounts n.a. 648,755 n.a. 357,985 290.770 90 Individuals, partnerships, and corporations (include all certified and official checks) n.a. 560,928 n.a. 306.998 253,930 91 U.S. government n.a. 1,223 n.a. 761 462 92 States and political subidivisions in the United States n.a. 47,449 n.a. 21,324 26,125 93 Commercial banks and other depository institutions in the United States n.a. 32,124 n.a. 22,188 9,936 94 Banks in foreign countries n.a. 6,538 n.a. 6,247 291 95 Foreign governments and official institutions (including foreign central banks) n.a. 494 n.a. 468 26 96 Total demand deposits n.a. 499,343 n.a. 313,094 186,248 97 Total nontransaction accounts n.a. 2,879,930 n.a. 1,677,585 1,202,346 98 Individuals, partnerships, and corporations (include all certified and official checks) n.a. 2,741,454 n.a. 1,612,602 1,128,853 99 U.S. government n.a. 9,873 n.a. 9,372 500 100 States and political subdivisions in the United States n.a. 108,201 n.a. 44,117 64,084 101 Commercial banks and other depository institutions in the United States n.a. 15,782 n.a. 7,521 8,261 102 Banks in foreign countries n.a. 3,606 n.a. 3,137 469 103 Foreign governments and official institutions (including foreign central banks) n.a. 1,015 n.a. 836 179 104 Federal funds purchased and securities sold under agreements to repurchase 501,403 451,070 400,568 350,235 100,835 105 Trading liabilities 196,819 n.a. 196,304 n.a. 515 106 Other borrowed money (includes mortgage indebtedness and obligations under capitalized 532,286 491,926 345,992 305.632 186,294 107 Banks' liability on acceptances executed and outstanding 7,561 5,422 7,342 5,203 219 108 Subordinated notes and debentures to deposits 88,951 n.a. 80,931 n.a. 8,020 109 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs n.a. n.a. n.a. 154,287 n.a. 110 All other liabilities 183,832 n.a. 146,508 n.a. 37,324 111 Minority interest in consolidated subsidiaries 7,514 n.a. 6,822 n.a. 691 112 Total equity capital 546,132 n.a. 354,566 n.a. 191,566 MEMO 113 Trading assets at large banks2 313,435 165,624 311,903 164,092 1.532 114 U.S. Treasury securities (domestic offices) n.a. 15.676 n.a. 15,648 29 115 U.S. government agency obligations (excluding MBS) n.a. 7,691 n.a. 7,210 481 116 Securities issued by states and political subdivisions in the United States n.a. 1,508 n.a. 1,292 216 117 Mortgage-backed securities n.a. 9,368 n.a. 9,048 321 118 Other debt securities n.a. 33,105 n.a. 33,071 33 119 Other trading assets n.a. 16,897 n.a. 16,792 105 120 Trading assets in foreign offices 86,583 0 86,583 0 0 121 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 142,605 81,378 142,258 81,031 347 122 Total individual retirement (IRA) and Keogh plan accounts n.a. 161,368 n.a. 78.340 83,028 123 Total brokered deposits n.a. 221,632 n.a. 105,681 115,951 124 Fully insured brokered deposits n.a. 159,993 n.a. 65.988 94.005 125 Issued in denominations of less than $100,000 n.a. 75,538 n.a. 22,075 53,463 126 Issued in denominations of $100,000, or in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less n.a. 84,454 n.a. 43.913 40,541 127 Money market deposit accounts (MMDAs) n.a. 1,081,492 n.a. 712,708 368.784 128 Other savings deposits (excluding MMDAs) n.a. 460,530 n.a. 288,348 172,182 129 Total time deposits of less than $100,000 n.a. 770,871 n.a. 353,222 417.649 130 Total time deposits of $100,000 or more n.a. 567,038 n.a. 323,307 243.731 131 Number of banks 8,151 8,151 144 n.a. 8,007 NOTE. The notation "n.a." indicates the lesser detail available from banks that don't have Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated foreign offices, the inapplicability of certain items to banks that have only domestic offices, or insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement the absence of detail on a fully consolidated basis for banks that have foreign offices. corporations wherever located; and international banking facility (IBF). 1. All transactions between domestic and foreign offices of a bank are reported in "net due 2. Components of "Trading Assets at Large Banks" are reported only by banks that from" and "net due to" lines. All other lines represent transactions with parties other than the reported trading assets of $2 million or more any quarter of the preceding calendar year. domestic and foreign offices of each bank. Because these intra-office transactions are nullified by consolidation, total assets and total liabilities for the entire bank may not equal the sum of assets and liabilities respectively of the domestic and foreign offices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 Special Tables • November 2001 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 2001—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreignb anks' Weighted- Weighted- Amount of loans (percent) AAmmoouunntt ooff IItteemm loans size maturity3 loan rate (millions (thousands of Secured by SSuubbjjeecctt ttoo Made under (percent)2 Days collateral penalty commitment LOAN RISK5 1 All commercial and industrial loans 5.61 103,101 692 399 36.1 10.0 36.4 73.7 2 Minimal risk 4.50 3,747 531 138 17.1 14.0 31.6 50.5 3 Low risk 4.81 25,632 1,689 400 21.2 10.9 46.4 85.7 4 Moderate risk 5.57 29,296 540 578 40.8 8.3 37.0 83.5 5 Other 6.16 22,335 474 336 44.9 6.0 38.3 80.4 By maturity/repricing interval6 6 Zero interval 6.01 24,536 449 434 55.0 6.9 22.5 59.9 7 Minimal risk 5.99 323 174 321 52.5 6.6 16.9 94.2 Low risk 4.96 3,279 647 503 34.9 4.6 73.7 95.5 Y Moderate risk 6.09 7,006 332 663 44.4 14.2 38.0 94.4 10 Other 7.39 3,139 149 553 74.5 16.3 12.4 91.5 n Daily 5.15 28,828 710 243 28.1 6.8 40.1 65.3 12 Minimal risk 4.02 1,557 1,651 32 3.0 5.3 34.4 40.6 13 Low risk 4.50 6,423 3.823 259 13.4 10.3 47.7 69.2 14 Moderate risk 5.13 9,597 726 322 29.8 4.4 37.4 75.2 15 Other 5.87 6,629 533 178 50.5 5.3 28.9 66.8 16 2 to 30 days 5.84 21,778 1,279 391 27.5 19.8 35.8 90.5 17 Minimal risk 4.34 915 1,526 71 8.3 11.2 35.1 59.7 18 Low risk 5.16 7,064 2,389 458 18.6 13.3 37.6 96.4 19 Moderate risk 5.48 5,210 907 473 43.0 10.7 38.6 87.4 20 Other 5.91 4,031 598 417 46.1 6.2 29.6 88.1 21 31 to 365 days 5.42 24,189 1,010 404 26.9 3.3 51.6 87.1 22 Minimal risk 4.83 915 299 229 34.4 33.4 28.7 43.3 23 Low risk 4.73 7,921 1,921 403 15.7 3.0 47.1 94.1 24 Moderate risk 5.31 5,514 654 612 40.6 2.0 45.9 93.9 25 Other 5.94 8,053 2,260 264 25.5 1.1 61.8 83.6 Months 26 More than 365 days 7.02 2,461 236 60 79.9 10.3 7.0 48.1 27 Minimal risk 7.47 29 53 103 92.7 18.5 36.0 25.1 28 Low risk 6.64 153 120 48 69.9 5.3 22.5 57.2 28 Moderate risk 6.86 1,778 383 59 80.7 9.8 2.4 40.9 30 Other 7.89 383 159 72 86.5 14.9 20.3 75.6 Weighted- Weighted- average average risk maturity/ rating'' repricing interval Days SIZE OF LOAN (thousands of dollars) 31 1-99 7.73 2,566 3.3 151 84.7 26.2 3.6 81.6 .32 100-999 6.89 9,816 3.3 109 72.8 17.3 10.5 83.3 33 1,000-9,999 5.62 31,731 3.1 47 37.9 7.2 36.5 72.4 34 10.000 or more 5.30 58,988 2.8 50 26.9 9.6 42.1 72.5 BASE RATE OF LOAN4 35 Prime7 7.50 22,260 3.2 108 60.1 29.2 3.2 75.4 36 Fed funds 4.55 18,553 2.9 18 31.1 5.9 29.1 46.7 37 Other domestic 4.76 11,791 2.7 10 14.1 12.8 80.5 64.8 38 Foreign 5.33 35,768 2.9 39 27.3 1.5 52.0 88.8 39 Other 5.42 14,729 3.1 112 45.2 4.5 22.5 75.6 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A67 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 2001—Continued B. Commercial and industrial loans made by all domestic banks' W ( e l p a o f e v e f a i r e e n g c r c h e a t r t n i g a e v t e t d ) e e 2 - A o ( f m m l d o o il o a u l l i n n l o s a t n r s o s ) f ( A th v o d e u r o s a s l i g l a z a e n e r d s l s ) o a o n f W m a e v a i t e g u r h r a i t g t e e y d 1 - S c e o c l u la re te d r a b l y Amount of loans p S r ( e u p p p b e e a n j r e y a c c m l e t t y n e t t o n ) t c M om ad m e i u tm nd e e n r t Days LOAN RISK5 1 All commercial and industrial loans 5.68 65,900 464 578 43.2 10.0 29.5 79.8 2 Minimal risk 4.99 1,894 273 266 33.8 27.8 28.1 63.6 3 Low risk 4.79 19,269 1,341 470 27.8 11.1 45.1 91.5 4 Moderate risk 5.73 22,155 424 747 47.1 9.5 33.6 86.6 5 Other 6.64 11,666 263 602 64.1 10.5 23.5 91.4 By maturity/repricing interval6 6 Zero interval 6.18 20,479 385 510 47.8 8.3 26.9 63.0 7 Minimal risk 5.91 308 166 321 55.1 7.0 17.7 93.9 8 Low risk 4.95 3,257 647 503 35.1 4.6 74.2 95.5 9 Moderate risk 6.04 6,711 323 664 45.1 14.8 39.5 94.1 10 Other 7.36 2,999 146 548 76.2 16.9 13.0 91.3 11 Daily 5.63 14,907 380 487 46.7 13.2 35.2 88.7 12 Minimal risk 5.57 107 120 459 43.5 78.0 4.3 93.9 13 Low risk 4.73 3,239 2,130 531 26.6 20.4 60.8 95.1 14 Moderate risk 5.47 5,985 524 47.8 7.1 42.4 85.2 15 Other 6.48 3,380 362 65.2 10.5 21.0 84.0 16 2 to 30 days 5.19 13,691 514 34.2 6.2 33.6 92.6 17 Minimal risk 4.39 638 1,141 90 11.8 16.1 42.0 75.5 18 Low risk 4.75 6,113 2,207 477 21.5 4.8 39.4 96.1 19 Moderate risk 5.28 4,009 776 565 42.4 5.5 33.8 87.2 20 Other 6.48 2,356 378 683 63.4 6.1 23.9 97.6 21 31 to 365 days 5.32 13,263 602 31.1 5.8 29.6 92.5 22 Minimal risk 4.92 805 265 253 39.1 38.0 24.2 39.7 23 Low risk 4.81 5,716 1,544 385 20.4 4.1 32.5 95.1 24 Moderate risk 5.52 3,481 447 933 38.2 3.2 24.7 97.0 25 Other 5.90 2,448 1,039 643 43.9 3.3 41.1 98.0 26 More than 365 days 7.02 2,461 236 60 79.9 10.3 7.0 48.1 27 Minimal risk 7.47 29 53 103 92.7 18.5 36.0 25.1 28 Low risk 6.64 153 120 69.9 5.3 22.5 57.2 28 Moderate risk . . . 6.86 1,778 383 80.7 9.8 2.4 40.9 30 Other 7.89 383 159 86.5 14.9 20.3 75.6 Weighted- Weighted- average average risk maturity/ rating5 repricing interval" Days SIZE OF LOAN (thousands of dollars) 31 1-99 7.73 2,538 3.3 152 85.1 26.4 3.4 81.5 32 100-999 6.99 8,819 3.3 118 75.8 18.1 6.4 83.9 33 1,000-9,999 5.84 20,686 3.0 62 43.7 26.3 78.1 34 10,000 or more 5.09 33,858 2.6 75 31.2 39.5 79.6 BASE RATE OF LOAN4 35 Prime7 7.25 17,387 3.3 135 72.8 16.2 1.3 36 Fed funds 4.59 6,298 2.7 40 58.4 17.4 48.0 67.2 37 Other domestic 4.77 8,023 2.7 9 19.9 18.7 71.3 87.2 38 Foreign 5.20 22,803 2.6 40 28.8 2.3 31.7 85.6 39 Other 5.50 11,389 2.9 145 34.6 5.8 28.4 86.1 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 Special Tables • November 2001 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 2001—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Weighted- Weighted- Amount of loans (percent) IItteemm average loans size maturity' common ( l p o e a r n c e r n a t t ) e 2 (millions (thousands of Days S c e o c l u la re te d r a b l y SSuu p bb en jjee a cc l tt t y tt oo c M om ad m e i u tm nd e e n r t base r a p t r e i 4 c ing LOAN RISK5 1 All commercial and industrial loans 5.53 59,585 806 555 39.4 8.7 32.0 80.1 Foreign 2 Minimal risk 4.30 1,282 1,801 160 17.2 35.3 38.5 73.6 Foreign 3 Low risk 4.67 18,231 3,406 443 25.7 10.6 47.0 92.6 Foreign 4 Moderate risk 5.56 20,187 730 711 43.1 7.5 36.4 87.6 Prime 5 Other 6.50 9,937 396 581 60.1 7.6 26.3 92.0 * B\ niaturitx/repricing interval6 6 Zero interval 6.03 17,970 747 524 43.3 6.0 30.2 59.7 Prime / Minimal risk 5.18 184 615 228 31.7 3.3 23.7 98.8 Prime Low risk 4.75 2,921 3,762 490 32.1 3.6 82.4 99.6 Domestic y Moderate risk 5.86 5,928 564 688 40.2 11.5 44.2 94.6 Prime 10 Other 7.27 2,182 227 625 73.5 12.6 16.0 92.2 Prime n Daily 5.52 13,879 427 444 44.2 12.4 37.0 88.9 Prime 12 Minimal risk 4.80 77 525 68 22.1 79.5 * 99.6 Domestic 13 Low risk 4.59 2,962 3,178 434 24.7 20.8 64.2 95.5 Domestic 14 Moderate risk 5.33 5,598 524 482 44.9 6.2 44.9 85.5 Prime 15 Other 6.40 3,140 321 359 63.2 9.0 22.5 83.4 Prime 16 2 to 30 days 5.13 12,766 1.279 517 32.2 5.2 35.9 93.7 Foreign 1 / Minimal risk 4.22 418 3,319 90 4.3 20.3 64.0 100.0 Foreign 18 Low risk 4.72 6,019 2,490 475 21.0 4.1 40.0 96.0 Foreign iy Moderate risk 5.20 3,807 1.173 548 39.7 4.1 35.5 87.3 Foreign 20 Other 6.45 2,099 580 689 59.9 4.1 26.1 98.1 Foreign 21 31 to 365 days 5.14 12,132 3,078 596 26.8 4.9 31.9 94.8 Foreign 11 Minimal risk 3.98 591 6,095 179 19.8 49.7 30.9 43.3 Domestic 23 Low risk 4.69 5,456 5,686 378 17.4 3.2 34.0 96.2 Foreign 24 Moderate risk 5.33 3,219 1.915 885 34.4 2.8 25.5 99.0 Foreign 23 Other 5.86 2,272 2.577 663 41.7 1.2 44.3 98.9 Foreign Months 26 More than 365 days 6.58 1,802 964 53 74.2 6.2 2.4 50.2 Prime 27 Minimal risk * * * * * * * * * 28 Low risk 5.26 80 420 37 48.6 .6 * 98.4 Other 28 Moderate risk 6.60 1,472 1,590 55 78.1 5.2 2.2 42.4 Prime 30 Other 7.28 181 345 47 73.2 19.5 2.8 77.4 Other Weiahted- Weighted- average average risk maturitv/ rating3 repricing interval'' Days SIZE OF LOAN (thousands of dollars) 31 1-99 7.30 1,308 3.5 45 84.8 26.5 1.7 88.8 Prime 32 100-999 6.79 6,012 3.4 52 71.2 14.9 5.4 87.3 Prime 33 1,000-9,999 5.78 18,672 3.1 55 41.2 7.9 28.6 78.0 Foreign 34 10,000 or more 5.09 33,593 2.6 76 31.0 7.4 39.8 79.6 Foreign Average size (thousands of dollars) BASE RATE OF LOAN4 35 Prime7 7.15 13,550 3.3 137 69.2 12.4 .5 65.4 242 36 Fed funds 4.51 6.157 2.6 4 57.5 17.7 47.7 66.5 6,981 37 Other domestic 4.75 7,949 2.7 8 19.2 18.5 72.0 87.4 6,169 38 Foreign 5.20 22,004 2.6 39 28.0 2.3 32.8 85.3 2,980 39 Other 5.29 9,924 3.0 110 29.0 4.3 31.4 91.1 1,176 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A69 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 2001—Continued D. Commercial and industrial loans made by small domestic banks' W ( l e p a o f e e v a f i r e e n g c r c h e a t r n t i g a e v t t e d ) e e 2 - A o ( f m m l d o o il o a u l l i n n l o s a t n r o s s ) f ( A th v o d e u o r s a s l i g l a z a e n e r d s l ) s o a o n f W m a e v a D i t e g u a r h y r a i t s g t e y e d 1 - S c e o c l u la re te d r a b l y Amount of loan p s S re ( u p p p e b e a n j r e y a c c m l e t t y n e t t n o ) t c M om ad m e it u m nd e e n r t LOAN RISK5 1 All commercial and industrial loans 7.15 6.315 93 805 78.5 22.4 6.2 77.3 2 Minimal risk 6.43 613 99 496 68.6 12.1 6.2 42.8 3 Low risk 6.80 1,039 115 968 65.4 18.7 10.9 70.8 4 Moderate risk 7.52 1,967 80 1.137 87.4 29.5 5.4 76.6 5 Other 7.46 1,729 89 730 87.0 27.2 7.7 87.9 By maturity/repricing interval 6 Zero interval 7.27 2,509 86 392 80.2 24.7 3.6 87.0 7 Minimal risk 6.98 124 80 470 89.6 12.4 8.9 86.6 8 Low risk 6.69 336 79 646 60.7 13.2 2.9 59.3 9 Moderate risk 7.40 783 76 461 82.7 39.4 3.6 91.0 10 Other 7.63 817 74 341 83.7 28.2 5.0 88.9 11 Daily 7.16 1,028 154 1,077 79.4 23.1 9.8 86.6 12 Minimal risk 7.55 30 40 1,419 98.3 74.2 15.2 79.2 13 Low risk 6.27 277 470 1,684 47.8 15.8 24.4 90.0 14 Moderate risk 7.47 387 184 1,150 89.8 19.2 6.4 80.4 15 Other 7.57 240 111 91.4 29.5 1.8 91.8 1 1 6 7 2 to M 3 in 0 i m da a y l s r isk 4 5 . . 7 9 2 3 9 2 2 2 4 0 5 1 0 7 8 0 46 9 6 0 6 2 0 6 . . 6 3 1 8 9. . 7 1 2 . . 1 1 7 2 8 8 . . 0 9 18 Low risk 6.24 94 267 624 58.0 43.4 .9 99.1 19 Moderate risk 6.77 202 105 894 94.2 32.0 1.6 85.2 20 Other 6.68 258 99 639 92.1 22.4 5.8 94.2 21 31 to 365 days 7.18 1,131 65 666 77.4 16.3 4.7 67.6 22 Minimal risk 7.52 214 73 458 92.2 5.8 5.5 30.0 23 Low risk 7.34 260 95 531 85.1 22.2 .2 71.5 24 Moderate risk 7.77 262 43 1,528 85.0 8.6 15.1 71.8 25 Other 6.40 176 119 296 73.0 30.1 .2 87.7 26 More than 365 days 8.21 660 77 80 95.4 21.5 19.6 42.4 27 Minimal risk 8.12 23 44 109 100.0 23.1 45.0 7.8 28 Low risk 8.17 72 67 60 93.4 10.4 47.5 11.4 28 Moderate risk . . 8.11 307 83 79 93.6 32.0 3.1 33.7 30 Other 8.43 202 107 93 98.5 10.9 35.9 73.9 Weighted- Weighted- average average risk maturity/ rating5 repricing interval" Days SIZE OF LOAN (thousands of dollars) 31 1-99 8.19 1,230 3.1 265 85.5 26.2 5.2 73.8 32 100-999 7.42 2,807 2.9 259 85.4 24.9 8.4 76.8 33 1,000-9,999 6.34 2,014 2.9 125 66.9 17.6 4.7 79.1 34 10,000 or more BASE RATE OF LOAN4 35 Prime7 7.58 3,837 3.2 127 85.4 29.4 4.3 82.9 36 Fed funds 8.01 141 3.4 1,397 94.6 2.5 60.6 97.5 37 Other domestic 7.28 74 3.0 197 95.1 42.1 1.8 69.6 38 Foreign 5.31 799 2.8 51.6 2.6 2.9 93.1 39 Other 6.93 1,465 2.5 72.5 15.8 8.1 52.7 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • November 2001 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 2001—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' W ( e l p a o f e e v a f r i e e n g c c r e h a t r n t i a g e v t t e d ) e e 2 - A o ( f m m l d o i o o l a u l l i n n l o a s t n r s o s ) f ( A th v o d e u o r s a s l i g l a z a e n e r d s l ) s o a o n f W m a e v a D i e t g a u r h y a r t i g s e t e y d ' - S c e o c l u la re te d r a b l y Amount of loan p s S re p u (p p e b e a n je r y a c c m l e t t y n e t t o n ) t c M om ad m e it u m nd e e n r t LOAN RISK 1 All commercial and industrial loans 5.48 37,200 5,258 63 48.6 62.9 2 Minimal risk 4.00 1,853 14,681 9 35.3 37.1 3 Low risk 4.88 6.362 7,908 179 1.2 10.2 50.4 68.2 4 Moderate risk 5.06 7.141 3,596 28 21.4 4.8 47.6 73.9 5 Other 5.63 10,669 4,043 64 23.8 1.1 54.4 68.5 By maturity/repricing interval6 6 Zero interval 4,057 7 Minimal risk 8 Low risk 9 Moderate risk 7.28 295 170 26.4 .7 4.2 99.3 10 Other 7.90 140 315 729 37.4 4.3 .7 95.9 11 Daily 4.64 13,921 9,777 2 45.3 40.3 12 Minimal risk 3.91 1,451 26,116 2 36.7 36.7 13 Low risk 4.25 3,185 19,917 1 34.3 42.9 1 1 4 5 M Ot o h d e e r rate risk 4 5 . . 5 2 6 4 3 3, ,6 2 1 49 2 8 6, . 8 3 4 8 5 3 4 1 35. .1 2 2 3 9 7. . 1 3 4 5 8 8 . . 8 7 16 2 to 30 days 6.94 8,087 5,053 39.5 17 Minimal risk 18 Low risk 7.83 951 5,090 68.2 25.7 98.3 19 Moderate risk 6.17 1,201 2,080 44.8 28.3 54.7 88.2 20 Other 5.11 1,675 3.263 21.8 6.3 37.6 74.7 21 31 to 365 days .1 22 Minimal risk 23 Low risk 4.50 2,205 5,220 450 3.5 .1 84.9 91.6 24 Moderate risk 4.96 2,033 3.153 61 44.8 82.2 88.7 25 Other 5.96 5,605 4,645 100 17.5 .2 70.8 77.4 26 More than 365 days 27 Minimal risk . . . 28 Low risk 28 Moderate risk . . 30 Other Weighted- Weighted- average average risk maturity/ rating5 repricing interval" Days SIZE OF LOAN (thousands of dollars) 31 1-99 7.14 3.7 43.7 16.4 21.3 90.3 32 100-999 6.00 3.5 47.1 10.5 46.7 77.8 33 1,000-9,999 5.21 11,045 3.3 27.0 4.2 55.7 61.8 34 10,000 or more 5.58 25,130 3.1 21.1 12.4 45.6 62.8 BASE RATE OF LOAN4 35 Prime7 8.43 4.873 3.0 14.6 75.6 10.0 97.5 36 Fed funds 4.53 12,254 3.0 17.1 19.4 36.2 37 Other domestic 4.73 3.768 2.0 1.6 .2 100.0 17.1 38 Foreign 5.56 12,965 3.2 24.6 87.7 94.4 39 Other 5.16 3,339 4.2 81.3 .2 2.1 39.8 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A71 NOTES TO TABLE 4.23 NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions 5. A complete description of these risk categories is available from the Banking Analysis made during the first full business week in the mid-month of each quarter. The authorized Section. Mail Stop 81, Board of Governors of the Federal Reserve System. Washington, DC panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. 20551. The category "Moderate risk" includes the average loan, under average economic branches and agencies of foreign banks. The sample data are used to estimate the terms of conditions, at the typical lender. The category "Other" includes loans rated "acceptable" as loans extended during that week at all domestic commercial banks and all U.S. branches and well as special mention or classified loans. The weighted-average risk rating published for agencies of foreign banks. Note that the terms on loans extended during the survey week may loans in rows 31-39 are calculated by assigning a value of "1" to minimal risk loans; "2" to differ from those extended during other weeks of the quarter. The estimates reported here are low risk loans; "3" to moderate risk loans, "4" to acceptable risk loans; and "5" to special not intended to measure the average terms on all business loans in bank portfolios. mention and classified loans. These values are weighted by loan amount and exclude loans 1. As of December 31. 1996, assets of most of the large banks were at least $7.0 billion. with no risk rating. Some of the loans in lines 1. 6. 11. 16. 21, 26. and 31-39 are not rated for Median total assets for all insured banks were roughly $62 million. Assets at all U.S. branches risk. and agencies averaged $1.3 billion. 6. The maturity/repricing interval measures the period from the date the loan is made until 2. Effective (compounded) annual interest rates are calculated from the stated rate and it first may reprice or it matures. For floating-rate loans that are subject to repricing at any other terms of the loans and weighted by loan amount. The standard error of the loan rate for time—such as many prime-based loans—the maturity/repricing interval is zero. For floatingall commercial and industrial loans in the current survey (line I. column 1) is 0.23 percentage rate loans that have a scheduled repricing interval, the maturity/repricing interval measures point. The chances are about two out of three that the average rate shown would differ by less the number of days between the date the loan is made and the date on which it is next than this amount from the average rate that would be found by a complete survey of the scheduled to reprice. For loans having rates that remain fixed until the loan matures universe of all banks. (fixed-rate loans), the matuirty/repricing interval measures the number of days between the 3. Average maturities are weighted by loan amount and exclude loans with no stated date the loan is made and the date on which it matures. Loans that reprice daily mature or maturities. reprice on the business day after they are made. Owing to weekends and holidays, such loans 4. The most common base pricing rate is that used to price the largest dollar volume of may have maturity/repricing intervals in excess of one day; such loans are not included in the loans. Base pricing rates include the prime rate (sometimes referred to as a bank's "base" or "2 to 30 day" category. "reference" rate); the federal funds rate; domestic money market rates other than the prime 7. For the current survey, the average reported prime rate, weighted by the amount of loans rate and the federal funds rate; foreign money market rates; and other base rates not included priced relative lo a prime base rate, was 6.77 percent for all banks; 6.75 percent for large in the foregoing classifications. domestic banks. 6.88 percent for small domestic banks; and 6.75 percent for U.S. branches and agencies of foreign banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

113 Federal Reserve Bulletin • November 2001 Index to Statistical Tables References are to pages A3-A71, although the prefix 'A" is omitted in this index. ACCEPTANCES, bankers (See Bankers acceptances) Federal finance Assets and liabilities (See also Foreigners) Debt subject to statutory limitation, and types and ownership Commercial banks, 15-21, 64-65 of gross debt, 27 Domestic finance companies, 32, 33 Receipts and outlays, 25, 26 Federal Reserve Banks, 10 Treasury financing of surplus, or deficit, 25 Foreign-related institutions, 20 Treasury operating balance, 25 Automobiles Federal Financing Bank, 30 Consumer credit, 36 Federal funds, 23, 25 Production, 44, 45 Federal Home Loan Banks, 30 Federal Home Loan Mortgage Corporation, 30, 34, 35 Federal Housing Administration, 30, 34, 35 BANKERS acceptances, 5, 10, 22, 23 Federal Land Banks, 35 Bankers balances, 15-21 (See also Foreigners) Federal National Mortgage Association, 30, 34, 35 Bonds (See also U.S. government securities) Federal Reserve Banks New issues, 31 Condition statement, 10 Rates, 23 Discount rates (See Interest rates) Business activity, nonfinancial, 42 U.S. government securities held, 5, 10, 11, 27 Business loans (See Commercial and industrial loans) Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 CAPACITY utilization, 43 Federally sponsored credit agencies. 30 Capital accounts Finance companies Commercial banks, 15-21, 64—65 Assets and liabilities, 32 Federal Reserve Banks, 10 Business credit, 33 Certificates of deposit, 23 Loans, 36 Commercial and industrial loans Paper, 22, 23 Commercial banks, 15-21, 64-65, 66-71 Float, 5 Weekly reporting banks, 17, 18 Flow of funds, 37-41 Commercial banks Foreign currency operations, 10 Assets and liabilities, 15-21, 64-65 Foreign deposits in U.S. banks, 5 Commercial and industrial loans, 15-21, 64-65, 66-71 Foreign exchange rates, 62 Consumer loans held, by type and terms, 36, 66-71 Foreign-related institutions, 20 Real estate mortgages held, by holder and property, 35 Foreign trade, 51 Terms of lending, 64-65 Foreigners Time and savings deposits, 4 Claims on, 52, 55-7, 59 Commercial paper, 22, 23, 32 Liabilities to, 51-4, 58, 60, 61 Condition statements (See Assets and liabilities) Construction, 42, 46 Consumer credit, 36 GOLD Consumer prices, 42 Certificate account, 10 Consumption expenditures, 48, 49 Stock, 5, 51 Corporations Government National Mortgage Association, 30, 34, 35 Profits and their distribution, 32 Gross domestic product, 48. 49 Security issues, 31, 61 Cost of living (See Consumer prices) HOUSING, new and existing units, 46 Credit unions, 36 Currency in circulation, 5, 13 INCOME, personal and national, 42, 48, 49 Customer credit, stock market, 24 Industrial production, 42, 44 Insurance companies, 27, 35 DEBT (See specific types of debt or securities) Interest rates Demand deposits, 15-21 Bonds, 23 Depository institutions Commercial banks, 66-71 Reserve requirements, 8 Consumer credit, 36 Reserves and related items, 4-6, 12, 64-65 Federal Reserve Banks, 7 Deposits (See also specific types) Money and capital markets, 23 Commercial banks, 4, 15-21, 64-65 Mortgages, 34 Federal Reserve Banks, 5, 10 Prime rate, 22, 66-71 Discount rates at Reserve Banks and at foreign central banks and International capital transactions of United States, 50-61 foreign countries (See Interest rates) International organizations, 52, 53, 55, 58, 59 Discounts and advances by Reserve Banks (See Loans) Inventories, 48 Dividends, corporate, 32 Investment companies, issues and assets, 32 Investments (See also specific types) EMPLOYMENT, 42 Commercial banks, 4, 15-21, 66-71 Euro, 62 Federal Reserve Banks, 10, 11 Financial institutions, 35 FARM mortgage loans, 35 Federal agency obligations, 5, 9-11, 28, 29 LABOR force, 42 Federal credit agencies, 30 Life insurance companies (See Insurance companies) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A73 Loans (See also specific types) Savings deposits (See Time and savings deposits) Commercial banks, 15-21, 64-65, 66-71 Savings institutions, 35, 36, 37^41 Federal Reserve Banks, 5-7, 10, 11 Securities (See also specific types) Financial institutions, 35 Federal and federally sponsored credit agencies, 30 Insured or guaranteed by United States, 34, 35 Foreign transactions, 60 New issues, 31 MANUFACTURING Prices, 24 Capacity utilization, 43 Special drawing rights, 5, 10, 50, 51 Production, 43, 45 State and local governments Margin requirements, 24 Holdings of U.S. government securities, 27 Member banks, reserve requirements, 8 New security issues, 31 Mining production, 45 Rates on securities, 23 Mobile homes shipped, 46 Stock market, selected statistics, 24 Monetary and credit aggregates, 4, 12 Stocks (See also Securities) Money and capital market rates, 23 New issues, 31 Money stock measures and components, 4, 13 Prices, 24 Mortgages (See Real estate loans) Mutual funds, 13, 32 Student Loan Marketing Association, 30 Mutual savings banks {See Thrift institutions) TAX receipts, federal, 26 NATIONAL defense outlays, 26 Thrift institutions, 4 (See also Credit unions and Savings National income, 48 institutions) Time and savings deposits, 4, 13, 15-21, 64-65 OPEN market transactions, 9 Trade, foreign, 51 Treasury cash, Treasury currency, 5 PERSONAL income, 49 Treasury deposits, 5, 10, 25 Prices Treasury operating balance, 25 Consumer and producer, 42, 47 UNEMPLOYMENT, 42 Stock market, 24 U.S. government balances Prime rate, 22, 66-71 Commercial bank holdings, 15-21 Producer prices, 42, 47 Treasury deposits at Reserve Banks, 5, 10, 25 Production, 42, 44 U.S. government securities Profits, corporate, 32 Bank holdings, 15-21, 27 Dealer transactions, positions, and financing, 29 REAL estate loans Federal Reserve Bank holdings, 5, 10, 11, 27 Banks, 15-21, 35 Foreign and international holdings and transactions, 10, 27, 61 Terms, yields, and activity, 34 Open market transactions, 9 Type and holder and property mortgaged, 35 Outstanding, by type and holder, 27, 28 Reserve requirements, 8 Rates, 23 Reserves U.S. international transactions, 50-62 Commercial banks, 15-21 Utilities, production, 45 Depository institutions, 4-6, 12 Federal Reserve Banks, 10 VETERANS Affairs, Department of, 34, 35 U.S. reserve assets, 51 Residential mortgage loans, 34, 35 WEEKLY reporting banks, 17, 18 Retail credit and retail sales, 36, 42 Wholesale (producer) prices, 42, 47 SAVING YIELDS (See Interest rates) Flow of funds, 37—41 National income accounts, 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

115 Federal Reserve Bulletin • November 2001 Federal Reserve Board of Governors and Official Staff ALAN GREENSPAN, Chairman EDWARD W. KELLEY, JR. ROGER W. FERGUSON, JR., Vice Chairman LAURENCE H. MEYER OFFICE OF BOARD MEMBERS DIVISION OF BANKING SUPERVISION LYNN S. FOX, Assistant to the Board AND REGULATION—Continued MICHELLE A. SMITH, Assistant to the Board WILLIAM C. SCHNEIDER, JR., Project Director, DONALD J. WINN, Assistant to the Board National Information Center DONALD L. KOHN, Adviser to the Board WINTHROP P. HAMBLEY, Deputy Congressional Liaison DIVISION OF INTERNATIONAL FINANCE NORMAND R.V. BERNARD, Special Assistant to the Board KAREN H. JOHNSON, Director JOHN LOPEZ, Special Assistant to the Board DAVID H. HOWARD, Deputy Director BOB STAHLY MOORE, Special Assistant to the Board THOMAS A. CONNORS, Associate Director ROSANNA PIANALTO-CAMERON, Special Assistant to the Board DALE W. HENDERSON, Associate Director DAVID W. SKIDMORE, Special Assistant to the Board RICHARD T. FREEMAN, Deputy Associate Director LEGAL DIVISION WILLIAM L. HELKIE, Deputy Associate Director STEVEN B. KAMIN, Deputy Associate Director J. VIRGIL MATTINGLY, JR., General Counsel JON W. FAUST, Assistant Director SCOTT G. ALVAREZ, Associate General Counsel JOSEPH E. GAGNON, Assistant Director RICHARD M. ASHTON, Associate General Counsel MICHAEL P. LEAHY, Assistant Director KATHLEEN M. O'DAY, Associate General Counsel NATHAN D. SHEETS, Assistant Director STEPHANIE MARTIN, Assistant General Counsel RALPH W. TRYON, Assistant Director ANN E. MISBACK, Assistant General Counsel STEPHEN L. SICILIANO, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS KATHERINE H. WHEATLEY, Assistant General Counsel CARY K. WILLIAMS, Assistant General Counsel DAVID J. STOCKTON, Director EDWARD C. ETTIN, Deputy Director OFFICE OF THE SECRETARY DAVID W. WILCOX, Deputy Director WILLIAM R. JONES, Associate Director JENNIFER J. JOHNSON, Secretary MYRON L. KWAST, Associate Director ROBERT DEV. FRIERSON, Deputy Secretary STEPHEN D. OLINER, Associate Director MARGARET M. SHANKS, Assistant Secretary PATRICK M. PARKINSON, Associate Director DIVISION OF BANKING SUPERVISION LAWRENCE SLIFMAN, Associate Director CHARLES S. STRUCKMEYER, Associate Director AND REGULATION MARTHA S. SCANLON, Deputy Associate Director RICHARD SPILLENKOTHEN, Director JOYCE K. ZICKLER, Deputy Associate Director STEPHEN C. SCHEMERING, Deputy Director J. NELLIE LIANG, Assistant Director HERBERT A. BIERN, Senior Associate Director S. WAYNE PASSMORE, Assistant Director ROGER T. COLE, Senior Associate Director DAVID L. REIFSCHNEIDER, Assistant Director WILLIAM A. RYBACK, Senior Associate Director JANICE SHACK-MARQUEZ, Assistant Director GERALD A. EDWARDS, JR., Associate Director WILLIAM L. WASCHER, Assistant Director STEPHEN M. HOFFMAN, JR., Associate Director ALICE PATRICIA WHITE, Assistant Director JAMES V. HOUPT, Associate Director GLENN B. CANNER, Senior Adviser JACK P. JENNINGS, Associate Director DAVID S. JONES, Senior Adviser MICHAEL G. MARTINSON, Associate Director THOMAS D. SIMPSON, Senior Adviser MOLLY S. WASSOM, Associate Director HOWARD A. AMER, Deputy Associate Director DIVISION OF MONETARY AFFAIRS NORAH M. BARGER, Deputy Associate Director BETSY CROSS, Deputy Associate Director VINCENT R. REINHART, Director DEBORAH P. BAILEY, Assistant Director DAVID E. LINDSEY, Deputy Director BARBARA J. BOUCHARD, Assistant Director BRIAN F. MADIGAN, Deputy Director ANGELA DESMOND, Assistant Director RICHARD D. PORTER, Deputy Associate Director JAMES A. EMBERSIT, Assistant Director WILLIAM C. WHITESELL, Assistant Director CHARLES H. HOLM, Assistant Director HEIDI WILLMANN RICHARDS, Assistant Director WILLIAM G. SPANIEL, Assistant Director DAVID M. WRIGHT, Assistant Director SIDNEY M. SUSSAN, Adviser Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A75 EDWARD M. GRAMLICH DIVISION OF CONSUMER DIVISION OF RESERVE BANK OPERATIONS AND COMMUNITY AFFAIRS AND PAYMENT SYSTEMS DOLORES S. SMITH, Director LOUISE L. ROSEMAN, Director GLENN E. LONEY, Deputy Director PAUL W. BETTGE, Associate Director SANDRA F. BRAUNSTEIN, Assistant Director JEFFREY C. MARQUARDT, Associate Director MAUREEN R ENGLISH, Assistant Director KENNETH D. BUCKLEY, Assistant Director ADRIENNE D. HURT, Assistant Director TILLENA G. CLARK, Assistant Director IRENE SHAWN MCNULTY, Assistant Director JOSEPH H. HAYES, JR., Assistant Director EDGAR A. MARTINDALE III, Assistant Director OFFICE OF MARSHA W. REIDHILL, Assistant Director STAFF DIRECTOR FOR MANAGEMENT JEFF J. STEHM, Assistant Director STEPHEN R. MALPHRUS, Staff Director OFFICE OF THE INSPECTOR GENERAL MANAGEMENT DIVISION BARRY R. SNYDER, Inspector General STEPHEN J. CLARK, Associate Director, Finance Function DONALD L. ROBINSON, Deputy Inspector General DARRELL R. PAULEY, Associate Director, Human Resources Function CHRISTINE M. FIELDS, Assistant Director, Human Resources Function SHEILA CLARK, EEO Programs Director DIVISION OF SUPPORT SERVICES ROBERT E. FRAZIER, Director DAVID L. WILLIAMS, Associate Director GEORGE M. LOPEZ, Assistant Director DIVISION OF INFORMATION TECHNOLOGY RICHARD C. STEVENS, Director MARIANNE M. EMERSON, Deputy Director MAUREEN T. HANNAN, Associate Director RAYMOND H. MASSEY, Associate Director GEARY L. CUNNINGHAM, Assistant Director WAYNE A. EDMONDSON, Assistant Director Po KYUNG KIM, Assistant Director SUSAN F. MARYCZ, Assistant Director SHARON L. MOWRY, Assistant Director DAY W. RADEBAUGH, JR., Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

117 Federal Reserve Bulletin • November 2001 Federal Open Market Committee and Advisory Councils FEDERAL OPEN MARKET COMMITTEE MEMBERS ALAN GREENSPAN, Chairman WILLIAM J. MCDONOUGH, Vice Chairman ROGER W. FERGUSON, JR. EDWARD W. KELLEY, JR. MICHAEL H. MOSKOW EDWARD M. GRAMLICH LAURENCE H. MEYER WILLIAM POOLE THOMAS M. HOENIG CATHY E. MINEHAN ALTERNATE MEMBERS JERRY L. JORDAN ANTHONY M. SANTOMERO JAMIE B. STEWART, JR. ROBERT D. MCTEER, JR. GARY H. STERN STAFF DONALD L. KOHN, Secretary and Economist CHRISTINE M. CUMMING, Associate Economist NORMAND R.V. BERNARD, Deputy Secretary JEFFREY C. FUHRER, Associate Economist LYNN S. FOX, Assistant Secretary CRAIG S. HAKKIO, Associate Economist GARY P. GILLUM, Assistant Secretary DAVID H. HOWARD, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel WILLIAM C. HUNTER, Associate Economist THOMAS C. BAXTER, JR., Deputy General Counsel DAVID E. LINDSEY, Associate Economist KAREN H. JOHNSON, Economist ROBERT H. RASCHE, Associate Economist VINCENT R. REINHART, Economist LAWRENCE SLIFMAN, Associate Economist DAVID J. STOCKTON, Economist DAVID WILCOX, Associate Economist DINO KOS, Manager, System Open Market Account FEDERAL ADVISORY COUNCIL DOUGLAS A. WARNER, III, President LAWRENCE K. FISH, Vice President LAWRENCE K. FISH, First District ALAN G. MCNALLY, Seventh District DOUGLAS A. WARNER III, Second District KATIE S. WINCHESTER, Eighth District RONALD L. HANKEY, Third District R. SCOTT JONES, Ninth District DAVID A. DABERKO, Fourth District CAMDEN R. FINE, Tenth District L. M. BAKER, JR., Fifth District RICHARD W. EVANS, JR., Eleventh District L. PHILLIP HUMANN, Sixth District STEVEN L. SCHEID, Twelfth District JAMES ANNABLE, Co-Secretary WILLIAM J. KORSVIK, Co-Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A77 CONSUMER ADVISORY COUNCIL LAUREN ANDERSON, New Orleans, Louisiana, Chairman DOROTHY BROADMAN, San Francisco, California, Vice Chairman ANTHONY S. ABBATE, Saddlebrook, New Jersey J. PATRICK LIDDY, Cincinnati, Ohio TERESA A. BRYCE, St. Louis, Missouri OSCAR MARQUIS, Park Ridge, Illinois MALCOLM BUSH, Chicago, Illinois JEREMY NOWAK, Philadelphia, Pennsylvania MANUEL CASANOVA, JR., Brownsville, Texas NANCY PIERCE, Kansas City, Missouri CONSTANCE K. CHAMBERLIN, Richmond, Virginia MARTA RAMOS, San Juan, Puerto Rico ROBERT M. CHEADLE, Oklahoma City, Oklahoma RONALD A. REITER, San Francisco, California MARY ELLEN DOMEIER, New Ulm, Minnesota ELIZABETH RENUART, Boston, Massachusetts LESTER W. FIRSTENBERGER, Hopkinton, Massachusetts RUSSELL W. SCHRADER, San Francisco, California JOHN C. GAMBOA, San Francisco, California FRANK TORRES, JR., Washington, District of Columbia EARL JAROLIMEK, Fargo, North Dakota GARY S. WASHINGTON, Chicago, Illinois WILLIE M. JONES, Boston, Massachusetts ROBERT L. WYNN II, Madison, Wisconsin ANNE S. LI, Washington, District of Columbia THRIFT INSTITUTIONS ADVISORY COUNCIL THOMAS S. JOHNSON, New York, New York, President MARK H. WRIGHT, San Antonio, Texas, Vice President TOM R. DORETY, Tampa, Florida JAMES F. MCKENNA, Brookfield, Wisconsin RONALD S. ELIASON, Provo, Utah CHARLES C. PEARSON, JR., Harrisburg, Pennsylvania D. R. GRIMES, Alpharetta, Georgia HERBERT M. SANDLER, Oakland, California CORNELIUS D. MAHONEY, Westfield, Massachusetts EVERETT STILES, Franklin, North Carolina KAREN L. MCCORMICK, Port Angeles, Washington CLARENCE ZUGELTER, Kansas City, Missouri Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

119 Federal Reserve Bulletin • November 2001 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS SERVICES, Rates for subscribers outside the United States are as follows MS-127, Board of Governors of the Federal Reserve System, and include additional air mail costs: Washington, DC 20551, or telephone (202) 452-3244, or FAX Federal Reserve Regulatory Service, $250.00 per year. (202) 728-5886. You may also use the publications order Each Handbook, $90.00 per year. form available on the Board's World Wide Web site FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL (http://www.federalreserve.gov). When a charge is indicated, pay- COMPUTERS. CD-ROM; updated monthly. ment should accompany request and be made payable to the Standalone PC. $300 per year. Board of Governors of the Federal Reserve System or may be Network, maximum 1 concurrent user. $300 per year. ordered via Mastercard, Visa, or American Express. Payment from Network, maximum 10 concurrent users. $750 per year. foreign residents should be drawn on a U.S. bank. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover BOOKS AND MISCELLANEOUS PUBLICATIONS additional airmail costs. THE FEDERAL RESERVE SYSTEM —PURPOSES AND FUNCTIONS. THE FEDERAL RESERVE ACT AND OTHER STATUTORY PROVISIONS 1994. 157 pp. AFFECTING THE FEDERAL RESERVE SYSTEM, as amended ANNUAL REPORT, 2000. through October 1998. 723 pp. $20.00 each. ANNUAL REPORT: BUDGET REVIEW, 2001. THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A MULTI- FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 COUNTRY MODEL, May 1984. 590 pp. $14.50 each. each in the United States, its possessions, Canada, and INDUSTRIAL PRODUCTION—1986 EDITION. December 1986. Mexico. Elsewhere, $35.00 per year or $3.00 each. 440 pp. $9.00 each. ANNUAL STATISTICAL DIGEST: period covered, release date, num- FINANCIAL FUTURES AND OPTIONS IN THE U.S. ECONOMY. ber of pages, and price. December 1986. 264 pp. $10.00 each. 1981 October 1982 239 pp. $ 6.50 FINANCIAL SECTORS IN OPEN ECONOMIES: EMPIRICAL ANALY- 1982 December 1983 266 pp. $ 7.50 SIS AND POLICY ISSUES. August 1990. 608 pp. $25.00 each. 1983 October 1984 264 pp. $11.50 RISK MEASUREMENT AND SYSTEMIC RISK: PROCEEDINGS OF A 1984 October 1985 254 pp. $12.50 JOINT CENTRAL BANK RESEARCH CONFERENCE. 1996. 1985 October 1986 231 pp. $15.00 578 pp. $25.00 each. 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 EDUCATION PAMPHLETS 1980-89 March 1991 712 pp. $25.00 Short pamphlets suitable for classroom use. Multiple copies are 1990 November 1991 185 pp. $25.00 available without charge. 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 Consumer Handbook on Adjustable Rate Mortgages 1994 December 1995 190 pp. $25.00 Consumer Handbook to Credit Protection Laws 1990-95 November 1996 404 pp. $25.00 A Guide to Business Credit for Women, Minorities, and Small Businesses Series on the Structure of the Federal Reserve System SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF The Board of Governors of the Federal Reserve System CHARTS. Weekly. $30.00 per year or $.70 each in the United The Federal Open Market Committee States, its possessions, Canada, and Mexico. Elsewhere, Federal Reserve Bank Board of Directors $35.00 per year or $.80 each. Federal Reserve Banks REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL A Consumer's Guide to Mortgage Lock-Ins RESERVE SYSTEM. A Consumer's Guide to Mortgage Settlement Costs ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— A Consumer's Guide to Mortgage Refinancings Regulation Z) Vol I (Regular Transactions). 1969. 100 pp. Home Mortgages: Understanding the Process and Your Right Vol. II (Irregular Transactions). 1969. 116 pp. Each volume to Fair Lending $5.00. How to File a Consumer Complaint about a Bank (also available GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. in Spanish) 1,186 pp. $20.00 each. Making Sense of Savings FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated Welcome to the Federal Reserve monthly. (Requests must be prepaid.) When Your Home is on the Line: What You Should Know Consumer and Community Affairs Handbook. $75.00 per year. About Home Equity Lines of Credit Monetary Policy and Reserve Requirements Handbook. $75.00 Keys to Vehicle Leasing (also available in Spanish) per year. Looking for the Best Mortgage (also available in Spanish) Securities Credit Transactions Handbook. $75.00 per year. The Payment System Handbook. $75.00 per year. Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A79 STAFF STUDIES: Only Summaries Printed in the 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANK- BULLETIN ING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING Studies and papers on economic and financial subjects that are of PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGU- Studies 165-174 are available on line at www.federalreserve.gov/ LATIONS: AN ANALYSIS OF EXPERIENCE WITH THE TRUTH IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. pubs/staff studies. Requests to obtain single copies of any paper or Lowrey. December 1997. 17 pp. to be added to the mailing list for the series may be sent to 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- Publications Services. DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDI- KET DISCIPLINE, by Study Group on Subordinated Notes ARIES OF BANK HOLDING COMPANIES, by Nellie Liang and and Debentures, Federal Reserve System. December 1999. Donald Savage. February 1990. 12 pp. 69 pp. 160. BANKING MARKETS AND THE USE OF FINANCIAL SER- 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study VICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Group on Disclosure, Federal Reserve System. March 2000. Gregory E. Elliehausen and John D. Wolken. September 35 pp. 1990. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORT- STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. GAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. THE 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

121 Federal Reserve Bulletin • November 2001 Maps of the Federal Reserve System 1 Bos I ON U ^ • NEW YORK M' P CLEVELAND p RL A-.D\DE: ELPHIA /I n Cm • 4 N" BWmmMWWBI —L mrn^SmmmBmm JB/mtm •HMMBHIBIrJi RICHMO> B W —m M g SM iSiii ( • • • • • M N f i r S S S S B S Si • M V ^ ^ M r d t fC MBBBHn • i S I I i i Ki •••I •• • mmm — \l ASK \ HAWAII LEGEND Both pages Facing page • Federal Reserve Bank city • Federal Reserve Branch city • Board of Governors of the Federal — Branch boundary Reserve System, Washington, D.C. NOTE The Federal Reserve officially identifies Districts by num- of Puerto Rico and the U.S. Virgin Islands; the San Franber and Reserve Bank city (shown on both pages) and by cisco Bank serves American Samoa, Guam, and the Comletter (shown on the facing page). monwealth of the Northern Mariana Islands. The Board of In the 12th District, the Seattle Branch serves Alaska, Governors revised the branch boundaries of the System and the San Francisco Bank serves Hawaii. most recently in February 1996. The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A81 1-A 2-B 3-C 4-D 5-E Pittsburgh Baltimore MD VA • i CT VT •v / NC Buffalo Cincinnati •Charlotte MA CT - RI NJ sc BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 6-F 7-G S-H » •Nashville TN KY MI Birmingham Wl IF- } FN r Detroit < L<Snsville MS IA MO V T TN LA • Memphis New Orleans ATLANTA CHICAGO ST. LOUIS 9-1 • ] so _ wt MINNEAPOLIS 1100--JJ 12-L ••BBBBBBii MMMM UUHHMMHH,, --..nn II HKBSHMPH^ Oirnh 0000 • • WA Seattle Oklahoma Cit> OK KANSAS CITY 11-K rx Salt Lake City • _ LA U Paso I A__rJ Y Houston rr » i\ m• •Los Angeles S.m Antonio DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

123 Federal Reserve Bulletin • November 2001 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 William C. Brainard Cathy E. Minehan William O. Taylor Paul M. Connolly NEW YORK* 10045 Peter G. Peterson William J. McDonough Vacancy Jamie B. Stewart, Jr. Buffalo 14240 Bal Dixit Barbara L. Walter1 PHILADELPHIA 19105 Charisse R. Lillie Anthony M. Santomero Glenn A. Schaeffer William H. Stone, Jr. CLEVELAND* 44101 David H. Hoag Jerry L. Jordan Robert W. Mahoney Sandra Pianalto Cincinnati 45201 George C. Juilfs Barbara B. Henshaw Pittsburgh 15230 Charles E. Bunch Robert B. Schaub RICHMOND* 23219 Jeremiah J. Sheehan J. Alfred Broaddus, Jr. Wesley S. Williams, Jr. Walter A. Varvel Baltimore 21203 George L. Russell, Jr. William J. Tignanelli1 Charlotte 28230 James F. Goodmon Dan M. Bechter1 ATLANTA 30303 John F. Wieland Jack Guynn Paula Lovell Patrick K. Barron James M. McKee1 Birmingham 35283 Catherine Sloss Crenshaw Andre T. Anderson Jacksonville 32231 Julie K. Hilton Robert J. Slack1 Miami 33152 Mark T. Sodders James T. Curry III Nashville 37203 Whitney Johns Martin Melvyn K. Purcell1 New Orleans 70161 Ben Tom Roberts Robert J. Musso1 CHICAGO* 60690 Arthur C. Martinez Michael H. Moskow Robert J. Darnall Gordon R. G. Werkema Detroit 48231 Timothy D. Leuliette David R. Allardice1 ST. LOUIS 63166 Charles W. Mueller William Poole Walter L. Metcalfe, Jr. W. LeGrande Rives Little Rock 72203 Vick M. Crawley Robert A. Hopkins Louisville 40232 Roger Reynolds Thomas A. Boone Memphis 38101 Gregory M. Duckett Martha Perine Beard MINNEAPOLIS 55480 James J. Howard Gary H. Stern Ronald N. Zwieg James M. Lyon Helena 59601 Thomas O. Markle Samuel H. Gane KANSAS CITY 64198 Terrence P. Dunn Thomas M. Hoenig Jo Marie Dancik Richard K. Rasdall Denver 80217 Kathryn A. Paul Maryann Hunter1 Oklahoma City 73125 Patricia B. Fennell Dwayne E. Boggs Omaha 68102 Gladys Styles Johnston Steven D. Evans DALLAS 75201 H. B. Zachry, Jr. Robert D. McTeer, Jr. Patricia M. Patterson Helen E. Holcomb El Paso 79999 Beauregard Brite White Sammie C. Clay Houston 77252 Edward O. Gaylord Robert Smith III1 San Antonio 78295 Patty P. Mueller James L. Stull1 SAN FRANCISCO 94120 Nelson C. Rising Robert T. Parry George M. Scalise John F. Moore Los Angeles 90051 William D. Jones Mark L. Mullinix2 Portland 97208 Nancy Wilgenbusch Raymond H. Laurence1 Salt Lake City 84125 H. Roger Boyer Andrea P. Wolcott Seattle 98124 Richard R. Sonstelie David K.Webb1 * Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee, Wisconsin 53202; and Peoria, Illinois 61607. 1. Senior Vice President. 2. Executive Vice President Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A83 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory func- The Payment System Handbook deals with expedited tions, the Board publishes the Federal Reserve Regu- funds availability, check collection, wire transfers, and latory Service, a four-volume loose-leaf service con- risk-reduction policy. It includes Regulations CC, J, and taining all Board regulations as well as related statutes, EE, related statutes and commentaries, and policy interpretations, policy statements, rulings, and staff statements on risk reduction in the payment system. opinions. For those with a more specialized interest in For domestic subscribers, the annual rate is $200 for the Board's regulations, parts of this service are pub- the Federal Reserve Regulatory Service and $75 for lished separately as handbooks pertaining to monetary each handbook. For subscribers outside the United policy, securities credit, consumer affairs, and the pay- States, the price including additional air mail costs is ment system. $250 for the service and $90 for each handbook. These publications are designed to help those who The Federal Reserve Regulatory Service is also availmust frequently refer to the Board's regulatory materi- able on CD-ROM for use on personal computers. For a als. They are updated monthly, and each contains cita- standalone PC, the annual subscription fee is $300. For tion indexes and a subject index. network subscriptions, the annual fee is $300 for 1 con- The Monetary Policy and Reserve Requirements current user, $750 for a maximum of 10 concurrent Handbook contains Regulations A, D, and Q, plus users, $2,000 for a maximum of 50 concurrent users, related materials. and $3,000 for a maximum of 100 concurrent users. The Securities Credit Transactions Handbook con- Subscribers outside the United States should add $50 tains Regulations T, U, and X, dealing with exten- to cover additional airmail costs. For further informasions of credit for the purchase of securities, together tion, call (202) 452-3244. with related statutes, Board interpretations, rulings, All subscription requests must be accompanied by a and staff opinions. Also included is the Board's list of check or money order payable to the Board of Goverforeign margin stocks. nors of the Federal Reserve System. Orders should be The Consumer and Community Affairs Handbook addressed to Publications Services, mail stop 127, Board contains Regulations B, C, E, G, M, P, Z, AA, BB, and of Governors of the Federal Reserve System, Washing- DD, and associated materials. ton, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts and describes how the series is derived from source is now available from the Board of Governors. The new data. The Guide also explains the relationship between edition incorporates changes to the accounts since the the flow of funds accounts and the national income and initial edition was published in 1993. Like the earlier product accounts and discusses the analytical uses of publication, it explains the principles underlying the flow of funds data. The publication can be purchased, flow of funds accounts and describes how the accounts for $20.00, from Publications Services, Mail Stop 127, are constructed. It lists each flow series in the Board's Board of Governors of the Federal Reserve System, flow of funds publication, "Flow of Funds Accounts of Washington, DC 20551. the United States" (the Z.l quarterly statistical release), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

125 Federal Reserve Bulletin • November 2001 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve Sys- For further information regarding a subscription to tem makes some of its statistical releases available to the economic bulletin board, please call (202) 482the public through the U.S. Department of Com- 1986. The releases transmitted to the economic bullemerce's economic bulletin board. Computer access tin board, on a regular basis, are the following: to the releases can be obtained by subscription. 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. 1 Flow of Funds Quarterly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis